【私募调研记录】睿璞投资调研兴蓉环境

Group 1 - The core viewpoint of the article highlights the recent performance and future outlook of Xingrong Environment, a listed company, based on a survey conducted by Ruipu Investment [1] - In the first half of 2025, Xingrong Environment achieved an operating revenue of 4.192 billion yuan, representing a year-on-year growth of 4.59% [1] - The total profit for the same period was 1.22 billion yuan, with a year-on-year increase of 7.83%, while the net profit attributable to shareholders was 975 million yuan, up by 5.03% year-on-year [1] - The company reported a 4.48% increase in water sales volume and a 2.06% increase in sewage treatment volume, with stable electricity generation from waste incineration [1] - Several projects, including the Xiwayan Reclaimed Water Plant and the third phase of the sludge treatment plant, have been put into operation, and the third phase of the water supply plant is in trial operation with a remaining capacity of 400,000 tons per day [1] - Accounts receivable stood at approximately 4.415 billion yuan, an increase from the beginning of the year, influenced by adjustments in water resource tax, expiration of tax incentives, and consolidation effects [1] - Capital expenditures are expected to gradually decline, leading to improved free cash flow and increased dividend levels [1] - The company aims to deepen its market presence in Chengdu and expand its national footprint through mergers and acquisitions [1]