路德环境2025年中报简析：增收不增利，公司应收账款体量较大

Core Viewpoint - The financial performance of Lude Environment (688156) for the first half of 2025 shows a slight increase in revenue but significant losses in net profit, indicating potential challenges in its business model and financial health [1][2]. Financial Performance - Total revenue for the reporting period reached 147 million yuan, a year-on-year increase of 1.08% [1] - Net profit attributable to shareholders was -13.07 million yuan, a year-on-year decline of 969.04% [1] - In Q2, total revenue was 83.89 million yuan, up 8.32% year-on-year, while net profit was -14.43 million yuan, down 243.65% year-on-year [1] - Gross margin stood at 18.93%, a decrease of 44.28% year-on-year, and net margin was -8.0%, down 1243.96% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 44.67 million yuan, accounting for 30.4% of revenue, an increase of 20.99% year-on-year [1] - Earnings per share were -0.13 yuan, a decrease of 1400.0% year-on-year [1] Business Model and Investment Returns - The company's net margin last year was -24.13%, indicating low added value in its products or services [2] - Historical data shows a median ROIC of 8.85%, with the worst year being 2024 at -4.4%, reflecting poor investment returns [2] - The company has reported losses in two out of four annual reports since its listing, suggesting a fragile business model [2] Cash Flow and Debt Situation - Cash flow metrics indicate that cash and cash equivalents represent only 9.86% of total assets and 46.81% of current liabilities [3] - The interest-bearing debt ratio has reached 30.83%, with total interest-bearing liabilities to the average operating cash flow over the past three years at 41.39% [3] - Financial expenses account for 77.19% of the average operating cash flow over the past three years, raising concerns about financial sustainability [3] Analyst Expectations - Analysts project a performance of 7 million yuan for 2025, with an average earnings per share of 0.07 yuan [4]