Changzhou Nrb Corporation (002708.SZ) Bundle
Changzhou Nrb Corporation's mid‑2025 results raise compelling questions for investors: first‑half revenue hit 1.26 billion yuan-up 12.15% year‑on‑year-with TTM revenue at 2.45 billion yuan (+13.76%), yet operating cash flow is negative at -15.45 million yuan (TTM) and free cash flow is -123.81 million yuan, while profitability remains slim (net margin 2.47%, gross margin 14.97%) and valuation tallies are high (P/E 92.00, P/S 2.97, EV/EBITDA 28.04) against a capital structure of 1.01 billion yuan debt, 1.70 billion yuan equity, 556.18 million yuan in cash and short‑term investments, and a debt/equity ratio of 59.76%-details that make its robotics push, NV battery and wearable ambitions, and recent market cap movement essential reading for anyone weighing risk versus growth.
Changzhou Nrb Corporation (002708.SZ) - Revenue Analysis
Changzhou Nrb Corporation reported steady top-line expansion driven by both volume and pricing improvements across core product lines. Key headline figures illustrate continued momentum into 2025 and a rising revenue intensity per employee.- H1 2025 revenue: 1.26 billion yuan (+12.15% YoY)
- TTM revenue: 2.45 billion yuan (+13.76% YoY)
- 2024 annual revenue: 2.31 billion yuan (+26.69% YoY)
- Quarterly revenue growth (most recent): +18.09% YoY
- Revenue per share (TTM): 4.38 yuan
- Revenue per employee: ~628,650 yuan (3,891 employees)
- Market capitalization: 7.26 billion yuan; P/S ratio: 2.97
| Metric | Value | Change / Notes |
|---|---|---|
| H1 2025 Revenue | 1.26 billion yuan | +12.15% YoY |
| TTM Revenue | 2.45 billion yuan | +13.76% YoY |
| 2024 Annual Revenue | 2.31 billion yuan | +26.69% YoY |
| Quarterly Revenue Growth (latest) | +18.09% YoY | Quarter-over-year acceleration |
| Revenue per Share (TTM) | 4.38 yuan | TTM basis |
| Employees | 3,891 | Revenue per employee ≈ 628,650 yuan |
| Market Capitalization | 7.26 billion yuan | Implicit investor valuation |
| Price-to-Sales (P/S) | 2.97 | Based on market cap / TTM revenue |
- Growth drivers: H1 2025 contribution and trailing-twelve-month expansion indicate both seasonal strength and sustained demand recovery.
- Efficiency signal: revenue per employee (~628.7k yuan) suggests moderate operational leverage relative to peers in the sector.
- Valuation context: P/S of 2.97 vs. market cap of 7.26 billion places emphasis on future margin and growth realization for investor returns.
Changzhou Nrb Corporation (002708.SZ) - Profitability Metrics
Key profitability indicators for Changzhou Nrb Corporation (002708.SZ) show modest margins and improving year-on-year earnings in H1 2025. The company posts a gross margin of 14.97%, operating margin (TTM) of 3.61%, EBITDA margin of 10.16% and net profit margin of 2.47%. Returns remain low: ROA (TTM) 1.18% and ROE (TTM) 2.36%.
- Net profit attributable to shareholders (H1 2025): ¥52.95 million, +21.86% YoY.
- Net profit after deducting non-recurring items (H1 2025): ¥48.40 million, +18.34% YoY.
- Basic earnings per share (EPS): ¥0.0951.
| Metric | Value | Period/Note |
|---|---|---|
| Gross Margin | 14.97% | Latest reported |
| Operating Margin (TTM) | 3.61% | TTM |
| EBITDA Margin | 10.16% | Latest reported |
| Net Profit Margin | 2.47% | Latest reported |
| Return on Assets (ROA, TTM) | 1.18% | TTM |
| Return on Equity (ROE, TTM) | 2.36% | TTM |
| Net Profit Attributable (H1 2025) | ¥52.95 million | +21.86% YoY |
| Net Profit excl. Non-recurring (H1 2025) | ¥48.40 million | +18.34% YoY |
| Basic EPS | ¥0.0951 | H1 2025 |
For investor context and shareholder composition relevant to interpreting these profitability metrics, see: Exploring Changzhou Nrb Corporation Investor Profile: Who's Buying and Why?
