Contract Performance - The new contract amount signed by the company in Q1 2024 was RMB 507.298 billion, representing a year-on-year growth of 10.81% and achieving 25.49% of the annual target[2]. - The overseas new contract amount was RMB 91.235 billion (approximately USD 12.943 billion), a year-on-year increase of 9.37%, accounting for 18% of the total new contracts[2]. - The infrastructure construction business contributed RMB 464.426 billion to the new contracts, reflecting a year-on-year increase of 15.75%[4]. - The total new contracts signed in Q1 2024 were RMB 50.7298 billion, compared to RMB 45.7813 billion in the same period last year[4]. - The company aims to achieve a total new contract target of RMB 1,753.215 billion for the year 2023, with a growth rate of 13.50% expected[2]. Major Contracts - The company signed major contracts in Q1 2024, including a RMB 3.011 billion contract for the Jiangsu Suqian Weishui High-speed Railway project and a RMB 3.067 billion contract for the Chongqing Economic Development Zone project[6]. Infrastructure Investment - The total amount of contracts confirmed based on the company's share in infrastructure investment projects was RMB 26.734 billion, with an expected construction contract amount of RMB 21.503 billion[3]. - The total new contracts signed in Q1 2024 included 1,482 contracts in the infrastructure construction sector, maintaining the same number as the previous year[4]. Railway Construction Segment - The company reported a significant decrease in the railway construction segment, with a contract amount of RMB 4.935 billion, down 61.97% year-on-year[4]. Project Execution Status - The company has no major signed but unexecuted projects at this time[7].

Financial Performance - In 2023, the company's revenue was CNY 755.646 billion, an increase of CNY 36.562 billion or 5.1% compared to CNY 719.084 billion in 2022[2]. - The gross profit for 2023 was CNY 94.528 billion, up CNY 10.836 billion or 12.9% from CNY 83.692 billion in 2022[2]. - The profit attributable to shareholders for 2023 was CNY 24.734 billion, an increase of CNY 4.508 billion or 22.3% from CNY 20.226 billion in 2022[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 22.577 billion, up CNY 7.924 billion or 54.1% from CNY 14.653 billion in 2022[2]. - The net cash generated from operating activities was CNY 12.074 billion, an increase of CNY 10.935 billion or 960.0% from CNY 1.139 billion in 2022[2]. - The operating profit for 2023 was CNY 38.955 billion, a 14.6% increase from CNY 34.002 billion in 2022, with an operating profit margin rising from 4.7% to 5.2%[82]. - The profit before tax for 2023 was RMB 37.538 billion, an increase of 13.4% compared to RMB 33.088 billion in 2022[84]. - The income tax expense for 2023 was RMB 6.397 billion, a decrease of 10.1% from RMB 7.117 billion in 2022, with the effective tax rate dropping from 21.5% in 2022 to 17.0% in 2023[84]. - The net profit for the current year, after adjustments, was RMB 20,226 million, contributing to a total comprehensive income of RMB 24,566 million[134]. Contracts and Projects - The new contract amount signed in 2023 was CNY 1,753.215 billion, a growth of 13.7% compared to CNY 1,542.256 billion in 2022[2]. - As of December 31, 2023, the amount of uncompleted contracts was CNY 3,450.659 billion[2]. - The company achieved a new contract value of 744.9 billion yuan in its "big city" business for 2023, representing an 18.7% year-on-year growth[18]. - In the "Belt and Road" initiative, the company signed new contracts worth 38.90 billion yuan in the Middle East, contributing to a total of 387.61 billion yuan in new contracts for 2023[16]. - The company has accumulated a total of 2347.58 billion yuan in new contracts since the launch of the "Belt and Road" initiative[16]. - The company signed new contracts worth CNY 1,753.215 billion, representing a year-on-year increase of 13.7%[28]. - New contracts from overseas regions amounted to CNY 319.746 billion (approximately USD 47.526 billion), a year-on-year increase of 47.5%, accounting for 18% of total new contracts[28]. - The company signed new contracts for road and bridge construction in China amounting to 349.01 billion yuan, a decrease of 2.5% year-on-year, accounting for 22% of the infrastructure construction business[37]. Strategic Initiatives - In 2024, the company aims to significantly enhance development quality and efficiency, focusing on six key areas for improvement[5]. - The company plans to optimize its industrial layout and promote traditional industry transformation while expanding into strategic emerging industries[6]. - The company aims to enhance its core technology capabilities, focusing on smart ports, smart highways, smart water management, and smart cities, with a goal of achieving significant breakthroughs in high-end equipment and advantageous technologies[7]. - The company is committed to deepening reforms to improve governance efficiency and resource allocation, enhancing its professional management capabilities[7]. - The company plans to establish a specialized fund to support strategic emerging industries, enhancing its investment capabilities[27]. - The company is focusing on digital transformation and has launched over 10 specialized products in road, water transport, and airport industries in 2023[19]. - The company aims to enhance its core competitiveness by focusing on the construction and upgrading of integrated transportation networks, emphasizing green and low-carbon transformation[74]. - The