Core Insights - The world's largest hoisting vertical ship lift, developed by China Energy Construction Corporation's Gezhouba Machinery Company, has been successfully delivered, marking a new height for "Chinese intelligence" in the field of hoisting vertical ship lifts [1][5] Group 1: Project Overview - The Guangxi Baise Water Conservancy Hub Navigation Facility Project is a strategic initiative aimed at resolving the 20-year navigation interruption of the Youjiang River, contributing to the construction of the Western Land-Sea New Corridor and the Pearl River-Xijiang Economic Belt [3] - The project employs a combination mode of "upstream ship lock + long-distance intermediate channel + downstream ship lift," designed to accommodate a navigation standard of 2×500-ton fleets while also considering 1000-ton single vessels, with an annual one-way passing capacity of 6.02 million tons [3] Group 2: Technical Specifications - The Baise ship lift is currently the largest under construction globally and features the longest hoisting chamber in the world, with dimensions of 144 meters in length, 17.2 meters in width, and 11 meters in height, surpassing the Three Gorges ship lift [3] - The effective water area within the hoisting chamber measures 130 meters in length, 12 meters in width, and 3.9 meters in depth, allowing for simultaneous accommodation of two 1500-ton vessels for one-time lifting and lowering [3] Group 3: Engineering Achievements - The main hoisting machine, which serves as the "power hub" of the ship lift, consists of the lifting system, counterweight system, and hoisting chamber, and has received 8 national authorized patents and applied 24 proprietary technologies during its design and manufacturing [5] - The successful delivery of the main hoisting machine will accelerate the construction of the Guangxi Baise Water Conservancy Hub Navigation Facility Project, facilitating the opening of the nearest waterway to the sea for Yunnan and promoting the development of the Pearl River-Xijiang Economic Belt [5]

Group 1 - The 22nd China-ASEAN Expo and China-ASEAN Business and Investment Summit was held in Nanning, Guangxi, with China Energy Construction participating for the 22nd consecutive year [1] - China Energy Construction's exhibition theme was "Green Energy Chain World, Intelligent Creation of the Future," showcasing advanced technologies in large hydropower, clean coal power, compressed air energy storage, and green hydrogen ammonia [1] - The company is implementing the "Four Revolutions, One Cooperation" energy security strategy, focusing on a "30·60" system solution and promoting green low-carbon energy transformation [1] Group 2 - In the energy storage sector, China Energy Construction is a key player in new energy storage engineering and has been recognized as an original technology source by the State-owned Assets Supervision and Administration Commission [1] - The company has completed the world's first 300 MW compressed air energy storage demonstration project, achieving full capacity grid connection and setting multiple world records in power output and efficiency [1] - In the hydrogen energy sector, China Energy Construction has built an integrated industrial ecosystem covering green hydrogen, ammonia, and alcohol, and is involved in the largest green hydrogen ammonia project globally in Jilin [2] Group 3 - China Energy Construction has participated in major national projects such as the Three Gorges Project and the South-to-North Water Diversion Project, completing over 90% of China's power planning consulting and industry standards [3] - The company has achieved significant contributions in various energy sectors, including hydropower, thermal power, and nuclear power, holding multiple world-leading technologies and receiving six national science and technology progress awards [3] - It has established 77 institutions in ASEAN countries, with ongoing project contracts amounting to approximately 90 billion yuan, demonstrating its commitment to international cooperation and sustainable development [2]

Group 1 - The meeting between Liu Hongjian, the Secretary of the Municipal Party Committee, and Ni Zhen, the Deputy Secretary of the Party Committee and General Manager of China Energy Construction Group, highlights the importance of collaboration for economic development in Kunming [3]. - Liu expressed gratitude for China Energy's support in Kunming's economic and social development and emphasized the city's rich green energy resources and solid industrial foundation, indicating broad cooperation potential [3]. - Ni Zhen acknowledged the promising development prospects of Kunming and stated that China Energy would leverage its full industry chain advantages in energy and power infrastructure to deepen practical cooperation across multiple levels and fields, contributing to high-quality economic development in Kunming [3].

