（文章来源：每日经济新闻） *ST节能（SZ 000820，最新价：2.73元）8月1日晚间发布半年度业绩报告称，2025年上半年营业收入约 1732万元，同比减少73.59%；归属于上市公司股东的净利润亏损约714万元；基本每股收益亏损0.0111 元。2024年同期营业收入约6560万元；归属于上市公司股东的净利润亏损约1130万元；基本每股收益亏 损0.0177元。 ...

Core Insights - *ST节能 reported a total operating revenue of 17.32 million yuan as of June 30, 2025, with a net profit attributable to shareholders of -7.135 million yuan, an increase of 4.1691 million yuan compared to the same period last year, marking two consecutive years of growth [1] Financial Performance - As of June 30, 2025, the company's operating cash flow showed a net outflow of -19.5256 million yuan, which is an improvement of 6.8791 million yuan compared to the same period last year [1] - The asset-liability ratio stood at 52.04%, a decrease of 12.00 percentage points year-on-year [3] - The gross profit margin reached 32.80%, an increase of 10.54 percentage points from the previous quarter and a rise of 19.69 percentage points compared to the same period last year, achieving four consecutive quarters of growth [3] - The return on equity (ROE) was -4.70%, an increase of 10.13 percentage points year-on-year [3] - The diluted earnings per share were -0.01 yuan, an improvement of 0.01 yuan compared to the same period last year, marking two consecutive years of growth [3] - The total asset turnover ratio was 0.04 times, and the inventory turnover ratio was 3.25 times as of June 30, 2025 [3] Shareholder Structure - The number of shareholders was 20,900, with the top ten shareholders holding a total of 368 million shares, accounting for 56.90% of the total share capital [3] - The largest shareholder is 神雾科技集团股份有限公司 with a holding of 25.1%, followed by 武汉璟晖企业管理咨询有限公司 at 11.7% [3]

Core Viewpoint - *ST节能 reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges and potential governance changes due to shareholder dynamics [4][7]. Trading Information Summary - On August 1, 2025, *ST节能 closed at 2.77 yuan, down 1.07%, with a turnover rate of 0.99% and a trading volume of 29,500 hands, resulting in a transaction amount of 8.19 million yuan [1]. - The net inflow of main funds was 164,500 yuan, accounting for 2.01% of the total transaction amount, while retail investors had a net inflow of 504,100 yuan, representing 6.15% of the total [2][6]. Shareholder Changes - As of July 10, 2025, the number of shareholders for *ST节能 was 21,000, an increase of 104 from June 30, 2025, reflecting a growth rate of 0.5% [3][6]. - The average number of shares held per account decreased from 30,900 shares to 30,800 shares, with an average market value of 85,000 yuan per account [3]. Performance Disclosure Highlights - The mid-year report for 2025 showed a main revenue of 17.32 million yuan, a year-on-year decrease of 73.59%, and a net profit attributable to shareholders of -7.135 million yuan, an increase of 36.88% year-on-year [4][6]. - In Q2 2025, the company reported a single-quarter main revenue of 5.6888 million yuan, down 79.37% year-on-year, with a net profit of -5.3019 million yuan, up 35.38% year-on-year [4]. Company Announcements Summary - The company announced that it would not distribute cash dividends or issue bonus shares for the reporting period [5]. - Key management changes included the resignation of the chairman and other executives due to personal reasons, with new appointments made during board meetings [5][7]. - The company is facing potential changes in control as the largest shareholder, 神雾集团, is at risk of losing its position due to judicial actions against its shares [7].

