证券之星消息，截至2025年9月5日收盘，北方国际(000065)报收于11.4元，上涨2.7%，换手率1.92%， 成交量18.7万手，成交额2.11亿元。 | 指标 | 北方国际 | 工程建设行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 122.14亿元 | 216.65亿元 | 19 67 | | 净资产 | 108.58亿元 | 522.98亿元 | 21 67 | | 净利润 | 3.09亿元 | 13.27亿元 | 20 67 | | 市盈率(动) | 19.77 | 13 | 22 67 | | 市净率 | 1.22 | 3.25 | 24 67 | | 毛利率 | 13.09% | 13.97% | 28 67 | | 净利率 | 4.48% | -2.92% | 18 67 | | ROE | 3.14% | 0.6% | 24 67 | 北方国际2025年中报显示，公司主营收入67.35亿元，同比下降35.34%；归母净利润3.09亿元，同比下 降42.71%；扣非净利润3.06亿元，同比下降42.02%；其中2025年第二季度，公司单季度 ...

Group 1 - The stock price of Northern International (000065) closed at 11.5 yuan on September 1, 2025, with an increase of 0.35% and a turnover rate of 1.65% [1] - The trading volume was 161,200 shares, with a total transaction amount of 185 million yuan [1] Group 2 - On September 1, the net inflow of main funds was 6.1987 million yuan, accounting for 3.35% of the total transaction amount [3][4] - The net inflow of speculative funds was 10.6243 million yuan, representing 5.75% of the total transaction amount [3][4] - Retail investors experienced a net outflow of 16.823 million yuan, which constituted 9.1% of the total transaction amount [3][4] Group 3 - The company has disclosed that it will adhere to regulatory requirements for reporting significant developments regarding the coal-fired power plant in Bangladesh [2] - The company has not provided specific information on the number of shareholders as of August 28, 2025, but stated that such information will be disclosed in accordance with regulations [2]

Company Performance - As of August 29, 2025, the stock price of Northern International (000065) closed at 11.46 yuan, down 5.99% from the previous week [1] - The company's total market capitalization is 12.278 billion yuan, ranking 6th in the professional engineering sector and 1553rd in the A-share market [1] - The company reported a year-on-year decline in performance for the first half of the year, primarily due to fluctuations in coking coal market prices [3] Project Updates - The Senj wind power project in Croatia generated 215 million kWh in the first half of the year, representing a 28% increase compared to the same period last year [6][7] - The Bosnian photovoltaic project has a post-tax internal rate of return of 9.68%, with a capital internal rate of return of 17.74% and a payback period of 8.85 years [6][7] - The company is focusing on market development in resource-rich countries in the Asia-Pacific, Central and Eastern Europe, the Middle East, and Central Asia, including Indonesia, Croatia, Bosnia, Uzbekistan, the UAE, and Egypt [6] Strategic Initiatives - The company has submitted an application for a private placement of shares, which has been accepted by the Shenzhen Stock Exchange and is pending approval from the China Securities Regulatory Commission [2][7] - The company emphasizes compliance and steady development, aiming to enhance operational quality and core competitiveness while maintaining investor communication [3][4] - The "Belt and Road" initiative provides clear policy support and long-term direction for the international engineering industry, with a focus on green and intelligent project management and construction [8]

