Financial Performance - The company's operating revenue for Q1 2025 was CNY 122,272,308 thousand, a decrease of 18.46% compared to CNY 149,949,264 thousand in the same period last year[9] - Net profit attributable to shareholders was CNY 1,607,206 thousand, down 40.00% from CNY 2,678,657 thousand year-on-year[9] - The basic earnings per share decreased by 33.33% to CNY 0.08 from CNY 0.12 in the previous year[9] - The decline in net profit was attributed to continuous demand reduction in the steel industry and external factors affecting the construction and real estate sectors[12] - The net profit excluding non-recurring gains and losses was CNY 1,606,854 thousand, a decrease of 39.79% from CNY 2,668,559 thousand year-on-year[9] - Total revenue for Q1 2025 was 122,272,308, a decrease of 18.5% compared to Q1 2024's 149,949,264[32] - Operating profit for Q1 2025 was 2,594,866, down 33.1% from 3,875,664 in Q1 2024[33] - Net profit for Q1 2025 was 2,075,202, representing a decline of 34.0% from 3,144,854 in Q1 2024[33] - Basic earnings per share for Q1 2025 was 0.08, down from 0.12 in Q1 2024, reflecting a 33.3% decrease[34] Assets and Liabilities - The total assets at the end of the reporting period were CNY 832,043,897 thousand, reflecting a 2.97% increase from CNY 808,015,755 thousand at the end of the previous year[9] - As of March 31, 2025, total current assets reached RMB 621.457 billion, an increase from RMB 599.767 billion at the end of 2024[27] - The total assets of the company reached RMB 832.044 billion, up from RMB 808.016 billion at the end of 2024[29] - Total liabilities as of March 31, 2025, were RMB 659.525 billion, compared to RMB 625.680 billion at the end of 2024[29] - The equity attributable to shareholders of the parent company was RMB 143.601 billion, down from RMB 153.043 billion at the end of 2024[29] - The company's total current liabilities amounted to RMB 596.193 billion, an increase from RMB 573.630 billion at the end of 2024[28] - The total liabilities increased to CNY 80,950,673,000 in Q1 2025 from CNY 64,022,791,000 in Q1 2024, reflecting an increase of approximately 26%[45] Cash Flow - The net cash flow from operating activities was negative at CNY (25,694,659) thousand, compared to CNY (30,747,367) thousand in the previous year[9] - Cash flow from operating activities for Q1 2025 was (25,694,659), an improvement from (30,747,367) in Q1 2024[38] - Cash flow from investing activities for Q1 2025 was (2,027,406), compared to (675,735) in Q1 2024, indicating increased investment outflows[39] - Cash flow from financing activities for Q1 2025 was 26,072,898, down from 36,669,904 in Q1 2024, showing a decrease of 28.9%[40] - Cash inflow from operating activities totaled CNY 189,924 thousand in Q1 2025, down 46.2% from CNY 353,329 thousand in Q1 2024[53] - Cash outflow from investing activities was CNY 10,653,017 thousand in Q1 2025, compared to CNY 14,027,206 thousand in Q1 2024, indicating a reduction of 24.4%[55] - Cash inflow from financing activities was CNY 144,954,038 thousand in Q1 2025, a decrease of 21.1% from CNY 183,738,573 thousand in Q1 2024[56] - The net cash flow from financing activities was CNY 3,191,451 thousand in Q1 2025, down 69.5% from CNY 10,451,525 thousand in Q1 2024[56] Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 318,085[14] - China Minmetals Group holds 9,171,859,770 shares, representing 44.26% of total shares[15] - Hong Kong Central Clearing holds 2,848,935,401 shares, accounting for 13.75% of total shares[15] - China National Petroleum Corporation owns 1,227,760,000 shares, which is 5.92% of total shares[15] - China Metallurgical Group holds 1,019,095,530 shares, representing 4.92% of total shares[15] - China Securities Finance Corporation owns 589,038,427 shares, accounting for 2.84% of total shares[15] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder alone holding over 44%[15] - The company has multiple shareholders with equal holdings of 63,516,600 shares, each representing 0.31%[19] - The total number of shares held by the top ten unrestricted shareholders is substantial, indicating strong institutional support[20] - The company has no shares under pledge or freeze conditions among the top shareholders[15] - The shareholder structure reflects a strong presence of state-owned enterprises in the ownership composition[15] Contracts and Market Activity - The total new contracts signed in Q1 2025 amounted to RMB 230.661 billion, a decrease of 27.22% compared to the same period last year[24] - The overseas contract amount in Q1 2025 was RMB 12.041 billion, down 35.73% year-on-year[24] - The company did not disclose any new product developments or market expansion strategies in this report[9] - The company aims to enhance its market expansion strategies and product development in the upcoming quarters[58] Research and Development - Research and development expenses for Q1 2025 were 2,800,074, slightly down from 2,817,852 in Q1 2024[32]

