Core Viewpoint - The recent financial report of Dazhong Transportation (600611) indicates a significant decline in revenue and net profit, raising concerns about the company's financial health and operational efficiency [1][2]. Financial Performance - The total revenue for the first half of 2025 was 1.113 billion yuan, a year-on-year decrease of 27.6% [1]. - The net profit attributable to shareholders was 76.06 million yuan, down 32.1% year-on-year [1]. - In Q2 2025, total revenue was 571 million yuan, a decline of 28.93% compared to the same quarter last year [1]. - The net profit for Q2 2025 was 112 million yuan, showing an increase of 19.72% year-on-year [1]. - The gross margin was 17.26%, down 27.55% year-on-year, while the net margin was 8.58%, a decrease of 8.75% [1]. Cost Structure - Total selling, administrative, and financial expenses amounted to 219 million yuan, accounting for 19.65% of revenue, which is an increase of 23.94% year-on-year [1]. - The earnings per share (EPS) was 0.03 yuan, reflecting a decrease of 40.0% year-on-year [1]. Financial Ratios - The company's return on invested capital (ROIC) was 2.42%, indicating weak capital returns [2]. - The net profit margin for the previous year was 9.3%, suggesting average value addition from products or services [2]. - The median ROIC over the past decade was 5.71%, with the worst year being 2022, which recorded a ROIC of -0.78% [2]. Debt and Cash Flow - The company has a healthy cash asset position, but attention is needed on cash flow ratios, with cash assets to current liabilities at 73.39% and the average operating cash flow to current liabilities at 1.48% over the past three years [2][3]. - The interest-bearing debt ratio reached 25.91%, and the total interest-bearing debt to average operating cash flow ratio was 70.82% [2]. Accounts Receivable and Inventory - Accounts receivable accounted for 124.38% of net profit, indicating potential liquidity issues [3]. - Inventory levels were reported at 113.8% of revenue, suggesting possible overstocking or slow turnover [3].

Core Viewpoint - The company reported a net profit of 76,056,914.00 yuan for the first half of 2025 and proposed a cash dividend of 0.02 yuan per share, reflecting its financial performance and commitment to shareholder returns [6][10]. Company Overview - The company is identified as Dazhong Transportation Group Co., Ltd., with stock codes A-share 600611 and B-share 900903 [4]. - The total share capital as of June 30, 2025, is 2,364,122,864 shares [10]. Financial Data - The company's net profit attributable to shareholders for the first half of 2025 is 76,056,914.00 yuan [6][10]. - As of June 30, 2025, the company's undistributed profits amount to 5,012,388,593.19 yuan [6][10]. - The total dividends to be paid amount to 47,282,457.28 yuan [10]. Dividend Distribution Plan - The proposed cash dividend is 0.02 yuan per share (including tax) for A-shares, with B-shares converted to USD at the prevailing exchange rate [10][9]. - After the dividend distribution, the retained undistributed profits will be 4,965,106,135.91 yuan, which will be carried forward for future use [10]. Decision-Making Process - The board of directors held a meeting on August 28, 2025, where the half-year report and dividend distribution plan were approved unanimously [5][11]. - The dividend distribution plan was authorized by the shareholders' meeting held on May 23, 2025, and does not require further approval from the shareholders [12].

Summary of Key Points Core Viewpoint - The company has announced a cash dividend distribution plan for the first half of 2025, with a proposed cash dividend of RMB 0.02 per share for A shares, and B shares to be distributed in USD based on the market price at the time of distribution [1][2]. Group 1: Profit Distribution Plan - The total net profit attributable to shareholders for the first half of 2025 is RMB 76,056,914 [1]. - As of June 30, 2025, the company's undistributed profits amount to RMB 5,012,388,593.19 (unaudited) [1]. - The total share capital as of June 30, 2025, is 2,364,122,864 shares, which serves as the basis for the dividend distribution [2]. Group 2: Decision-Making Process - The company's board of directors held a meeting on August 28, 2025, where the profit distribution plan was approved, complying with the company's articles of association [2]. - The 2024 annual general meeting held on May 23, 2025, authorized the board to formulate the mid-year dividend plan for 2025, eliminating the need for further shareholder approval [2].

