中信证券股份有限公司 关于中国交通建设股份有限公司分拆所属子公司 中交公路规划设计院有限公司 中交第一公路勘察设计研究院有限公司 中交第二公路勘察设计研究院有限公司 至上交所主板重组上市2024年持续督导核查意见 暨持续督导总结报告 中国交通建设股份有限公司（以下简称"公司"、"上市公司"、"中国交 建"）将所持中交公路规划设计院有限公司（以下简称"公规院"）100%股权、 中交第一公路勘察设计研究院有限公司（以下简称"一公院"）100%股权、中交 第二公路勘察设计研究院有限公司（以下简称"二公院"，与公规院、一公院合 称"三家公路院"）100%股权，中国城乡控股集团有限公司（以下简称"中国城 乡"）将所持中国市政工程西南设计研究总院有限公司（以下简称"西南院"） 100%股权、中国市政工程东北设计研究总院有限公司（以下简称"东北院"） 100%股权、中交城市能源研究设计院有限公司（以下简称"能源院"，与西南院、 东北院合称"三家市政院"）100%股权一并与甘肃祁连山水泥集团股份有限公司 （以下简称"祁连山"，现更名为中交设计咨询集团股份有限公司，以下简称"中 交设计"）持有的甘肃祁连山水泥集团有限公司 10 ...

| 序号 | 项目名称 | 金额 | | --- | --- | --- | | 1 | 湖北省新建宜昌至涪陵高速铁路（湖北段）站前工程项目 | 30.88 | | 2 | 河北省黄骅港散货港区原油码头一期工程项目 | 23.79 | | 3 | 浙江省宁波市 S202 象山石浦港海底隧道及接线工程项目 | 22.68 | | 4 | 安徽省明光市国防教育基地养老中心综合体项目 | 22.00 | | 5 | 辽宁省大连市金州湾国际机场中线主通道跨海段工程项目 | 18.77 | | 6 | 广东省阳江水资源配置工程（一期）项目 | 16.44 | | 7 | 江苏省南通港通海港区通海作业区中部码头区东段泊位工程项目 | 15.00 | | 8 | 天津市津沧高速公路（静王路收费站至九宣闸）改扩建工程项目1 标段 | 14.99 | | 9 | 上海市油墩港航道整治工程（油墩港航运枢纽）项目 1 标段 | 12.80 | | 10 | 安徽省北湾科技双创园二期（科技母舰）项目 | 11.86 | | 11 | 福建省哈纳斯莆田液化天然气接收站项目配套码头工程项目 | 11.35 | | 12 | 浙江省杭州市 ...

Core Viewpoint - The construction team of China Communications Construction Company (CCCC) is actively participating in agricultural support by helping local farmers harvest garlic sprouts during the peak season, showcasing the company's commitment to rural revitalization and social responsibility [1][4]. Group 1: Project and Community Engagement - The CCCC team is working diligently on the Han Yuan Jiu An Highway project while simultaneously assisting local farmers in harvesting garlic sprouts, creating a unique scene of construction and agricultural support [2][3]. - The initiative involves organizing a "Farmers' Harvest Support Team" composed of party members and volunteers to help local villagers, demonstrating a proactive approach to community engagement [2][4]. Group 2: Skills and Techniques - Volunteers are learning the proper techniques for harvesting garlic sprouts from experienced local farmers, which enhances the efficiency and quality of the harvest [3]. - The teamwork between volunteers and local farmers is highlighted, as they work together to ensure a successful harvest, showcasing a spirit of collaboration [3]. Group 3: Social Responsibility - The project team emphasizes their commitment to social responsibility, stating that they will continue to support local communities while advancing the "Transportation Power" project [4]. - The gratitude expressed by local farmers, such as Mr. Zhang, reflects the positive impact of CCCC's efforts on the community, reinforcing the company's role in enhancing local livelihoods [4].

Group 1 - The meeting between the leaders of Guangxi and China Communications Construction Group (CCCC) emphasizes the importance of Guangxi as a strategic gateway for cooperation with ASEAN and the Belt and Road Initiative [1] - Guangxi is experiencing significant development opportunities supported by the central government, focusing on innovation, openness, and high-level infrastructure projects [1] - CCCC expresses commitment to leveraging its strengths in transportation and infrastructure to support Guangxi's economic development, particularly in areas like the Pinglu Canal Economic Belt and port construction [2] Group 2 - CCCC acknowledges Guangxi's unique geographical advantages and development potential, aiming to enhance collaboration in various sectors including transportation infrastructure and water resource management [2] - The meeting highlights the mutual benefits of deepening cooperation between CCCC and Guangxi, with a focus on high-quality project execution and strategic partnerships [1][2]