Financial Performance - The net profit attributable to shareholders for China Metallurgical Group Corporation in 2024 is RMB 674,595 million[5]. - The proposed cash dividend is RMB 0.56 per 10 shares, totaling RMB 116,052 million, which accounts for 17.20% of the net profit[5]. - In 2024, the company achieved new contract signing amounting to CNY 1,248.706 billion and operating revenue of CNY 552.025 billion, with a total profit of CNY 9.255 billion, and net profit attributable to shareholders of CNY 6.746 billion[15]. - The company's operating revenue for 2024 is CNY 552,024,638, a decrease of 12.91% compared to CNY 633,870,422 in 2023[32]. - Net profit attributable to shareholders for 2024 is CNY 6,745,954, down 22.20% from CNY 8,670,405 in 2023[32]. - The total profit amounted to 9,254,538 thousand RMB, reflecting a year-on-year decline of 32.77%[113]. - The company's total revenue from China was ¥523,889,122, with a gross margin of 9.41%, reflecting a year-on-year decrease of 13.77% in revenue[125]. Audit and Compliance - The company has received a standard unqualified audit opinion from Ernst & Young Hua Ming[6]. - The company has confirmed no significant risk events during the reporting period[5]. - The company is actively promoting compliance management and has developed compliance management manuals for 20 business lines[54]. - The company will focus on compliance risk by ensuring contracts comply with the Civil Code of the People's Republic of China and conducting compliance reviews on foreign exchange hedging contracts[189]. Strategic Goals and Market Position - The strategic goal includes creating a globally competitive world-class enterprise with strong core competitiveness and reliable construction services[11]. - The company aims to enhance its core business in metallurgical construction and specialty businesses to approximately 50% of its business structure[11]. - The company is focusing on a regional market layout strategy involving one headquarters province, several key provinces, and nurturing provinces[11]. - The company is committed to high-quality development and aims to create long-term sustainable value for shareholders and investors[20]. - The company maintains a strong competitive advantage in metallurgical construction, holding a significant market share domestically and globally[110]. Innovation and Technology - The company has over 55,000 valid patents and has been recognized with three national science and technology awards in 2024[18]. - The company is focusing on transforming traditional businesses towards green and intelligent upgrades, while actively developing strategic emerging industries[16]. - The company successfully launched the world's first high-voltage large-capacity molten salt energy storage induction heating device, showcasing its innovation capabilities[18]. - The company is actively pursuing technological advancements in new materials, particularly in silicon-based materials, to meet national strategic needs[92]. - The company emphasizes the importance of technological innovation, particularly in new steelmaking technologies, to strengthen its competitive edge in the industry[196]. Risk Management - The company has detailed potential risks in the "Board Report, Management Discussion and Analysis" section of the report[5]. - Future performance risks include macroeconomic fluctuations and changes in national tax policies that could impact financial results[120]. - The company aims to enhance liquidity risk management by ensuring sufficient funds are available at the time of delivery and improving project receivables collection[189]. Market Expansion and Contracts - The company successfully established five domestic markets with over CNY 100 billion and three overseas markets exceeding CNY 10 billion, with the Indonesian market's new contract amount surpassing CNY 30 billion for the first time[17]. - The company achieved new contract signings of RMB 1,248.706 billion, with overseas contracts amounting to RMB 93.134 billion, representing a year-on-year growth of 46.94%[49]. - The company secured key contracts in metallurgical construction, including a RMB 2.2 billion green low-carbon hydrogen metallurgy project and a RMB 2.1 billion comprehensive utilization project in Guizhou[81]. Cash Flow and Financial Management - The company maintained a stable cash flow, achieving a net operating cash flow of CNY 7.848 billion in 2024[19]. - The net cash flow from operating activities increased by 33.20% to CNY 7,847,704 in 2024, compared to CNY 5,891,801 in 2023[32]. - The company's financing activities generated a net cash flow of 11,059,823 thousand RMB, a significant increase of 856.63%[115]. Organizational Structure and Efficiency - The company has integrated regional companies to streamline operations and enhance decision-making processes, aiming for a more efficient organizational structure[18]. - The company has established 28 national-level technology R&D platforms and over 55,000 effective patents, showcasing its robust R&D capabilities[23]. - The company has a unique integrated service capability across the entire industry chain, with 12 first-class research and design institutes and 15 large construction enterprises[109]. Safety and Compliance - The company maintained a stable safety production situation throughout 2024, with no major safety incidents reported[175]. - The company eliminated 9,721 safety hazards through safety inspections across 846 projects in 28 provinces and cities[177]. - The company has strengthened safety training and education, enhancing the digital platform for safety management[177].