Group 1 - The company held its 9th meeting of the 11th Board of Directors on August 28, 2025, with all 7 directors present, complying with legal and statutory requirements [1] - The Board approved a proposal for a cash dividend distribution of RMB 0.02 per share, totaling approximately RMB 47.28 million based on the total share capital of 2,364,122,864 shares as of June 30, 2025 [2] - The company reported a net profit attributable to shareholders of RMB 76,056,914 for the first half of 2025, with retained earnings of RMB 5,012,388,593.19 as of June 30, 2025 [1] Group 2 - The dividend will be distributed in USD for B shares based on the prevailing exchange rate at the time of distribution [2] - The proposal received unanimous approval from the Board, with 7 votes in favor and no opposition or abstentions [3]

Core Insights - The company reported a revenue of 1.041 billion RMB for the first half of 2025, representing a year-on-year decline of 27.85% [1] - The net profit attributable to shareholders was 76.06 million RMB, down 32.1% compared to the previous year [1] - The company experienced a loss of 54.24 million RMB in non-recurring net profit [1] - Basic earnings per share were reported at 0.03 RMB [1] - The company proposed a cash dividend of 0.02 RMB per share (tax included) [1]

Group 1 - The company announced the approval of the 2025 semi-annual report and summary during the ninth meeting of the eleventh board of directors [2]

Core Insights - The company reported a total operating revenue of 1.113 billion yuan for the reporting period, representing a year-on-year decline of 27.60% [1] - The net profit attributable to the parent company was 76 million yuan, a decrease of 36 million yuan compared to the same period last year, reflecting a year-on-year decline of 32.1% [1] - The company's weighted average return on equity was 0.76%, with earnings per share at 0.03 yuan [1] Financial Position - As of June 30, 2025, the company's total assets reached 19.518 billion yuan, an increase of 0.37% from the end of the previous year [1] - The net assets attributable to shareholders of the listed company amounted to 10.175 billion yuan, up 3.36% from the end of the previous year [1] - The company proposed a cash dividend of 0.02 yuan per share [1]

| 证券代码：A 股 | 600611 | 证券简称：大众交通 | | | | 公告编号：临 | 2025-041 | | --- | --- | --- | --- | --- | --- | --- | --- | | B 股 | 900903 | 大众 | | B | 股 | | | | 债券代码：241483 | | 债券简称：24 | | 大众 | 01 | | | | 242388 | | | 25 | 大众 | 01 | | | 一、董事会会议召开情况 大众交通（集团）股份有限公司（以下简称"公司"）第十一届董事会第九 次会议通知和会议材料于 2025 年 8 月 18 日以邮件、电子信息传输等方式发出。 会议于 2025 年 8 月 28 日下午在众腾大厦 1 号楼 12 楼会议室召开，应参加会议 的董事为 7 名，实到 7 名，符合《公司法》和《公司章程》的有关规定。本次会 议由董事长杨国平先生主持，全体董事、高级管理人员列席会议。 二、董事会会议审议情况 1、审议《公司 2025 年半年度报告及摘要》(全文详见上海证券交易所网站 www.sse.com.cn) 该议案已经第十一届董事会审计 ...

| 证券代码：A 股 | 600611 | 证券简称：大众交通 | | | 公告编号：临 | 2025-042 | | --- | --- | --- | --- | --- | --- | --- | | B 股 | 900903 | | 大众 B | 股 | | | | 债券代码：241483 | | 债券简称：24 | 大众 | 01 | | | | 242388 | | 25 | 大众 | 01 | | | 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每股 分配比例不变，相应调整分配总额，并将在相关公告中披露。 本次年度中期分红方案已经公司 2024 年年度股东大会审议通过并授 权公司董事会制定，无需提交公司股东会审议。 一、利润分配方案内容 公司 2025 年上半年实现归属于上市公司股东净利润 76,056,914.00 元；截 至 2025 年 6 月 30 日，母公司期末未分配利润为 5,012,388,593.19 元（未经审 计）。 以 2025 年 6 月 30 日总股本 2,364,122,864 股为基数，每股拟分配现金红利 人民币 0.02 元（含税）；B 股按当时牌价折 ...

