首创环保：2025年上半年业绩稳定增长

Core Viewpoint - The company reported steady growth in its core performance indicators for the first half of 2025, with revenue reaching 8.731 billion yuan and net profit attributable to shareholders at 929 million yuan, reflecting a year-on-year increase of 0.8% [1] Group 1: Financial Performance - The company achieved a net profit of 929 million yuan, with a year-on-year growth of 0.8%, and a non-recurring net profit of 876 million yuan, up by 5.3% [1] - The company’s total revenue for the period was 8.731 billion yuan, indicating a stable performance [1] - Operating cash flow increased by 258 million yuan, representing a year-on-year growth of 25.71% [1] Group 2: Cost Management and Efficiency - The company reduced comprehensive costs in procurement categories by 23.01% and managed to lower management expenses by 115 million yuan, a decrease of 15.92% [1] - The overall financing cost decreased by 29 basis points, with financial expenses down by 87 million yuan year-on-year [1] - The asset-liability ratio improved to 64.35%, a reduction of 0.42 percentage points compared to the end of the previous year [1] Group 3: Business Segments and Growth - The asset business segment generated a net profit of 1.056 billion yuan, a year-on-year increase of 12.82%, with the light asset business showing strong performance [2] - The operational business segment became the main contributor to profits, achieving revenue of 7.077 billion yuan, with a net profit of 1.024 billion yuan [2] - Water supply and treatment business processed 736 million tons of water, with a sales-to-production ratio improving by 1.18 percentage points [3] Group 4: New Contracts and Collaborative Efforts - The company signed new contracts worth 1.184 billion yuan, with 72.80% coming from light asset services and technology products [4] - Collaborative efforts with New Energy and other partners have led to innovative projects in environmental protection and resource recycling [4] - The company is exploring new business models in ecological protection and green infrastructure in collaboration with regional partners [4]