证券代码：600820 股票简称：隧道股份 编号：临 2025-034 债券代码：115633 债券简称：23 隧道 K1 债券代码：115902 债券简称：23 隧道 K2 上海隧道工程股份有限公司 第十届董事会第四十八次会议决议公告 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个别及连带责任。 重要内容提示： ●本次董事会会议应出席 8 人，实际出席 7 人，董事叶颖先生因 个人原因未能出席本次会议，委托董事王刚先生代为行使表决权。 ●本次董事会会议无董事对会议审议议案投反对或弃权票情形。 ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十八次会议，于 2025 年 8 月 15 日以电子邮件方式发出会议通知，并 进行了电话确认，于 2025 年 8 月 26 日上午在宛平南路 1099 号 208 会议室召开。出席会议的董事有葛以衡、刘纯洁、袁涛、王刚、张桂 戌、张纯、王啸波，董事叶颖因个人原因无法出席会议，委托董事王 刚代为行使表决权；监事田赛男、 ...

| 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-034 | | --- | --- | --- | --- | --- | --- | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | ●本次董事会会议审议议案全部获得通过。 一、董事会会议召集、召开情况 上海隧道工程股份有限公司（简称"公司"）第十届董事会第四 十八次会议，于 2025 年 8 月 15 日以电子邮件方式发出会议通知，并 进行了电话确认，于 2025 年 8 月 26 日上午在宛平南路 1099 号 208 会议室召开。出席会议的董事有葛以衡、刘纯洁、袁涛、王刚、张桂 戌、张纯、王啸波，董事叶颖因个人原因无法出席会议，委托董事王 刚代为行使表决权；监事田赛男、彭瑶、杨帆列席了会议；副总裁王 志华、胡军，首席信息官熊诚，总法律顾问冯凯，董事会秘书张连凯 和财务资金部总经理吴亚芳列席了会议，会议由公司董事长葛以衡先 生主持。本次会议的召集、召开符合相关法律、法规和《公司章程》 的规定。 上海隧道工程 ...

上海隧道工程股份有限公司 2025 年半年度利润分配预案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： ●每股分配比例 每股派发现金红利 0.08 元（含税） ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。截至 2025 年 6 月 30 日公司 总股本为 3,144,096,094 股。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分红比例，并将另行公告具体调整情况。 一、利润分配预案内容 上海隧道工程股份有限公司（简称"公司"）2025 年半年度共实 现归属于上市公司普通股股东的净利润 667,016,872.11 元，截至 2025 年 6 月 30 日公司期末可供分配利润为 18,678,317,259.33 元。 经公司第十届董事会第四十八次会议审议通过，公司 2025 年半 证券代码：600820 证券简称：隧道股份 公告编号：临 2025-036 债券代码：115633 债券简称：23 隧道 K ...

[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) Management guarantees the unaudited report's accuracy and completeness, disclosing the 2025 interim profit distribution plan - Company directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[4](index=4&type=chunk) 2025 Interim Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Cash dividend per 10 shares (incl. tax) | 0.80 yuan | | Total distributed profit | 251,527,687.52 yuan | | Percentage of net profit attributable to ordinary shareholders | 37.71% | - The company had no significant risks during the reporting period, with potential risks disclosed in "Section III - Management Discussion and Analysis, V. Other Disclosures (I) Potential Risks"[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms, including company abbreviations, related parties, and industry-specific technical terms - The Company/Company/Listed Company/STEC refers to Shanghai Tunnel Engineering Co., Ltd[11](index=11&type=chunk) - BOT (Build-Operate-Transfer), BT (Build-Transfer), and PPP (Public-Private Partnership) are common financing and operating models for infrastructure projects[11](index=11&type=chunk) - TBM (Tunnel Boring Machine), BIM (Building Information Modeling), and EPC (Engineering, Procurement, and Construction) are important technologies and management models in the engineering construction sector[11](index=11&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides company basic information, stock overview, and key financial data, including revenue, profit, and assets [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) The company's full name is Shanghai Tunnel Engineering Co., Ltd., abbreviated as STEC, with Ge Yiheng as its legal representative - Company's full Chinese name: Shanghai Tunnel Engineering Co., Ltd., Chinese abbreviation: STEC[13](index=13&type=chunk) - Company's legal representative: Ge Yiheng[14](index=14&type=chunk) [II. Contact Person and Contact Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative for investor communication - Board Secretary: Zhang Liankai, Securities Affairs Representative: Shan Yingkun, both with contact address at 1099 Wanping South Road, Shanghai[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) The company's registered and office address is 1099 Wanping South Road, Xuhui District, Shanghai, with a change in registered address on July 8, 2016 - Company's registered and office address is 1099 Wanping South Road, Xuhui District, Shanghai, with the registered address changing on July 8, 2016[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&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) The company designates specific newspapers for information disclosure, with the semi-annual report available on www.sse.com.cn - The company designates "China Securities Journal," "Shanghai Securities News," and "Securities Times" as information disclosure newspapers[17](index=17&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the document custody location is the company's Board