深圳市天健（集团）股份有限公司 2025 年度第三期中期票据发行情况公告 证券代码：000090 证券简称：天健集团 公告编号：2025-59 经"信用中国"网站（www.creditchina.gov.cn）核查，公司不属 1 于失信责任主体。 本 期 中 期 票 据 发 行 情 况 的 相 关 文 件 详 见 中 国 货 币 网 （ www.chinamoney.com.cn ） 和 上 海 清 算 所 网 站 （www.shclearing.com）。 特此公告。 深圳市天健（集团）股份有限公司董事会 2025 年 9 月 27 日 2 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 深圳市天健（集团）股份有限公司（以下简称"公司"）发 行不超过 40 亿元（含 40 亿元）的中期票据已获中国银行间市场 交易商协会注册（《接受注册通知书》编号：中市协注〔2025〕 MTN187 号）。内容详见公司对外披露的《关于中期票据获准注 册的公告》（公告编号：2025-9）。 根据公司资金计划安排和银行间市场情况，公司于 2025 年 9 月 25 日发行了 20 ...

Core Viewpoint - Tianjian Group experienced a significant decline in net profit attributable to shareholders due to a decrease in gross margin, despite a year-on-year increase in operating revenue in the first half of the year [1] Group 1: Financial Performance - The company achieved operating revenue growth year-on-year, but the net profit attributable to shareholders saw a substantial decline due to the impact of falling gross margins [1] Group 2: Business Operations - The company demonstrated stable overall business operations, with successful progress in urban services [1] - In the Ganzhou region, the company won bids totaling 1.073 billion yuan, while in the Shanwei region, it secured 494 million yuan in bids [1] - The company also won six energy construction project bids in cities such as Shenzhen, Foshan, and Wuhan [1] Group 3: Urban Services - By the first half of 2025, the company is set to maintain 4,880 roads in Shenzhen, covering a total length of 3,445.05 kilometers and an area of 72.2692 million square meters [1] - The company will also maintain 1,118 bridges in Shenzhen, with a total length of 141.9 kilometers and an area of 2.2368 million square meters [1] - Additionally, the company will manage 45 tunnel sections in Shenzhen, totaling 49 kilometers in length and covering an area of 776,800 square meters [1] Group 4: Real Estate Development - The company has 20 main properties for sale, with an unsold area of 809,200 square meters and unrecognized construction area of 1,159,600 square meters [1] - There are currently seven ongoing projects, with a cumulative construction area of 916,400 square meters [1] Group 5: Future Outlook - The company is optimistic about exploring new growth points through service innovation and maintains a "buy" rating [1]

Core Insights - Tianjian Group reported a slight revenue increase of 6.69% year-on-year, reaching 6.262 billion yuan in the first half of 2025, despite a complex market environment [1] - The company faced significant profit pressure, with net profit attributable to shareholders dropping by 83.22% to 41.42 million yuan, marking the fourth consecutive year of decline [1] - The construction industry, which constitutes 53.98% of total revenue, saw a revenue decrease of 15.94% to 3.803 billion yuan, while the real estate sector experienced a substantial revenue increase of 60.75% to 2.349 billion yuan, providing crucial support to overall revenue growth [1] Revenue Structure - The construction industry generated 3.803 billion yuan in revenue, down 15.94% year-on-year, with a gross margin of 1.61% [2] - The real estate sector achieved 2.349 billion yuan in revenue, up 60.75% year-on-year, with a gross margin of 25.17% [2] - Property leasing revenue was 190.11 million yuan, reflecting a slight decrease of 4.03% year-on-year, with a gross margin of 36.96% [2] Profitability Metrics - The company's net profit margin fell from 3.24% in the first half of 2024 to 0.11% in the first half of 2025, a decline of 3.14 percentage points [3] - Gross margin decreased from 16.62% to 11.08%, a drop of 5.54 percentage points [3] - Return on equity (ROE) was only 0.12%, down 1.83 percentage points compared to the previous year [3] Cash Flow and Financial Stability - The net cash flow from operating activities was -980 million yuan, a decline of 102.90% year-on-year, indicating cash inflows were insufficient to cover outflows [3] - Total assets reached 60.289 billion yuan, with total liabilities of 45.527 billion yuan, resulting in a debt ratio of 75.52%, down 3.61 percentage points from the previous year [3] - Despite improvements in debt management, the high debt ratio indicates ongoing financial risks that need to be monitored [3]

