（文章来源：证券日报） 证券日报网1月9日讯 ，新天绿能在接受调研者提问时表示，2025年1月至6月，公司加权平均净资产收 益率6.98%，较去年同期增加0.02个百分点；基本每股收益0.37元/股，较去年同期增加5.71个百分点。 ...

Core Viewpoint - Zuxing New Materials has faced significant challenges in its attempts to go public, with its upcoming listing on the Beijing Stock Exchange being critical for its future, especially after past failures in the A-share market [2][3][10]. Group 1: Listing Journey - Zuxing New Materials has been attempting to list on the A-share market for over eight years, with its latest effort focused on the Beijing Stock Exchange [3][7]. - The company previously attempted to go public in 2017 and 2019 but withdrew its applications due to various challenges, including regulatory scrutiny and performance issues [5][6][9]. - The current listing application requires Zuxing New Materials to meet specific financial criteria, including a minimum market value of 200 million and net profits of at least 15 million over the last two years [10][15]. Group 2: Financial Performance - The company's financial performance has been inconsistent, with net profits fluctuating significantly over the years, impacting its ability to meet listing requirements [9][14]. - In 2023, Zuxing New Materials reported a net profit of 64.82 million, a 50.8% increase year-on-year, but faced a decline in 2024, with net profits dropping to 55.86 million, a 13.8% decrease [14][16]. - The company's average return on equity was below the required 8% in 2022 and 2024, but improved to 9.54% in 2023, allowing it to meet the listing criteria temporarily [15][17]. Group 3: Research and Development - Zuxing New Materials has been criticized for its low investment in research and development, with R&D expenses declining as a percentage of revenue from 2.51% in 2022 to 2.30% in 2024 [22][24]. - Compared to industry peers, the company's R&D spending is significantly lower, raising concerns about its innovation capabilities and sustainability as a high-tech enterprise [23][25]. - The company has faced scrutiny regarding its high-tech enterprise status, as it has not met the required R&D expenditure thresholds to maintain this classification [25][26].

Core Insights - The company reported a slight decrease in the weighted average return on equity for the first three quarters compared to last year [1] Financial Performance - The average net assets increased by 7.29% year-on-year during the first three quarters [1] - The net profit attributable to the parent company decreased by 12.06% year-on-year [1] - Various factors, including product gross margin and period expenses, impacted the net profit [1]

Financial Performance - The company's operating income for the first half of 2025 was 90,559 million RMB, an increase from 88,248 million RMB in the same period last year [1] - Total profit reached 33,138 million RMB, up from 30,170 million RMB year-on-year [1] - Net profit attributable to shareholders was 29,737 million RMB, compared to 26,988 million RMB in the previous year [1] - The basic earnings per share increased to 0.99 RMB from 0.89 RMB [1] - The weighted average return on equity rose to 4.33%, up by 0.16 percentage points from the previous year [20] Cash Flow and Financial Ratios - The net cash flow from operating activities was 21,257 million RMB, a significant increase from -382,642 million RMB in the previous year [1] - The cost-to-income ratio improved to 25.07%, down from 26.60% [1] - The net interest margin decreased to 1.38% from 1.42% [1] Asset and Liability Changes - As of the end of the first half of 2025, total assets amounted to 9,645,791 million RMB, an increase from 9,461,880 million RMB at the end of the previous year [2] - Total liabilities rose to 8,844,539 million RMB from 8,717,099 million RMB [2] - The total loan amount increased to 5,634,931 million RMB, up from 5,391,530 million RMB [2] Shareholder Composition - As of the end of the first half of 2025, a new shareholder, Xinda Investment Co., Ltd., replaced Central Huijin Asset Management Co., Ltd. as one of the top ten shareholders [33] - Major shareholders such as Shanghai International Group Co., Ltd. and China Mobile Communications Group Guangdong Co., Ltd. saw a decrease in their shareholding percentages [34]

Core Viewpoint - Zhonghaidah (300177) reported a revenue of 493 million yuan for the first half of 2025, reflecting a year-on-year growth of 15.39% [1] - The company experienced a net loss of 23.6885 million yuan, which is an increase in loss by 35.76% compared to the previous year [1] - Basic earnings per share were reported at -0.0318 yuan, with a weighted average return on equity (ROE) of -1.53% [1] Financial Performance - Revenue for the first half of 2025 reached 493 million yuan, marking a 15.39% increase year-on-year [1] - The net profit showed a loss of 23.6885 million yuan, which is a 35.76% increase in loss compared to the same period last year [1] - Basic earnings per share were recorded at -0.0318 yuan [1] - The weighted average ROE was reported at -1.53% [1]

Financial Performance - In 2024, the company achieved total revenue of 270 million yuan, a year-on-year increase of 26.36% [2][3] - The net profit attributable to shareholders was a loss of 199.77 million yuan, an improvement from a loss of 268.65 million yuan in the previous year [2][3] - The net profit excluding non-recurring items was a loss of 161.57 million yuan, compared to a loss of 243.67 million yuan in the previous year [2][3] - The net cash flow from operating activities was 80.97 million yuan, a significant increase of 238.56% year-on-year [2][3] Key Ratios - The basic earnings per share for 2024 was -0.34 yuan, with a weighted average return on equity of -17.26% [2][3] - The company's price-to-earnings ratio (TTM) is approximately -8.71 times, while the price-to-book ratio (LF) is about 1.68 times, and the price-to-sales ratio (TTM) is around 6.41 times [2][3] Asset and Liability Changes - As of the end of 2024, the company's net assets attributable to shareholders decreased by 18.38% compared to the previous year [3] - Inventory decreased by 41.44%, while cash and cash equivalents increased by 20.29% [51] - Contract liabilities increased by 106.8%, while lease liabilities decreased by 69.72% [54] Research and Development - The company invested 14.96 million yuan in research and development in 2024, a year-on-year increase of 28.54%, representing 5.54% of total revenue [61] Shareholder Structure - The largest shareholder, Tibet Rong'en Technology Co., Ltd., holds 32.13% of the shares, with significant pledges on their holdings [65] - New shareholders include Hu Zhenmin, Zhu Qiulian, Zhang Qian, and Ye Lingxiang, replacing previous shareholders [66]