Secretary Office[17](index=17&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) The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "STEC" and code "600820" - The company's stock is A-shares, listed on the Shanghai Stock Exchange, stock abbreviation "STEC", code "600820"[18](index=18&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) Revenue decreased by **21.47%** to **22.02 billion yuan**, net profit by **7.40%** to **727 million yuan** Key Accounting Data (January-June 2025) | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 22,020,608,617.90 yuan | 28,042,790,328.59 yuan | -21.47 | | Total Profit | 1,023,950,291.74 yuan | 1,244,319,628.23 yuan | -17.71 | | Net Profit Attributable to Listed Company Shareholders | 726,769,420.08 yuan | 784,858,022.12 yuan | -7.40 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Items) | 680,148,260.59 yuan | 678,748,636.44 yuan | 0.21 | | Net Cash Flow from Operating Activities | -3,710,449,636.29 yuan | -3,762,404,694.94 yuan | 1.38 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 36,662,075,835.72 yuan | 34,636,261,397.79 yuan | 5.85 | | Total Assets (Period-end) | 170,943,842,849.16 yuan | 172,744,134,701.35 yuan | -1.04 | Key Financial Indicators (January-June 2025) | Indicator | Current Period (Jan-Jun) | Prior Year (Adjusted) | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.21 | 0.25 | -16.00 | | Diluted Earnings Per Share (yuan/share) | 0.21 | 0.25 | -16.00 | | Basic EPS (Excluding Non-Recurring Items) (yuan/share) | 0.20 | 0.22 | -9.09 | | Weighted Average Return on Net Assets (%) | 1.93 | 2.71 | Decreased by 0.78 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | 1.79 | 2.34 | Decreased by 0.55 percentage points | Main Business by Industry (January-June 2025) | Industry Segment | Operating Revenue (yuan) | YoY Change in Operating Revenue (%) | Gross Margin (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Construction | 18,562,803,046.41 | -24.01 | 11.13 | -1.04 | | Design Services | 526,307,865.30 | -26.49 | 31.45 | 5.04 | | Infrastructure Operations | 1,521,470,901.88 | 27.07 | 21.91 | 6.81 | | Machinery Processing & Manufacturing | 38,987,328.38 | -66.76 | 8.85 | -3.34 | | Financial Leasing | 311,554,228.95 | 26.83 | 100.00 | - | | Investment Business | 744,603,962.13 | -21.92 | 57.72 | 9.50 | | Digital Information | 149,352,520.97 | -27.05 | 2.84 | -6.64 | | Other Businesses | 16,095,058.91 | -3.20 | 11.49 | -12.59 | Main Business by Region (January-June 2025) | Region | Operating Revenue (yuan) | YoY Change in Operating Revenue (%) | Gross Margin (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Shanghai | 14,547,986,344.77 | -27.71 | 16.79 | 0.49 | | Zhejiang | 2,092,214,929.31 | -22.16 | 21.37 | 1.46 | | Fujian | 236,268,429.97 | 62.11 | 13.88 | 9.01 | | Jiangsu | 770,668,962.00 | 99.02 | 17.86 | 7.44 | | Sichuan | 218,678,165.84 | 56.88 | 22.20 | 21.42 | | Singapore | 1,822,963,423.01 | 25.13 | 3.45 | -0.64 | [IX. Non-Recurring Gains and Losses and Amounts](index=7&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) Total non-recurring gains and losses amounted to **46.62 million yuan**, primarily from disposal of non-current assets, government grants, and fair value changes of financial assets/liabilities Non-Recurring Gains and Losses and Amounts (January-June 2025) | Non-Recurring Gain/Loss Item | Amount (yuan) | | :--- | :--- | | Gains/losses from disposal of non-current assets | 46,358,364.51 | | Government grants recognized in current profit/loss | 78,609,330.69 | | Gains/losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and disposal gains/losses | -67,548,019.95 | | Other non-operating income and expenses apart from the above | -6,697,906.85 | | Less: Income tax impact | 2,893,472.02 | | Minority interest impact (after tax) | 1,207,136.89 | | Total | 46,621,159.49 | - The company classified entrusted management income of **56,118,962.26 yuan** as recurring gains/losses due to its close relation to the company's main business and long-term nature[27](index=27&type=chunk) [Section III Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section details the company's operations, including business segments, operating models, quality and safety management, new orders, key projects, emerging businesses, and ESG improvements, alongside core competencies and potential risks [I. Explanation of the Company's Industry and Main Business during the Reporting Period](index=8&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) The company's main business spans urban