中国电建2025年中报简析：增收不增利，短期债务压力上升

Core Viewpoint - China Power Construction (601669) reported mixed financial results for the first half of 2025, with total revenue increasing by 2.6% year-on-year, but net profit declining by 13.81% [1] Financial Performance - Total revenue for the first half of 2025 reached 293.055 billion yuan, up 2.6% from 285.642 billion yuan in the same period of 2024 [1] - Net profit attributable to shareholders was 5.426 billion yuan, down 13.81% from 6.296 billion yuan in 2024 [1] - The gross margin decreased to 11.23%, a decline of 8.36% year-on-year, while the net margin fell to 2.45%, down 16.38% [1] - The company reported a current ratio of 0.9, indicating increased short-term debt pressure [1] Cost and Expense Analysis - Operating costs increased by 3.86%, attributed to business scale growth [4] - Selling expenses rose by 6.5% due to increased marketing efforts, while management expenses grew by 5.4% due to rising depreciation and amortization [4] - Financial expenses increased by 1.07%, primarily due to higher interest costs [5] Cash Flow and Debt Situation - Operating cash flow per share was -2.97 yuan, a decrease of 9.8% year-on-year, reflecting reduced cash inflow from sales [1][6] - The company’s cash flow from investing activities improved by 27.08%, as cash payments for fixed assets and other long-term assets decreased [7] - Financing activities saw a decline of 19.3% in cash flow, mainly due to increased debt repayments [7] Investment and Return Metrics - The company's return on invested capital (ROIC) was 3.57%, indicating weak capital returns historically [8] - The average cash flow to current liabilities ratio over the past three years was only 6.51%, raising concerns about liquidity [9] Fund Holdings - The largest fund holding China Power Construction is the GF CSI Infrastructure Engineering ETF, which has reduced its holdings [10]