山西高速2025年中报简析：净利润同比增长1.6%，盈利能力上升

Core Insights - Shanxi Expressway (000755) reported a total revenue of 730 million yuan for the first half of 2025, a year-on-year decrease of 3.96%, while the net profit attributable to shareholders increased by 1.6% to 241 million yuan [1] - The company's profitability improved, with a gross margin increase of 0.1% and a net margin increase of 5.79% compared to the previous year [1] Financial Performance - Total revenue for 2024 was 760 million yuan, compared to 730 million yuan in 2025, reflecting a decline of 3.96% [1] - Net profit attributable to shareholders rose from 237 million yuan in 2024 to 241 million yuan in 2025, marking a 1.6% increase [1] - The gross margin for 2025 was 58.52%, up by 0.1% year-on-year, while the net margin reached 33.01%, an increase of 5.79% [1] - Earnings per share remained stable at 0.16 yuan, with a slight increase of 1.61% [1] - Operating cash flow per share decreased by 15.08% to 0.34 yuan [1] Asset and Liability Management - Cash and cash equivalents decreased by 4.24% to 1.048 billion yuan [1] - Accounts receivable fell by 15.49% to 84.34 million yuan [1] - Interest-bearing liabilities decreased by 8.19% to 6.263 billion yuan [1] - The company's debt-to-asset ratio for interest-bearing liabilities reached 51.1%, indicating a significant level of leverage [3]