据证券之星公开数据整理，近期创业环保(600874)发布2025年中报。截至本报告期末，公司营业总收入 21.78亿元，同比下降1.81%，归母净利润4.73亿元，同比上升12.09%。按单季度数据看，第二季度营业 总收入10.75亿元，同比下降5.48%，第二季度归母净利润2.18亿元，同比上升28.08%。本报告期创业环 保公司应收账款体量较大，当期应收账款占最新年报归母净利润比达501.51%。 证券之星价投圈财报分析工具显示：业务评价：公司去年的ROIC为6.01%，历来资本回报率一般。去年 的净利率为18.04%，算上全部成本后，公司产品或服务的附加值高。从历史年报数据统计来看，公司 近10年来中位数ROIC为6.11%，中位投资回报较弱，其中最惨年份2021年的ROIC为5.55%，投资回报一 般。公司历史上的财报相对良好，公司上市来已有年报29份，亏损年份2次，显示生意模式比较脆弱。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为69.85%)建议关注公司债务状况 (有息资产负债率已达39.69%)建议关注公司应收账款状况(应收账款/利润已达501.51%) 分析师工具显示：证 ...

Core Insights - The company Chengfa Environment (000885) reported a total revenue of 3.216 billion yuan for the first half of 2025, representing an 11.25% year-on-year increase, and a net profit attributable to shareholders of 589 million yuan, up 20.15% year-on-year [1] Financial Performance - Total revenue for Q2 2025 reached 1.68 billion yuan, a 9.53% increase year-on-year, while net profit for the same quarter was 316 million yuan, reflecting an 18.26% year-on-year growth [1] - The gross profit margin was 41.57%, down 3.7% year-on-year, while the net profit margin improved to 20.03%, an increase of 3.44% year-on-year [1] - The company’s total operating expenses (sales, management, and financial expenses) amounted to 476 million yuan, accounting for 14.79% of revenue, a decrease of 10.87% year-on-year [1] - Earnings per share (EPS) increased to 0.92 yuan, a 20.15% rise year-on-year, and operating cash flow per share rose significantly by 53.91% to 1.52 yuan [1] Balance Sheet Highlights - Accounts receivable increased significantly by 47.25% year-on-year, reaching 4.715 billion yuan [1] - Cash and cash equivalents rose by 16.36% to 1.362 billion yuan [1] - Interest-bearing liabilities increased by 6.42% to 16.039 billion yuan, with a debt-to-asset ratio of 49.05% [4] Cash Flow Analysis - The net cash flow from operating activities surged by 53.91%, attributed to increased cash receipts from sales of goods and services [3] - Financing activities saw a substantial increase of 86.46%, driven by changes in the structure of financing activities, including the issuance of medium-term notes [3] Business Model and Market Position - The company’s return on invested capital (ROIC) was reported at 7.59%, indicating average capital returns, with a historical median ROIC of 9.03% over the past decade [3] - The company’s performance is heavily reliant on capital expenditures, necessitating close monitoring of the profitability and necessity of these investments [3] Market Expectations - Analysts project the company’s performance for 2025 to reach 1.214 billion yuan, with an average EPS forecast of 1.89 yuan [4] - The company’s accounts receivable to profit ratio stands at 413.08%, indicating potential concerns regarding cash flow management [4]

Financial Performance - The company reported a basic earnings per share of -0.2000 yuan for 2024, a decrease of 300% compared to -0.0500 yuan in 2023 [1] - The net profit for 2024 was -7.18 billion yuan, representing a significant decline of 296.69% from -1.81 billion yuan in 2023 [1] - The operating revenue decreased by 29.98% to 3.34 billion yuan in 2024 from 4.77 billion yuan in 2023 [1] - The return on equity was -100.75% in 2024, a drop of 547.08% from -15.57% in 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 130,772.68 million shares, accounting for 36.83% of the circulating shares, a decrease of 24,327.57 million shares from the previous period [2] - The largest shareholder, Beiyou Intelligent Technology (Shenzhen) Co., Ltd., holds 80,000 million shares, representing 22.54% of the total share capital, with no change [3] - Notable changes include the exit of China Cinda Asset Management Co., Ltd. and Zheng Shicai from the top ten shareholders [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]

