长江精工钢结构（集团）股份有限公司 截至2025年6月30日 募集资金存放与实际使用情况的专项报告 长江精工钢结构（集团）股份有限公司 募集资金存放与实际使用情况的专项报告（2022可转债） 根据中国证券监督管理委员会《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》、上海证券交易所《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》及相关格式指引等规定，长江精工钢结构（集团）股份有限公司（以下简称"本公司"） 编制的截至 2025 年 6 月 30 日的募集资金存放与实际使用情况的专项报告如下： 一、 募集资金基本情况 (一) 实际募集资金金额、资金到位情况 本公司根据《中华人民共和国公司法》、《中华人民共和国证券法》、中国证监会和 上海证券交易所的有关规定要求制定了《长江精工钢结构（集团）股份有限公司募集 资金使用管理办法》。 本公司对募集资金采取了专户储存制度，本公司于 2022 年 5 月 11 日分别与中信银行 股份有限公司绍兴分行以及国泰君安股份有限公司签署了《募集资金三方监管协议》； 本公司于 2022 年 5 月 11 日分别与兴业银行股份有限公司合肥分行、国泰 ...

Section 1 Definitions [Common Terms Definitions](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report, including company names, abbreviations, related parties, currency units, and reporting periods, to ensure clear understanding - The full company name is Changjiang & Jinggong Steel Building (Group) Co, Ltd, abbreviated as Jinggong Steel Building[13](index=13&type=chunk) - The reporting period refers to January 1, 2025, to June 30, 2025, and the same period last year refers to January 1, 2024, to June 30, 2024[17](index=17&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative - The company's Chinese name is 长江精工钢结构（集团）股份有限公司, abbreviated as 精工钢构, and the legal representative is Fang Zhaoyang[13](index=13&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section lists the contact information for the Secretary of the Board of Directors, including name, address, telephone, fax, and email - The Secretary of the Board is Shen Yuehua, with the contact address at 32nd Floor, Dahongqiao International, 999 Li'an Road, Minhang District, Shanghai, telephone 021-62968628, and email 600496@jgsteel.cn[14](index=14&type=chunk) [III. Summary of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%B9%B3%E5%8F%B0%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section provides the company's registered address, office address, postal codes, and website, stating no historical changes occurred during the reporting period - The company's registered address is Changjiang Jinggong Industrial Park, Economic and Technological Development Zone, Lu'an City, Anhui Province; the office address is 32nd Floor, Dahongqiao International, 999 Li'an Road, Minhang District, Shanghai; and the company website is www.600496.com[15](index=15&type=chunk) [IV. Summary of Changes in Information Disclosure and Document Location](index=4&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section specifies the designated newspapers for information disclosure, the website for the semi-annual report, and the location for report inspection, with no changes during the reporting period - The company's selected information disclosure newspapers are China Securities Journal, Shanghai Securities News, and Securities Daily; the website for publishing the semi-annual report is www.sse.com.cn[16](index=16&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides basic information about the company's stock, including stock type, listing exchange, stock abbreviation, and code - The company's A-share stock is listed on the Shanghai Stock Exchange, with the stock abbreviation "Jinggong Steel Building" and stock code 600496[18](index=18&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the company's sponsor institution and its sponsor representatives - The company's sponsor institution is Guotai Haitong Securities Co, Ltd, and the sponsor representatives are Wei Peng and Wang Wenting[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, showing significant growth in operating revenue, total profit, net profit attributable to parent, and net cash flow from operating activities Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,910,798,500.03 | 7,654,256,345.10 | 29.48 | | Total Profit | 397,309,599.12 | 297,929,135.65 | 33.36 | | Net Profit Attributable to Shareholders | 349,697,077.49 | 273,070,059.95 | 28.06 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 302,382,969.57 | 246,332,108.13 | 22.75 | | Net Cash Flow from Operating Activities | 423,358,240.70 | 221,851,562.23 | 90.83 | | Net Assets Attributable to Shareholders (End of Period) | 9,137,258,417.38 | 8,941,482,793.90 | 2.19 | | Total Assets (End of Period) | 25,487,164,732.03 | 25,613,694,888.12 | -0.49 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.1769 | 0.1372 | 28.94 | | Diluted Earnings Per Share (CNY/share) | 0.1611 | 0.1287 | 25.17 | | Basic EPS (Excluding Non-recurring Items) (CNY/share) | 0.1530 | 0.1238 | 23.59 | | Weighted Average Return on Equity (%) | 3.87 | 3.18 | Increase of 0.69 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 3.35 | 2.87 | Increase of 0.48 percentage points | [VIII. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=5&type=section&id=%E5%85%AB%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) This section states that there are no differences in the company's accounting data under domestic and foreign accounting standards [IX. Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling CNY 47,314,107.92 Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -1,271,658.54 | | Government Grants Recognized in Current Profit or Loss | 55,025,778.47 | | Other Non-operating Income and Expenses | 2,668,004.87 | | Less: Income Tax Effect | 8,921,716.51 | | Minority Interest Effect (After Tax) | 186,300.38 | | Total | 47,314,107.92 | [X. Optional Disclosure of Net Profit Excluding Share-based Payments for Companies with Equity Incentive or Employee Stock Ownership Plans](index=6&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) This section states that the company does not have any equity incentive or employee stock ownership plans, thus no disclosure of net profit excluding share-based payments is required [XI. Other](index=6&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E5%85%B6%E4%BB%96) This section states that the company has no other matters to disclose Section 3 Management Discussion and Analysis [I. Description of the Company's Industry and Main Business during the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the macroeconomic background and policy opportunities of the construction industry in H1 2025, as well as the company's main business products, services, and business model, highlighting growth potential in "Belt and Road," high-end manufacturing, urban renewal, and energy conservation [(I) Industry Situation during the Reporting Period](index=6&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In H1 2025, the national economy operated steadily, with the total output value of the construction industry growing by 0.2% YoY, benefiting from the "Belt and Road" initiative, high-end manufacturing upgrades, urban renewal, and energy-saving policies, leading to strong demand in overseas markets and for high-end factories, and broad prospects for steel structure prefabricated buildings - In H1 2025, the national economy operated steadily, with GDP reaching **CNY 66.05 trillion**, a **5.3% YoY increase**, and the national construction industry's total output value reached **CNY 13.67 trillion**, a **0.2% YoY increase**[25](index=25&type=chunk) - Non-financial direct investment in "Belt and Road" countries **grew by 22% YoY**, and new foreign contracted projects **increased by 21% YoY**, indicating strong momentum in