宁波联合：上半年净利润3505.08万元，同比下降21.91%

Core Insights - Ningbo United (600051) reported a revenue of 588 million yuan for the first half of 2025, representing a year-on-year increase of 35.47% [1] - The net profit attributable to shareholders decreased to 35.05 million yuan, a decline of 21.91% compared to the same period last year [1] - Basic earnings per share stood at 0.113 yuan [1] Revenue Analysis - The increase in revenue was primarily driven by the rise in coal sales volume from the subsidiary's import and export company [1] Profitability Analysis - The decrease in net profit was mainly due to a reduction in net profit from the wholly-owned subsidiary, the thermal power company, attributed to a decline in gross margin from its main business [1]