一、公司中期票据注册金额为15亿元，注册额度自通知书落款之日起2年内 有效，由东方证券股份有限公司主承销。 | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-047 | | --- | --- | --- | --- | --- | | 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 关于中期票据获准注册的公告 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"上海建工"或"公司"）2024年年度 股东大会审议通过，公司向中国银行间市场交易商协会（简称"交易商协会"） 申请发行中期票据。 近日，公司收到交易商协会出具的《接受注册通知书》（中市协注〔2025〕 MTN701号），主要内容如下 ...

Core Viewpoint - Shanghai Construction Group (600170.SH) has received a registration notice from the trading association for a medium-term note issuance, indicating a strategic move to raise funds through bond issuance [1] Group 1: Registration Details - The company has a registered amount of 1.5 billion yuan for medium-term notes, valid for two years from the date of the notice [1] - The lead underwriter for this issuance is Dongfang Securities Co., Ltd [1] Group 2: Issuance Management - The company can issue medium-term notes in installments during the validity period of the registration [1] - Prior to any issuance, the company must file for record with the trading association [1] - The company is required to manage the issuance according to the resolutions of authorized institutions and relevant management requirements [1]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Financial Performance Summary - The company reported total revenue of RMB 1,050.42 billion for the first half of 2025, a decrease of 28.04% compared to RMB 1,459.77 billion in the same period last year [1] - The net profit attributable to shareholders was RMB 7.10 billion, down 14.04% from RMB 8.26 billion year-on-year [1] - The basic earnings per share decreased by 16.67% to RMB 0.05 from RMB 0.06 in the previous year [1] - The weighted average return on equity was 1.39%, down from 1.82% in the previous year [1] Operational Highlights - The company achieved a new contract amount of RMB 133.69 billion in the construction segment, RMB 69.59 billion in the real estate development segment, and RMB 12.70 billion in the urban construction investment segment during the reporting period [2] - The company is actively responding to changes in industry and market conditions through reforms and innovation [2] Financial Data Changes - The decline in revenue is attributed to changes in industry demand, with a significant decrease in gross profit impacting overall profitability [2] - The net profit excluding non-recurring gains and losses saw a substantial drop of 69.13% due to underperformance in real estate and investment businesses [2]

Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) has approved the registration of monthly average futures for linear low-density polyethylene, polyvinyl chloride, and polypropylene at the Dalian Commodity Exchange [1] - The Guangzhou Futures Exchange is actively promoting the research and listing of platinum, palladium, and lithium hydroxide futures, expected to launch this year [1] Group 2: Market Trends - The number of ETFs with over 10 billion yuan in assets has surpassed 90, with the total ETF scale exceeding 4.6 trillion yuan, driven by thematic products in technology, dividends, and innovative pharmaceuticals [1] - Bond funds are facing significant redemption pressure, with over 200 billion yuan in bond sales in the first four days of the week, including nearly 100 billion yuan in a single day [2] Group 3: Insurance Sector - The preset interest rate for traditional life insurance products has been lowered by 50 basis points to 2.0%, while the guaranteed interest rate cap for participating insurance has been reduced to 1.75% [3] Group 4: Company Performance - IMAX China reported a record 25 million moviegoers in the first half of 2025, generating approximately 416 million yuan in revenue, doubling the box office compared to the same period last year [4] - LVMH's net profit for the first half of 2025 fell by 22% to 5.7 billion euros, with a significant decline in sales in Japan due to currency appreciation [4] - Vanke has successfully sold the Shanghai Jinqiao Wanchuang Center project, with market speculation suggesting a transaction price of around 1.4 billion yuan [5] - China Communications Construction Company signed new contracts worth 991.05 billion yuan in the first half of the year, a year-on-year increase of 3.14% [5] - Fudan Fuhua terminated the transfer of a 28% stake in a subsidiary due to a lack of interested buyers [6] - Feima International received 437 million yuan in performance compensation from its controlling shareholder [7] - Shanghai Construction Group reported a net profit of 710 million yuan in the first half of the year, a decrease of 14.04% [8] - Funi Co., Ltd. achieved a net profit of 1.337 billion yuan in the first half of the year, an increase of 12.48% [10] - Western Mining reported a net profit of 1.869 billion yuan in the first half of the year, a growth of 15% [11] - Bomaike's net profit dropped by 80.42% to 12.39 million yuan in the first half of the year [12]

