Founder Securities(SH:601901) Xin Lang Cai Jing·2025-09-02 10:11Company Overview - In the first half of 2025, the company reported total revenue of 4.713 billion yuan, a year-on-year increase of 20.42% [1] - The net profit attributable to shareholders reached 409 million yuan, up 16.43% year-on-year, while the net profit excluding non-recurring items was 400 million yuan, reflecting a 17.60% increase [1] - Operating cash flow surged to 531 million yuan, marking a significant year-on-year growth of 587.20% [1] Business Performance - The blasting service segment generated 3.551 billion yuan in revenue, representing a year-on-year growth of 28.49% [1] - The company has optimized its market layout and business structure, enhancing the management of accounts receivable to drive performance growth [1] Industry Outlook - The civil explosives industry remains robust, benefiting from strong demand in downstream coal and non-ferrous metals, as well as key national infrastructure projects [1] - In the first half of 2025, the production of industrial explosives reached 2.0839 million tons, a slight increase of 0.20% year-on-year, while the production of on-site mixed explosives rose by 1.50% to 789,700 tons [1] - Domestic raw coal production for January to June was approximately 2.405 billion tons, up 5.4% year-on-year, with fixed asset investment in the non-ferrous metals industry increasing by 16.1% [1] Capacity Expansion and Strategic Initiatives - The company has established a subsidiary and engineering company in Tibet, planning to set up 25,000 tons of industrial explosives capacity to enhance competitiveness [1] - Following the Ministry of Industry and Information Technology's guidelines, the company is acquiring Henan Songguang Explosives Company to add 60,000 tons of industrial explosives capacity [1] Regional Performance - In the northwest region, the company reported revenue of 2.353 billion yuan, a year-on-year increase of 38.56%, while the southwest region's revenue reached 739 million yuan, up 20.09% [1] - The company is actively expanding its overseas business in several countries along the Belt and Road Initiative, with key projects progressing smoothly in the first half of 2025 [1] Profitability and Contracts - The gross margin in the central China region improved by 3.57% year-on-year, driven by increased market demand, cost control, and centralized procurement of raw materials [1] - The company secured new contracts worth 2.088 billion yuan in the first quarter and 5.903 billion yuan in the second quarter, totaling nearly 8 billion yuan in new contracts for the first half of 2025 [1]