Financial Performance - Operating revenue for 2024 was CNY 552.025 billion, a decrease of CNY 81.845 billion (down 12.91%) compared to 2023[3]. - Net profit for 2024 was CNY 7.904 billion, a decrease of CNY 3.502 billion (down 30.70%) compared to 2023[3]. - Net profit attributable to shareholders was CNY 6.746 billion, a decrease of CNY 1.924 billion (down 22.20%) compared to 2023[3]. - The company reported an operating income of CNY 552.025 billion and a total profit of CNY 9.255 billion, with operating cash flow of CNY 7.848 billion, reflecting a year-on-year growth of 33.20%[13]. - The gross profit margin increased by 0.15 percentage points to 9.24% in 2024 from 9.09% in 2023[33]. - The gross profit margin for the specialty business decreased by 1.37 percentage points to 17.11% in 2024 compared to 2023[51]. - The gross profit margin for the comprehensive real estate business was 3.92%, a decrease of 3.97 percentage points compared to the previous year[124]. - Total profit amounted to 9,254,538 thousand RMB, down 32.77% compared to the previous year[113]. - The company reported a total comprehensive income attributable to shareholders of CNY 6,745,954 for 2024, down from CNY 8,670,405 in 2023, a decrease of 22.2%[197]. Assets and Liabilities - Total assets as of December 31, 2024, were CNY 808.016 billion, an increase of CNY 146.414 billion (up 22.13%) compared to December 31, 2023[3]. - Shareholders' equity as of December 31, 2024, was CNY 182.336 billion, an increase of CNY 14.345 billion (up 8.54%) compared to December 31, 2023[3]. - Total liabilities increased by 26.76% to 625,679,889 thousand RMB, with current liabilities making up 91.68% of total liabilities[149]. - Current liabilities increased to CNY 573,629,900 thousand in 2024 from CNY 448,818,443 thousand in 2023, which is an increase of approximately 27.9%[190]. - The company's long-term borrowings rose to CNY 40,311,531 thousand in 2024, compared to CNY 34,168,791 thousand in 2023, representing an increase of about 18.5%[190]. Contracts and Market Performance - New contract amount for 2024 was CNY 1,248.706 billion, a decrease of CNY 176.073 billion (down 12.36%) compared to 2023[3]. - In 2024, the company achieved new contract signing amounting to CNY 1,248.706 billion, with overseas contracts reaching CNY 93.134 billion, a year-on-year increase of 46.94%[13]. - The company signed new engineering contracts totaling CNY 1,147.47 billion, with metallurgical engineering contracts accounting for CNY 168.57 billion, representing 14.69% of the total[31]. - The total amount of newly signed projects during the reporting period reached 1,147.47 billion RMB, with a total of 6,844 projects signed[167]. - The total amount of orders on hand at the end of the reporting period was 2,760.21 billion RMB, including 1,048.89 billion RMB for projects that have signed contracts but not yet started[168]. Research and Development - The company has 17 research and design units and over 55,000 patents, indicating strong R&D capabilities[66]. - The company is focusing on developing high-end silicon-based materials, having successfully developed over 20 new products for the semiconductor industry[52]. - Research and development expenses decreased by 16.85% to 16,406,225 thousand RMB in 2024 from 19,730,402 thousand RMB in 2023, indicating a reduction in R&D investment[139]. - The total R&D investment for 2024 was 16,407,205 thousand RMB, accounting for 2.97% of total operating revenue[141]. Market Trends and Economic Outlook - The overall steel production in China is expected to remain stable in 2024, meeting the higher demand for steel materials driven by economic development and industrial structure optimization[20]. - The construction market for housing and municipal infrastructure is anticipated to benefit from increased support from local government special bonds and policy financing, expanding to nearly 300 cities[21]. - The overseas engineering contracting industry is projected to steadily improve in 2024, driven by the demand for infrastructure in emerging markets and the Belt and Road Initiative[22]. - The real estate market in 2024 is expected to see a total investment of CNY 1 trillion, down 10.6% year-on-year, with new commercial housing sales area decreasing by 12.9%[29]. - The company faces macroeconomic risks due to global economic recovery challenges and domestic demand insufficiency, but maintains a strong economic foundation and resilience[79]. Strategic Initiatives - The company aims to enhance its market development capabilities and improve the quality of market operations[6]. - The company is focusing on high-quality development, enhancing core competitiveness, and actively expanding market opportunities while managing risks effectively[12]. - The company is committed to optimizing its business structure and has made progress in its transformation and upgrading efforts[14]. - The company aims to create long-term sustainable value for shareholders, investors, and society by solidifying its foundation for high-quality development[10]. - The company plans to enhance liquidity risk management by aligning foreign exchange hedging activities with actual business needs and ensuring sufficient funds at delivery[184]. Safety and Compliance - The company has maintained a stable safety production situation in 2024, with no major safety incidents reported[172]. - The company has implemented a quality control system that operates normally, ensuring overall project quality is under control[171]. - The company emphasizes the importance of environmental protection and safety in production, aiming to enhance management levels in ecological and safety practices across its various business sectors[93]. - The company will continue to implement the green development concept, focusing on energy conservation and environmental protection, while enhancing safety management systems[94].

