Core Insights - The company reported a significant decline in key financial metrics for Q1 2025 compared to the same period in 2024, with a net profit of -1.79 billion yuan, representing a 161.72% decrease [1] - The basic earnings per share dropped to -0.0400 yuan, a 300% decline from the previous year [1] - The total revenue for Q1 2025 was 403.16 billion yuan, down 46.06% from 747.37 billion yuan in Q1 2024 [1] Financial Performance - Basic Earnings Per Share: -0.0400 yuan in Q1 2025 compared to 0.0200 yuan in Q1 2024, a decrease of 300% [1] - Net Profit: -1.79 billion yuan in Q1 2025, down from 2.9 billion yuan in Q1 2024, a decline of 161.72% [1] - Revenue: 403.16 billion yuan in Q1 2025, a decrease of 46.06% from 747.37 billion yuan in Q1 2024 [1] - Return on Equity: -1.01% in Q1 2025, down from 0.56% in Q1 2024, a decline of 280.36% [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 461,270.37 million shares, accounting for 51.91% of the circulating shares, with an increase of 1,562.19 million shares from the previous period [1] - Shanghai Construction Group holds 268,867.05 million shares, representing 30.26% of total share capital, unchanged from the previous period [2] - Shanghai Guosheng Group reduced its holdings by 220.00 million shares, now holding 132,351.97 million shares, which is 14.89% of total share capital [2] Dividend Distribution - The company has announced that there will be no distribution or transfer of dividends this time [3]

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]

Core Viewpoint - Shanghai Construction Group reported a net loss of 179 million yuan in the first quarter of 2025, primarily due to a decline in new contract amounts and slower order execution progress, alongside underperformance in real estate and investment businesses, which impacted overall profitability [1] Financial Performance - The company's operating revenue for the first quarter was 40.32 billion yuan, representing a year-on-year decrease of 46.06% [1] - The net profit attributable to shareholders was -179 million yuan [1]

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) ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]

Group 1 - Shanghai Construction Group Co., Ltd. and Shanghai Construction Intelligent Construction Co., Ltd. have applied for a patent for a monitoring method related to deep foundation pit excavation [1] - The patent, titled "A Monitoring Method for the Uplift of Column Piles in Deep Foundation Pit Excavation," was filed on November 2024 and aims to enhance safety in construction projects [1] - The proposed method utilizes 3D visualization through Matlab software to monitor the uplift of column piles and underground continuous walls, improving the effectiveness of monitoring compared to traditional static data [1] Group 2 - Shanghai Construction Group Co., Ltd. was established in 1998, primarily engaged in the housing construction industry, with a registered capital of approximately 888.59 million RMB [2] - The company has invested in 106 enterprises and participated in 5,000 bidding projects, holding 2,147 patents and 1,954 administrative licenses [2] - Shanghai Construction Intelligent Construction Co., Ltd., founded in 2021, also focuses on the housing construction sector with a registered capital of 50 million RMB and has participated in 197 bidding projects [2]