infrastructure design, construction, investment, operation, and maintenance, along with shield equipment manufacturing, financial services, and emerging businesses, all supported by robust quality and safety management [1. Company's Main Business](index=8&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core activities include urban infrastructure design, construction, investment, operation, and property management, alongside shield equipment manufacturing, financial services, and emerging technologies - The company primarily engages in urban infrastructure design, construction, investment, operation, maintenance, and property management, covering tunnels, rail transit, roads and bridges, gas and new energy, water and environment, underground space, and urban public spaces[29](index=29&type=chunk) - The company also includes shield (including digital shield) equipment manufacturing, financial services such as industrial funds, financial leasing, and factoring, as well as emerging businesses like smart cities, intelligent transportation, and low-altitude economy[29](index=29&type=chunk) - The company has undertaken **32** super-large diameter tunnel projects (over 14 meters) and accumulated approximately **1025 kilometers** of rail transit mileage in underground operations[30](index=30&type=chunk) - The company holds multiple qualifications, including Special Grade for Municipal Public Works General Contracting, Comprehensive Grade A for Engineering Design, and Comprehensive Grade A for Engineering Survey, covering its existing business scope[32](index=32&type=chunk)[33](index=33&type=chunk) [2. Company's Business Operating Model](index=11&type=section&id=2%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) Infrastructure construction primarily uses EPC, general contracting, and specialized contracting, with PPP for investment and operations; equipment manufacturing is build-to-order; financial leasing includes sale-leaseback and direct leasing; digital information uses project, product, and operation models - Infrastructure construction business primarily operates under engineering general contracting, construction general contracting, and specialized contracting models, with infrastructure investment and operations mainly adopting the PPP model[38](index=38&type=chunk) - Equipment manufacturing business primarily operates on a build-to-order basis, with production scale determined by demand[39](index=39&type=chunk) - Financial leasing business models include sale-leaseback, direct leasing, and operating leases, while factoring business includes forward factoring and reverse factoring[39](index=39&type=chunk)[40](index=40&type=chunk) - Digital information business operating models include contract project model, general product model, and operation model[40](index=40&type=chunk) [3. Quality Control and Evaluation System](index=11&type=section&id=3%E3%80%81%E8%B4%A8%E9%87%8F%E6%8E%A7%E5%88%B6%E8%AF%84%E4%BB%B7%E4%BD%93%E7%B3%BB) The company maintains and improves its quality, environmental, and occupational health and safety management systems, meeting national and local standards, and conducts regular internal inspections - The company continuously improves its safe, healthy, low-carbon, and environmentally friendly quality, environmental, and occupational health and safety management systems, meeting multiple national and Shanghai municipal standards, and has passed system audits and certifications[42](index=42&type=chunk) - The company and its subsidiaries have established quality, safety, and environmental management supervision teams to comprehensively control, inspect, and supervise engineering construction processes, and regularly organize internal quality inspections and cross-inspections[42](index=42&type=chunk) [4. Safety Management System Construction](index=12&type=section&id=4%E3%80%81%E5%AE%89%E5%85%A8%E7%AE%A1%E7%90%86%E4%BD%93%E7%B3%BB%E5%BB%BA%E8%AE%BE) The company has built a self-controlling, self-improving, and self-enhancing ecological safety management system, integrating digitalization and advanced technologies to enhance safety management efficiency - The company has built a self-controlling, self-improving, and self-enhancing ecological safety management system, implementing "dual responsibilities of party and government, one post with dual responsibilities" and "three management, three musts" requirements[43](index=43&type=chunk) - The company conducts comprehensive, forward-looking, and exploratory safety research, accelerating the