Core Insights - *ST节能 (000820) reported a significant decline in revenue and a negative net profit for the first half of 2025, indicating ongoing financial challenges [2][7]. Financial Overview - Total operating revenue for the period was 17.32 million yuan, a year-on-year decrease of 73.59% [2][7]. - The net profit attributable to shareholders was -7.135 million yuan, an increase of 36.88% year-on-year [2][7]. - The net profit excluding non-recurring items was -7.1241 million yuan, up 37.67% year-on-year [2][7]. - The gross profit margin was 32.8%, reflecting a year-on-year increase of 150.16% [7]. - The net profit margin was -70.8%, a decrease of 258.17% year-on-year [7]. Cost and Expenses - The total of selling, administrative, and financial expenses amounted to 11.6032 million yuan, accounting for 66.99% of revenue, which is an increase of 131.21% year-on-year [7]. - Financial expenses rose by 109.81% due to increased interest expenses from subsidiary borrowings [7]. Cash Flow and Financial Health - Cash and cash equivalents stood at 164.485 million yuan, a year-on-year increase of 185.44% [7]. - Accounts receivable decreased by 11.73% to 135 million yuan [7]. - The company has a high level of interest-bearing debt at 25.08 million yuan, which is an increase of 56.75% year-on-year [7]. - The net cash flow from operating activities increased by 26.05% due to higher sales collections [7][8]. Business Operations - The company's main business focuses on green smelting technology in the steel metallurgy industry, energy-saving solutions, and smart energy services [6]. - The company is committed to R&D investment, enhancing technical competitiveness, and optimizing customer relationships while controlling operational costs [6].