Ellington(SH:603328) Zheng Quan Zhi Xing·2025-08-30 23:25Core Insights - The company reported a total revenue of 2.035 billion yuan for the first half of 2025, representing a year-on-year increase of 16.05% [1] - The net profit attributable to shareholders was 261 million yuan, showing a slight increase of 0.14% year-on-year [1] - The second quarter revenue reached 1.089 billion yuan, with a year-on-year growth of 16.47%, while the net profit for the same period decreased by 7.19% to 144 million yuan [1] Financial Performance - The gross profit margin was 23.72%, a decrease of 0.71% compared to the previous year [1] - The net profit margin fell to 12.81%, down 13.71% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 101 million yuan, accounting for 4.97% of revenue, which is an increase of 56.86% year-on-year [1] Balance Sheet Highlights - Cash and cash equivalents increased significantly by 191.82% to 2.285 billion yuan [1] - Accounts receivable rose by 12.38% to 1.269 billion yuan, with accounts receivable to net profit ratio reaching 290.2% [1][3] - Interest-bearing debt surged by 698.32% to 876 million yuan [1] Shareholder Metrics - Earnings per share remained stable at 0.26 yuan [1] - The book value per share increased by 11.56% to 4.3 yuan [1] - Operating cash flow per share improved by 32.56% to 0.46 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 10.4%, indicating average capital returns [1] - Historical data shows a median ROIC of 9.95% over the past decade, with the lowest ROIC recorded at 3.08% in 2021 [1] - The company has maintained relatively good financial performance historically [1]