NJUAE(SZ:300864) Zheng Quan Zhi Xing·2025-08-29 23:43Core Viewpoint - Nanda Environment (300864) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in financial performance and operational efficiency [1][3]. Financial Performance - Total revenue for the first half of 2025 was 382 million yuan, a decrease of 1.06% year-on-year [1]. - Net profit attributable to shareholders was 83.37 million yuan, down 10.82% compared to the previous year [1]. - In Q2 2025, total revenue was 183 million yuan, reflecting a 9.21% decline year-on-year [1]. - Q2 net profit attributable to shareholders was 38.60 million yuan, a decrease of 7.21% [1]. - Gross margin was 39.33%, down 1.49% year-on-year, while net margin decreased to 22.60%, down 10.25% [1]. Cost and Expenses - Total selling, administrative, and financial expenses amounted to 26.42 million yuan, representing 6.91% of revenue, an increase of 27.91% year-on-year [1]. - The company reported a significant decline in operating cash flow per share, which was -0.29 yuan, down 77.21% year-on-year [1]. Balance Sheet and Financial Ratios - The company's accounts receivable reached 227 million yuan, which is 135.91% of the latest annual net profit, indicating a high level of receivables relative to profit [1][3]. - Cash and cash equivalents increased to 153 million yuan, up 8.57% year-on-year [1]. - Interest-bearing debt rose to 44.56 million yuan, a significant increase of 44.80% [1]. - Earnings per share decreased to 0.53 yuan, down 11.67% year-on-year [1]. Investment Returns - The company's return on invested capital (ROIC) was 11%, which is considered average, with a historical median ROIC of 20.23% since its listing [3]. - The net profit margin for the previous year was 20.73%, indicating a high value-added in products or services [3].