中科环保：扩规模提效益，利润延续近20%高增

Core Insights - The company reported a revenue of 848 million yuan for the first half of 2025, representing a year-on-year growth of 4.48%, and a net profit of 196 million yuan, with a growth of 19.83% [1] - The company maintains a stable asset-liability ratio of 50.68%, which is relatively low within the industry [1] - The company is expanding its capacity through ongoing projects and acquisitions, with a total capacity expected to reach 20,900 tons per day [2] - The company emphasizes technological innovation and has a plan for the industrialization of R&D outcomes, with 14 new patents granted in the first half of 2025 [3] - The company is committed to enhancing investor returns and has extended the lock-up period for shares held by its controlling shareholder [4] Financial Performance - Revenue for H1 2025: 848 million yuan, up 4.48% YoY [1] - Net profit for H1 2025: 196 million yuan, up 19.83% YoY [1] - Asset-liability ratio: 50.68%, indicating a stable financial structure [1] Operational Expansion - The company has launched the Yuxi project in May 2025, which became profitable in its first month of operation [2] - Ongoing projects include the Hengyang project, and the company has successfully acquired 100% equity in the Guigang and Pingnan projects [2] - Total capacity post-acquisition is projected to reach 20,900 tons per day, with 14,400 tons per day already operational [2] Technological Innovation - The company has a strategic plan for R&D industrialization covering 14 categories and 90 projects [3] - 14 new patents were granted in H1 2025, including 7 invention patents [3] - Successful implementation of waste incineration flue gas purification technology at the Jincheng project [3] Investor Relations - The company has launched a "Quality Return Dual Improvement" action plan to enhance governance and investor communication [4] - The controlling shareholder has voluntarily extended the lock-up period for pre-IPO restricted shares by 12 months [4] - Analysts expect steady growth in operating performance and dividends due to ongoing projects and increased heating capacity [4]