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份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。 METALLURGICAL CORPORATION OF CHINA LTD. * 2024年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條和第 13.10B條及香港法例第571章證券及期貨條例第XIVA部的內幕消息條文 而 發 表。 以下為中國冶金科工股份有限公司及其附屬公司2024年 第 三 季 度 報 告， 其 所 載 財 務 報 告 根 據 中 國 企 業 會 計 準 則 編 製，並 且 未 經 審 計。 承董事會命 中國冶金科工股份有限公司 王 震 聯席公司秘書 北 京，中 國 2024年10月29日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生；非 執 行 董 事： 郎 加 先 生 及 閆 愛 中 先 生（職 工 代 表 董 事）；以 及 獨 立 非 ...

中國冶金科工股份有限公司 METALLURGICAL CORPORATION OF CHINA LTD. * ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號：1618 2024 中 期 報 告 * 僅供識別 重要提示 一. 本公司董事會、監事會及董事、監事、高級管理人員保證半年度報告內容的真實性、準確性、完整性，不存 在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二. 本報告經公司2024年8月29日召開的第三屆董事會第六十三次會議審議通過。會議應出席董事六名，實際出 席董事五名，閆愛中董事因另有其他公務無法出席本次會議，在審閱會議議案資料後，以書面形式委託陳建 光董事長代為出席並表決。 未出席董事職務 未出席董事姓名 未出席董事的原因說明 被委託人姓名 董事 閆愛中 因另有其他公務 陳建光 三. 本公司2024年半年度財務報表已經安永華明會計師事務所（特殊普通合夥）審閱，但未經審計。安永華明會計 師事務所（特殊普通合夥）為公司出具了無保留意見的審閱報告。 四. 公司董事長陳建光，副總裁、總會計師鄒宏英及財務部部長李移峰聲明：保證半年度報告中財務報告的真 實、準確、完整。 五. 董 ...

Financial Performance - The company's operating revenue for the first half of 2024 was 298.84 billion yuan, a decrease of 35.62 billion yuan (10.65%) compared to 334.46 billion yuan in the first half of 2023[3]. - Net profit for the first half of 2024 was 4.701 billion yuan, down by 3.978 billion yuan (45.84%) from 8.679 billion yuan in the same period last year[3]. - The net profit attributable to shareholders was 4.150 billion yuan, a decrease of 3.068 billion yuan (42.50%) compared to 7.218 billion yuan in the first half of 2023[3]. - The company's operating revenue for the reporting period was CNY 298,841,527, a decrease of 10.65% compared to CNY 334,458,860 in the same period last year[91]. - Net profit for the six months ended June 30, 2024, was CNY 4,700,632, down 45.8% from CNY 8,678,974 in the prior year[175]. - The company reported a total profit of CNY 5,681,148 for the six months ended June 30, 2024, compared to CNY 9,898,578 for the same period in 2023, reflecting a decline of 42.3%[173]. Assets and Liabilities - The total assets as of June 30, 2024, were 755.551 billion yuan, an increase of 93.949 billion yuan (14.20%) from 661.602 billion yuan at the end of 2023[3]. - Total assets increased by 14.20% to 755,551,432 thousand as of June 30, 2024, compared to 661,602,236 thousand at the end of the previous year[122]. - Total liabilities amounted to CNY 585,496,516 thousand, compared to CNY 493,611,071 thousand in 2023, representing a rise of approximately 18.6%[160]. - The company's equity attributable to shareholders rose to CNY 150,423,795 thousand, up from CNY 145,480,182 thousand, reflecting an increase of approximately 5.2%[162]. Contracts and Revenue Streams - The new contract amount signed reached 677.797 billion yuan, a decrease of 44.094 billion yuan (6.11%) from 721.891 billion yuan in the first half of 2023[3]. - The company's metallurgical construction business achieved operating revenue of 56.706 billion yuan, accounting for 20.44% of total engineering contracting revenue[14]. - The housing and municipal infrastructure construction business generated operating revenue of 216.758 billion yuan, representing 78.15% of total engineering contracting revenue[15]. - In the first half of 2024, the company signed new metallurgical construction contracts amounting to CNY 101.94 billion, accounting for 16.3% of the total new engineering contract value[17]. - New contracts for housing and municipal infrastructure amounted to CNY 413.52 billion, representing 66.3% of the total new engineering contract value[17]. Market and Industry Trends - The global infrastructure construction market is experiencing continuous growth, particularly in emerging markets driven by the "Belt and Road" initiative, providing significant opportunities for the company[13]. - The metallurgical industry is undergoing a critical period of green and low-carbon transformation, necessitating optimization of supply and demand management[14]. - The ecological and environmental protection industry is anticipated to achieve a revenue CAGR of no less than 10%, with industry revenue expected to exceed 3 trillion yuan by 2025[38]. Research and Development - The company emphasized innovation-driven development, increasing investment in foundational, urgent, frontier, and disruptive technology research and development[6]. - The company has accumulated 28 national-level R&D platforms and over 53,000 effective patents, demonstrating its strong technological capabilities[7]. - The total R&D investment accounted for 2.70% of the operating revenue in the first half of 2024[116]. Financial Management and Cost Control - The company is optimizing asset management and cost reduction strategies to improve