水发燃气2025年中报简析：净利润同比下降218.33%，商誉占比较高

Core Viewpoint - Water Development Gas (603318) reported a significant decline in net profit and revenue for the first half of 2025, indicating financial distress and high goodwill ratio [1] Financial Performance Summary - Total operating revenue for H1 2025 was 1.189 billion yuan, a decrease of 7.4% year-on-year [1] - Net profit attributable to shareholders was -61.057 million yuan, a decline of 218.33% compared to the previous year [1] - Gross margin fell to 14.16%, down 19.6% year-on-year, while net margin turned negative at -2.58%, a drop of 138.54% [1] - Total expenses (selling, administrative, and financial) amounted to 93.939 million yuan, accounting for 7.9% of revenue, an increase of 5.12% year-on-year [1] - Earnings per share were -0.13 yuan, a decrease of 218.18% year-on-year [1] Cash Flow and Debt Analysis - Operating cash flow per share increased significantly by 389.83% to 0.2 yuan [1] - The company’s cash and cash equivalents decreased by 36.47% to 394 million yuan [3] - Interest-bearing liabilities decreased by 17.94% to 1.576 billion yuan [1] Changes in Financial Items - Accounts receivable increased by 2.3% to 254 million yuan, while other receivables saw a significant drop of 77.73% due to the disposal of equity investments [3] - Long-term borrowings increased by 61.37%, indicating a rise in long-term financing [4] - The company reported a substantial increase in expected liabilities by 6567.25% due to litigation provisions [4] Business Evaluation - The company's return on invested capital (ROIC) was 7.28%, indicating average capital returns [4] - Historical data shows a median ROIC of 6.97% since its listing, with one year of losses [4] - The company’s cash flow situation is concerning, with cash to current liabilities ratio at 29.1% [5]