company plans to actively engage in urban renewal projects, targeting high-quality living standards for residents in cities with populations exceeding 3 million[75]. Research and Development - R&D expenditure for the reporting period was CNY 27.707 billion, accounting for 3.7% of total revenue, an increase of 0.4 percentage points from the previous year[22]. - The company has accumulated 40 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its strong innovation capabilities[22]. - The company aims to enhance its core technology capabilities in key strategic emerging industries, focusing on "bottleneck" technologies and national strategic needs[24]. - The company has established two National Engineering Research Centers, becoming the only central enterprise in the construction sector with such recognition[21]. Financial Structure and Investments - The company plans to optimize its financial structure by reducing perpetual bond scale and accelerating accounts receivable collection, while enhancing compliance management mechanisms[7]. - The company initiated the issuance of CNY 30 billion preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission[27]. - The company approved a CNY 120 billion asset securitization business plan, including various asset types such as supply chain receivables and infrastructure assets[27]. - The company is focusing on enhancing its direct financing capabilities through various innovative financing channels[27]. - The company is facing new risks and challenges due to a decrease in local government fund revenues and the impact of the new PPP mechanism on infrastructure investment projects[63]. Market Position and Competitive Advantage - The company is the world's largest design and construction firm for ports, roads, and bridges, and the largest dredging company, with operations in 139 countries and regions[12]. - The company has a strong competitive advantage in the design and construction of major bridges, having built six of the top ten largest bridges globally[13]. - The company is enhancing its market influence in railway construction, having entered various international markets including Africa, Asia, and South America[14]. - The company is committed to sustainable development, aligning its projects with the "Belt and Road" initiative to benefit local communities[32]. Financial Health and Ratios - The company's asset-liability ratio increased to 72.7% in 2023 from 71.8% in 2022[79]. - Total liabilities increased to RMB 1,224,674 million in 2023, up from RMB 1,028,760 million in 2022, indicating a growth of approximately 19%[130]. - The company's total equity attributable to owners of the parent increased to RMB 301,734 million in 2023, up from RMB 282,500 million in 2022, reflecting a growth of approximately 6.5%[130]. - The company's cash and cash equivalents reached RMB 110,204 million in 2023, compared to RMB 103,663 million in 2022, marking an increase of about 6.5%[129]. Compliance and Governance - The company confirmed compliance with the corporate governance code during the fiscal year ending December 31, 2023[196]. - The board of directors approved and authorized the publication of the financial statements on March 28, 2024[194]. - The company has adopted the standard code of conduct for securities trading as per the Hong Kong Listing Rules[195].

Core Viewpoint - China Communications Construction Company (CCCC) has completed the registration of its 2022 restricted stock incentive plan, involving the allocation of 16.45 million shares at a price of 5.06 yuan per share, aimed at enhancing the company's liquidity [1] Group 1 - The company completed the registration of its restricted stock incentive plan on February 21, 2024 [1] - A total of 16.45 million shares were allocated to 132 incentive recipients [1] - The funds raised from this stock allocation will be used entirely to supplement the company's working capital [1]

Contract Performance - The total new contracts signed by the company in 2023 amounted to RMB 1,753.215 billion, representing a year-on-year growth of 13.68% and exceeding the annual target by 3.53%[2] - In Q4 2023, the company signed new contracts worth RMB 581.471 billion, contributing to a total of RMB 1,753.215 billion for the year, compared to RMB 1,542.256 billion in the previous year[4] - The company achieved a total of 1,119 new contracts in the infrastructure construction sector during Q4 2023, with a total of 3,853 contracts for the year[4] Overseas Contracts - The new contracts signed from overseas regions reached RMB 319.746 billion (approximately USD 47.526 billion), a year-on-year increase of 47.5%, accounting for 18.24% of the total new contracts[3] - The overseas engineering business saw a significant increase of 41.45% in new contracts, totaling RMB 295.126 billion for the year[4] Infrastructure Construction - The infrastructure construction business accounted for RMB 513.946 billion in Q4 2023, with a total of RMB 1,558.482 billion for the year, reflecting a 14% increase compared to the previous year[4] Major Contracts - The company secured major contracts in Q4 2023, including a RMB 15.874 billion contract for the Saudi Seidra Phase 3-5 project and a RMB 6.011 billion contract for the Philippines oil refining project[6] Dredging Business - The company’s total new contracts in the dredging business reached RMB 119.193 billion for the year, with a year-on-year growth of 11.76%[4] Future Expectations - The company anticipates a construction contract amount of RMB 150.140 billion in the design and construction phases based on its investment projects[3] Contract Execution Status - The company has no major signed contracts that are yet to be executed as of the report date[7]

