STEC(SH:600820) Zheng Quan Zhi Xing·2025-08-27 10:29Core Viewpoint - Shanghai Tunnel Engineering Co., Ltd. reported a significant decline in revenue and profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's operational performance [1]. Financial Performance - Total assets decreased from CNY 172.74 billion at the end of the previous year to CNY 170.94 billion, a decline of 1.04% [1]. - Operating revenue fell by 21.47%, from CNY 28.04 billion to CNY 22.02 billion [1]. - Total profit decreased by 17.71%, from CNY 1.24 billion to CNY 1.02 billion [1]. - Net profit attributable to shareholders decreased to CNY 680.15 million, showing a slight increase from CNY 678.75 million in the previous year [1]. - The company proposed a cash dividend of CNY 0.80 per 10 shares, amounting to a total distribution of CNY 251.53 million, which is 37.71% of the net profit for the period [1]. Shareholder Information - The total number of shareholders as of the report date was 99,977 [2]. - Major shareholders include Shanghai Urban Construction Group Co., Ltd. with a 31.28% stake and Shanghai Guosheng Group Co., Ltd. with a 7.39% stake [2]. Debt and Financial Ratios - The company has issued various bonds, including a public offering of perpetual corporate bonds [5][6]. - The debt-to-asset ratio was reported at 76.04%, slightly improved from 77.20% in the previous year [6]. - EBITDA interest coverage ratio increased to 3.04 from 2.94, indicating improved ability to cover interest expenses [6].