Core Insights - The company achieved a revenue of 1.478 billion yuan in H1 2025, representing a year-on-year growth of 33.07%, and a net profit attributable to shareholders of 400 million yuan, up 49.23% [1] - The growth in revenue and profit is primarily driven by the consolidation of Renhe Environment and contributions from new projects in Liuyang and Pingjiang [1] Revenue Breakdown - Revenue from waste incineration and power generation reached 368 million yuan, a year-on-year increase of 23.77%, accounting for 24.89% of total revenue, with a gross margin of 64.84% [1] - Revenue from waste incineration, power generation, and sludge treatment was 301 million yuan, up 8.51%, making up 20.39% of total revenue, with a gross margin of 70.19% [1] - Revenue from municipal solid waste transfer processing was 338 million yuan, with a gross margin of 52.93% [1] - Other business revenues, including sludge treatment and landfill services, totaled 471 million yuan, accounting for 31.87% of total revenue [1] Operational Metrics - The company processed 1.861 million tons of municipal solid waste in H1 2025, a 10.70% increase year-on-year [1] - The electricity generated was 886 million kWh, up 26.21% year-on-year, with a per-ton electricity generation of 476.27 kWh, an increase of 9.70% [1] - The company also reported a collection of 395,100 tons of kitchen waste and 1.6069 million tons of municipal solid waste transfer [1] Market Expansion - The company maintains a domestic waste incineration capacity of 11,800 tons per day, positioning itself as a leader in Hunan's environmental sector [2] - Internationally, the company is expanding its market presence with projects in Kyrgyzstan, totaling a planned capacity of 7,000 tons per day [2] - The integration of Renhe Environment, which processes 8,000 tons of other waste and 2,000 tons of kitchen waste daily, enhances the company's operational synergy [2] Cash Flow and Dividends - The company reported a net operating cash flow of 724 million yuan in H1 2025, a year-on-year increase of 59.81% [3] - Free cash flow surged by 156.74% to 423 million yuan, indicating strong financial health [3] - The company has committed to a long-term dividend policy with a cash dividend ratio of no less than 50% [3] Profit Forecast - The company's net profit forecasts for 2025-2027 have been adjusted upwards to 769 million, 826 million, and 871 million yuan, respectively, reflecting the benefits from strategic projects and operational efficiencies [3]

事件：公司发布2024 年年报及2025 年一季报，2024 年，公司营业收入实现24.31 亿元，同比增长 31%，归母净利润为5.36 亿元，同比增长4%。 2025 年一季度，公司实现营业收入7.67 亿元，同比增长54%，归母净利润1.73 亿元，同比增长39%。 核心观点： 公司业绩稳中有进，经营性现金流净额同比提升。2024 年，公司营业收入实现24.31 亿元，归母净利润 为5.36 亿元，扣非净利润5.00 亿元，均同比正增长。分业务来看，垃圾焚烧发电实现营业收入6.07 亿 元，同比下降5%，毛利率同比下降0.13 个百分点至64.68%；垃圾焚烧发电及污泥协同处理实现营业收 入5.55 亿元，同比增长2%，毛利率同比提升3.14 个百分点至72.57%；建设期服务实现营业收入8.40 亿 元，同比增长145%。经营性现金流净额实现9.71 亿元，同比增长12%，现金流情况持续改善。 收购仁和环境，拓宽业务外延。2024 年8 月5 日，公司通过发行股份及支付现金的方式向19 名交易对方 购买其持有的仁和环境63%股权，2024 年11 月27 日，仁和环境成为公司的控股子公司，2024 年 ...