Company Growth and Achievements - The company achieved significant growth in the infrastructure sector, becoming the world's largest design and construction company for ports, highways, and bridges, with operations in 139 countries and regions[5]. - The company has been recognized as the top international contractor among Chinese enterprises for 18 consecutive years, ranking 63rd in the Global 500 list[10]. - The company has accumulated a total of 43 National Science and Technology Progress Awards and 5 National Technological Invention Awards, showcasing its commitment to innovation and excellence in engineering[8]. - The company has been awarded 37,175 patents, reflecting its strong emphasis on technological innovation and intellectual property[8]. - The company has established 177 innovation platforms, including 16 national-level platforms, to enhance its research and development capabilities and support industrial transformation[7]. Financial Performance - The company achieved a revenue of RMB 768,243 million for the year ending December 31, 2024, representing a 1.7% increase from RMB 755,687 million in 2023[12]. - Gross profit decreased by 2.1% to RMB 92,603 million in 2024, down from RMB 94,549 million in 2023[12]. - The net profit attributable to shareholders was RMB 23,854 million, a decline of 3.6% compared to RMB 24,739 million in the previous year[12]. - New contract value reached RMB 1,881,185 million, reflecting a 7.3% year-on-year growth from RMB 1,753,215 million in 2023[12]. - The total assets increased by 10.3% to RMB 1,858,272 million, compared to RMB 1,684,412 million in 2023[12]. - The total liabilities rose by 13.5% to RMB 1,390,457 million, up from RMB 1,225,212 million in the previous year[12]. Strategic Focus and Development - The company aims to create a globally competitive, technology-driven, and quality-oriented enterprise, committed to high-quality development in the new era[10]. - The company plans to focus on high-quality development and innovation, aiming to enhance its role in national strategic projects[18][21]. - The company is actively promoting investments in clean energy and water resources, with projects in Chile and Botswana leading the way[32]. - The company is focusing on digitalization and intelligent development in the infrastructure industry, aiming to accelerate industrial transformation and upgrade[6]. - The company aims to align its development direction with national policies and contribute to national construction and rejuvenation efforts[24]. International Expansion and Contracts - The company signed new overseas contracts worth CNY 359.73 billion during the reporting period, representing a year-on-year growth of 12.5%[35]. - In the "Belt and Road" initiative countries, the company achieved new contract amounts of USD 38.46 billion, accounting for 75% of the new contracts in overseas regions[36]. - The company has cumulatively signed contracts worth USD 273.22 billion since the "Belt and Road" initiative was proposed[36]. - The company is focusing on internationalization 3.0, aiming to enhance its overseas operational capabilities and expand into key markets such as Southeast Asia and the Middle East[63]. - The company’s overseas contract amounts by region include: Africa (39%), Asia (excluding Hong Kong, Macau, and Taiwan) (27%), and Oceania (13%)[35]. Innovation and Technology - The company is committed to enhancing its independent innovation capabilities and has implemented a strategy to drive development through technological innovation[42]. - The company launched the world's first fully autonomous ecological dredging platform, "Taihu Star," expanding its competitive advantage in river and lake dredging[41]. - The company is actively developing new technologies in offshore wind power and Beidou technology applications, with a comprehensive support policy for strategic emerging industries[39]. - The company has integrated 18 systems for seamless data management, enhancing project supervision and resource scheduling[34]. - The company is focusing on high-quality housing construction in cities with populations over 3 million, enhancing customer outreach and project participation[60]. Risk Management and Operational Efficiency - The company has established a strong safety management system to mitigate risks and ensure stable development[24]. - The company emphasizes risk management by prioritizing debt resolution strategies based on regional economic conditions[119]. - The company is actively addressing overseas risks, including political, safety, integrity, and operational risks[34]. - The company aims to enhance cash flow by optimizing asset and debt structures, focusing on non-operating and low-efficiency assets[51]. - The company is focusing on increasing its operational efficiency and reducing net losses in franchise projects through strategic management and operational improvements[124]. Market Trends and Future Outlook - The company anticipates significant investment opportunities in modern infrastructure construction, particularly in low-carbon and intelligent construction[56]. - The company expects the national water conservancy construction investment to reach CNY 1.5 trillion by 2025, indicating a robust outlook for the water market[56]. - The company is prioritizing ecological and environmental protection, exploring integrated planning for wastewater treatment and resource utilization[61]. - The company is committed to high-quality, sustainable overseas business development, focusing on infrastructure projects that benefit local communities[70]. - The company aims to enhance its core competitiveness by integrating resources in deep-sea engineering, equipment, and technology[61].

