中国能源建设股份有限公司 2025 年第三季度报告 公司 A 股代码：601868 公司 A 股简称：中国能建 公司 H 股代码：03996 公司 H 股简称：中国能源建设 中国能源建设股份有限公司 2025 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 111,453,239 | 1 ...

Core Insights - The company reported a third-quarter revenue of 111.45 billion yuan, representing a year-on-year increase of 10.48% [1] - The net profit for the third quarter was 354 million yuan, showing a significant decline of 56.92% [1] - For the first three quarters, the total revenue reached 323.54 billion yuan, with a year-on-year growth of 9.62% [1] - The net profit for the first three quarters was 3.156 billion yuan, down 12.43% compared to the previous year [1]

Core Insights - The technology addresses the long-standing challenge of detecting internal defects in tunnel structures, particularly in the Ji-Tai Expressway where the bridge-tunnel ratio is as high as 50% with six tunnels totaling 13 kilometers [2][4] - The patented technology utilizes air-coupled impact echo principles, overcoming limitations of traditional detection methods by employing air as a coupling medium for non-contact internal defect detection [2] - The system captures leakage waves that carry critical internal information, allowing for rapid and accurate assessment of tunnel structure quality by analyzing frequency characteristics [2] Summary by Sections - **Technology Innovation** - The patented technology enables non-contact internal defect detection using air as a coupling medium, which is a significant advancement over traditional methods [2] - It captures leakage waves from stress waves in tunnel linings, providing essential data for assessing structural integrity [2] - **Application and Benefits** - The device demonstrates significant advantages in the complex tunnel environment of the Ji-Tai Expressway, reducing economic costs for long-distance, multi-tunnel inspections while enhancing detection quality and efficiency [4] - This innovation supports the lifecycle management of tunnel structures, ensuring safe and high-quality operations for the Shandong regional management center and setting a benchmark for similar infrastructure across the country [4]

Core Viewpoint - The Guizhou Maige 40 MW wind power project, constructed by China Energy Construction Anhui Electric Power Construction No. 2 Company, has successfully commenced construction, marking a significant step in renewable energy development in the region [1][3]. Project Overview - The project is located in Maige Township, Qingzhen City, Guizhou Province, with a total installed capacity of 40 MW, planned to install 8 wind turbines, each with a capacity of 5 MW [3]. - The construction scope includes wind farm roads, lifting platforms, installation of wind turbines and transformers, and approximately 30 kilometers of collection lines [3]. Expected Impact - Upon completion, the project is expected to generate approximately 100 million kWh of electricity annually, saving 12,800 tons of standard coal [3]. - The project aims to alleviate local grid supply-demand conflicts, optimize the regional energy structure, and promote low-carbon energy transition, contributing positively to regional ecological environment protection and energy security [3].

Core Insights - China Energy Engineering Corporation (China Energy) is enhancing cooperation with the Hunan provincial government in various sectors including energy, water conservancy, and ecological protection [1] Group 1: Strategic Cooperation - A strategic cooperation framework agreement was signed between China Energy and the Yueyang municipal government [1] - Investment and development cooperation agreements were established for the "Electrification of Dongting Lake" project between China Energy's Hunan Institute, East China Construction Investment, and the Yueyang Transportation Bureau [1]

Core Insights - China Energy Engineering Corporation (中国能建) reported a new contract signing amount of 992.75 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.4% [1] Business Segments - Engineering construction remains the dominant segment, with 6,013 new projects signed, amounting to 916.48 billion yuan, which is a year-on-year increase of 3.7% [1] - Traditional energy projects accounted for 3,697 contracts worth 240.21 billion yuan, showing a decline of 3.4% year-on-year [1] - New energy and integrated smart energy projects totaled 1,281 contracts, amounting to 412.11 billion yuan, marking a year-on-year growth of 5.15% [1] - Surveying, design, and consulting projects saw 10,397 contracts signed, with a total value of 21.70 billion yuan, reflecting a significant year-on-year increase of 38.01% [1] Regional Performance - Domestic new contract signing amounted to 728.10 billion yuan, which is a year-on-year decrease of 3.43% [1] - In contrast, overseas contract signing experienced a year-on-year growth of 12.67%, reaching 264.68 billion yuan [1]

Core Viewpoint - China Energy Construction Co., Ltd. reported a new contract amount of 992.775 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.4% [1]. Summary by Category Contract Amounts - The engineering construction contract amount reached 916.476 billion yuan, with a year-on-year increase of 3.7% [1]. - Surveying, design, and consulting contracts amounted to 21.704 billion yuan, showing a significant growth of 38.01% [1]. - Industrial manufacturing contracts totaled 29.072 billion yuan [1]. Project Numbers - In the third quarter of 2025, the number of new engineering construction projects was 1,791, with a total contract amount of 199.435 billion yuan [5]. - The number of new energy and integrated smart energy projects was 363, with a contract amount of 81.944 billion yuan, reflecting a year-on-year growth of 5.15% [5]. - The number of new contracts in the surveying, design, and consulting sector was 2,871, with a total contract amount of 4.304 billion yuan [5]. Regional Distribution - The new contract amount in the domestic market was 7,280.98 billion yuan, a decrease of 3.43% year-on-year [8]. - The overseas new contract amount was 2,646.78 billion yuan, showing a growth of 12.67% [8]. - Overall, the total new contract amount was 9,927.75 billion yuan, with a slight increase of 0.4% [8]. Performance Highlights - The renewable energy and integrated smart energy projects saw a significant increase, with a total signing amount of 330.172 billion yuan in the first half of the year, up 12.57% year-on-year [10]. - The surveying, design, and consulting business experienced a growth of 38.01% in the first three quarters [10]. - The overseas market for renewable energy projects performed well, with some contracts achieving double-digit growth [10].

Core Insights - The successful implementation of the first compressed air energy storage project marks the beginning of further innovations rather than an endpoint [1] Group 1: Project Development and Innovation - The project aims to shift from engineering innovation to service innovation, enhancing the lifecycle service capabilities of compressed air energy storage plants to create greater economic and social value [1] - There is a focus on accelerating the establishment of a "digital twin" system to accurately simulate and monitor the operational status of equipment and storage facilities, predicting safety risks and material wear [1] - The project will utilize the first engineering test platform to monitor current operational efficiency while emphasizing long-term quality monitoring and technological iteration for future scalability [1] Group 2: Support for New Energy Systems - The initiative is positioned to actively support the construction and development of new power systems, exploring typical application scenarios and enhancing the value of energy regulation and supply functions [1] - The project aims to contribute positively towards achieving carbon neutrality goals [1]

Group 1 - The core point of the article is that China Energy Construction (03996) reported a new contract amount of 217.418 billion yuan for the third quarter of 2025, with a cumulative new contract amount of 992.775 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.4% [1] Group 2 - The new contract amount for Q3 2025 is 217.418 billion yuan [1] - The cumulative new contract amount for the first three quarters of 2025 is 992.775 billion yuan [1] - The year-on-year growth for the cumulative new contract amount is 0.4% [1]

Core Insights - China Energy Construction (03996) reported a new contract value of 217.418 billion yuan for the third quarter of 2025, with a cumulative new contract value of 992.775 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.4% [1] Group 1 - The new contract value for Q3 2025 is 217.418 billion yuan [1] - The cumulative new contract value for the first three quarters of 2025 is 992.775 billion yuan [1] - Year-on-year growth for the cumulative new contract value is 0.4% [1]