证券之星价投圈财报分析工具显示： 业务评价：公司去年的ROIC为6%，历来资本回报率一般。去年的净利率为4.3%，算上全部成本后，公 司产品或服务的附加值不高。从历史年报数据统计来看，公司近10年来中位数ROIC为6.61%，中位投资 回报较弱，其中最惨年份2020年的ROIC为5.6%，投资回报一般。公司历史上的财报相对一般。 偿债能力：公司现金资产非常健康。 据证券之星公开数据整理，近期隧道股份（600820）发布2025年中报。截至本报告期末，公司营业总收 入220.21亿元，同比下降21.48%，归母净利润7.27亿元，同比下降7.4%。按单季度数据看，第二季度营 业总收入114.71亿元，同比下降17.56%，第二季度归母净利润3.96亿元，同比上升15.86%。本报告期隧 道股份短期债务压力上升，流动比率达0.92。 本次财报公布的各项数据指标表现一般。其中，毛利率15.39%，同比增3.03%，净利率3.31%，同比增 9.59%，销售费用、管理费用、财务费用总计16.13亿元，三费占营收比7.33%，同比增20.46%，每股净 资产9.75元，同比增5.74%，每股经营性现金流-1.18元，同 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's revenue from its main construction business has declined, but investment income has supported performance improvement in Q2 [1] - The company reported a 21.47% year-on-year decline in revenue for the first half of 2025, with a net profit decrease of 7.40% [8] - Despite the decline in construction revenue, new contract signing remains stable, with a slight increase of 0.18% in new orders for the first half of 2025 [8] - The company expects net profit for 2025-2027 to be 2.902 billion, 3.060 billion, and 3.324 billion yuan respectively, corresponding to PE ratios of 6.9, 6.5, and 6.0 [8] Financial Performance Summary - For the first half of 2025, the company achieved revenue of 22.021 billion yuan, down 21.47% year-on-year, and a net profit of 727 million yuan, down 7.40% year-on-year [8] - The second quarter alone saw revenue of 11.471 billion yuan, a decrease of 17.56% year-on-year, but net profit increased by 15.86% to 396 million yuan [8] - The company plans to distribute a cash dividend of 252 million yuan for the first half of 2025, with a cash dividend ratio of approximately 34.61% [8] - The company's sales gross margin for the first half of 2025 was 15.39%, an increase of 0.45 percentage points year-on-year [8] - Investment income significantly increased by 196.56% to 307 million yuan, accounting for 1.40% of revenue [8] Revenue and Profit Forecast - Projected revenue for 2025 is 68.371 billion yuan, with a slight decline of 0.6% year-on-year, followed by a growth of 2.3% in 2026 and 5.3% in 2027 [7] - The expected net profit for 2025 is 2.902 billion yuan, with a growth forecast of 2.1% in 2025, 5.5% in 2026, and 8.6% in 2027 [7]

公司报告 | 半年报点评 隧道股份（600820） 证券研究报告 运营业务增速亮眼，投资收益增厚利润 收入、业绩短暂承压，面向市场推出交通大模型方案 25H1 实现收入 220.2 亿，同比-21.5%，归母净利润为 7.3 亿，同比-7.4%， 扣非净利润为 6.8 亿，同比+0.2%；单季度看，Q2 实现收入 114.7 亿，同比 -17.6%，归母净利润为 4.0 亿，同比+15.9%，Q2 业绩较好主要系投资收益 同比增加 5.5 亿以及减值损失同比减少。公司数字集团以智能交通、城建 信息两大专业子公司为核心布局新兴业务，聚焦数字化转型需求。公司孵 化战略性人工智能科技企业，参股成立了中城交（上海）科技有限公司， 深度整合交通领域的数据、先进算法以及各类优质资源，面向市场推出基 于交通大模型的一站式解决方案，以多模态、低成本、本地化部署的核心 优势，为交通行业提供大模型应用及数据增值服务。上半年现金分红为 2.5 亿，分红比例为 38%。我们预计 25-27 年归母净利润为 31、33.7、37.1 亿， 对应 PE 为 6.5、5.9、5.4 倍，维持"买入"评级。 运营业务增速亮眼，省外多区域实现 ...

