Core Insights - The company reported a revenue of 9.911 billion yuan for the first half of 2025, representing a year-on-year increase of 29.48% [1] - The net profit attributable to shareholders of the listed company was 350 million yuan, showing a year-on-year growth of 28.06% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 302 million yuan, reflecting a year-on-year increase of 22.75% [1] - The basic earnings per share were 0.1769 yuan [1]

Core Insights - The company reported a revenue of 9.911 billion yuan for the first half of 2025, representing a year-on-year increase of 29.48% [1] - The net profit attributable to shareholders was 350 million yuan, up 28.06% year-on-year, while the net profit excluding non-recurring items was 302 million yuan, reflecting a 22.75% increase [1] - The basic earnings per share stood at 0.18 yuan, with a weighted average return on equity of 3.87% [1] Financial Performance - The gross margin for the first half of 2025 was 10.59%, a decrease of 2.25 percentage points year-on-year, while the net margin was 3.57%, down 0.05 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 11.95%, showing a year-on-year decline of 2.09 percentage points but a quarter-on-quarter increase of 2.79 percentage points; the net margin was 4.53%, up 0.31 percentage points year-on-year and 1.98 percentage points quarter-on-quarter [1] Expense Analysis - The company's period expenses amounted to 737 million yuan, an increase of 20.7031 million yuan compared to the previous year, with a period expense ratio of 7.43%, down 1.92 percentage points year-on-year [2] - Sales expenses decreased by 7.53% year-on-year, while management expenses increased by 4.23%, R&D expenses rose by 7.75%, and financial expenses decreased by 25.38% [2] Business Overview - The company, founded on June 28, 1999, and listed on June 5, 2002, is located in Shanghai and specializes in the design, manufacturing, installation, and engineering services of steel structure buildings [2] - The revenue composition includes industrial buildings (60.92%), public buildings (27.29%), EPC (9.99%), and other segments [2] - The company is categorized under the construction decoration industry, specifically in the professional engineering and steel structure sector, and is associated with concepts such as undervalued stocks and new urbanization [2]

2、同意公司与北京城建精工钢结构工程有限公司开展与日常经营相关的交 易，该事项符合公司业务经营和发展的实际需要，属于正常的商业交易行为。上 述关联交易决策程序符合公司章程的规定，交易定价遵循了公平、公正、公开的 原则，不会损害公司及中小股东利益，公司主要业务不会因上述关联交易对关联 方形成依赖，不会影响公司独立性。 本独立董事将严格履行独立董事的职责，监督公司按照法律、法规和公司章 程的规定做好相关工作，切实保障公司及股东的利益。 长江精工钢结构（集团）股份有限公司 长江精工钢结构（集团）股份有限公司 长江精工钢结构（集团）股份有限公司 独立董事意见 本人作为长江精工钢结构（集团）股份有限公司（以下简称"公司"、"本公 司"）独立董事，根据《上市公司治理准则》《上海证券交易所股票上市规则》和 《公司章程》《公司独立董事工作制度》等有关规定，在认真审查了公司第九届 董事会第十七次会议《关于为所控制企业提供融资担保的议案》《关于新增日常 关联交易预计的公告》等相关资料，并听取有关说明后，现发表独立意见如下： 1、同意公司应所控制企业生产经营资金需求，为其融资提供担保。本次担 保是为了满足其日常经营和业务发展需要， ...

长江精工钢结构（集团）股份有限公司 第一条 为加强长江精工钢结构（集团）股份有限公司（以下简称"公司"） 市值管理，切实推动公司投资价值提升，增强投资者回报，维护投资者利益， 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司信息披露 管理办法》《上市公司监管指引第 10 号——市值管理》等法律法规、规范性文 件和《公司章程》等规定，制定本制度。 第二条 本制度所称市值管理，是指以提高公司质量为基础，为提升公司投 资价值和股东回报能力而实施的战略管理行为。 第三条 市值管理的基本原则包括： （一） 合规性原则：公司开展市值管理工作应严格遵守相关法律法规、规 范性文件、自律监管规则以及《公司章程》等规章制度； （二） 系统性原则：公司应按照系统思维、整体推进的原则，协同各业务 体系以系统化方式持续开展市值管理工作； （三） 科学性原则：公司应依据市值管理的规律进行科学管理，科学研判 影响投资价值的关键性因素，以提升公司质量为基础开展市值管理工作； （四） 常态性原则：公司应及时关注资本市场及股价动态，常态化开展市 值管理工作； （五） 诚实守信原则：公司在市值管理活动中应注重诚信、坚守底线，营 造健 ...

