长江精工钢结构（集团）股份有限公司 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 （本页无正文，为独立董事意见签字页） 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 2025 年第九次临时会议《关于为下属子公司提供融资担保的议案》的相 关资料，并听取有关说明后，现发表独立意见如下： 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，符合公司整体经营发展需求，不存在重大 风险，不存在损害公司及股东，特别是中小股东利益的情形。本次担保事项的审 议及决策程序符合《公司法》及《公司章程》等相关法律、法规和规范性文件的 要求，信息披露充分。 2025 年 4 月 25 日 李国强 赵 平 戴文涛 ...

长江精工钢结构（集团）股份有限公司 | 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-052 | | --- | --- | --- | | 转债简称：精工转债 | 转债代码：110086 | | 长江精工钢结构（集团）股份有限公司 关于"精工转债"预计触发转股价格修正条件的提示性公告 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个别及连带责任。 重要内容提示： 自 2025 年 4 月 10 日起至 2025 年 4 月 23 日收盘，长江精工钢结构（集 团）股份有限公司（以下简称"公司"、"精工钢构"）股票已有 10 个交易日收盘 价低于当期转股价格的 80%（即 3.89 元/股），预计触发转股价格向下修正条件。 若触发条件，公司将于触发条件当日召开董事会审议决定是否修正转股价格并及 时履行信息披露义务。敬请广大投资者注意投资风险。 长江精工钢结构（集团）股份有限公司 券简称"精工转债"，债券代码"110086"。 根据《精工钢构公开发行可转换公司债券募集说明书》（以下简称"《募集说 明书》"）的约定和 ...

Summary of Jinggong Steel Structure Conference Call Company Overview - **Company**: Jinggong Steel Structure - **Year**: 2024 Key Financial Performance - **Revenue Growth**: Revenue increased by 12% year-on-year to 18.5 billion [2] - **Net Profit**: Net profit decreased by 6.7% year-on-year to 500 million [2] - **Operating Cash Flow**: Operating cash flow surged by 63.9% to 770 million, indicating strong cash management [1][2] International Business Expansion - **Overseas Orders**: Overseas orders grew by 202.9% year-on-year to 3 billion, becoming a new growth engine for the company [1][3] - **Market Advantage**: The overseas market offers less competition and better payment terms, enhancing project quality and profitability [3][4] New Business Models and Technological Advancements - **EPC and Prefabricated Construction**: EPC and prefabricated construction grew by 44%, while industrial chain and strategic franchise businesses grew by 94% and BIPV (Building Integrated Photovoltaics) by 48% [1][5] - **Future Growth Potential**: These new business segments are expected to optimize product structure and improve profitability [5] Shift Towards Industrial Construction - **Project Composition**: The company has increased the proportion of industrial construction projects to 70%, reducing reliance on government projects and mitigating associated risks [1][6] - **Market Demand**: The shift aligns with China's industrial structure adjustment and the growing demand for new productive forces [7][8] Management Strategies - **Process Management**: The company has implemented comprehensive process management inspired by Huawei to enhance organizational efficiency and market responsiveness [9] - **Accounts Receivable Management**: Efforts to reduce long-term accounts receivable have been successful, decreasing the proportion of receivables over three years from 20% to 15% [9] Challenges and Responses - **Economic Environment**: The company faces challenges such as labor shortages and funding pressures, prompting a shift towards industrialization and innovation [20] - **Cost Management**: The decline in steel prices is beneficial for cost management, potentially improving competitiveness in steel structure construction [26] Future Outlook - **International Business Goals**: The company aims to increase the share of overseas business to 50% by 2025, leveraging its first-mover advantage and addressing domestic capacity transfer needs [17] - **EPC Business Model**: The company aspires to transition entirely to the EPC model, which is expected to enhance profitability and cash flow management [18][19] Additional Insights - **Profitability Trends**: The slight decline in gross margin is attributed to intense domestic competition, but the company expects to stabilize or improve margins through overseas expansion and cost efficiency [27][28] - **Project Involvement**: The company is involved in significant projects like the Jeddah Tower, which is expected to enhance its international business profile [30][31] Conclusion - **Overall Performance**: The company has demonstrated resilience and growth potential despite economic challenges, with a strong focus on international expansion and innovative business models [36]

Financial Performance - Total operating revenue for Q1 2025 reached CNY 481,981.88 million, a year-on-year increase of 41.17%[5] - Operating profit increased to CNY 14,893.70 million, reflecting a growth of 27.57% compared to the same period last year[5] - Net profit attributable to shareholders was CNY 12,310.44 million, up 26.28% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 10,947.02 million, an increase of 25.13%[5] - Basic earnings per share rose to CNY 0.06, representing a 26.33% increase from the previous year[5] Assets and Equity - Total assets at the end of the reporting period were CNY 2,504,169.87 million, a decrease of 2.23% from the beginning of the period[5] - Shareholders' equity attributable to the parent company increased to CNY 904,476.00 million, a growth of 1.16%[5] - The weighted average return on equity increased by 0.23 percentage points to 1.37%[5] Business Outlook - The company reported sufficient orders on hand, contributing to the overall positive business performance[7] - The company emphasizes the importance of monitoring investment risks due to preliminary financial data[8]

精工钢构（600496）公告，2025年第一季度营业总收入48.2亿元，同比增长41.17%。归属于上市公司股 东的净利润1.23亿元，同比增长26.28%。 ...