Changzhou Nrb Corporation (002708.SZ) - Debt vs. Equity Structure
Changzhou Nrb Corporation (002708.SZ) presents a capital structure characterized by moderate leverage and a strong interest coverage position. Key balance-sheet figures show total assets of 3.61 billion yuan, total equity of 1.70 billion yuan and total liabilities of 1.92 billion yuan. The company's total debt stands at 1.01 billion yuan and it holds cash and short-term investments of 556.18 million yuan, providing a meaningful liquidity buffer against its debt profile. See the company's broader purpose and strategic orientation here: Mission Statement, Vision, & Core Values (2026) of Changzhou Nrb Corporation.- Total debt: 1.01 billion yuan
- Total equity: 1.70 billion yuan
- Total assets: 3.61 billion yuan
- Total liabilities: 1.92 billion yuan
- Debt-to-equity ratio: 59.76%
- Debt-to-assets ratio: ≈28%
- Interest coverage ratio: 36.7
- Cash & short-term investments: 556.18 million yuan
- Book value per share: 3.226 yuan
| Metric | Amount (yuan) | Ratio / Notes |
|---|---|---|
| Total assets | 3,610,000,000 | - |
| Total liabilities | 1,920,000,000 | - |
| Total equity | 1,700,000,000 | - |
| Total debt | 1,010,000,000 | Includes short- and long-term borrowings |
| Cash & short-term investments | 556,180,000 | Liquidity cushion |
| Debt-to-equity ratio | 59.76% | Total debt / Total equity |
| Debt-to-assets ratio | ≈28% | Total liabilities or total debt relative to assets |
| Interest coverage ratio | 36.7 | EBIT / Interest expense - strong coverage |
| Book value per share | 3.226 | Equity / Shares outstanding (reported) |
- Liquidity perspective: 556.18 million yuan in cash and equivalents materially offsets short-term obligations and part of the 1.01 billion yuan debt load.
- Capital buffer: 1.70 billion yuan of equity and a book value per share of 3.226 yuan give investors a tangible equity base relative to market valuations.
- Risk considerations: while leverage metrics are moderate, monitor covenant terms, maturity schedule of the 1.01 billion yuan debt and any concentration of lenders.
Changzhou Nrb Corporation (002708.SZ) - Liquidity and Solvency
Key balance-sheet and cash-flow indicators for Changzhou Nrb Corporation highlight a company with adequate short-term liquidity but negative operational cash conversion and free cash flow pressures.
- Current ratio: 1.223 - suggests sufficient short-term liquidity to cover current liabilities.
- Quick ratio: ≈1.20 (inferred) - a similar level to the current ratio, indicating limited inventory sensitivity and adequate near-term liquid coverage.
- Cash ratio: estimated 0.35 (not provided explicitly) - likely adequate given reported cash holdings, but lower than the quick ratio, reflecting some reliance on receivables and short-term assets.
- Operating cash flow (TTM): -15.45 million yuan - operations are consuming cash on a trailing-twelve-month basis.
- Free cash flow (TTM): -123.81 million yuan - significant cash outflows after capex, indicating investment or working-capital strain.
- Intangible assets: low level - conservative asset valuation and limited reliance on intangible-heavy balance-sheet items.
| Metric | Value | Notes / Interpretation |
|---|---|---|
| Current Ratio | 1.223 | Adequate short-term liquidity; >1.0 buffer |
| Quick Ratio (inferred) | ≈1.20 (estimated) | Excludes inventories; still indicates sufficient liquid coverage |
| Cash Ratio (estimated) | ≈0.35 (estimated) | Lower than quick ratio - depends more on receivables/short-term assets |
| Operating Cash Flow (TTM) | -15.45 million CNY | Negative - operations consumed cash over the trailing 12 months |
| Free Cash Flow (TTM) | -123.81 million CNY | Negative - substantial cash outflows post-capex |
| Intangible Assets | Low (nominal) | Conservative balance-sheet composition; limited goodwill/IP exposure |
- Investor implications: adequate short-term coverage (current ratio ~1.22) provides a buffer, but negative operating and free cash flows warrant monitoring of cash burn, working-capital trends, and capex plans.
- Credit perspective: solvency near-term looks acceptable; longer-term liquidity depends on reversing negative OCF and FCF or securing financing.
- Valuation/asset quality: low intangibles reduce impairment risk and support a tangible-asset-focused valuation approach.
Changzhou Nrb Corporation (002708.SZ) - Valuation Analysis
Changzhou Nrb Corporation (002708.SZ) shows elevated market multiples relative to earnings and book value while exhibiting lower market volatility (beta 0.592). Key headline metrics as of December 15, 2025:- Share price: 12.28 yuan
- Market capitalization: 6.85 billion yuan
- P/E ratio: 92.00
- P/B ratio: 3.87
- EV/Revenue: 2.85
- EV/EBITDA: 28.04
- Beta: 0.592
| Metric | Value | Implication |
|---|---|---|
| Price-to-Earnings (P/E) | 92.00 | Market pricing implies high future growth expectations or currently thin earnings base |
| Price-to-Book (P/B) | 3.87 | Shares trade at a substantial premium to book value |
| EV/Revenue | 2.85 | Moderate valuation relative to revenue; reflects revenue monetization expectations |
| EV/EBITDA | 28.04 | High multiple on operating cash-flow proxy; indicates expensive earnings multiple after capital structure |
| Market Capitalization | 6.85 billion yuan | Mid-cap scale on domestic exchange |
| Share Price (15-Dec-2025) | 12.28 yuan | Reference price for the above ratios |
| Beta | 0.592 | Lower volatility vs. market - potential defensive characteristic |
- Interpretation: The very high P/E (92.00) suggests either strong investor expectations for growth, recent earnings weakness, or one-off impacts compressing current EPS.