长江精工钢结构（集团）股份有限公司 （本页无正文，为公司第九届董事会独立董事专门会议签字页） 长江精工钢结构（集团）股份有限公司 长江精工钢结构（集团）股份有限公司 第九届董事会独立董事专门会议 2025 年第三次会议审核意见 长江精工钢结构（集团）股份有限公司（以下简称"公司"）第九届董事会 独立董事专门会议 2025 年第三次会议于 2025 年 8 月 23 日以通讯表决方式召开。 本次会议应出席独立董事 3 人，实际出席独立董事 3 人。会议的召集、召开及表 决程序符合《上市公司独立董事管理办法》《独立董事工作制度》等的相关规定。 会议审议通过如下事项： 一、审议通过《关于新增日常关联交易预计的议案》 公司与关联方北京城建精工钢结构工程有限公司开展与日常经营相关的交 易，该事项符合公司业务经营和发展的实际需要，属于正常的商业交易行为。上 述关联交易决策程序符合公司章程的规定，交易定价遵循了公平、公正、公开的 原则，不会损害公司及中小股东利益，公司主要业务不会因上述关联交易对关联 方形成依赖，不会影响公司独立性。 表决结果：3 票同意、0 票反对、0 票弃权 李国强 赵 平 戴文涛 2025 年 8 月 ...

Core Viewpoint - The company has established a value management system aimed at enhancing investment value and shareholder returns while ensuring compliance with relevant laws and regulations [2][10]. Chapter Summaries Chapter 1: General Principles - Value management is defined as strategic management actions aimed at improving company quality to enhance investment value and shareholder returns [2]. - The basic principles of value management include compliance, systematic approach, scientific management, regularity, and integrity [2]. Chapter 2: Value Management Organization and Personnel - The Board of Directors is the leading body for value management, responsible for formulating overall plans and ensuring effective implementation [3]. - The Chairman of the Board is the primary responsible person for value management, promoting internal systems to enhance investment value [3]. - The Board Secretary is directly responsible for investor relations and information disclosure, ensuring transparent communication with investors [4]. Chapter 3: Main Methods of Value Management - Company quality is the foundation of investment value, and the company should focus on core business to improve operational efficiency and profitability [6]. - The Board can develop and disclose medium to long-term dividend plans to enhance investor satisfaction [6]. - The company and its stakeholders must adhere to compliance and avoid misleading practices in value management [6]. Chapter 4: Monitoring and Emergency Measures - The company should monitor key indicators like market value and P/E ratio, and initiate warning mechanisms if significant deviations occur [7]. - In case of significant stock price declines, the company should verify the cause, enhance communication with investors, and consider share buyback plans [7][8]. Chapter 5: Supplementary Provisions - The value management system will take effect upon approval by the Board of Directors [10].

Core Viewpoint - The company held its third special meeting of the ninth board of independent directors on August 23, 2025, to review and approve new daily related transactions with an associated party, which are deemed necessary for the company's business operations and development [2][3]. Group 1 - The meeting was attended by all three independent directors, and the procedures followed were in compliance with relevant regulations [2]. - The board approved the proposal regarding the expected new daily related transactions, which involve business dealings with Beijing Urban Construction Precision Steel Structure Engineering Co., Ltd [3]. - The decision-making process for the related transactions adhered to the principles of fairness, justice, and transparency, ensuring no harm to the company or minority shareholders [3].