asset quality and profitability, including centralized procurement to lower costs[55]. - The company is enhancing its project management capabilities to improve production efficiency and project profitability through standardized and digitalized project management practices[53]. - The company aims to maintain its core competitiveness without significant changes during the reporting period[59]. Environmental and Safety Initiatives - The company emphasizes the importance of ecological environment protection and will enhance its management level in environmental protection across various industries[83]. - The company will continue to improve its safety management system and enhance safety awareness to prevent major production safety accidents[84]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of CNY (28,406,160), compared to CNY (14,516,419) in the same period last year[91]. - The company achieved a net cash inflow from financing activities of CNY 31,704,769, an increase of 1.94% from CNY 31,102,865[91]. - Cash inflow from sales of products and services accounted for 96.96% of operating cash inflow in the first half of 2024, down from 98.88% in the first half of 2023[118].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 149,949,264 thousand, representing a 3.81% increase year-over-year[10] - Net profit attributable to shareholders decreased by 20.56% to CNY 2,678,657 thousand[10] - The basic earnings per share (EPS) was CNY 0.12, down 20.00% compared to the previous year[10] - Net profit for Q1 2024 was CNY 3,144,854, down 28.34% from CNY 4,388,882 in Q1 2023[39] - Operating profit for Q1 2024 decreased to CNY 3,875,664, a decline of 26.78% from CNY 5,301,192 in Q1 2023[38] - Total comprehensive income for Q1 2024 was CNY 3,214,758, a decrease of 25.4% from CNY 4,309,121 in Q1 2023[41] - Net income attributable to shareholders for Q1 2024 was CNY 2,740,760, down 17.3% from CNY 3,313,169 in Q1 2023[41] Assets and Liabilities - Total assets increased by 6.27% to CNY 703,095,119 thousand compared to the end of the previous year[11] - The company's total liabilities increased to CNY 528,049,613 from CNY 493,611,071, marking a rise of 6.97%[35] - Current liabilities rose to CNY 478,417,911, up from CNY 448,818,443 at the end of 2023, indicating a 6.67% increase[35] - Long-term borrowings increased to CNY 37,042,917 from CNY 34,168,791, reflecting an increase of 5.43%[35] - The total equity of shareholders increased to 119,172,924 thousand RMB in 2024 from 115,385,473 thousand RMB in 2023, reflecting a growth of 2.4%[55] Cash Flow - The net cash flow from operating activities was negative at CNY (30,747,367) thousand, not applicable for comparison[10] - Cash inflow from operating activities in Q1 2024 was CNY 116,613,345, a decrease of 9.9% from CNY 129,401,342 in Q1 2023[45] - Net cash flow from operating activities for Q1 2024 was (CNY 30,747,367), compared to (CNY 21,557,680) in Q1 2023, indicating a worsening cash flow situation[45] - Cash inflow from investing activities in Q1 2024 was CNY 197,374, significantly lower than CNY 746,948 in Q1 2023, a decline of 73.6%[47] - Net cash flow from investing activities for Q1 2024 was (CNY 675,735), compared to (CNY 1,345,130) in Q1 2023, showing reduced investment activity[47] - Cash inflow from financing activities in Q1 2024 was CNY 95,423,281, slightly up from CNY 94,871,687 in Q1 2023[47] - Net cash flow from financing activities for Q1 2024 was CNY 36,669,904, compared to CNY 35,749,953 in Q1 2023, indicating stable financing[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 336,717[16] - The largest shareholder, China Metallurgical Group Corporation, holds 49.18% of the shares[17] - The company has a significant shareholder, China Metallurgical Group Corporation, holding 10,190,955,300 shares, representing a substantial portion of the total shares[22] - The top ten unrestricted shareholders collectively hold shares amounting to 63,516,600 each from various asset management plans[22] Market and Strategic Initiatives - The company has not disclosed any new product developments or market expansion strategies in this report[10] - The company signed new contracts totaling RMB 316.945 billion in Q1 2024, a decrease of 2.72% compared to the same period last year[28] - The new overseas contract amount reached RMB 18.734 billion, representing a growth of 151% year-on-year[28] - The company is focused on expanding its market presence and enhancing its operational efficiency through strategic initiatives[28] Research and Development - Research and development expenses remained stable at CNY 2,817,852, slightly up from CNY 2,814,669 in Q1 2023[38]

