XZCE(SZ:002534) Zheng Quan Zhi Xing·2025-08-26 23:09Core Viewpoint - Xizi Clean Energy reported a decline in revenue and net profit for the first half of 2025, indicating challenges in financial performance despite some improvements in gross margin and cash flow metrics [1]. Financial Performance - Total revenue for the first half of 2025 was 2.794 billion yuan, a decrease of 6.49% year-on-year [1]. - Net profit attributable to shareholders was 148 million yuan, down 56.81% compared to the previous year [1]. - In Q2 2025, total revenue was 1.581 billion yuan, a year-on-year decline of 13.9%, while net profit increased by 11.37% to 94.12 million yuan [1]. - Gross margin improved to 20.55%, up 5.97% year-on-year, while net margin fell to 6.43%, down 47.84% [1]. - Total expenses (selling, administrative, and financial) amounted to 211 million yuan, representing 7.55% of revenue, an increase of 18.48% year-on-year [1]. Cash Flow and Assets - Operating cash flow per share was 0.24 yuan, a significant increase of 700.49% year-on-year [1]. - The company reported a healthy cash position with monetary funds of 3.413 billion yuan, up 7.02% year-on-year [1]. - Accounts receivable were 1.597 billion yuan, down 26.59% year-on-year, but still represented 363.23% of net profit [1][8]. Investment and Financing - Long-term equity investments decreased by 35.64% due to cash sales of stakes in Hepu Co. and other investment recoveries [1]. - The company experienced a significant increase in construction in progress by 1260.20% due to investments in new manufacturing facilities and equipment [2]. - Short-term borrowings decreased by 55.55% as the company repaid bank loans [2]. Business Overview - Xizi Clean Energy focuses on the production and sale of waste heat boilers and clean energy equipment, providing comprehensive solutions for energy utilization [9][10]. - The company operates in sectors such as power generation, steel, and cement, catering to high-energy-consuming industries [10]. Future Outlook - Analysts expect the company's performance in 2025 to improve, with projected net profit of 425 million yuan and earnings per share of 0.58 yuan [8].