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 报告要点 [Table_Summary] [Table_Summary] 中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作：会议指出，统筹 国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化的不确定性。 会议强调，要加紧实施更加积极有为的宏观政策，同时指出，要持续用力防范化解重点领域 风险，结合来看，政治会议为地产链释放积极的稳定信号。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 [Table_Title] 政治局会议召开，关注稳增长+"一带一路" 会议指出，统筹国内经济工作和国际经贸斗争，以高质量发展的确定性应对外部环境急剧变化 的不确定性。中共中央政治局 4 月 25 日召开会议，分析研究当前经济形势和经济工作。注意 到本次政治局会议将中美贸易摩擦称作"国际贸易斗争"，今年 4 月以来，美国对华关税持续 提升，不久前，美国白宫声明表示，由于中国采取报复性措施，美对华关税加征至 245%，相 比上一次美国上调关税（20 ...

Q1 受季节性因素影响，支付供应商现金流出较多25Q1 末，公司有息负债率/资产负债率34.3%/75.3%， 同比+0.7/+1.2pct，较24 年末+0.01/+0.52pct。25Q1 公司经营活动现金净额-489 亿，同比多流出93 亿， 主要系受季节因素影响，收支节奏错配，支付供应商现金流出较多，Q1 收现比为94.9%，同 比-1.61pct，付现比为125.5%，同比 +3.77pct。 25Q1 末公司应收票据及应收账款/合同资产/应付票据及应付账款/合同负债分别为1410/2091/4156/921 亿，较24 年末+12/+29/-102/+68 亿。 Q1 新签合同额实现开门红同比+9.0%，奠定全年增长基础25Q1 新签合同额5530 亿，同比+9.0%。其中 基建建设/基建设计/疏浚业务/其他新签4935/155/410/30 亿，同比+6%/+53%/+40%/-15%。基建建设合同 中城市建设领域新签2706 亿，同比+5%，境外工程新签1057 亿，同比+21%，港口建设新签321 亿，同 比+12%，道路桥梁、铁路新签有所下滑。 盈利预测与估值 公司发布一季报：25Q1 实 ...

公司报告 | 季报点评 中国交建（601800） 证券研究报告 公司发布三年现金分红规划，Q1 订单增速印证基建景气向上 收入利润小幅承压 25Q1 中国交建实现收入 1546 亿，同比-12.6%，归母净利润 54.7 亿，同比 -11%，扣非净利润为 54.4 亿，同比-10.9%，业绩增速略高于收入增速主要 系信用减值冲回增加以及资产处置带来减值回转。公司主要经营指标保持 基本稳定，海外业务发展韧性较强，境内大城市业务发展稳健，传统大交 通支柱业务承压，依然保持建筑行业领先地位。 新签订单平稳增长，境外业务增速仍较为亮眼 25Q1 公司新签订单 5530 亿，同比增长 9.02%，完成年度目标的 27%，基 建建设业务、基建设计业务、疏浚业务和其他业务分别新签 4935、155、 410 和 30 亿元，分别同比+6.3%、+53.2%、+40.4%、-14.8%。境外业务新 签 1069 亿，同比+17.1%，占新签合同的 19%，新兴业务领域新签订单 1268 亿，同比-17.8%，其中能源、水利项目新签订单分别同比增长 185.4%、29.5%， 海外订单增速表现亮眼，公司加速战略性新兴产业规模化 ...