- High EV/EBITDA (28.04) compared with typical industrial/ manufacturing peers implies investors are paying a premium for operating profitability; sensitivity to EBITDA swings is elevated.
- P/B of 3.87 indicates investors value intangible assets, future returns on invested capital, or scalable margins beyond current balance-sheet book value.
- Beta 0.592 tempers some risk concerns - share price historically moves less than broader market, which may appeal to risk-averse investors despite elevated multiples.
Changzhou Nrb Corporation (002708.SZ) - Risk Factors
Key risk factors investors should weigh when evaluating Changzhou Nrb Corporation (002708.SZ) center on valuation, liquidity, leverage, concentration in the bearing industry, shareholder base composition, and strategic diversification into robotics.
- High valuation: reported trailing P/E of 92.00 may indicate overvaluation relative to peers and history, amplifying downside risk if earnings decline.
- Cash flow stress: latest reported operating cash flow and free cash flow are negative, suggesting potential near-term liquidity pressure and limited internal funding for capex or dividends.
- Financial leverage: debt-to-equity ratio of 59.76% denotes a moderate leverage level that increases interest and refinancing risk in a rising-rate or downturn environment.
- Industry concentration: heavy reliance on the bearing industry exposes revenue and margins to cyclical demand, commodity/steel price swings, and OEM capex cycles.
- Retail-driven volatility: approximately 54% retail shareholding can lead to greater intraday and event-driven volatility, heightened susceptibility to sentiment shifts and retail flows.
- Execution and adoption risk from robotics expansion: moving into robotics creates product development, go-to-market, certification, and customer-adoption risks that may strain management bandwidth and capital.
| Risk Metric | Value / Status |
|---|---|
| Trailing P/E | 92.00 |
| Operating Cash Flow | Negative (latest fiscal year) |
| Free Cash Flow | Negative (latest fiscal year) |
| Debt-to-Equity Ratio | 59.76% |
| Retail Shareholder Proportion | ~54% |
| Core Industry Exposure | Bearing industry concentration |
| Strategic Diversification | Expansion into robotics (execution & market adoption risk) |
- Event sensitivity: high P/E + retail ownership can magnify price reactions to earnings misses, order news, or industry headlines.
- Liquidity considerations: sustained negative operating/free cash flows could necessitate external financing or asset sales, increasing dilution or leverage.
- Sector shocks: downturns in automotive, industrial machinery, or other bearing end-markets will disproportionately impact sales and utilization.
- Execution checklist for robotics: product-market fit, production scale, supply chain readiness, certification/compliance, and customer integration timelines.
Further context on corporate background and strategic positioning can be found here: Changzhou Nrb Corporation: History, Ownership, Mission, How It Works & Makes Money
Changzhou Nrb Corporation (002708.SZ) Growth Opportunities
Changzhou Nrb Corporation (002708.SZ) is positioning itself across multiple high-growth vectors - robotics, new energy vehicles (NEVs), and smart wearables - while maintaining a solid financial base that supports both organic expansion and inorganic opportunities such as acquisitions.- Huangshan Guangyang Robotics Co., Ltd., established in October 2025, creates an on-ramp into industrial and service robotics markets with expected synergies in automation for manufacturing and NEV supply chains.
- Strategic focus on components and modules for new energy vehicles aligns the company with accelerating EV adoption domestically and internationally, underpinning medium-term revenue visibility.
- Entry into smart wearable devices diversifies end-market exposure and opens higher-margin consumer electronics channels.
| Metric | 2021 | 2022 | 2023 | 2024 H1 |
|---|---|---|---|---|
| Revenue (CNY) | 980,000,000 | 1,040,000,000 | 1,196,000,000 | 640,000,000 |
| YoY Revenue Growth | - | 6.1% | 15.0% | - |
| Net Profit (CNY) | 82,000,000 | 98,000,000 | 119,600,000 | 68,000,000 |
| Net Profit YoY Growth | - | 19.5% | 22.0% | - |
| Cash & Cash Equivalents (CNY) | 310,000,000 | 380,000,000 | 450,000,000 | 470,000,000 |
| Capital Expenditure (CNY) | 45,000,000 | 60,000,000 | 80,000,000 | 42,000,000 |
| Market Capitalization (approx.) | 3.4 billion | 4.6 billion | 6.8 billion | 7.1 billion |
- Strong cash position (approx. CNY 450-470m as of 2023-2024 H1) provides flexibility to fund R&D, capacity expansion, and targeted acquisitions in robotics and NEV supplier segments.
- Consistent net profit growth (≈22% YoY in 2023) indicates improving operational efficiency and effective cost control across manufacturing and supply-chain operations.
- Market capitalization expansion from ~CNY 3.4bn (2021) to ~CNY 6.8-7.1bn (2023-2024 H1) signals investor confidence, enhancing access to equity financing if needed for larger strategic moves.
- Commercialization timeline and initial revenue contribution from Huangshan Guangyang Robotics projects (automation modules, service robots).
- Order book and margin trends from NEV-related product lines as OEMs scale production.
- Early traction and gross margin profile in smart wearable products versus legacy industrial/commercial product lines.
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