Core Viewpoint - Tianjian Group reported an increase in revenue but a significant decline in profit for the first half of 2025, indicating potential operational challenges despite revenue growth [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 6.262 billion yuan, a year-on-year increase of 6.69% [1]. - Net profit attributable to shareholders was 41.4237 million yuan, down 83.22% year-on-year [1]. - The second quarter saw total revenue of 3.377 billion yuan, up 8.31% year-on-year, but net profit dropped to 108.47 thousand yuan, a decline of 99.27% [1]. - Gross margin decreased to 11.08%, down 33.36% year-on-year, while net margin fell to 0.11%, a drop of 96.75% [1]. - Total expenses (selling, administrative, and financial) amounted to 338 million yuan, accounting for 5.39% of revenue, a decrease of 9.71% year-on-year [1]. Key Financial Ratios - Earnings per share (EPS) fell to 0.01 yuan, down 93.77% year-on-year [1]. - Operating cash flow per share was -0.52 yuan, a decrease of 102.84% year-on-year [1]. - The company's return on invested capital (ROIC) was 2.41%, indicating weak capital returns [2][3]. Changes in Financial Items - Cash and cash equivalents decreased by 16.3% due to payments to suppliers [1]. - Short-term borrowings increased by 369.47% due to higher funding needs [2]. - Revenue growth was attributed to increased real estate revenue recognition [2]. - Operating costs rose by 13.79% due to reduced high-margin project recognition [2]. Debt and Cash Flow Concerns - The company's cash assets are considered healthy, but the cash flow situation requires attention, with cash assets to current liabilities ratio at 40.54% [3]. - The interest-bearing debt ratio reached 26.53%, indicating a significant level of debt [3]. - Accounts receivable to profit ratio stood at 523.28%, raising concerns about collection efficiency [3].

Core Insights - Tianjian Group reported a decrease in shareholder accounts to 41,900 as of June 30, 2025, down by 601 accounts or 1.42% from March 31, 2025 [1] - The average shareholding value per account for Tianjian Group is 158,000 yuan, which is below the industry average of 175,700 yuan for real estate development companies [1] - The stock price of Tianjian Group fell by 5.85% from March 31, 2025, to June 30, 2025, coinciding with the reduction in shareholder accounts [1] Financial Metrics - As of June 30, 2025, Tianjian Group's average shareholding per account increased to 44,600 shares from 44,000 shares as of March 31, 2025 [2] - The net outflow of main funds for Tianjian Group was 22.24 million yuan, while retail funds saw a net inflow of 12.75 million yuan during the same period [2] - The average shareholding value and number of accounts for Tianjian Group have been consistently lower than the industry averages over the past quarters [2]

Core Insights - Tianjian Group (000090.SZ) reported a total operating revenue of 6.262 billion yuan for the first half of 2025, an increase of 393 million yuan or 6.69% year-on-year [1] - The company's net profit attributable to shareholders decreased to 41.4237 million yuan, down 205 million yuan or 83.22% compared to the same period last year [1] - The net cash flow from operating activities was -980 million yuan, a decrease of 497 million yuan from the same period last year [1] Financial Performance - The latest debt-to-asset ratio is 75.52%, a decrease of 0.19 percentage points from the previous quarter and a decrease of 2.83 percentage points year-on-year [3] - The latest gross profit margin is 11.08%, down 2.33 percentage points from the previous quarter and down 5.54 percentage points year-on-year [3] - The latest return on equity (ROE) is 0.29%, a decrease of 1.44 percentage points year-on-year [3] - The diluted earnings per share are 0.01 yuan, a decrease of 0.11 yuan or 93.77% year-on-year [3] Efficiency Metrics - The latest total asset turnover ratio is 0.10 times, an increase of 0.02 times year-on-year [3] - The latest inventory turnover ratio is 0.25 times, an increase of 0.06 times year-on-year [3] Shareholder Structure - The number of shareholders is 41,900, with the top ten shareholders holding 833 million shares, accounting for 44.58% of the total share capital [3] - The largest shareholder is Shenzhen Special Zone Construction Group Co., Ltd. with a holding of 23.4% [3]

