招股书显示，宏业基在华南地区提供岩土工程服务，自2002年以来拥有超过22年的岩土工程承接经验。公司拥有地基基础工程专业承包一级资质，以及涵盖 市政公用工程、工程勘察专业类岩土工程设计及环保工程等方面的两个二级资历及一个乙级资历。 深圳宏业基岩土科技股份有限公司(简称：宏业基)于4月28日所递交的港股招股书满6个月，于10月28日失效，递表时招商证券为其独家保荐人。 | | 28/04/2025 整體協調人公告 - 委任 吧 | | --- | --- | | 28/04/2025 | 深圳宏業基岩土科技股份有限公司 28/04/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | ...

Core Insights - Shanghai Port Bay (605598) reported a total revenue of 816 million yuan for the first half of 2025, representing a year-on-year increase of 29.34%, while the net profit attributable to shareholders decreased by 9.35% to 66.91 million yuan [1] - The company's gross margin fell to 26.91%, down 26.12% year-on-year, and the net margin decreased to 7.85%, down 32.35% year-on-year [1] - Accounts receivable increased significantly by 47.56% year-on-year, raising concerns about cash flow management [1] Financial Performance - Total revenue for 2025: 816 million yuan, up from 631 million yuan in 2024 [1] - Net profit for 2025: 66.91 million yuan, down from 73.81 million yuan in 2024 [1] - Gross margin: 26.91%, down from 36.43% in 2024 [1] - Net margin: 7.85%, down from 11.60% in 2024 [1] - Accounts receivable: 545 million yuan, up from 369 million yuan in 2024 [1] - Earnings per share: 0.28 yuan, down from 0.31 yuan in 2024 [1] Business Model and Strategy - The company focuses on core business in geotechnical engineering services, aiming to become a global leader in this field [4] - It capitalizes on market opportunities by aligning with national strategies and undertaking significant projects both domestically and internationally, particularly in Southeast Asia and the Middle East [4] - The company emphasizes technological innovation and digital management to enhance operational efficiency and drive growth in emerging industries [4] Investment Returns - The company's return on invested capital (ROIC) was 4.44% last year, indicating weak capital returns compared to a historical median of 11.47% since its listing [3] - The net profit margin was 6.99%, suggesting average value addition from its products or services [3] - The company has faced challenges in maintaining strong investment returns, particularly highlighted by the low ROIC in 2024 [3]

8月20日，上海港湾连续4个交易日下跌，区间累计跌幅-11.48%。上海港湾基础建设(集团)股份有限公司专注为全球客户提供集勘察、设计、施工、监测于 一体的定制化岩土工程综合服务。 财报显示，易方达基金旗下易方达新兴成长灵活配置进入上海港湾前十大股东，且为今年一季度新进。今年以来收益率37.48%，同类排名208(总2282)。 | ○ 基金经理 : 蔡荣成 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 累计任职时间:6年又115天 | 任职起始日期：2019-04-29 | | | | 基金管理有限公司基金经理助理、研究部总经理助理、行业研究员。 | 基金经理简介：蔡荣成先生:金融硕士。现任易方达基金管理有限公司基金经理。曾任易方达 | | | | | 现任基金公司：易方达基金管理有限公司 | | | | | | | | | 现任基金资产 | | 在管基金最佳 | | | | | | | | | 总规模 | 任期回报 | | | | | | | | 47.73亿元 | | 67.25% | | | | ...