Tianjin Construction Development Group (2515) H1 2025 earnings summary

Executive summary

• H1 revenue fell 8.2% YoY to RMB86.827m as construction progress slowed; profit attributable to shareholders declined to RMB0.334m from RMB10.494m.

• 50 projects were ongoing at 30 June, with contract amounts of RMB612.4m excluding variation orders; 40 construction projects were conducted during H1.

Financial highlights

• Revenue was RMB86.827m versus RMB94.568m; cost of sales declined 3.3% to RMB69.291m, less than the revenue decline.

• Gross profit fell 23.6% to RMB17.536m; gross margin declined to 20.2% from 24.2%.

• Operating profit was RMB1.066m versus RMB12.637m; profit before tax was RMB0.351m versus RMB11.931m.

• Basic and diluted EPS were RMB0.00 versus RMB0.06; H1 2024 included a RMB5.008m impairment reversal, compared with a RMB0.068m impairment loss in H1 2025.

Segment performance

• Municipal public construction revenue fell 45.4% YoY to RMB23.9m, mainly due to fewer projects undertaken.

• Foundation works revenue declined 37.2% to RMB23.8m following substantial completion of a major land parcel subcontracting project in H2 2024.

• Building-related works revenue rose 826.3% to RMB35.2m; H1 included RMB8.9m from the Binhai heating network project and RMB7.5m from the Science and Innovation Center project.

• Petrochemical engineering revenue declined 56.2% to RMB3.9m as project contract amounts decreased; software-service fees were suspended during system upgrades.