CDLQ(SZ:002628) Sou Hu Cai Jing·2025-08-29 22:45Core Viewpoint - Chengdu Road and Bridge (002628) reported a decline in total revenue for the first half of 2025, while showing an improvement in net profit margin despite still being in the negative [1] Financial Performance Summary - Total revenue for the first half of 2025 was 334 million yuan, a decrease of 9.79% year-on-year [1] - Net profit attributable to shareholders was -22.64 million yuan, an increase of 18.79% year-on-year [1] - In Q2 2025, total revenue was 215 million yuan, an increase of 3.76% year-on-year [1] - Q2 2025 net profit attributable to shareholders was -26.78 million yuan, an increase of 14.82% year-on-year [1] - Gross margin improved to 9.44%, a year-on-year increase of 126.85% [1] - Net margin was -6.6%, a year-on-year increase of 10.7% [1] - Earnings per share improved to -0.03 yuan, a year-on-year increase of 25% [1] Cash Flow and Debt Analysis - Cash and cash equivalents increased significantly by 97.43% year-on-year, reaching 166 million yuan [1] - The company’s receivables increased by 20.24% year-on-year, totaling 1.303 billion yuan [1] - Interest-bearing liabilities decreased by 4.93% year-on-year, amounting to 1.466 billion yuan [1] - Cash flow from operations per share remained at -0.02 yuan, a decrease of 20.34% year-on-year [1] Historical Performance Insights - The company has shown weak historical performance with a median ROIC of 2.07% over the past decade [3] - The worst year for ROIC was 2024, with a value of -0.08% [3] - The company has reported a loss in one of the 13 annual reports since its listing, indicating a need for further investigation into underlying causes [3]