陕天然气（002267）2025年中报简析：净利润同比下降12.62%

Core Viewpoint - Shaanxi Natural Gas (002267) reported a decline in net profit by 12.62% for the first half of 2025, with total revenue also decreasing by 1.47% compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 was 4.85 billion yuan, down from 4.923 billion yuan in 2024, reflecting a decrease of 1.47% [1] - Net profit attributable to shareholders was 509 million yuan, a decline of 12.62% from 583 million yuan in the previous year [1] - The second quarter saw total revenue of 1.3 billion yuan, down 14.27% year-on-year, with net profit of 50.43 million yuan, a decrease of 26.74% [1] - Gross margin was reported at 17.49%, down 2.41% year-on-year, while net margin fell to 10.82%, a decrease of 10.77% [1] - Total expenses (selling, administrative, and financial) amounted to 188 million yuan, representing 3.87% of revenue, an increase of 13.94% year-on-year [1] - Earnings per share (EPS) decreased to 0.46 yuan, down 12.61% from 0.52 yuan [1] - Operating cash flow per share increased to 0.47 yuan, up 17.91% year-on-year [1] Asset and Liability Overview - Cash and cash equivalents decreased to 681 million yuan, down 30.82% from 984 million yuan [1] - Accounts receivable fell to 96.39 million yuan, a decline of 34.23% from 147 million yuan [1] - Interest-bearing debt increased to 3.856 billion yuan, up 21.08% from 3.185 billion yuan [1] - The company's asset-liability ratio for interest-bearing debt reached 27.75% [1] Market Expectations - Analysts project that the company's performance for 2025 will reach 707 million yuan, with an average EPS forecast of 0.64 yuan [2] Fund Holdings - The largest fund holding Shaanxi Natural Gas is the Zheshang Zhiduo Xing Stable Return Mixed A Fund, which holds 631,300 shares and has recently entered the top ten holdings [3] - The fund's current scale is 343 million yuan, with a net value of 1.0658 as of August 26, showing a 0.08% increase from the previous trading day and a 6.02% increase over the past year [3]