Core Viewpoint - Zhongyuan Jianye has been suspended for nearly 17 months, with only about 30 days left to avoid delisting risk as per Hong Kong Stock Exchange rules [1][2] Financial Performance - In the first half of 2025, Zhongyuan Jianye reported a revenue of 140 million, a decrease of 4.5% year-on-year, and a net profit of 37 million, down 23.4% year-on-year [5] - The company's net profit margin for the period was 26.5% [5] - The revenue in 2024 was only 31 million, reflecting a significant decline from its peak revenue of 1.301 billion in 2021 [6] Business Strategy and Market Position - Zhongyuan Jianye aims to revitalize its business through a strategy of "renewal" and "reconstruction," focusing on harmonious development across its various segments [4] - The company has been expanding its operations outside Henan province, although the majority of its revenue still comes from within the province, contributing 91.5% of the total revenue in the first half of 2025 [10] - The company signed 11 new projects in the first half of 2025, with a total contracted area of 731,000 square meters, a decrease of 47.3% year-on-year [11] Competitive Landscape - The construction agency sector is facing intense competition from state-owned enterprises and numerous private companies, impacting Zhongyuan Jianye's performance [5] - The company has acknowledged the need to innovate its development model for expansion outside Henan, planning to implement a "equity cooperation and regional openness" model in Shandong as a strategic pilot [13][14]
中报观察 中原建业离摘牌还有一个月