Core Viewpoint - Anhui Construction (600502) has established a new subsidiary, Anhui Construction High-speed Energy Co., Ltd., with a registered capital of 100 million yuan, focusing on new catalytic materials, specialized chemical products, and electric vehicle charging infrastructure [1] Company Summary - The newly formed company is co-owned by Anhui Construction Group Holding Co., Ltd. and Sinopec Sales Co., Ltd., a subsidiary of China Petroleum & Chemical Corporation (600028) [1] - The business scope includes sales of new catalytic materials and additives, specialized chemical products (excluding hazardous chemicals), and operation of electric vehicle charging infrastructure [1]

Group 1 - The company, Anhui Construction, announced that its second extraordinary general meeting of shareholders in 2025 approved several proposals, including the proposal regarding the company's eligibility for public issuance of renewable corporate bonds [2]

Core Viewpoint - Anhui Construction announced the approval of multiple proposals, including the election of a vice chairman during the 12th meeting of its 9th board of directors [2] Group 1 - The company held its 12th meeting of the 9th board of directors on September 5 [2] - The board reviewed and approved the proposal regarding the election of a vice chairman [2]

Group 1 - The board of directors of Anhui Construction Group Co., Ltd. held its 12th meeting of the 9th session on September 5, 2025, with all 8 directors present, including the chairman and one director attending via video [1] - The board approved the election of Qian Shenchun as the vice chairman of the board, with a term lasting until the end of the 9th board session, receiving unanimous support with 8 votes in favor [2] - The board also approved the election of Qian Shenchun as a member of the board's strategic committee, with the same term conditions and unanimous support [2] Group 2 - The board approved an application for a renewable trust loan from Bohai International Trust Co., Ltd., with an amount not exceeding 1 billion RMB, aimed at replacing existing compliant financing for the company and its subsidiary, Anhui Construction Water Conservancy Development Investment Group Co., Ltd. The loan has an initial term of 5 years, with options for renewal [2] - The management is authorized to decide on the withdrawal amount and timing based on the company's funding needs and to sign agreements with relevant institutions [2] Group 3 - Qian Shenchun holds a master's degree in business administration and is a senior engineer with various professional qualifications and awards, including being recognized as an outstanding engineer and project manager in the field of highway and water transport [3] - His previous roles include positions in Anhui Provincial Highway and Bridge Engineering Co., Ltd. and other leadership roles within Anhui Construction Group, showcasing a strong background in engineering and management [3]

Summary of Key Points Core Viewpoint - A total of 135 stocks received buy ratings from institutions today, with 17 stocks receiving initial attention from institutions, indicating a strong interest in the market and potential investment opportunities [1]. Institutional Ratings - 140 buy rating records were published today, with 29 of these providing future target prices. 13 stocks have an upside potential exceeding 20%, with AVIC Optoelectronics showing the highest potential at 61.62% [1]. - Notable stocks with high upside potential include Noli Shares at 48.46% and United Imaging Healthcare at 37.22% [1]. - 17 stocks received initial buy ratings from institutions, including Haimeixing and Hengli Hydraulic [1]. Market Performance - Stocks rated with buy ratings saw an average increase of 3.27%, outperforming the Shanghai Composite Index. 119 stocks experienced price increases, with several hitting the daily limit up [1]. - Stocks with significant declines included Noli Shares, Agricultural Bank, and Shoufang Environmental Protection, with declines of 3.23%, 2.93%, and 1.26% respectively [1]. Industry Focus - The most favored industries include power equipment and machinery, each with 17 stocks listed in the buy rating category. The pharmaceutical and communication sectors also attracted attention, with 15 and 6 stocks respectively [2]. - Specific stocks receiving multiple buy ratings include Betaini, Kebo Da, AVIC Optoelectronics, and Yunnan Baiyao, each with two buy ratings [2][3]. Detailed Stock Information - A selection of stocks with buy ratings includes: - Betaini (2 ratings, +2.22% today, PE 40.30) in beauty care - Kebo Da (2 ratings, +10.00% today, PE 27.44) in automotive - AVIC Optoelectronics (2 ratings, +0.57% today, PE 28.83) in defense and military [2][3]. - Other notable stocks include: - Yunnan Baiyao (2 ratings, +1.06% today, PE 14.56) in pharmaceuticals - Zhonglian Heavy Industry (2 ratings, +0.41% today, PE 11.39) in machinery [2][3]. Additional Stock Ratings - Additional stocks with single buy ratings include: - Xuji Electric (1 rating, +2.09% today, PE 18.44) in power equipment - Xugong Machinery (1 rating, -0.20% today, PE 13.29) in machinery - China Rare Earth (1 rating, +2.33% today, PE 174.07) in non-ferrous metals [3][4].

证券代码：600502 证券简称：安徽建工 公告编号：2025-065 安徽建工集团股份有限公司 (一)股东大会召开的时间：2025 年 09 月 05 日 本次会议是否有否决议案：无 一、 会议召开和出席情况 (二)股东大会召开的地点：合肥市黄山路 459 号安建国际大厦公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2025年第二次临时股东大会决议公告 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： 本次股东大会表决方式符合《公司法》及《公司章程》的规定，会议由公司 董事李有贵先生主持。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事7人，出席7人，其中董事长杨善斌先生、董事盛明宏先生以视 频方式出席； 2、公司在任监事5人，出席5人； 3、公司董事会秘书、财务总监刘强先生出席会议，总经理钱申春先生及安徽天 禾律师事务所汪明月律师、尹颂律师列席会议。 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：关于公司符合公开发行可续期公司债券条件的议案 审议结 ...

