NAURA(SZ:002371) Zheng Quan Zhi Xing·2025-08-29 22:42Core Viewpoint - Northern Huachuang (002371) reported a revenue increase of 29.51% year-on-year for the first half of 2025, reaching 16.142 billion yuan, while net profit rose by 14.97% to 3.208 billion yuan [1] Financial Performance - Total revenue for Q2 2025 was 7.936 billion yuan, up 21.84% year-on-year, but net profit for the same quarter decreased by 1.47% to 1.627 billion yuan [1] - The company's gross margin was 42.17%, down 7.79% year-on-year, and net margin was 19.83%, down 12.43% [1] - Total operating expenses (selling, administrative, and financial) amounted to 1.605 billion yuan, accounting for 9.94% of revenue, a decrease of 13.46% year-on-year [1] - Earnings per share (EPS) increased by 14.23% to 4.45 yuan, while operating cash flow per share was -4.42 yuan, a significant decrease of 648.65% [1] Balance Sheet and Cash Flow - Accounts receivable rose by 40.01% year-on-year to 7.924 billion yuan, indicating potential liquidity concerns [1] - Interest-bearing debt increased by 134.50% to 13.766 billion yuan, raising questions about financial leverage [1] - The company's cash flow situation is concerning, with a three-year average of operating cash flow to current liabilities at only 9.09% [3] Investment Insights - The company's return on invested capital (ROIC) was 16.44% last year, indicating strong capital returns, but the median ROIC over the past decade was only 7.28% [3] - Analysts expect the company's performance in 2025 to reach 7.511 billion yuan, with an average EPS forecast of 10.6 yuan [3] Fund Holdings - The largest fund holding Northern Huachuang is the Huaxia National Semiconductor ETF, which has increased its position [4] - Other funds, such as the Guolian Anzhong Semiconductor ETF and the Xingquan Business Model LOF, have also adjusted their holdings, indicating varying levels of confidence among institutional investors [4]