Group 1 - The stock price of the company is 12.19 yuan, down 0.06 yuan or 0.49% from the previous trading day, with a trading volume of 277,565 hands and a transaction amount of 336 million yuan [1] - The company operates in four main business areas: engineering construction and services, resource supply chain, power operation, and industrial manufacturing [1] - In the first half of the year, the company made breakthroughs in mid-to-high-end markets in Egypt and the UAE, signing multiple international projects including the Alexandria Abu Qir Metro vehicle project in Egypt [1] Group 2 - The company’s wind power project in Croatia generated 215 million kWh in the first half of the year, while the gold mining project in Nigeria produced 40,300 ounces of gold [1] - The company reported a revenue of 6.735 billion yuan in the first half of the year, a year-on-year decrease of 35.34%, and a net profit attributable to shareholders of 309 million yuan, down 42.71% year-on-year [1] - The net cash flow from operating activities improved significantly to 147 million yuan [1] Group 3 - The total balance of external guarantees by the company and its subsidiaries is 10.969 billion yuan, accounting for 115.96% of the most recent audited net assets [1]

Group 1 - The company, Beifang International, clarified on August 22 that its main business includes engineering construction and services, resource supply chain, power operation, and industrial manufacturing, and does not involve military trade services [2]

Core Insights - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 6.735 billion yuan, down 35.34% year-on-year, and net profit at 309 million yuan, down 42.71% year-on-year [1][2] Business Performance - The company's main business segments include engineering construction and services, resource supply chain, power operation, and industrial manufacturing [1] - The company leveraged its brand advantage in major projects and focused on collaborative development, achieving breakthroughs in mid-to-high-end markets such as Egypt and the UAE [1] Major Projects - Key signed and effective projects in the first half include: - Alexandria Abu Qir Metro Vehicle Project in Egypt valued at 288 million USD - Lamikayuan Network Integration Project in Congo valued at 66.6 million USD - Komanyeshan 125MW Photovoltaic Project in Bosnia valued at 81.73 million USD - MBJ Comprehensive Infrastructure Project in Indonesia valued at 77.11 million USD - KENT Housing Project in Abu Dhabi valued at 10.86 million USD [1] Operational Projects - Six operational projects showed stable performance and quality, contributing significantly to the annual goals [2] - The brand advantage of operational projects has positively impacted market development and project acquisition in local and neighboring countries [2] - Specific project highlights include: - Mongolia Integrated Mining Project with 19.9 million cubic meters mined and 2 million tons transported - Croatia Sini Wind Power Project generating 215 million kWh and completing maintenance on 8 wind turbines - Nigeria Gold Mine Project achieving a 3% higher equipment operation rate and processing 15% more ore, producing 40,300 ounces of gold [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company faced operational pressure in H1 2025 due to declining coking coal prices, but the focus on the coking coal business's elasticity is emphasized under the anti-involution policy [1] - The company achieved revenue of 6.735 billion in H1 2025, a year-on-year decrease of 35.34%, and a net profit attributable to the parent company of 309 million, down 42.71% [1] - The company is expected to benefit from the operational performance of ongoing projects, particularly the Bangladesh coal-fired power plant, which is anticipated to start contributing operational revenue this year [1] - The overall coking coal prices have shown signs of recovery since Q3, which is expected to enhance profit elasticity in the company's coking coal business [1] - The company maintains a positive outlook on its integrated investment and operation business development prospects, forecasting net profits attributable to the parent company of 1.12 billion, 1.24 billion, and 1.4 billion for 2025-2027 [1] Financial Performance Summary - In H1 2025, the revenue from various business segments was as follows: Engineering Construction and Services 3.1 billion, Resource Equipment Supply Chain 2.66 billion, Power Operations 330 million, and Industrial Manufacturing 620 million, with respective year-on-year changes of -24.9%, -50.9%, +55.2%, and -0.9% [2] - The overall gross margin for H1 2025 was 13.09%, an increase of 3 percentage points year-on-year, with Q2 gross margin at 13.15%, up 2.63 percentage points [2] - The company signed new contracts worth 402 million USD in H1 2025, a decrease of 44.76% year-on-year, while efforts to explore emerging markets have yielded breakthroughs in Egypt and the UAE [2] - The company's cash flow from operations (CFO) improved to 147 million in H1 2025, an increase of 531 million year-on-year, primarily due to a reduction in the maturity of large acceptance bills compared to the previous year [3] Financial Data and Valuation - The projected financial data for the company from 2023 to 2027 includes revenue growth rates of 59.96% in 2023, -11.21% in 2024, and positive growth in subsequent years [4] - The estimated net profit attributable to the parent company is forecasted to be 918.06 million in 2023, increasing to 1.399 billion by 2027, with corresponding growth rates of 44.35%, 14.32%, and 12.97% [4] - The company's price-to-earnings (P/E) ratio is projected to decrease from 14.30 in 2023 to 9.38 in 2027, indicating an improving valuation over time [4]