转自：新华财经 近日，合肥市城乡建设局公布了合肥市智能建造试点城市龙头骨干企业名单，中国能建安徽电建二公司 榜上有名。 作为中国能建旗下骨干企业，近年来安徽电建二公司始终坚持以科技创新驱动产业升级，围绕"管理数 字化、产业数字化、数字产业化、数据价值化"四大方向，构建了完善的智能建造研发与应用体系。该 公司设立数字化公司、设计咨询公司、基础设施建设事业部等专业机构，拥有专职研发与技术人员60余 人，涵盖软件研发、BIM建模、物联网实施、智能施工等多个方向。 坚持"一体化平台、模块化设计"， 安徽电建二公司不断加强智能建造平台建设，自主研发了"数字化项 目管控平台""AIoT智慧物联网云平台""企业级BIM+智能建造平台""BI数据决策分析平台""小安AI智能 体平台"等多项核心系统，形成"1+2+6+N"数智化架构体系，实现从物联感知、智能预警到决策分析的 全流程数字化管理。 该公司积极推动智能建造技术在火电、核电、燃机、建筑、市政等多业务类型工程项目中的落地应用。 在合肥六中新桥校区、海恒国际体验式商业街区、界首市公共建筑整体推进PPP项目等重点工程建设 中，广泛应用BIM技术、AI视频监控、智能无人升降机 ...

Core Viewpoint - The company reported its 2025 H1 financial results, showing a steady revenue growth but a decline in net profit margins, indicating mixed performance across different business segments [1][3]. Group 1: Financial Performance - In 2025 H1, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 212.1 billion, 2.8 billion, and 2.5 billion yuan, respectively, with year-on-year growth rates of +9%, +1%, and +8% [1]. - For Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 111.7 billion, 1.2 billion, and 1.1 billion yuan, with year-on-year changes of +15%, -9%, and -6% [1]. Group 2: Business Segments Performance - The company experienced strong revenue growth in H1 2025 across various segments, with design consulting, engineering construction, investment operations, and industrial manufacturing showing year-on-year increases of +16%, +10%, +16%, and +11%, reaching 9.1 billion, 182.0 billion, 15.2 billion, and 16.2 billion yuan, respectively [2]. - The engineering construction and investment operations segments, particularly in new energy and integrated smart energy, saw revenue growth of +18% and +49%, outperforming other business areas [2]. - The new contract value signed in H1 2025 was 775.4 billion yuan, representing a year-on-year increase of +5%, providing a solid revenue assurance [2]. Group 3: Profitability and Debt Management - The company's overall gross margin in H1 2025 decreased by 0.9 percentage points to 11.3%, with Q2 showing a further decline of 2.3 percentage points to 11.4% [3]. - The gross margins for design consulting, engineering construction, investment operations, and industrial manufacturing were 39.3%, 6.5%, 35.1%, and 16.6%, reflecting year-on-year changes of +2.8%, -0.8%, -8.4%, and -0.7 percentage points, respectively [3]. - The company's asset-liability ratio increased by 0.3 percentage points to 77.7% by the end of H1 2025, indicating a slight rise in leverage [3]. - The turnover days for accounts receivable and inventory improved by 26 days to 259 days, while net cash flows from operating and investing activities were -13.4 billion and -25.5 billion yuan, respectively, both showing year-on-year increases of +1.1 billion [3]. Group 4: Future Outlook - The company maintains its profit forecast, expecting revenues of 475.2 billion, 517.0 billion, and 556.9 billion yuan for 2025-2027, with year-on-year growth rates of +9%, +9%, and +8% [4]. - The projected net profits attributable to shareholders for the same period are 9.2 billion, 10.0 billion, and 11.3 billion yuan, with year-on-year growth rates of +10%, +9%, and +12% [4]. - The company is positioned as a "national team" in energy infrastructure, with emerging businesses in hydrogen and energy storage showing promising growth potential [4].

Core Insights - The SK Hydropower Station in Pakistan has successfully delivered 2.8 billion kilowatt-hours of clean electricity since its commercial operation began on September 14, 2024, marking its first anniversary [1][3] - The project is recognized as a key initiative within the China-Pakistan Economic Corridor, contributing significantly to Pakistan's energy security and reducing reliance on traditional energy sources [3][5] Group 1 - The SK Hydropower Station is the largest hydropower project constructed by China Energy Engineering Corporation overseas and is celebrated as a "green pearl" of the China-Pakistan Economic Corridor [1][3] - The project has established a comprehensive safety management system, achieving a safety goal of "zero accidents, zero losses" during its first year of operation [5] - The hydropower station has created over 6,000 jobs during its construction and continues to provide more than 100 stable employment opportunities during its operational phase [5] Group 2 - The project has actively engaged in social responsibility initiatives, including planting over 150,000 trees, establishing a trout hatchery, and supporting local education and disaster relief efforts [5] - The Pakistani government has recognized the station as an "excellent taxpayer unit," highlighting its contributions to the local economy and community [5] - The project is seen as a vital component in strengthening the China-Pakistan partnership and enhancing cooperation in clean energy development [3][5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司關於接待機構投 資者調研活動的公告》，僅供參閱。 承董事會命 中國能源建設股份有限公司 副董事長 倪真 中國，北京 2025年9月16日 於本公告日期，本公司執行董事為倪真先生；職工董事為黃埔先生；非執行董事為劉學 詩先生及司欣波先生；及獨立非執行董事為程念高先生、魏偉峰博士、牛向春女士及裴 振江先生。 * 僅供識別 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-050 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股 ...