25Q1 综合毛利率 11.6%，同比-0.35pct，期间费用率同比-0.05pct 至 6.3%， 其中销售 /管 理 /研 发 /财 务 费 用 率 0.45%/2.45%/2.75%/0.69% ， 同 比 +0.04/-0.04/+0.10/-0.15pct。25Q1 减值冲回 5.21 亿，同比多冲回 4.0 亿， 主要系个别项目实现回款实现转回。综合影响下，25Q1 归母净利润率同比 +0.07pct 至 3.54%。 证券研究报告 中国交建 (1800 HK/601800 CH) 港股通 Q1 新签订单开门红，奠定增长基础 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地/中国香港 | 建筑施工 | 公司发布一季报：25Q1 实现营收 1546 亿，同比-12.6%，归母净利 54.7 亿，同比-11.0%。我们认为 Q1 收入利润受季节性和高基数因素影响，短期 承压，但新签订单同比+9.0%，已显示出良好态势，随着稳增长、化债等政 策逐步见效，Q2 有望迎来改善。公司 25 年新签合同额/收入目标 ...

据悉，公司3月份发布《市值管理办法》，构建了责任清晰、衔接顺畅、高效协同的市值管理体系。明 确了"1+7+N"市值管理工作体系，综合运用7大市值管理工具，提升公司投资价值。 公司始终将做强主业、做优质量作为市值管理的根本遵循，锻造价值创造硬实力。坚持主业强化。巩固 大交通、大城市业务优势，港航疏浚国内市场份额第一，海外业务稳居亚洲国际承包商首位。坚持质效 双升。净利润增长率、净资产收益率指标连续两年达到股权激励解锁目标。坚持创新驱动。发力新兴产 业，新签合同额贡献达到37%，加速培育第二增长曲线。 根据市值管理相关文件精神，中国交建（601800）（601800.SH，01800.HK）高度重视，稳步推进市值 管理工作的落地实施。 同时，公司制定《估值提升计划及市值管理方案》，从价值创造、价值传递和价值实现3个主要环节16 项主要工作举措，细化市值管理落地路径。价值创造聚焦业务转型与资产盈利能力提升，实现内生增 长。价值传递通过信息披露、投资者关系管理等方式，确保股价反映内在价值。价值实现运用资本运作 工具，推动产融结合与股东价值最大化。 此外，在"聚焦主业、优化结构"的资本战略下，公司通过重组分拆实现资源高 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 154.64 billion, a decrease of 12.58% compared to RMB 176.90 billion in the same period last year[6]. - Net profit attributable to shareholders was RMB 5.47 billion, down 10.98% from RMB 6.14 billion year-on-year[6]. - Basic earnings per share were RMB 0.32, down 11.11% from RMB 0.36 in the same period last year[6]. - The company reported a total revenue of RMB 5,530.34 million for the first quarter of 2025, a year-on-year increase of 9.02%[22]. - Net profit for Q1 2025 was ¥6.72 billion, a decline of 10.7% from ¥7.53 billion in Q1 2024[35]. - The total comprehensive income attributable to the parent company for Q1 2025 was ¥5.62 billion, down from ¥7.60 billion in Q1 2024[36]. Cash Flow and Liquidity - The net cash flow from operating activities was negative RMB 48.91 billion, compared to negative RMB 39.63 billion in the previous year, indicating a significant decline[6]. - Cash flow from operating activities for Q1 2025 showed a net outflow of ¥48.91 billion, worsening from a net outflow of ¥39.63 billion in Q1 2024[39]. - The company's cash and cash equivalents increased to RMB 156,153 million from RMB 142,480 million, representing a growth of 9.76%[28]. - The ending cash and cash equivalents balance for Q1 2025 was 21,904,131,100, down from 25,163,256,929 in Q1 2024[53]. - Cash inflow from operating activities totaled 20,692,479,277 in Q1 2025, up from 10,455,869,822 in Q1 2024, indicating a 97.5% increase[52]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,927.56 billion, an increase of 3.73% from RMB 1,858.27 billion at the end of the previous year[6]. - The total liabilities as of March 31, 2025, reached RMB 1,452,410 million, up from RMB 1,390,457 million at the end of 