深城交上半年营收同比下滑10%，现金流管理承压，转型加速

Core Viewpoint - Shenzhen State-owned Listed Company Shen Cheng Jiao (301091.SZ) reported a decline in revenue and continued losses in its 2025 semi-annual report, indicating ongoing operational challenges [1][2]. Financial Performance - The company achieved operating revenue of 415.23 million yuan, a year-on-year decrease of 10.63% due to reduced revenue recognition from project completions [2][3]. - The net profit attributable to shareholders was a loss of 9.40 million yuan, an improvement from a loss of 9.65 million yuan in the same period last year, reflecting a 2.62% reduction in losses [3]. - The net cash flow from operating activities was -386.37 million yuan, a decline of 7.71% compared to the previous year, indicating ongoing cash flow management pressures [3][5]. Asset and Liability Management - Total assets at the end of the reporting period were 3.36 billion yuan, down 4.56% from the previous year, while net assets attributable to shareholders decreased by 1.07% to 2.31 billion yuan [3]. - The company recognized impairment losses totaling 14.62 million yuan, impacting its profit for the reporting period [4]. Profitability Indicators - The company's net profit margin improved from -5.19% in the first half of 2024 to -4.68% in the current period, while the gross profit margin increased from 28.95% to 34.68% [5]. - The weighted average return on net assets was -0.41%, indicating low profitability despite some improvements in financial metrics [5]. Business Development and Strategy - Shen Cheng Jiao's key business segments, particularly big data software and smart transportation, generated 234 million yuan in revenue, accounting for 56.27% of total revenue, with a gross margin of 34.90% [6]. - The company signed new contracts worth 830 million yuan during the reporting period, maintaining stability in contract acquisition [6]. - The company plans to focus on low-altitude economy and intelligent connected fields, enhancing its digital infrastructure capabilities [7]. Research and Development - Research and development expenses amounted to 68.40 million yuan, a 26.19% increase year-on-year, with R&D expenses accounting for 16.47% of revenue, up 4.81 percentage points [6].