-7900%！002421，半年报“惊雷”

Core Viewpoint - The financial performance of Dasan Intelligent has significantly deteriorated in the first half of the year, with a drastic decline in net profit and revenue, raising concerns about the company's future growth and strategic plans [1][6][9]. Financial Performance - In the first half of the year, the company reported a revenue of 990.23 million yuan, a year-on-year decrease of 26.8% [3][4]. - The net profit for the same period was a loss of 88.76 million yuan, representing a year-on-year decline of 1053.51% [3][4]. - The non-recurring net profit saw a staggering drop of 7900.70% compared to the previous year, marking the highest decline in the company's history [6][9]. - The cash flow from operating activities was also negative, amounting to -284.78 million yuan, although this was a slight improvement of 2.22% from the previous year [4]. Strategic Concerns - The company is facing a projected net profit loss exceeding 300 million yuan for the entire year, which has not yet been accounted for in the current financial statements [1][14]. - The decline in performance is attributed to lower-than-expected project signing amounts and delays in the implementation of signed projects, reflecting a downturn in the demand from downstream industries [9][10]. Governance and Management - The company announced a board of directors' election, maintaining a largely unchanged composition, with most members being over 50 years old, indicating a "high-age" leadership structure [21][24]. - The reduction in R&D investment and personnel, with a notable decrease in younger talent, raises concerns about the company's innovation capabilities [25][26]. Project Risks - Dasan Intelligent has a significant risk associated with its PPP projects, particularly the termination of the PPP project for the Hongze District People's Hospital, which is expected to impact profits by approximately 309 million yuan [11][14]. - The company has other ongoing PPP projects, which may also pose future risks if they do not perform as expected [18][19].