双良节能2025年中报简析：亏损收窄，三费占比上升明显

Core Viewpoint - The recent financial report of Shuangliang Energy (600481) indicates a significant decline in total revenue and a negative net profit, despite improvements in certain profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 was 4.388 billion yuan, a decrease of 37.13% year-on-year [1] - The net profit attributable to shareholders was -597 million yuan, an increase of 52.54% year-on-year [1] - In Q2 2025, total revenue was 2.309 billion yuan, down 15.46% year-on-year, with a net profit of -435 million yuan, up 54.76% year-on-year [1] - The gross margin improved to 1.45%, a year-on-year increase of 124.09%, while the net margin was -13.66%, up 24.36% year-on-year [1] Expense Analysis - The combined expenses (selling, administrative, and financial) accounted for 10.31% of total revenue, an increase of 41.6% year-on-year, totaling 452 million yuan [1] - The company's financial expenses, selling expenses, and administrative expenses showed a significant rise, impacting overall profitability [1] Asset and Liability Management - Cash and cash equivalents decreased by 16.97% year-on-year to 5.612 billion yuan [1] - Accounts receivable increased by 27.22% year-on-year to 2.118 billion yuan [1] - Interest-bearing liabilities decreased by 8.66% year-on-year to 13.742 billion yuan [1] Shareholder Metrics - The net asset per share was 2.13 yuan, down 26.55% year-on-year [1] - Earnings per share were -0.32 yuan, an increase of 52.61% year-on-year [1] - Operating cash flow per share improved to 0.37 yuan, a year-on-year increase of 154.02% [1] Investment Interest - The largest fund holding Shuangliang Energy is the Environmental Governance LOF, which has recently increased its position [3] - The fund's current scale is 208 million yuan, with a recent net value of 0.5611, reflecting a 16.54% increase over the past year [3]