2024[30]. - The total current assets as of March 31, 2025, amounted to RMB 820,629 million, up from RMB 788,925 million as of December 31, 2024[28]. - The total equity attributable to shareholders increased to RMB 319,549 million from RMB 313,425 million, marking a growth of 1.0%[31]. Contracts and Business Development - The company signed new contracts worth RMB 553.03 billion, representing a year-on-year growth of 9.02%[10]. - The new contract amount signed by the group during the reporting period was RMB 553.034 billion, representing a year-on-year increase of 9.02% and achieving 27% of the annual target[16]. - The new contracts from domestic regions amounted to RMB 446.157 billion, with a year-on-year growth of 7.23%[16]. - The new contract amount from overseas markets was RMB 106.877 billion (approximately USD 15.023 billion), showing a year-on-year increase of 17.14% and accounting for 19% of the total new contracts[17]. Strategic Focus and Development Goals - The company plans to focus on high-quality development and strategic market breakthroughs, enhancing marketing teams and resource integration[11]. - The company aims to accelerate the industrial upgrade towards high-end, intelligent, and green transformation[11]. - The company emphasizes risk prevention and execution assurance to overcome industry bottlenecks and ensure the implementation of national strategies[11]. Operational Efficiency - The net profit margin improved slightly to 3.54%, an increase of 0.07 percentage points compared to the previous year[10]. - The operating income from subsidiaries increased by 303.73%, primarily due to an increase in insurance claims received[12]. - Infrastructure construction business achieved a revenue of RMB 4,935 million in Q1 2025, a year-on-year increase of 6.26%[22]. - The overseas engineering segment reported a revenue of RMB 1,057.44 million, reflecting a significant year-on-year growth of 21.15%[22]. Research and Development - The company reported a decrease in research and development expenses to ¥4.25 billion in Q1 2025 from ¥4.69 billion in Q1 2024[34]. - Research and development expenses in Q1 2025 were CNY 27.12 million, up from CNY 12.33 million in Q1 2024, indicating a focus on innovation[48].

证券代码：601800 证券简称：中国交建 公告编号：临 2025-019 中国交通建设股份有限公司 第五届董事会第四十八次会议决议公告 中国交通建设股份有限公司（简称公司或本公司）董事会及全体董事保证 本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真 实性、准确性和完整性承担法律责任。 2025 年 4 月 17 日，公司以书面形式发出本次董事会会议通知。2025 年 4 月 27 日，本次董事会以现场方式召开。董事会会议应当出席的董事人数 7 名， 实际出席会议的董事人数 6 名，董事刘翔因公务原因授权委托董事王海怀代为 出席表决。会议由董事长王彤宙主持，会议召开程序及出席董事人数符合有关 规定，表决结果合法有效。会议形成如下决议： 一、审议通过《关于公司 2025 年第一季度报告的议案》 （一）同意公司 2025 年第一季度报告。 （二）本议案在提交董事会审议前已经审计与内控委员会会议审议通过。 表决结果：同意【7】票，反对【0】票，弃权【0】票。 二、审议通过《关于取消公司监事会的议案》 （三）本议案尚需提交公司 2024 年度股东会审议批准。 1 表决结果：同意【7】票，反对【0 ...

