Core Insights - The company's performance is under short-term pressure, but a solid order backlog lays the foundation for annual growth [2] - The company has achieved significant technological advancements and is exploring new business models to open up growth opportunities [3] - A recent legal victory may allow for the reversal of potential liabilities, positively impacting future earnings [4] Financial Performance - In the first half of 2025, the company reported revenue of 108 million yuan, a year-on-year decline of 47%, and a net profit attributable to shareholders of -3.09 million yuan, a year-on-year decline of 112% [2] - The decline in performance is primarily due to large pending orders that have not yet been recognized as revenue, including projects with pending acceptance amounts of 70.83 million yuan and 42.50 million yuan [2] - As of the report date, the company had a total order backlog of 527 million yuan, providing strong support for annual performance [2] Technological Advancements - The company has solidified its core technological advantages, with its self-developed "Deep Submersible High-Pressure Algae Control Equipment" becoming a benchmark in the algae treatment field [3] - The company has made breakthroughs in precision dredging technology, with pilot projects achieving significant dredging volumes [3] - The exploration of a new "Two Mountains Industry" model and the establishment of a circular economy model for organic waste processing are expected to create new growth paths [3] Legal Developments - The company won a lawsuit related to a contract dispute, confirming ownership of 63.52 million yuan in funds and relieving it of a 100.6 million yuan repayment obligation [4] - Although the funds have not yet been released due to regulatory issues, the potential reversal of a provision for 48.08 million yuan could positively impact future net profits [4] Earnings Forecast - The company is projected to achieve revenues of 503 million yuan, 576 million yuan, and 660 million yuan for 2025-2027, with year-on-year growth rates of 12.08%, 14.63%, and 14.55% respectively [4] - Net profits attributable to shareholders are expected to be 52 million yuan, 60 million yuan, and 86 million yuan for the same period, with significant growth rates of 159.97%, 16.93%, and 41.94% respectively [4]

2024年3月，德林海的玉溪子公司向法院提起诉讼。2024年6月24日，江川水利局进行反诉，要求反诉玉 溪子公司退还前期已履约支付的部分工程款项。2024年11月，玉溪子公司收到了云南省玉溪市红塔区人 民法院送达的民事判决书，一审判决由原告玉溪子公司返还被告玉溪市江川区水利局多支付的资金及资 金占用费。 玉溪子公司认为一审法院在事实认定和法律适用方面存在错误，为依法主张自身合法权益，依法向玉溪 市中级人民法院提起了上诉。目前，二审上诉已被玉溪市中级人民法院立案受理，尚未开庭审理。 4月10日，德林海（688069.SH）发布公告，公司中标星云湖原位控藻及水质提升项目运行管理项目， 采购人为玉溪市江川区水利局，服务期限为两年，金额约5600万元/年，本项目将按实际处理吨水量结 算，根据公司初步测算，预计本次中标实际发生的总金额约为8785.20万元（两年）。 公告显示，中标金额为综合单价：（1）4座岸基站点运行维护费用以年处理吨水量综合单价0.524元/立 方米；（2）3座独立运行深井日常运行管理费以年处理吨水量综合单价0.034元/立方米。 分析指出，深井设备凭借低能耗运行的核心优势，单位水体管理费用不到岸基 ...