Core Viewpoint - Shanghai Construction Group Co., Ltd. (the "Company") has approved the issuance of corporate bonds by its subsidiary, Shanghai Construction Group Investment Co., Ltd. (the "Investment"), with a total amount not exceeding 4.5 billion yuan [1] Group 1 - The Investment has received approval from the Shanghai Stock Exchange for the non-public issuance of corporate bonds aimed at professional investors, which meets the conditions for listing and transfer [1] - The bonds will be underwritten by several securities firms, including Ping An Securities, Debon Securities, CITIC Securities, and Everbright Securities, and will be issued in phases within 12 months from the date of the approval letter [1] - The funds raised from the bond issuance will be used for purposes specified in the offering document, and a special account will be designated for receiving, storing, and transferring the funds [3] Group 2 - The Investment is required to fulfill its information disclosure obligations during the bond's existence, including timely reporting of any significant events that may affect its ability to repay or the bond's price [3][4] - The Company will actively promote related work and fulfill its information disclosure obligations in a timely manner [4]

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 3.11 [8][9]. Core Views - The company reported a significant decline in revenue for Q1 2025, achieving RMB 40.3 billion, down 46.1% year-on-year, and a net loss attributable to shareholders of RMB 1.79 billion, a decrease of 162% year-on-year. However, the impact on the full year is expected to be relatively small due to the historically low contribution of Q1 to annual revenue [1][5]. - The company has a strong market presence in Shanghai, with 72% of new contracts in 2024 coming from the Shanghai market and 83% from the Yangtze River Delta region, indicating a stable operational performance [1]. - The gross profit margin for Q1 2025 improved to 7.54%, an increase of 1.37 percentage points year-on-year, although the net profit margin was negative at -0.44%, down 0.83 percentage points year-on-year due to increased expense ratios [2][3]. Summary by Sections Financial Performance - Q1 2025 revenue was RMB 40.3 billion, down 46.1% year-on-year, with a net loss of RMB 1.79 billion [1]. - The gross profit margin improved to 7.54%, while the net profit margin was -0.44% [2]. - The company’s operating cash flow showed improvement, with a net cash outflow of RMB 23.3 billion, which was RMB 2 billion less than the previous year [3]. Contracting and Market Activity - New contracts signed in Q1 2025 totaled RMB 64.5 billion, a decrease of 44% year-on-year, with significant declines in construction and building materials sectors [4]. - The company is focusing on expanding its market presence in the Yangtze River Delta, with a 9% year-on-year increase in new contracts outside Shanghai [4]. Profit Forecast and Valuation - The profit forecast for the company remains at RMB 2.3 billion for 2025, with a price-to-earnings ratio (PE) of 12 times, maintaining the target price of RMB 3.11 [5].

