Financial and Operational Summary The Group achieved robust financial growth in the first half of 2025, with double-digit increases in revenue, gross profit, and net profit, alongside improved gross and net profit margins, demonstrating strong operational efficiency and profitability Overview of Financial Performance in H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Growth (%) | Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,058 | 949 | 11.5% | - | | Gross Profit | 243 | 199 | 22.1% | - | | Gross Margin | 23.0% | 21.0% | - | +2.0 | | Net Profit | 145 | 116 | 25.0% | - | | Net Margin | 13.7% | 12.2% | - | +1.5 | Condensed Consolidated Financial Statements This section provides the unaudited condensed consolidated financial statements for H1 2025, outlining the Group's financial performance, position, equity, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue increased by 11.5% to RMB1,058 million, gross profit grew by 22.1% to RMB243 million, and profit for the period rose by 25.0% to RMB145 million, with basic and diluted earnings per share both at RMB0.17, an increase from the prior year period Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,058,485 | 949,415 | | Cost of Sales and Services | (815,446) | (750,145) | | Gross Profit | 243,039 | 199,270 | | Other Income and Gains | 21,250 | 11,874 | | Other Expenses and Losses | (8,547) | (1,359) | | Selling and Distribution Expenses | (9,184) | (10,039) | | Administrative Expenses | (47,612) | (48,409) | | Research and Development Expenses | (28,302) | (23,595) | | Net Impairment Loss on Financial and Contract Assets | (8,113) | 2,922 | | Share of Profit of Associates | 3,337 | 5,647 | | Finance Costs | (7,424) | (7,944) | | Profit Before Tax | 158,444 | 128,367 | | Income Tax Expense | (13,657) | (12,470) | | Profit for the Period | 144,787 | 115,897 | | Profit Attributable to Owners of the Company | 142,709 | 113,665 | | Basic Earnings Per Share (RMB) | 0.17 | 0.11 | | Diluted Earnings Per Share (RMB) | 0.17 | 0.11 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total non-current assets increased to RMB2,630 million, driven by a significant rise in long-term receivables, while total current assets decreased due to a reduction in cash and cash equivalents, and both current and non-current liabilities decreased, leading to a slight decline in net current assets and net assets Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 2,630,889 | 2,450,814 | | Total Current Assets | 2,460,540 | 2,956,943 | | Total Current Liabilities | 1,600,247 | 1,805,190 | | Total Non-current Liabilities | 271,267 | 318,126 | | Net Current Assets | 860,293 | 1,151,753 | | Net Assets | 3,219,915 | 3,284,441 | | Equity Attributable to Owners of the Company | 3,185,570 | 3,252,174 | | Cash and Cash Equivalents | 322,474 | 629,018 | | Long-term Receivables | 396,768 | 163,697 | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners of the Company decreased from RMB3,252 million at the beginning of the year to RMB3,185 million, primarily due to increased profit for the period, transfer to statutory surplus reserve, and dividend distribution, while share capital and share premium reserve decreased due to ordinary share repurchases and cancellations Key Data from Condensed Consolidated Statement of Changes in Equity | Metric | June 30, 2025 (RMB thousand) | January 1, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total Equity Attributable to Owners of the Company | 3,185,570 | 3,047,471 | | Profit for the Period | 142,709 | 113,665 | | Transfer to Statutory Surplus Reserve | 25,951 | 9,336 | | Dividends Recognized as Distribution | (35,837) | - | | Repurchase of Ordinary Shares | (173,363) | - | | Cancellation of Treasury Shares | (11) | - | | Share-based Payments | (102) | 402 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's operating cash flow shifted from net inflow to net outflow, investment cash outflow significantly decreased, and financing cash flow changed from net inflow to net outflow, mainly due to share repurchases and loan repayments, resulting in a substantial decrease in cash and cash equivalents at period-end Key Data from Condensed Consolidated Statement of Cash Flows | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash (Used in) / From Operating Activities | (47,981) | 33,337 | | Net Cash Used in Investing Activities | (25,531) | (126,713) | | Net Cash (Used in) / From Financing Activities | (232,087) | 90,518 | | Net Decrease in Cash and Cash Equivalents | (305,599) | (2,858) | | Cash and Cash Equivalents at End of Period | 322,474 | 346,029 | Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, significant accounting policies, segment revenue and results, other income and expenses, taxation, dividends, earnings per share, asset and liability breakdowns, share capital changes, share option schemes, and related party transactions, providing supplementary information for understanding the Group's financial position Basis of Preparation The condensed consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and the applicable disclosure requirements of Appendix D2 to the Listing Rules of The Stock Exchange of Hong Kong Limited - The condensed consolidated financial statements are prepared in accordance with IAS 34 Interim Financial Reporting and Appendix D2 of the HKEX Listing Rules11 Significant Accounting Policies The condensed consolidated financial statements are prepared on a historical cost basis, applying new and revised IFRSs issued by the IASB, which have not had a significant impact on the Group's interim and prior year financial statement disclosures - Financial statements are prepared on a historical cost basis, with certain properties and financial instruments measured at revalued or fair value12 - New and revised IFRSs, including IAS 21 (Amendment) Lack of Exchangeability, were applied this year but had no significant impact on financial statement disclosures12 - The Group has not yet applied new and revised IFRSs, such as IFRS 18 Presentation and Disclosure in Financial Statements, which have been issued but are not yet effective13 Revenue and Segment Information The Group's revenue primarily derives from four business segments: flue gas treatment, water treatment, hazardous and solid waste treatment, and dual carbon new energy+. In H1 2025, total revenue was RMB1,058 million, with flue gas treatment contributing the most, and significant growth in EPC and O&M revenue, while water treatment and dual carbon new energy+ revenue decreased. The Group operates almost exclusively in
博奇环保(02377) - 2025 - 中期业绩