Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company experienced a decline in revenue and profit in the first three quarters of 2025, with revenue of 45.026 billion yuan, down 16.56% year-on-year, and a net profit of 0.809 billion yuan, down 15.94% year-on-year. The third quarter alone saw a revenue of 14.841 billion yuan, a decrease of 27.61% year-on-year, and a net profit of 0.256 billion yuan, down 26.71% year-on-year [1][2] - Despite the short-term pressure on revenue and performance, the company is expected to maintain a high level of investment in Anhui Province, and the integration of business segments may create a second growth curve [1] - New signed contracts showed steady growth, with a total of 371.2 billion yuan in new contracts in Q3 2025, up 15.09% year-on-year, and a cumulative total of 1,122.06 billion yuan for the first three quarters, up 6.48% year-on-year [2] - The company’s cash flow significantly improved, with a net cash outflow of 1.967 billion yuan in the first three quarters, which is 3.288 billion yuan less than the previous year [3] Financial Performance Summary - For the first three quarters of 2025, the company's gross margin was 13.1%, up 0.89 percentage points year-on-year, while the net profit margin was 2.55%, up 0.13 percentage points year-on-year [3] - The company’s revenue forecast for 2025-2027 is adjusted to 1.25 billion, 1.41 billion, and 1.57 billion yuan respectively, slightly down from previous estimates [1] - The company’s financial data shows a projected revenue of 89.688 billion yuan for 2025, with a growth rate of -7.06% [4] Order and Project Insights - The company’s new signed orders in infrastructure and municipal projects are rapidly increasing, with significant growth in specific sectors such as highway and bridge projects, which saw a 32% increase in Q3 [2] - The report indicates a positive outlook for project advancement into Q4, suggesting continued momentum in order execution [2]

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

Summary of Anhui Construction's Conference Call Company Overview - **Company**: Anhui Construction - **Industry**: Construction and Engineering Key Points Financial Performance - In Q3 2025, Anhui Construction achieved revenue of 45 billion yuan and net profit of 808 million yuan, showing a year-on-year decline [3][4] - New orders signed in the first three quarters increased by 6.48%, with a 15% growth in total orders in Q3 [3][4] - Operating cash flow remains negative but improved significantly from 5.2 billion yuan to 1.967 billion yuan year-on-year [3][4] - Gross margin and net profit are on a gradual upward trend, while the debt-to-asset ratio has decreased, indicating a continuous improvement in the asset-liability structure [2][3] Business Model and Strategy - The BOT (Build-Operate-Transfer) project model is beneficial for revenue and cash flow, allowing income recognition during the construction phase and based on traffic volume during the operation phase [2][6] - Anhui Construction has signed 28 BOT highway projects, with two already operational and the rest under construction or preparation [2][6] - The company is expanding its market presence across 18 provinces and aims to increase the proportion of profits from outside the province to 40%-50% [2][10] Management and Operational Efficiency - Management expense ratio rose to 4.1% due to the implementation of the "Four Comprehensive Strategy," which includes establishing new institutions and optimizing project management [2][9] - Financial expense ratio improved significantly from 2.6% to 1.1%, attributed to effective control of financing costs and improved capital utilization [2][11] Market Challenges and Responses - The construction industry is facing downward pressure, particularly in municipal and public building projects due to reduced government payment capabilities [5][17] - The approval authority for BOT projects has shifted from provincial to national level, potentially extending preparation times [7][8] - Anhui Construction plans to accelerate project execution in Q4, with four highway projects entering peak construction [5][7] Future Outlook - The company anticipates significant contributions to revenue and profit from upcoming project launches in Q4 [17] - Despite challenges in 2025, the company aims to achieve profit recovery through effective management and project execution [17] - Plans for future financing include potential equity financing, contingent on market conditions [13][18] Emerging Opportunities - Anhui Construction is exploring new sectors such as smart manufacturing and urban infrastructure, including underground pipeline construction, in response to traditional business pressures [15][16] - The company is also focusing on international expansion, particularly in Southeast Asia, Central Asia, and Africa, under the "Belt and Road" initiative [11][20] Dividend and Shareholder Returns - The dividend policy for 2025 is projected at around 30%, contingent on overall performance and cash flow [19][18] Asset Management - Anhui Province's asset management plan aims to revitalize funds and resources, with Anhui Construction preparing to align with government initiatives for asset optimization [21][20]

