Group 1 - The infrastructure sector increased by 0.42% on September 15, with Garden Co. leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the infrastructure sector showed significant gains, with Garden Co. rising by 10.01% to a closing price of 18.79 [1] Group 2 - Major stocks in the infrastructure sector experienced mixed performance, with some stocks like Huylv Ecological and Nongshang Environment declining by 8.13% and 4.67% respectively [2] - The infrastructure sector saw a net outflow of 293 million yuan from institutional investors, while retail investors contributed a net inflow of 190 million yuan [2][3] - The top stocks by net inflow included Construction Co. with 93.48 million yuan and Eastern Garden with 67.06 million yuan [3]

Core Viewpoint - Chengdu Road and Bridge Engineering Co., Ltd. held an online performance briefing on September 12, 2025, addressing various investor inquiries regarding stock price, payment collection, restructuring, and valuation enhancement [1][2]. Group 1: Stock Performance and Market Confidence - The company's stock price has increased by approximately 7.51% since the beginning of the year, influenced by macroeconomic conditions and fluctuations in the secondary market. The company aims to strengthen its core business competitiveness, diversify its business areas, enhance financial management, optimize asset structure, and improve investor returns to boost market confidence [3]. Group 2: Financial Performance and Future Goals - The company indicated that due to macroeconomic downturns, revenue decline, delayed project payments, and losses from trust investments, it will focus on securing orders and increasing revenue from multiple business segments in 2025, with the goal of achieving profitability. The final results will be disclosed in the company's announcements [3]. Group 3: Restructuring and Strategic Planning - The management will develop strategic plans based on market and industry trends, and will carefully evaluate any high-quality targets and cooperation opportunities that align with its development strategy, ensuring timely information disclosure as required [3]. Group 4: Valuation Enhancement and Business Development - The company is implementing a phased approach to its valuation enhancement plan, which will be aligned with operational conditions. It is currently focused on securing main business orders, upgrading technical qualifications, and expanding into diversified business areas [3]. Group 5: Business Expansion and Strategic Partnerships - The company’s wholly-owned subsidiary, Sichuan Chenglu Zhihui Technology Co., Ltd., has jointly established Jincheng Zhixing (Chengdu) Intelligent Technology Co., Ltd. with Shenzhen Youbixun Technology Co., Ltd. The company is actively seeking orders and expanding its market presence, with a total bid amount of approximately 952 million yuan in the first half of 2025, representing a 98.68% increase year-on-year. Additionally, it is strategically extending into various fields through partnerships and cash acquisitions [4].

Group 1: Company Performance and Financial Outlook - The company's stock price has increased by approximately 7.51% since the beginning of the year, influenced by macroeconomic conditions and market fluctuations [1] - The company aims to improve its financial performance by enhancing core business competitiveness, diversifying operations, and optimizing asset structure [1] - The company reported a significant increase in the total amount of contracts won in the first half of 2025, totaling approximately 952 million yuan, which represents a 98.68% increase compared to the same period last year [2] Group 2: Strategic Initiatives and Business Development - The company is focused on seizing orders and increasing revenue across multiple business segments to achieve profitability in 2025 [2] - A strategic partnership has been established with Shenzhen Youbixuan Technology Co., Ltd. and other parties to set up a joint venture in intelligent technology [2] - The company is actively pursuing market expansion and has extended its strategic focus to various fields, including rural revitalization projects and resource acquisition [2] Group 3: Investor Relations and Communication - The company is committed to timely information disclosure regarding any significant strategic developments or partnerships [2] - The management is evaluating potential restructuring opportunities based on market and industry trends [2] - The company has a valuation enhancement plan that is being implemented in phases, with ongoing measures to capture main business orders and upgrade technical qualifications [2]

Group 1 - The core viewpoint of the news is that Chengdu Road and Bridge experienced a decline in stock price and trading volume, with significant changes in financing and shareholder structure [1][2] - As of September 9, Chengdu Road and Bridge's stock price fell by 0.41%, with a trading volume of 62.99 million yuan, and a net financing outflow of 1.87 million yuan [1] - The company's financing balance reached 165 million yuan, accounting for 4.47% of its market capitalization, indicating a high level of financing activity compared to the past year [1] Group 2 - As of June 30, the number of shareholders for Chengdu Road and Bridge decreased by 16.27% to 66,800, while the average circulating shares per person increased by 19.39% to 11,284 shares [2] - For the first half of 2025, Chengdu Road and Bridge reported operating revenue of 334 million yuan, a year-on-year decrease of 9.79%, and a net profit attributable to shareholders of -22.64 million yuan, an increase of 18.79% year-on-year [2] Group 3 - Since its A-share listing, Chengdu Road and Bridge has distributed a total of 249 million yuan in dividends, with 17.41 million yuan distributed over the past three years [3]

为进一步加强与投资者的互动交流，成都市路桥工程股份有限公司（以下简称"公 司"）将参加由四川省上市公司协会、深圳市全景网络有限公司联合举办的"四川辖区 2025年投资者网上集体接待日及半年度报告业绩说明会"活动，现将相关事项公告如 下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"（https://rs.p5w.net） 参与本次互动交流，活动时间为2025年9月12日（周五）14:00—17:00。届时公司董事 长林晓晴女士、财务总监程宝平先生、董事会秘书陈丽竹女士将在线就公司2025年半 年度业绩、公司治理、发展战略、经营状况、融资计划和可持续发展等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 成都市路桥工程股份有限公司董事会 证券代码：002628 证券简称：成都路桥 公告编号：2025-044 成都市路桥工程股份有限公司 关于参加四川辖区 2025 年投资者网上集体接待日及半年度报告 业绩说明会活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 二〇二五年九月九日 ...

