8月26日晚间，东北地区民营新能源投资建设运营龙头九洲集团（300040）发布2025年半年度业绩报 告。报告显示，2025年上半年，公司实现营业收入6.85亿元，归母净利润4281.50万元；扣非归母净利润 4308.90万元，较上年同期大幅增长65.60%，整体经营稳健。 资本运作的高效推进，为三大主业的协同突破提供了资金与资源支撑。2025 年上半年，智能配电网、 新能源、生物质能源三大核心领域同步发力，形成多轮驱动的增长格局。 多点突破，协同发展谱新篇 近年来，九洲集团坚定推进 "智能配电网+新能源+综合能源服务" 三大主业并进的战略，在新能源投资 运营、智能配电网装备制造和综合能源服务等关键领域持续深耕。2025年上半年，九洲集团在智能配电 网及网络能源、新能源装机、生物质业务技改等多个领域取得显著进展，展现出强劲的发展势头。 具体来看，在智能配电网及网络能源业务方面，扬州研发团队推动高压开关设备技术升级，成功获得中 国石油天然气集团有限公司高低压电器设备供应商资质，中标金额同比大幅提升，覆盖国网江苏省电力 有限公司配网物资协议库存招标及多个风电项目升压站设备供应。市场拓展上，九洲集团渗透央企市场 ...

Core Viewpoint - The company reported a stable revenue growth in Q1 2025, but faced a decline in net profit and gross margin, indicating potential challenges ahead in maintaining profitability and managing costs [1][2][3] Financial Performance - In Q1 2025, the company achieved operating revenue of 142.736 billion yuan, a year-on-year increase of 1.6%, while the net profit attributable to shareholders was 2.636 billion yuan, down 12.0% year-on-year [1] - The comprehensive gross margin for Q1 2025 was 10.8%, a decrease of 1.0 percentage points year-on-year, reflecting pressure on profitability [1] - The company maintained stable expense control, with selling, administrative, R&D, and financial expense ratios at 0.2%, 3.1%, 2.3%, and 1.6% respectively, showing minimal year-on-year changes [1] Cash Flow and Investment - The net cash flow from operating activities in Q1 2025 was -40.519 billion yuan, an increase in outflow by 1.516 billion yuan year-on-year, indicating a slight deterioration in cash flow management [2] - Cash outflow for the acquisition of fixed and intangible long-term assets was 10.856 billion yuan, down 5.848 billion yuan year-on-year, suggesting a slowdown in capital expenditure under strengthened investment control [2] - As of the end of Q1, the company had interest-bearing debt of 538.3 billion yuan, an increase of 59.9 billion yuan year-on-year, with a debt-to-asset ratio of 79.6%, up 1.4 percentage points year-on-year [2] Order Intake and Market Performance - New contract signing in Q1 2025 totaled 299.3 billion yuan, a year-on-year decrease of 9.6%, with notable declines in several business segments [3] - The energy and water resources sectors showed strong performance, with new contracts in hydropower and wind power increasing by 20.2% and 67.3% respectively [3] - Domestic new contracts decreased by 15.4%, while international contracts increased by 20.9%, indicating a shift towards more opportunities abroad [3] Profit Forecast and Investment Rating - The company is expected to benefit from increased domestic investment in water conservancy and hydropower infrastructure, as well as continued expansion in renewable energy operations [3] - Revised profit forecasts for 2025-2026 are 12.5 billion yuan and 13.2 billion yuan respectively, with a new forecast for 2027 at 14.2 billion yuan, reflecting a decrease from previous estimates [3] - The company maintains a "buy" rating based on the potential growth from its renewable energy investment and operational business [3]