Financial Performance - The net profit attributable to shareholders for Metallurgical Corporation of China Ltd. in 2023 was RMB 8,670,405 thousand, with undistributed profits amounting to RMB 5,973,377 thousand[1]. - The proposed cash dividend is RMB 0.72 per 10 shares, totaling RMB 1,492,101 thousand, which represents 17.21% of the net profit attributable to shareholders, an increase of 0.47 percentage points from the previous year[1]. - The remaining undistributed profits of RMB 4,481,276 thousand will be used for business development and future distributions[1]. - In 2023, the company achieved a revenue of 633.87 billion yuan and a total profit of 13.765 billion yuan, with a net profit attributable to shareholders of 8.670 billion yuan[13]. - The net profit attributable to shareholders decreased by 15.63% to RMB 8.67 billion in 2023, down from RMB 10.28 billion in 2022[31]. - The net profit after deducting non-recurring gains and losses was RMB 7.55 billion, reflecting a 21.90% decline compared to RMB 9.67 billion in the previous year[31]. - The net cash flow from operating activities significantly dropped by 67.54% to RMB 5.89 billion, compared to RMB 18.15 billion in 2022[31]. - The total comprehensive income attributable to shareholders of the parent company for 2023 was 8,696,981 thousand RMB, down 25.4% from 11,665,520 thousand RMB in 2022[39]. - The basic and diluted earnings per share for 2023 were both 0.33 RMB, compared to 0.45 RMB in 2022, reflecting a decline of 26.67%[39]. - The company's operating revenue for 2023 was CNY 633.87 billion, an increase of CNY 41.20 billion (6.95%) compared to CNY 592.67 billion in 2022[34]. Business Growth and Contracts - The new contract value signed during the year reached 1,424.779 billion yuan, reflecting strong business growth[13]. - The company achieved a new contract amount of CNY 1,424.779 billion, representing a year-on-year increase of 6.04%, with overseas contracts reaching CNY 63.384 billion, up 43.72% year-on-year, marking a historical high[48]. - The company signed new contracts worth CNY 1,424.78 billion, an increase of CNY 81.21 billion (6.04%) from CNY 1,343.57 billion in 2022[34]. - The company has a strong pipeline of projects, with several contracts exceeding 1 billion RMB, indicating robust future revenue potential[74][75]. - The company successfully signed contracts for major projects in key economic regions, including the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area, enhancing its competitive strength in these areas[72]. Innovation and Technology - The company has over 51,000 valid patents, indicating significant advancements in technology and innovation[15]. - The company is committed to advancing its "181 Plan" and key non-steel R&D projects to foster innovation and sustainability[15]. - The company has established 28 national-level R&D platforms and has published 72 international standards and 643 national standards[20]. - The company has successfully completed its annual work tasks and achieved expected goals through a three-year action plan for basic management improvement, enhancing nine major business systems[49]. - The company has made significant progress in digital transformation, establishing a digital control platform covering 16 business departments, enhancing governance efficiency[50]. Market Strategy and Expansion - The company plans to enhance its market presence through strategic projects in key economic zones and the Belt and Road Initiative[14]. - The company is actively expanding its overseas market presence, with significant breakthroughs in projects in Bangladesh and Indonesia, reinforcing its leading position in the global nickel ore smelting sector[67]. - The company is focusing on high-quality markets, clients, and projects, while optimizing its business structure[48]. - The company aims to enhance its capabilities in providing new products, technical services, and comprehensive solutions for the transformation and upgrading of traditional industries[176]. - The company is committed to leveraging favorable economic conditions to capture market opportunities and ensure stable growth while managing risks[176]. Environmental and Social Responsibility - The company is committed to environmental protection and safety management, enhancing its ecological practices and safety protocols to mitigate risks associated with production activities[192]. - The total amount of donations made by the company during the reporting period was approximately CNY 4.1477 million, including charitable contributions to various regions and disaster relief funds[200]. - The company is actively pursuing green and low-carbon development opportunities in the ecological environment sector, aiming to become a leader in the industry[95]. - The company has made significant progress in green and low-carbon technology investments, aligning with the dual carbon policy to promote sustainable