（文章来源：证券日报） 证券日报网讯 7月30日晚间，东华科技发布2025年半年度业绩快报称，公司2025年半年度实现营业总收 入为4，783，647，091.70元，同比增长9.29%；实现归属于上市公司股东的净利润为240，233，525.49 元，同比增长14.64%。 ...

东华科技（SZ 002140，收盘价：10.2元）7月30日晚间发布2025年半年度业绩快报，营业收入约47.84亿 元，同比增加9.29%；归属于上市公司股东的净利润约2.4亿元，同比增加14.64%；基本每股收益0.3395 元，同比增加14.31%。 （文章来源：每日经济新闻） ...

Core Viewpoint - Donghua Technology (002140.SZ) reported a steady growth in its financial performance for the first half of 2025, with significant increases in both revenue and net profit [1] Financial Performance - The company achieved a total operating revenue of 4.784 billion yuan, representing a year-on-year growth of 9.29% [1] - The net profit attributable to shareholders of the listed company was 240 million yuan, reflecting a year-on-year increase of 14.64% [1] - Basic earnings per share were reported at 0.3395 yuan [1] Operational Progress - During the reporting period, the company steadily advanced its production and operational activities [1] - The progress of ongoing general contracting projects was normal, with revenue recognized according to contract performance schedules showing a year-on-year increase [1]

Core Viewpoint - Donghua Technology (002140) reported a revenue of 4.784 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.29% [1] - The net profit attributable to shareholders reached 240 million yuan, marking a year-on-year increase of 14.64% [1] - Basic earnings per share stood at 0.34 yuan [1] Financial Performance - The company's revenue for H1 2025 was 4.784 billion yuan, up 9.29% compared to the previous year [1] - The net profit attributable to shareholders was 240 million yuan, which is a 14.64% increase year-on-year [1] - Basic earnings per share were reported at 0.34 yuan [1] New Contracts - In the second quarter, the company secured 54 new contracts with a total value of 5.895 billion yuan [1]

Core Viewpoint - Donghua Technology (002140.SZ) reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, indicating effective management and operational efficiency [1] Financial Performance - The company achieved total operating revenue of 4.784 billion yuan, representing a year-on-year increase of 9.29% [1] - Total profit reached 287 million yuan, up 18.05% compared to the previous year [1] - Net profit attributable to shareholders was 240 million yuan, reflecting a year-on-year growth of 14.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 232 million yuan, showing a substantial increase of 31.48% year-on-year [1] - Basic earnings per share were reported at 0.3395 yuan [1] Operational Efficiency - The growth in net profit was primarily driven by overall revenue increase and the company's enhanced project management practices [1] - The implementation of detailed project responsibility cost control contributed to an increase in overall project gross margin compared to the previous year [1]

Core Viewpoint - Donghua Technology (002140) reported a significant increase in new orders for the second quarter, indicating strong business performance and growth potential in the engineering and design services sector [1] Group 1: New Orders - The company signed 54 new orders in the second quarter, totaling 5.895 billion yuan [1] - Among these, 46 orders were for design technical services amounting to 178 million yuan, while 8 orders were for engineering general contracting worth 5.717 billion yuan [1] - In the same period, there was 1 bid that was won but not yet signed, valued at 439 million yuan [1] Group 2: Cumulative Orders - As of June 30, the company had a total of 945 signed but uncompleted orders, with a cumulative value of 51.339 billion yuan [1] - The announcement also included updates on 13 major projects, detailing related income, collections, and settlement data [1]

证券代码：002140 证券简称：东华科技 公告编号：2025-034 东华工程科技股份有限公司 2025 年第二季度经营情况简报 | 项目 | 第二季度 新签约订单 | | 第二季度 中标未签约订单 | | 截至报告期末累计 已签约未完工订单 | | 备注 | | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | 数量 | 金额 | 数量 | 金额 | 数量 | 金额 | | | | (个) | (万元) | (个) | (万元) | (个) | (万元) | | | 设计技术 性服务 | 46 | 17,782.45 | 0 | 0 | 761 | 即咨 174,569.17 询、设 | | | | | | | | | 计项目 | | | 工程 总承包 | 8 | 571,714.25 | 1 | 43,895.06 | 184 | 4,959,298.43 含 EPC+0 等 | | | 合计 | 54 | 589,496.70 | 1 | 43,895.06 | 945 | 5,133,867.60 | | 二、关于重大项目执行情况 1.刚果 ...

