交建股份2025年中报简析：营收净利润同比双双增长，盈利能力上升

Core Viewpoint - The recent financial report of Jiaojian Co., Ltd. (交建股份) indicates a positive growth trajectory in revenue and net profit for the first half of 2025, showcasing improved profitability metrics compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 1.962 billion yuan, marking a year-on-year increase of 9.01% [1] - The net profit attributable to shareholders was 113 million yuan, reflecting a significant year-on-year growth of 48.66% [1] - In Q2 2025, total revenue was 1.173 billion yuan, up 14.67% year-on-year, while net profit for the quarter was approximately 79.5 million yuan, an increase of 84.75% [1] - The gross margin improved to 12.66%, with a year-on-year increase of 46.7%, and the net margin rose to 6.06%, up 44.27% [1] Key Financial Metrics - The total of selling, administrative, and financial expenses amounted to 81.14 million yuan, accounting for 4.13% of revenue, with a slight year-on-year increase of 0.09% [1] - Earnings per share (EPS) increased to 0.18 yuan, a 50% rise compared to the previous year [1] - The cash flow per share was -0.27 yuan, showing a year-on-year improvement of 23.48% [1] - The company's net asset per share was 3.87 yuan, up 3.62% year-on-year [1] Changes in Financial Items - Contract liabilities increased by 33.94% due to a rise in advance payments for projects [2] - Deferred tax liabilities decreased by 41.68% as a result of the reversal of tax deductions for fixed assets [2] - Research and development expenses surged by 94.36% due to increased investment in new material technology [2]