Core Viewpoint - Shenzhen Metro Group reported a significant decline in revenue and a net loss for the first half of 2025, highlighting challenges in both metro operations and integrated station-city development [1][2][3] Financial Performance - The company's total revenue for the first half of 2025 was approximately 7.284 billion yuan, a year-on-year decrease of 21.67% [1] - The net loss attributable to shareholders was about 3.361 billion yuan, with a reduction in loss of approximately 432 million yuan compared to the previous year [1] - Total assets reached 793.232 billion yuan, with total liabilities of 479.62 billion yuan, resulting in a debt-to-asset ratio of approximately 60.46%, slightly up from the previous year [1] Revenue Breakdown - Metro and railway operations, along with integrated station-city development, remain the two main revenue sources for the company, but their revenue contributions have diverged significantly [2] - Metro operations generated approximately 5.592 billion yuan in revenue, a year-on-year increase of 16.34%, while business costs rose to 6.86 billion yuan, up 13.66% [3] - There was a revenue shortfall of about 1.268 billion yuan between metro revenue and costs, indicating that ticket revenue does not cover operational costs [3] Integrated Station-City Development - Revenue from integrated station-city development dropped by 63% to approximately 1.625 billion yuan, with its revenue share falling to 22.3% [3] - The decline in revenue was attributed to the cyclical nature of real estate project completions [3] - Costs for this segment decreased by 69.90% to about 839 million yuan, with a gross margin increase of 11.84 percentage points to 48.38% [3] Operational Highlights - The company has maintained a strong operational performance, with daily passenger flow exceeding 10 million on 38 occasions this year, leading the nation among major cities [5] - As of June 2025, the company had 598.7 kilometers of rail under construction, with multiple projects progressing [5] - Fixed asset investment for the first half of 2025 was 44.282 billion yuan, a year-on-year increase of 34% [6] Industry Context - The company is a key player in Shenzhen's rail transit sector, responsible for the construction, operation, and management of various rail projects [5] - The integrated station-city development business is significantly influenced by the real estate market and regulatory policies, which poses risks to future profitability [4]

每经记者 陈荣浩 每经编辑 陈梦妤 相对来说，站城一体化开发实现收入79.17亿元，同比下滑46.23%，占收入比重的37.36%。对于该业务 收入下滑的原因，深铁集团在年报中解释称"主要系房地产周期性结转影响所致"。 截至2024年年末，深铁集团的存货为1035亿元，占资产总额的比例为13.86%，同比上升12.26%。 另据深圳房地产信息平台数据，今年一季度，深铁集团旗下在深圳入市的项目主要包括阅云境广场、地 铁前海时代广场和深铁璟城等，分别位于深圳龙岗、前海、宝安等片区。 4月29日，深圳市地铁集团有限公司（以下简称深铁集团）在深交所公告，截至2024年末，深铁集团合 并报表范围内发生亏损334.6亿元，占上年末净资产比例为10.46%，超过10%。 对于亏损原因，深铁集团披露称，"公司对万科股份的长期股权投资确认投资亏损，并计提投资减值损 失，导致本年度业绩出现亏损"。 《每日经济新闻》记者注意到，此次公告未提及深铁集团在万科"投资减值"的具体金额，但从财报数据 看，2019年～2023年，深铁集团分别实现净利润116.67亿元、111.02亿元、28.90亿元、8.66亿元、7.89 亿元。 换言之 ...