Core Viewpoint - The company has announced significant changes to its governance structure, including the cancellation of the supervisory board and amendments to its business scope, which have been approved in recent meetings [1] Group 1 - The company will hold its ninth board meeting on July 11, 2025, and a second extraordinary shareholders' meeting on July 29, 2025, to discuss the proposed changes [1] - The company has completed the necessary business registration changes and received a new business license from the Market Supervision Administration of Liu'an City [1]

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 2025-095 | | --- | --- | --- | | 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 关于完成工商变更登记并换发营业执照的公告 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。 长江精工钢结构（集团）股份有限公司（以下简称"公司"）于 2025 年 7 月 11 日召开第九届董事会 2025 年第十四次临时会议，2025 年 7 月 29 日召开公司 2025 年第二次临时股东会，审议通过了《关于取消公司监事会、变更经营范围 暨修订<公司章程>的议案》，具体内容详见公司分别于 2025 年 7 月 12 日和 7 月 30 日披露的《精工钢构关于第九届董事会 2025 年度第十四次临时会议决议公 告》（公告编号：临 2025-082）、《精工钢构 2025 年第二次临时股东会决议公 告》（公告编号：临 2025-090）。 经营范围：许可项目：测绘服务 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Core Viewpoint - The company is actively advancing new technologies and standards in post-disaster reconstruction and prefabricated buildings, particularly in response to climate anomalies and frequent disasters this year [2]. Group 1: Technological Advancements - The company has developed key technologies and theoretical breakthroughs in prefabricated steel-concrete composite structures, addressing technical bottlenecks in both prefabricated steel and concrete buildings [2]. - The new technologies provide advantages such as high assembly rates, low steel usage, high usable area, short construction cycles, and enhanced comfort and durability of buildings [2]. Group 2: Standards and Certifications - The company has compiled two local standards for prefabricated steel structures in Zhejiang Province, filling a technical gap in the industry [2]. - The company has obtained multiple international certifications, including AISC quality certification from the American Institute of Steel Construction, EN1090EXC4 certification from the European Union, H-level certification in Japan, and GOST certification from Russia [2]. Group 3: Project Applications - The new prefabricated steel-concrete composite technology has been applied in nearly 40 projects across the country, covering over 1.3 million square meters [2].

Core Viewpoint - The company addresses investor concerns regarding false claims made by accounts posing as "Ge Shang" and clarifies its measures for market value management and accounts receivable issues [1] Group 1: Response to Investor Concerns - The company denies any contractual agreements with third-party platforms regarding the promotion of false performance claims and has reported these accounts, which have since been deleted or deactivated [1] - The company emphasizes that its stock price performance is influenced by various factors, including macroeconomic conditions, supply and demand, industry trends, and market sentiment [1] Group 2: Market Value Management - The company has implemented measures such as shareholder buybacks, share cancellations, and increased cash dividends to protect investor interests, achieving a stock price increase of approximately 13% since the beginning of 2025, outperforming peers [1] Group 3: Accounts Receivable Management - The company aims to control new accounts receivable, resolve existing ones, and mitigate risks by leveraging national initiatives to address local debt and promote high-quality economic growth [1] - Specific strategies include forming a dedicated team for debt collection, establishing performance incentives linked to collection outcomes, and utilizing financial tools like commercial bills and supply chain finance to improve cash flow quality [1]

Core Insights - The report highlights the critical role of company secretaries as a bridge between investors and listed companies, emphasizing their importance in capital operations [1] Group 1: Compensation and Employment Trends - In 2024, the total compensation for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 0.783 million yuan [1] - The average salary for professional engineering company secretaries was 0.6831 million yuan, slightly higher than the average of 0.6349 million yuan for the construction decoration industry, with a year-on-year decrease of 3.8% [2] - The median annual salary for company secretaries was 0.5866 million yuan, with the highest salary recorded at 3.1597 million yuan for a specific individual [2] Group 2: Demographics and Educational Background - The average age of company secretaries in professional engineering firms is 46.02 years, with 46.0% aged between 40-50 years and 32.0% over 50 years [1] - Among the 49 company secretaries with disclosed educational backgrounds, 55.1% hold a master's degree, while 36.7% have a bachelor's degree [2] Group 3: Tenure and Engagement - The majority of company secretaries in professional engineering firms have a tenure of 5-10 years, accounting for approximately 36.0%, while those with 1-3 years of service make up about 26.0% [2] - A significant portion, 64.0%, of company secretaries received fewer than 10 research inquiries in 2024, with some receiving none at all [2] Group 4: Gender and Salary Disparities - Male company secretaries earn an average salary of 0.7329 million yuan, which is over 110,000 yuan higher than their female counterparts [2] - Company secretaries with a doctoral degree have an average salary of 1.6699 million yuan, while those with master's, bachelor's, and associate degrees earn averages of 0.6633 million yuan, 0.5499 million yuan, and 0.5 million yuan respectively [2]

Core Viewpoint - The company has decided not to lower the conversion price of its convertible bonds despite triggering conditions for a downward adjustment due to stock price performance [4][10][11]. Group 1: Meeting and Resolutions - The company's board of directors held a temporary meeting on August 7, 2025, with all 9 directors present, and the meeting was deemed valid [1]. - The board unanimously approved the proposal not to adjust the conversion price of the "精工转债" convertible bonds [1][4]. Group 2: Convertible Bond Details - The company issued 20 million convertible bonds with a total value of RMB 2 billion, with a maturity of 6 years and a tiered interest rate starting from 0.3% in the first year [6]. - The initial conversion price was set at RMB 5.00 per share, which has been adjusted multiple times due to equity distributions and share buybacks, currently standing at RMB 4.79 per share [7]. Group 3: Trigger Conditions and Decision - From July 18 to August 7, 2025, the company's stock closed below 80% of the current conversion price for 15 trading days, triggering the adjustment clause [4][10]. - The board considered various factors, including the company's fundamentals and market conditions, and decided not to propose a downward adjustment for the conversion price, even if the trigger conditions are met again within the next month [11].

（文章来源：证券日报） 证券日报网讯 8月7日晚间，精工钢构发布公告称，公司第九届董事会2025年度第十六次临时会议审议 通过了《关于不向下修正"精工转债"转股价格的议案》。 ...

证券日报网讯 8月7日晚间，精工钢构发布公告称，经公司第九届董事会2025年度第十六次临时会议审 议通过，公司董事会决定不向下修正"精工转债"的转股价格。 （文章来源：证券日报） ...