8月27日隧道股份发布2025半年度分配预案，拟10派0.8元（含税），预计派现金额合计为2.52亿元。派 现额占净利润比例为34.61%，这是公司上市以来，累计第29次派现。 公司上市以来历次分配方案一览 按申万行业统计，隧道股份所属的建筑装饰行业共有14家公司公布了2025半年度分配方案，派现金额最 多的是中国化学，派现金额为6.11亿元，其次是隧道股份、亚翔集成，派现金额分别为2.52亿元、2.13 亿元。（数据宝） 2025半年度建筑装饰行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 601117 | 中国化 学 | 0.00 | 1 | 61068.77 | 19.69 | 1.34 | | 600820 | 隧道股 份 | 0.00 | 0.8 | 25152.77 | 34.61 | 1.29 | | 603929 | 亚翔集 成 | 0.00 | 10 | ...

2025年8月28日，隧道股份(600820.SH)发布2025年中报。 公司营业总收入为220.21亿元，在已披露的同业公司中排名第1，较去年同报告期营业总收入减少60.22 亿元，同比较去年同期下降21.47%。归母净利润为7.27亿元，在已披露的同业公司中排名第1，较去年 同报告期归母净利润减少5808.86万元，同比较去年同期下降7.40%。经营活动现金净流入为-37.10亿 元，在已披露的同业公司中排名第23，较去年同报告期经营活动现金净流入增加5195.51万元。 公司最新资产负债率为76.04%，在已披露的同业公司中排名第18，较上季度资产负债率增加0.28个百分 点，较去年同期资产负债率减少2.03个百分点。 公司摊薄每股收益为0.21元，在已披露的同业公司中排名第2，较去年同报告期摊薄每股收益减少0.04 元，同比较去年同期下降16.00%。 公司最新总资产周转率为0.13次，在已披露的同业公司中排名第9，较去年同期总资产周转率减少0.05 次，同比较去年同期下降26.34%。最新存货周转率为12.85次，较去年同期存货周转率减少8.04次，同 比较去年同期下降38.49%。 公司股东户数为 ...

Core Insights - Tunnel Corporation (600820.SH) reported a revenue of 22.021 billion yuan for the first half of 2025, representing a year-on-year decline of 21.47% [1] - The net profit attributable to shareholders of the listed company was 727 million yuan, down 7.40% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 680 million yuan, showing a slight increase of 0.21% year-on-year [1] - Basic earnings per share stood at 0.21 yuan [1]

Core Viewpoint - The Shanghai Tunnel Engineering Co., Ltd. reported a decrease in revenue and profit for the first half of 2025, with a focus on maintaining operational stability and exploring new business opportunities in infrastructure and digital solutions [1][2]. Financial Performance - The company's total revenue for the first half of 2025 was approximately 22.02 billion RMB, a decrease of 21.47% compared to the same period last year [2]. - The total profit for the period was approximately 1.02 billion RMB, down 17.71% year-on-year [2]. - The net profit attributable to shareholders was approximately 680.15 million RMB, showing a slight increase of 0.21% [2]. - The company proposed a cash dividend of 0.80 RMB per 10 shares, amounting to a total distribution of approximately 251.53 million RMB, which is 37.71% of the net profit [1]. Business Segments - The company operates in various sectors, including infrastructure construction, design services, and urban operations [3][4]. - The construction segment generated approximately 18.56 billion RMB in revenue, with a gross margin of 11.13%, but saw a decrease in revenue by 24.01% year-on-year [3]. - The design services segment reported revenue of approximately 526.31 million RMB, down 26.49% from the previous year [3]. - The infrastructure operation business generated approximately 1.52 billion RMB, with a gross margin increase of 21.91% [3]. Strategic Initiatives - The company is actively involved in PPP and BOT projects, with 52 ongoing projects in various stages of development [4][5]. - The company has established a digital information division that focuses on smart city solutions and digital infrastructure management [6][7]. - The company is also expanding its financing leasing and factoring services, targeting the infrastructure sector [8][9]. Market Position and Competitiveness - The company has a strong market presence in the construction and design of large-scale infrastructure projects, including tunnels and railways, with over 32 major tunnel projects completed [4][10]. - The company has received numerous patents and awards for its innovative technologies in tunnel construction and safety management [15]. - The company aims to enhance its competitive edge through digital transformation and the integration of advanced technologies in its operations [11][12].

