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]

证券代码：002628 证券简称：成都路桥 公告编号：2025-041 成都市路桥工程股份有限公司 第七届董事会第三十四次会议决议公告 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。 成都市路桥工程股份有限公司（以下简称"公司"）第七届董事会第三十四次会议 于2025年8月27日以现场表决与通讯表决相结合的方式召开。会议通知于2025年8月15 日以电子邮件的方式发出。本次会议由董事长林晓晴女士主持，应参加表决董事9名， 实际参加表决董事9名。本次会议的召集、召开程序符合《中华人民共和国公司法》及 《公司章程》的规定。 一、董事会会议召开情况 公司《2025年半年度报告全文》同日披露在巨潮资讯网（www.cninfo.com.cn），公 司《2025年半年度报告摘要》（公告编号：2025-042）同日披露在《中国证券报》《证 券时报》《上海证券报》《证券日报》及巨潮资讯网（www.cninfo.com.cn）。 投票表决结果：9票同意，0票弃权，0票反对。 （二）审议通过《关于制定〈信息披露暂缓与豁免管理制度〉的议案》 同意制定《信息披露暂缓与豁免管理制度》。 ...

成都市路桥工程股份有限公司 信息披露暂缓与豁免管理制度 第一章 总 则 第一条 为规范成都市路桥工程股份有限公司（以下简称"公司"）信息披 露暂缓、豁免行为，加强信息披露监管，督促公司及相关信息披露义务人（以下 简称"信息披露义务人"）依法、合规地履行信息披露义务，保护投资者合法权 益，根据《中华人民共和国保守国家秘密法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《上市公司信息披露暂缓与豁免管理规定》《深圳证券交易 所股票上市规则》（以下简称《股票上市规则》）《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》（以下简称《规范运作指引》）等法 律、行政法规、部门规章、规范性文件及《公司章程》的有关规定，结合公司实 际情况，制订本管理制度。 第二条 信息披露义务人按照《上市公司信息披露暂缓与豁免管理规定》 《股票上市规则》《规范运作指引》及其他相关法律、法规、规范性文件的规定， 办理信息披露暂缓、豁免业务的，适用本制度。 第三条 信息披露义务人应当真实、准确、完整、及时、公平地披露信息， 不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕交易、 操纵市场等违法行 ...

Financial Performance - The company's operating revenue for the first half of 2025 was ¥333,708,496.62, a decrease of 9.79% compared to ¥369,939,301.13 in the same period last year[21]. - The net profit attributable to shareholders was a loss of ¥22,640,602.12, an improvement of 18.79% from a loss of ¥27,880,039.04 in the previous year[21]. - The net cash flow from operating activities was a negative ¥18,097,510.64, which is a decline of 20.34% compared to a negative ¥15,038,484.33 in the same period last year[21]. - The total assets at the end of the reporting period were ¥6,827,531,160.02, down 2.02% from ¥6,968,300,700.84 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 0.91% to ¥2,869,920,636.95 from ¥2,896,174,213.44 at the end of the previous year[21]. - The basic earnings per share improved to -¥0.03 from -¥0.04, reflecting a 25.00% increase[21]. - The company's operating revenue for the reporting period was approximately ¥333.71 million, a decrease of 9.79% compared to ¥369.94 million in the previous year[46]. - The operating cost decreased by 14.76% to ¥302.22 million from ¥354.55 million, indicating improved cost management[46]. - The investment activities generated a net cash flow of ¥125.88 million, a significant increase of 141.29% compared to ¥52.17 million in the previous year, primarily due to the recovery of financial products[46]. - The company reported a significant increase in tax and additional fees, which rose by 87.46% to ¥3.13 million due to increased tax payments[46]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company is strategically expanding into new areas such as rural revitalization and smart transportation while maintaining its core business in infrastructure[34]. - The company has established a joint venture with UBTECH Robotics and plans to focus on autonomous driving and robotics applications in the civil aviation and transportation sectors[37]. - The company is actively exploring transformation into smart transportation and related technology fields to foster new productivity[37]. - The company has acknowledged potential industry risks and has outlined strategies to address these risks in its management discussion[5]. Legal and Compliance Issues - The company is involved in a legal dispute with Baofeng County Development Investment Co., Ltd. regarding a payment of CNY 46,870,438.62 for construction services related to the Pingdingshan West Station project[99]. - The company has initiated legal proceedings to enforce a judgment requiring the payment of CNY 1,669,502.81, including applicable interest, from a party that has failed to fulfill its obligations[99]. - A lawsuit has been filed against Sichuan Lituo Xingbang Construction Labor Service Co., Ltd. for payment disputes related to the construction of the Zhaozhou to Xuanhan Expressway PPP project, with a claim amount of CNY 5,711.59[99]. - The company is actively involved in multiple legal proceedings to recover outstanding payments, indicating ongoing financial disputes in various projects[99]. - The company is seeking to ensure compliance with court judgments to recover owed amounts, reflecting its commitment to financial accountability[99]. Shareholder and Equity Information - The total number of common stock shareholders at the end of the reporting period was 66,799[134]. - The company has a total of 10 major shareholders holding more than 5% of the shares[134]. - Sichuan Hongyi Jiahua Industrial Co., Ltd. holds 15.56% of shares, totaling 117,767,762 shares, all of which are frozen[135]. - The total number of shares outstanding remains at 757,100,415, with no change in total share count[130]. - The total number of restricted shares increased from 3,046,063 to 3,315,613, reflecting an increase of 269,550 shares, which is a 8.84% rise[130]. Operational Challenges - The company has faced challenges in collecting payments from contractors, which may impact its cash flow and operational efficiency[99]. - The company is currently involved in a legal dispute regarding project payments, with claims including CNY 10,978,585.1 for bridge support fees and CNY 742,650.00 for material adjustment costs[100]. - The company is focusing on expanding its project portfolio in Sichuan province, which could enhance its market presence[100]. - The company has faced delays and disputes in project execution, which may impact its financial performance in the near term[100]. Financial Health and Stability - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant doubts[184]. - The total liabilities decreased from ¥3,993,727,338.60 to ¥3,878,597,904.50, a reduction of approximately 2.88%[148]. - The total owner's equity has increased by CNY 25.08 million compared to the previous period, indicating positive growth[175]. - The company has a total issued share capital of 757,100,415 shares with a registered capital of 757,100,415.00 RMB as of June 30, 2025[178].