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing efforts [3]. - Gross profit reached $500 million, a 20% increase year-over-year [4]. Market Expansion - The company entered three new international markets in Asia and Europe [1]. - Market share in the domestic market grew by 5% [2]. - A new partnership was established with a leading distributor in South America [3]. - Sales in emerging markets contributed 25% to total revenue [4]. Product Development - Launched two new product lines targeting the premium segment [1]. - R&D investment increased by 10% to support innovation [2]. - Customer feedback led to improvements in the existing product portfolio [3]. - A new patent was filed for a groundbreaking technology [4]. Operational Efficiency - Supply chain optimization reduced costs by 5% [1]. - Production capacity was expanded by 15% to meet growing demand [2]. - Employee productivity improved by 8% due to new training programs [3]. - Inventory turnover ratio increased to 6.5, up from 5.8 last year [4]. Strategic Initiatives - The company announced a new sustainability initiative to reduce carbon emissions by 20% [1]. - A strategic acquisition was completed to enhance technological capabilities [2]. - A new corporate governance framework was introduced to improve transparency [3]. - The board approved a $100 million share buyback program [4]. Customer Engagement - Customer satisfaction scores improved to 90%, up from 85% last year [1]. - A new loyalty program was launched, resulting in a 10% increase in repeat customers [2]. - Social media engagement grew by 30% due to targeted campaigns [3]. - Customer retention rate reached 95%, the highest in five years [4].

Financial Performance - For the six months ended June 30, 2023, the company reported a revenue of RMB 364.45 billion, a slight increase of 0.4% compared to RMB 362.85 billion in the same period of 2022[5]. - The gross profit for the same period was RMB 39.63 billion, reflecting a growth of 5.1% from RMB 37.72 billion year-on-year[5]. - The net profit attributable to shareholders was RMB 12.35 billion, up 3.2% from RMB 11.97 billion in the previous year, with a basic earnings per share of RMB 0.72, an increase of 2.9%[5][8]. - The total revenue for the company for the six months ended June 30, 2023, was RMB 364.450 billion, compared to RMB 362.854 billion in the same period of 2022, reflecting a slight increase[90]. - The total operating profit for the company for the six months ended June 30, 2023, was RMB 19.613 billion, down from RMB 21.072 billion in the same period of 2022, indicating a decrease in profitability[90]. - The company reported a profit of RMB 12,349 million for the six months ended June 30, 2023, contributing to a total comprehensive income of RMB 12,865 million[142]. - The total comprehensive income for the period was RMB 16,041 million, compared to RMB 13,538 million, marking a growth of 18.5%[139]. - The company reported a significant foreign exchange gain of RMB 1,280 million, compared to RMB 900 million in the prior year, marking an increase of approximately 42.2%[182]. Assets and Liabilities - The total assets as of June 30, 2023, reached RMB 1,746.45 billion, representing a 15.5% increase from RMB 1,511.47 billion at the end of 2022[6]. - The total liabilities increased by 20.6% to RMB 1,308.32 billion from RMB 1,085.18 billion at the end of 2022[6]. - Non-current assets totaled RMB 984,436 million as of June 30, 2023, an increase from RMB 895,100 million at the end of 2022[140]. - Current assets increased to RMB 762,012 million from RMB 616,367 million, reflecting a growth of 23.6%[140]. - Current liabilities rose to RMB 830,713 million, up from RMB 661,349 million, indicating a 25.6% increase[140]. - The total borrowings of the group reached RMB 603,355 million as of June 30, 2023, up from RMB 466,024 million on December 31, 2022, indicating a significant increase of 29.4%[114]. - The debt ratio, calculated as net debt divided by total capital, was 50.7% on June 30, 2023, compared to 46.0% on December 31, 2022, reflecting an increase in leverage[116]. Contracts and Backlog - The company signed new contracts worth RMB 886.69 billion in the first half of 2023, marking a 10.6% increase compared to RMB 801.90 billion in the same period of 2022[6][8]. - The backlog of uncompleted contracts as of June 30, 2023, was RMB 3,806.69 billion, up from RMB 3,388.33 billion at the end of 2022[6]. - The company signed new contracts worth CNY 886.69 billion during the reporting period, representing a year-on-year increase of 10.6%[28]. - The company held an unexecuted contract amount of CNY 3,806.69 billion as of June 30, 2023[28]. Market Strategy and Development - The company aims to focus on high-quality development and market expansion, emphasizing the importance of contracts with revenue, profitable revenue, and cash flow[9]. - The company plans to enhance its market presence by aligning with national strategies and optimizing its marketing system[9]. - The company is committed to increasing the revenue share of strategic emerging industries through mergers, acquisitions, and financing[13]. - The company is actively pursuing high-end, intelligent, and green upgrades in traditional industries[13]. - The company aims to leverage the "Belt and Road" initiative