瀚蓝环境营收利润双增，运营优化与并购协同驱动

Core Viewpoint - The Chinese environmental protection industry is experiencing a dual scenario of policy benefits and market challenges in the first half of 2025, with the "dual carbon" goals driving green and low-carbon transformation while economic recovery brings cost pressures and intensified competition. Financial Performance - The company achieved operating revenue of 5.763 billion yuan, remaining stable compared to the same period last year, while net profit attributable to shareholders increased by 8.99% to 967 million yuan [1][3] - The solid waste treatment business generated revenue of 2.949 billion yuan, with the household waste incineration segment growing by 17.63% to 2.126 billion yuan [3][4] - EBITDA reached 2.225 billion yuan, with an EBITDA margin of 38.61%, indicating effective operational optimization [3] Operational Efficiency - The company reported a waste incineration power generation capacity utilization rate of approximately 115%, with effective boiler operating hours exceeding 4,100 hours [4] - The comprehensive plant electricity consumption rate was reduced to 12.64%, a decrease of 0.77 percentage points year-on-year, reflecting improved operational efficiency [5] Strategic Mergers and Acquisitions - The acquisition of Guangdong Feng Environmental Protection (粤丰环保) significantly enhanced the company's market position, with the total waste incineration capacity reaching 97,590 tons per day, ranking among the top three in China [7][9] - The merger is expected to create synergies in financial, human resources, and operational integration, aiming for a value amplification effect [7][9] Future Growth Opportunities - The company is exploring the integration of waste incineration power generation with artificial intelligence data centers (AIDC), aiming to reduce energy costs and improve efficiency [10][11] - The establishment of an AI joint research institute with a technology partner aims to enhance operational decision-making through data-driven insights [12]