该股主要指标及行业内排名如下： 8月29日的资金流向数据方面，主力资金净流出580.78万元，占总成交额3.15%，游资资金净流入936.94 万元，占总成交额5.08%，散户资金净流出356.17万元，占总成交额1.93%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净流入 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-29 | 11.46 -0.61% | | -580.78万 | -3.15% | 936.94万 | 5.08% | -356.17万 | -1.93% | | 2025-08-28 | 11.53 -0.26% | | -1176.56万 | -4.32% | 176.00万 | 0.65% | 1000.56万 | 3.67% | | 2025-08-27 | 11.56 -2.86% | | -3426.07万 | -8.56% | 1327.97万 | 3.32% | 2098.10万 | 5.24 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a revenue of 6.7 billion yuan for H1 2025, a year-on-year decrease of 35%, with a net profit attributable to shareholders of 310 million yuan, down 43% year-on-year. The second quarter of 2025 saw revenues, net profit, and net profit excluding non-recurring items of 3.1 billion, 130 million, and 130 million yuan, respectively, reflecting year-on-year declines of 43%, 52%, and 51% [5][13] - The company is facing pressure on its revenue due to weak trading volumes and prices for coking coal in H1 2025. The trading volume of coking coal was 2.22 million tons, compared to 3.16 million tons in H1 2024. The company is focusing on its integrated investment and operation model, with projects in Mongolia and Croatia as benchmarks for its ongoing transformation [14][16] - There are signs of improvement in coking coal prices in H2 2025, which may provide better profit elasticity. The current price corresponds to a PE ratio of 10x for 2025, maintaining the "Buy" rating [16] Summary by Sections Financial Performance - In H1 2025, the company's revenue was 6.7 billion yuan, down 35% year-on-year, with a net profit of 310 million yuan, down 43% year-on-year. The second quarter figures were 3.1 billion yuan in revenue, 130 million yuan in net profit, and 130 million yuan in net profit excluding non-recurring items, reflecting year-on-year declines of 43%, 52%, and 51% respectively [5][13] - The company’s gross margin for H1 2025 was 13.1%, with a year-on-year increase of 3.1 percentage points. The gross margins for engineering, resource equipment supply chain, and power operations were 17.4%, 0.7%, and 70.5%, respectively [15] Business Transformation - The company is steadily advancing its integrated investment and operation model, with significant projects such as the Mongolia mining integration project and the Croatia wind power project. The transformation is ongoing and is expected to enhance profitability [16] Future Outlook - The company forecasts revenues of 20.8 billion, 22.7 billion, and 24.7 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 9% for each year. The net profit attributable to shareholders is expected to be 1.2 billion, 1.3 billion, and 1.4 billion yuan for the same years, with growth rates of 14%, 9%, and 8% respectively [16][17]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to weak coking coal prices and trade volumes, but maintains a positive outlook on its transformation and future profitability potential [1][2][4]. Financial Performance - In H1 2025, the company's revenue was 6.7 billion yuan, down 35% year-over-year (yoy), with a net profit attributable to shareholders of 310 million yuan, down 43% yoy [1]. - For Q2 2025, revenue, net profit, and net profit excluding non-recurring items were 3.1 billion yuan, 130 million yuan, and 130 million yuan, respectively, reflecting yoy declines of 43%, 52%, and 51% [1]. Revenue Breakdown - The company's coking coal sales volume in H1 2025 was 2.22 million tons, compared to 3.16 million tons in H1 2024, indicating a significant decrease [2]. - Revenue from engineering, resource equipment supply chain, and power operations in H1 2025 decreased by 25%, 51%, and increased by 55% to 3.1 billion yuan, 2.66 billion yuan, and 330 million yuan, respectively [2]. - The increase in power operations revenue is attributed to better performance from the Croatia wind power project, with generation volumes increasing by 21% yoy [2]. Profitability Metrics - The company's overall gross margin improved by 3.1 percentage points to 13.1% in H1 2025, with specific margins for engineering, resource equipment supply chain, and power operations at 17.4%, 0.7%, and 70.5%, respectively [3]. - The increase in gross margin is linked to changes in revenue structure and improved profitability of certain projects, such as the Croatia wind power project [3]. - However, the net profit margin decreased by 0.6 percentage points to 4.6% in H1 2025 due to rising fixed costs and reduced foreign exchange contributions [3]. Future Outlook - The company expects revenues of 20.8 billion yuan, 22.7 billion yuan, and 24.7 billion yuan for 2025, 2026, and 2027, respectively, with a consistent growth rate of 9% yoy [4]. - Net profits are projected to be 1.2 billion yuan, 1.3 billion yuan, and 1.41 billion yuan for the same years, reflecting growth rates of 14%, 9%, and 8% yoy [4]. - The company is advancing its integrated investment and operation model, with key projects in Mongolia and Croatia serving as benchmarks for its transformation [4]. - Recent improvements in coking coal prices since H2 2025 may provide better profit elasticity, supporting a "buy" rating with a projected PE of 10x for 2025 [4].

