CJS(SH:600176) Chang Jiang Shang Bao·2025-09-26 01:33Core Viewpoint - China Jushi, a global leader in the fiberglass industry, announced a share buyback plan to boost investor confidence, with a buyback range of 30 million to 40 million shares at a maximum price of 22 yuan per share, totaling up to 880 million yuan [1][2][3] Financial Performance - In the first half of 2025, China Jushi achieved revenue of 9.109 billion yuan, net profit of 1.687 billion yuan, and net profit excluding non-recurring items of 1.701 billion yuan, representing year-on-year growth of 17.70%, 75.51%, and 170.74% respectively [1][5] - The company’s gross profit margin increased by 10.71 percentage points to 32.21% during the same period, driven by increased demand in key downstream applications, particularly in the wind power sector [5] Share Buyback Details - The buyback will utilize self-owned and self-raised funds, with the total amount not exceeding 880 million yuan, which represents a small percentage of the company's total assets, net assets, and current assets, ensuring no significant pressure on daily operations and cash flow [2][3] - The maximum buyback price of 22 yuan per share is 35.97% higher than the closing price of 16.18 yuan on September 24, reflecting management's confidence in the company's intrinsic value [3] Historical Performance and Dividends - Since its listing in 1999, China Jushi has distributed cash dividends 21 times, totaling 10.574 billion yuan, with cumulative cash dividends (including buybacks) reaching 4.147 billion yuan in the past three years [3][4] R&D Investment - China Jushi has invested significantly in research and development, with total R&D expenses amounting to 2.769 billion yuan over the past five and a half years, maintaining annual R&D expenditures exceeding 500 million yuan since 2021 [5][6] Asset Growth - From 1999 to 2024, China Jushi's total assets grew from 1.094 billion yuan to 53.38 billion yuan, a 47.79-fold increase, with total assets reaching 53.7 billion yuan as of the first half of 2025, reflecting strong operational resilience [6]