汇源果汁贡献收益下降 国中水务上半年净利润同比由盈转亏

Core Viewpoint - The financial performance of Guozhong Water (国中水务) has declined in the first half of 2025, with a significant drop in revenue and a shift from profit to loss, primarily due to reduced wastewater treatment volumes and issues with its investment in Beijing Huiyuan Food and Beverage Co., Ltd. [1][2] Financial Performance - In the first half of 2025, Guozhong Water reported revenue of 77.0367 million yuan, a year-on-year decrease of 9.89% [1] - The net profit attributable to shareholders turned from a profit of 5.18 million yuan in the same period last year to a loss of 18.3176 million yuan [1] - The investment income from Zhuhai Wenshenghui, a key subsidiary, decreased by 1.7175 million yuan to 22.0661 million yuan, impacting overall profitability [2] Operational Metrics - The total wastewater treatment volume for the company was 36.4202 million tons, a year-on-year decrease of 10.45% [1] - The billed water volume was 44.7444 million tons, down 6.76% compared to the previous year [1] - The reduction in treatment volume was attributed to seasonal temperature variations and fluctuations in influent water quality, which led to a decrease in processed water to maintain output quality [1] Investment and Subsidiary Performance - Among the nine main subsidiaries listed in the financial report, only two reported positive net profits [2] - Guozhong Water holds a 36.486% stake in Zhuhai Wenshenghui, which indirectly gives it a 21.8916% stake in Beijing Huiyuan [2] - The operational improvement of Beijing Huiyuan in recent years had previously helped Guozhong Water return to profitability, but recent conflicts between Beijing Huiyuan and its major shareholder have raised concerns [2]