永清环保2025年中报简析：营收净利润同比双双增长，短期债务压力上升

Core Viewpoint - Yongqing Environmental Protection (300187) reported a year-on-year increase in total revenue and net profit for the first half of 2025, but faced a decline in revenue for the second quarter, indicating mixed performance in financial health and operational efficiency [1]. Financial Performance - Total revenue for the first half of 2025 reached 371 million yuan, a 13.6% increase compared to 327 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 71.73 million yuan, up 4.96% from 68.34 million yuan in the previous year [1]. - In Q2 2025, total revenue was 198 million yuan, reflecting a 9.54% decrease year-on-year [1]. - Q2 net profit attributable to shareholders was 44.30 million yuan, a 4.26% increase compared to the same quarter last year [1]. Profitability Metrics - Gross margin improved to 31.47%, up 7.78% from 29.20% in the previous year [1]. - Net margin decreased to 19.35%, down 7.61% from 20.95% [1]. - Total selling, administrative, and financial expenses amounted to 72.49 million yuan, accounting for 19.52% of revenue, a decrease of 14.39% year-on-year [1]. Cash Flow and Debt Situation - Cash flow per share was 0.13 yuan, down 16.96% from 0.15 yuan [1]. - The current ratio was reported at 0.81, indicating increased short-term debt pressure [1]. - The company’s cash and cash equivalents increased by 64.58% to 146 million yuan [1]. Historical Performance and Investment Returns - The company's return on invested capital (ROIC) was 6.38%, indicating average capital returns [3]. - The historical median ROIC over the past decade was 5.61%, with a notably poor ROIC of -12.15% in 2022 [3]. - The company has reported two years of losses since its IPO, suggesting a fragile business model [3]. Financial Health Indicators - Cash and cash equivalents represented only 6.94% of total assets, and 23.96% of current liabilities [3]. - The interest-bearing debt ratio reached 37.03%, indicating a significant level of debt [3]. - Accounts receivable accounted for 461.93% of profit, raising concerns about collection efficiency [3].