to enhance cooperation and project execution in various regions[32]. - The company is focusing on integrating new technologies and sustainable practices in its infrastructure projects to meet evolving market demands[32]. Research and Development - R&D expenditure for the reporting period was 9.417 billion yuan, accounting for 2.6% of operating income, an increase of 0.1 percentage points from the previous year[24]. - The company has achieved a total of 40 National Science and Technology Progress Awards, 5 National Technology Invention Awards, and 126 Luban Awards[24]. - The company has established two National Engineering Research Centers, leading infrastructure construction to new heights[24]. - The company is focused on addressing "bottleneck" technologies and enhancing its independent innovation capabilities[25]. Risk Management - The company is implementing a comprehensive risk management system for overseas operations, focusing on compliance and risk prevention measures[44]. - The company acknowledges the potential impact of natural disasters and public health emergencies on its operations and project timelines[128]. - The group plans to enhance its risk management and control measures to address potential threats in international operations and ensure compliance with diverse regulations[121]. Cash Flow and Financing - Net cash used in operating activities increased to RMB 49,378 million from RMB 45,716 million in the previous year[104]. - Net cash used in investing activities rose by 47.1% to RMB 32,869 million, compared to RMB 22,344 million in 2022[105]. - Net cash generated from financing activities increased by 19.6% to RMB 130,888 million, up from RMB 109,454 million in the same period last year[106]. - The company plans to issue CNY 30 billion in preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission, to reduce debt ratios and optimize capital structure[27]. International Operations - The company is the world's largest port, road, and bridge design and construction firm, with a presence in 139 countries and regions[17]. - In the first half of 2023, the company signed new contracts worth $10.152 billion in countries along the "Belt and Road" initiative, bringing the cumulative total to $103.972 billion since the initiative's inception[20]. - The company is actively involved in major projects such as the East Coast Railway in Malaysia and the Bogotá Metro, enhancing its international presence[32]. Segment Performance - The income for the infrastructure construction business for the six months ended June 30, 2023, was RMB 327.822 billion, a growth of 1.2% from RMB 323.881 billion in the same period of 2022, driven by increased revenue from overseas projects[92]. - The gross profit for the infrastructure construction business increased by 5.4% to RMB 33.380 billion for the six months ended June 30, 2023, from RMB 31.669 billion in the same period of 2022, with a gross margin rising from 9.8% to 10.2%[93]. - The revenue for the infrastructure design business for the six months ended June 30, 2023, was RMB 18.509 billion, a decrease of 15.9% compared to RMB 22.020 billion for the same period in 2022[95]. - The revenue for the dredging business for the six months ended June 30, 2023, was RMB 26.059 billion, a slight decrease of 0.8% from RMB 26.268 billion in 2022[98]. Compliance and Safety - The company is committed to maintaining compliance and safety in overseas project operations to protect its brand and national interests[10]. - The company faces safety production risks due to the nature of its construction and production operations, which could lead to economic losses and regulatory penalties[126].

Financial Performance - For the six months ended June 30, 2023, the group's revenue was RMB 364.45 billion, an increase of RMB 1.596 billion or 0.4% compared to RMB 362.85 billion in the same period of 2022[2]. - The gross profit for the same period was RMB 39.629 billion, up RMB 1.910 billion or 5.1% from RMB 37.719 billion in 2022[2]. - The profit attributable to the owners of the parent company was RMB 12.349 billion, an increase of RMB 0.380 billion or 3.2% from RMB 11.969 billion in the previous year[2]. - The net profit excluding non-recurring gains and losses was RMB 11.896 billion, an increase of RMB 2.832 billion or 31.2% compared to RMB 9.064 billion in 2022[2]. - The company's financial income increased by 29.6% to RMB 11.04 billion, driven by an increase in contract assets and accounts receivable from PPP projects[69]. - Financial expenses net increased by 10.7% to RMB 11.49 billion, mainly due to higher borrowing costs and foreign exchange borrowings[70]. - The operating profit decreased by 6.9% to RMB 19.61 billion compared to RMB 21.07 billion in the previous year, primarily due to one-time gains from subsidiary disposals in 2022[68]. - The company reported a decrease in operating profit margin from 5.8% in 2022 to 5.4% in 2023, attributed to reduced other income and increased R&D expenses[68]. Contractual and Project Management - The new contract amount signed during the six months was RMB 886.693 billion, a growth of 10.6% from RMB 801.900 billion in the same period of 2022[2]. - As of June 30, 2023, the amount of uncompleted contracts in execution was RMB 3,806.686 billion[2]. - The company has established a comprehensive project management system covering the entire contract process, ensuring effective project planning, execution, and delivery[10]. - The company signed new contracts worth $10.152 billion