Core Viewpoint - Dahu Technology (603025) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 1.483 billion yuan, a year-on-year increase of 13.31% [1] - Net profit attributable to shareholders was 399 million yuan, up 24.05% year-on-year [1] - In Q2 2025, total revenue was 758 million yuan, reflecting a 13.77% increase year-on-year, while net profit for the quarter was 230 million yuan, up 33.13% [1] - Gross margin improved to 43.4%, an increase of 3.14% year-on-year, and net margin rose to 28.54%, up 8.09% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 105 million yuan, accounting for 7.05% of revenue, with a slight increase of 0.02% year-on-year [1] - Operating cash flow per share increased significantly by 86.1% to 0.17 yuan [1] Balance Sheet Highlights - Cash and cash equivalents decreased by 20.46% to 1.946 billion yuan [3] - Accounts receivable increased by 14.75% to 926 million yuan, attributed to higher sales [3] - Interest-bearing debt decreased by 23.43% to 581 million yuan [3] Investment and Returns - The company's return on invested capital (ROIC) was 19.32%, indicating strong capital returns [4] - The historical median ROIC since listing is 19.47%, demonstrating consistent investment returns [4] Fund Holdings - The largest fund holding Dahu Technology is the GF Baifa 100 Index A, with 200,100 shares newly entering the top ten holdings [5] - The fund has a current scale of 90 million yuan and has seen a 49.85% increase over the past year [5]