Financial Performance - The company's operating revenue for the first half of the year reached RMB 212,091,238 thousand, representing a year-on-year increase of 9.18% compared to RMB 194,261,759 thousand in the same period last year[29]. - The total profit for the reporting period was RMB 6,562,291 thousand, up 5.49% from RMB 6,220,555 thousand in the previous year[29]. - The net profit attributable to shareholders of the listed company was RMB 2,801,838 thousand, a slight increase of 0.72% from RMB 2,781,881 thousand year-on-year[29]. - The net cash flow from operating activities was negative at RMB -13,400,893 thousand, an improvement from RMB -14,514,997 thousand in the previous year[29]. - The total assets at the end of the reporting period were RMB 938,735,064 thousand, reflecting an 8.02% increase from RMB 869,004,776 thousand at the end of the previous year[29]. - The net assets attributable to shareholders of the listed company increased to RMB 117,990,852 thousand, a growth of 1.71% from RMB 116,011,181 thousand[29]. - The basic earnings per share remained stable at RMB 0.063, while the diluted earnings per share also stood at RMB 0.063[30]. - The weighted average return on net assets decreased by 0.15 percentage points to 2.41% compared to the previous year[30]. - The company reported non-recurring gains and losses totaling RMB 280,455 thousand, after accounting for tax effects and minority interests[34]. Strategic Initiatives - The company is committed to innovation and green development, aligning with its strategic goals for the future[1]. - The company aims to establish a "Four New" alliance focusing on new energy, new infrastructure, new industries, and new materials, initiated in November 2023[21]. - The "1466" strategy emphasizes becoming a world-class energy integration solution provider and enhancing core competitiveness through six major breakthroughs[21]. - The company reported a significant focus on green and low-carbon transformation, aligning with national energy revolution goals[21]. - The establishment of a new energy international investment alliance in June 2018 aims to enhance China's influence in the global clean energy sector[21]. - The company is actively involved in the supply chain alliance to improve management efficiency and resource stability in the construction industry[21]. - The new energy storage alliance, launched in November 2023, aims to innovate and lead the industry in energy storage technology[21]. - The company is committed to digital intelligence and shared integration as part of its transformation strategy[21]. - The focus on public-private partnerships (PPP) aims to enhance public service efficiency through collaboration with social capital[21]. - The company is dedicated to promoting the integration of energy networks, transportation networks, and digital networks to support sustainable development[21]. - The company emphasizes the importance of technological innovation and resource sharing to drive high-quality development in the energy sector[21]. Market and Industry Trends - The company operates in a stable economic environment, with China's GDP growing by 5.3% year-on-year in the first half of 2025, indicating a positive outlook for the industry[38]. - In the first half of 2025, new installed capacity for wind power reached 51.39 million kW, solar power 212 million kW, and biomass power 710,000 kW, with year-on-year growth of 22.7%, 54.2%, and 3% respectively[40]. - The total investment in the hydrogen energy sector in the first half of 2025 was approximately RMB 230.4 billion, a year-on-year decrease of 40.2%[40]. - New energy storage capacity reached 94.91 million kW (222 million kWh) in the first half of 2025, an increase of about 29% compared to the end of 2024[41]. - The total investment in national power engineering in the first half of 2025 was RMB 363.5 billion, a year-on-year increase of 5.9%[43]. - The total investment in the national grid engineering was RMB 291.1 billion, a year-on-year increase of 14.6%[43]. - In the first half of 2025, the total cross-regional electricity transmission reached 436.6 billion kWh, a year-on-year increase of 11.8%[43]. - The total investment in water conservancy construction in the first half of 2025 was RMB 532.9 billion, with 34,400 water projects implemented[45]. Corporate Governance and Compliance - The report complies with the disclosure requirements of the Shanghai and Hong Kong stock exchanges[10]. - The company emphasizes the importance of risk awareness regarding forward-looking statements and future plans[8]. - There are no instances of non-operational fund occupation by controlling shareholders or related parties reported[9]. - The company has not violated decision-making procedures in providing guarantees[9]. - The company has conducted related party transactions in compliance with the Hong Kong Listing Rules and Shanghai Stock Exchange Listing Rules[155]. - The company guarantees that all assets are under its control and will not illegally occupy funds or assets[152]. - The company has committed to independent financial decision-making and tax obligations[152]. - The company has outlined plans for future compliance with new regulations from the China Securities Regulatory Commission regarding performance compensation measures[151]. Investment and Financing Activities - The company plans to raise up to RMB 9 billion through a private placement to invest in multiple renewable energy projects, including a 300 MW compressed air energy storage project in Hubei[119]. - The company completed external investments totaling RMB 41.2 billion during the reporting period, with RMB 15.3 billion allocated to new energy and integrated smart energy businesses[96]. - The company signed new contracts worth RMB 174.1 billion in the surveying, design, and consulting business in the first half of 2025, reflecting a year-on-year growth of 52.1%[50]. - The engineering construction business of the company reported new contracts worth RMB 717.04 billion in the first half of 2025, marking a year-on-year increase of 9.2%[51]. - The company’s strategic emerging industries revenue increased by 14.6% year-on-year in the first half of 2025, accounting for 37.3% of total revenue[64]. Human Resources and Training - The company has conducted extensive training programs covering over 600,000 participants to enhance employee skills and capabilities[116]. - The company has organized numerous training sessions, including specialized programs in artificial intelligence, to foster technological innovation[116]. - The company has appointed new executives, including two vice presidents, to strengthen its management team[123]. Shareholder and Equity Information - The total number of ordinary shareholders as of the end of the reporting period is 334,967[192]. - China Energy Engineering Group holds 18,847,137,078 shares, accounting for 45.21% of the total shares[194]. - The company’s total share capital structure remained unchanged during the reporting period[189]. - The largest shareholder, China Energy Engineering Group, plans to increase its shareholding by April 14, 2025[198]. - The ownership structure indicates significant control by major shareholders, with various entities holding substantial stakes in both A and H shares[200].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-050 H 股代码：03996 H 股简称：中国能源建设 中国能源建设股份有限公司 关于接待机构投资者调研活动的公告 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。 一、机构调研情况 1.调研时间：2025年9月16日 2.调研形式：现场交流 3.调研机构（排名不分先后）：中金公司、中信证券、华 泰证券、广发证券、浙商证券、国盛证券、国联证券、国泰海 通、方正证券、财通证券、开源证券、长江证券、光大证券、 天风证券、诚通证券、申万宏源、华创证券、华安证券、太平 洋证券、国海证券、金元证券、华福证券、中移资本、国新资 管、中金资管、中银资管、泰康基金、幸福人寿、天弘基金、 富国基金、银华基金、平安基金、南方基金、长城基金、新华 资产、中邮基金、前海开源、众安保险、国新投资、国厚资 产、南华资管、清河泉、太平洋资管、润晖投资、中邮保险资 管、长盛基金、民生加银、征金资本等 4.调研主题：中国能建与控股上市公司易普力联合反向路 演 未来，中国能建将以国家八大算 ...

