瀚蓝环境：2025年上半年净利润同比增长8.99% 拟10派2.5元

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 5.76 billion, a slight decrease from 5.82 billion in the same period last year, reflecting a year-on-year decline of about 1.02% [1] - The total profit for the same period was approximately 1.30 billion, representing an increase of about 18.36% compared to 1.09 billion in the previous year [1] - The net profit attributable to shareholders was approximately 966.86 million, up from 887.13 million, indicating a year-on-year growth of about 8.95% [1] - The net cash flow from operating activities was approximately 1.22 billion, showing a significant increase of 29.77% compared to 941 million in the previous year [25] Revenue Composition - The revenue composition for the first half of 2025 included approximately 18.65 billion from energy supply, 4.89 billion from solid waste management, 5.27 billion from sanitation services, 11.16 billion from water supply, and 2.95 billion from drainage services [16] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 7.01%, a slight decrease of 0.06 percentage points year-on-year [24] - The return on invested capital for the same period was 2.96%, down by 0.81 percentage points compared to the previous year [24] Cash Flow Analysis - The net cash flow from financing activities was approximately 71.12 billion, an increase of 64.43 billion year-on-year [25] - The net cash flow from investment activities was -86.38 billion, worsening from -11.72 billion in the previous year [25] Asset and Liability Changes - As of the end of the first half of 2025, intangible assets increased by 119.91% compared to the end of the previous year, while cash and cash equivalents decreased by 5.81% [39] - Long-term borrowings increased by 162.28%, indicating a significant rise in the company's leverage [42] Shareholder Composition - The top ten shareholders included new entrants such as the ICBC Credit Suisse Dividend Flexible Allocation Mixed Securities Investment Fund, replacing the Hong Kong Central Clearing Limited from the previous quarter [51]