联合水务2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The recent financial report of United Water (603291) indicates a mixed performance with a revenue increase but a significant decline in net profit, raising concerns about cash flow and debt levels [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 551 million yuan, a year-on-year increase of 9.77% compared to 502 million yuan in 2024 [1]. - The net profit attributable to shareholders was 35.79 million yuan, reflecting a substantial decline of 56.91% from 83.06 million yuan in the previous year [1]. - The gross profit margin decreased to 29.96%, down 14.81% year-on-year, while the net profit margin fell to 6.78%, a drop of 60.23% [1]. - The total of selling, administrative, and financial expenses amounted to 96.69 million yuan, accounting for 17.55% of revenue, which is a decrease of 9.49% year-on-year [1]. - Earnings per share were 0.08 yuan, down 56.91% from 0.20 yuan in the previous year [1]. Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents amounting to 111 million yuan, a decrease of 30.21% from 159 million yuan [1][2]. - The interest-bearing debt increased to 1.028 billion yuan, a rise of 12.40% from 914 million yuan, leading to an interest-bearing asset liability ratio of 27.1% [2]. - Accounts receivable stood at 351 million yuan, up 4.77% from 335 million yuan, with accounts receivable to profit ratio reaching 233.93% [1][2]. Project Development Update - The water supply project in Dhaka, Bangladesh, has a designed water treatment capacity of 340,000 cubic meters per day and is divided into four phases, with the first phase already operational since January 30, 2023 [3]. - The second phase of construction has commenced and is progressing as planned, while subsequent phases will follow based on the project's normal progress [3].