Investment Rating - The investment rating for China Railway Construction Corporation (601186) is "Buy" (maintained) [1] Core Views - The report indicates that Q1 earnings continue to be under pressure, with a slight improvement in cash flow. The company reported a total revenue of 256.76 billion yuan in Q1 2025, down 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion yuan, down 14.5% year-on-year [8] - The report highlights that while revenue remains under pressure, the company has managed to control expenses effectively, leading to a slight decrease in expense ratios despite the revenue decline [8] - New contract signings in Q1 2025 decreased by 10.5% year-on-year, but there was notable growth in green environmental contracts, which increased by 77.1% year-on-year [8] - The report emphasizes that despite external economic pressures, the company is expected to benefit from increased fiscal policy support and a gradual recovery in infrastructure investment [8] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 256.76 billion yuan, a decrease of 6.6% year-on-year, and a net profit of 5.15 billion yuan, down 14.5% year-on-year [8] - The gross profit margin for Q1 2025 was 7.5%, a decrease of 0.3 percentage points year-on-year [8] - The company’s cash flow from operating activities showed improvement, with a net cash outflow of 38.95 billion yuan, which was 7.65 billion yuan less than the previous year [8] Order Book and Contracts - New contracts signed in Q1 2025 totaled 492.8 billion yuan, down 10.5% year-on-year, with engineering contracts down 18.7% [8] - The report notes strong performance in the railway, mining, and power sectors, with new contracts in these areas increasing by 66.3%, 139.3%, and 29.2% respectively [8] - The total uncompleted contract amount as of the end of Q1 2025 was 7,861.3 billion yuan, an increase of 12.5% year-on-year, indicating a solid order backlog [8] Profit Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2025-2027 to be 21.9 billion yuan, 22.4 billion yuan, and 22.9 billion yuan respectively, with corresponding P/E ratios of 4.8, 4.7, and 4.6 times [8] - The report maintains a "Buy" rating based on the expectation of recovery in valuation due to the company's position as a leading state-owned enterprise in infrastructure [8]

Core Viewpoint - China Railway Construction Corporation (CRCC) reported a decline in Q1 2025 earnings, with total revenue of 256.76 billion yuan, down 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion yuan, down 14.5% year-on-year, while maintaining a "buy" rating from Dongwu Securities [1][2]. Revenue and Profitability - Q1 2025 revenue decreased by 6.6%, consistent with the decline in Q4 2024, with a gross margin of 7.5%, down 0.3 percentage points year-on-year [2]. - The company effectively controlled expenses, with slight reductions in the expense ratios despite declining revenue, including sales, management, R&D, and financial expense ratios of 0.50%, 1.98%, 1.15%, and 0.53%, respectively [2]. - The net profit margin for Q1 2025 was 2.01%, down 0.19 percentage points year-on-year, influenced by asset impairment losses and investment income [2]. Cash Flow and Debt - Operating cash flow improved, with a net cash outflow of 38.95 billion yuan, a reduction of 7.65 billion yuan year-on-year, and cash collection and payment ratios of 107.3% and 119.1%, respectively [3]. - As of the end of Q1, the company had interest-bearing debt of 541.1 billion yuan, an increase of 141.6 billion yuan year-on-year, resulting in a debt-to-asset ratio of 77.6%, up 2.0 percentage points [3]. New Contracts and Orders - New contracts signed in Q1 2025 totaled 492.8 billion yuan, down 10.5% year-on-year, with engineering contracts down 18.7% to 371 billion yuan, while green environmental contracts increased by 77.1% to 49 billion yuan [4]. - Significant growth was observed in infrastructure sectors, with new contracts in railways, mining, and electricity increasing by 66.3%, 139.3%, and 29.2%, respectively [4]. - The company’s backlog of contracts reached 7.8613 trillion yuan, up 12.5% year-on-year, indicating strong order visibility [4]. Profit Forecast and Investment Rating - Despite external economic pressures, the company is expected to benefit from increased fiscal policies and infrastructure investments, with projected net profits of 21.9 billion yuan, 22.4 billion yuan, and 22.9 billion yuan for 2025-2027 [5]. - The company remains undervalued as a leading state-owned enterprise in infrastructure, with a maintained "buy" rating [5].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 二 期）（可 持 續 掛 鈎）驗 證 評 估 報 告（2024年 度）」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年4月30日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國鐵建股份有限公司2022年 面 向 專 業 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 二 期）（可 持 續 掛 鈎）2024年 度 定 期 報 告」，僅 供 參 閱。 承董事會命 债券简称：22 铁建 Y3 债券代码：137533.SH 债券简称：22 铁建 Y4 债券代码：137534.SH 中国铁建股份有限公司 2022 年面向专业投 资者公开发行可续期公司债券（第二期） （可持续挂钩） 2024 年度定期报告 本公司全体董事或具有同等职责的人员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 ...

