CNECC(SH:601611) Zheng Quan Zhi Xing·2025-08-29 22:41Financial Performance - As of the reporting period, the company's total revenue was 53.472 billion yuan, a year-on-year decrease of 2.11% [1] - The net profit attributable to shareholders was 798 million yuan, down 16.48% year-on-year [1] - In Q2, total revenue was 23.922 billion yuan, a decline of 6.52% year-on-year, while net profit was 246 million yuan, down 38.13% year-on-year [1] - The gross profit margin was 9.81%, a decrease of 0.18% year-on-year, and the net profit margin was 2.05%, down 15.79% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 2.378 billion yuan, accounting for 4.45% of revenue, an increase of 8.32% year-on-year [1] - Earnings per share were 0.26 yuan, a decrease of 13.33% year-on-year [1] Financial Ratios and Metrics - The company's return on invested capital (ROIC) was 4.22%, indicating historically weak capital returns [2] - The net profit margin last year was 2.46%, suggesting low added value for products or services [2] - The median ROIC since the company went public is 4.65%, indicating average investment returns [2] - The cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 19.38% and a three-year average operating cash flow to current liabilities of -2.82% [2] - The debt situation is also a concern, with interest-bearing debt ratio reaching 35.72% and a negative average operating cash flow over the past three years [2] - Accounts receivable to profit ratio has reached 2173.26%, indicating significant receivables relative to profit [2] Fund Holdings - The largest fund holding shares in the company is Changsheng Growth Value Mixed A, with 753,900 shares, which has reduced its holdings [3] - The fund has a current scale of 310 million yuan and a net value of 1.8057 as of August 29, with a year-on-year increase of 10.9% [3]