首创环保上半年营收87.31亿元同比降4.41%，归母净利润9.29亿元同比增1.45%，销售费用同比增长0.27%

Core Insights - The company reported a revenue of 8.731 billion yuan for the first half of 2025, a year-on-year decrease of 4.41% [1] - The net profit attributable to shareholders was 929 million yuan, an increase of 1.45% year-on-year, while the net profit excluding non-recurring items was 876 million yuan, up 5.30% year-on-year [1] - The basic earnings per share stood at 0.13 yuan, with a weighted average return on equity of 3.07% [1] Financial Performance - The gross profit margin for the first half of 2025 was 37.64%, an increase of 2.36 percentage points year-on-year, while the net profit margin was 14.34%, up 0.83 percentage points from the previous year [1] - In Q2 2025, the gross profit margin reached 40.13%, a year-on-year increase of 3.34 percentage points and a quarter-on-quarter increase of 5.12 percentage points; the net profit margin was 16.02%, up 0.16 percentage points year-on-year and 3.46 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 1.397 billion yuan, a decrease of 191 million yuan year-on-year, with an expense ratio of 16.01%, down 1.39 percentage points from the previous year [2] - Sales expenses increased by 0.27% year-on-year, while management expenses decreased by 15.52%; R&D expenses grew by 14.04%, and financial expenses decreased by 11.26% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 161,900, a decrease of 6,606 or 3.92% from the previous quarter; the average market value per shareholder increased by 0.74% to 136,900 yuan [2] Business Overview - The company, founded in 1999 and listed in 2000, is primarily engaged in water treatment and solid waste management [2] - Revenue composition includes: wastewater treatment (32.95%), solid waste treatment (20.16%), water supply treatment (16.65%), urban water construction (11.38%), comprehensive water environment management (6.80%), water supply services (5.55%), comprehensive air management (3.85%), and other services [2]