中科环保IPO项目累计效益2.47亿 积极拓展市场核心业务营收增14.8%

Core Viewpoint - Zhongke Environmental (301175.SZ) has shown steady improvement in profitability, with significant growth in revenue and net profit in the first half of 2025, driven by expansion in waste management and heating markets [1][2]. Financial Performance - In the first half of 2025, Zhongke Environmental achieved operating revenue of 848 million yuan, a year-on-year increase of 4.48% [1][2]. - The net profit attributable to shareholders reached 196 million yuan, reflecting a year-on-year growth of 19.83% [1][2]. - The net profit excluding non-recurring gains and losses was 193 million yuan, up 20.14% year-on-year [1][2]. - The company's main business segment, waste treatment, generated revenue of 691 million yuan, a 14.81% increase year-on-year, with a gross margin of 52.57% [2]. Business Expansion - Zhongke Environmental has actively expanded its waste management and heating market, including the acquisition of 100% equity in two projects from Beikong Water (Guangxi) Group for 354 million yuan [1][8]. - The company added one new energy-saving and environmental protection concession order with an investment of 331 million yuan in the first half of 2025 [3]. IPO Project Performance - The IPO fundraising of 1.403 billion yuan has yielded significant returns, with the projects generating a total benefit of 68.03 million yuan in the first half of 2025 [4][5]. - Cumulatively, the IPO projects have achieved a total benefit of 247 million yuan since the company's listing [5]. Research and Development - Zhongke Environmental increased its R&D investment to 25.21 million yuan, a 37.8% year-on-year growth, and added 14 new authorized patents [8]. - The company is focusing on comprehensive research and development across its production processes, establishing high-level R&D bases and pilot platforms in various locations [8]. Market Position and Strategy - The company is leveraging its affiliation with the Chinese Academy of Sciences to enhance its competitive edge in the green energy sector [7]. - Zhongke Environmental is expanding its green energy system and focusing on large-scale applications in industrial heating, with a supply of 877,500 tons of heat, a 12.01% increase year-on-year [7].