overseas market expansion[25](index=25&type=chunk) - Manufacturing investment **grew by 7.5%**, with its share of fixed asset investment rising by 1.1 percentage points to **25.2%**, providing solid support for the high-end industrial construction market[27](index=27&type=chunk) - The concept of "Good Housing" was included in the government work report, with the urban renewal market expected to exceed **CNY 8.6 trillion** in 2025, a **YoY increase of 18.3%**, offering broad prospects for steel structure prefabricated buildings[28](index=28&type=chunk) - By the end of 2025, all new urban buildings will fully implement green building standards, with a target of **50% rooftop photovoltaic coverage** for new public institutional buildings and factories, and national photovoltaic power generation capacity **increased by 54.1% YoY**[29](index=29&type=chunk) [(II) Company's Business Operations](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's main business is steel structure engineering and complete building products with steel structures as the core, providing integrated services of design, manufacturing, and installation, and is transitioning from a professional subcontractor to an EPC general contractor, offering a full suite of construction services for public, industrial, and residential buildings - The company's products and services mainly include steel structure engineering and complete building products with steel structures as the core, providing integrated services of design, manufacturing, and installation[30](index=30&type=chunk) - The company independently developed the Green Building System (GBS) integrated system with a prefabrication rate of up to **95%**, with product lines covering public (non-standard/standardized), industrial, and residential categories[31](index=31&type=chunk) - The company is transitioning from a steel structure engineering professional subcontractor to an EPC general contractor, providing a full set of technical products and services including project planning, design, procurement, manufacturing, construction, and operation & maintenance[32](index=32&type=chunk) [II. Discussion and Analysis of Operating Performance](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E5%92%8C%E5%88%86%E6%9E%90) In H1 2025, the company achieved steady business development through proactive overseas market layout, seizing domestic policy opportunities, strengthening cost reduction and efficiency improvement, and deepening technological innovation, resulting in significant growth in new contract value, operating revenue, net profit, and operating cash flow, and was listed as one of China's "Best Managed Companies" for two consecutive years - In H1 2025, the company signed new contracts totaling **CNY 12.51 billion**, a **2.2% YoY increase**, and steel structure sales volume reached **835,000 tons**, a **47.0% YoY increase**[32](index=32&type=chunk) - The company was listed in China's "Best Managed Companies (BMC)" for two consecutive years and received honors such as "National Advanced Intelligent Factory"[32](index=32&type=chunk) Key Financial Performance in H1 2025 | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | CNY 9.91 billion (up 29.5% YoY) | | Net Profit Attributable to Parent | CNY 350 million (up 28.1% YoY) | | Net Operating Cash Flow | CNY 420 million (up 90.8% YoY) | [I. Optimization of Main Business Structure and Strong Momentum in Overseas Business](index=8&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E7%BB%93%E6%9E%84%E4%BC%98%E5%8C%96%EF%BC%8C%E6%B5%B7%E5%A4%96%E4%B8%9A%E5%8A%A1%E5%8F%91%E5%B1%95%E5%8A%BF%E5%A4%B4%E5%BC%BA%E5%8A%B2) In H1, the company signed new international orders worth CNY 3.66 billion, a 94.1% YoY increase, effectively offsetting domestic market pressures, optimizing its business structure, and enhancing profitability through its international team, quality certifications, and brand image, successfully undertaking several overseas landmark and industrial projects New Contract Value Composition in H1 2025 | Order Type | Amount (CNY billion) | YoY Change (%) | | :--- | :--- | :--- | | Total New Contract Value | 12.51 | 2.2 | | Domestic Orders | 8.85 | -14.5 | | International Orders | 3.66 | 94.1 | - The growth in international business effectively offset the impact of intensified domestic market competition and slowing demand, improving the company's overall business structure and profitability[33](index=33&type=chunk) - The company has over **500 welders** with various international standard certificates and has obtained multiple international certifications such as **AISC, EN 1090 EXC4, Japanese H-grade, and Russian GOST**[34](index=34&type=chunk) - Successfully signed the **Saudi Jeddah Stadium and surrounding sports village project (CNY 550 million)** and the **Philippine Iconic Tower super high-rise landmark project**, and collaborated on overseas industrial plant projects with multinational enterprises such as Sailun Group, Intco Medical, Tianneng Group, and Youzhu Industrial[34](index=34&type=chunk)[35](index=35&type=chunk) [II. Emerging Businesses Seize Policy Opportunities](index=9&type=section&id=%E4%BA%8C%E3%80%81%E6%96%B0%E5%85%B4%E4%B8%9A%E5%8A%A1%E7%B4%A7%E6%8A%93%E6%94%BF%E7%AD%96%E6%9C%BA%E9%81%87) The company's emerging businesses signed new contracts worth CNY 2.40 billion, with industrial chain and strategic franchise business showing outstanding performance with a 161.5% YoY growth, and actively responded to the national "Good Housing" policy by leveraging prefabricated building technology to expand the EPC market and successfully winning several major engineering projects - New contracts for emerging businesses reached **CNY 2.40 billion**, with industrial chain and strategic franchise business signing **CNY 920 million**, a **161.5% YoY increase**, already surpassing the total order volume of the chain franchise business for the entire previous year[36](index=36&type=chunk) - The company has established **8 joint ventures** nationwide, covering regional markets such as Chongqing, Fujian, Hainan, and Henan, increasing market share through industrial chain and strategic franchise models[36](index=36&type=chunk) - The company participated in compiling the "Architectural Design Guidelines for Good Housing in the New Era" and "Technical Guidelines for Good Housing," with its PEC steel-concrete composite structure technology being included in the Ministry of Housing and Urban-Rural Development's replicable and promotable prefabricated building technology system[37](index=37&type=chunk) - Won the bid for the **Shanghai Songjiang District Sheshan Town Senior High School project (CNY 466 million)** and the **Shaoxing Entrepreneurship Park Phase III Section II project (CNY 567 million)**, aiming to create model projects that meet the "Good Housing" standard[37](index=37&type=chunk)[38](index=38&type=chunk) [III. Significant Achievements in Cost Reduction and Efficiency Improvement, with Continuous Enhancement of Operational Quality](index=10&type=section&id=%E4%B8%89%E3%80%81%E9%99%8D%E6%9C%AC%E5%A2%9E%E6%95%88%E6%88%90%E6%95%88%E6%98%BE%E8%91%97%EF%BC%8C%E8%BF%90%E8%90%A5%E8%B4%A8%E9%87%8F%E6%8C%81%E7%BB%AD%E6%8F%90%E5%8D%87) The company achieved cost reduction and efficiency