Core Viewpoint - The company held an investor relations meeting to address key questions regarding project progress, stock issuance, and performance amidst market fluctuations [2][3]. Group 1: Project Progress - Investors inquired about the status of major projects including the Egypt Alexandria Abu Qir Metro, Abu Dhabi KENT Camp, Bangladesh coal-fired power plant EPC, and Bosnia Komany Mountain photovoltaic project, with the company directing them to the latest half-year report for detailed updates [2]. - The company confirmed that it has not received any notifications from the controlling shareholder regarding participation in the China North Industries Group restructuring [4]. Group 2: Stock Issuance - The company reported that it submitted the application for a targeted stock issuance on July 3, 2025, and received an inquiry letter from the Shenzhen Stock Exchange on July 14, 2025, indicating that the process is still subject to approval [2]. - The stock issuance plan has been approved by the board and shareholders, and changes to the pricing model are not permissible under current circumstances [2]. Group 3: Stock Performance and Market Conditions - The company's stock has experienced a decline for seven consecutive trading days since August 18, 2025, despite a robust market environment with a trading volume of 3.14 trillion yuan on August 25, 2025 [3]. - The company emphasized that short-term stock price fluctuations do not reflect its long-term value, attributing the decline to macroeconomic factors, industry trends, and market sentiment [3]. Group 4: Financial Performance - The company reported a decline in performance for the first half of the year, primarily due to fluctuations in coking coal prices impacting profits [3]. - The company remains optimistic about its operations for the third quarter and the full year, committing to transparent information disclosure [3]. Group 5: Strategic Focus - The company is focusing on post-conflict reconstruction opportunities related to the Russia-Ukraine conflict, leveraging its international engineering contracting and clean energy experience [3]. - The company is targeting markets rich in resources and potential synergies, including Asia-Pacific, Central and Eastern Europe, and the Middle East [4]. - The international engineering industry is trending towards green and intelligent solutions, with companies capable of providing comprehensive lifecycle services expected to gain more opportunities [4].

感谢您的关注。公司上半年业绩同比有所下滑，主要原因是 受焦煤市场价格波动等因素影响，短期内对利润带来一定压力。 公司整体经营运行稳健，经营质量逐步提升，董事会及管理层将 继续推动海外重点市场拓展，不断提升经营效益和盈利能力，以 长期稳健的发展回报广大投资者。 证券代码： 000065 证券简称：北方国际 北方国际合作股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称 | 投资者网上提问 | | 时间 | 年 月 日 (周二) 下午 2025 8 26 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 公司董事长、党委书记纪巍，董事、总经理、党委副书记单钧， | | 员姓名 | 独立董事宋东升，董事会秘书、财务总监倪静 | | | 投 ...

金融界消息 截至2025年8月25日收盘，北方国际（000065）报收于12.02元，下跌1.39%，换手率 3.51%，成交量34.25万手，成交金额4.12亿元。 通过天眼查大数据分析，北方国际合作股份有限公司共对外投资了9家企业，参与招投标项目44次，专 利信息134条，此外企业还拥有行政许可8个。 来源：金融界 北方国际最新一期业绩显示，截至2025中报，公司营业总收入67.35亿元、同比减少35.34%，归属净利 润3.09亿元，同比减少42.71%，扣非净利润3.06亿元，同比减少42.02%，流动比率1.302、速动比率 1.181、资产负债率56.24%。 天眼查商业履历信息显示，北方国际合作股份有限公司，成立于1986年，位于北京市，是一家以从事土 木工程建筑业为主的企业。企业注册资本100170.3219万人民币，实缴资本25340.1907万人民币。公司法 定代表人为纪巍。 资金流向方面，今日主力资金净流出5123.99万元，占比成交额12.44%。其中，超大单净流出2234.24万 元、占成交额5.43%，大单净流出2889.75万元、占成交额7.02%，中单净流出流入2702.29万 ...

分析师及联系人 [Table_Author] 公司研究丨点评报告丨北方国际（000065.SZ） [Table_Title] 焦煤价格拖累公司业绩表现，电力运营增长显著 报告要点 [Table_Summary] 公司上半年实现营业收入 67.35 亿元，同比减少 35.34%；归属净利润 3.09 亿元，同比减少 42.71%；扣非后归属净利润 3.06 亿元，同比减少 42.02%。 丨证券研究报告丨 SAC：S0490520080022 SAC：S0490522060005 SAC：S0490525070008 SAC：S0490525080003 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 张弛 张智杰 袁志芃 龚子逸 北方国际（000065.SZ） cjzqdt11111 [Table_Title 焦煤价格拖累公司业绩表现，电力运营增长显 2] 著 [Table_Summary2] 事件描述 公司上半年实现营业收入 67.35 亿元，同比减少 35.34%；归属净利润 3.09 亿元，同比减少 42.71%；扣非后归属净利润 3 ...