SCMC(SH:600984) 中国基金报·2026-01-25 03:38Core Viewpoint - Construction Machinery is expected to continue incurring losses in 2025, with a projected net profit attributable to shareholders of -2.072 billion yuan, indicating an increase in the loss margin compared to previous years [2][3]. Group 1: Financial Performance - In 2024, Construction Machinery reported a net profit of -988 million yuan and a net profit excluding non-recurring items of -1.001 billion yuan [5]. - The company anticipates that the losses in 2025 may double due to insufficient downstream demand in the domestic tower crane rental market, resulting from reduced new construction area and low project commencement rates [5]. - The asset-liability ratio of Construction Machinery reached 74.81% in 2024, an increase of approximately 9.5 percentage points compared to 2021 [9]. Group 2: Business Overview - Construction Machinery, established in 2001 and listed on the Shanghai Stock Exchange in 2004, is primarily controlled by Shaanxi Coal and Chemical Industry Group [6]. - The company's operations are divided into five main segments: leasing, engineering construction, steel structure manufacturing and installation, equipment sales, and transportation, with leasing being the core business, accounting for over 80% of revenue in the first half of 2025 [6]. - The construction machinery rental industry, where Construction Machinery operates, serves downstream sectors such as real estate, municipal engineering, transportation, and energy projects, all of which have seen declining demand recently [6]. Group 3: Capital Structure and Fundraising - In late 2023, Construction Machinery announced a plan to raise no more than 1.265 billion yuan through a private placement to Shaanxi Coal Group, aimed at improving liquidity and reducing debt [9]. - However, on December 23, 2025, the company decided to terminate the private placement due to various factors, including the macroeconomic environment and changes in the capital market [9].