Core Viewpoint - The company reported a revenue of 771.9 billion yuan for 2024, a year-on-year increase of 1.74%, while the net profit attributable to shareholders decreased by 1.81% to 23.4 billion yuan [1][2]. Revenue and Profit Analysis - The company's revenue for 2024 reached 771.9 billion yuan, reflecting a 1.74% increase year-on-year; however, the net profit attributable to shareholders was 23.4 billion yuan, down 1.81% year-on-year, and the net profit excluding non-recurring items was 19.812 billion yuan, down 8.44% year-on-year [1][2]. - The gross profit margin was 12.29%, a decrease of 0.3 percentage points compared to the previous year [2]. Business Segment Performance - Revenue from infrastructure construction grew by 2.3% year-on-year, with significant growth in the Hong Kong, Macau, and overseas regions at 16.4% [2]. - Revenue by business segment included: infrastructure construction (681.4 billion yuan, +2.3%), infrastructure design (36.3 billion yuan, -23.3%), dredging (59.4 billion yuan, +11.1%), and other businesses (26.0 billion yuan, +34.7%) [2]. - Gross profit margins for these segments were 11.09%, 20.05%, 12.79%, and 11.63%, respectively, with varying changes year-on-year [2]. Regional Performance - Revenue from mainland China and Hong Kong, Macau, and overseas regions was 636.7 billion yuan and 135.3 billion yuan, respectively, with year-on-year changes of -0.9% and +16.4% [2]. - The gross profit margins for these regions were 12.76% and 10.04%, indicating a faster growth rate in the Hong Kong, Macau, and overseas regions, which now account for 18% of total revenue [2]. Order Backlog and New Contracts - The company has a robust order backlog, with new contract amounts for 2024 reaching 1.88 trillion yuan, a year-on-year increase of 7.3% [3]. - New contracts by business segment included: infrastructure construction (1,700.582 billion yuan, +9.12%), infrastructure design (52.646 billion yuan, -5.94%), dredging (116.017 billion yuan, -2.67%), and other businesses (11.940 billion yuan, -38.98%) [3]. - The growth in new contracts is primarily driven by increased demand in overseas projects, urban construction, water conservancy projects, and energy engineering [3]. - The company’s unexecuted contract amount as of the end of 2024 is 3.49 trillion yuan, which is 452% of the expected revenue for 2024 [3]. Future Outlook - The company aims for a new contract amount growth target of no less than 7.1% and a revenue growth target of no less than 5% for 2025 [4]. - The company’s expense ratio for 2024 was 6.01%, a decrease of 0.26 percentage points, benefiting from enhanced cost control [4]. - The net increase in cash and cash equivalents for 2024 was 18 billion yuan, primarily due to a net cash inflow from operating activities of 12.5 billion yuan [4].

Core Viewpoint - The financial statements of China Communications Construction Company Limited (CCCC) for the year ending December 31, 2024, have been audited and are deemed to fairly reflect the company's financial position and operational results in accordance with accounting standards [2][17]. Group 1: Audit Opinion - The audit opinion confirms that the financial statements are prepared in accordance with accounting standards and fairly represent the financial condition and results of operations for the year [2][17]. - The audit was conducted following the standards set by Chinese Certified Public Accountants, ensuring independence and adherence to ethical responsibilities [2][3]. Group 2: Key Audit Matters - Revenue recognition from construction contracts is a critical audit matter, involving significant judgments regarding estimated revenues and costs [3][4]. - The assessment of expected credit losses for contract assets, receivables, and long-term receivables is another key area, requiring management's evaluation of historical collection data and future economic conditions [3][5]. - Impairment testing of concession rights is also highlighted, where management estimates recoverable amounts based on discounted cash flows, involving significant assumptions about future traffic and operational conditions [5][6]. Group 3: Company Overview - CCCC is a state-owned enterprise established by the China Communications Construction Group, focusing on infrastructure construction, including ports, roads, railways, and dredging services [11][12]. - The company was officially registered on October 8, 2006, with a registered capital of RMB 10.8 billion, which has increased over the years due to various capital raising activities [12][13][15]. - CCCC's operational scope includes international engineering contracting, with a significant emphasis on infrastructure projects [15][17].

