FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 | 1). | 回購但尚未注銷的股份 | | 5,000,000 | 0.04 % | RMB | 8.8767 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月18日 | | | | | | 2). | 回購但尚未注銷的股份 | | 3,000,000 | 0.03 % | RMB | 8.7597 | | | 變動日期 | 2025年9月22日 | | | | | 第 2 頁 共 7 頁 v 1.3.0 FF305 FF305 公司名稱： 中國交通建設股份有限公司 呈交日期： 2025年9月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | ...

格隆汇9月22日丨中国交通建设(01800.HK)公告，9月22日耗资2628万元回购A股股份300万股。 ...

Group 1 - The company China Communications Construction (01800) announced a share buyback plan [1] - The company plans to spend 26.279 million yuan to repurchase 3 million A-shares [1] - The buyback is scheduled to take place on September 22, 2025 [1]

Group 1 - The company, China Communications Construction Company (01800), announced a share buyback plan [1] - The company will spend 26.279 million yuan to repurchase 3 million A-shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 1). | 回購但尚未注銷的股份 | | 5,000,000 | 0.04 % | RMB | 8.8767 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年9月18日 | | | | | | 2). | 回購但尚未注銷的股份 | | 3,000,000 | 0.03 % | RMB | 8.7597 | | | 變動日期 | 2025年9月22日 | | | | | 第 2 頁 共 7 頁 v 1.3.0 表格類別： 股票 狀態： 新提交 呈交日期： 2025年9月22日 FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | ...

Core Viewpoint - China Communications Construction Company (CCCC) has experienced a decline in stock price and financial performance, indicating potential challenges in the infrastructure sector [1][2]. Financial Performance - As of June 30, 2025, CCCC reported a revenue of 337.06 billion yuan, a year-on-year decrease of 5.71% [2]. - The net profit attributable to shareholders was 9.568 billion yuan, reflecting a year-on-year decline of 16.06% [2]. - Year-to-date, CCCC's stock price has dropped by 14.27%, with a 2.68% decrease over the last five trading days and a 9.66% decrease over the last 20 days [1]. Stock Market Activity - On September 22, CCCC's stock fell by 2.03%, trading at 8.70 yuan per share with a total transaction volume of 278 million yuan [1]. - The company experienced a net outflow of 72.0018 million yuan in principal funds, with significant selling pressure observed [1]. - The total market capitalization of CCCC is approximately 141.624 billion yuan [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.65% to 148,600, while the average number of circulating shares per person increased by 5.19% to 85,600 shares [2][3]. - CCCC has distributed a total of 48.735 billion yuan in dividends since its A-share listing, with 13.182 billion yuan distributed in the last three years [3]. Business Overview - CCCC's main business segments include infrastructure construction (88.48%), dredging (6.92%), infrastructure design (4.08%), and other activities (3.63%) [1]. - The company is categorized under the construction and decoration industry, specifically in municipal engineering [1].

Core Insights - The article highlights the successful implementation of an integrated platform for algae-water treatment in Dianchi Lake, showcasing China's technological advancements in environmental management [1][3]. Group 1: Platform Overview - The integrated platform, designed by China Communications Construction Group (CCCC), is capable of processing algae-laden water and returning clean water to the lake, addressing the long-standing issue of blue-green algae in Dianchi Lake [1][3]. - Seven platforms have been established in key areas such as Fubao Bay and New River Bay, forming the largest water-based algae-water treatment cluster in China, with a total daily processing capacity of 450,000 cubic meters [3]. Group 2: Environmental Impact - Since its operation began a year ago, the platform has contributed 130 million cubic meters of compliant clean water back to Dianchi Lake [5]. - Recent monitoring indicates that the comprehensive nutrient status index of the lake has decreased to 55.8, shifting from "moderately eutrophic" to "slightly eutrophic," while water transparency has improved by 152.8%, from 0.36 meters to 0.91 meters [5]. Group 3: Resource Utilization - The platform not only separates algae from the water but also processes the resulting algae sludge into eco-friendly organic fertilizer, which is then used for local agricultural purposes, effectively turning waste into a resource [3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 11.78 CNY per share based on an 8x PE for 2025 [1][5][20]. Core Insights - China Communications Construction Company (CCCC) holds a leading position in transportation infrastructure, benefiting from the domestic large-scale infrastructure projects and international expansion [1][3][20]. - The company is the largest international engineering contractor in China, with a strong historical foundation and competitive advantages in overseas markets [1][3][20]. - CCCC has announced a dividend plan, ensuring stable returns for investors [1][3][20]. Industry Overview - The overall demand in the construction industry is under pressure, but new policies and the "anti-involution" movement may improve the industry environment [2][39]. - In 2024, the total output value of China's construction industry is expected to grow by 3.9%, although the growth rate is a decline from 2023 [2][40]. - Specific sectors, such as canal engineering, show high demand with significant investment plans in place [2][47]. - The western region of China is experiencing high infrastructure demand, with major projects like the Yarlung Tsangpo River hydropower project and the New Tibet Railway expected to drive investment [2][47]. - The overseas engineering sector continues to thrive, with a 11.7% year-on-year increase in new contracts signed for foreign engineering projects [2][47]. Company Analysis - CCCC's strong position in the transportation sector allows it to fully participate in the high-demand canal construction projects [3][12]. - The company has a robust international presence, with overseas revenue growth outpacing domestic growth [3][12]. - Revenue and new contracts are showing steady growth, with improved operating cash flow and guaranteed dividends [3][12]. - The company has a diversified revenue stream, with construction being the primary source of income, accounting for 88% of total revenue in 2024 [26][32]. Financial Projections - Revenue is projected to grow from 758.68 billion CNY in 2023 to 791.82 billion CNY in 2025, with a growth rate of 5.3% in 2023 and 2.6% in 2025 [4][20]. - Net profit is expected to fluctuate, with a slight decrease in 2024 followed by a recovery in subsequent years [4][20]. - The company plans to maintain a cash dividend payout ratio of no less than 20% from 2025 to 2027, with potential increases [3][4].

Group 1 - The company announced a share repurchase plan, with a total amount not less than RMB 5 billion and not exceeding RMB 10 billion, at a maximum price of RMB 13.58 per share [1] - The repurchase will be conducted through centralized bidding and the shares repurchased will be canceled, reducing the company's registered capital [1] - The repurchase period is set for 12 months from the date of the shareholders' meeting that approved the plan [1] Group 2 - As of September 18, 2025, the company has repurchased 5,000,000 shares, accounting for 0.0307% of the total share capital [2] - The highest transaction price was RMB 8.98 per share, and the lowest was RMB 8.81 per share, with a total payment of RMB 44,383,554.91 (excluding transaction fees) [2] - The repurchase is in compliance with relevant laws and regulations as well as the company's repurchase plan [2] Group 3 - The company will make repurchase decisions based on market conditions and will fulfill information disclosure obligations in a timely manner [3]

（文章来源：证券日报） 证券日报网讯 9月18日晚间，中国交建发布公告称，2025年9月18日，公司通过集中竞价交易方式首次 回购股份5，000，000股，已回购股份占公司总股本的比例为0.0307%。 ...