Core Viewpoint - Chengdu Road and Bridge (002628) reported a decline in total revenue for the first half of 2025, while showing an improvement in net profit margin despite still being in the negative [1] Financial Performance Summary - Total revenue for the first half of 2025 was 334 million yuan, a decrease of 9.79% year-on-year [1] - Net profit attributable to shareholders was -22.64 million yuan, an increase of 18.79% year-on-year [1] - In Q2 2025, total revenue was 215 million yuan, an increase of 3.76% year-on-year [1] - Q2 2025 net profit attributable to shareholders was -26.78 million yuan, an increase of 14.82% year-on-year [1] - Gross margin improved to 9.44%, a year-on-year increase of 126.85% [1] - Net margin was -6.6%, a year-on-year increase of 10.7% [1] - Earnings per share improved to -0.03 yuan, a year-on-year increase of 25% [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased significantly by 97.43% year-on-year, reaching 166 million yuan [1] - The company’s receivables increased by 20.24% year-on-year, totaling 1.303 billion yuan [1] - Interest-bearing liabilities decreased by 4.93% year-on-year, amounting to 1.466 billion yuan [1] - Cash flow from operations per share remained at -0.02 yuan, a decrease of 20.34% year-on-year [1] Historical Performance Insights - The company has shown weak historical performance with a median ROIC of 2.07% over the past decade [3] - The worst year for ROIC was 2024, with a value of -0.08% [3] - The company has reported a loss in one of the 13 annual reports since its listing, indicating a need for further investigation into underlying causes [3]

Core Insights - Chengdu Road and Bridge (002628) reported a total revenue of 334 million yuan for the first half of 2025, a year-on-year decrease of 9.79%, while the net profit attributable to shareholders was -22.64 million yuan, an increase of 18.79% year-on-year [1] - The company's gross margin improved significantly, with a year-on-year increase of 126.85%, while the net margin also saw a slight improvement of 10.7% year-on-year [1] - The financial health indicators show a mixed performance, with cash flow per share remaining negative and a decrease in net asset value per share [1][3] Financial Performance - Total revenue for 2025 was 334 million yuan, down from 370 million yuan in 2024, reflecting a decline of 9.79% [1] - The net profit attributable to shareholders improved from -27.88 million yuan in 2024 to -22.64 million yuan in 2025, marking an 18.79% increase [1] - The gross margin for 2025 was reported at 9.44%, up from 4.16% in 2024, indicating a significant improvement [1] - The net margin improved from -7.39% in 2024 to -6.60% in 2025, showing a positive trend [1] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents representing only 2.43% of total assets and 16.3% of current liabilities [3] - The interest-bearing debt ratio has reached 21.01%, indicating a significant level of leverage [3] - The average operating cash flow over the past three years is only 10.14% of current liabilities, suggesting potential liquidity issues [3] Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.07% over the past decade and a particularly poor ROIC of -0.08% in 2024 [3] - The company has reported losses in one of the 13 annual reports since its listing, indicating a need for further investigation into the underlying causes of its financial performance [3]

Core Viewpoint - Chengdu Road and Bridge (002628.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating challenges in its financial performance compared to peers in the industry [1][3][4]. Financial Performance - The company's total operating revenue for the first half of 2025 was 334 million yuan, ranking 20th among disclosed peers, which represents a decrease of 36.23 million yuan or 9.79% year-on-year [1]. - The net profit attributable to shareholders was -22.64 million yuan, placing the company 23rd among its peers [1]. - The net cash flow from operating activities was -18.10 million yuan, a decrease of 3.06 million yuan compared to the same period last year [1]. Financial Ratios - The latest debt-to-asset ratio stood at 56.81%, an increase of 0.77 percentage points from the previous quarter [3]. - The gross profit margin was 9.44%, ranking 25th among disclosed peers [4]. - The return on equity (ROE) was -0.79%, ranking 19th among peers [4]. Earnings and Efficiency Metrics - The diluted earnings per share were -0.03 yuan, ranking 20th among disclosed peers [5]. - The total asset turnover ratio was 0.05 times, ranking 23rd, remaining flat year-on-year but showing a decline of 5.65% compared to the previous year [5]. - The inventory turnover ratio was 3.72 times, a decrease of 0.89 times or 19.34% year-on-year [5].

Core Viewpoint - Chengdu Road and Bridge (SZ 002628) reported a decline in revenue and an increase in net loss for the first half of 2025 compared to the same period in 2024 [1] Financial Performance - The company's revenue for the first half of 2025 was approximately 334 million yuan, representing a year-on-year decrease of 9.79% [1] - The net loss attributable to shareholders for the same period was about 22.64 million yuan, with a basic earnings per share loss of 0.03 yuan [1] - In comparison, the revenue for the first half of 2024 was approximately 370 million yuan, with a net loss of about 27.88 million yuan and a basic earnings per share loss of 0.04 yuan [1]

Core Viewpoint - Chengdu Road and Bridge (002628.SZ) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved an operating revenue of 334 million yuan, representing a year-on-year decrease of 9.79% [1] - The net profit attributable to shareholders of the listed company was -22.64 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -28.81 million yuan [1] - The basic earnings per share were -0.03 yuan [1]