Company Performance - As of August 29, 2025, the stock price of Northern International (000065) closed at 11.46 yuan, down 5.99% from the previous week [1] - The company's total market capitalization is 12.278 billion yuan, ranking 6th in the professional engineering sector and 1553rd in the A-share market [1] - The company reported a year-on-year decline in performance for the first half of the year, primarily due to fluctuations in coking coal market prices [3] Project Updates - The Senj wind power project in Croatia generated 215 million kWh in the first half of the year, representing a 28% increase compared to the same period last year [6][7] - The Bosnian photovoltaic project has a post-tax internal rate of return of 9.68%, with a capital internal rate of return of 17.74% and a payback period of 8.85 years [6][7] - The company is focusing on market development in resource-rich countries in the Asia-Pacific, Central and Eastern Europe, the Middle East, and Central Asia, including Indonesia, Croatia, Bosnia, Uzbekistan, the UAE, and Egypt [6] Strategic Initiatives - The company has submitted an application for a private placement of shares, which has been accepted by the Shenzhen Stock Exchange and is pending approval from the China Securities Regulatory Commission [2][7] - The company emphasizes compliance and steady development, aiming to enhance operational quality and core competitiveness while maintaining investor communication [3][4] - The "Belt and Road" initiative provides clear policy support and long-term direction for the international engineering industry, with a focus on green and intelligent project management and construction [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue for the first half of 2025 was 6.735 billion yuan, a year-on-year decrease of 35.34%, while the net profit attributable to shareholders was 309 million yuan, down 42.71% year-on-year [2][6] - The decline in performance is primarily attributed to falling coking coal prices and a decrease in revenue from the integrated mining project in Mongolia [12] - Despite the challenges, the company's profitability improved, with a gross margin of 13.09%, an increase of 3.00 percentage points year-on-year [12] - The company experienced a significant increase in cash flow, with a net cash inflow from operating activities of 147 million yuan, turning positive year-on-year [12] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 6.735 billion yuan, a decrease of 35.34% year-on-year, and a net profit of 309 million yuan, down 42.71% year-on-year [2][6] - The revenue breakdown by segments showed engineering construction and services at 3.099 billion yuan (-24.91%), resource supply chain at 2.663 billion yuan (-50.88%), power operations at 325 million yuan (+55.16%), and industrial manufacturing at 619 million yuan (-0.89%) [12] Coking Coal Market - Coking coal prices have significantly declined, with the price of Mongolian 5 raw coal at the Ganqimaodu port at 735 yuan/ton as of June 30, 2025, down 43.02% year-on-year [12] - The company’s coking coal sales volume decreased, impacting overall revenue [12] Operational Highlights - The company signed new projects worth 402 million USD in the first half of 2025, a decrease of 44.76% year-on-year [12] - Key operational projects include the Croatian wind power project, which generated 215 million kWh (+20.79% year-on-year), and the Laos South Power Station, which generated 214 million kWh [12] Future Outlook - The company anticipates improvements in coking coal supply and demand dynamics, with the main contract price recovering from a low of 741.50 yuan/ton to 1295 yuan/ton [12] - The Bangladesh project is expected to enter the operational phase in the second half of 2025, potentially contributing positively to future performance [12]

北方国际合作股份有限公司 2025 年第二季度工程业务经营情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，北方国际合作股份有限公司（以下 简称"公司"）将 2025 年第二季度经营情况披露如下： | 项 目 | 数量 | 金额(万美元) | | --- | --- | --- | | 2025年第二季度新签项目合同 | 5 | 38,651.15 | | 截至2025年6月30日累计已签约未完工项目合同 | 78 | 1,367,727.20 | | 其中： | | | | 已签约尚未生效项目合同 | 25 | 771,522.97 | | 已生效正在执行项目合同 | 53 | 596,204.22 | | 已中标尚未签约项目合同 | 0 | 0 | 一、公司合同总体情况 股票简称：北方国际 股票代码：000065 公告编号：2025-072 2025 年第二季度工程业务经营情况公告 二、重大项目情况 1、2025 年第二季度新签重要工程 ...