Group 1 - The independent director's opinion states that the financing guarantee for controlled enterprises is necessary for daily operations and business development, aligning with the company's overall operational needs [2] - The independent director confirms that there are no significant risks involved and that the interests of the company and shareholders, especially minority shareholders, are not harmed [2] - The decision-making process for the guarantee complies with relevant laws and regulations, ensuring adequate information disclosure [2] Group 2 - The related party transactions are deemed normal business activities, with the decision-making process adhering to the company's articles of association [2] - Pricing for the transactions follows principles of fairness, justice, and openness, ensuring no harm to the company or minority shareholders [2] - The company's main business will not become dependent on these related party transactions, maintaining its independence [2]

Core Viewpoint - The report highlights the financial performance and strategic developments of Changjiang Jinggong Steel Structure (Group) Co., Ltd. for the first half of 2025, showcasing significant growth in revenue and profit, alongside a strong focus on international expansion and technological innovation [1][2]. Financial Performance - The company's operating revenue for the first half of 2025 reached approximately 9.91 billion RMB, representing a year-on-year increase of 29.48% compared to 7.65 billion RMB in the same period of 2024 [2]. - Total profit amounted to approximately 397.31 million RMB, up 33.36% from 297.93 million RMB in the previous year [2]. - The net profit attributable to shareholders was approximately 349.70 million RMB, reflecting a growth of 28.06% from 273.07 million RMB [2]. - The net cash flow from operating activities was approximately 423.36 million RMB, a significant increase of 90.83% compared to 221.85 million RMB in the same period last year [2]. Industry Overview - The total output value of the national construction industry was approximately 13.67 trillion RMB, with a slight year-on-year growth of 0.2% [3]. - The "Belt and Road" initiative has driven an increase in overseas infrastructure demand, with Chinese enterprises signing new contracts worth approximately 814.87 billion RMB in 2025 for projects in Belt and Road countries, marking a 21% increase year-on-year [3]. - The domestic fixed asset investment growth has slowed, leading construction companies to seek opportunities abroad, with new contracts in the construction industry declining by 5.21% in 2024 [3]. Business Development - The company signed new contracts totaling approximately 12.51 billion RMB in the reporting period, with international orders increasing by 94.1% to 3.66 billion RMB, while domestic orders decreased by 14.5% to 8.85 billion RMB [9][10]. - The company is transitioning from a specialized subcontractor in steel structure engineering to an EPC (Engineering, Procurement, and Construction) contractor, providing comprehensive building solutions [8][12]. - The company has established a strong international presence, having completed significant projects such as the Lusail Stadium for the 2022 FIFA World Cup and the Jeddah Tower [9][10]. Technological Innovation - The company is focused on technological innovation, having developed an AI-based software for structural design and implemented an automated cutting and sorting production line [14][15]. - The company has been recognized for its technological advancements, receiving multiple awards and patents, and is actively involved in setting industry standards for prefabricated buildings [15][16]. Market Trends - The market for urban renewal in China is projected to exceed 8.6 trillion RMB by 2025, with a year-on-year growth of 18.3%, indicating a strong demand for steel structure prefabricated buildings [5]. - The company is well-positioned to capitalize on the growing trend of green building standards and energy-efficient construction practices, aligning with national policies aimed at reducing carbon emissions in the construction sector [6].

Core Viewpoint - The report highlights the financial performance of Changjiang Jinggong Steel Structure (Group) Co., Ltd. for the first half of 2025, showing significant growth in revenue and profit compared to the previous year. Financial Performance - Total assets at the end of the reporting period were approximately ¥25.49 billion, a decrease of 0.49% from the previous year-end [1] - Operating revenue reached approximately ¥9.91 billion, representing a year-on-year increase of 29.48% [1] - Total profit amounted to approximately ¥397.31 million, reflecting a growth of 33.36% compared to the same period last year [1] - Net profit attributable to shareholders was approximately ¥302.38 million, an increase of 22.75% year-on-year [1] Shareholder Information - The total number of shareholders at the end of the reporting period was 85,435 [1] - The largest shareholder, Jinggong Holdings Group (Zhejiang) Investment Co., Ltd., holds 17.79% of the shares, amounting to approximately 353.99 million shares [2] - The second-largest shareholder, Jinggong Holdings Group Co., Ltd., owns 11.91% of the shares, totaling approximately 237.07 million shares [2]