Investment Rating - The report suggests a cautious outlook on the construction industry, recommending state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhizhi New Materials and Honglu Steel Structure as potential investment opportunities [3][12][14]. Core Insights - The construction industry is currently experiencing weak overall demand, but regional investments may gain momentum as national strategies are implemented [3][12]. - The report emphasizes the importance of modernizing infrastructure and upgrading key industries to enhance global competitiveness [3][10]. - Significant growth has been observed in specific sub-sectors, particularly in private infrastructure companies, which have shown substantial year-to-date gains [3][6]. Industry Performance - The SW Construction Decoration Index decreased by 1.49%, underperforming compared to major indices such as the Shanghai Composite Index, which increased by 0.11% [4][6]. - The best-performing sub-sectors for the week included Professional Engineering (+2.08%) and Decorative Curtain Walls (+1.39%) [4][6]. - Year-to-date, the private infrastructure sector has seen a remarkable increase of 67.91%, with individual companies like Chengbang Co. and Dongyi Risheng achieving gains of 182.55% and 182.38%, respectively [3][6]. Key Company Updates - Sichuan Road and Bridge reported a revenue increase of 1.95% and a net profit increase of 11.04% for the first three quarters of 2025 [12][14]. - Jianfa Hecheng experienced a revenue growth of 10.55% and a net profit increase of 21.2% during the same period [13][14]. - Notable changes in other companies include Xinjiang Jiaojian with a revenue increase of 38.58% and a net profit increase of 147.73% [14]. Market Trends - The report highlights the government's focus on constructing a modern industrial system and enhancing the competitiveness of key industries, including construction [10][11]. - The Ministry of Housing and Urban-Rural Development reported that 24,300 urban old residential communities were newly started or renovated from January to September 2025 [11][12]. - The report notes that the construction sector's fixed asset investment reached 2.6 trillion yuan in the first three quarters of 2025, reflecting a year-on-year decline of 4.17% [11].

Core Viewpoint - Anhui Construction (600502.SH) reported a significant decline in both revenue and net profit for the third quarter of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the third quarter was 14.841 billion, representing a year-on-year decrease of 27.61% [1] - The net profit attributable to shareholders of the listed company was 256 million, down 26.71% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 238 million, reflecting an 18.04% year-on-year decline [1]

证 券 代 码 ： 600502 证 券 简 称 ： 安 徽 建 工 编 号 ： 2025-080 安徽建工集团股份有限公司 关于子公司发行债务融资工具获准注册的公告 安徽建工集团股份有限公司董事会 2 中市协决定接受建工路港超短期融资券和中期票据注册，注册金额分别为 5 亿元 和 10 亿元，注册额度自本通知书落款之日起 2 年内有效。其中，超短期融资券由中 国民生银行股份有限公司、兴业银行股份有限公司、杭州银行股份有限公司、徽商银 行股份有限公司和上海浦东发展银行股份有限公司联席主承销，中期票据由中国民生 银行股份有限公司、兴业银行股份有限公司、杭州银行股份有限公司、徽商银行股份 有限公司、上海浦东发展银行股份有限公司和交通银行股份有限公司联席主承销。建 工路港在注册有效期内可分期发行超短期融资券和中期票据，并应按照有权机构决议 及相关管理要求进行发行管理。 1 建工路港将根据《接受注册通知书》要求，按照《非金融企业债务融资工具注册 发行规则》《非金融企业债务融资工具注册工作规程》《非金融企业债务融资工具信 息披露规则》及有关规则指引规定，履行信息披露义务。 特此公告。 2025 年 10 月 31 日 ...

安徽建工集团股份有限公司 股东会议事规则 （2025 年修订） 第一章 总则 第一条 为规范安徽建工集团股份有限公司（以下简称 "公司"）行为，保证股东会依法行使职权，根据《公司 法》《证券法》《上市公司股东会规则》等法律法规和 《安徽建工集团股份有限公司章程》（以下简称《公司章 程》）的规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项 适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章 程》及本规则的相关规定召开股东会，保证股东能够依法 行使权利。 公司董事会应当切实履行职责，认真、按时组织股东 会。公司全体董事应当勤勉尽责，确保股东会正常召开和 依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定 的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股 东会每年召开一次，应当于上一会计年度结束后的 6 个月 内举行。临时股东会不定期召开，出现《公司法》第一百 一十三条规定的应当召开临时股东会的情形时，临时股东 会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司 1 / 13 所在地中国证监会派出机构和上海证券交易所（以下简称 ...