Group 1 - On September 15, China Energy Construction Co., Ltd. (China Energy) saw a stock price increase of 0.41% with a trading volume of 977 million yuan [1] - The financing data for China Energy on the same day indicated a financing purchase amount of 173 million yuan and a financing repayment of 223 million yuan, resulting in a net financing outflow of approximately 50.5 million yuan [1] - As of September 15, the total balance of margin trading for China Energy was 1.364 billion yuan, with the financing balance accounting for 1.71% of the circulating market value, which is above the 80th percentile level over the past year [1] Group 2 - China Energy was established on December 19, 2014, and went public on September 28, 2021, primarily engaged in construction contract business [2] - The company operates through five business segments, with construction services contributing 85.81% to total revenue, including 32.38% from new energy and integrated smart energy [2] - Other revenue sources include industrial manufacturing (7.66%), investment operations (7.16%), and surveying, design, and consulting (4.29%) [2] Group 3 - As of June 30, the number of shareholders for China Energy was 335,000, a decrease of 2.54% from the previous period [3] - For the first half of 2025, China Energy reported a revenue of 212.09 billion yuan, representing a year-on-year growth of 9.18%, and a net profit attributable to shareholders of 2.802 billion yuan, with a growth of 0.72% [3] - The company has distributed a total of 4.686 billion yuan in dividends since its A-share listing, with 3.748 billion yuan distributed over the past three years [3]