重庆建工集团股份有限公司2025 年半年度报告 公司代码：600939 公司简称：重庆建工 重庆建工集团股份有限公司 2025 年半年度报告 1 / 204 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人孙立东、主管会计工作负责人黄子俊及会计机构负责人（会计主管人员）黄平 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告存在一些基于对未来政策和经济走势的主观假设和判断而做出的预见性陈述，受诸多 可变因素影响，实际结果或趋势可能会与这些预见性陈述出现差异。 重庆建工集团股份有限公司2025 年半年度报告 重要提示 否 十、 重大风险提示 公司已在本报告中描述存在的风险因素，敬请查阅本报告"第三节 管理层讨论与分析"之"五、 其他披露事项"之"（一）可能面对的风险"。 十一、 其他 本报告 ...

| 证券代码：600939 | 证券简称：重庆建工 | 公告编号：临 2025-088 | | --- | --- | --- | | 转债代码：110064 | 转债简称：建工转债 | | | 债券代码：254104 | 债券简称：24 渝建 01 | | 重庆建工集团股份有限公司 关于 2025 年半年度报告的修订公告 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。 重庆建工集团股份有限公司（以下简称"公司"）于 2025 年 8 月 25 日披 露了《重庆建工 2025 年半年度报告》。经核查，前述报告中"股东情况"和"报 告期转债持有人及担保人情况"中有关股东总数、前十名股东持股情况及期 末转债持有人数填报有误，现对相关内容修订如下： 修订前： 二、股东情况 (一) 股东总数： | 截至报告期末普通股股东总数(户) | 45,982 | | --- | --- | | 截至报告期末表决权恢复的优先股股东总数（户） | 不适用 | (二) 截至报告期末前十名股东、前十名流通股东（或无限售条件股东）持股情况表 单位： ...

Core Viewpoint - Chongqing Construction reported a decline in revenue and net profit for the first half of 2025, primarily due to challenges in the construction industry, including project delays and increased competition [1][2] Financial Performance - The company achieved total revenue of 14.361 billion yuan, with a net profit attributable to shareholders of -249 million yuan and a non-recurring net profit of -265 million yuan, resulting in a basic earnings per share of -0.1309 yuan [1] - The gross profit margin decreased from 6.01% in the same period last year to 4.67%, a decline of 1.34 percentage points [1] - The company recorded credit impairment losses and asset impairment losses totaling 96.2531 million yuan, which reduced net profit by approximately 81.4359 million yuan [1] - Total expenses for the first half were 720 million yuan, a decrease of 118 million yuan year-on-year, with an expense ratio of 5.01%, down 0.36 percentage points [1] Market Expansion and Contracts - The company signed 325 engineering contracts in the first half, with a total contract value of 24.271 billion yuan [2] - It capitalized on opportunities from the Chengdu-Chongqing economic circle and the Belt and Road Initiative, securing contracts worth 12.763 billion yuan, accounting for 52.59% of the total [2] - Contracts with local governments and state-owned enterprises amounted to 11.508 billion yuan, representing 47.41% of the total [2] - The company is involved in significant projects such as the Chongqing Rail Transit Line 7 and various urban development projects, which are expected to support future revenue growth [2] Industry Recognition and Support - Chongqing Construction ranks among the Fortune China 500, with operations across all provinces and regions in China and over 20 countries globally [3] - The company has received numerous national awards, including 28 Luban Awards and 6 Zhan Tianyou Awards, enhancing its reputation in the industry [3] - The company and its subsidiaries are included in the Chongqing Public Resource Trading Management Bureau's red list, benefiting from reduced guarantee deposits for bidding and performance [3]