development in the steel industry[52]. - The company has established a hydrogen-based direct reduction continuous test platform, successfully completing hot-state trial operations, furthering its commitment to low-carbon technology[51]. Risk Management - The company faces risks from macroeconomic fluctuations, industry policies, and changes in material prices that could impact financial performance[112][113][117]. - The company is committed to addressing macroeconomic risks by closely monitoring economic policies and industry trends[184]. - International operations are subject to various risks, including political and economic factors, prompting the company to implement safety plans and risk assessments for overseas projects[191]. - The company has implemented risk control measures for derivative investments, including market risk analysis and liquidity risk management[169]. - The company will strengthen its strategies for managing commodity price risks by enhancing research on market trends and adjusting procurement and sales strategies accordingly[190]. Future Outlook - The outlook for 2024 includes a commitment to complete annual goals and promote further transformation and upgrading of the company[16]. - The company plans to achieve an operating revenue of CNY 660 billion in 2024, representing a 4.13% increase from 2023[183]. - The new contract signing target for 2024 is set at CNY 1,500 billion, which is a 5.28% increase compared to 2023[183]. - The company aims to enhance its core competitiveness by focusing on five key capabilities: strong value creation, strong market competitiveness, strong innovation drive, strong resource allocation, and strong cultural soft power[179]. - The company will strengthen its management and operational capabilities to achieve sustainable and rapid development in 2024[182].

Investment Rating - The report assigns an "Overweight" rating to the company [1] Core Views - The company's 2023 revenue increased by 7% to RMB 6339 billion, but net profit declined by 15.6% due to impairment losses [6] - Operating cash flow decreased by 68% in 2023, with accounts receivable increasing by 39% and impairment losses totaling RMB 8.95 billion [6] - The company plans to achieve a 4.1% revenue growth in 2024, with new contract signings expected to increase by 5.3% [6] - The mineral resources business shows promising potential, with significant reserves and production capacities in nickel, cobalt, copper, lead, and zinc [6] Financial Summary - Revenue growth rates from 2020 to 2026E are projected as follows: 18.2%, 25.1%, 18.4%, 7.0%, 6.6%, 5.2%, and 3.7% [4] - Gross profit increased from RMB 45.429 billion in 2020 to RMB 72.713 billion in 2026E [4] - Net profit growth rates from 2020 to 2026E are projected as follows: 19.1%, 6.5%, 22.7%, -15.6%, 8.1%, 6.9%, and 6.1% [4] - PE ratios from 2020 to 2026E are projected as follows: 4.53, 3.45, 2.81, 3.33, 3.08, 2.89, and 2.72 [4] Market Data - The current stock price is HKD 1.51 [1] - The 52-week price range is HKD 1.35 to HKD 2.46 [2] - The current market capitalization is HKD 31.293 billion [2] Business Segments - Engineering contracting accounted for RMB 5855 billion in revenue, a 9% increase [6] - Resource development revenue decreased by 23% to RMB 68 billion [6] - Specialized business revenue increased by 0.2% to RMB 320 billion [6] - Comprehensive real estate revenue decreased by 27% to RMB 165 billion [6] Operational Highlights - New contract signings in 2023 increased by 6% to RMB 14248 billion, with overseas contracts reaching a record high of RMB 634 billion, a 44% increase [6] - The company has significant mineral reserves, including 1.26 million tons of nickel and 140,000 tons of cobalt in the Ramu Nickel-Cobalt Mine, and 1.84 million tons of copper in the Saindak Copper-Gold Mine [6] - The company is actively advancing the development of the Siadiq Copper Mine with 3.78 million tons of copper reserves and the Aynak Copper Mine with 11.08 million tons of copper reserves [6] Future Outlook - The company plans to achieve a revenue of RMB 6600 billion in 2024, a 4.1% increase [6] - New contract signings are expected to reach RMB 1.5 trillion in 2024, a 5.3% increase [6]

