TUNA(SH:603177) Zheng Quan Zhi Xing·2025-08-28 22:59Core Viewpoint - 德创环保's financial performance shows mixed results with revenue growth but declining profitability metrics, indicating potential challenges in sustaining growth and managing costs [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 492 million yuan, an increase of 11.24% year-on-year [1]. - The net profit attributable to shareholders was 17.43 million yuan, a decrease of 14.47% compared to the previous year [1]. - In Q2 2025, total revenue was 272 million yuan, reflecting a year-on-year increase of 24.85%, while net profit for the same period was 6.48 million yuan, up 19.2% [1]. Profitability Metrics - The gross margin decreased to 23.48%, down 8.8% year-on-year, and the net margin fell to 2.75%, a decline of 38.47% [1]. - The company's earnings per share (EPS) dropped to 0.08 yuan, a reduction of 20% compared to the previous year [1]. Cost and Expense Analysis - Total selling, administrative, and financial expenses amounted to 63.13 million yuan, accounting for 12.82% of revenue, which is a decrease of 9.1% year-on-year [1]. - The company's financial health is under pressure, with a current ratio of 0.98, indicating potential liquidity issues [1][3]. Cash Flow and Debt Situation - The cash flow per share was -0.34 yuan, a significant decline of 303.79% year-on-year, raising concerns about cash flow management [1]. - The company’s interest-bearing debt increased to 895 million yuan, a rise of 13.32% year-on-year, with a debt-to-asset ratio of 43.8% [3]. Accounts Receivable Concerns - The accounts receivable to profit ratio reached 2151.77%, indicating potential issues with collections and cash flow [4].