CSSC Holdings(SH:600150) Zheng Quan Zhi Xing·2025-08-30 23:27Core Viewpoint - China Shipbuilding (600150) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1]. Financial Performance - Total revenue reached 40.325 billion yuan, an increase of 11.96% year-on-year [1]. - Net profit attributable to shareholders was 2.946 billion yuan, up 108.59% year-on-year [1]. - In Q2 2025, total revenue was 24.467 billion yuan, a year-on-year increase of 17.93%, while net profit was 1.819 billion yuan, up 79.88% year-on-year [1]. - Gross margin improved to 12.21%, reflecting a year-on-year increase of 49.37%, and net margin rose to 8.32%, up 104.94% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 729 million yuan, accounting for 1.81% of revenue, which is a 63.08% increase year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) increased to 0.66 yuan, a rise of 108.54% year-on-year [1]. - Operating cash flow per share was 0.53 yuan, showing a significant increase of 161.73% year-on-year [1]. - The company's return on invested capital (ROIC) was reported at 3.32%, indicating a historically low investment return [2][3]. Debt and Cash Flow - Cash assets are reported to be healthy, with cash and cash equivalents amounting to 61.766 billion yuan, a 7.98% increase year-on-year [1]. - The company reduced its interest-bearing debt to 14.124 billion yuan, down 23.91% year-on-year [1]. - The ratio of cash assets to current liabilities is 73.5%, indicating a solid liquidity position [3]. Fund Holdings - The most significant fund holding China Shipbuilding is the Guotai CSI Military Industry ETF, which has increased its position [5]. - The fund manager of Guotai CSI Military Industry ETF, Ai Xiaojun, has demonstrated strong stock selection capabilities, focusing on value and growth stocks [4].