WHEE(SH:600475) Xin Lang Cai Jing·2025-08-27 08:28Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed growth in non-recurring net profit and significant improvement in cash flow from operating activities [1][2]. Financial Performance - The company achieved operating revenue of 4.417 billion yuan, a year-on-year decrease of 23.30% [1] - The net profit attributable to shareholders was 285 million yuan, down 28.16% year-on-year [1] - The non-recurring net profit was 258 million yuan, an increase of 27.41% year-on-year [1] - The net cash flow from operating activities was 281 million yuan, up 86.67% year-on-year [1] - Basic earnings per share were 0.30 yuan, a decrease of 28.19% year-on-year [1] Business Segment Analysis - Equipment Business: Revenue reached 929 million yuan, a significant increase of 26.51% year-on-year, driven by industry equipment upgrades and overseas market expansion [2] - Engineering Business: Revenue from municipal environmental engineering was 439 million yuan, down 64.38% due to a strategic shift to reduce low-margin projects; power station engineering revenue was stable at 579 million yuan [2] - Operating Business: Environmental operation services generated 338 million yuan, a slight increase of 1.23%; thermal power operation revenue was 2.056 billion yuan, down 25.13% due to raw material price declines, but gross margin improved by 5.2 percentage points to 22.78% [2] Growth Opportunities - The company achieved a milestone in hydrogen energy with the successful delivery of the first batch of electrolyzers, which is expected to enhance market reputation and future order acquisition [3] - The successful verification of flexible coal-fired power technology indicates potential for commercial application, with ongoing discussions with potential clients for future orders [3] Capital Management - The company completed a share buyback plan worth 100 million yuan, representing 1.05% of total share capital, reflecting management's confidence in future growth [4] - The company successfully issued multiple medium-term notes and short-term financing bonds, with financing rates decreasing by 19.1% and 30.3% compared to the previous year, optimizing debt structure and reducing financial costs [4] Profit Forecast - The company is expected to generate operating revenues of 8.271 billion yuan, 8.628 billion yuan, and 9.185 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 637 million yuan, 668 million yuan, and 734 million yuan [4]