3 6 Ke·2025-09-02 01:53Core Viewpoint - Shenzhen Metro Group has lost its title as the "most profitable metro company" in 2024, with significant declines in revenue and net profit reported for the first half of 2025 [1] Financial Performance - For the first half of 2025, Shenzhen Metro Group reported operating revenue of 7.284 billion yuan, down 21.7% from 9.299 billion yuan in the same period last year [1] - The net profit for the period was -3.268 billion yuan, with a net profit attributable to the parent company of -3.361 billion yuan, compared to -3.793 billion yuan in the previous year [1] - Total assets reached 793.232 billion yuan, with total liabilities of 479.620 billion yuan and total equity of 313.611 billion yuan [1] Investment in Vanke - Shenzhen Metro holds a 27.18% stake in Vanke, making it the largest shareholder, and has provided substantial financial support, totaling 24.369 billion yuan over eight loans in 2025 [1][2] - Cumulatively, from 2017 to 2025, Shenzhen Metro has invested nearly 95 billion yuan in Vanke through equity investments and debt financing [2] Construction and Real Estate Challenges - The company faces challenges in aligning metro construction with real estate revenue, as the effectiveness of the "real estate supports metro" model is being questioned amid a downturn in the real estate sector [2] - Fixed asset investment for the period was 44.282 billion yuan, a 34% increase year-on-year, with ongoing projects requiring continuous funding [2] Station-City Integration Development - The station-city integration development business generated 1.625 billion yuan in revenue, a 63% decrease year-on-year, primarily due to cyclical impacts in real estate [3] - The revenue contribution from this segment fell to 22.3%, marking the first time it dropped below 30% [3] - Despite the revenue decline, the business managed to reduce costs significantly, leading to an increase in gross profit margin to 48.38% [3] Real Estate Highlights - Shenzhen Metro's real estate segment showed some positive developments, with notable sales in talent housing projects, including the successful launch of the "Yueyunjing" project, which sold out within an hour [4] - The company aims to launch 4,300 housing units in 2025, including talent housing and commercial properties, with sales performance in the second half of the year yet to be revealed [4]