中国交通建设股份有限公司 现金分红规划（2025-2027 年度） 为提升公司投资价值，增强股东回报，积极响应国务院国资委《关于改进 和加强中央企业控股上市公司市值管理工作的若干意见》和中国证监会《上市 公司监管指引第 10 号——市值管理》有关倡议，根据《公司法》《证券法》 《上市公司监管指引第 3 号——上市公司现金分红》等相关法律、法规、规范 性文件以及《公司章程》等规定，结合公司实际情况，特制定《中国交通建设 股份有限公司现金分红规划（2025-2027 年度）》（以下简称"规划"），具体 内容如下： 一、规划基本原则 （一）收益性原则 坚持收益性原则，充分响应证券监管倡议和投资者诉求，适当提高分红比 例，增加股东长期投资收益，促进公司整体市值提升。 （二）合理性原则 注重合理性原则，综合考虑行业特点、公司所处发展阶段、盈利水平、现 金流等因素，确保整体分红水平合理。 （三）预见性原则 加强预见性原则，着眼公司的长远发展，明确现金分红目标，稳定投资者 分红预期，建立对投资者持续、稳定、科学的回报机制，保证分红政策的连续 性、稳定性。 二、公司 2024 年度分红情况 根据公司《2024 年年度末期利润 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 154.64 billion, a decrease of 12.58% compared to CNY 176.90 billion in the same period last year[3]. - Net profit attributable to shareholders was CNY 5.47 billion, down 10.98% from CNY 6.14 billion year-on-year, with a net profit margin of 3.54%, an increase of 0.07 percentage points[3][4]. - Net profit for Q1 2025 was CNY 6.72 billion, a decline of 10.73% from CNY 7.53 billion in Q1 2024[23]. - The company reported a total profit of CNY 8.24 billion for Q1 2025, a decrease of 11.43% from CNY 9.30 billion in Q1 2024[23]. - The company reported a total of 31.51 million in Q1 2025, recovering from a total loss of CNY 91.70 million in Q1 2024[29]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,927.56 billion, an increase of 3.73% from CNY 1,858.27 billion at the end of the previous year[3]. - The company's total liabilities increased to CNY 1.45 trillion as of March 31, 2025, compared to CNY 1.39 trillion at the end of 2024, reflecting a growth of 4.04%[21]. - Current liabilities totaled CNY 889.66 billion as of March 31, 2025, slightly up from CNY 868.81 billion at the end of 2024[21]. - Long-term borrowings rose to CNY 426.10 billion as of March 31, 2025, an increase of 8.16% from CNY 392.95 billion at the end of 2024[21]. - The company's equity attributable to shareholders increased to CNY 319.55 billion as of March 31, 2025, compared to CNY 313.43 billion at the end of 2024[21]. Cash Flow - The net cash flow from operating activities was negative at CNY -48.91 billion, compared to CNY -39.63 billion in the previous year, indicating a decline in cash generation[3]. - The company's cash inflow from operating activities totaled 152.42 billion RMB in Q1 2025, down from 177.02 billion RMB in Q1 2024, representing a decline of approximately 13.9%[25]. - Total cash inflow from financing activities increased to 161.35 billion RMB in Q1 2025, up from 148.92 billion RMB in Q1 2024, representing an increase of about 8.6%[25]. - The cash outflow from investing activities was -24.79 billion RMB in Q1 2025, slightly down from -25.71 billion RMB in Q1 2024, showing a decrease of about 3.6%[25]. Contracts and New Business - The company signed new contracts worth CNY 553.03 billion, representing a year-on-year growth of 9.02%[4]. - The new contract amount for the reporting period was CNY 553.034 billion, representing a year-on-year increase of 9.02%, achieving 27% of the annual target of CNY 1,881.185 billion[12]. - The new contract amount from overseas markets was CNY 106.877 billion (approximately USD 15.023 billion), a year-on-year increase of 17.14%, accounting for 19% of the total new contracts[13]. - The total new contracts in infrastructure construction business reached CNY 493.500 billion, with a year-on-year growth of 6.26%[17]. - The total new contracts in dredging business amounted to CNY 41.018 billion, reflecting a year-on-year increase of 40.38%[17]. Shareholder Information - The top shareholder, China Communications Construction Group Co., Ltd., holds 57.59% of the shares, indicating strong control over the company[9]. Strategic Focus - The company plans to focus on "high-quality development breakthrough year" by enhancing market strategies, promoting new production capabilities, and managing quality improvements[5]. Other Financial Metrics - The weighted average return on equity decreased by 0.34 percentage points to 1.82%[3]. - Basic earnings per share for Q1 2025 were CNY 0.32, down from CNY 0.36 in Q1 2024[23]. - The company reported a significant increase in fair value gains of 414.77% due to changes in financial assets[8]. - The company experienced a 303.73% increase in non-operating income primarily due to increased insurance claims received by subsidiaries[8]. - The company issued two short-term financing bonds in January 2025, each with a scale of CNY 3 billion and interest rates of 1.60% and 1.61% respectively[19].