Financial Performance - The company reported a basic earnings per share of -0.0900 yuan for 2024, a decrease of 119.57% compared to 0.4600 yuan in 2023 [1] - The net profit for 2024 was -0.12 billion yuan, down 119.67% from 0.61 billion yuan in 2023 [1] - The return on equity (ROE) fell to -0.76% in 2024 from 3.96% in 2023, representing a decline of 119.19% [1] - Operating revenue increased by 3.17% to 7.81 billion yuan in 2024, compared to 7.57 billion yuan in 2023 [1] Shareholder Information - The top ten unrestricted shareholders collectively hold 34.6878 million shares, accounting for 57.17% of the circulating shares, with a decrease of 1.484 million shares from the previous period [1] - The largest shareholder, Yingkou Shengjin Industrial Development Co., Ltd., holds 16.7981 million shares, representing 27.69% of the total share capital, with no change [2] - The second-largest shareholder, Xin Weirong, holds 5.5055 million shares, accounting for 9.07%, also unchanged [2] Dividend Policy - The company has announced no distribution or capital increase for the current period [1]

Financial Data and Indicators - Basic earnings per share decreased by 10.42% to 0.8600 yuan in 2024 from 0.9600 yuan in 2023 [1] - Net profit for 2024 was 1 billion yuan, a decrease of 3.85% compared to 1.04 billion yuan in 2023 [1] - Operating revenue increased by 8.74% to 7.71 billion yuan in 2024 from 7.09 billion yuan in 2023 [1] - Return on equity decreased to 7.60% in 2024 from 9.23% in 2023, a decline of 17.66% [1] - Net assets per share increased by 5.23% to 11.67 yuan in 2024 from 11.09 yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 22,029,700 shares, accounting for 43.29% of the circulating shares, with a decrease of 564,900 shares compared to the previous period [1] - Notable shareholders include Wen Juan Ying with 4,566,100 shares (8.97%), Cai Fang with 3,698,600 shares (7.27%), and Shen Wei Min with 3,000,000 shares (5.89%) [2] - Gu Lin Xiang saw a decrease of 1,160,000 shares, while Wang Qun Ying entered the list with 595,100 shares [2] Dividend Distribution - The company announced a dividend distribution plan of 10 yuan per 3 shares (including tax) [3]

Financial Performance - The company reported a basic earnings per share of 0.0100 yuan for Q1 2025, unchanged from Q1 2024, but down from 0.0500 yuan in Q1 2023 [1] - The total revenue for Q1 2025 was 1.5 billion yuan, a decrease of 13.29% compared to 1.73 billion yuan in Q1 2024 and down from 2.03 billion yuan in Q1 2023 [1] - Net profit remained at 0.06 billion yuan for both Q1 2025 and Q1 2024, but decreased from 0.29 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.50% in Q1 2025 from 0.46% in Q1 2024, but significantly decreased from 2.43% in Q1 2023 [1] - The company's net asset per share dropped to 0 yuan in Q1 2025 from 2.12 yuan in Q1 2024, marking a 100% decline [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 23,474.58 million shares, accounting for 39.93% of the circulating shares, with an increase of 198.94 million shares compared to the previous period [1] - Tianjin Saixiang Venture Capital Co., Ltd. remains the largest shareholder with 18,923.00 million shares, representing 32.18% of total share capital, unchanged from the previous report [2] - New entrants among the top shareholders include Lü Qiang with 362.50 million shares (0.62%) and several others, while Beijing Xinhong Tianhe Asset Management Center and others have exited the top ten list [2] Dividend Policy - The company has announced that it will not distribute or transfer any dividends this time [3]

Financial Performance - The basic earnings per share for Q1 2025 is 0.1400 CNY, a decrease of 18.79% compared to Q1 2024, which was 0.1724 CNY, and a significant drop from 0.3162 CNY in Q1 2023 [1] - The operating revenue for Q1 2025 is 1.13 billion CNY, reflecting a 2.73% increase from 1.1 billion CNY in Q1 2024 [1] - The net profit for Q1 2025 remains at 0.08 billion CNY, unchanged from Q1 2024, but down from 0.14 billion CNY in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 is 0.95%, a decline of 13.64% from 1.10% in Q1 2024, and significantly lower than 3.26% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 9.5402 million shares, accounting for 39.26% of the circulating shares, with an increase of 8.4326 million shares compared to the previous period [1] - Notable new entrants among the top shareholders include Weiying Equity Investment Fund with 813.44 million shares (33.47%), and several other new investors [2] - Previous top shareholders such as Zhang Tongliang and Jin Xuewei have exited the top ten list, indicating a shift in shareholder composition [2][3] Dividend Policy - The company has announced that there will be no distribution or transfer of dividends this time [4]

