Shuangliang Eco-Energy(SH:600481) Changjiang Securities·2025-09-09 09:15Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - In the first half of 2025, the company reported a revenue of 4.388 billion yuan, a year-on-year decrease of 37.13%, and a net profit attributable to shareholders of -597 million yuan. In Q2 2025, the revenue was 2.309 billion yuan, down 15.46% year-on-year but up 11.1% quarter-on-quarter, with a net profit of -435 million yuan [4][10]. Financial Performance - The company’s Q2 2025 expense ratio was 11.94%, a decrease of 2.42 percentage points quarter-on-quarter, attributed to scale effects as the company's shipment volume gradually recovered. The R&D expense ratio increased by 0.69 percentage points in Q2 2025, with ongoing projects in the carbon neutrality research center [10]. - The company recorded a net cash flow from operating activities of 335 million yuan in Q2 2025, continuing to maintain positive cash flow [10]. - The company recognized an asset impairment loss of 166 million yuan in H1 2025, primarily due to inventory depreciation [10]. Market Outlook - Looking ahead, with the recent supply-side reforms in the photovoltaic sector, silicon wafer prices have started to rise, indicating potential recovery in profitability. There is also a possibility of reversing inventory depreciation losses [10]. - The company has established a direct sales network for its green hydrogen systems across various regions in China and is gradually expanding sales channels in Europe, the Middle East, South Asia, and Southeast Asia, suggesting a positive outlook for the new energy equipment segment [10].