联泰环保2025年中报简析：净利润同比下降22.56%，公司应收账款体量较大

Core Viewpoint - The financial performance of Lian Tai Environmental Protection (603797) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, raising concerns about the company's financial health and cash flow management [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 517 million yuan, a decrease of 4.15% year-on-year [1]. - Net profit attributable to shareholders was 84.48 million yuan, down 22.56% year-on-year [1]. - In Q2 2025, total revenue was 259 million yuan, a decline of 5.15% year-on-year, with net profit of 30.57 million yuan, down 42.87% year-on-year [1]. - Gross margin was 60.91%, a decrease of 3.36% year-on-year, while net margin was 17.02%, down 19.17% year-on-year [1]. - Earnings per share (EPS) was 0.15 yuan, a decrease of 21.05% year-on-year [1]. Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents at 40.26 million yuan, a significant drop of 89.25% year-on-year [1]. - The ratio of cash to current liabilities is only 4.16%, indicating potential liquidity issues [3]. - The interest-bearing debt ratio has reached 52%, with total interest-bearing debt to average operating cash flow over the past three years at 27.54% [3]. Accounts Receivable Concerns - Accounts receivable increased to 1.725 billion yuan, a rise of 25.22% year-on-year, with accounts receivable to profit ratio at an alarming 960.68% [1][3].