Financial Performance - The company's operating revenue for 2023 reached 633.87 billion yuan, an increase of 41.20 billion yuan (6.95%) compared to 2022's 592.67 billion yuan[1]. - Net profit for 2023 was 11.406 billion yuan, a decrease of 1.526 billion yuan (11.80%) from 2022's 12.932 billion yuan[1]. - Profit attributable to shareholders of the listed company was 8.670 billion yuan, down by 1.606 billion yuan (15.63%) from 2022's 10.276 billion yuan[1]. - The total assets as of December 31, 2023, amounted to 661.60 billion yuan, an increase of 76.21 billion yuan (13.02%) from 2022[1]. - Shareholders' equity as of December 31, 2023, was 167.99 billion yuan, up by 6.07 billion yuan (3.75%) from 2022[1]. - The gross profit margin for the engineering contracting business improved to 9.09%, an increase of 0.25 percentage points from the previous year[33]. - The gross profit margin for the resource development business decreased to 30.99% in 2023 from 36.35% in 2022, a decline of 5.36 percentage points, mainly due to fluctuations in international raw material prices[136]. - The total operating costs for 2023 were RMB 610.63 billion, up 6.9% from RMB 571.22 billion in 2022[192]. Contracting and Project Development - New contracts signed reached 1,424.78 billion yuan, an increase of 81.21 billion yuan (6.04%) compared to 2022's 1,343.57 billion yuan[1]. - The company achieved a new contract value of 1,424.779 billion yuan, representing a year-on-year increase of 6.04%, with overseas contracts reaching 633.84 billion yuan, up 43.72%, marking a historical high[11]. - The company successfully signed contracts for several key projects, including the largest single furnace waste incineration power generation project in Wuhan and the first urban commercial complex project in Xiong'an New Area[41]. - The total amount of newly signed projects exceeding 50 million RMB during the reporting period was 13,367.06 billion RMB, with 3,142 projects signed[167]. - The total amount of uncompleted contracts for projects exceeding 50 million RMB at the end of the reporting period was 28,544.14 billion RMB, including 10,222.37 billion RMB for contracts signed but not yet started[168]. Innovation and Technology - The company has successfully developed and launched a large-scale 3R low-carbon blast furnace demonstration project and a hydrogen-based direct reduction furnace testing platform[4]. - The company has made significant breakthroughs in technology projects, including the development of a hydrogen-based direct reduction continuous test platform[16]. - The company has established a digital management platform covering 16 business departments, enhancing governance efficiency and integrating business and finance[14]. - The company is focusing on technological innovation and digital empowerment to enhance product value and market resilience[56]. - The company has established a comprehensive testing and inspection capability across various industries, enhancing its competitive edge in the civil engineering sector[59]. Market Trends and Economic Environment - In 2023, China's steel production was approximately 1.02 billion tons, remaining stable compared to the previous year, with overall steel demand weaker than in previous years due to declining real estate investment[17]. - The ecological and environmental protection industry is expected to achieve a compound annual growth rate of no less than 10% in revenue by 2025, with the market projected to exceed 3 trillion RMB[30]. - The real estate development investment in 2023 was 11.1 trillion RMB, a decrease of 9.6% from 2022, with residential investment down by 9.3%[31]. - The company acknowledges the ongoing risks in the macroeconomic environment, including inflation and geopolitical tensions, which may impact financial stability[88]. - The company is closely monitoring macroeconomic policies and industry trends to adjust its operational strategies accordingly[89]. Environmental and Social Responsibility - The company emphasizes the importance of ecological and environmental protection, adhering to national strategies for green and low-carbon development[100]. - The ecological and environmental business includes a wide range of services such as wastewater treatment and ecological restoration, reflecting the company's commitment to sustainable development[63]. - The company is actively participating in public welfare construction projects, focusing on improving living standards while enhancing product and service quality in real estate development[66]. Future Outlook and Strategic Goals - The company plans to achieve an operating revenue of CNY 660 billion in 2024, representing a 4.13% increase compared to 2023[118]. - The company aims for a new contract signing amount of CNY 1,500 billion in 2024, which is a 5.28% increase year-on-year[118]. - The company plans to implement a comprehensive management enhancement action over three years to ensure sustainable and rapid development by 2024[117]. - The company aims to enhance its core competitiveness and transform its development model, striving to become a world-class investment construction group with strong market competitiveness and innovation[109]. - The company is committed to becoming the best overall solution provider in metallurgical construction operations, aiming to elevate its brand and service reliability in basic construction[112].