公司营业总收入为7.70亿元，较去年同报告期营业总收入增加5875.91万元，同比较去年同期上涨 8.26%。归母净利润为2066.70万元，较去年同报告期归母净利润增加1.26亿元，实现2年连续上涨。经 营活动现金净流入为1.89亿元，较去年同报告期经营活动现金净流入增加3.04亿元。 公司最新资产负债率为68.38%，较上季度资产负债率减少2.56个百分点，较去年同期资产负债率减少 2.93个百分点。 公司最新毛利率为10.25%，较上季度毛利率增加5.22个百分点，实现5个季度连续上涨，较去年同期毛 利率增加16.89个百分点。最新ROE为1.70%，较去年同期ROE增加11.12个百分点。 公司摊薄每股收益为0.05元，较去年同报告期摊薄每股收益增加0.27元，实现2年连续上涨。 公司最新总资产周转率为0.21次，较去年同期总资产周转率增加0.03次，同比较去年同期上涨15.42%。 最新存货周转率为4.45次。 公司股东户数为3.36万户，前十大股东持股数量为1.92亿股，占总股本比例为41.95%，前十大股东持股 情况如下： 2025年8月23日，福建水泥(600802.SH)发布2025年中报。 ...

Group 1 - The company reported total operating revenue of 219 million yuan, an increase of 20.16 million yuan compared to the same period last year, achieving a year-on-year growth of 10.12% [1] - The net profit attributable to shareholders reached 61.39 million yuan, an increase of 66.67 million yuan compared to the same period last year, marking three consecutive years of growth [1] - The net cash inflow from operating activities was 35.99 million yuan, an increase of 109 million yuan compared to the same period last year, also achieving two consecutive years of growth [1] Group 2 - The company's latest debt-to-asset ratio is 45.32%, a decrease of 6.97 percentage points from the previous quarter and a decrease of 6.15 percentage points from the same period last year [3] - The latest gross profit margin is 9.61%, an increase of 2.39 percentage points from the previous quarter [3] - The latest return on equity (ROE) is 6.82%, an increase of 7.32 percentage points compared to the same period last year [3] Group 3 - The diluted earnings per share are 0.02 yuan, an increase of 0.02 yuan compared to the same period last year, achieving five consecutive years of growth [4] - The latest total asset turnover ratio is 0.13 times, an increase of 0.03 times compared to the same period last year, representing a year-on-year increase of 38.20% [4] - The latest inventory turnover ratio is 2.94 times, an increase of 0.69 times compared to the same period last year, achieving a year-on-year increase of 30.69% [4] Group 4 - The number of shareholders is 133,800, with the top ten shareholders holding a total of 889 million shares, accounting for 32.19% of the total share capital [4] - The largest shareholder is Qingdao Zhican Information Industry Development Partnership (Limited Partnership) with a holding ratio of 13.02% [4]

公 华福证券 司 研 究 浦发银行（600000.SH） 2025 年半年度业绩快报点评—利润增速显著提升 投资要点： 财务指标全面改善，利润增速显著提升 公 司 动 态 跟 踪 浦发银行发布 2025 年半年度业绩快报，公司上半年财务指标全面 向好，体现为营收和利润增速提升、不良改善，其中尤以利润增速提 升最为显著。公司 2025H1 营业收入、归母净利润增速分别为 2.6%、 10.2%。Q2 营收、归母净利润分别同比增长 4.0%、26.9%，增速较 2025Q1 提升 2.7pct、25.9pct。 风险指标继续向好，打开利润释放空间 浦发银行 Q2 利润的高水平释放，一方面得益于 Q2 营收端的贡献 边际提升，预计更多来自拨备计提压力减轻。 公司坚持风险"控新降旧"并举，风险压降成效显著。2025Q2 末 不良贷款余额、不良贷款率较 Q1 末实现"双降"，不良率为 1.31%， 较 Q1 末下降 2bp；不良贷款余额为 736.7 亿元，较 Q1 末下降 6.1 亿元。 拨备计提方面，公司一季度集中进行了拨备计提，预计二季度拨备计 提压力减轻。公司风险抵补能力继续增强，2025Q2 末拨备覆盖率 1 ...

Financial Data and Key Metrics Changes - In 2024, the company achieved adjusted EBITDA of $2.64 billion, down from $2.8 billion in 2023, primarily due to extreme weather events in South America and asset sales [32][34] - Adjusted EPS for 2024 was $2.14, an increase from $1.76 in 2023, driven by tax benefits from new renewable projects and a lower adjusted tax rate [33][34] - Parent free cash flow was $1.1 billion, at the midpoint of guidance, reflecting a more than 10% increase from the prior year [37] Business Line Data and Key Metrics Changes - The Renewables SBU experienced lower adjusted EBITDA due to historic weather volatility in South America, with significant contributions from new projects in the U.S. partially offsetting losses [34][36] - The Utilities SBU saw higher adjusted PTC driven by rate-based investments and improved weather, but was partially offset by higher interest expenses [36] - The Energy Infrastructure SBU's lower adjusted EBITDA was attributed to outages and lower margins, while the New Energy Technologies SBU showed improved results [36] Market Data and Key Metrics Changes - The U.S. added 49 gigawatts of new renewable capacity in 2024, with renewables and battery storage representing 92% of those additions [15] - In 2025, the U.S. is expected to add 63 gigawatts, with 93% being solar, storage, and wind [16] - The company noted that renewables have the shortest time to power and greater price certainty, which is critical for meeting the growing demand for electricity [17] Company Strategy and Development Direction - The company is focusing on reducing investments in renewables to prioritize high-risk adjusted return projects and improve organizational efficiency [6][10] - The 2025 financial outlook indicates a significant growth in renewables EBITDA, with expectations of over 60% year-over-year growth [12][41] - The company is committed to maintaining its investment-grade credit rating and dividend while streamlining operations and reducing costs [26][50] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with stock price performance but emphasized the resilience of the business model against regulatory changes [5][6] - The company is confident in achieving long-term growth targets of 5% to 7% adjusted EBITDA growth through 2027, supported by a strong backlog of projects [26][57] - Management highlighted the importance of renewables in meeting the increasing demand for electricity, particularly from technology customers [6][17] Other Important Information - The company signed 4.4 gigawatts of new power purchase agreements (PPAs) in 2024, aiming for 14 to 17 gigawatts by 2025 [7] - The sale of Brazilian assets was noted as a significant de-risking move, reducing exposure to various market risks [14] - The company plans to maintain a focus on larger, more profitable projects while reducing overall capital expenditures [27][63] Q&A Session Summary Question: On cost savings and their sources - The company confirmed that the $150 million in cost savings ramping to $300 million is ongoing and not one-time, with confidence in achieving these reductions [60][61] Question: On renewable CapEx and growth strategy - Management clarified that while CapEx is being cut, the focus remains on executing a strong pipeline, with a shift towards fewer but larger projects [71][73] Question: On asset sales and coal contributions - The company indicated that asset sales will include some coal exits and technology monetization, but the reliance on these sales has decreased [76][77] Question: On cost reduction specifics - The cost reduction program includes resizing the development team, cutting early-stage project costs, and a 10% workforce reduction [81][82] Question: On credit metrics and future outlook - Management discussed expectations for improving credit metrics, with a focus on increasing cash flow and EBITDA through operational efficiencies [86][95]