Market Overview - The housing construction sector experienced a decline of 2.59% on August 27, with Longyuan Construction leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Stock Performance - Key stocks in the housing construction sector showed the following closing prices and changes: - Ningbo Construction: 5.60, -0.18% - Shaanxi Construction: 3.93, -2.24% - Shanghai Construction: 2.43, -2.41% - China State Construction: 5.56, -2.63% - Zhejiang Construction Investment: 9.56, -2.65% - Chongqing Construction: 3.55, -2.74% - Gaoxin Development: 58.66, -3.11% - Longyuan Construction: 3.60, -3.74% [1] Capital Flow - The housing construction sector saw a net outflow of 494 million yuan from main funds, while retail funds had a net inflow of 302 million yuan [1] - The following table summarizes the capital flow for key stocks: - Ningbo Construction: Main funds - 15.94 million, Retail - -7.21 million - Shanghai Construction: Main funds - -15.83 million, Retail - 3.49 million - Chongqing Construction: Main funds - -16.65 million, Retail - 16.89 million - Shaanxi Construction: Main funds - -17.75 million, Retail - 12.01 million - Longyuan Construction: Main funds - -20.08 million, Retail - 14.22 million - Zhejiang Construction Investment: Main funds - -22.32 million, Retail - 20.19 million - Gaoxin Development: Main funds - -57.68 million, Retail - 58.94 million - China State Construction: Main funds - -36.02 million, Retail - 18.47 million [2]

据证券之星公开数据整理，近期重庆建工（600939）发布2025年中报。截至本报告期末，公司营业总收 入143.61亿元，同比下降8.0%，归母净利润-2.49亿元，同比下降1221.41%。按单季度数据看，第二季度 营业总收入74.08亿元，同比下降9.57%，第二季度归母净利润-2.06亿元，同比下降224.54%。本报告期 重庆建工短期债务压力上升，流动比率达0.95。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率4.67%，同比减22.33%，净利率-1.73%， 同比减1423.54%，销售费用、管理费用、财务费用总计6.73亿元，三费占营收比4.69%，同比减6.44%， 每股净资产4.14元，同比减1.39%，每股经营性现金流-0.8元，同比增5.23%，每股收益-0.13元，同比减 841.73% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 156.1亿 | 143.61 Z | -8.00% | | 归母净利润(元) | -1884.26万 | -2.49 Z | -1221.41 ...

Market Performance - The housing construction sector increased by 1.81% on August 25, with Longyuan Construction leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Stock Performance - Longyuan Construction (600491) closed at 3.79, up 4.99% with a trading volume of 1.007 million shares and a transaction value of 3.77 billion [1] - China State Construction (601668) closed at 5.72, up 2.14% with a trading volume of 3.6033 million shares and a transaction value of 20.49 billion [1] - Shanghai Construction (600170) closed at 2.49, up 1.63% with a trading volume of 3.2221 million shares and a transaction value of 800 million [1] - Other notable stocks include Chongqing Construction (600939) at 3.68, up 1.10%, and Ningbo Construction (601789) at 5.59, up 0.90% [1] Capital Flow - The housing construction sector experienced a net outflow of 65.489 million from institutional investors and 88.5866 million from speculative funds, while retail investors saw a net inflow of 154 million [1] - Longyuan Construction had a net inflow of 44.4392 million from institutional investors, but a net outflow of 14.0409 million from speculative funds [2] - China State Construction had a net inflow of 17.3696 million from institutional investors, with a significant net outflow of 88.4449 million from speculative funds [2]

