Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-024 | | --- | --- | --- | --- | --- | | 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 关于提供担保的进展公告 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。 重要内容提示： （一）2025 年 4 月，因申请各类贷款、银行承兑汇票、预付款保函、履约保 函和农民工工资保函等，上海建工集团股份有限公司（以下简称"公司"）为资产 负债率高于 70%的 17 家子公司提供 22.02 亿元担保，为资产负债率低于 70%的 2 家子公司提供 0.03 亿元担保，合计提供 22.05 亿元担保。详情如下： | 担保人 | 被担保人 | 担保金 ...

Core Viewpoint - The company plans to hold an investor briefing on May 16, 2025, to discuss its 2024 annual report and Q1 2025 results, allowing for interactive communication with investors [2][4]. Group 1: Meeting Details - The investor briefing is scheduled for May 16, 2025, from 10:00 AM to 11:00 AM [2][4]. - The meeting will be conducted via the Shanghai Stock Exchange Roadshow Center, accessible online [2][4]. - Investors can submit questions from May 9 to May 15, 2025, through the Roadshow Center or via the company's email [3][5]. Group 2: Participants - Key participants in the meeting will include the Chairman, independent directors, and the financial officer [4]. Group 3: Contact Information - For inquiries, investors can contact the company via phone at 021-35318170 or email at ir@scg.com.cn [5]. Group 4: Post-Meeting Access - After the briefing, investors can access the meeting's main content and outcomes through the Shanghai Stock Exchange Roadshow Center [5].

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。 重要提示： | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-023 | | --- | --- | --- | --- | --- | | 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 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 会议召开时间：2025 年 5 月 16 日(星期五) 上午 10:00-11:00 会议网络平台：上海证券交易所上证路演中心（网址：http://roadsho w.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 9 日（星期五） 至 5 月 15 日（星期四）16:00 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced significant growth in Q4, with a 39% year-on-year increase in net profit attributable to shareholders, driven by non-operating income [1][2] - The company is focusing on developing six emerging business sectors to create a second growth curve, with new contracts in these sectors reaching nearly 100 billion yuan in 2024 [3] Financial Performance Summary - In 2024, the company achieved operating revenue of 300.2 billion yuan, a decrease of 1.4% year-on-year, while net profit attributable to shareholders was 2.168 billion yuan, an increase of 39% [1][4] - The comprehensive gross margin for 2024 was 8.74%, down 0.13 percentage points, primarily due to a decline in the gross margin of the construction business [2] - The company reported a significant increase in asset disposal income, which contributed to a net profit margin increase to 0.7%, up 0.21 percentage points year-on-year [2] Business Segment Performance - The construction segment generated revenue of 266.7 billion yuan, a year-on-year increase of 0.65%, with various sub-segments showing mixed performance [1] - Emerging business sectors, including urban renewal and new infrastructure, showed strong growth, with contract values increasing by 9%, 18%, and 68% respectively [3] Future Projections - The company is projected to achieve net profits of 1.83 billion yuan in 2025, a decrease of 16% year-on-year, followed by growth in subsequent years [3][4] - The expected earnings per share (EPS) for 2025 is 0.21 yuan, with corresponding price-to-earnings (P/E) ratios of 12, 11, and 10 for the years 2025, 2026, and 2027 respectively [3][4]

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 ...

Core Viewpoint - The company reported a decline in key performance indicators due to a slowdown in construction bidding and execution, impacting overall profitability [6]. Financial Data - The company did not conduct an audit for the first quarter financial report [3]. - The total new contracts signed in the first quarter amounted to 645.48 billion yuan, with nine major projects exceeding 5 billion yuan, totaling 68.38 billion yuan [6]. - The company sold 11,676 ounces of gold, generating revenue of 224 million yuan, representing an 8% year-on-year increase [6]. Business Performance - The construction bidding volume decreased, and the execution of orders slowed down, leading to pressure on new contracts, construction output, and revenue [6]. - The company focused on expanding its market presence in the Yangtze River Delta, achieving a 9% year-on-year increase in new contracts in this region (excluding Shanghai) [6]. - The company aims to enhance management efficiency and risk prevention measures to improve conversion rates from orders to revenue [6].

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. ...