CRT(SH:600125) Zheng Quan Shi Bao Wang·2025-09-08 11:01Core Viewpoint - Iron Dragon Logistics is focusing on enhancing its core business of special containers while navigating challenges in the logistics market, with a strategic emphasis on long-term value creation and investment in special container assets. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 5.513 billion yuan, a year-on-year decrease of 22.14%, primarily due to a deliberate reduction in supply chain business scale, which saw a revenue drop of 32.77% [1] - The net profit attributable to shareholders was 379 million yuan, an increase of 33.34% compared to the same period last year, mainly due to a prior year provision for inventory impairment of 87 million yuan; on a like-for-like basis, net profit grew by 2.12% [1] - As of June 30, 2025, total assets reached 10.797 billion yuan, a 3.64% increase from the end of the previous year; net assets attributable to shareholders were 7.663 billion yuan, up 5.40% [1] Group 2: Business Strategy and Development - The company has invested 270 million yuan, 510 million yuan, and 660 million yuan in special containers from 2022 to 2024, significantly enhancing the containerization level in modern logistics [2] - The gross profit margin of the special container segment has steadily increased from 48.7% in 2022 to 67.4% in 2024, reflecting the segment's alignment with high-quality development traits in modern logistics [2] - By December 31, 2024, the company is expected to have over 130,000 special containers, with 17,000 units put into operation in the first half of 2025, bringing the total to over 149,000 by June 30, 2025 [2] Group 3: Operational Highlights - The special container business maintained strong growth, with a dispatch volume of 1.025 million TEUs, a year-on-year increase of 7.2% [3] - The Sandao Railway's freight volume continued to recover, with a total of 29.172 million tons, reflecting a year-on-year growth of 10.8% [3] - The cold chain development company faced operational challenges due to various external factors but has implemented measures to improve its situation, reducing losses by approximately 7 million yuan in 2024 and 6 million yuan in the first half of 2025 [3]