(2025 年修订) 第一章 总则 第一条 为进一步规范安徽建工集团股份有限公司（以 下简称公司）董事会的议事方式和决策程序，促使董事和董 事会有效履行职责，提高董事会规范运作和科学决策水平， 根据《公司法》《证券法》《上市公司治理准则》《上海证券 交易所股票上市规则》等法律法规和《安徽建工集团股份有 限公司章程》（以下简称《公司章程》）的规定，制定本规则。 第二条 董事会应当依法履行职责，确保公司遵守法律 法规和《公司章程》的规定，公平对待所有股东，加强与投 资者沟通，并关注其他利益相关者的合法权益。 公司应当保障董事会依照法律法规和《公司章程》的规 定行使职权，为董事正常履行职责提供必要的条件。 第二章 董事会组成和职权 第三条 公司董事会由 9 名董事组成，其中独立董事 3 人，职工代表董事 1 人，设董事长 1 人、副董事长 1-2 人。 董事长和副董事长由董事会以全体董事的过半数选举产生。 第四条 董事（职工代表董事除外）由股东会选举或者 更换，并可在任期届满前由股东会解除其职务。职工代表董 事由公司职工通过职工代表大会等民主选举产生。董事每届 任期 3 年，任期届满可连选连任，其中独立董事连续任职 ...

安徽建工集团股份有限公司 章 程 2025 年修订 | . | D | | | --- | --- | --- | | 1 | . | 1 | | | | 第一章 总则 第一条 为维护安徽建工集团股份有限公司（以下简称 "公司"）、股东、职工和债权人的合法权益，规范公司的 组织和行为，根据《中华人民共和国公司法》（以下简称《公 司法》）、《中华人民共和国证券法》（以下简称《证券法》）、 《中国共产党章程》和其他有关规定，制定本章程。 第二条 根据《中国共产党章程》规定和上级党组织要 求，在公司设立中国共产党的组织。党组织在公司发挥领导 作用，把方向、管大局、保落实。坚持和落实党的建设和公 司改革发展同步谋划、党的组织及工作机构同步设置、党组 织负责人及党务工作人员同步配备、党建工作同步开展。 第三条 公司系依照《公司法》和其他有关规定成立的 股份有限公司。公司经安徽省人民政府"皖府股字 1998 第 20 号"《安徽省股份公司批准证书》批准，以发起方式设立， 于 1998 年 6 月 15 日在安徽省工商行政管理局注册登记，取 得 企 业 法 人 营 业 执 照 ， 公 司 统 一 社 会 信 用 代 码 为 ...

安徽建工集团股份有限公司 董事会专门委员会工作细则 （2025 年修订审议稿） 第一章 总则 第一条 为提高安徽建工集团股份有限公司（以下简称 公司）董事会决策的科学性，促进公司规范运作，根据《公 司法》《证券法》《上市公司治理准则》《上市公司独立董 事管理办法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规及《安徽建工集团股份有限公 司章程》（以下简称《公司章程》）、《安徽建工集团股份 有限公司董事会议事规则》的规定，制定本细则。 第二条 公司董事会设立审计委员会、战略委员会、提 名委员会、薪酬与考核委员会等 4 个专门委员会。专门委员 会依照《公司章程》和董事会授权履行职责。 第二章 人员组成 1 / 6 连续任职不得超过 6 年。期间如有成员因辞任或者其他原因 不再担任公司董事职务，自其不再担任董事之时自动辞去专 门委员会职务。 专门委员会成员辞任导致专门委员会成员低于法定最 低人数，或者欠缺会计专业人士，在新成员就任前，原成员 仍应当继续履行职责。 第三章 职责权限 第六条 审计委员会负责审核公司财务信息及其披露、 监督及评估内外部审计工作和内部控制，主要职责包括： （一）监督 ...