绿城水务2025年中报简析：净利润同比下降60.35%，应收账款上升

Core Viewpoint - Greentown Water's recent financial report for the first half of 2025 shows a decline in both revenue and net profit, indicating potential challenges in its operational performance and financial health [1]. Financial Performance - Total revenue for the first half of 2025 was 1.19 billion yuan, a decrease of 0.99% year-on-year [1]. - Net profit attributable to shareholders was 26.89 million yuan, down 60.35% compared to the previous year [1]. - In Q2 2025, total revenue was 648 million yuan, reflecting a 1.61% decline year-on-year, while net profit was 24.72 million yuan, a decrease of 47.27% [1]. - The gross profit margin improved to 38.05%, up 9.01% year-on-year, but the net profit margin fell to 2.26%, down 59.95% [1]. - Total expenses (selling, administrative, and financial) amounted to 333 million yuan, accounting for 27.99% of revenue, an increase of 8.27% year-on-year [1]. Accounts Receivable and Cash Flow - Accounts receivable increased significantly, with a year-on-year growth of 30.5%, reaching 3.043 billion yuan [1]. - The company's cash flow per share was 0.19 yuan, down 9.56% year-on-year [1]. Debt and Financial Ratios - The company’s interest-bearing liabilities rose to 16.57 billion yuan, a 15.24% increase year-on-year [1]. - The debt-to-asset ratio for interest-bearing liabilities reached 68.22%, indicating a high level of leverage [4]. - The liquidity ratio was reported at 0.76, suggesting potential liquidity concerns [4]. Investment Returns - The company's return on invested capital (ROIC) was 3.06% last year, indicating weak capital returns [3]. - Historical data shows a median ROIC of 6.57% since the company went public, with the worst year being 2024 [3]. Fund Management - The company is held by a prominent fund manager, Miao Weibin from Jinyuan Shun'an Fund, who has recently increased his holdings [5][6]. - The largest fund holding Greentown Water is the Jinyuan Shun'an Flexible Allocation Mixed Fund, with a total scale of 1.35 billion yuan [6].