4月16日，长江精工钢结构(集团)股份有限公司(以下简称"精工钢构（600496）")发布公告称，今年前三 个月，公司(包括控股子公司)共新签合同169项，累计新签合同金额61.4亿元，同比增长0.7%。 其中，今年一季度，精工钢构新签海外业务订单19.9亿元(含前期已公告签约的菲律宾项目的供货合同 部分7.46亿元)，同比增长142.5%，新签海外业务订单已超过2024年全年海外业务订单(30亿元)的60%。 精工钢构董秘沈月华对《证券日报》记者表示，海外市场的拓展不仅为公司带来了新的收入增长点，也 有助于提升公司的国际影响力和品牌知名度。 那么，精工钢构海外订单同比高增的原因有哪些？中国投资协会上市公司投资专业委员会副会长支培元 向《证券日报》记者表示，一方面，随着共建"一带一路"倡议的持续推进，共建"一带一路"国家对展 馆、商务场所、工业厂房等需求增长，为钢结构企业带来广阔的发展空间。另一方面，经过多年的发 展，精工钢构在国内积累了大量的钢结构项目的建设经验，形成了一套成熟的项目管理体系和施工流 程。这些经验和能力可以有效地复制到海外市场项目中，确保项目的顺利实施和交付。 国内市场方面，今年一季度，精工 ...

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 关于 2025 年第一季度经营数据的公告 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个别及连带责任。 一、业务签约及销量情况 2025 年 1-3 月，公司（包括控股子公司）共新签合同 169 项，累计合同金额 61.4 亿元，同比增长 0.7%。 2025 年 1-3 月，公司钢结构销量 38.5 万吨，同比增长 31.6%。 二、具体业务发展情况 | 单位：亿元 | | --- | | | | 2025 | 年 1-3 | 月 | 2024 | 年 1-3 | 月 | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 专业分包一体化 | 30.8 | 项目金额 | | 35.0 | 项目金额 | | -12.0% | | | 工业建筑 公共建筑 | | | 25.5 5.3 | | | 23.8 11.2 | 7.2% -52.6% | | | 新兴业务 | 10.3 ...

精工钢构：1-3月共新签合同169项，累计合同金额61.4亿元 金十数据4月16日讯，精工钢构公告，2025年1-3月，公司（包括控股子公司）共新签合同169项，累计 合同金额61.4亿元，同比增长0.7%。2025年1-3月，公司钢结构销量38.5万吨，同比增长31.6%。 ...

精工钢构（600496）公告，2025年1-3月，公司新签合同169项，累计合同金额61.4亿元，同比增长 0.7%。钢结构销量38.5万吨，同比增长31.6%。 ...

Core Insights - The company reported a revenue of 18.492 billion yuan for 2024, a year-on-year increase of 12.03%, while the net profit attributable to shareholders was 512 million yuan, a decrease of 6.69% [1] - The fourth quarter of 2024 saw a revenue of 6.446 billion yuan, up 30.1% year-on-year, with a net profit of 36 million yuan, reflecting a significant increase of 185.3% [1] Revenue Performance - The traditional steel structure business generated a revenue of 16.311 billion yuan in 2024, growing by 14.02% year-on-year, while the EPC business achieved a revenue of 1.872 billion yuan, up 4.68% [1] - The overall revenue growth was supported by the strong performance of the steel structure segment [1] Profitability Metrics - The comprehensive gross margin for 2024 was approximately 12.7%, a decrease of 0.3 percentage points year-on-year, with steel structure and EPC business gross margins declining by 0.26 and 0.56 percentage points to 11.91% and 12.84%, respectively [2] - The company reported an increase in asset and credit impairment losses totaling approximately 267 million yuan, up 124 million yuan year-on-year, primarily due to increased impairments on contract assets, fixed assets, and inventory [2] Cash Flow and Financial Health - Operating cash flow improved significantly, reaching 771 million yuan in 2024, a year-on-year increase of 63.9%, driven by enhanced collection efforts [2] - The company's asset-liability ratio stood at 65.0%, an increase of 1.6 percentage points year-on-year, while the interest-bearing debt ratio decreased by 3.2 percentage points to 22.0% [2] Dividend Policy - The company announced a dividend of 0.08 yuan per share, resulting in a payout ratio of 31% and an implied dividend yield of approximately 2.6% [2] Growth Prospects - The company secured new contracts totaling 21.97 billion yuan in 2024, a year-on-year increase of 8.4%, with steel structure sales reaching 1.353 million tons, up 10.9% [3] - Emerging businesses showed strong growth, with EPC and prefabricated business contracts amounting to 4.79 billion yuan, a year-on-year increase of 44.7% [3] - The overseas business orders reached 3 billion yuan, a substantial increase of 202.9% year-on-year, representing 13.7% of total orders [3] Earnings Forecast and Valuation - Due to increased asset and credit impairment provisions, the estimated net profit attributable to shareholders for 2025 was revised down by 16.3% to 546 million yuan, with a new estimate for 2026 at 584 million yuan [4] - The current stock price corresponds to a P/E ratio of 11.1x for 2025 and 10.4x for 2026, with a target price of 3.58 yuan implying an upside potential of 18.5% [4]