关联交易引质疑，两连板德创环保收上交所问询函

Core Viewpoint - Dechang Environmental (603177.SH) reported a mixed performance in its semi-annual results, with revenue growth but declines in net profit, attributed to intense market competition and decreasing order gross margins [1][4]. Financial Performance - For the first half of 2025, Dechang Environmental achieved revenue of 492 million yuan, a year-on-year increase of 11.24% [1]. - The net profit attributable to shareholders was 17.43 million yuan, down 14.47% year-on-year, while the net profit after deducting non-recurring items was 11.55 million yuan, a decline of 37.59% [1]. - The company reported a significant increase in accounts receivable, reaching 492 million yuan, indicating potential risks of bad debt losses due to long collection periods [4]. Strategic Transactions - Dechang Environmental's subsidiary, Ningbo Yongde, plans to acquire 40% of Huaxin Environmental for 67.64 million yuan, aiming for strategic collaboration within the industry [2][3]. - The acquisition is seen as a way to complement the supply chain, although the company opted not to take a controlling stake to maintain management stability and reduce financial strain [3]. Regulatory Scrutiny - The company is under regulatory scrutiny due to a loan of approximately 75.87 million yuan provided by its controlling shareholder to the seller of Huaxin Environmental, raising concerns about potential conflicts of interest [3]. - The Shanghai Stock Exchange has requested additional disclosures regarding the loan's background, terms, and repayment arrangements, as well as the financial health of the borrower [3]. Business Segments - Dechang Environmental's main business segments include air pollution control, hazardous waste management, and sodium battery materials, with air pollution control accounting for 94.32% of revenue [4]. - The company has not reported revenue figures for its sodium battery materials business in the semi-annual report, indicating a lack of short-term financial viability in this segment [5]. Financial Constraints - The company reported total cash of 246 million yuan, with over 80% (211 million yuan) being restricted, leading to a high asset-liability ratio of 79% [4][5]. - The funding for the acquisition will come from self-owned funds and bank loans, raising concerns about liquidity risks and the impact on normal operations [5].