Financial Performance - Company reported total revenue of 421 million yuan for Q1 2025, a year-on-year increase of 14.6% [1] - Net profit attributable to shareholders reached 60.90 million yuan, up 42.3% year-on-year [1] - Gross margin improved to 39.18%, an increase of 2.1% compared to the previous year [1] - Net margin increased to 14.23%, reflecting a year-on-year growth of 24.18% [1] - Total expenses (selling, administrative, and financial) amounted to 67.65 million yuan, accounting for 16.08% of revenue, down 17.33% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) rose to 0.25 yuan, a 42.34% increase year-on-year [1] - Operating cash flow per share improved to -0.03 yuan, a significant increase of 90.27% year-on-year [1] - Return on Invested Capital (ROIC) for the previous year was 12.55%, indicating strong capital returns [3] - The net profit margin for the previous year was 15.46%, suggesting high added value in products or services [3] Debt and Cash Flow - Company maintains a healthy cash position with total monetary funds of 482 million yuan, an increase of 11.86% year-on-year [1] - Accounts receivable increased to 743 million yuan, reflecting a 20.39% rise year-on-year [1] - Interest-bearing debt rose to 50.41 million yuan, a 46.36% increase compared to the previous year [1] Market Position and Investment Insights - Company has cumulatively raised 1.599 billion yuan since its listing, with total dividends amounting to 354 million yuan, resulting in a dividend-to-financing ratio of 0.22 [3] - Analysts expect the company's revenue for 2025 to reach 324 million yuan, with an average EPS forecast of 1.35 yuan [3] Fund Holdings - The largest fund holding in the company is the Xin'ao Star Smart Selection Mixed A, with 25,600 shares held [4] - The fund has seen a recent increase in value, with a 23.49% rise over the past year [4]

Financial Performance - The basic earnings per share for 2024 is -0.1035 yuan, showing a 41.56% improvement compared to -0.1771 yuan in 2023 [1] - The net profit for 2024 is -0.41 billion yuan, which is a 42.25% increase from -0.71 billion yuan in 2023 [1] - The operating revenue for 2024 is 0.66 billion yuan, reflecting a decrease of 24.14% from 0.87 billion yuan in 2023 [1] - The return on equity for 2024 is -8.44%, an improvement of 34.88% from -12.96% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 23,725.74 million shares, accounting for 59.51% of the circulating shares, with a change of 343.80 million shares from the previous period [1] - The largest shareholder, Kunming Qunxing Investment Co., Ltd., holds 15,778.23 million shares, representing 39.57% of the total share capital, with no change [2] - New entrants among the top shareholders include Xu Jiawei with 333.02 million shares and Wang Qiyu with 251.00 million shares [2] Dividend Distribution - No specific dividend distribution plan is mentioned in the provided data [3]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 5299.89万股，累计占流通股比： 13.07%，较上期变化： -1985.73万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 贺增林 | 3249.29 | 8.01 | 不变 | | 香港中央结算有限公司 | 435.62 | 1.07 | 37.13 | | 刘丹英 | 393.68 | 0.97 | 不变 | | 潘明彪 | 278.00 | 0.69 | 12.80 | | 陕西金融资产管理股份有限公司 | 261.61 | 0.65 | 不变 | | 郭旺 | 255.24 | 0.63 | 不变 | | 张传如 | 127.00 | 0.31 | 新进 | | 冯洪燕 | 107.43 | 0.26 | 新进 | | 王金顺 | 99.39 | 0.25 | 新进 | | 童炎达 | 92.63 | 0.23 | 新进 | | 较上个报告期退出前十大股东有 | | | | | 陈传兴 | 1111.88 | 2. ...