Financial Performance - Revenue for the six months ended June 30, 2025, was approximately RMB 670.8 million, a decrease of 9.2% compared to the same period last year[3]. - Profit before tax for the same period was approximately RMB 157.8 million, down 20.3% year-on-year[3]. - Net profit attributable to equity holders was approximately RMB 131.9 million, a decrease of 10.9% compared to the previous year[3]. - Earnings per share for the period was approximately RMB 0.13, down 7.1% from the same period last year[3]. - The company reported a gross profit of RMB 313.9 million, down from RMB 367.0 million in the previous year[4]. - Other income for the period was RMB 18.3 million, a decrease of 23% compared to RMB 31.3 million in the previous year[4]. - The total comprehensive income for the six months ended June 30, 2025, was RMB 131,853,000, down from RMB 149,131,000 in the same period of 2024, marking a decrease of about 11.5%[9]. - The company reported a total profit before tax of RMB 157,789,000 for the six months ended June 30, 2025, compared to RMB 197,880,000 for the same period in 2024, a decline of 20.3%[55]. - The profit attributable to equity holders for the six months ended June 30, 2025, was RMB 131,867,000, a decrease of 11% from RMB 148,033,000 in 2024[107]. - Basic earnings per share for the six months ended June 30, 2025, was RMB 0.13, compared to RMB 0.14 in 2024, reflecting a decline of approximately 7.14%[107]. Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 12,809.5 million, compared to RMB 12,383.9 million as of December 31, 2024[7]. - Total liabilities increased to RMB 7,439.3 million as of June 30, 2025, from RMB 7,141.7 million at the end of 2024[8]. - Net assets as of June 30, 2025, were RMB 5,370.2 million, compared to RMB 5,242.3 million as of December 31, 2024[8]. - The company’s financial liabilities as of June 30, 2025, total RMB 7,315,249,000, with RMB 5,248,418,000 due within one year[42]. - The total financial liabilities, including borrowings and guarantees, amounted to RMB 7,315,249,000 as of June 30, 2025[42]. - The total current assets amounted to RMB 6,556.2 million, an increase from RMB 6,016.4 million as of December 31, 2024[164]. - The net current assets increased to RMB 1,895.1 million as of June 30, 2025, from RMB 1,320.4 million as of December 31, 2024, mainly due to an increase in accounts receivable[165]. Cash Flow - Cash generated from operating activities for the six months ended June 30, 2025, was RMB 28,466,000, a significant decline from RMB 197,738,000 in the previous year, representing a drop of approximately 85.6%[11]. - The company reported a net cash outflow from investing activities of RMB 50,649,000 for the six months ended June 30, 2025, compared to a net inflow of RMB 42,765,000 in the same period of 2024[13]. - The net cash used in operating activities was RMB 98.5 million, compared to RMB 28.5 million in the same period last year, primarily due to changes in cash received from customers for services and products[160]. - The net cash generated from financing activities was RMB 207.9 million for the six months ended June 30, 2025, compared to RMB (169.5) million for the same period in 2024[159]. Receivables and Provisions - As of June 30, 2025, the total trade receivables are valued at RMB 5,063,681,000, with an expected loss rate of 1.8% for the first year, 2.7% for 1-2 years, and 5.2% for 2-3 years[30]. - The provision for trade receivables increased by RMB 12,948,000 as of June 30, 2025, compared to RMB 53,238,000 as of December 31, 2024, resulting in a total provision of RMB 173,809,000[34]. - The total expected loss provision for financial assets under the service agreements is approximately RMB 324,152,000 as of June 30, 2025, up from RMB 287,151,000 as of December 31, 2024[38]. - The expected loss provision for trade receivables reflects the company's assessment of the likelihood of default based on historical data and forward-looking information[30]. - The company has not held any collateral for its receivables under service agreements as of June 30, 2025[36]. Capital Expenditures and Investments - The company’s capital expenditures primarily included increases in right-of-use assets, property, plant, and equipment, and intangible assets[50]. - The company’s capital expenditures for the six months ended June 30, 2025, were RMB 28.9 million, representing an increase of 81.8% compared to RMB 15.9 million for the same period in 2024[184]. - The company expects to incur capital expenditures of RMB 68.5 million for the year ending December 31, 2025, subject to changes based on business plans and market conditions[184]. - The company plans to invest RMB 69.31 million in the expansion and renovation of the Kunming No. 7 and No. 8 water purification plants[191]. Related Party Transactions - Significant related party transactions include interest income from Kunming Development at RMB 7,953,000 and Zhaotong Guorun Water at RMB 4,936,000 for the six months ended June 30, 2025[119]. - Management services provided to Kunming Dianchi Investment amounted to RMB 83,267,000 for the six months ended June 30, 2025, compared to RMB 81,246,000 in the same period of 2024[120]. - Total receivables from related parties reached RMB 1,397,103,000 as of June 30, 2025, an increase from RMB 1,383,044,000 as of December 31, 2024[122]. Strategic Focus and Industry Trends - The company is engaged in the development, design, construction, operation, and maintenance of water supply and wastewater treatment facilities, indicating ongoing strategic focus in these sectors[15]. - The company focuses on wastewater treatment and aims to enhance efficiency in wastewater processing and reuse while promoting digitalization and green development[128]. - The national ecological environment protection policies are continuously improving, providing momentum for sustainable and high-quality development in the wastewater treatment industry[129]. - The company is accelerating the integration of digital, intelligent, and green technologies into traditional industries, aiming to build smart water plants[128]. - The wastewater treatment industry is experiencing rapid development and transitioning towards high-quality growth, despite challenges such as increased market competition and regional development imbalances[129]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance to enhance its overall competitiveness and ensure sustainable development[200]. - The board of directors is responsible for the company's strategic planning, business development, and compliance with governance standards[200]. - The company has adopted corporate governance codes as per the listing rules, ensuring a structured governance framework[200].
滇池水务(03768) - 2025 - 中期业绩