improvement through refined management and process transformation, with the period expense ratio decreasing by 1.2 percentage points YoY and the weighted average return on equity increasing by 0.7 percentage points, while strengthening capital management led to a 90.8% increase in net operating cash flow and significant improvement in asset quality - The **period expense ratio decreased by 1.2 percentage points YoY**, with the sales expense ratio and administrative expense ratio decreasing by 0.3 and 0.7 percentage points, respectively[39](index=39&type=chunk) - The **weighted average return on equity (ROE) increased by 0.7 percentage points YoY**, indicating improved asset profitability[39](index=39&type=chunk) - Introduced Huawei's "Iron Triangle" management model and completed the launch of project management platforms in several subsidiary companies, enhancing cross-departmental collaboration efficiency[39](index=39&type=chunk) - **Net operating cash flow was CNY 420 million, a significant YoY increase of 90.8%**; long-term accounts receivable decreased by 3.3% from the beginning of the period, indicating a notable improvement in asset quality[40](index=40&type=chunk) [IV. Technological Innovation Drives the Development of New Quality Productive Forces](index=10&type=section&id=%E5%9B%9B%E3%80%81%E7%A7%91%E6%8A%80%E5%88%9B%E6%96%B0%E9%A9%B1%E5%8A%A8%E6%96%B0%E8%B4%A8%E7%94%9F%E4%BA%A7%E5%8A%9B%E5%8F%91%E5%B1%95) The company continues to deepen technological innovation, actively布局 intelligent construction and digital transformation to cultivate new quality productive forces in the construction industry, significantly enhancing operational efficiency and technical capabilities through integration with large model platforms, self-developed AI automatic drawing adjustment software, and the launch of an intelligent cutting and sorting fully automated production line, achieving numerous technological achievements and honors - Several business units and departments of the company have actively integrated with large model platforms like **Deepseek** to explore innovative applications of AI in business and management[41](index=41&type=chunk) - Independently developed **AI automatic drawing adjustment software** for steel structure detailing and launched the industry's first **intelligent cutting and sorting fully automated production line**, achieving a fully unmanned process and improving efficiency and accuracy[41](index=41&type=chunk) - During the reporting period, the company led a Zhejiang Province "Pioneer + X" technology plan project for the first time and received the **second prize of the Huaxia Construction Science and Technology Award** as the primary completing unit for the first time[41](index=41&type=chunk) - A total of **2 national patent-intensive products**, 4 provincial-level construction methods, 4 completed major internal R&D projects, 6 internationally leading and advanced achievements, 8 papers, 9 QC achievements, and **12 invention patent grants** were obtained[41](index=41&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is reflected in its advantages in technology, brand and customers, management, and a complete industry chain, solidifying its leading position and market competitiveness through continuous innovation, participation in global landmark projects, digital management, and providing integrated solutions [(I) Technological Advantage](index=10&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) Through years of project experience and R&D iteration, the company has formed an independent intellectual property system centered on the "Jinggong Twelve Major Technical Systems" and continues to increase investment in technological innovation, consolidating its industry leadership position - The company possesses an independent intellectual property system centered on the **"Jinggong Twelve Major Technical Systems,"** from which industry-leading proprietary technologies, construction methods, and scientific achievements are continuously derived[43](index=43&type=chunk) - During the reporting period, **12 new invention patents were granted**, along with 4 provincial-level construction methods and 6 internationally leading and advanced achievements[43](index=43&type=chunk) - The company has won **6 National Science and Technology Progress Awards** (including one first prize) and holds over a thousand technology patents, making it the company with the most National Science and Technology Progress Awards in the steel structure industry[43](index=43&type=chunk) - It operates **17 national high-tech enterprises**, including a National Certified Enterprise Technology Center, an Academician Workstation, and a Postdoctoral Research Workstation[43](index=43&type=chunk) [(II) Brand and Customer Advantage](index=11&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%93%81%E7%89%8C%E4%B8%8E%E5%AE%A2%E6%88%B7%E4%BC%98%E5%8A%BF) With the philosophy of "Excellence in Technology, Craftsmanship in Quality," the company has participated in numerous global landmark projects, successfully building the "Jinggong" brand, and has established long-term stable partnerships with state-owned enterprises and industry leaders in new energy vehicles and high-end manufacturing by optimizing its service system, thereby expanding its overseas market presence - The company has participated in the construction of global landmark projects such as the **"Bird's Nest" for the 2008 Beijing Olympics**, the **"Golden Bowl" main stadium for the 2022 Qatar World Cup**, and the **"World's Tallest Building," the Jeddah Tower in Saudi Arabia**[44](index=44&type=chunk) - Newly signed projects include the **Saudi Jeddah Stadium** and the **Saudi King Fahd Stadium**, further promoting the "Jinggong" brand[44](index=44&type=chunk) - Maintains close cooperation with large state-owned general contractors like China State Construction and Beijing Urban Construction Group, and has strategic partnerships with industry leaders in new energy vehicles, high-end manufacturing, retail, 5G data centers, and logistics cold chains[45](index=45&type=chunk) - Expands its overseas industrial construction market by "borrowing a boat to go to sea," following high-end manufacturing clients such as **BYD, Minth Group, and Stars Cold Chain**[45](index=45&type=chunk) [(III) Management Advantage](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%AE%A1%E7%90%86%E4%BC%98%E5%8A%BF) As early as 2020, the company began its digital transformation, building a full-lifecycle project management system based on BIM information digital systems, achieving data transparency and process automation from project design to manufacturing and construction, effectively reducing management costs, and has been recognized as a China Best Managed Company (BMC) for two consecutive years - In 2020, the company received the **Zhejiang Provincial Government Quality Management Innovation Award** and was selected as one of the first national pilot enterprises for the integrated development of advanced manufacturing and modern service industries[45](index=45&type=chunk) - Built a full-lifecycle project management system based on **BIM information digital systems**, achieving data transparency and process automation from project design