长江商报消息 ●长江商报记者 徐阳 2月4日晚间，国机重装发布的业绩快报显示，2025年，公司实现营业收入138.85亿元，同比增长 9.56%；利润总额突破7亿元，同比增长24.17%；归属于上市公司股东的净利润（以下简称"归母净利 润"）4.79亿元，同比增长10.89%；归属于上市公司股东的扣除非经常性损益的净利润（以下简称"扣非 净利润"）4.15亿元，同比增长29.24%。 长江商报记者注意到，曾经主动退市的第一股国机重装于2020年6月正式回A。国机重装坚持"一体两 翼"业务格局，布局30多个海外分支机构，加快推动中国高端装备走出去。五年时间公司的营业收入和 归母净利润均保持稳健增长，粗略估计，公司归母净利润合计约21.4亿元。 归母净利连增五年 公开资料显示，国机重装的前身是二重重装，于2010年在上海证券交易所挂牌上市。受多方面因素影 响，公司连续亏损，2012年至2014年的三年合计亏损约140亿元，2014年末资产负债率高达139.85%。 2015年5月，公司主动从A股退市，成为A股主动退市第一股。 退市之后，二重重装经历过重整、重组、引进战投等，经营大幅改善。2020年5月29日，二重 ...

Core Insights - The company reported a total revenue of 7.073 billion yuan for the first half of 2025, representing a year-on-year increase of 13.21% [1] - The net profit attributable to shareholders reached 242 million yuan, up 13.37% year-on-year [1] - The company has a significant accounts receivable issue, with accounts receivable amounting to 1139.61% of the net profit [1][5] Financial Performance - Total revenue for the first half of 2025 was 7.073 billion yuan, compared to 6.248 billion yuan in 2024, marking a 13.21% increase [1] - Net profit attributable to shareholders increased from 213 million yuan in 2024 to 242 million yuan in 2025, a rise of 13.37% [1] - The gross profit margin decreased to 13.31%, down 7.28% year-on-year, while the net profit margin slightly increased to 3.63%, up 0.51% [1] - Total operating expenses (sales, management, and financial expenses) amounted to 446 million yuan, representing 6.31% of revenue, an increase of 22.39% year-on-year [1] Cash Flow and Debt - Operating cash flow per share increased significantly by 550.67% to 0.06 yuan, driven by increased cash inflows from sales and prepayments [1][4] - The company’s cash assets are considered healthy, with cash and cash equivalents amounting to 8.91 billion yuan, a 19.45% increase from the previous year [1][5] - Interest-bearing liabilities rose to 3.201 billion yuan, reflecting a 6.44% increase [1] Cost Structure - Operating costs increased by 14.59%, primarily due to the rise in revenue [3] - Sales expenses rose by 23.92%, attributed to increased service fees, promotional expenses, and employee compensation [4] - Management expenses surged by 29.49%, driven by higher safety production costs and employee salaries [4] - Research and development expenses decreased by 45.17%, indicating a structural timing difference in expenditure [4] Business Model and Operations - The company operates in three main segments: R&D and manufacturing, engineering and services, and investment and operations [6] - The R&D and manufacturing segment focuses on high-end large castings and equipment for various energy sectors [6] - The engineering and services segment provides comprehensive project contracting and supply chain services [6] - The investment and operations segment is involved in clean energy project investments [6]