现代投资2025年半年报：“一体两翼”驱动营收净利双增

Core Viewpoint - Modern Investment reported a solid performance in the first half of 2025, with total revenue of 4.042 billion yuan, a year-on-year increase of 11.74%, and a net profit attributable to shareholders of 299 million yuan, up 15.97% [2] Group 1: Financial Performance - The company achieved a net profit of 293 million yuan after deducting non-recurring items, reflecting a growth of 15.78% year-on-year, indicating strong profit quality [2] - Despite slight fluctuations in gross margin due to industry conditions, the overall expense ratio decreased, with financial expenses reduced from 471 million yuan to 390 million yuan, a decrease of 17.28% [2] - The company lowered the comprehensive financing cost of existing debt by 11 basis points compared to the end of the previous year through proactive debt replacement and issuing low-cost financing tools [2] Group 2: Operational Efficiency - The highway business, as part of the company's "one body," continued to play a stabilizing role, managing approximately 563 kilometers of highways, including major national routes [3] - Toll revenue from Xiangheng Expressway reached 530 million yuan, a year-on-year increase of 12.16%, while Huai-Zhi Expressway revenue was 37.99 million yuan, up 11.67% [3] - The company implemented a digital transformation strategy, enhancing operational efficiency with initiatives like the "Highway Huaitong" platform and AI applications, resulting in a 50% improvement in toll efficiency [3] Group 3: Business Expansion - The company is leveraging its strengths in finance, environmental protection, and new energy sectors to drive growth, aligning with national policies on financial strength and carbon neutrality [4] - The financial segment generated revenue of 2.166 billion yuan, focusing on providing precise services to the upstream and downstream of the highway industry [4] - The environmental segment has strengthened its market position, with successful renewals of hazardous waste permits and advancements in smart wastewater treatment technology [4] Group 4: New Energy Initiatives - The company is positioned as a pioneer in photovoltaic power generation along highways, actively expanding its solar energy initiatives in line with government policies [5][6] - Future plans include seeking to extend toll collection periods and acquiring quality road assets through mergers and acquisitions to sustain long-term growth [6] - The company aims to enhance its internal risk control systems and focus on the core highway business while integrating financial, environmental, and new energy operations to stabilize revenue [6]