Core Viewpoint - *ST节能 reported a significant decline in revenue and a negative net profit, indicating ongoing financial struggles despite some improvements in gross margin and net asset value [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 17.32 million yuan, a decrease of 73.59% compared to 65.60 million yuan in 2024 [1]. - The net profit attributable to shareholders was -7.135 million yuan, an improvement of 36.88% from -11.304 million yuan in the previous year [1]. - The gross margin increased to 32.8%, up 150.16% year-on-year, while the net margin was -70.8%, a decline of 258.17% [1]. - Total expenses (selling, administrative, and financial) accounted for 66.99% of total revenue, a significant increase of 131.21% year-on-year [1]. Cash Flow and Debt Analysis - Cash and cash equivalents rose to 16.45 million yuan, a substantial increase of 185.44% from 5.76 million yuan [1]. - Interest-bearing debt increased to 25.08 million yuan, up 56.75% from 16 million yuan [1]. - The company's cash flow situation is concerning, with a cash ratio of only 9.49% and negative operating cash flow over the past three years [3]. Historical Performance Insights - The company's historical return on invested capital (ROIC) has been poor, with a median of -13.47% over the past decade and a worst year in 2019 showing -1863.33% [3]. - The company has reported losses in 11 out of 26 annual reports since its listing, indicating a challenging financial history [3].

Core Viewpoint - *ST Jieneng (000820.SZ) reported a significant decline in revenue and net profit for the first half of 2025, indicating financial distress and operational challenges [1][3]. Financial Performance - As of June 30, 2025, *ST Jieneng's total operating revenue was 17.32 million, a decrease of 48.27 million compared to the same period last year, representing a year-on-year decline of 73.59% [1]. - The net profit attributable to shareholders was -7.135 million as of June 30, 2025 [1]. - The net cash flow from operating activities was -19.53 million [1]. Financial Ratios - The asset-liability ratio stood at 52.04%, an increase of 3.04 percentage points from the previous quarter [3]. - The gross profit margin was 32.80% as of June 30, 2025 [4]. - The return on equity (ROE) was -4.70% [4]. - The diluted earnings per share were -0.01 yuan [4]. - The total asset turnover ratio was 0.04 times, a decrease of 0.16 times year-on-year, representing a decline of 79.35% [4]. - The inventory turnover ratio was 3.25 times, down 16.41 times from the same period last year, indicating a year-on-year decline of 83.49% [4]. Shareholder Information - The number of shareholders was 20,900, with the top ten shareholders holding 368 million shares, accounting for 56.90% of the total share capital [4]. - The largest shareholder is Shenwu Technology Group Co., Ltd., holding 25.1% of the shares [4].

Core Insights - *ST Jieneng (000820.SZ) released its semi-annual report for 2025 on August 2, 2025, indicating that as of August 1, 2025, a total of 9 institutional investors disclosed holdings in *ST Jieneng A-shares, with a combined holding of 361 million shares, accounting for 55.83% of the total share capital [1] Institutional Holdings - The institutional investors include Shenwu Technology Group Co., Ltd., Wuhan Jinghui Enterprise Management Consulting Co., Ltd., Huachuang Securities Co., Ltd., Shanxi Securities Co., Ltd., Zhongyuan Securities Co., Ltd., Great Wall Guorui Securities Co., Ltd., and several investment trust plans from Shaanxi International Trust Co., Ltd. [1] - The total proportion of shares held by institutional investors decreased by 0.27 percentage points compared to the previous quarter [1]

Core Viewpoint - The company has undergone significant changes in management and governance, with implications for its future operations and control structure [5][6][7]. Group 1: Management Changes - The company experienced resignations of key executives, including the chairman and general manager, due to personal reasons [5]. - New appointments were made, including Zhu Lin as chairman and Wang Lejun as CFO [5][6]. - A temporary shareholders' meeting was held to revise the company’s articles of association and complete the supervisory board reform [6]. Group 2: Financial and Operational Updates - The company reported no cash dividends or stock bonuses for the reporting period [3]. - The company’s stock was placed under delisting risk warning due to negative financial performance, with a net profit and total profit both being negative [10]. - The company’s total shares increased from 641,670,201 to 646,555,179 due to stock option exercises [8][9]. Group 3: Shareholder and Control Issues - The controlling shareholder, Shenwu Group, is facing judicial auction risks for its shares, which could lead to a change in control [7]. - If the shares are successfully auctioned, Shenwu Group's holdings could decrease to 49,600,000 shares, representing 7.67% of the total shares [7]. - The company has confirmed that Shenwu Group will fulfill its compensation obligations in cash due to its inability to meet stock compensation requirements [10].