in countries along the "Belt and Road" initiative from January to June 2023, bringing the cumulative total to $103.972 billion since the initiative's inception[15]. - The company holds a total of 38,066.86 billion RMB in uncompleted contracts as of June 30, 2023[24]. Market Expansion and Strategic Focus - The company aims to enhance its market expansion by focusing on national strategies and optimizing its marketing system[5]. - The company is committed to strengthening its investment strategies to stabilize its market position and enhance core competitiveness[5]. - The company aims to enhance its core competitiveness and functionality by strategically investing in emerging industries such as new-generation information technology, new energy, and new materials, with a goal of increasing the revenue share from strategic emerging industries year by year[7]. - The company plans to enhance asset efficiency by accelerating the disposal of low-efficiency assets and improving asset return rates[5]. - The company is actively expanding its market presence, with operations in 139 countries and regions as of June 30, 2023[25]. Technological Innovation and R&D - The company emphasizes technological innovation and aims to strengthen its position in key core technologies and basic research[6]. - The company's R&D expenditure was $9.417 billion, accounting for 2.6% of operating revenue, an increase of 0.1 percentage points from the previous year[19]. - The company has achieved significant breakthroughs in key technologies, including advancements in the main drive shaft of shield machines and the development of high-wear-resistant steel pipes for sediment transport, enhancing operational efficiency[19]. - The company is focusing on digital transformation in traditional industries, leveraging its existing BIM platform to enhance industry application and collaboration[16]. - The company is committed to addressing national strategic needs and industry upgrades through targeted technological advancements[17]. International Operations and Global Presence - The company has successfully entered international railway construction markets in Africa, Asia, South America, and Oceania, establishing a strong market influence[13]. - The company is the world's largest design and construction firm for ports and bridges, with a significant presence in 139 countries and regions, leveraging its extensive experience and expertise[12]. - The company is advancing internationalization efforts, with significant projects in Malaysia, Colombia, and South Africa[29]. - The company aims to develop high-quality, sustainable overseas business in line with the "Belt and Road" initiative[29]. - The company signed new overseas engineering contracts worth 132.701 billion yuan (approximately 19.724 billion USD), representing a year-on-year increase of 20.6% and accounting for 17% of its infrastructure construction business[37]. Financial Management and Investment Strategies - The company is committed to value investment principles, continuously adapting to market changes and policy dynamics to optimize investment processes[11]. - The company plans to issue RMB 30 billion in preferred shares, which has been approved by the State-owned Assets Supervision and Administration Commission, to optimize its capital structure[22]. - The company has approved a plan for RMB 120 billion in asset securitization, covering various asset types including supply chain receivables and infrastructure assets[22]. - The company aims to improve its global resource allocation capabilities while ensuring safety and control in its international operations[7]. - The company is focusing on enhancing its core competitiveness in urban development and major transportation projects, including the Sichuan Jiangjin to Yibin expressway project[55]. Environmental and Social Responsibility - The company is actively pursuing green development initiatives, including ecological restoration projects in various regions[42]. - The company is focusing on the "3060" dual carbon goals, leveraging digital and intelligent management to enhance its capabilities in offshore wind power[28]. - The company is committed to addressing national strategic needs and industry upgrades through targeted technological advancements[17]. - The company is leveraging its strengths in ecological and environmental governance to foster new growth points in emerging industries[35]. - The company is actively participating in urban renewal projects, including the first batch of pilot projects in Haikou and Shanghai, focusing on community renovation and urban modernization[36]. Risk Management and Compliance - The group is focusing on enhancing its risk management strategies to address macroeconomic fluctuations and international trade uncertainties, particularly in infrastructure and urbanization sectors[107][108]. - The group aims to strengthen its investment risk control by adhering to value investment principles and strictly managing non-core investments[110]. - The company emphasizes safety in production as a fundamental principle, acknowledging risks associated with operational safety that could impact brand reputation and financial performance[115]. - The company faces foreign exchange risks due to significant overseas operations, with potential impacts on costs and revenues from currency fluctuations[114]. - The company is enhancing its network security measures to mitigate risks associated with cyber threats as it expands its international presence[118].

