北新路桥2025年中报简析：增收不增利

Core Insights - The company reported a significant increase in revenue but a substantial decline in net profit for the first half of 2025, indicating a challenging financial environment [1][3]. Financial Performance - Total revenue reached 4.956 billion yuan, a year-on-year increase of 20.66% [1]. - The net profit attributable to shareholders was -80.91 million yuan, a dramatic decline of 868.68% compared to the previous year [1]. - In Q2 2025, total revenue was 3.342 billion yuan, up 31.18% year-on-year, while the net profit was -12.42 million yuan, down 370.25% [1]. - Gross margin decreased to 14.63%, down 13.95% year-on-year, and net margin fell to -1.7%, a decrease of 618.35% [1]. - Total expenses (selling, administrative, and financial) amounted to 777 million yuan, accounting for 15.67% of revenue, a slight decrease of 1.25% year-on-year [1]. Cash Flow and Debt Analysis - The company had cash and cash equivalents of 4.805 billion yuan, a 32.31% increase year-on-year [1]. - The ratio of cash to current liabilities was only 51.73%, indicating potential liquidity concerns [4]. - The interest-bearing debt ratio reached 65.22%, with total interest-bearing liabilities at 40.758 billion yuan, a 4.94% increase year-on-year [4]. Return on Investment - The company's Return on Invested Capital (ROIC) was 1.41% last year, indicating weak capital returns [3]. - The historical median ROIC over the past decade was 1.92%, reflecting generally poor investment returns [3]. Business Model Insights - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability and necessity of these investments [3].