股东大会法律意见书 依据《证券法》《公司法》《上市公司股东大会规则》和《安徽建工集团 股份有限公司章程》（以下简称"《公司章程》"）的有关规定，安徽天禾律 师事务所（以下简称"本所"）接受安徽建工集团股份有限公司（以下简称 "安徽建工"或"公司"）的委托，指派汪明月、尹颂两位律师（以下简称 "本所律师"）就公司于 2025 年 9 月 5 日召开的安徽建工 2025 年第二次临时 股东大会（以下简称"本次股东大会"）出具法律意见书。 本所律师按照律师行业公认的业务标准、道德规范和勤勉尽责精神，参与 了本次股东大会并对公司提供的有关文件和事实进行了核查和验证，现出具法 律意见如下： 一、本次股东大会的召集程序 安徽天禾律师事务所 关于安徽建工集团股份有限公司 2025 年第二次临时股东大会的法律意见书 天律意 2025 第 02378 号 致：安徽建工集团股份有限公司 三、本次股东大会出席会议人员的资格 经查验，在现场参加本次股东大会的股东、股东代理人以及通过网络投票 表决的流通股股东共计 405 人，所持有表决权股份数共计 661,036,233 股，占公 司总股本的 38.5099%。其中，参加表决的中小投 ...

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-066 安徽建工集团股份有限公司 第九届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 表决结果：8 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 经与会董事书面表决，会议形成如下决议： （一）审议通过了《关于选举副董事长的议案》，选举钱申春先生为公司第九届 董事会副董事长，任期自本次董事会审议通过之日起至第九届董事会届满之日止。 表决结果：8 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 （二）审议通过了《关于选举董事会战略委员会成员的议案》，同意选举钱申春 先生为公司第九届董事会战略委员会委员，任期自本次董事会审议通过之日起至第九 届董事会届满之日止。 表决结果：8 票同意，0 票反对，0 票弃权，本项议案获得表决通过。 （三）审议通过了《关于申请可续期信托贷款的议案》，同意公司向渤海国际信 托股份有限公司申请可续期信托贷款，金额不超过人民币 10 亿元，用于本 ...

Core Viewpoint - The company experienced a decline in revenue and net profit in the first half of 2025, attributed to a slowdown in new infrastructure project commencements, despite a stable growth in orders [2][3]. Financial Performance - The company achieved a revenue of 30.185 billion yuan in the first half of 2025, a year-on-year decrease of 9.79% [2]. - The net profit attributable to shareholders was 553 million yuan, down 9.80% year-on-year, with a non-recurring net profit of 504 million yuan, a decrease of 11.54% [1][2]. - In Q2 2025, the revenue was 15.643 billion yuan, reflecting a 21.48% year-on-year decline [2]. Order and Contract Performance - New contracts signed in the first half of 2025 totaled 73.308 billion yuan, an increase of 1.41% year-on-year [2]. - Breakdown of new contracts: - Infrastructure and investment business: 48.444 billion yuan, down 8.45% - Housing construction: 24.864 billion yuan, up 28.37% [2]. Profitability Metrics - The overall gross margin improved to 14.08%, up 1.34 percentage points year-on-year, with infrastructure and investment business gross margin at 12.79%, an increase of 2.17 percentage points [2][3]. - The net profit margin for the first half was 1.83%, unchanged year-on-year, while the non-recurring net profit margin was 1.67%, down 0.03 percentage points [3]. Cash Flow and Financial Health - Operating cash flow net outflow was 2.797 billion yuan, a reduction of 1.022 billion yuan year-on-year, with a cash collection ratio of 111.17%, up 7.92 percentage points [4]. - The asset-liability ratio increased by 0.96 percentage points to 86.66%, and accounts receivable turnover days increased by 56.39 days to 311.42 days [4]. Strategic Initiatives - The company is focusing on optimizing its business structure to enhance future profitability, emphasizing a dual-driven model of "investment + construction" [4]. - New initiatives include expanding into highway investment and smart manufacturing, as well as integrating real estate with park operations and healthcare [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company experienced a decline in revenue due to a slowdown in project commencement, with a 9.79% year-on-year decrease in revenue to 30.185 billion yuan in the first half of 2025. The net profit attributable to shareholders also decreased by 9.80% to 553 million yuan, while the net profit after deducting non-recurring items fell by 11.54% to 504 million yuan [2][6] Summary by Sections Revenue and Profitability - The company reported a total revenue of 30.185 billion yuan in the first half of 2025, down 9.79% year-on-year. The second quarter revenue was 15.643 billion yuan, reflecting a more significant decline of 21.48% year-on-year. New contracts signed in the first half amounted to 73.308 billion yuan, a slight increase of 1.41% year-on-year [12][10] - The overall profitability remained stable, with a gross margin of 14.08%, an increase of 1.34 percentage points year-on-year. The gross margin for infrastructure and investment business was 12.79%, up 2.17 percentage points year-on-year, while the housing construction business saw a slight decline in gross margin to 9.27% [12][10] Cash Flow and Financial Health - The company experienced a reduction in cash outflow, with a net cash outflow from operating activities of 2.797 billion yuan, which is 1.022 billion yuan less than the previous year. The cash collection ratio improved to 111.17%, up 7.92 percentage points year-on-year [12][10] - The asset-liability ratio increased by 0.96 percentage points to 86.66%, and the accounts receivable turnover days increased by 56.39 days to 311.42 days [12][10] Business Structure and Future Opportunities - The company is focusing on optimizing its business structure to enhance future profitability. It is expanding into new areas such as highway investment and smart manufacturing, while also transforming its real estate business. As of the end of August, the company had invested in 23 highway projects, with recent operational launches expected to boost overall business development [12][10]