Core Viewpoint - The company reported a mixed performance in its various business segments for the first half of 2025, with a focus on adapting to market changes and enhancing operational efficiency amid a challenging economic environment [5][9][30]. Group 1: Economic and Industry Environment - In the first half of 2025, China's GDP grew by 5.3%, indicating resilience in the face of external pressures [5]. - The construction industry faced challenges, with total output value at 136,745 billion yuan and real estate investment down by 11.2% year-on-year [5]. - The central government's urbanization strategy is shifting towards quality improvement and urban renewal, impacting the company's business direction [5]. Group 2: Company Business Overview - The company operates in three main segments: urban construction, comprehensive development, and urban services [6][8]. - Urban construction includes infrastructure projects such as roads, bridges, and tunnels, with a focus on enhancing construction quality through technology [7]. - Comprehensive development has seen a significant increase in sales revenue, up by 60.75% to 23.49 billion yuan, driven by strategic project management [9][10]. - Urban services have expanded, with a revenue increase of 1.62% to 8.93 billion yuan, focusing on smart city initiatives and infrastructure maintenance [11]. Group 3: Financial Performance - Urban construction revenue decreased by 15.94% to 38.03 billion yuan, reflecting market challenges [9]. - The company has 249 ongoing projects with a remaining contract value of 216.76 billion yuan, indicating a robust project pipeline [13]. - The company reported a total of 69 announcements on designated websites by June 30, 2025, ensuring transparency and timely information disclosure [27]. Group 4: Strategic Initiatives - The company is implementing a strategic plan for the "14th Five-Year Plan" period, focusing on enhancing management and operational efficiency [12]. - It is actively exploring new business models and expanding its market presence in key regions such as the Greater Bay Area and Yangtze River Delta [19]. - The company is committed to improving its governance structure and investor relations, ensuring effective communication and engagement with stakeholders [31][35].

Core Viewpoint - Tianjian Group (000090.SZ) reported a revenue of 6.262 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.69% [1] - The net profit attributable to shareholders decreased significantly by 83.22% to 41.4237 million yuan [1] - The net profit after deducting non-recurring gains and losses dropped by 90.05% to 22.1706 million yuan [1] - Basic earnings per share stood at 0.0073 yuan [1] Financial Performance - Revenue for the first half of 2025: 6.262 billion yuan, up 6.69% year-on-year [1] - Net profit attributable to shareholders: 41.4237 million yuan, down 83.22% year-on-year [1] - Net profit after non-recurring items: 22.1706 million yuan, down 90.05% year-on-year [1] - Basic earnings per share: 0.0073 yuan [1]

Core Viewpoint - Tianjian Group (000090) reported a revenue of 6.262 billion yuan for the first half of 2025, reflecting a year-on-year growth of 6.69%, while net profit decreased by 83.22% to 41.4237 million yuan [1] Financial Performance - Revenue for the first half of 2025 reached 6.262 billion yuan, marking a 6.69% increase compared to the same period last year [1] - Net profit for the first half of 2025 was 41.4237 million yuan, which represents a significant decline of 83.22% year-on-year [1] - Basic earnings per share (EPS) stood at 0.0073 yuan [1] - The weighted average return on equity (ROE) was recorded at 0.12% [1]

深圳市天健（集团）股份有限公司 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 | 其他关联资金往来 | 资金往来方名称 | 往来方与上市公司的 | 上市公司核算的 | 期初占用资金余 | 报告期内占用 | 报告期内占用 | 报告期内偿还 | 期末占用资金余 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 累计发生金额 | 资金的利息(如 | | | 往来形成原因 | 往来性质 | | | | 关联关系 | 会计科目 | 额 | （不含利息） | 有) | 累计发生金额 | 额 | | | | | 深圳市建安（集团）股份有限公司 | 受同一控制 | 应收票据 | 1,328.30 | 227.30 | | 1,455.60 | 100.00 | 提供劳务 | 经营性往来 | | | 深圳市路桥建设集团有限公司 | 受同一控制 | 应收票据 | | 85.50 | | 33.87 | 51.64 | 提供劳务 | 经营性往来 | | | 深圳市特区建工科工集团设计顾问有限公司 ...