Core Viewpoint - The article emphasizes the ongoing efforts to combat corruption in state-owned enterprises (SOEs) in Chongqing, highlighting systematic measures taken by the local disciplinary inspection and supervision authorities to address issues such as improper subsidies, gift acceptance, and other misconduct [3][13]. Group 1: Anti-Corruption Measures - The Chongqing Municipal Commission for Discipline Inspection and Supervision is focusing on the SOE sector, implementing a closed-loop approach to address corruption and improve work ethics [3]. - A total of 63 district-level SOEs were investigated, uncovering 274 issues and leading to 14 cases being filed and 16 individuals receiving disciplinary actions [3][6]. - The authorities are integrating anti-corruption efforts with reform, system improvement, and governance to create a comprehensive approach to tackling misconduct in SOEs [3][11]. Group 2: Monitoring and Reporting Mechanisms - The "Code Reporting" platform has been established to enhance public reporting of misconduct, leading to investigations into high-interest borrowing practices by SOEs [5]. - A digital monitoring system for SOE funds has been developed to identify potential risks and unusual transactions, enhancing the detection of corruption [6][8]. - Collaboration with various departments is emphasized to broaden the sources of problem leads, ensuring effective oversight and enforcement [5][7]. Group 3: Case Studies and Enforcement Actions - Significant cases include the investigation of a former executive at Chongqing Construction Group, which utilized audit results to uncover complex corruption schemes [6][10]. - The article details multiple cases of corruption involving SOE officials, with severe penalties including expulsion from the party and imprisonment for those found guilty [9][10]. - The authorities are committed to a dual approach of investigating both bribery and corruption, ensuring accountability for all parties involved [10][11]. Group 4: Systematic Improvements and Governance - The article discusses the establishment of mechanisms for continuous monitoring and improvement of internal controls within SOEs, with 29 new regulations implemented [12]. - The focus is on creating a "clean SOE" brand through enhanced governance and risk management practices, ensuring transparency and accountability in operations [12][13]. - The Chongqing Municipal Commission for Discipline Inspection and Supervision is dedicated to maintaining a "zero tolerance" stance towards corruption, reinforcing the need for systemic reforms [13].

| | | 0010 12 | | | | --- | --- | --- | --- | --- | | | 好用上百28 | 轻频频 | | | | AID | MERCERE | 重成工 | 400939 | -1-12 11 | | | | 00011600 | | | 1.3公司全体董事出席董事会会议。 | 1.40 | · NA BER | 219.30 | | | --- | --- | --- | --- | | | | 90684 | 1.90.905 | | | 本科技图 | -14-2 21204 | | | ENTER FID SERVE | | .0.56 | 2 | | | | | 100 Bir 191 | | 最后人就留言方式 | 高雄会赋书: | 区价格局代表 | | --- | --- | --- | | 112.2. | | | | | (21-6)621420. | 023-63011526 | | み分析址 | | 文章 图片文出版 图 图片文 | | (关闭) | BOD WATERS | edoliveg.co | | | 水泥与原因 | 上非度流 | 本及高精神 ...

Core Viewpoint - Chongqing Construction's financial performance in the first half of 2025 shows significant pressure, with a notable decline in revenue and profit, indicating ongoing challenges in the construction and decoration industry [1][3]. Financial Performance - The company reported a revenue of 14.361 billion yuan, a year-on-year decrease of 8.0% [1]. - The net profit attributable to shareholders was -249 million yuan, a staggering year-on-year decline of 1221.41% [1]. - The second quarter net profit was -206 million yuan, reflecting a quarter-on-quarter change of -379.43% [1]. Profitability Indicators - The net profit margin fell from -0.11% in the first half of 2024 to -1.73% in 2025 [3]. - The return on equity decreased to -3.21%, down 2.99 percentage points year-on-year [3]. - The gross profit margin declined from 6.02% to 4.67% over the same period [3]. Operational Efficiency - The inventory turnover days increased to 108.17 days, up 3.99% from the first half of 2024, indicating reduced operational efficiency [6]. - The net cash flow from operating activities was -1.524 billion yuan, showing slight improvement from -1.608 billion yuan in the previous year but still indicating cash flow stress [6]. - The debt-to-asset ratio reached 90.64%, an increase of 0.75 percentage points year-on-year, suggesting a growing debt burden [6]. Institutional Investment - As of the first half of 2025, only one institutional investor held shares in Chongqing Construction, a significant decrease from 18 in the same period of 2024, reflecting diminished confidence among institutional investors [8]. - The company's market capitalization peaked at 41.697 billion yuan on March 23, 2017, and currently stands at 6.923 billion yuan, indicating a required stock price increase of 502.34% to reach its historical high [8].

Group 1 - The company held its 47th Supervisory Board meeting on August 22, 2025, with all 6 supervisors present [1] - The meeting approved the company's 2025 semi-annual report and summary with unanimous votes [1] - The meeting also approved the proposal for asset impairment provision for the first half of 2025, again with unanimous votes [2] Group 2 - The proposal to amend the company's articles of association was approved, pending submission to the shareholders' meeting for further review [2]