Core Insights - The company experienced a decline in revenue and profit in Q1-Q3 2025, with total revenue of 34.395 billion yuan, down 19.80% year-on-year, and net profit attributable to shareholders of 1.210 billion yuan, down 19.33% year-on-year [1] Group 1: Financial Performance - In Q3 2025, the company reported revenue of 12.374 billion yuan, a decrease of 16.70% year-on-year, with net profit attributable to shareholders at 483 million yuan, down 32.36% year-on-year [1] - The decline in net profit was primarily due to reduced investment income from joint ventures and associates, while the significant drop in non-recurring net profit was attributed to an increase in non-recurring gains and losses [1] - The comprehensive gross margin for Q1-Q3 2025 was 15.90%, an increase of 4.25 percentage points year-on-year, while the Q3 gross margin was 16.80%, up 11.37 percentage points year-on-year [3] - The net profit margin for Q1-Q3 2025 was 3.58%, a decrease of 0.19 percentage points year-on-year, and for Q3 it was 4.08%, down 1.11 percentage points year-on-year [3] Group 2: Order and Business Performance - The company secured new orders worth 69.029 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 5.06%, with Q3 new orders reaching 22.822 billion yuan, up 16.56% year-on-year [2] - The construction, design, operation, and digital business segments saw new contract values of 58.590 billion, 3.437 billion, 6.549 billion, and 0.452 billion yuan respectively in Q1-Q3 2025, with notable growth in the operation and digital segments [2] - The company’s new orders from outside Shanghai and overseas reached 26.963 billion and 3.901 billion yuan respectively, showing increases of 7.08% and 35.44% year-on-year, indicating a strong expansion in external and international markets [2] Group 3: Profit Forecast and Valuation - The company forecasts net profit attributable to shareholders for 2025-2027 to be 2.996 billion, 3.162 billion, and 3.364 billion yuan, with year-on-year growth rates of 5.46%, 5.52%, and 6.42% respectively [4] - The current stock price corresponds to price-to-earnings ratios of 6.93, 6.56, and 6.17 for the years 2025, 2026, and 2027 [4] - The company maintains a strong market position and is accelerating overseas business expansion while sustaining high dividend levels, leading to a resilient operational outlook and valuation advantage [4]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、新增项目情况汇总 2025 年前三季度，上海隧道工程股份有限公司及下属子公司项 目中标情况如下： | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-046 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | 上海隧道工程股份有限公司 2025 年前三季度主要经营情况公告 | 设计业务 | 订单总个数 | | 1912 | 343,718.85 | 100.00 | -9.93 | | --- | --- | --- | --- | --- | --- | --- | | 运营业务 | 订单总个数 | | 631 | 654,904.91 | 100.00 | 46.60 | | 数字业务 | 订单总个数 | | 174 | 45,245.67 | ...