[Section I Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section details the company's semi-annual profit distribution proposal and confirms the report's unaudited status [1.1 Profit Distribution Proposal](index=2&type=section&id=1.1%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88) The board approved a 2025 semi-annual cash dividend of RMB 0.02 per share, totaling RMB 47.28 million, based on June 30, 2025, share capital - This semi-annual report is unaudited[5](index=5&type=chunk) Key Data for 2025 Semi-Annual Profit Distribution Proposal | Indicator | Amount (RMB) | | :--- | :--- | | Net profit attributable to shareholders of listed company for H1 2025 | 76,056,914.00 | | Unappropriated profit of parent company as of June 30, 2025 | 5,012,388,593.19 | | Proposed cash dividend per share (tax inclusive) | 0.02 Yuan | | Total proposed dividend payment | 47,282,457.28 | [Section II Company Profile](index=2&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides an overview of the company's stock information, key financial performance, shareholder structure, and debt repayment capabilities [2.1 Company Overview](index=2&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Dazhong Transportation (Group) Co., Ltd. is listed on the Shanghai Stock Exchange with A and B shares, including contact details for investor relations Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Dazhong Transportation | 600611 | Dazhong Taxi | | B-share | Shanghai Stock Exchange | Dazhong B-share | 900903 | | - The company's Board Secretary is Zhu Yingyan, and the Securities Affairs Representative is Fan Wenjie, both reachable at 021-64289122, with offices at 11th Floor, Building 1, Zhongteng Building, 2121 Longteng Avenue, Xuhui District, Shanghai[8](index=8&type=chunk) [2.2 Key Financial Data](index=2&type=section&id=2.2%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) Total assets and net assets increased, but operating revenue and net profit declined significantly, with net profit excluding non-recurring items turning negative, indicating profitability challenges Overview of Key Financial Data (Unit: RMB) | Indicator | End of Current Period / Current Period | End of Prior Year / Prior Year Period | Change (%) / Change (percentage points) | | :--- | :--- | :--- | :--- | | **Balance Sheet Data** | | | | | Total Assets | 19,518,086,762.33 | 19,445,688,020.19 | 0.37 | | Net Assets Attributable to Shareholders of Listed Company | 10,175,333,693.60 | 9,844,844,605.38 | 3.36 | | **Income Statement Data** | | | | | Operating Revenue | 1,041,244,845.80 | 1,443,097,021.82 | -27.85 | | Total Profit | 141,155,864.15 | 130,517,385.72 | 8.15 | | Net Profit Attributable to Shareholders of Listed Company | 76,056,914.00 | 112,020,242.55 | -32.10 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Items | -54,239,600.55 | 128,739,906.24 | -142.13 | | **Cash Flow Statement Data** | | | | | Net Cash Flow from Operating Activities | 309,865,960.41 | 240,193,295.52 | 29.01 | | **Profitability Indicators** | | | | | Weighted Average Return on Net Assets (%) | 0.76 | 1.17 | Decreased by 0.41 percentage points | | Basic Earnings Per Share (Yuan/share) | 0.03 | 0.05 | -40.00 | | Diluted Earnings Per Share (Yuan/share) | 0.03 | 0.05 | -40.00 | [2.3 Top 10 Shareholders' Holdings](index=3&type=section&id=2.3%20%E5%89%8D%2010%20%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company has 216,965 shareholders, with the top three, including the largest shareholder at 20.01%, having associated relationships - Total number of shareholders was **216,965** as of the end of the reporting period[13](index=13&type=chunk) Top 10 Shareholders' Holdings (Unit: Shares) | Shareholder Name | Shareholder Nature | Holding Ratio (%) | Number of Shares Held | Number of Restricted Shares Held | Number of Pledged, Marked, or Frozen Shares | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Dazhong Public Utilities (Group) Co., Ltd. | Domestic Non-state-owned Legal Person | 20.01 | 473,186,074 | 0 | None | | & Fretum Construction Engineering Enterprise Limited | Overseas Legal Person | 4.72 | 111,499,006 | 0 | None | | Dazhong (Hong Kong) International