Guangdong Liantai Environmental Protection Co Ltd

Lian Tai Environmental Protection released its 2026 semi-annual report. As of July 30, three institutional investors collectively held 334 million shares, accounting for 57.94% of total share capital. The three institutions are Guangdong Lian Tai Group Company Limited, Shenzhen Lian Tai Investment Group Company Limited, and China Construction Bank Corporation - Nuoan Multi-Strategy Hybrid Securities Investment Fund. Compared with the previous quarter, the institutional shareholding ratio fell by a total of 0.76 percentage points. In addition, the foreign institution Goldman Sachs, which appeared in the previous quarter, was no longer disclosed in this period.

Lian Tai Environmental Protection released its 2026 half-year report, with net profit attributable to the parent company at 82.04 million yuan, down 2.9 percent year-on-year. Revenue and net profit have declined for three consecutive years. The company's accounts receivable continued to climb, reaching a balance of 1.984 billion yuan at the end of the second quarter, 3.8 times its first-half revenue. Credit impairment provisions reached 85.78 million yuan in the first half. The controlling shareholder, Lian Tai Group, and its concert parties have cumulatively pledged shares accounting for 72.86 percent of their holdings, representing 41.95 percent of the company's total share capital. The high pledge ratio raises potential risks such as instability of control. The company's book cash balance is only 31.93 million yuan, while short-term borrowings and non-current liabilities due within one year total approximately 712 million yuan, and long-term borrowings stand at 4.346 billion yuan, indicating severe liquidity pressure. Net cash flow from operating activities in the first half was 147 million yuan, up 25.05 percent year-on-year, partially offsetting the pressure from funds tied up in accounts receivable.