Business Performance - The company achieved a revenue of RMB 717.473 billion for the year ended December 31, 2022, representing a year-on-year growth of 5.1%[36]. - Net profit attributable to shareholders was RMB 20.065 billion, an increase of 9.4% compared to the previous year[36]. - The basic earnings per share rose to RMB 1.14, reflecting a growth of 9.8% year-on-year[36]. - New contracts signed amounted to RMB 1,542.256 billion, marking a significant increase of 21.6% year-on-year[41]. - The total amount of uncompleted contracts as of December 31, 2022, was RMB 3,388.325 billion, up from RMB 3,128.254 billion in 2021[39]. - The company achieved a total operating revenue of CNY 571.31 billion from contracted projects in Belt and Road countries[62]. - In 2022, the company signed new contracts worth CNY 1,542.256 billion, achieving 109% of the annual target, while operating revenue was CNY 717.47 billion, meeting 99% of the target[112]. Innovation and Technology - The company holds 15 national-level innovation platforms, 113 provincial-level platforms, and 28 group-level platforms, enhancing its research and development capabilities[32]. - The company has accumulated 40 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its commitment to innovation[34]. - The company has a total of 27,189 authorized patents, reflecting its strong focus on technological advancement[34]. - The company has established a technology innovation leadership team to address key core technology challenges and enhance its independent innovation capabilities[53]. - The company has developed strategic high-end equipment, including the "Tian Kun" heavy self-propelled dredger and the "Shou Chuang" ultra-deep vertical drilling machine, demonstrating its technological advancements[55]. - The company is focusing on new technologies and sustainable practices in construction, aiming to meet dual carbon goals[113]. Market Expansion and Strategy - The company aims to enhance its global competitiveness as a technology-driven, management-oriented, and quality-focused enterprise[34]. - The company is committed to internationalization, enhancing its global competitiveness and leveraging the "Belt and Road" initiative[45]. - The company plans to enhance its market share and improve the quality of its investment structure while focusing on value investment principles[44]. - The company aims to strengthen its traditional business market advantages while promoting the growth of emerging industries to counteract macroeconomic volatility[172]. - The company is actively pursuing mergers and acquisitions to enrich its qualifications in water conservancy and construction, facilitating entry into new markets[56]. Financial Management - The company's cash flow improved significantly, with a net cash inflow of CNY 6.623 billion in 2022, compared to cash outflow in 2021, driven by operational reforms and enhanced project profitability[126]. - The company's financial income rose by 45.9% to CNY 21.309 billion in 2022, primarily due to increased interest income from PPP projects[128]. - The net financial expenses increased by 12.2% to CNY 21.916 billion, mainly due to higher interest costs from bank and other borrowings[129]. - The company's asset-liability ratio decreased slightly to 71.8% in 2022 from 71.9% in 2021, indicating improved leverage management[130]. - The company plans to raise CNY 30 billion through preferred stock issuance to enhance its capital strength and support strategic planning[120]. Infrastructure Development - The company has participated in over 130 key national railway projects, demonstrating its extensive involvement in infrastructure development[31]. - The company is actively participating in national strategic projects, including the construction of the Pinglu Canal and various automated terminals[64]. - The company has established a full industry chain layout for rail transit, focusing on investment financing, design, equipment manufacturing, and operation maintenance[67]. - The company is committed to high-quality progress in major engineering projects, including the Sichuan-Tibet Railway and the Xiong'an New Area to Xinzhou high-speed railway[67]. - The company is focusing on digital construction and green building methods, aligning with national dual carbon goals and enhancing urban modernization[70]. Environmental and Social Responsibility - The company emphasizes green and low-carbon transformation, with the establishment of a Green Low-Carbon Development Research Center[31]. - The company is actively participating in various water management and sewage treatment projects across multiple provinces, contributing to environmental sustainability[70]. - The company is focusing on green development and has initiated several ecological restoration projects, enhancing its market opportunities[78]. Risk Management - The group faced macroeconomic pressures, including economic contraction and supply shocks, which could significantly impact its development and operations[172]. - The group operates in over 130 countries, exposing it to various international risks, including political and economic instability, which may affect compliance and project execution[173]. - The company is actively managing foreign exchange risks and may use derivative financial instruments for hedging when deemed necessary[177]. - The company is enhancing cost awareness and implementing centralized procurement strategies to mitigate risks associated with raw material price fluctuations[175]. Shareholder Returns - The company reported a final dividend of RMB 0.21707 per share, equivalent to approximately HKD 0.24735, representing 20% of the net profit available for distribution to ordinary shareholders for the year 2022, totaling approximately RMB 35.09 billion[189]. - The company maintains a sustainable dividend policy, distributing no less than 10% of the annual profit available for ordinary shareholders as cash dividends[188].