to manufacturing and construction, effectively reducing management costs[45](index=45&type=chunk)[46](index=46&type=chunk) - In 2025, the company was once again recognized as a **China Best Managed Company (BMC)**, fully demonstrating its advanced management philosophy and excellent management level[46](index=46&type=chunk) [(IV) Full Industry Chain Advantage](index=12&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%85%A8%E4%BA%A7%E4%B8%9A%E9%93%BE%E4%BC%98%E5%8A%BF) The company possesses a complete full-industry-chain service capability, covering all stages from design, manufacturing, and construction to maintenance, and through a synergistic full-industry-chain operation model, it can provide steel structure products and building solutions with short construction periods, low comprehensive costs, and energy efficiency, flexibly responding to market changes and meeting diverse customer needs - The company has a complete full-industry-chain service capability, covering all stages from design, manufacturing, and construction to maintenance, providing systematic and integrated solutions[46](index=46&type=chunk) - Through optimized design, refined manufacturing, efficient construction, and a rapid-response maintenance system, it provides steel structure products and building solutions with short construction periods, low comprehensive costs, and energy efficiency[46](index=46&type=chunk) [IV. Main Operating Activities during the Reporting Period](index=12&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes the company's main operating activities during the reporting period, including changes in financial statement items, asset and liability status, investment situation, and the performance of major holding and participating companies, revealing the company's specific performance in revenue growth, cash flow improvement, asset structure adjustment, and external investments [(I) Main Business Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The analysis of the main business shows that during the reporting period, both operating revenue and operating costs increased significantly, while sales and financial expenses decreased, and net cash flow from operating activities increased substantially Analysis of Changes in Financial Statement Items | Item | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 9,910,798,500.03 | 7,654,256,345.10 | 29.48 | | Operating Costs | 8,860,852,787.45 | 6,671,031,438.97 | 32.83 | | Sales Expenses | 84,043,140.67 | 90,888,415.76 | -7.53 | | Administrative Expenses | 281,894,690.67 | 270,458,042.40 | 4.23 | | Financial Expenses | 25,662,607.59 | 34,389,904.60 | -25.38 | | R&D Expenses | 345,250,366.94 | 320,411,350.67 | 7.75 | | Net Cash Flow from Operating Activities | 423,358,240.70 | 221,851,562.23 | 90.83 | | Net Cash Flow from Investing Activities | -75,928,198.48 | -87,041,237.42 | 12.77 | | Net Cash Flow from Financing Activities | -376,843,853.82 | -88,801,021.73 | -324.37 | - The change in operating costs was mainly due to an increase in business volume during the period, and the change in net cash flow from operating activities was mainly due to an increase in cash received from the sale of goods and provision of services[47](index=47&type=chunk)[48](index=48&type=chunk) - Net cash flow from financing activities **decreased significantly by 324.37%**, primarily due to a reduction in cash received from borrowings during the period[47](index=47&type=chunk)[48](index=48&type=chunk) [(II) Explanation of Significant Changes in Profit due to Non-Main Business](index=12&type=section&id=(%E4%BA%8C)%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that there were no significant changes in profit due to non-main business activities during the reporting period [(III) Analysis of Assets and Liabilities](index=12&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure was adjusted at the end of the reporting period, with significant increases in trading financial assets, notes receivable, and receivables financing, while long-term receivables and long-term borrowings decreased, and overseas assets accounted for 10.27% of total assets Changes in Assets and Liabilities | Item | End of Current Period (CNY) | % of Total Assets | End of Last Year (CNY) | % of Total Assets | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 253,132,150.71 | 0.99 | 190,417,133.56 | 0.74 | 32.94 | Impact of fund purchases this period | | Notes Receivable | 309,699,759.69 | 1.22 | 166,923,362.60 | 0.65 | 85.53 | Increase in receivables settled with notes | | Receivables Financing | 201,654,173.85 | 0.79 | 88,589,868.13 | 0.35 | 127.63 | Increase in receivables settled with notes | | Prepayments | 705,836,164.76 | 2.77 | 512,061,057.28 | 2.00 | 37.84 | Increase in material procurement | | Other Receivables | 394,036,104.32 | 1.55 | 297,956,808.22 | 1.16 | 32.25 | Increase in project imprest funds | | Long-term Receivables | 55,546,714.24 | 0.22 | 185,811,787.87 | 0.73 | -70.11 | Collection of long-term project receivables | | Development Expenditures | 3,334,711.34 | 0.01 | 2,010,150.16 | 0.01 | 65.89 | Increase in capitalized R&D | | Employee Benefits Payable | 96,957,882.96 | 0.38 | 148,999,041.71 | 0.58 | -34.93 | Impact of annual salary payments | | Taxes Payable | 180,506,408.67 | 0.71 | 299,175,262.76 | 1.17 | -39.67 | Decrease in corporate income tax payable | | Long-term Borrowings | 50,000,000.00 | 0.20 | 197,352,252.31 | 0.77 | -74.66 | Decrease in mortgage and guaranteed loans | | Provisions | 5,862,326.42 | 0.02 | 4,303,070.55 | 0.02 | 36.24 | Increase in provisions for expected contract losses | | Treasury Stock | 0 | 0 | 99,999,606.81 | 0.39 | -100.00 | Impact of canceling repurchased shares | - Overseas assets amounted to **CNY 2.618 billion**, accounting for **10.27%** of total assets[52](index=52&type=chunk) [(IV) Investment Status Analysis](index=14&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company made several external equity investments, mainly concentrated in the construction engineering sector, and invested CNY 250 million in private equity funds, aiming to expand its business scope and market share External Equity Investment | Investee Company | Main Business Activity | Equity Stake (%) | | :--- | :--- | :--- | | Jinggong International Steel Structure Kenya Co, Ltd | Construction Engineering | 99% | | Jinggong Industrial (Jiangsu) Co, Ltd | Construction Engineering | 100% | | Jinggong Industrial Building (Vietnam) Co, Ltd | Construction Engineering | 100% | | Jinggong Industrial Building (Cambodia) Co, Ltd | Construction Engineering | 100% | | Jinggong Building Technology (Hong Kong) Co, Ltd | Construction Engineering | 100% | | Tonglu Green Building Integrated Technology Co, Ltd | Construction Engineering | 100% | | Zhejiang Green Building Integrated Technology Co, Ltd | Construction Engineering | 100% | - The company used **CNY 250 million** of idle proprietary funds to purchase private equity securities investment funds[56](index=56&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=16&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial data of the company's major holding subsidiaries, Zhejiang Jinggong Steel Structure Group Co, Ltd, Jinggong Industrial Building System Group Co, Ltd, and MBEC Construction