三峰环境2025年中报简析：净利润同比增长1.76%，盈利能力上升

Core Insights - The company reported a total revenue of 2.847 billion yuan for the first half of 2025, a year-on-year decrease of 9.11%, while the net profit attributable to shareholders increased by 1.76% to 678 million yuan [1] - The gross margin improved by 14.52% to 39.37%, and the net margin increased by 10.67% to 24.81% [1] - The company has seen a significant increase in cash and cash equivalents, with a rise of 26.31% to 2.969 billion yuan, attributed to new bank loans and bond issuance [3] Financial Performance - Revenue for Q2 2025 was 1.292 billion yuan, down 18.21% year-on-year, while net profit for the same period was 269 million yuan, a decrease of 2.73% [1] - The company’s operating expenses, including sales, management, and financial costs, totaled 281 million yuan, accounting for 9.86% of revenue, which is a 5.55% increase year-on-year [1] - Earnings per share increased by 2.5% to 0.41 yuan, while operating cash flow per share decreased by 19.92% to 0.54 yuan [1] Changes in Financial Items - The company experienced a 211.28% increase in contract assets due to projects not yet reaching payment conditions [3] - There was a 73.9% decrease in construction in progress as the Wanzhou kitchen waste project was completed and transferred to intangible assets [3] - The company’s short-term borrowings decreased by 100% as a result of the exclusion of Sanfeng City Service from the consolidated scope [3] Market and Operational Insights - The company’s return on invested capital (ROIC) was 7.67%, indicating average capital returns, with a historical median ROIC of 7.65% since its listing [4] - The company’s cash assets are reported to be very healthy, suggesting strong debt repayment capabilities [4] - The company is actively expanding its solid waste market, particularly in international markets along the "Belt and Road" initiative, indicating a positive outlook for future operations [6]