Financial Performance - The company's operating revenue for Q1 2023 was RMB 176.59 billion, representing a year-on-year increase of 2.61%[4] - Net profit attributable to shareholders was RMB 5.58 billion, reflecting a year-on-year growth of 9.60%[4] - Basic earnings per share for the period was RMB 0.32, an increase of 11.65% compared to the same period last year[4] - Total profit for Q1 2023 reached ¥8,500,211,131, an increase of 5.67% compared to ¥8,044,724,018 in Q1 2022[24] - Net profit attributable to shareholders of the parent company was ¥5,582,367,706, up 9.62% from ¥5,093,589,966 in the same period last year[24] - Basic and diluted earnings per share for Q1 2023 were both ¥0.32, compared to ¥0.29 in Q1 2022, reflecting a 10.34% increase[25] - Operating profit for Q1 2023 was RMB 8.47 billion, compared to RMB 8.01 billion in Q1 2022, indicating an increase of about 5.83%[23] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1.63 trillion, up 8.07% from the end of the previous year[5] - Total liabilities increased to RMB 1.20 trillion as of March 31, 2023, from RMB 1.09 trillion at the end of 2022, reflecting a growth of approximately 10.61%[22] - Current assets totaled RMB 686.10 billion as of March 31, 2023, compared to RMB 616.26 billion at the end of 2022, marking an increase of about 11.31%[20] - Non-current assets amounted to RMB 947.26 billion as of March 31, 2023, up from RMB 895.09 billion at the end of 2022, representing a growth of approximately 5.83%[21] - Total assets reached RMB 1.63 trillion as of March 31, 2023, compared to RMB 1.51 trillion at the end of 2022, indicating an increase of about 8.06%[22] - Total liabilities as of March 31, 2023, amounted to RMB 143.61 billion, up from RMB 138.53 billion at the end of 2022, marking an increase of approximately 3.1%[30] Cash Flow - The net cash flow from operating activities showed a net outflow of RMB 25.63 billion, with improvements in cash flow management noted[7] - Cash flow from operating activities showed a net outflow of ¥25,633,637,952, an improvement from a net outflow of ¥33,363,409,598 in Q1 2022[26] - The net cash flow from operating activities was CNY 2.51 billion, a significant recovery from a net outflow of CNY 4.78 billion in the same period last year[33] - Cash inflow from financing activities reached CNY 16.70 billion, up from CNY 11.57 billion in Q1 2022, reflecting a 44.5% increase[34] - The net cash flow from financing activities was CNY 6.70 billion, compared to CNY 4.25 billion in the previous year, indicating a strong performance[34] Shareholder Information - The total number of ordinary shareholders reached 162,951, with A-shares accounting for 72.67% of the total share capital[10] - The total number of shareholders at the end of the reporting period was 162,951, with the largest shareholder, China Communications Construction Group, holding 57.99% of the shares[12] - The company maintained a stable shareholding structure, with no significant changes in the top ten shareholders compared to December 31, 2022[12] Business Development - The company is committed to high-quality development and market expansion strategies, focusing on internal management improvements[7] - The company signed new contracts worth CNY 457.81 billion in 2023, representing a year-on-year increase of 6.30%[15] - The new contracts from overseas regions amounted to CNY 83.42 billion (approximately USD 12.40 billion), a year-on-year increase of 35.32%, accounting for 18% of the total new contracts[15] - The infrastructure construction business generated CNY 401.22 billion in new contracts, while the design business contributed CNY 17.40 billion[15] - The company’s overseas engineering contracts reached CNY 75.65 billion, reflecting a year-on-year growth of 24.55%[17] - The company’s total revenue from the infrastructure construction business was CNY 401.22 billion, up 5.79% from the previous year[17] - The company’s strategic focus remains on enhancing its core business and expanding its international presence, particularly in the Belt and Road Initiative[15] Expenses - The company experienced a 54.69% increase in selling expenses due to overseas business expansion and market development costs[8] - Research and development expenses rose to RMB 5.04 billion in Q1 2023, up from RMB 4.51 billion in Q1 2022, reflecting a growth of approximately 11.76%[23] - The company reported a decrease in financial expenses to RMB 1.07 billion in Q1 2023 from RMB 1.96 billion in Q1 2022, a reduction of approximately 45.49%[23] - The company's financial expenses for Q1 2023 were RMB 131.83 million, compared to RMB 115.51 million in Q1 2022, indicating an increase of about 14.1%[31] Cash Management - The company’s cash and cash equivalents increased to RMB 140.10 billion as of March 31, 2023, up from RMB 112.82 billion at the end of 2022, reflecting a growth of about 24.19%[20] - The total cash and cash equivalents at the end of Q1 2023 were CNY 29.62 billion, up from CNY 21.34 billion at the end of Q1 2022, representing a 38.8% increase[34] - The company received CNY 4 billion related to investment activities, significantly higher than CNY 845 million in Q1 2022, indicating improved investment returns[33] - The cash outflow for purchasing goods and services decreased to CNY 7.51 billion from CNY 10.36 billion in Q1 2022, showing better cost management[33]