东华科技发布业绩快报，上半年营业收入47.84亿元，同比增长9.29%；净利润2.4亿元，同比增长 14.64%。报告期内，公司稳步推进生产经营工作，在建总承包项目进展正常，按合同履约进度确认的 收入同比有所增加。 ...

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company reported **4.78 billion Yuan** in total operating revenue, a 9.29% increase, and **240.23 million Yuan** in net profit attributable to shareholders, up 14.64%, reflecting enhanced core business profitability and modest asset growth Key Financial Data and Indicators for the First Half of 2025 | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (Yuan)** | 4,783,647,091.70 | 4,377,131,366.47 | 9.29% | | **Operating Profit (Yuan)** | 289,745,305.87 | 244,269,852.05 | 18.62% | | **Net Profit Attributable to Shareholders (Yuan)** | 240,233,525.49 | 209,563,522.56 | 14.64% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan)** | 232,334,810.49 | 176,709,879.89 | 31.48% | | **Basic Earnings Per Share (Yuan)** | 0.3395 | 0.2970 | 14.31% | | **Weighted Average Return on Equity (%)** | 5.37% | 5.09% | Increase of 0.28 percentage points | | **Total Assets (Yuan)** | 16,727,370,408.27 | 16,100,437,077.47 | 3.89% (vs. Beginning of Period) | | **Total Equity Attributable to Shareholders (Yuan)** | 4,492,951,554.58 | 4,352,726,799.70 | 3.22% (vs. Beginning of Period) | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company's performance growth was primarily driven by increased revenue from the smooth progress of ongoing general contracting projects and improved gross margins through enhanced project fine management and cost control [Analysis of Operating Revenue Growth](index=2&type=section&id=I.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Operating%20Revenue) The 9.29% year-on-year increase in operating revenue is primarily due to the steady progress of production and operations, with revenue recognized in line with the performance progress of ongoing general contracting projects - During the reporting period, the smooth progress of the company's ongoing general contracting projects led to a year-on-year increase in revenue recognized according to contract performance, serving as the primary driver for revenue growth[6](index=6&type=chunk) [Analysis of Net Profit Growth](index=2&type=section&id=II.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Net%20Profit%20Attributable%20to%20Shareholders%20of%20the%20Listed%20Company) The 14.64% year-on-year increase in net profit attributable to shareholders is primarily due to both operating revenue growth and an improved overall project gross margin achieved through enhanced fine management and comprehensive cost control - Net profit growth benefited from the dual factors of revenue increase and improved project gross margin[6](index=6&type=chunk) - The company enhanced overall project gross margin by deepening fine management of engineering projects and comprehensively implementing project responsibility cost control[6](index=6&type=chunk) [Compliance Statement](index=2&type=section&id=III.%20Analysis%20of%20Performance%20Leakage%20Reasons%20and%20Stock%20Price%20Fluctuations) The company confirms no performance leakage or abnormal stock price fluctuations occurred during the reporting period - The company confirmed no performance leakage or abnormal stock price fluctuations[7](index=7&type=chunk) [Documents for Reference](index=2&type=section&id=V.%20Documents%20for%20Reference) The report lists relevant documents for reference, including financial statements signed and sealed by management, board explanations, and internal audit reports - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and head of accounting; the board of directors' explanation regarding the performance express report; and the internal audit report signed by the head of the internal audit department[9](index=9&type=chunk)

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]