Core Viewpoint - Shenwu Energy Saving Co., Ltd. reported significant declines in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments to improve competitiveness and profitability [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 17.32 million yuan, a decrease of 73.59% compared to 65.60 million yuan in the same period last year [6][13]. - The net profit attributable to shareholders was -7.14 million yuan, showing a 36.88% improvement from -11.30 million yuan in the previous year [6][13]. - The net cash flow from operating activities improved by 26.05%, amounting to -19.53 million yuan compared to -26.40 million yuan in the previous year [6][13]. Business Overview - The company operates primarily in three segments: Jiangsu Institute focuses on green metallurgy technology and engineering contracting, United Liben provides industrial energy-saving solutions, and Hubei Fuyou offers smart energy services [7][8][10]. - Jiangsu Institute has developed a core technology for iron reduction and is positioned to benefit from the increasing demand for green transformation in the metallurgy industry due to regulatory pressures [10][11]. Market Strategy - The company aims to enhance its competitiveness through technology-driven innovation, qualification upgrades, and deepening its business model [10][12]. - Plans include expanding market presence in provinces like Liaoning, Guizhou, Anhui, and Hubei while consolidating existing customer relationships to diversify project sources [9][10]. Key Financial Metrics - Total assets at the end of the reporting period were approximately 475.44 million yuan, a 27.20% increase from the previous year [6][13]. - The company reported a significant reduction in operating costs, with a decrease of 79.58% in operating costs compared to the previous year [13][14]. - The weighted average return on net assets was -4.93%, an improvement from -14.48% in the previous year [6][13]. Risk Management - The company has identified various operational risks and is implementing measures to mitigate these risks, focusing on cost control and project profitability [1][10].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and potential governance changes due to shareholder issues [1][4][5] Financial Performance - Operating revenue for the reporting period was CNY 17,321,089.21, a decrease of 73.59% compared to CNY 65,595,801.87 in the same period last year [1] - Net profit attributable to shareholders was CNY -7,135,028.98, representing a 36.88% improvement from CNY -11,304,131.80 year-on-year [1] - The net cash flow from operating activities was CNY -19,525,637.96, an improvement of 26.05% from CNY -26,404,709.00 in the previous year [1] - Basic earnings per share were CNY -0.0111, a 37.29% improvement from CNY -0.0177 [1] Asset and Equity Position - Total assets at the end of the reporting period were CNY 475,441,232.61, an increase of 27.20% from CNY 373,764,265.43 at the end of the previous year [2] - Net assets attributable to shareholders were CNY 151,715,247.07, reflecting a 7.23% increase from CNY 141,485,543.63 [2] Shareholder Structure - The largest shareholder, Shenwu Technology Group, holds 25.15% of shares, totaling 162,600,000 shares, which are all pledged and frozen [3][4] - The company has experienced a significant reduction in shareholding by Shenwu Group, which may lead to changes in control and governance [4][5] Important Events - The company appointed new management, including a new chairman and CFO, during the annual general meeting held on May 20, 2025 [3] - The company is facing potential risks related to the judicial auction of shares held by its largest shareholder, which could impact its governance structure [4][5]

Core Viewpoint - *ST Jieneng (000820.SZ) reported a significant decline in revenue for the first half of 2025, indicating ongoing financial challenges for the company [1] Financial Performance - The company's operating revenue for the first half of 2025 was 17.32 million yuan, a year-on-year decrease of 73.59% [1] - The net loss attributable to shareholders of the listed company was 7.135 million yuan, which represents a year-on-year narrowing of 36.88% [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 7.1241 million yuan, also showing a year-on-year narrowing of 37.67% [1] - The basic loss per share was 0.0111 yuan [1]