CEVIA(SZ:000885) Chang Jiang Shang Bao·2025-08-13 23:52Core Viewpoint - The company, Chengfa Environment, has successfully reversed its performance decline from the previous year, achieving significant growth in both revenue and net profit in the first half of 2025 compared to the same period in 2024 [1][2][4]. Financial Performance - In the first half of 2025, Chengfa Environment reported revenue of approximately 32 billion yuan, a year-on-year increase of over 11% [1][2]. - The net profit attributable to shareholders reached 5.89 billion yuan, reflecting a year-on-year growth of about 20% [1][2]. - The company's net cash flow from operations was 9.77 billion yuan, up 53.91% year-on-year [1]. Business Segments - The environmental protection business generated revenue of 24.54 billion yuan, a year-on-year increase of 14.58%, accounting for 76.31% of total revenue [1][2]. - The road network business revenue was 6.61 billion yuan, remaining stable compared to the previous year [1][2]. Operational Efficiency - The company achieved a comprehensive gross margin of 41.57%, down 1.6 percentage points from the previous year, while the net profit margin increased to 20.03%, up 0.67 percentage points year-on-year [3]. - Chengfa Environment's financial expenses decreased to 2.57 billion yuan, down from 2.84 billion yuan in the same period last year [4]. Strategic Acquisitions - Chengfa Environment has expanded its core environmental business through multiple acquisitions, solidifying its position in the solid waste treatment and water treatment sectors [5]. - The company has a total of 33 operational waste incineration power generation projects with a combined processing capacity of 29,050 tons per day [6]. Infrastructure and Cash Flow - The road network business, comprising 255.36 kilometers of core road and bridge assets, provides stable cash flow, supporting the expansion of the environmental business [7].