Core Viewpoint - Jiufeng Energy (605090) reported a decline in net profit by 22.17% year-on-year for the first half of 2025, with total revenue also decreasing by 7.45% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 10.428 billion yuan, down from 11.267 billion yuan in the same period of 2024, representing a decrease of 7.45% [1] - Net profit attributable to shareholders was 861 million yuan, a decline of 22.17% from 1.106 billion yuan in the previous year [1] - Gross margin improved to 10.77%, an increase of 12.01% year-on-year, while net margin decreased to 8.28%, down 16.31% [1] - Total expenses (selling, administrative, and financial) amounted to 264 million yuan, accounting for 2.53% of revenue, which is an increase of 17.72% year-on-year [1] - Earnings per share decreased to 1.35 yuan, down 24.16% from 1.78 yuan in the previous year [1] Key Financial Metrics - Cash flow from operating activities decreased by 40.48%, attributed to uncollected large sales receivables [4] - The company’s return on invested capital (ROIC) was 13.23%, indicating strong capital returns [5] - The company’s cash assets are reported to be healthy, with a debt ratio of 24.96% for interest-bearing liabilities [5] Changes in Financial Items - Significant changes in financial items included a 3148.27% increase in trading financial assets due to net subscriptions of financial products [3] - Accounts receivable increased by 116.46%, indicating outstanding large sales payments [3] - Inventory decreased by 40.90%, reflecting sales from previously accumulated stock [3] Fund Holdings - The largest fund holding Jiufeng Energy is Tianhong Multi-Asset Bond A, with a current scale of 1.701 billion yuan and a recent net value of 1.3178 [6]