System (China) Co, Ltd, which have a significant impact on the company's net profit Financial Data of Major Holding and Participating Companies (Unit: CNY 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhejiang Jinggong Steel Structure Group Co, Ltd | Subsidiary | Engineering Contracting, Component Processing | 1,207,976,470 | 10,998,162,800 | 2,774,657,100 | 2,116,437,100 | 112,664,700 | 106,928,600 | | Jinggong Industrial Building System Group Co, Ltd | Subsidiary | Engineering Contracting, Component Processing | USD 133,000,000 | 4,522,177,700 | 1,245,871,000 | 3,056,233,400 | 123,109,800 | 105,150,600 | | MBEC Construction System (China) Co, Ltd | Subsidiary | Engineering Contracting, Component Processing | USD 25,124,495 | 2,334,112,500 | 1,042,370,600 | 1,158,102,100 | 73,018,100 | 66,639,500 | [V. Other Disclosure Matters](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses potential risks the company may face, including economic cycles, overseas operations, safety, steel price fluctuations, and competition, and details the progress and effectiveness of the "Quality and Efficiency Improvement with a Focus on Returns" action plan implemented to practice the "investor-oriented" philosophy, covering aspects such as focusing on the main business, emphasizing investor returns, technological innovation, and enhancing corporate governance [(I) Potential Risks](index=17&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple risks including economic cycles and macroeconomic controls, overseas operations, safety, steel price fluctuations, and industry competition, and has formulated corresponding measures such as strengthening technological innovation, optimizing business policies, enhancing risk management, and reducing costs to improve efficiency - The company's business development is directly related to macroeconomic prosperity, national fixed asset investment, and monetary policy, facing risks from economic cycles and macroeconomic controls[61](index=61&type=chunk) - Increased global uncertainties and differences in political and economic systems and legal environments among countries pose overseas operational risks for market development and project execution[61](index=61&type=chunk) - The cost of steel, the raw material for steel structure production, accounts for about **50% of operating costs**, making steel price fluctuations a risk to the company's operations[62](index=62&type=chunk) - The steel structure industry is facing increasingly fierce market competition, especially in the low-end market, posing a competition risk to the company[64](index=64&type=chunk) [(II) Other Disclosure Matters](index=18&type=section&id=(%E4%BA%8C)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively implements the "Quality and Efficiency Improvement with a Focus on Returns" action plan, achieving steady growth in operating performance in H1 with strong momentum in international business, while the controlling shareholder completed its shareholding increase plan, the company canceled repurchased shares, and continued cash dividends, alongside increased investment in technological innovation, enhanced corporate governance, and improved information disclosure transparency - In H1, the company's **operating revenue was CNY 9.91 billion, up 29.5% YoY**; **net profit attributable to parent was CNY 350 million, up 28.1% YoY**; and **net operating cash flow was CNY 420 million, up 90.8% YoY**[65](index=65&type=chunk) - New contract value was **CNY 12.51 billion, up 2.2% YoY**, with international business new contract value at **CNY 3.66 billion, a significant 94.1% YoY increase**, already surpassing the total overseas order volume of 2024[65](index=65&type=chunk) - The controlling shareholder has completed its shareholding increase plan, cumulatively increasing its holdings by **53,999,122 shares** for a total of **CNY 172,399,651.16**[66](index=66&type=chunk) - The company has completed the cancellation of treasury shares from the 2022 repurchase and distributed a cash dividend of **CNY 159,209,947.28** for the 2024 fiscal year in June 2025, representing **31.12%** of the 2024 net profit attributable to the parent company[66](index=66&type=chunk)[67](index=67&type=chunk) - During the reporting period, the company obtained **2 national patent-intensive products** and **12 invention patent grants**, and widely applied AI technology at project sites to improve operational efficiency[68](index=68&type=chunk) - The company was listed in China's **"Best Managed Companies (BMC)"** for two consecutive years and held 2 shareholder meetings and 13 board meetings in H1 to enhance corporate governance[69](index=69&type=chunk) - In H1, the company disclosed **78 interim and periodic reports**, held an earnings conference call, and strengthened communication with investors through platforms like SSE E-interaction and roadshows[70](index=70&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Directors and Senior Management](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, Ms Huang Youxian resigned as a director due to a work adjustment and was elected as the employee representative director of the ninth board of directors - Ms Huang Youxian resigned from her position as a director of the ninth board of directors on August 4, 2025, and was elected as the employee representative director of the ninth board of directors on the same day[72](index=72&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's proposed semi-annual profit distribution or capital reserve conversion plan is nil, with no distribution or conversion planned - The company's proposed semi-annual profit distribution or capital reserve conversion plan is nil, with zero bonus shares, dividends, or conversions per 10 shares[73](index=73&type=chunk) [III. Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=20&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company has not implemented any equity incentive or employee stock ownership plans but has innovatively used a "business partner" model for team incentives, linking individual compensation to company performance to share in growth benefits, which is currently implemented in several subsidiaries - The company has not implemented any equity incentive or employee stock ownership plans[74](index=74&type=chunk) - In 2021, the company innovated its team incentive method, transitioning employees from an employee to a shareholder identity through a "business partner" model, linking individual compensation to company performance[74](index=74&type=chunk) - In 2025, subsidiaries implementing the "business partner" incentive model include Zhejiang Jinggong, Jinggong Industrial, MBEC Construction, and Anhui Jinggong[74](index=74&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises for Mandatory Environmental Information Disclosure](index=20&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Two of the company's subsidiaries are included in the list of enterprises for mandatory environmental information disclosure, and the corresponding query indexes are provided - **Two** of the company's subsidiaries are included in the list of enterprises for mandatory environmental information disclosure[75](index=75&type=chunk) Subsidiaries Included in the List of Enterprises for Mandatory Environmental Information Disclosure | No | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Zhejiang Jinggong Steel Structure Group Co, Ltd | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search | | 2 | Jinggong Industrial Building System Group Co, Ltd | https://mlzj.sthjt.zj.gov.cn/eps/index/enterprise-search | [V. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=21&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) This section states that the company has no specific work to disclose regarding the consolidation and expansion of poverty alleviation achievements or rural revitalization Section 5 Significant Matters [I. Fulfillment of Commitments](index=22&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Commitments made by the company's actual controller, shareholders, and related parties during or continuing into the reporting period were timely and strictly fulfilled, primarily concerning the resolution of horizontal competition and the maintenance of control stability Fulfillment of Commitments | Commitment Background | Commitment Type | Committing Party | Commitment Content | Commitment Date | Has Performance Period | Commitment Period | Timely and Strict Fulfillment | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition Report or Equity Change Report | Resolution of Horizontal Competition | Jinggong Holding Group Co, Ltd, Zhongjianxin Holding Group Co, Ltd | Non-competition commitment | 2019 | Yes | Long-term | Yes | | Other Commitments | Other | Jinggong Holding Group Co, Ltd, Fang Zhaoyang | Prevention of disposal of pledged shares and maintenance of control stability | 2021 | Yes | Long-term | Yes | [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=22&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) This section states that there was no non-operational fund occupation by controlling shareholders and other related parties during the reporting period [III. Irregular Guarantees](index=22&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) This section states that there were no irregular guarantees during the reporting period [IV. Semi-annual Report Audit Status](index=23&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [V. Changes and Handling of Matters Involving Non-standard Audit Opinions in the Previous Year's Annual Report](index=23&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) This section states that there were no changes or handling of matters involving non-standard audit opinions in the previous year's annual report [VI. Bankruptcy and Reorganization Matters](index=23&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) This section states that there were no bankruptcy and reorganization matters during the reporting period [VII. Major Litigation and Arbitration Matters](index=23&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section states that there were no major litigation or arbitration matters during the reporting period [VIII. Suspected Violations, Penalties, and Rectifications of the Listed Company, its Directors, Senior Management, Controlling Shareholders, and Actual Controllers](index=23&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) This section states that there were no suspected violations, penalties, or rectifications involving the company, its directors, senior management, controlling shareholders, or actual controllers during the reporting period [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers during the Reporting Period](index=23&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers had no instances of failing to fulfill effective court judgments or having significant overdue debts, maintaining a good integrity status - During the reporting period, the company, its controlling shareholders, and the company's actual controllers had no instances of failing to fulfill effective court judgments or having significant overdue debts[80](index=80&type=chunk) [X. Major Related-Party Transactions](index=23&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had related-party transactions related to daily operations, including project contracting with Kuaijishan Shaoxing Wine Co, Ltd, and routine procurement and leasing with Zhongjianxin Holding Group and its subsidiaries, all of which were disclosed and progressed as required - The company's subsidiary signed an EPC contract for an affordable rental housing project with a total contract price of **CNY 148.6 million**, involving a related-party transaction with Kuaijishan Shaoxing Wine Co, Ltd; the project is still under construction[81](index=81&type=chunk) - The company conducted routine related-party transactions with Zhongjianxin Holding Group and its subsidiaries, with a total estimated amount of **CNY 222 million** for 2025; as of the end of the reporting period, the cumulative transaction amount was **CNY 65.28 million**[81](index=81&type=chunk) [XI. Major Contracts and Their Performance](index=24&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company had no custody, contracting, or leasing matters during the reporting period but had significant guarantee situations, with a total guarantee amount of CNY 4.288 billion at the end of the period, accounting for 47.95% of the company's net assets, including CNY 195 million in guarantees for shareholders, actual controllers, and their related parties Company's Total Guarantee Status (Unit: CNY 10,000) | Indicator | Amount | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred during the Period | 152,042.41 | | Total Outstanding Guarantees for Subsidiaries at Period-end (B) | 409,277.40 | | Total Guarantee Amount (A+B) | 428,777.40 | | Total Guarantee Amount as a Percentage of Company's Net Assets (%) | 47.95 | | Guarantees for Shareholders, Actual Controllers, and Their Related Parties (C) | 19,500.00 | | Debt Guarantees for Parties with Asset-Liability Ratio over 70% (D) | 311,778.02 | | Total of the Above Three Guarantee Amounts (C+D+E) | 331,278.02 | [XII. Progress on the Use of Raised Funds](index=26&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) The overall use of the company's raised funds was good, with all investment projects completed and ready for use, and the surplus of CNY 391.29 million was permanently used to supplement working capital; during the reporting period, the company also used CNY 90 million of idle raised funds to temporarily supplement working capital - All of the company's investment projects have been completed and are ready for use, with the surplus raised funds of **CNY 391.29 million** permanently supplementing the company's working capital[88](index=88&type=chunk)[91](index=91&type=chunk) - The company used **CNY 90 million** of idle raised funds to temporarily supplement working capital for a period not exceeding 12 months, which was still in use as of June 30, 2025[93](index=93&type=chunk) Overall Use of Raised Funds (Unit: CNY 10,000) | Source of Raised Funds | Total Raised Funds | Net Raised Funds | Promised Investment Amount in Prospectus | Cumulative Investment of Raised Funds at Period-end | Cumulative Investment Progress (%) | Amount Invested This Year | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Issuance of Convertible Bonds | 200,000 | 198,692.62 | 198,692.62 | 149,487.74 | 75.24 | 1,118.89 | [XIII. Explanation of Other Major Matters](index=29&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) This section states that the company has no other major matters to disclose Section 6 Share Capital Changes and Shareholders [I. Share Capital Changes](index=30&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's share capital changed due to the cancellation of previously repurchased shares and the conversion of convertible bonds, resulting in a total decrease of 22,765,625 shares Share Capital Change Table (Unit: shares) | | Quantity Before Change | Proportion Before Change (%) | Change (+, -) | Quantity After Change | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 0 | 0 | 0 | 0 | 0 | | II. Unrestricted Circulating Shares | 2,012,889,966 | 100 | -22,765,625 | 1,990,124,341 | 100 | | III. Total Shares | 2,012,889,966 | 100 | -22,765,625 | 1,990,124,341 | 100 | - On May 7, 2025, the company canceled **22,766,035** previously repurchased shares; from January 1, 2025, to June 30, 2025, a cumulative total of **410** shares were converted from bonds[98](index=98&type=chunk) - The number of shares converted after the reporting period until the disclosure date of the semi-annual report was minimal and did not have a significant dilutive effect on financial indicators such as earnings per share and net assets per share[100](index=100&type=chunk) [II. Shareholders](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the total number of common shareholders was 85,435; among the top ten shareholders, Jinggong Holding Group and its wholly-owned subsidiary, Jinggong Holding Group (Zhejiang) Investment Co, Ltd, held a relatively high combined stake, and their shares were pledged - As of the end of the reporting period, the total number of common shareholders was **85,435**[101](index=101&type=chunk) - Jinggong Holding Group Co, Ltd is the company's controlling shareholder, and Jinggong Holding Group (Zhejiang) Investment Co, Ltd is a wholly-owned subsidiary of the controlling shareholder[104](index=104&type=chunk) Top Ten Shareholders' Holdings at the End of the Reporting Period (Excluding Shares Lent Through Securities Refinancing) | Shareholder Name (Full Name) | Change During Period | Shares Held at Period-end | Proportion (%) | Share Status | Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Jinggong Holding Group (Zhejiang) Investment Co, Ltd | 53,999,122 | 353,999,122 | 17.79 | Pledged | 200,000,000 | | Jinggong Holding Group Co, Ltd | 0 | 237,069,604 | 11.91 | Pledged | 219,220,000 | | Hong Kong Securities Clearing Company Ltd | 27,678,180 | 96,738,503 | 4.86 | None | 0 | | Lu'an Industrial Investment Development Co, Ltd | 0 | 43,782,152 | 2.20 | None | 0 | | ICBC - GF Jufeng Mixed Securities Investment Fund | 7,680,500 | 7,680,500 | 0.39 | None | 0 | | China Construction Bank - Xingquan Multi-dimensional Value Mixed Securities Investment Fund | 0 | 6,736,061 | 0.34 | None | 0 | | Bank of Communications - GF Advantage Growth Equity Securities Investment Fund | 6,653,900 | 6,653,900 | 0.33 | None | 0 | | Shi Aihua | 4,334,500 | 6,350,000 | 0.32 | None | 0 | | Bank of Communications - GF CSI Infrastructure Engineering ETF | -1,856,600 | 6,328,300 | 0.32 | None | 0 | | Wang Ying | 5,778,100 | 5,778,100 | 0.29 | None | 0 | [III. Directors and Senior Management](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section states that there were no changes in the shareholdings of the company's directors and senior management during the reporting period, nor were they granted any equity incentives [IV. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period [V. Preferred Stock Related Matters](index=33&type=section&id=%E4%BA%94%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that there were no preferred stock related matters during the reporting period Section 7 Bond-related Matters [I. Corporate Bonds (including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period [II. Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company publicly issued CNY 2 billion of convertible corporate bonds (Jinggong Convertible Bonds) on April 22, 2022, which entered the conversion period on October 28, 2022; during the reporting period, there were 12,496 bondholders, and the conversion price was adjusted multiple times due to profit distribution and share repurchase cancellations, with the latest conversion price at CNY 4.79 per share as of the end of the period, while the company's long-term credit rating remains AA with a stable outlook - On April 22, 2022, the company publicly issued **20 million** convertible corporate bonds with a total value of **CNY 2 billion**, abbreviated as "Jinggong Convertible Bond" with the bond code "110086"[107](index=107&type=chunk) - The "Jinggong Convertible Bond" entered its conversion period on October 28, 2022, with the conversion period lasting from **October 28, 2022, to April 21, 2028**[107](index=107&type=chunk) - At the end of the reporting period, there were **12,496** bondholders, and the company has no guarantor for the convertible bonds[108](index=108&type=chunk) - The conversion price was adjusted multiple times due to the annual profit distributions for 2021, 2022, and 2023, and the cancellation of repurchased shares in 2025, with the latest conversion price at **CNY 4.79 per share** as of the end of this reporting period[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - As of June 30, 2025, the company's total assets were **CNY 25.487 billion**, with an asset-liability ratio of **64.03%**; Dagong Global maintained the company's long-term credit rating at **AA** with a stable outlook and the credit rating of the Jinggong Convertible Bond at **AA**[117](index=117&type=chunk) Convertible Bond Changes During the Reporting Period (Unit: CNY) | Convertible Corporate Bond Name | Before Change | Change due to Conversion | After Change | | :--- | :--- | :--- | :--- | | Changjiang & Jinggong Steel Building (Group) Co, Ltd Convertible Corporate Bonds | 1,999,923,000 | 2,000 | 1,999,921,000 | Cumulative Convertible Bond Conversion Status During the Reporting Period | Indicator | Value | | :--- | :--- | | Conversion Amount during the Period (CNY) | 2,000 | | Number of Shares Converted during the Period (shares) | 410 | | Cumulative Number of Shares Converted (shares) | 16,027 | | Cumulative Converted Shares as a % of Pre-conversion Total Issued Shares | 0.0008 | | Unconverted Amount (CNY) | 1,999,921,000 | | Unconverted Bonds as a % of Total Issuance | 99.9961 | Section 8 Financial Report [I. Audit Report](index=38&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk) [II. Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow situation [Consolidated Balance Sheet](index=38&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were CNY 25.487 billion, with current assets of CNY 21.359 billion and non-current assets of CNY 4.128 billion; total liabilities were CNY 16.320 billion, and total owner's equity was CNY 9.168 billion Key Data from Consolidated Balance Sheet (Unit: CNY) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 25,487,164,732.03 | 25,613,694,888.12 | | Total Current Assets | 21,359,442,287.33 | 21,326,863,734.55 | | Total Non-current Assets | 4,127,722,444.70 | 4,286,831,153.57 | | Total Liabilities | 16,319,619,805.65 | 16,639,584,333.00 | | Total Current Liabilities | 14,113,975,587.03 | 14,321,403,081.79 | | Total Non-current Liabilities | 2,205,644,218.62 | 2,318,181,251.21 | | Total Equity Attributable to Parent Company | 9,137,258,417.38 | 8,941,482,793.90 | | Total Owner's Equity | 9,167,544,926.38 | 8,974,110,555.12 | [Consolidated Income Statement](index=42&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For January-June 2025, the company's consolidated total operating revenue was CNY 9.911 billion, a 29.48% YoY increase; net profit was CNY 354 million, a 28.06% YoY increase; and basic earnings per share was CNY 0.1769 Key Data from Consolidated Income Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | I. Total Operating Revenue | 9,910,798,500.03 | 7,654,256,345.10 | | II. Total Operating Costs | 9,630,515,063.07 | 7,418,259,469.06 | | III. Operating Profit | 395,951,286.84 | 294,732,369.19 | | IV. Total Profit | 397,309,599.12 | 297,929,135.65 | | V. Net Profit | 353,520,836.94 | 276,663,560.38 | | Net Profit Attributable to Parent Company Shareholders | 349,697,077.49 | 273,070,059.95 | | VI. Net Other Comprehensive Income (After Tax) | 5,263,345.18 | -24,541,725.68 | | VII. Total Comprehensive Income | 358,784,182.12 | 252,121,834.70 | | VIII. Basic Earnings Per Share (CNY/share) | 0.1769 | 0.1372 | | VIII. Diluted Earnings Per Share (CNY/share) | 0.1611 | 0.1287 | [Consolidated Cash Flow Statement](index=46&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For January-June 2025, the company's net cash flow from operating activities was CNY 423 million, a significant 90.83% YoY increase; net cash outflow from investing activities was CNY 76 million, and net cash outflow from financing activities was CNY 377 million Key Data from Consolidated Cash Flow Statement (Unit: CNY) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | I. Net Cash Flow from Operating Activities | 423,358,240.70 | 221,851,562.23 | | II. Net Cash Flow from Investing Activities | -75,928,198.48 | -87,041,237.42 | | III. Net Cash Flow from Financing Activities | -376,843,853.82 | -88,801,021.73 | | IV. Effect of Exchange Rate Changes on Cash and Cash Equivalents | 933,329.96 | 1,445,925.44 | | V. Net Increase in Cash and Cash Equivalents | -28,480,481.64 | 47,455,228.52 | | VI. Closing Balance of Cash and Cash Equivalents | 1,809,263,694.19 | 1,711,481,093.88 | [III. Company Basic Information](index=69&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Established on June 28, 1999, the company is a joint-stock limited company listed on the Shanghai Stock Exchange, with its main business covering surveying and mapping services, construction engineering survey, design, and construction, construction labor subcontracting, and metal structure manufacturing and sales, with a long-term business period - The company was established on June 28, 1999, and is a joint-stock limited company with publicly issued A-shares listed on the Shanghai Stock Exchange[164](index=164&type=chunk) - The company's business activities include surveying and mapping services, construction engineering survey, design, and construction, construction labor subcontracting, metal structure manufacturing and sales, and engineering management services[164](index=164&type=chunk) [IV. Basis of Preparation of Financial Statements](index=69&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in compliance with the "Enterprise Accounting Standards," and it is assessed that the company's ability to continue as a going concern is good for the next 12 months - The company's financial statements are prepared on a going concern basis, with recognition and measurement in accordance with the "Enterprise Accounting Standards" based on actual transactions and events[165](index=165&type=chunk) - After assessment, the company's ability to continue as a going concern is good for the 12 months from the end of the reporting period, with no factors causing significant doubt about its going concern ability[166](index=166&type=chunk) [V. Significant Accounting Policies and Estimates](index=69&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring the financial statements comply with enterprise accounting standards - The company's financial statements comply with the requirements of the Enterprise Accounting Standards, truly and completely reflecting the company's financial position, operating results, and other information[168](index=168&type=chunk) - The company's fiscal year is from January 1 to December 31 of the Gregorian calendar, and the functional currency is the Renminbi[169](index=169&type=chunk)[171](index=171&type=chunk) - The company classifies financial assets into three categories based on the business model for managing financial assets and their contractual cash flow characteristics

| 股票简称：精工钢构 | 股票代码：600496 | 编号：临 2025-099 | | --- | --- | --- | | 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 关于控股股东股权解押的公告 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 二、公司控股股东及其一致行动人累计质押股份情况 单位：股 股东 名称 持股数 量 持股比 例 本次解 押前累 计质押 数量 本次解 押后累 计质押 数量 占其所 持股份 比例 占公司 总股本 比例 已质押股份情 况 未质押股份情 况 已 质 押 股 份 中 限 售 已 质 押 股 份 中 冻 结 未 质 押 股 份 中 限 售 未 质 押 股 份 中 冻 结 长江精工钢结构（集团）股份有限公司 | | | | | | | | | 股 | 份 | 股 | 份 | 股 | 份 | 股 | 份 | | --- | --- | --- | --- | --- | --- | --- | --- | ...

担保对象及基本情况 证券代码：600496 证券简称：精工钢构 公告编号：2025-097 长江精工钢结构（集团）股份有限公司 关于为所控制企业提供融资担保的公告 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。 重要内容提示： 担 保 对 象 被担保人名称 长江精工（上海）建筑科技有限公司 本次担保金额 5,000 万元 实际为其提供的担保余额 0 万元 是否在前期预计额度内 □是 ☑否 □不适用：_________ 本次担保是否有反担保 □是 ☑否 □不适用：_________ 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 | 424,877.70 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 47.52 | | | □对外担保总额（含本次）超过上市公司最 近一期经审计净资产 50% □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | 特别风险提示 ...

精工钢构公告，2025年上半年营业收入99.11亿元，同比增长29.48%。净利润3.5亿元，同比增长 28.06%。 ...

Market Overview - The professional engineering sector experienced a decline of 2.54% on August 27, with Sentai Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Rising stocks included: - Rishang Group (002593) with a closing price of 6.02, up 6.74% and a trading volume of 2.26 million shares, totaling 1.33 billion yuan [1] - Shenluda A (000032) closed at 26.10, up 2.39% with a trading volume of 886,300 shares, totaling 2.34 billion yuan [1] - Declining stocks included: - Sentai Co., Ltd. (603098) closed at 14.61, down 9.81% with a trading volume of 608,800 shares, totaling 949 million yuan [2] - Haibo Heavy Industry (300517) closed at 11.61, down 6.14% with a trading volume of 109,800 shares, totaling 133 million yuan [2] Capital Flow Analysis - The professional engineering sector saw a net outflow of 678 million yuan from institutional investors, while retail investors contributed a net inflow of 493 million yuan [2] - Notable capital flows included: - Deep Sanda A (000032) with a net inflow of 184 million yuan from institutional investors [3] - Rishang Group (002593) with a net inflow of 117 million yuan from institutional investors [3]

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）。 近日，公司已完成工商变更登记，并领取了六安市市场监督管理局换发的《营业执照》，具体信息如 下： 名称：长江精工钢结构（集团）股份有限公司 统一社会信用代码：91340000711774045Q 类型 ...

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]