Sou Hu Cai Jing·2025-08-22 15:22Financial Performance - For the first half of 2025, the company's operating revenue was approximately 2.18 billion, a slight decrease from 2.22 billion in the same period last year [1] - The net profit attributable to shareholders increased to approximately 473 million, up from 422 million year-on-year [1] - The net profit after deducting non-recurring items was approximately 396 million, compared to 382 million in the previous year [1] - The net cash flow from operating activities was approximately 518 million, representing a year-on-year growth of 17.96% [23] - The company's total assets at the end of the reporting period were approximately 9.87 billion, an increase from 9.67 billion at the end of the previous year [1] Profitability Metrics - The weighted average return on equity for the first half of 2025 was 4.8%, an increase of 0.22 percentage points year-on-year [22] - The return on invested capital for the same period was 2.93%, a slight decrease of 0.04 percentage points compared to the previous year [22] - The company's gross profit margin and net profit margin have shown fluctuations over the years, with the latest data indicating a gross profit margin of approximately 39.78% [18][36] Cash Flow Analysis - The net cash flow from financing activities was negative 211 million, a decrease of 216 million year-on-year [23] - The net cash flow from investing activities was negative 664 million, compared to negative 420 million in the same period last year [23] Shareholder Structure - As of the end of the first half of 2025, the largest shareholder, Tianjin Municipal Investment Co., Ltd., held approximately 45.57% of the total shares, with no change in its holding [51] - New shareholder South China CSI 1000 ETF replaced the previous shareholder in the top ten list, indicating a shift in the shareholder structure [51] - Notably, 23.16% of the company's shares were under pledge as of August 22, 2025, with the largest shareholder pledging 2.85 billion shares, accounting for 39.83% of its total holdings [51] Asset and Liability Changes - As of the end of the first half of 2025, accounts receivable increased by 12.27% compared to the end of the previous year, while cash and cash equivalents decreased by 9.54% [36] - The company's current ratio was 1.55 and the quick ratio was 1.54, indicating a stable liquidity position [48] - The company's debt-to-asset ratio has shown a decreasing trend, with the latest figure being approximately 56.64% [46]