Co., Ltd. | Overseas Legal Person | 2.02 | 47,676,295 | 0 | None | | Miao Keliang | Unknown | 0.60 | 14,300,400 | 0 | None | | Xie Jianhe | Unknown | 0.33 | 7,731,700 | 0 | Unknown | | Dazhong Transportation (Group) Co., Ltd. - Second Phase Employee Stock Ownership Plan | Other | 0.32 | 7,472,400 | 0 | None | | HONG KONG SECURITIES CLEARING COMPANY NOMINEES LIMITED | Unknown | 0.27 | 6,489,886 | 0 | None | | Chen Danyi | Unknown | 0.22 | 5,084,900 | 0 | None | | CHINA INTERNATIONAL CAPITAL CORPORATION HONG KONG SECURITIES LTD | Unknown | 0.20 | 4,673,886 | 0 | Unknown | | Ye Fan | Unknown | 0.19 | 4,502,875 | 0 | None | - Among the top ten unrestricted shareholders, the first (Shanghai Dazhong Public Utilities (Group) Co., Ltd.) has an associated relationship with the second (& Fretum Construction Engineering Enterprise Limited) and third (Dazhong (Hong Kong) International Co., Ltd.)[14](index=14&type=chunk) [2.4 Outstanding Bonds and Debt Repayment Capability Indicators](index=4&type=section&id=2.4%20%E5%AD%98%E7%BB%AD%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5%E5%8F%8A%E5%81%BF%E5%80%BA%E8%83%BD%E5%8A%9B%E6%8C%87%E6%A0%87) The company has significant outstanding bonds; debt repayment capability improved with a **45.23% asset-liability ratio** and an EBITDA interest coverage ratio of **5.90** Outstanding Bonds as of the Approval Date of the Semi-Annual Report (Unit: RMB) | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dazhong Transportation (Group) Co., Ltd. 2023 Public Corporate Bonds (Tranche 1) | 23 Dazhong 01 | 115078 | 2023-03-16 | 2025-03-17 | 600,000,000.00 | 3.35 | | Dazhong Transportation (Group) Co., Ltd. 2024 Public Corporate Bonds for Professional Investors (Tranche 1) | 24 Dazhong 01 | 241483 | 2024-08-21 | 2027-08-22 | 1,000,000,000.00 | 2.19 | | Dazhong Transportation (Group) Co., Ltd. 2025 Public Corporate Bonds for Professional Investors (Tranche 1) | Dazhong 25 01 | 242388 | 2025-02-25 | 2028-02-26 | 900,000,000.00 | 2.20 | | Dazhong Transportation (Group) Co., Ltd. 2024 Second Tranche Super Short-term Commercial Paper | 24 Dazhong Jiao SCP002 | 012482099 | 2024-07-09 | 2025-03-07 | 500,000,000.00 | 2.02 | | Dazhong Transportation (Group) Co., Ltd. 2024 Third Tranche Super Short-term Commercial Paper | 24 Dazhong Jiao SCP003 | 012482098 | 2024-07-09 | 2025-03-07 | 500,000,000.00 | 2.02 | | Dazhong Transportation (Group) Co., Ltd. 2025 First Tranche Super Short-term Commercial Paper | 25 Dazhong Jiao SCP001 | 012580560 | 2025-03-04 | 2025-08-15 | 350,000,000.00 | 2.17 | | Dazhong Transportation (Group) Co., Ltd. 2025 Second Tranche Super Short-term Commercial Paper | 25 Dazhong Jiao SCP002 | 012580561 | 2025-03-04 | 2025-08-15 | 350,000,000.00 | 2.17 | | Dazhong Transportation (Group) Co., Ltd. 2022 First Tranche Medium-term Notes | 22 Dazhong Jiao MTN001 | 102280987 | 2022-04-26 | 2025-04-28 | 200,000,000.00 | 3.10 | | Dazhong Transportation (Group) Co., Ltd. 2023 First Tranche Green Medium-term Notes | 23 Dazhong Jiao MTN001 (Green) | 102380856 | 2023-04-11 | 2026-04-13 | 400,000,000.00 | 3.28 | | Dazhong Transportation (Group) Co., Ltd. 2025 First Tranche Medium-term Notes | 25 Dazhong Jiao MTN001 | 102581717 | 2025-04-17 | 2028-04-18 | 200,000,000.00 | 2.00 | Indicators Reflecting Issuer's Debt Repayment Capability | Key Indicator | End of Reporting Period / Current Period | End of Prior Year / Prior Year Period | | :--- | :--- | :--- | | Asset-Liability Ratio (%) | 45.23 | 46.63 | | EBITDA Interest Coverage Ratio | 5.90 | 5.30 | [Section III Significant Matters](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section confirms that no significant events impacting the company's operations occurred during the reporting period [3.1 Explanation of Significant Matters](index=6&type=section&id=3.1%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%AF%B4%E6%98%8E) No significant changes or events with a major impact on the company's operations occurred during the reporting period - During the reporting period, there were no significant changes in the company's operations, nor any matters with a major impact or expected future major impact on its operations[20](index=20&type=chunk)