基建8大巨头业绩比拼，集体面临盈利和回款双重压力

Core Insights - The construction industry is facing significant performance pressure due to deep adjustments in the real estate sector and a contraction in construction business [1][3] - Major state-owned construction enterprises are experiencing revenue and profit declines, with only a few companies showing positive growth [1][4] Industry Performance - In the first half of 2025, the CS construction sector achieved operating revenue of 39,619.05 billion yuan, a year-on-year decline of 5.52%, and a net profit attributable to shareholders of 912.76 billion yuan, down 6.03% [1] - The revenue growth rate has been continuously declining since 2022, with the first annual revenue decline expected in nearly a decade for the sector in 2024 [3] Major Companies' Performance - Among the eight major state-owned construction enterprises, only China Electric Power and China Energy Construction reported revenue growth, while only China Construction, China Chemical, and China Energy Construction saw net profit growth [1][4] - China Construction reported a total revenue of 11,083.07 billion yuan in the first half of 2025, a decrease of 3.17%, marking its first revenue decline in five years [7] New Contracts and Revenue - New signed contracts are crucial for construction companies, with China Construction signing contracts worth 2.5 trillion yuan, a slight increase of 0.9% year-on-year [4] - However, some companies like China Metallurgical Group and China Railway Construction experienced declines in new contracts, with decreases of 19.1% and 4.04% respectively [4][5] Cash Flow and Financial Health - The cash flow situation remains critical, with major construction companies reporting significant cash outflows and high accounts receivable [9][10] - As of mid-2025, the total accounts receivable for the eight major construction enterprises reached 15,796 billion yuan, indicating substantial financial pressure [10] Future Outlook - The construction sector is expected to face ongoing challenges, but there is potential for improvement in infrastructure investment driven by government initiatives [11] - The focus on urban renewal and major infrastructure projects may provide opportunities for growth, supported by fiscal policies [11]