lu'an EED(SH:601699) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - Lu'an Environmental Energy (601699) reported disappointing financial results for the first half of 2025, with significant declines in revenue and net profit compared to the previous year [1][3]. Financial Performance - The total operating revenue for the first half of 2025 was 14.069 billion yuan, a decrease of 20.31% year-on-year [1]. - The net profit attributable to shareholders was 1.348 billion yuan, down 39.44% year-on-year [1]. - In Q2 2025, the operating revenue was 7.101 billion yuan, a decline of 21.05% year-on-year, while the net profit was 0.691 billion yuan, down 26.39% year-on-year [1]. - The gross profit margin was 36.02%, a decrease of 15.51% year-on-year, and the net profit margin was 7.5%, down 50.79% year-on-year [1]. - Total sales, management, and financial expenses amounted to 1.51 billion yuan, accounting for 10.73% of revenue, an increase of 24.54% year-on-year [1]. Balance Sheet and Cash Flow - Accounts receivable increased to 4.789 billion yuan, representing 195.51% of the latest annual net profit [1][3]. - Cash and cash equivalents decreased to 12.311 billion yuan, down 47.28% year-on-year [1]. - The operating cash flow per share was -0.29 yuan, a decrease of 130.16% year-on-year [1]. Investment Metrics - The company's return on invested capital (ROIC) for the previous year was 5.93%, indicating average capital returns [3]. - The average expected net profit for 2025 is projected at 2.278 billion yuan, with an average earnings per share of 0.76 yuan [3]. Fund Holdings - The largest fund holding Lu'an Environmental Energy is the Guotai CSI Coal ETF, with 18.5908 million shares and a recent net value of 1.0693 [4]. - Several funds have increased their holdings in Lu'an Environmental Energy, indicating continued interest despite the recent financial performance [4].