三峡水利2025年中报简析：净利润同比下降79.07%，公司应收账款体量较大

Core Viewpoint - The financial performance of Three Gorges Water Conservancy (600116) for the first half of 2025 shows significant declines in revenue and net profit, indicating potential challenges in operational efficiency and market conditions [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 4.896 billion yuan, a decrease of 6.1% compared to the same period in 2024 [1]. - Net profit attributable to shareholders was 47.93 million yuan, down 79.07% year-on-year [1]. - The gross profit margin was 10.56%, reflecting a decrease of 10.99% year-on-year [1]. - The net profit margin fell to 0.71%, a decline of 83.02% compared to the previous year [1]. - Total accounts receivable reached 14.52 billion yuan, representing an increase of 3.76% year-on-year [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 345 million yuan, accounting for 7.06% of revenue, which is an increase of 14.14% year-on-year [1]. - Research and development expenses decreased by 94.97%, indicating a reduction in investment in R&D projects [5]. Cash Flow and Debt Situation - Operating cash flow per share was 0.12 yuan, down 28.63% year-on-year [1]. - The company’s interest-bearing debt increased by 13.18% to 10.522 billion yuan [1]. - The cash flow from financing activities increased by 54.92%, attributed to increased borrowing [6]. Investment and Return Metrics - The return on invested capital (ROIC) for the previous year was 2.53%, indicating weak capital returns [10]. - The average operating cash flow over the past three years relative to current liabilities was only 14.41%, suggesting potential liquidity concerns [11]. Revenue and Profitability Drivers - The decline in revenue was primarily due to decreased income from manganese trading and comprehensive energy business [3]. - The company faced challenges in its electricity business due to reduced water flow in hydropower stations, leading to lower electricity generation [9].