Core Viewpoint - Shanghai Tunnel Engineering Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's operational performance [1]. Financial Performance - Total assets decreased from CNY 172.74 billion at the end of the previous year to CNY 170.94 billion, a decline of 1.04% [1]. - Operating revenue fell by 21.47%, from CNY 28.04 billion to CNY 22.02 billion [1]. - Total profit decreased by 17.71%, from CNY 1.24 billion to CNY 1.02 billion [1]. - Net profit attributable to shareholders decreased to CNY 680.15 million, showing a slight increase from CNY 678.75 million in the previous year [1]. - The company proposed a cash dividend of CNY 0.80 per 10 shares, amounting to a total distribution of CNY 251.53 million, which is 37.71% of the net profit for the period [1]. Shareholder Information - The total number of shareholders as of the report date was 99,977 [2]. - Major shareholders include Shanghai Urban Construction Group Co., Ltd. with a 31.28% stake and Shanghai Guosheng Group Co., Ltd. with a 7.39% stake [2]. Debt and Financial Ratios - The company has issued various bonds, including a public offering of perpetual corporate bonds [5][6]. - The debt-to-asset ratio was reported at 76.04%, slightly improved from 77.20% in the previous year [6]. - EBITDA interest coverage ratio increased to 3.04 from 2.94, indicating improved ability to cover interest expenses [6].

证券代码：600820 股票简称：隧道股份 编号：临 2025-035 债券代码：115633 债券简称：23 隧道 K1 债券代码：115902 债券简称：23 隧道 K2 上海隧道工程股份有限公司 第十届监事会第十八次会议决议公告 证券交易所的各项规定，所包含的信息能从各个方面真实地反映出公 司 2025 年上半年的经营管理和财务状况等事项； 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●本次监事会全体监事出席。 ●本次监事会无监事对会议审议议案投反对或弃权票情形。 ●本次监事会审议议案全部获得通过。 一、监事会会议召集、召开情况 上海隧道工程股份有限公司第十届监事会第十八次会议，于 2025 年 8 月 15 日以电子邮件方式发出会议通知，并进行了电话确认，于 监事 3 名，实到 3 名，会议由监事会主席田赛男女士主持。本次会议 的召集、召开符合法律、法规和《公司章程》的规定。 二、监事会会议审议情况 （一）《公司 2025 年半年度报告》全文及摘要（该项议案同意票 3 票，反对票 0 票，弃权 ...

证券代码：600820 证券简称：隧道股份 公告编号：临 2025-036 债券代码：115633 债券简称：23 隧道 K1 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●每股分配比例 每股派发现金红利 0.08 元（含税） ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。截至 2025 年 6 月 30 日公司 总股本为 3,144,096,094 股。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分红比例，并将另行公告具体调整情况。 一、利润分配预案内容 上海隧道工程股份有限公司（简称"公司"）2025 年半年度共实 现归属于上市公司普通股股东的净利润 667,016,872.11 元，截至 债券代码：115902 债券简称：23 隧道 K2 上海隧道工程股份有限公司 经公司第十届董事会第四十八次会议审议通过，公司 2025 年半 年度拟以实施权益分派股权登记日登记的总股本 3,144,096,094 股为 ...