Carthane(SH:603037) Zheng Quan Zhi Xing·2025-08-30 23:24Core Viewpoint - The financial performance of Kaizhong Co., Ltd. (603037) for the first half of 2025 shows a slight increase in total revenue but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 349 million yuan, a year-on-year increase of 0.89% [1]. - Net profit attributable to shareholders was 37.79 million yuan, down 15.2% year-on-year [1]. - In Q2 2025, total revenue was 190 million yuan, a decrease of 10.73% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 25.27 million yuan, down 22.33% year-on-year [1]. - The company's accounts receivable reached 335 million yuan, representing 370.63% of the latest annual net profit [1]. Key Financial Ratios - Gross margin was 32.6%, a decrease of 5.67% year-on-year [1]. - Net margin was 10.66%, down 17.36% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 42.15 million yuan, accounting for 12.07% of revenue, a decrease of 7.84% year-on-year [1]. - Earnings per share were 0.14 yuan, down 17.65% year-on-year [1]. - Operating cash flow per share was 0.3 yuan, an increase of 93.1% year-on-year [1]. Business Development and Strategic Initiatives - The company is actively pursuing the issuance of convertible bonds and is in the process of registering them [2]. - Kaizhong Co., Ltd. is expanding its electronic throttle business to well-known international electric vehicle brands and has a partnership with Xiaomi for line control braking systems [3]. - The company is focusing on enhancing product development and market expansion, particularly in the automotive sector, to align with the trends of electrification and intelligentization [4]. - The company has established overseas subsidiaries in Mexico, the U.S., Germany, and Morocco to enhance its global presence and service capabilities [4].