ZPEC(SH:603619) Sou Hu Cai Jing·2025-08-31 14:32Financial Performance - For the first half of 2025, the company's operating revenue was approximately 1.98 billion, an increase from 1.92 billion in the same period last year, reflecting a growth of about 3.3% [1] - The total profit for the same period was approximately 441 million, down from 546 million year-on-year, indicating a decline of about 19.1% [1] - The net profit attributable to shareholders was approximately 300 million, a decrease from 428 million in the previous year, representing a decline of about 29.8% [1] - The net cash flow from operating activities was approximately 429 million, down 11.96% from 487 million in the previous year [22] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 4.19 billion, up from 4.00 billion at the end of the previous year [1] - The company's long-term borrowings increased by 22.96%, while short-term borrowings decreased by 8.98% compared to the end of the previous year [35] - The company's inventory increased by 32% compared to the end of the previous year, while cash and cash equivalents decreased by 3.16% [32][38] Shareholder Structure - The top ten shareholders as of the end of the first half of 2025 included new entrants such as Dachen New锐 Industrial Mixed Securities Investment Fund and Shanghai Gongrong Investment Center [47] - The largest shareholder, Shanghai Zhongman Investment Holding Co., Ltd., held approximately 19.01% of the total shares, with a slight increase in shareholding [48] - Notably, 14.02% of the company's shares were under pledge as of August 22, 2025, with significant portions pledged by the top two shareholders [47] Valuation Metrics - As of August 27, 2025, the company's price-to-earnings (P/E) ratio was approximately 15.48, the price-to-book (P/B) ratio was about 2.21, and the price-to-sales (P/S) ratio was also around 2.21 [1]