CDLQ(SZ:002628) Zheng Quan Zhi Xing·2025-08-29 22:41Core Insights - Chengdu Road and Bridge (002628) reported a total revenue of 334 million yuan for the first half of 2025, a year-on-year decrease of 9.79%, while the net profit attributable to shareholders was -22.64 million yuan, an increase of 18.79% year-on-year [1] - The company's gross margin improved significantly, with a year-on-year increase of 126.85%, while the net margin also saw a slight improvement of 10.7% year-on-year [1] - The financial health indicators show a mixed performance, with cash flow per share remaining negative and a decrease in net asset value per share [1][3] Financial Performance - Total revenue for 2025 was 334 million yuan, down from 370 million yuan in 2024, reflecting a decline of 9.79% [1] - The net profit attributable to shareholders improved from -27.88 million yuan in 2024 to -22.64 million yuan in 2025, marking an 18.79% increase [1] - The gross margin for 2025 was reported at 9.44%, up from 4.16% in 2024, indicating a significant improvement [1] - The net margin improved from -7.39% in 2024 to -6.60% in 2025, showing a positive trend [1] Cash Flow and Debt Analysis - The company's cash flow situation is concerning, with cash and cash equivalents representing only 2.43% of total assets and 16.3% of current liabilities [3] - The interest-bearing debt ratio has reached 21.01%, indicating a significant level of leverage [3] - The average operating cash flow over the past three years is only 10.14% of current liabilities, suggesting potential liquidity issues [3] Historical Performance - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.07% over the past decade and a particularly poor ROIC of -0.08% in 2024 [3] - The company has reported losses in one of the 13 annual reports since its listing, indicating a need for further investigation into the underlying causes of its financial performance [3]