中国经济网北京8月20日讯(记者郭文培)日前，达仁堂（600329）披露2025年半年度报告。报告期内， 公司实现营业收入26.51亿元，同比下降33.15%；归属于上市公司股东的净利润为19.28亿元，同比增长 193.08%。 值得注意的是，报告期末，达仁堂应收账款达到12.26亿元，同比增长62.07%。 | | | | | | 本期期末 | THL: 10 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 本期期末 | | 上年期末 | 金额较上 | | | | 项目名称 | 本期期末数 | 数占息资 | 上年期末数 | 数占总资 | 年期末变 | 情况 | | | | | 产的比例 | | 产的比例 | | 说明 | | | | | (%) | | (%) | 动比例 | | | | | | | | | (%) | | | | 应收票据 | 80,951,029.32 | 0.63 | 152,985,299.64 | 1.42 | -47.09 | 主 | में | | | | | | | | 是 | 末 | | | | | ...

Core Viewpoint - Jinlong Automobile is facing significant challenges despite previous growth, with a recent announcement of share reduction by its second-largest shareholder indicating potential concerns about the company's future performance [1][8]. Financial Performance - Jinlong Automobile's sales in Q1 2025 reached 11,000 units, a year-on-year increase of 11.79%, but subsequent months showed negative growth, with sales of 3,611 and 3,575 units in April and May, respectively, resulting in a slight overall increase of 0.21% for the first five months [6][8]. - The company reported a historical high asset-liability ratio of 85.9% as of the end of Q1 2025, indicating increasing financial pressure [7][8]. - From 2019 onwards, Jinlong Automobile has accumulated a non-recurring net profit loss of 2.156 billion yuan over six years [5]. Management Changes - The company has undergone multiple management changes, with the latest being the appointment of Chen Feng as chairman following the resignation of Xie Siyu in April 2025 [3][8]. - Chen Feng's experience in the automotive industry is seen as crucial for navigating the company's current challenges, including declining sales and ongoing financial difficulties [8]. Historical Context - Jinlong Automobile has experienced fluctuating performance since its establishment in 1988, with significant management turnover and a notable "subsidy fraud" incident impacting its reputation and financial stability [1][2][4]. - The company achieved its best performance in terms of revenue growth from 2022 to 2024, but still faced challenges with non-recurring net profit losses during this period [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 34.02 HKD [8][9] Core Insights - The company reported a revenue of 84.064 billion RMB for 2024, a year-on-year increase of 2.1%, while the net profit attributable to shareholders was 5.123 billion RMB, a decrease of 6.8%. The adjusted net profit was 5.123 billion RMB, reflecting a growth of 5.0% year-on-year, which was below previous expectations [1][5] - The company plans to distribute a dividend per share (DPS) of 1.62 HKD for 2024, representing a 1.3% increase from 1.60 HKD in 2023, with a dividend payout ratio of 36% of net profit [1][4] Summary by Sections Financial Performance - The company achieved a revenue of 84.064 billion RMB in 2024, with a year-on-year growth of 2.1%. The net profit attributable to shareholders was 5.123 billion RMB, down 6.8%, while the adjusted net profit was 5.123 billion RMB, up 5.0% [1][7] - The expected net profit contributions from Beijing Gas for 2024 are projected to increase by 11% to 650 million RMB, driven by steady recovery in gas sales margins [2] Dividend Policy - The company has set a DPS of 1.62 HKD for 2024, up from 1.60 HKD in 2023, with a payout ratio of 36% of net profit, indicating a commitment to returning value to shareholders [4][5] Future Projections - The report forecasts adjusted net profits of 5.411 billion RMB, 5.679 billion RMB, and 5.917 billion RMB for 2025, 2026, and 2027 respectively, reflecting a downward adjustment from previous estimates [5][22] - The expected revenue for 2025 is projected at 87.405 billion RMB, with a growth rate of 3.97% [7][26]