Group 1 - The company, Beifang International (000065.SZ), stated that its main business includes engineering construction and services, resource supply chain, power operation, and industrial manufacturing [1] - The company does not engage in military trade services [1]

Revenue Composition - In the first half of 2025, the revenue composition of Northern International is as follows: Engineering construction and services account for 46.02%, goods trade for 39.54%, metal packaging container sales for 9.19%, power generation income for 4.83%, and other businesses for 0.42% [1] Guarantee and Financial Metrics - On August 21, Northern International announced that the total approved guarantee amount for the company and its subsidiaries is 12.304 billion yuan, which represents 130.08% of the company's most recent audited net assets [3] - The total balance of external guarantees by the company and its subsidiaries is 10.969 billion yuan, accounting for 115.96% of the company's most recent audited net assets [3] - The total balance of guarantees for entities outside the consolidated financial statements is 7.754 billion yuan, which is 81.97% of the company's most recent audited net assets [3]

Group 1 - The company, Beifang International, reported a significant decline in its half-year performance for 2025, with revenue approximately 6.735 billion yuan, a year-on-year decrease of 35.34% [2] - The net profit attributable to shareholders was around 309 million yuan, reflecting a year-on-year decrease of 42.71% [2] - The basic earnings per share were reported at 0.29 yuan, which is a decrease of 46.3% compared to the previous year [2]

Group 1 - The company reported a revenue of 6.735 billion yuan for the first half of the year, representing a year-on-year decrease of 35.34% [1] - The net profit attributable to shareholders of the listed company was 309 million yuan, down 42.71% year-on-year [1] - The basic earnings per share stood at 0.29 yuan [1]

格隆汇8月21日丨北方国际(000065.SZ)公布2025年半年度报告，上半年公司实现营业收入67.35亿元，同 比下降35.34%；归属于上市公司股东的净利润3.09亿元，同比下降42.71%；归属于上市公司股东的扣除 非经常性损益的净利润3.06亿元，同比下降42.02%；基本每股收益0.29元。 ...

从8月22日公开信息显示，北方国际截至2025年6月30日公司股东户数为7.73万户，较上期（2025年3月31日）增加2.44万户， 增幅为46.19%，持股趋于分散。 从数据对比来看，北方国际户均持股数从上期2.02万股下降至本期1.39万股，户均持股市值从上期21.05万元下降至本期16.36 万元。上述区间，北方国际股价累计上涨17.42%。 截至发稿，北方国际报12.25元，下跌0.49%，市值131.24亿元。 统计日期股东户数户均持股数（万股）户均持股市值（万元） 2025/06/30772681.3916.362025/03/31528552.0221.052024/06/30383422.6127.112024/03/31379362.6428.742023/12/31434532.3125.87 最新5个统计日期，北方国际股东户数变动如下： 来源：金融界 ...