Core Viewpoint - The company experienced a decline in revenue in the first half of 2025, but net profit showed slight growth, indicating mixed performance across different business segments [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 3.904 billion yuan, a year-on-year decrease of 5.1%, while net profit attributable to shareholders was 1.425 billion yuan, a slight increase of 0.13% [1]. - For Q2 2025, the company reported operating revenue of 1.894 billion yuan, down 10.04% year-on-year, and net profit of 709 million yuan, a decrease of 0.24% [1]. Business Segments - The environmental protection business continued to grow, with waste incineration project waste input reaching 6.8932 million tons, a year-on-year increase of 8.71%, and electricity generation of 1.863 billion kWh, up 7.65%, contributing to environmental operation revenue of 1.711 billion yuan, a growth of 6.2% [2]. - The equipment manufacturing and service business saw new orders of 3.559 billion yuan, a significant increase compared to 1.213 billion yuan in H1 2024, but revenue declined by 12.5% to 2.175 billion yuan due to the impact of revenue recognition timing [2]. Profitability and Margins - The company's overall gross margin for H1 2025 was 49.0%, an increase of 3.3 percentage points year-on-year, with project operation business gross margin rising to 62.7% and equipment manufacturing and service gross margin increasing to 38.1% [2]. - The increase in equipment gross margin is attributed to the company's active research and development of new products and an expanded product line [2]. Cash Flow and Investments - Cash flow improved significantly, with the cash collection ratio rising by 8.4 percentage points to 79.8%, indicating a positive trend in cash flow management [3]. - The company has initiated trial production of the 20,000-ton oxygen-enriched side-blown production line under the Jiaman project, producing 2,306 tons of nickel-containing products in H1 2025 [3]. - The company is also expanding its investment in lithium battery materials, planning to invest 80 million yuan for a 10% stake in a 60,000-ton lithium carbonate project in Quanzhou, Fujian [3]. Future Outlook - As of June 2025, the company operated 55 waste incineration projects with a capacity of approximately 37,300 tons per day, with ongoing projects expected to enhance future performance [4]. - The company anticipates net profits of 2.96 billion yuan, 3.47 billion yuan, and 3.97 billion yuan for 2025-2027, with corresponding price-to-earnings ratios of 11.2x, 9.6x, and 8.3x, maintaining a "buy" rating [4].

海绵钛价格上行，产销增长。2025 年上半年公司海绵钛营收14.9 亿元（同比+13%），占比11.2%；产 量3.62 万吨（同比+9%），销量3.87 万吨（同比+26%）。市场延续回暖态势，上半年价格累计涨幅约 10.64%。海绵钛现货供应维持偏紧，军工需求增长支撑价格，据Wind 数据，2025 年二季度0 级海绵钛 市场均价50962 元/吨（同比-3%，环比+9%）。 新能源材料量利齐升。2025 年上半年公司新能源材料营收5.3 亿元（同比+27%），占比4.0%，毛利率 12.4%（同比+15 pct），生产磷酸铁4.58万吨（同比+64%），销售磷酸铁3.85 万吨（同比+91%）。 公司二季度归母净利润环比提升。公司2025 年二季度营收62.8 亿元（同比-3.5%，环比-11.0%），归母 净利润7.0 亿元（同比-9.2%，环比+1.9%）；毛利率/净利率为24.5%/11.2%，同比下滑而环比提升；期 间费用率10.9%（同比+0.1pct，环比+1.0pct）。净利润同比下滑主要由于钛白粉价格下降，环比提升主 要因海绵钛及新能源材料业务优化。 2025 年上半年钛白粉产销量增长， ...