劲旅环境2025年中报简析：营收净利润同比双双增长，盈利能力上升

Financial Performance - The company reported a total revenue of 782 million yuan for the first half of 2025, an increase of 1.7% year-on-year [1] - The net profit attributable to shareholders reached 78.69 million yuan, reflecting a year-on-year growth of 13.73% [1] - In Q2 2025, total revenue was 402 million yuan, up 2.77% year-on-year, while net profit for the quarter was 39.92 million yuan, an increase of 7.26% [1] - The gross margin improved to 27.05%, up 5.05% year-on-year, and the net margin increased to 11.61%, up 10.96% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 89.95 million yuan, accounting for 11.5% of revenue, a decrease of 7.32% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) increased to 0.59 yuan, a rise of 13.46% year-on-year [1] - The company's net asset value per share was 14.11 yuan, up 6.09% year-on-year [1] - Operating cash flow per share was -0.09 yuan, a significant decrease of 171.14% year-on-year [1] - The company's return on invested capital (ROIC) was 7.89% last year, indicating average capital returns [3] Business Model and Strategy - The company initially focused on equipment manufacturing, particularly in the large-scale sanitation equipment sector, and has since expanded into sanitation investment and operation management services [4] - The current strategy is centered around a "one core, two wings" approach, with two main business segments: sanitation equipment manufacturing and environmental sanitation investment operation management [4] - The company has developed a smart sanitation management platform, offering a comprehensive solution through a six-product matrix, including government regulatory platforms and intelligent connected devices [5]