ST广物上半年营收14.21亿元同比降20.95%，归母净利润2.60亿元同比降1.32%，管理费用同比下降49.62%

Core Viewpoint - ST Guangwu reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1][2]. Financial Performance - The company's revenue for the first half of 2025 was 1.421 billion yuan, a year-on-year decrease of 20.95% [1]. - The net profit attributable to shareholders was 260 million yuan, down 1.32% year-on-year [1]. - The basic earnings per share stood at 0.22 yuan [1]. - The gross profit margin for the first half was 42.10%, an increase of 2.88 percentage points year-on-year [2]. - The net profit margin was 18.47%, up 3.13 percentage points compared to the same period last year [2]. Quarterly Analysis - In Q2 2025, the gross profit margin was 36.41%, showing a year-on-year increase of 0.80 percentage points but a quarter-on-quarter decrease of 11.07 percentage points [2]. - The net profit margin for Q2 was 7.97%, which is an increase of 0.48 percentage points year-on-year but a decrease of 20.46% from the previous quarter [2]. Cost Management - Total operating expenses for the first half were 291 million yuan, a reduction of 104 million yuan year-on-year [2]. - The expense ratio was 20.49%, down 1.47 percentage points from the same period last year [2]. - Sales expenses decreased by 48.93%, management expenses fell by 49.62%, and financial expenses were reduced by 9.73% [2]. Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 16,000, an increase of 939 from the previous quarter, representing a growth of 6.25% [2]. - The average market value per shareholder rose from 575,900 yuan at the end of Q1 to 577,900 yuan, an increase of 0.35% [2]. Company Overview - ST Guangwu, established in 1988 and listed in 1992, is based in Urumqi, Xinjiang, and operates in logistics, real estate development, and railway transportation [3]. - The main revenue sources include energy logistics services (79.11%), real estate sales (16.38%), and logistics park operations (3.00%) [3]. - The company is categorized under the transportation and logistics sector, with concepts including smart logistics and cold chain logistics [3].