Sichuan Road & Bridge Group (600039) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was ¥43.54 billion, down 4.91% year-over-year; net profit attributable to shareholders was ¥2.78 billion, down 13%.

• Operating income and net profit declined due to project transition, complex construction environments, and the removal of mining and clean energy subsidiaries from consolidation.

• New contract wins reached 218 projects totaling ¥72.2 billion, up 22.2% year-over-year.

• Major infrastructure projects in progress, with some delays due to land, environmental, and geological challenges.

• Interim cash dividend of ¥0.032 per share (totaling ¥278 million), representing 10.01% of H1 net profit.

Financial highlights

• Revenue: ¥43.54 billion, down 4.91% year-over-year.

• Net profit attributable to shareholders: ¥2.78 billion, down 13%.

• Operating cash flow: -¥4.28 billion, improved from -¥4.72 billion year-over-year.

• Total assets: ¥239.86 billion, up 0.03% from year-end 2024.

• Basic EPS: ¥0.32, down 13.51% year-over-year.

• Gross margin: 14.3% (calculated from revenue and cost data).

• Non-recurring profit: ¥59.26 million.

Outlook and guidance

• Focus on securing high-quality projects, accelerating construction, and optimizing management.

• Commitment to stable dividends, with a three-year plan to distribute at least 60% of annual net profit as cash dividends.

• Continued expansion in overseas markets and innovation in construction technology.