Accotest(SH:688200) Zheng Quan Zhi Xing·2025-08-30 23:26Core Viewpoint - Huafeng Measurement and Control (688200) 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 - The total revenue for the first half of 2025 reached 534 million yuan, a year-on-year increase of 40.99% [1]. - The net profit attributable to shareholders was 196 million yuan, reflecting a 74.04% increase year-on-year [1]. - In Q2 2025, total revenue was 337 million yuan, up 39.03% year-on-year, while net profit for the same period was 134 million yuan, an increase of 50.31% [1]. - The gross margin was 74.7%, a slight decrease of 0.17% year-on-year, while the net margin improved by 23.44% to 36.63% [1]. - The total of selling, administrative, and financial expenses was 88.5 million yuan, accounting for 16.56% of revenue, a slight increase of 0.57% year-on-year [1]. Key Ratios and Metrics - The return on invested capital (ROIC) for the previous year was 8.3%, with a historical median ROIC of 17.5% since the company went public [3]. - The company’s cash assets are reported to be very healthy, indicating strong liquidity [3]. - The accounts receivable reached 445 million yuan, which is 133.26% of the net profit, suggesting a significant amount of outstanding payments [4]. Shareholder Information - The largest fund holding Huafeng Measurement and Control is E Fund Active Growth Mixed Fund, which holds 1.6388 million shares and has increased its position [5]. - Other funds have also shown varied movements, with some increasing their holdings while others have reduced their positions [5].