Group 1 - The A-share market indices closed mixed, with the Shanghai 380 Fundamental Weighted Index down by 0.25% to 7564.86 points, with a trading volume of 89.644 billion yuan [1] - The Shanghai 380 Fundamental Weighted Index has decreased by 5.23% over the past month, increased by 0.61% over the past three months, and has fallen by 3.71% year-to-date [1] - The index employs a fundamental value weighting method to mitigate the over-allocation of high-valuation stocks typically seen in traditional market capitalization indices [1] Group 2 - The top ten holdings of the Shanghai 380 Fundamental Weighted Index include: Jianfa Co. (5.1%), Wuchan Zhongda (3.35%), Xiamen International Trade (3.1%), Xiamen Xiangyu (2.29%), Shanghai Construction (2.05%), Huayu Automotive (1.98%), Chongqing Rural Commercial Bank (1.98%), Shanghai Rural Commercial Bank (1.87%), Chengdu Bank (1.68%), and Changsha Bank (1.41%) [1] - The index is entirely composed of stocks listed on the Shanghai Stock Exchange, with a 100% allocation [1] Group 3 - The industry composition of the index shows that industrials account for 34.79%, materials for 13.49%, finance for 13.15%, consumer discretionary for 9.59%, energy for 6.11%, healthcare for 5.59%, information technology for 4.25%, utilities for 3.92%, communication services for 3.40%, real estate for 2.90%, and consumer staples for 2.80% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample stock is delisted or undergoes mergers, acquisitions, or splits [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of RMB 3.11 [6]. Core Views - The company achieved a revenue of RMB 300.2 billion in 2024, a year-on-year decrease of 1.45%, while the net profit attributable to shareholders was RMB 2.17 billion, reflecting a significant increase of 39.2% [1][4]. - The company is a key player in Shanghai's urban construction, with new orders in the Shanghai market accounting for 72% of total new orders, indicating a stable operational performance [1]. - The company’s gross profit margin for 2024 was 8.74%, a slight decrease of 0.13 percentage points year-on-year, with the fourth quarter gross margin at 10.1% [2][3]. Summary by Sections Revenue and Profitability - The company reported revenues across various segments: construction at RMB 266.7 billion (+0.7%), design consulting at RMB 4.9 billion (-16.6%), building materials at RMB 14.6 billion (-13.1%), real estate development at RMB 3.6 billion (-56.4%), and urban construction investment at RMB 1.8 billion (+5.1%) [2]. - The gross profit margins for these segments were 7.0%, 23.1%, 13.6%, 9.8%, and 89.8% respectively, with the real estate development segment showing a recovery in gross margin despite a decline in scale [2]. Non-Recurring Gains - The company realized a gain of RMB 770 million from asset disposals, contributing to a significant increase in non-recurring profits, which totaled RMB 1.55 billion, an increase of RMB 1.1 billion year-on-year [3]. Financial Forecast and Valuation - The company’s net profit forecasts for 2025-2027 have been adjusted to RMB 2.3 billion, RMB 2.43 billion, and RMB 2.54 billion respectively, reflecting increases of 21.1% and 18.1% compared to previous estimates [4]. - The target price of RMB 3.11 corresponds to a price-to-earnings ratio of 12 times for 2025, indicating a favorable valuation compared to peers [4].

证券研究报告 上海建工 (600170 CH) 上海贡献提升，资产处置增厚业绩 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 15 日│中国内地 | 建筑施工 | 公司发布年报：24 年实现营收 3002 亿，同比-1.45%，归母净利/扣非归母 净利 21.7/6.13 亿，同比+39.2%/-44.5%，归母净利基本符合业绩快报（22.0 亿），其中 Q4 实现营收 862 亿，同比+5.66%，归母净利/扣非归母净利 8.16/-1.76 亿，同比+211%/-156%。我们认为公司作为上海城市建设主力军， 24 年上海市场新签订单占集团新签比例同比提升 1pct 至 72%，长三角区域 业务比重达 83%，经营稳健度较高，维持"增持"评级。 施工主业稳健，房产开发毛利率有所恢复 分业务，公司 24 年建筑施工/设计咨询/建材工业/房产开发/城市建设投资实 现营收 2667/49/146/36/18 亿，同比+0.7%/-16.6%/-13.1%/-56.4%/+5.1%， 毛利率 7.0%/23.1%/13.6%/9.8% ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-021 | | --- | --- | --- | --- | --- | | 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 2025 年一季度新签合同情况公告 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。 2025 年 1 月至 3 月，上海建工集团股份有限公司（简称"公司"）及下属子 公司累计新签合同金额为人民币 645.48 亿元。详情如下： | 序号 | 工程名称 | 金额（亿元） | | --- | --- | --- | | 1 | 江苏徐圩核能供热发电厂一期工程-海域取排水工程 | 11.07 | | 2 | 东方枢纽上海东站站场区地下工程机电安装及装饰 ...