公司报告 | 半年报点评 分业务来看，25H1 公司勘测设计及咨询、工程建设、工业制造、投资运营 分别实现收入 90.98 、 1819.96 、 162.48 、 151.8 亿 元 ， 同 比 分 别 +16.46%/+10.31%/+10.96%/+15.52%。投运业务中，新能源及综合智慧能源、 房地产（新型城镇化）分别实现收入 35.63、46.89 亿元，同比分别+49.26%、 +22.6%。25H1 公司综合毛利率 11.29%，同比-0.91pct，分业务看，勘测设 计及咨询、工程建设、工业制造、投资运营毛利率分别为同比分别 +2.79/-0.82/-0.66/-8.38pct，其中，新能源投资运营毛利率同比-6.95pct 至 39.19%。25H1 期间费用率下降 0.59pct 至 7.63%，其中销售、管理、研 发、财务费用率同比分别-0.01、-0.39、+0.04、-0.24pct。资产+信用减值 损失 8.61 亿元，同比减少 4.05 亿。综合影响下公司净利率为 2.26%，同比 -0.08pct。25H1 公司 CFO 净流出 134.01 亿元，比上年同期少流出 11.1 ...

Group 1 - Haichuan Capital recently completed the first closing of its RMB primary fund with a scale exceeding 300 million yuan, marking the establishment of its first blind pool fund after the fundraising of its first special fund in March 2025 [2] - Haichuan Capital was established in September 2024 and obtained the private fund manager license from the Asset Management Association of China in December 2024 [2] - In the current market environment, where local governments are the main source of funds, nearly 70% of the investors in the first closing of the fund are industrial and market-oriented LPs, maintaining a high level of industrialization and marketization [2] Group 2 - The first closing of this fund has a cornerstone LP from the well-known market-oriented mother fund Suzhou Fund, and has attracted strong support from local state-owned platforms such as Zhangjiagang Venture Capital Group and Huai'an Jinfang [2] - Industrial LPs include well-known companies such as Yatong Precision Engineering Co., Ltd. (SH.603190), Sanyangma Co., Ltd. (SZ.001317), and Yideren Human Resources Co., Ltd. (873114), along with many personal investors from the automotive and energy sectors [2] - This first closing marks the official launch of Haichuan Capital as a new industrial investment institution, initiating a strategic layout focused on the trillion-level sectors of smart automobiles and energy [2]