Norinco International Cooperation 北方国际
3 significant filings since 30 May 2026: 2 on share issue and 1 on dividend. The latest, on 30 Jul 2026: 关于向特定对象发行股票限售股上市流通的提示性公告. 1 unverified report logged, the latest on 10 Aug 2026.
自 30 May 2026 起有 3 份重大公告：share issue 2 份、dividend 1 份。最新一份（30 Jul 2026）：关于向特定对象发行股票限售股上市流通的提示性公告。记录了 1 条未经核实的报道，最新一条见于 10 Aug 2026。
As of 25 Sep 2026 截至2026年9月25日
Northern International Cooperation, listed on the Shenzhen Stock Exchange, operates in the Specialist Engineering industry. The company reported a revenue decline of 29.0% in 2025 to RMB13.55bn, with attributable net profit down 31.1% at RMB723.3m. Profit margins and returns weakened, with net margin at 5.4% and ROE at 7.3%. Operating cash flow per share improved to RMB0.90 from RMB0.64 in 2024, and cash flow exceeded net profit at a ratio of 1.44x. As of 30 Jun 2026, the balance sheet remained stable with a liabilities to assets ratio of 54.6% and a current ratio of 1.26. In the first half of 2026, revenue fell 19.4% but net profit rose 5.6%. The company's stock has declined 8.1% over one year, with two 10% up-days in 2026. A significant revenue drop triggered a risk flag.
北方国际于深圳证券交易所上市，属专业工程行业。2025年营业收入为135.54亿元，同比减少29.0%；归母净利润为7.23亿元，同比下降31.1%。净利率为5.4%，净资产收益率为7.3%，盈利能力下降。每股经营现金流由2024年的0.64元提升至2025年的0.90元，经营现金流与净利润之比达1.44倍。截至2026年6月30日，资产负债率为54.6%，流动比率1.26，财务结构稳定。2026年上半年营业收入同比下降19.4%，归母净利润同比增长5.6%。过去一年股价下跌8.1%，2026年出现两次10%的上涨交易日。2025年营业收入同比下降29.0%。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Revenue down 20% or more on the year before 营业收入同比下降20%或以上 | Revenue declined significantly year-on-year. 营业收入同比大幅下降。 | A revenue drop of 29.0% in 2025 to RMB13.55bn may reflect weaker demand, project delays or reduced orders, affecting scale efficiency and profitability. Although operating cash flow remained strong, sustained revenue contraction could pressure future profits and investment capacity. 2025年营业收入同比下降29.0%至135.54亿元，可能反映市场需求减弱、项目延迟或订单减少，影响经营规模与盈利基础。尽管经营现金流表现良好，但收入持续收缩可能对未来利润和投资能力构成压力。 |
- Next reported revenue trend for 2026 full year
2026全年营业收入变动趋势 - Attributable net profit in the full year 2026
2026全年归母净利润 - Operating cash flow to net profit ratio in 2026
2026年经营现金流与净利润之比 - Liabilities to assets ratio at year-end 2026
2026年末资产负债率 - Receivable days as of 31 Dec 2026
2026年12月31日应收账款周转天数 - Next distribution announcement
下一次分红公告
- Company: Norinco International Cooperation 北方国际, Shenzhen Stock Exchange 000065; industry Specialist Engineering; listed 5 Jun 1998.
公司：北方国际，深圳证券交易所 000065；行业：专业工程；上市日期：1998年6月5日。 - Close on 24 Sep 2026 RMB9.85; close on 24 Sep 2025 RMB10.84, RMB10.72 in today's terms; one-year change, adjusted for distributions and share changes -8.1%.
2026年9月24日收盘价9.85元；2025年9月24日收盘价10.84元（前复权10.72元）；一年涨跌幅（复权）-8.1%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB8.59 to RMB16.00.
52周区间（前复权）8.59元至16.00元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 24 Mar 2026 +10.0%; 24 Aug 2026 +10.0%. No two of the 2 fell on consecutive trading days.
近12个月共有2个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近2个：2026年3月24日 +10.0%；2026年8月24日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB11.44bn; P/E TTM 15.4; price to book 1.03x.
总市值114.40亿元；市盈率（TTM）15.4；市净率1.03倍。 - Revenue 2025 RMB13.55bn; 2024 RMB19.08bn; change -29.0%.
营业收入2025年135.54亿元；2024年190.80亿元；同比-29.0%。 - Attributable net profit 2025 RMB723.3m; 2024 RMB1.05bn; change -31.1%.
归属于母公司股东的净利润2025年7.23亿元；2024年10.50亿元；同比-31.1%。 - Net profit excluding non-recurring items, 2025 change -30.7%.
2025年扣除非经常性损益后的净利润同比-30.7%。 - Basic EPS 2025 RMB0.68; 2024 RMB1.05.
基本每股收益2025年0.68元；2024年1.05元。 - Operating cash flow per share 2025 RMB0.90; 2024 RMB0.64; operating cash flow to net profit 1.44x.
每股经营现金流2025年0.90元；2024年0.64元；经营现金流与净利润之比1.44倍。 - 2025 gross margin 14.3%; net margin 5.4%; ROE 7.3%.
2025年毛利率14.3%；净利率5.4%；净资产收益率7.3%。 - At 30 Jun 2026: liabilities to assets 54.6%; current ratio 1.26; quick ratio 1.20; receivable days 139; inventory days 59.
截至2026年6月30日：资产负债率54.6%；流动比率1.26；速动比率1.20；应收账款周转天数139；存货周转天数59。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB5.43bn, change -19.4%; attributable net profit RMB326.1m, change +5.6%; operating cash flow per share RMB0.66.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入54.27亿元，同比-19.4%；归母净利润3.26亿元，同比+5.6%；每股经营现金流0.66元。 - Ownership: actual controller 中国北方工业有限公司; largest holder at 30 Jun 2026: 中国北方工业有限公司, 37.18%.
股权：实际控制人：中国北方工业有限公司；2026年6月30日第一大股东：中国北方工业有限公司，持股37.18%。 - Latest distribution: ex-date 17 Jun 2026, cash RMB0.14 per share.
最近一次分配：除权除息日2026年6月17日，每股现金0.14元。 - Aurelian Grade C, score 65.8 of 100, graded within a peer group of 39 companies in its industry; no rank among peers is given.
金源评级C，得分65.8（满分100），于行业同业39家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。