| 保证金 | | --- | | | | | 上市公司核 | 2025 年期初 | 2025 年半 年度占用 | 2025 年半年度 | 2025 年半年 | 2025 年半年 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联 | 资金往来方名称 | 往来方与上市公司 | 算的会计科 | 占用资金余 | 累计发生 | 占用资金的利 | 度偿还累计 | 期末占用资 | 往来形 | 往来性质（经营性往 | | 资金往来 | | 的关联关系 | 目 | 额 | 金额（不含 | 息 | 发生金额 | 金余额 | 成原因 | 来、非经营性往来） | | | | | | | 利息） | （如有） | | | | | | | 成都中成高等级公路维护有限责 | 控股子公司 | 其他应收款 | 1,778.76 | 1,119.47 | | 2,898.23 | -0.00 | 资金拆 | 非经营性往来 | | | 任公司 | | | | | | | | 借 | | | | 四川道诚建设工程检测有限责任 | | | ...

证券代码：002628 证券简称：成都路桥 公告编号：2025-043 成都市路桥工程股份有限公司 关于 2025 年半年度计提资产减值准备的公告 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。 一、本次计提资产减值准备的情况概述 1、计提资产减值准备的原因 根据《企业会计准则》及《深圳证券交易所股票上市规则》相关规定的要求， 为真实、准确反映成都市路桥工程股份有限公司（以下简称"公司"）截至 2025 年 6 月 30 日的财务状况、资产价值及经营成果，公司对各类资产进行了全面清 查和减值测试，对可能发生预期信用损失和资产减值损失的资产计提资产减值准 备。 2、本次计提信用减值准备和资产减值准备的资产范围、总金额和计入的报 告期间 1、应收款项坏账准备确认标准及计提方法 公司对由收入准则规范的交易形成的应收款项根据整个存续期内预期信用 损失金额计提坏账准备。在以前年度应收账款实际损失率、对未来回收风险的判 断及信用风险特征分析的基础上，确定预期损失率并据此计提坏账准备。 公司参照历史信用损失经验、结合当前状况以及对未来经济状况的判断，确 认的应收款项组合与预 ...

成都市路桥工程股份有限公司 2025 年半年度财务报告全文 成都市路桥工程股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 成都市路桥工程股份有限公司 2025 年半年度财务报告全文 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：成都市路桥工程股份有限公司 成都市路桥工程股份有限公司 2025 年半年度财务报告全文 | 发放贷款和垫款 | | | | --- | --- | --- | | 债权投资 | | | | 其他债权投资 | | | | 长期应收款 | 2,786,860,381.54 | 2,822,419,721.99 | | 长期股权投资 | 2,844,531.36 | 2,918,514.28 | | 其他权益工具投资 | | | | 其他非流动金融资产 | | | | 投资性房地产 | 837,014.16 | 890,758.54 | | 固定资产 | 25,601,610.92 | 29,614,570.10 | | 在建工程 | 30,200,852.0 ...