Group 1 - Liu Pharmaceutical Group plans to repurchase shares worth between 100 million and 200 million yuan, with a maximum repurchase price of 25.70 yuan per share [1] - Dongshan Precision intends to invest up to 1 billion USD to build a high-end printed circuit board project to meet the long-term demand for high-end printed circuit boards in emerging scenarios such as AI [1] - Bomaike reported a net profit of 12.39 million yuan for the first half of the year, a year-on-year decline of 80.42% [2] Group 2 - Western Mining achieved a net profit of 1.869 billion yuan in the first half of the year, a year-on-year increase of 15% [2] - Fuliwang expects a net loss of approximately 17 million yuan for the first half of the year, a decrease of 137.12% compared to the same period last year [2] - Digital Certification anticipates a net loss of between 80 million and 96 million yuan for the first half of the year, compared to a loss of 29.25 million yuan in the same period last year [3] Group 3 - Shanghai Construction reported a net profit of 710 million yuan for the first half of the year, a year-on-year decrease of 14.04% [5] - Funneng Co. achieved a net profit of 1.337 billion yuan in the first half of the year, a year-on-year increase of 12.48% [6] - Tengda Construction's total contract amount for the first half of the year decreased by 17.55% year-on-year [7] Group 4 - Fudan Fuhua decided to terminate the public transfer of a 28% stake in a subsidiary due to the lack of a deposit from potential buyers [9] - Fulei Ant's subsidiary has decided to cease operations due to intense competition in the photovoltaic industry and ongoing losses [11] - Dongfang Ocean's subsidiary received a medical device registration certificate for a folic acid testing kit [14] Group 5 - Huayu Pharmaceutical's subsidiary received overseas listing approvals for several products [16] - Feima International received a performance commitment compensation of 437 million yuan from its controlling shareholder [16] - Guangshen Railway signed a cooperation agreement for the Guangzhou East Station renovation project with a total investment of approximately 16.66 billion yuan [16] Group 6 - Anhui Construction won the bid for the S68 Jingde to Jixi Expressway project with an estimated total investment of 5.7 billion yuan [18] - China Communications Construction Company signed new contracts worth 991.054 billion yuan in the first half of the year, a year-on-year increase of 3.14% [19] - Kehui Co. plans to use up to 70 million yuan of idle funds for cash management [22] Group 7 - Biological Shares' subsidiary received a clinical trial approval for a cat mRNA vaccine, the first of its kind in China [23] - Ruipu Biological received a clinical trial approval for a pig mRNA vaccine, which is the first economic animal mRNA vaccine in China [24] - Nanjing New Hundred's major assets were judicially frozen due to liquidity debt crisis faced by its controlling shareholder [27] Group 8 - Changshu Bank plans to merge three village banks and establish branches, pending shareholder approval [28] - Yong'an Pharmaceutical plans to reduce its holdings by up to 2.6323 million shares [29] - Zhujiang Co. received approval from the Shanghai Stock Exchange for a stock issuance to specific targets [31] Group 9 - Sanyangma's subsidiary signed a 120 million yuan procurement contract for sensor products [33] - Jintou City Development plans to purchase a villa property for approximately 7.1854 million yuan [35] - Yuanli Co. intends to acquire 100% of Tongsheng Co. through a combination of cash and stock issuance [36] Group 10 - Xin'an Century's controlling shareholder plans to reduce holdings by up to 2.22% of the company's shares [36] - Fute Technology plans to raise up to 528 million yuan through a private placement for various projects [36] - Helen Piano's actual controller is set to change, with stock resuming trading [37] Group 11 - Weiergao expects a net profit increase of 12.55% to 30.87% for the first half of the year [38] - Saiwei Microelectronics plans to transfer up to 18% of its shares through an agreement [40] - Yongli Co. intends to acquire a 22.75% stake in a subsidiary [42] Group 12 - ST Xiachuang plans to publicly transfer a 20% stake in Guangdong Yuweiji [43] - Dema Technology's shareholders plan to transfer 778.84 million shares through an inquiry [45] - Zhongshi Technology's shareholders plan to reduce holdings by up to 2.86% of the company's shares [46] Group 13 - Wufang Optoelectronics' controlling shareholder plans to reduce holdings by up to 0.93% of the company's shares [48] - Fusenmei's chairman has been detained, temporarily unable to fulfill his duties [49] - Reliable Co.'s shareholders plan to reduce holdings by a total of up to 2.63% of the company's shares [51] Group 14 - Gao Neng Environment plans to repurchase shares worth between 100 million and 150 million yuan [53]

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-046 | | --- | --- | --- | --- | --- | | 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 关于发行民生通惠-上海建工建安 1 号资产支持计划的结果公告 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。 上海建工集团股份有限公司（简称"上海建工"或"公司"）2023 年年度股 东大会审议通过了《上海建工集团股份有限公司关于发行债务融资工具授权的议 案》，授权公司发行境内外债务融资工具合计不超过 150 亿元。 根据公司股东大会授权，公司全资子公司上海振新物业管理有限公司（简称 "振新物业"）计划发行总额不超过人民币 17.81 亿元资产支 ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-044 | | --- | --- | --- | --- | --- | | 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 | | 经上海证券交易所《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）确认，上海建工集团股份有限 公司（简称"上海建工"）下属子公司上海建工集团投资有限公司于2025年7月24 日完成2025年面向专业投资者非公开发行公司债券（第二期）（简称"本期债券"） 发行工作。 上海建工集团股份有限公司 本期债券分为两个品种，其中品种一（债券简称：25沪投03，代码：259291.SH） 期限5年，实际发行金额7亿元，票面利率为2.15%；品种二（债券简称：25沪投 04，代码：259292.SH）期限7年，实际发 ...