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - The company's Q1 performance remains under pressure due to fluctuating gross margins and a need for improvement in traditional infrastructure investments. However, cash flow has shown some improvement [1][2] - The company has a substantial backlog of contracts, amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future revenue as new funding sources are deployed [1] - New contracts in emerging sectors such as mining and electricity have seen significant growth, while overseas orders continue to increase [3] Financial Performance Summary - For Q1 2025, the company reported total revenue of 256.8 billion, a decrease of 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion, down 14.5% year-on-year [1] - The gross margin for Q1 2025 was 7.51%, a decline of 0.28 percentage points year-on-year, while the expense ratio improved slightly to 4.15% [2] - The company’s operating cash flow showed a net outflow of 38.95 billion, which is an improvement compared to a larger outflow in the previous year [2] Contract and Order Summary - In Q1 2025, the new contract value was 492.8 billion, down 10.5% year-on-year, with infrastructure projects accounting for 85% of the total new contracts [3] - Emerging engineering orders, particularly in railways, mining, and electricity, have seen substantial increases, with growth rates of 66%, 139%, and 29% respectively [3] - Domestic and overseas new contract values were 448.7 billion and 44.2 billion respectively, showing a year-on-year decline of 13% for domestic contracts but a 30% increase for overseas contracts [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 [4]

Core Insights - The Ningbo real estate market experienced a cumulative transaction amount of 40.714 billion yuan from January to April 2025, showing a "rise then fall" trend, with April seeing a transaction amount of 3.785 billion yuan [1] - The average transaction price in April was 15,459 yuan per square meter, providing a more suitable purchasing window for first-time homebuyers [1] - Quality developers such as Jiangshan Wanli and Greentown China continue to lead the market, indicating strong recognition for premium projects [1] - The supply pace has moderately slowed, stabilizing the clearing cycle at 25.75 months, laying a foundation for stable market development [1] Sales Performance - The top 20 real estate companies in Ningbo achieved a total sales amount of 35.46 billion yuan and a total sales area of 1.304 million square meters from January to April 2025 [4] - Jiangshan Wanli led with a sales amount of 7.55 billion yuan, followed by Ningbo Rail Transit (5.94 billion yuan) and Greentown China (4.05 billion yuan) [4] - The top five companies contributed a total of 22.31 billion yuan, accounting for 70.7% of the total sales amount [4] Project Performance - The top 20 residential projects in Ningbo achieved a total sales amount of 18.66 billion yuan, with a threshold of 340 million yuan [6] - Jiangshan Wanli's projects, Jiuyao (3.66 billion yuan) and Jiuzhou (3.42 billion yuan), continued to lead the market [6] - The total sales area for the top 20 projects reached 635,000 square meters, with a threshold of 16,000 square meters [8] Market Dynamics - From January to April 2025, Ningbo's new housing transaction volume was 27,501 units, with a total transaction area of 1.9943 million square meters and a total transaction amount of 40.714 billion yuan [9] - April marked a deep adjustment phase for the Ningbo housing market, with a proactive contraction in supply and a focus on product quality and precise marketing by developers [9] - The China Railway Construction Ningbo Future Vision project is noted for its reasonable design and strong market competitiveness [10] Land Market Insights - On April 25, the Jiangbei Yonghong land parcel was auctioned, with adjustments made to the indicators, including a reduction in the floor area ratio to 1.8 and the cancellation of kindergarten requirements, enhancing the land's potential [14] - The land was ultimately acquired by a developer at a premium rate of 14.3%, totaling approximately 1.159 billion yuan [14]

ZJWZQ-2 标段项目主要内容为新建 13164.95 米科什特伯隧道、 马克马尔 1 号大桥贾拉拉巴德端桥台、路基附属工程及全线隧道应急 救援中心建设等，项目总工期 2191 日历天，合同金额约人民币 14.16 亿元。 ZJWZQ-3标段项目主要内容为新建12230米费尔干纳山隧道与94 米站场及路基附属工程等，项目总工期 2191 日历天，合同金额约人 民币 11.71 亿元。 中吉乌铁路是中吉乌三国元首亲自推动的共建"一带一路"合作 的标志性工程。吉国境内先期开工段项目中标，是中国铁建积极落实 "一带一路"倡议、推动海外高质量经营取得的重要成果。 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—028 中国铁建股份有限公司 海外项目中标公告 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 性承担法律责任。 近日，本公司下属中铁十一局集团有限公司、中铁十二局集团有 限公司中标中吉乌铁路先期开工段（吉尔吉斯共和国境内段重点控制 性工程）三座隧道工程 ZJWZQ-2 标段、ZJWZQ-3 标段施工总承包项目， 合计合同 ...

董事名單與其角色和職能 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）成 員 載 列 如 下。 執行董事 職工董事 朱 霖 – 1 – 戴和根 （董 事 長） 非執行董事 郜烈陽 獨立非執行董事 馬傳景 解國光 錢偉倫 王 俊 董事會設立4個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 這 些 委 員 會 中 所 擔 任 的 職 位。 | | 委員會 | 審計與風險 | 薪酬與考核 | 提名委員會 | 戰略與投資 | | --- | --- | --- | --- | --- | --- | | 董 事 | | 管理委員會 | 委員會 | | 委員會 | | 戴和根 | | | | C | C | | 郜烈陽 | | M | M | | M | | 馬傳景 | | M | C | | M | | 解國光 | | C | | M | M | | 錢偉倫 | | M | | M | | | 王 俊 | | M | M | M | | | 朱 霖 | | | | M | | 附 註： C 有關委員會的主席 M 有關委員會的成員 中 國 • 北 京 2025年4月29日 – ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—027 中国铁建股份有限公司 关于2024 年度"提质增效重回报"行动方案 落实情况暨持续开展"提质增效重回报"行动 的公告 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 担法律责任。 为贯彻落实国务院《关于进一步提高上市公司质量的意见》的要 求，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，中国铁建股份有限公司（以下简称中国铁建或公 司）于2024年7月在上海证券交易所网站披露了《中国铁建关于2024 年度"提质增效重回报"行动方案的公告》。现将行动方案落实情况 暨持续开展"提质增效重回报"行动报告如下： 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—027 柱业务，矿山开采、电力工程新签合同额分别同比增长47.81%和 34.47%；大力推进"海外优先"战略，海外新签合同额3,120亿元， 同比增长23.39%。 2024年，中国铁建以科技创新为培育新质生产力的突破口，加快 推进"1+9+N"科技创新体系建设，成 ...