Financial Performance - The company's revenue for 2022 was CNY 717.473 billion, an increase of CNY 34.688 billion or 5.1% compared to 2021[2]. - The net profit attributable to shareholders for 2022 was CNY 20.065 billion, up CNY 1.716 billion or 9.4% from 2021[2]. - The gross profit for 2022 was CNY 83.064 billion, a decrease of CNY 1.460 billion or 1.7% from 2021[2]. - The company's operating cash ratio improved to 0.1% in 2022 from -1.8% in 2021[2]. - The debt-to-asset ratio for 2022 was 71.8%, slightly down from 71.9% in 2021[2]. - The company achieved a total of 40 National Science and Technology Progress Awards and 5 National Invention Awards[13]. - The company’s overseas new contract amount was CNY 216.782 billion (approximately USD 33.592 billion), accounting for 14% of total new contracts[16]. - The company’s investment in domestic infrastructure projects was CNY 231.427 billion, which accounted for 83% of the annual plan[17]. - The company’s cash flow improved significantly, with a net cash inflow of CNY 6.623 billion in 2022, compared to a cash outflow in 2021[70]. - The company reported a total comprehensive income of RMB 24,275 million for 2022, compared to RMB 22,346 million in 2021, indicating an increase of about 8.6%[125]. Contract and Project Management - The new contract amount signed in 2022 was CNY 1,542.256 billion, representing a growth of 21.6% year-on-year[2]. - As of December 31, 2022, the amount of uncompleted contracts was CNY 3,388.325 billion, indicating a strong order reserve[3]. - The company signed new contracts worth CNY 1,367.07 billion in infrastructure construction, representing a year-on-year growth of 21.48%[23]. - The new contracts in urban construction, roads and bridges, overseas projects, port construction, and railway construction were CNY 678.98 billion, CNY 357.88 billion, CNY 208.64 billion, CNY 76.70 billion, and CNY 44.87 billion, respectively[24]. - The company held an execution backlog of CNY 3,028.91 billion as of December 31, 2022[23]. - The company is focusing on expanding its presence in emerging markets, with successful contracts signed in Malaysia, Nigeria, and Indonesia[22]. Strategic Goals and Future Plans - The company aims for a new contract amount growth of no less than 9.8% and revenue growth of no less than 7% in 2023[5]. - The company plans to enhance its investment structure and focus on value investment principles in 2023[5]. - The company aims to enhance its internationalization capabilities and optimize internal collaboration models to support overseas development[6]. - The company plans to accelerate the construction of a globally competitive, technology-driven, and quality-oriented enterprise[6]. - The company is committed to advancing digital and intelligent management to support its development goals, including achieving carbon neutrality by 2030[20]. - The company is focusing on technological innovation and digital integration to enhance its core competitiveness and achieve sustainable development[64]. Research and Development - In 2022, the company's R&D expenditure was CNY 23.631 billion, accounting for 3.3% of operating revenue, remaining stable compared to the previous year[65]. - The company aims to strengthen its core technology research and development to address "bottleneck" technology issues[14]. - The company has established 15 postdoctoral research stations and 4 academician workstations to enhance its innovation capabilities[13]. Awards and Recognition - The company received numerous awards in 2022, including 1 second-class National Science and Technology Progress Award and 1 second-class National Technology Invention Award[65]. - The company has received 126 Luban Awards and 362 National Quality Engineering Awards, including 43 gold awards[13]. Market Presence and Internationalization - The company has established a significant presence in 139 countries and regions worldwide, showcasing its extensive operational footprint[9]. - The company has successfully entered international railway construction markets in Africa, Asia, South America, and Oceania, enhancing its market influence[11]. - The internationalization strategy led to over 3 billion USD in new contracts in the Middle East over the past three years[32]. - The company is actively pursuing traditional business projects, including significant port and infrastructure developments in the Guangdong-Hong Kong-Macao Greater Bay Area[37]. Risk Management and Compliance - The company emphasizes risk prevention and control, enhancing compliance management systems to mitigate financial risks[6]. - The group is focusing on enhancing its international resource coordination capabilities to mitigate internationalization risks[110]. - The group aims to strengthen its investment risk management by adhering to "value investment" principles and controlling non-core investments[112]. Financial Structure and Investments - The asset-liability ratio decreased to 71.8% in 2022 from 71.9% in 2021, indicating improved financial structure management[70]. - The company is enhancing its asset structure by investing in new dredging vessels and optimizing equipment utilization[36]. - The company is committed to green development and is pursuing new market opportunities in coastal port upgrades and ecological governance[36]. Related Party Transactions - The company provided project contracting services to CCCG Group with a maximum annual limit of RMB 33,155 million, but the actual amount was only RMB 13,395 million[191]. - The company has established effective monitoring mechanisms to ensure that related party transactions do not exceed the annual limits set[193]. Corporate Governance - The audit and internal control committee has reviewed the company's annual performance, ensuring compliance with regulations[195]. - The board of directors approved the financial statements on March 30, 2023[184].