[Key Financial Data and Indicators](index=1&type=section&id=Item%201.%20Key%20Financial%20Data%20and%20Indicators%20for%202025%20Semi-Annual%20Period) The company experienced significant performance pressure in H1 2025, with total operating revenue and net profit attributable to shareholders declining, and core business profitability severely weakened Key Financial Data and Indicators (RMB) | Indicator | Current Period (2025H1) | Prior Period (2024H1) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (RMB Billion)** | 105.042 | 145.977 | -28.04% | | **Operating Profit (RMB Billion)** | 1.085 | 1.452 | -25.28% | | **Total Profit (RMB Billion)** | 1.088 | 1.412 | -22.95% | | **Net Profit Attributable to Shareholders (RMB Million)** | 710 | 826 | -14.04% | | **Net Profit Attributable to Shareholders After Non-Recurring Items (RMB Million)** | 217 | 703 | -69.13% | | **Basic Earnings Per Share (RMB)** | 0.05 | 0.06 | -16.67% | | **Weighted Average Return on Net Assets** | 1.39% | 1.82% | Decrease of 0.43 Percentage Points | | **Total Assets (RMB Billion)** | 356.594 | 386.871 | -7.83% | | **Shareholders' Equity Attributable to Listed Company (RMB Billion)** | 45.891 | 46.062 | -0.37% | [Explanation of Operating Performance and Financial Position](index=1&type=section&id=Item%202.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company actively responded to market changes, narrowing Q2 economic declines and achieving positive profitability, despite overall core earnings being severely impacted by industry demand shifts and underperforming real estate and investment sectors [Key Operating Performance During the Reporting Period](index=2&type=section&id=Item%202.%20(I)%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, the company achieved RMB 105.042 billion in operating revenue and RMB 710 million in net profit, with all five major business segments securing new contract orders despite overall performance decline New Contract Value by Business Segment (2025 H1, RMB Billion) | Business Segment | 2025 H1 New Contract Value (RMB Billion) | | :--- | :--- | | Construction Business Segment | 97.958 | | Design Consulting Business Segment | 7.326 | | Building Materials Industry Business Segment | 13.369 | | Real Estate Development Business Segment | 6.959 | | Urban Construction Investment Business Segment | 1.270 | - The company achieved **RMB 105.042 billion** in operating revenue and **RMB 710 million** in net profit attributable to shareholders, with Q2 economic indicators showing a narrowed decline and positive profitability[7](index=7&type=chunk) [Explanation of Key Financial Data Changes](index=2&type=section&id=Item%202.%20(II)%20Explanation%20of%20Key%20Financial%20Data%20Changes) The company's net profit after deducting non-recurring items sharply declined by 69.13% due to reduced revenue and gross profit from industry demand shifts, coupled with underperforming real estate and investment businesses - Net profit attributable to shareholders after deducting non-recurring items significantly decreased by **69.13%**, primarily due to changes in industry demand leading to decreased revenue and gross profit, and underperforming real estate and investment businesses[10](index=10&type=chunk) [Risk Warning](index=2&type=section&id=Item%203.%20Risk%20Warning) The company warns that the financial data in this express report are preliminary and unaudited, subject to change in the final 2025 semi-annual report, advising investors of potential discrepancies - The financial data in this announcement are preliminary and unaudited, potentially differing from the final semi-annual report data[3](index=3&type=chunk)[8](index=8&type=chunk)

Core Viewpoint - Shanghai Construction Group (600170) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the construction industry [1] Financial Performance - Total operating revenue for the first half of 2025 reached 105.04 billion yuan, a year-on-year decrease of 28.04% [1] - Net profit stood at 710 million yuan, reflecting a year-on-year decline of 14.04% [1] - The second quarter showed a narrowing of economic indicators, achieving a positive turnaround in profitability [1] Contractual Performance - The construction business segment secured new contracts worth 97.96 billion yuan [1] - The design consulting segment achieved new contracts totaling 7.33 billion yuan [1] - The building materials segment completed new contracts amounting to 13.37 billion yuan [1] - The real estate development segment signed new contracts worth 6.96 billion yuan [1] - The urban construction investment segment secured new contracts totaling 1.27 billion yuan [1]