Core Viewpoint - China Communications Construction Company (CCCC) emphasizes its commitment to high-quality development and social responsibility, showcasing significant achievements in infrastructure projects and technological innovation while aligning with national strategies and global sustainability goals [4][5][7]. Group 1: Company Overview - CCCC is a leading global provider of integrated infrastructure services, primarily engaged in the investment, construction, and operation of transportation infrastructure, urban development, and related services [7]. - The company operates 34 major wholly-owned and holding subsidiaries, with a presence in all provinces, municipalities, and regions of China, as well as in 139 countries and regions worldwide [7]. - In 2024, CCCC ranked 63rd in the Fortune Global 500 and has received consistent high ratings in performance assessments from the State-owned Assets Supervision and Administration Commission (SASAC) [7]. Group 2: Corporate Vision and Mission - The corporate vision is to "make the world more connected, cities more livable, and lives better" [11]. - The mission is to "lay a solid foundation and pursue long-term goals" [8]. Group 3: Achievements in Infrastructure - CCCC has made substantial progress in major national strategic projects, including the successful completion of the Tianshan Victory Tunnel, which is a key component of the Urumqi to Ruoqiang Expressway [17]. - The company has actively participated in the Belt and Road Initiative, with significant advancements in projects like the Colombo Port City and the Mombasa-Nairobi Railway [4][5]. Group 4: Technological Innovation - CCCC has focused on digital transformation and innovation, launching the "Zhongjiao Blue Road" BIM platform, which is the first of its kind in the transportation industry [18]. - The company has developed advanced equipment and technologies, such as the world's largest dual-fuel dredging vessel and intelligent construction machinery, enhancing its competitive edge [28][32]. Group 5: Commitment to Sustainability - CCCC adheres to the "Two Mountains" theory, promoting smart and green construction practices, and has achieved significant improvements in environmental performance, such as the successful operation of the "Taihu Star" ecological dredging platform [6]. - The company has implemented over 140 community benefit projects, contributing to rural revitalization and emergency rescue efforts, reflecting its commitment to social responsibility [7]. Group 6: Governance and ESG Framework - CCCC has established a comprehensive ESG governance structure, with the board of directors overseeing ESG-related strategies and performance [9][10]. - The company has developed a robust ESG management system, integrating social responsibility into its core operations and linking ESG performance to executive compensation [10][13].

Group 1: Company Overview - China Communications Finance Co., Ltd. (the "Company") is a non-bank financial institution established in July 2013, with a registered capital of 7 billion RMB as of October 2021, primarily funded by China Communications Construction Group Co., Ltd. and China Communications Construction Co., Ltd. [1] - The Company is authorized to conduct various financial services, including accepting deposits, providing loans, and engaging in financial consulting and investment activities [1]. Group 2: Internal Control Structure - The Company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and management team, adhering to principles of effective checks and balances [2]. - Specialized committees under the board include the Audit Committee, Risk Management Committee, Strategic Committee, and Compensation and Assessment Committee, each responsible for specific oversight and management functions [3][4]. Group 3: Operational Management - As of the end of 2024, the Company reported total assets of 97.384 billion RMB, with operating income of 2.144 billion RMB and net profit of 634 million RMB, indicating a strong operational performance [8][9]. - The Company maintains a non-performing loan ratio of 0, reflecting effective risk management and credit practices [8]. Group 4: Regulatory Compliance - The Company has not identified any significant deficiencies in its financial reporting or risk control systems as of December 31, 2024, ensuring compliance with relevant financial regulations [9][10]. - The Company’s operations are under strict supervision by the National Financial Supervision Administration, ensuring adherence to regulatory standards [11]. Group 5: Related Party Transactions - As of December 2024, deposits from related parties amounted to approximately 16.453 billion RMB, representing 19.12% of total deposits, while loans to related parties totaled 3.779 billion RMB [9]. - The Company has effectively managed its liquidity and has not experienced any delays in payments due to cash shortages [9].

中国交通建设股份有限公司 二、审计工作监督情况 （一）监督审计计划情况。 董事会审计与内控委员会 2024 年度对会计师事务所 履行监督职责情况的报告 根据《公司法》《证券法》《上市公司治理准则》《国 有企业、上市公司选聘会计师事务所管理办法》以及中国交 通建设股份有限公司（以下简称"中国交建"或"公司"） 《公司章程》《董事会审计与内控委员会议事规则》等有关 规定，公司第五届董事会审计与内控委员会在 2024 年度对 会计师事务所履行监督职责的情况如下： 一、资质审查情况 十一会议审议通过了《关于续聘中国交建国际核数师及国内 审计师的议案》。审计与内控委员会对安永会计师事务所和 安永华明会计师事务所（特殊普通合伙） （以下简称"安永"） 及项目人员的专业资质、业务能力、投资者保护能力、诚信 状况、独立性、上年度审计工作开展情况及其执业质量等进 行了严格核查和评价。审计与内控委员会认为，安永具备从 事证券业务的资质和为上市公司提供审计服务的经验和能 力， 在公司 2023 年度报告的审计中能够遵循相关职业准则， 客观、真实、准确、全面地反映公司财务和内控状况，满足 公司 2024 年度财务报表和内部控制审计工 ...