铁建重工(688425) - 2025 Q2 - 季度财报

Section I Definitions This section defines key terms used throughout the report, including company abbreviations, group structure, related parties, product types, and technical concepts, ensuring clear understanding Definitions of Common Terms This section defines key terms used in the report, including company abbreviations, group composition, major related parties, product types, and technical concepts, ensuring clear understanding of the report content - The company's abbreviation 'CRCHI' refers to China Railway Construction Heavy Industry Corporation Limited, while 'the Group' includes CRCHI and its subsidiaries[11] - 'Tunnel Boring Machine' is defined as specialized mechanical equipment that achieves full-face tunnel formation through excavation and propulsion, featuring a peripheral mechanical shell, primarily including shield machines, rock tunnel boring machines, and pipe jacking machines[11] - 'TBM' is the abbreviation for Tunnel Boring Machine, referring to a full-face tunnel boring machine that crushes rock by rotating a cutterhead and advancing, using a main conveyor belt for muck removal[11] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance for the reporting period I. Company Basic Information This section outlines the company's basic information, including its Chinese name, abbreviation, legal representative, registered and office addresses, company website, and email address - The company's Chinese name is China Railway Construction Heavy Industry Corporation Limited, abbreviated as CRCHI[13] - The company's legal representative is Zhao Hui, and its registered address is No. 88, Dongqi Road, Quantang Street, Changsha Economic and Technological Development Zone[13] - The company's website is www.crchi.com, and its email address is ir@crchi.com[13] II. Contact Persons and Methods This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email, to facilitate communication - Both the Board Secretary (domestic representative for information disclosure) and the Securities Affairs Representative are Li Gang[14] - The contact number is 0731-84071749, and the email address is ir@crchi.com[14] III. Information Disclosure and Document Placement Location Changes This section details the company's designated newspapers, website for semi-annual reports, and placement location for reports, ensuring transparency and accessibility - The company's selected newspapers for information disclosure are China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[15] - The website address for publishing semi-annual reports is www.sse.com.cn[15](index=15&type=chunk) - The company's semi-annual reports are available at the Board of Directors Office (Securities Affairs Department)[15] IV. Overview of Company Shares/Depositary Receipts This section briefly introduces the company's stock type, listing exchange, abbreviation, and code, confirming no depositary receipts - The company's stock type is A-shares, listed on the SSE STAR Market[16] - The stock abbreviation is CRCHI, and the stock code is 688425[16] - The company has no depositary receipts[17] VI. Key Accounting Data and Financial Indicators This section summarizes the company's key accounting data and financial indicators for H1 2025, showing slight revenue and net profit growth, but a significant decrease in operating cash flow Key Accounting Data for H1 2025 (Million Yuan) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,837.38 | 4,803.15 | 0.71 | | Total Profit | 807.79 | 788.06 | 2.50 | | Net Profit Attributable to Parent | 735.46 | 722.97 | 1.73 | | Net Profit Attributable to Parent (Excl. Non-recurring Items) | 693.67 | 661.73 | 4.83 | | Net Cash Flow from Operating Activities | 191.95 | 351.89 | -45.45 | | Net Assets Attributable to Parent | 17,839.90 | 17,555.81 | 1.62 | | Total Assets | 27,055.43 | 26,711.85 | 1.29 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.14 | 0 | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.14 | 0 | | Basic EPS (Excl. Non-recurring Items) (yuan/share) | 0.13 | 0.12 | 8.33 | | Weighted Average Return on Net Assets (%) | 4.10 | 4.28 | Decrease of 0.18 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring Items) (%) | 3.87 | 3.92 | Decrease of 0.05 percentage points | | R&D Investment as % of Operating Revenue (%) | 8.49 | 8.76 | Decrease of 0.27 percentage points | - Net cash flow from operating activities decreased by 45.45% year-on-year, primarily due to increased payments for goods, taxes, and other operating-related cash outflows in the current period[19] (I) Key Accounting Data The company's H1 2025 operating revenue was 4.837 billion yuan, up 0.71%; net profit attributable to parent was 735 million yuan, up 1.73%, while net operating cash flow significantly decreased by 45.45% Key Accounting Data for H1 2025 (10,000 Yuan) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 483,738.32 | 480,314.92 | 0.71 | | Net Profit Attributable to Parent | 73,546.44 | 72,297.41 | 1.73 | | Net Cash Flow from Operating Activities | 19,194.71 | 35,188.67 | -45.45 | (II) Key Financial Indicators Basic and diluted EPS remained 0.14 yuan/share, while weighted average return on net assets and R&D investment as a percentage of operating revenue both slightly decreased Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.14 | 0 | | Weighted Average Return on Net Assets (%) | 4.10 | 4.28 | Decrease of 0.18 percentage points | | R&D Investment as % of Operating Revenue (%) | 8.49 | 8.76 | Decrease of 0.27 percentage points | VIII. Non-recurring Gains and Losses Items and Amounts The company's H1 2025 non-recurring gains and losses totaled 41.80 million yuan, mainly from government subsidies and other non-operating income and expenses Non-recurring Gains and Losses Items for H1 2025 (Yuan) | Non-recurring Gains and Losses Item | Amount | | :--- | :--- | | Gains and losses from disposal of non-current assets | -4,807.71 | | Government subsidies recognized in current profit or loss | 42,614,897.34 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 2,558,200.00 | | Gains and losses from contingent events unrelated to normal business operations | 663,857.75 | | Other non-operating income and expenses apart from the above | 3,340,394.11 | | Less: Income tax impact | -7,375,881.22 | | Total | 41,796,660.27 | Section III Management Discussion and Analysis This section provides a comprehensive review of the company's industry, main business operations, core competitiveness, risk factors, and key operating performance during the reporting period I. Industry and Main Business Overview During the Reporting Period This section details the macro environment and drivers of the high-end underground engineering equipment industry, alongside developments and applications of the company's three main businesses (I) Industry Overview In H1 2025, the high-end underground engineering equipment industry benefited from supportive policies, seeing growth in railway, urban rail, mining, water conservancy, and significant overseas market expansion - In H1 2025, national railway fixed asset investment reached 355.9 billion yuan, a 5.5% year-on-year increase, with 301 kilometers of new lines put into operation[25] - As of H1 2025, 58 cities in mainland China operated 12,381.48 kilometers of urban rail transit lines, with 220.70 kilometers of new lines added[26] - In H1 2025, fixed asset investment in the mining industry grew by 3.4% year-on-year, with coal mining and washing, and non-ferrous metal mining and dressing increasing by 14.4% and 46.2% respectively[26] - In H1 2025, national water conservancy construction investment reached 532.9 billion yuan, with **34,40