Financial Data and Key Metrics Changes - Net sales for Q2 were approximately $5.3 billion, growing 3.2% year over year [21] - Comparable club sales, including gas, decreased 0.3% year over year, while merchandise comp sales, excluding gas, increased by 2.3% year over year [22] - Adjusted EBITDA grew approximately 8% year over year to $303.9 million, reflecting strong top-line growth and increased merchandise margins [27] - Adjusted earnings per share for Q2 were $1.14, an increase of 4.6% year over year [28] Business Line Data and Key Metrics Changes - The perishables grocery and sundries division saw a comp growth of 3%, driven by strong performance in dairy, meat, and fresh produce [6][8] - The general merchandise and services division experienced a decline of 2.2% in comp sales, impacted by weather and macroeconomic factors [9][22] - Digital sales grew 34% year over year, with over 90% of digital sales fulfilled by clubs [23] Market Data and Key Metrics Changes - The membership base reached 8 million, representing a 55% growth since the IPO seven years ago [6][12] - Higher tier membership penetration improved by 50 basis points to an all-time high of 41% [12][49] - Comp gallons in the gas business were flat year over year, significantly outperforming the industry [26] Company Strategy and Development Direction - The company is focused on enhancing member loyalty, improving the shopping experience, and expanding its footprint [11][34] - Investments in the Fresh 2.0 initiative are driving significant improvements in perishables and are being applied to meat and seafood categories [13][90] - The company plans to open 25 to 30 new clubs over the next two years, with a strong pipeline for future openings [17][31] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains uncertain, but the company is well-positioned to navigate challenges [19][31] - Consumer behavior has shifted, with increased caution among members across all income levels, but total spending has increased [10][60] - The company remains confident in its ability to deliver sustained growth despite external pressures [31][32] Other Important Information - Membership fee income grew 9% to approximately $123.3 million, benefiting from strong acquisition and retention [24] - Inventory levels decreased by about 2% year over year, with improved in-stock levels [28][29] - The company is maintaining a disciplined approach to capital allocation, focusing on investments that drive long-term value [30] Q&A Session Summary Question: How did the second quarter play out, and what are the expectations for the back half? - Management noted that the quarter strengthened as weather improved, with May being weak but June and July showing better performance [39][40] Question: What is the profile of new members and expectations for membership fee income? - The company is pleased with membership growth, reaching 8 million members, and high renewal rates contribute to membership fee income growth [48][49] Question: What insights can be shared about changes in consumer behavior? - Management observed a resilient consumer but noted increased caution and a focus on value across all income cohorts [58][60] Question: How is the general merchandise outlook for the back half of the year? - The general merchandise team is preparing for the back half, managing inventory cautiously while remaining aggressive in pricing [94][96] Question: Is the company being more cautious in inventory ordering for the back half? - Management confirmed a cautious approach in discretionary categories due to potential inflation impacts, while still aiming to provide value [100][104]

上海隧道工程股份有限公司 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-032 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | | | | 小计 | 3,936,958.120 | 100 | 0.64 | | --- | --- | --- | --- | --- | --- | | 设计 | 订单总 | 1366 | 155,354.762 | 100 | 46.02 | | 业务 | 个数 | | | | | | 运营 | 订单总 | 505 | 511,668.165 | 100 | 31.31 | | 业务 | 个数 | | | | | | 数字 | 订单总 | 91 | 16,761.056 | 100 | -27.54 | | 业务 | 个数 | | | | | | | 合计 | | 4 ...

Financial Performance - The company's revenue increased by 12.1% from RMB 1,688.0 million in 1H 2022 to RMB 1,892.4 million in 1H 2023 [9] - Profit attributable to owners of the company increased by 7.9% from RMB 90.7 million in 1H 2022 to RMB 97.9 million in 1H 2023 [9] - Free cash flow increased by 14.0% from RMB 150.2 million in 1H 2022 to RMB 171.2 million in 1H 2023 [9] Business Growth and Strategy - Overseas business led the growth, with revenue in Iraq increasing by 37.5% from RMB 720.0 million in 1H 2022 to RMB 990.0 million in 1H 2023 [13] - Revenue in other overseas markets increased by 11.2% from RMB 214.8 million in 1H 2022 to RMB 238.8 million in 1H 2023 [14] - Revenue from innovative businesses grew more than 30% [19] - Innovative businesses contributed more than 50% of total revenue, with RMB 1,025.0 million in 1H 2023 compared to RMB 788.1 million in 1H 2022 [19] - Revenue in the domestic market decreased by 12.1% from RMB 753.2 million in 1H 2022 to RMB 662.0 million in 1H 2023 [16] Future Outlook and Opportunities - The industry anticipates rapid growth in unconventional oil and gas development [43] - The company aims to seize opportunities in domestic and overseas markets, focusing on stimulation services and natural gas utilization [46, 47] - The company will continue to develop the Anton platform by matching online and offline businesses [54] - The company will implement full-process cash flow management [58]