SPICYD(SH:600292) Jin Rong Jie·2025-04-23 15:33Core Viewpoint - The company reported a significant increase in operating revenue but faced challenges in profitability due to costs associated with major asset restructuring and ongoing transformation efforts [1][4][5]. Group 1: Financial Performance - The company achieved total operating revenue of 4.722 billion, representing an 11.07% year-on-year growth [1][4]. - The net profit attributable to shareholders was 36 million, a decline of 33.42% compared to the previous year [1][4]. - The non-recurring net profit was 18.27 million, showing a substantial increase of 629.92% year-on-year [1]. Group 2: Challenges and Restructuring - The decline in net profit may be linked to expenses incurred during a major asset restructuring process [4][5]. - The company initiated a significant asset restructuring in 2024, aiming to acquire stakes in Wuling Power and Changzhou Hydropower through a combination of share issuance and cash payments [4][5]. - While the restructuring aims to enhance core competitiveness, it has also introduced financial pressures and uncertainties [5]. Group 3: Technological Innovation and Market Expansion - The company made notable advancements in technological innovation, particularly in carbon capture technology and waste recycling [6]. - The CCUS demonstration project on Changxing Island has become the longest-running carbon capture project in domestic thermal power, with technology recognized as internationally leading [6]. - The company secured 210 million in orders for zero discharge wastewater projects, marking a historical high for such business orders [6]. - Despite progress in technology and market expansion, the profitability of these new ventures has yet to fully materialize, necessitating further investment in R&D [6].