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-022 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于子公司发行债券获批的公告 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。 经上海建工集团股份有限公司（简称"公司"）第八届董事会第四十一次会 议、2023年年度股东大会审议通过，公司下属子公司上海建工集团投资有限公司 （简称"建工投资"）申请发行公司债券。 近日，建工投资收到上海证券交易所（简称"上交所"）出具的《关于对上 海建工集团投资有限公司非公开发行公司债券挂牌转让无异议的函》（上证函 [2025]1453号）。建工投资面向专业投资者非 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600170 证券简称：上海建工 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。 第一季度财务报表是否经审计 □是 √否 一、主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 ■ 按照相关会计准则规定，计算每股收益时，归属于上市公司股东的净利润应扣除其他权益工具的股利或 利息的影响；计算净资产收益率时，归属于上市公司股东的净利润应扣除其他权益工具的股利或利息的 影响，归属于上市公司股东的净资产应扣除其他权益工具的影响。 (二)非经常性损益项目和金额 √适用 □不适用 单位:元 币种:人民币 ■ 对公司将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》未列举的项目认定为非 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.0400 | 0.0200 | -300 | 0.0210 | | 每股净资产（元） | 0 | 3.44 | -100 | 3.38 | | 每股公积金(元) | 0.31 | 0.31 | 0 | 0.31 | | 每股未分配利润(元) | 1.89 | 1.85 | 2.16 | 1.82 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 403.16 | 747.37 | -46.06 | 662.05 | | 净利润(亿元) | -1.79 | 2.9 | -161.72 | 2.56 | | 净资产收益率(%) | -1.01 | 0.56 | -280.36 | 0.63 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 461270.37万股，累计占流通股比： 51. ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 40.32 billion, a decrease of 46.06% compared to CNY 74.74 billion in the same period last year[4] - The net profit attributable to shareholders was a loss of CNY 179.40 million, down 161.79% from a profit of CNY 290.35 million year-on-year[4] - Basic and diluted earnings per share were both CNY -0.04, representing a 300% decrease from CNY 0.02 in the previous year[4] - The company reported a total comprehensive loss of CNY 273.29 million for Q1 2025, compared to a comprehensive income of CNY 300.81 million in Q1 2024[21] - The net profit for Q1 2025 was a loss of CNY 175.76 million, contrasting with a net profit of CNY 329.30 million in Q1 2024, indicating a significant downturn[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 348.68 billion, a decline of 9.87% from CNY 386.87 billion at the end of the previous year[5] - The total current assets decreased from 293.28 billion RMB at the end of 2024 to 257.94 billion RMB by March 31, 2025[13] - The company's total liabilities decreased from 334.99 billion RMB at the end of 2024 to 297.35 billion RMB by March 31, 2025[15] - The total non-current assets decreased from 93.59 billion RMB at the end of 2024 to 90.74 billion RMB by March 31, 2025[14] - The total assets as of March 31, 2025, amounted to ¥100,872,221,745.96, down from ¥110,839,832,730.11 as of December 31, 2024[28] - The total liabilities decreased to ¥61,410,581,036.16 from ¥71,171,154,957.82 over the same period[28] Cash Flow - The cash flow from operating activities was a negative CNY 23.28 billion, an improvement of 8.04% compared to a negative CNY 25.32 billion in the same period last year[4] - The cash flow from operating activities for Q1 2025 was a net outflow of CNY 23.28 billion, compared to a net outflow of CNY 25.32 billion in Q1 2024, showing a slight improvement[24] - The total cash inflow from investing activities in Q1 2025 was CNY 1.64 billion, slightly lower than CNY 1.74 billion in Q1 2024[24] - The net cash flow from financing activities for Q1 2025 was CNY 2.19 billion, a decrease from CNY 5.14 billion in Q1 2024, reflecting a reduction in financing activities[25] - The ending cash and cash equivalents balance as of Q1 2025 was 16.60 billion, down from 19.33 billion in Q1 2024, reflecting a decrease of about 14.1%[34] Operational Highlights - The decline in operating revenue was primarily due to a decrease in new contract amounts and a slowdown in order execution[6] - In Q1 2025, the company signed new contracts totaling 64.548 billion RMB, with 9 major projects over 5 billion RMB each, amounting to 6.838 billion RMB[11] - The company achieved a revenue of 2.24 billion RMB from gold sales, representing an 8% year-over-year increase, with total gold sales of 11,676 ounces[11] - The construction segment accounted for 86.54% of total revenue, generating 34.72 billion RMB, with a gross profit of 1.764 billion RMB, which is 59.38% of the segment's revenue[12] - The company reported a 9% year-over-year increase in new contracts signed in the Yangtze River Delta region (excluding Shanghai) in Q1 2025[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 195,813[9] - The largest shareholder, Shanghai Construction Group Co., Ltd., held 30.26% of the shares, totaling 2.69 billion shares[9] Research and Development - Research and development expenses for Q1 2025 were CNY 708.89 million, down from CNY 1.37 billion in Q1 2024, marking a reduction of approximately 48%[20] - Research and development expenses for Q1 2025 were ¥22,544,263.20, significantly lower than ¥64,267,481.25 in Q1 2024, suggesting a cutback in innovation spending[29] Risk Management - The company is focused on risk prevention and management to mitigate economic risks and ensure safety in production[11] - The company plans to enhance market penetration and management efficiency to achieve its annual budget goals[11] - The company aims to improve the conversion rate from orders to revenue through refined management practices[11]

上海建工：一季度净亏损1.79亿元 智通财经4月29日电，上海建工(600170.SH)公告称，2025年第一季度营业收入403.2亿元，同比下降 46.06%；归属于上市公司股东的净利润为-1.79亿元。主要原因是新签合同金额下降，订单执行进度放 缓，同时地产和投资业务不及预期，影响整体盈利能力。 ...

