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 ...

Core Viewpoint - China Energy Construction (03996) reported a revenue of 212.09 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 9.18% and a net profit attributable to shareholders of 2.802 billion RMB, up 0.72% [1] Group 1: Business Segments - The surveying, design, and consulting business generated revenue primarily from providing surveying and design services for domestic and international thermal, hydropower, nuclear, wind, and solar power projects, as well as consulting services related to power industry policies and project testing, evaluation, and supervision. This segment achieved a revenue of 9.098 billion RMB, reflecting a year-on-year growth of 16.46% [1] - The engineering construction business's revenue mainly comes from providing construction services for projects in China and overseas. During the first half of 2025, several key projects were at their peak construction phase, resulting in a revenue of 181.996 billion RMB, which is a year-on-year increase of 10.31% [1]

Core Insights - China Energy Engineering Corporation (03996) reported a revenue of 212.09 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 9.18% [1] - The net profit attributable to shareholders was 2.802 billion RMB, reflecting a slight increase of 0.72% year-on-year [1] - Basic earnings per share stood at 0.063 RMB [1] Business Segments - The surveying, design, and consulting business generated revenue of 9.098 billion RMB, marking a year-on-year growth of 16.46%. This revenue primarily comes from providing design services for various power generation projects and consulting services related to power industry policies and project evaluations [1] - The engineering construction business achieved revenue of 181.996 billion RMB, with a year-on-year increase of 10.31%. This segment's revenue is mainly derived from construction services for projects in China and overseas, with several key projects at peak construction during the reporting period [1]