4月25日上午，上海市国资委党委书记、主任贺青带队赴上海建工（600170）调研并召开座谈会，听取 企业稳增长和改革发展工作汇报，了解企业问题建议。贺青表示，上海建工是上海建筑领域龙头企业， 多年来立足服务国家战略，积极投身城市建设，为全市经济社会发展作出了重要贡献。他指出，当前建 筑行业正面临重大调整，希望上海建工坚定信心、迎难而上，重点做好三方面工作：一要全面深入分析 当前形势，深刻洞察行业结构和趋势性变化，找准自身存在的问题不足，进一步明晰战略方向、保持战 略定力、增强战略敏捷。二要把促进稳增长与深化改革相结合，全力抓工程进度、抓项目节点，以每单 必争、每楼必保姿态为全市经济稳增长作贡献，与此同时要在业务结构、市场布局、科技创新等方面下 更大功夫，加快推动转型发展，防范各类风险。三要更加积极主动参与全市重大工程项目建设，市国资 委将搭建更多平台，促进企业间深化合作。对调研中反映的问题建议，市国资委将联合相关委办全力以 赴推进解决，为企业发展营造良好环境。(智通财经) ...

金融界2025年4月21日消息，国家知识产权局信息显示，上海建工集团股份有限公司、上海建工智慧营 造有限公司申请一项名为"12692.一种深基坑开挖立柱桩隆起的监测方法"的专利，公开号 CN119843719A，申请日期为2024年11月。 天眼查资料显示，上海建工集团股份有限公司，成立于1998年，位于上海市，是一家以从事房屋建筑业 为主的企业。企业注册资本888593.9744万人民币。通过天眼查大数据分析，上海建工集团股份有限公 司共对外投资了106家企业，参与招投标项目5000次，财产线索方面有商标信息6条，专利信息2147条， 此外企业还拥有行政许可1954个。 上海建工智慧营造有限公司，成立于2021年，位于上海市，是一家以从事房屋建筑业为主的企业。企业 注册资本50000万人民币。通过天眼查大数据分析，上海建工智慧营造有限公司参与招投标项目197次， 专利信息30条，此外企业还拥有行政许可29个。 专利摘要显示，本发明提供了一种深基坑开挖立柱桩隆起的监测方法，所述监测方法包括：S1、基于 Matlab软件构建基坑内立柱桩和地下连续墙墙顶隆起情况的三维显示图；S2、基于已构建的三维显示图 监测立柱 ...

金融界4月16日消息，A股三大指数收盘涨跌不一，上证380基本面加权指数 (380基本，000128)下跌 0.25%，报7564.86点，成交额896.44亿元。 数据统计显示，上证380基本面加权指数近一个月下跌5.23%，近三个月上涨0.61%，年至今下跌 3.71%。 据了解，上证50、上证180和上证380基本面加权指数，在不改变原指数样本的前提下，采用基本面价值 加权计算，在一定程度上打破了样本市值与其权重之间的关联，避免传统市值指数中过多配置高估值上 市公司证券的现象。该指数以2003年12月31日为基日，以1000.0点为基点。 从指数持仓来看，上证380基本面加权指数十大权重分别为：建发股份（5.1%）、物产中大 （3.35%）、厦门国贸（3.1%）、厦门象屿（2.29%）、上海建工（2.05%）、华域汽车（1.98%）、渝 农商行（1.98%）、沪农商行（1.87%）、成都银行（1.68%）、长沙银行（1.41%）。 从上证380基本面加权指数持仓的市场板块来看，上海证券交易所占比100.00%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 ...