deep integration of digitalization and safety management, and leveraging vertical large models and other advanced digital technologies to promote intelligent safety management[43](index=43&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=12&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%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, new orders reached **46.21 billion yuan**, up **0.18%**, with significant growth in road engineering; the company advanced key projects, invested in AI, applied smart shield technology, completed bond issuances, and improved its ESG rating to A - During the reporting period, the company's total new orders for various construction, design, and operation businesses amounted to **46.207 billion yuan**, a **0.18%** increase year-on-year[44](index=44&type=chunk) - Road engineering businesses saw a significant increase of **178.80%** compared to the previous year[44](index=44&type=chunk) - The company strategically invested in Zhongcheng Jiao (Shanghai) Technology Co., Ltd., focusing on AI large models to build a transportation vertical large model brand[45](index=45&type=chunk) - The intelligent shield 2.0 technology system achieved its first complete engineering application, advancing shield tunneling construction into a new digital and intelligent era[45](index=45&type=chunk) - The company subscribed to non-public offering shares of Shanghai Waigaoqiao Group Co., Ltd. with **1 billion yuan** and established an overseas international investment company in Singapore[46](index=46&type=chunk) - The company successfully completed the issuance of **2 billion yuan** in perpetual corporate bonds, **4.5 billion yuan** in ultra-short-term financing bonds, and **1.633 billion yuan** in shelf ABS[46](index=46&type=chunk) - The company's Wind-ESG rating improved from BBB to A[46](index=46&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=13&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 boasts 2 national-level and 9 municipal-level R&D platforms, 24 high-tech enterprises, and 14 specialized/new enterprises, holding 2,928 patents, and has established six innovation centers focusing on core technology and AI - The company possesses **2** national-level R&D platforms, including a "National Engineering Research Center" and a "National Enterprise Technology Center", **9** municipal-level enterprise technology centers, **6** municipal-level engineering technology research centers, **1** municipal-level engineering technology innovation center, **4** municipal housing and urban-rural development industry engineering technology innovation centers, **17** municipal transportation industry innovation bases (centers), and **2** postdoctoral workstations[48](index=48&type=chunk) - The company owns **24** high-tech enterprises, **12** specialized and new small and medium-sized enterprises, and **2** specialized and new "little giant" enterprises[48](index=48&type=chunk) - During the period, the company accumulated **2,928** authorized patents, including **1,007** invention patents; in H1 2025, **151** new patents were authorized, including **81** invention patents[48](index=48&type=chunk) - The company established an environmental science and technology innovation center, in addition to its five existing centers (urban renewal, digital shield, smart operations, new materials, dual carbon), to continuously strengthen and complement the industrial chain, focusing on core technology R&D and industrial application in ecological and environmental fields[49](index=49&type=chunk) - The company incubated a strategic AI technology enterprise, co-founding Zhongcheng Jiao (Shanghai) Technology Co., Ltd., to launch one-stop solutions based on transportation large models for the market[50](index=50&type=chunk) [IV. Main Operating Conditions during the Reporting Period](index=14&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 changes in financial statement items, assets, liabilities, investments, and major subsidiaries, noting decreased revenue and costs from construction, increased financial assets, and higher short-term borrowings for debt replacement [ (I) Main Business Analysis](index=14&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) Operating revenue and costs decreased by **21.47%** and **21.89%** respectively, mainly due to reduced construction business; sales, management, financial, and R&D expenses also declined, while financing cash flow significantly increased due to new perpetual bond issuance Financial Statement Item Fluctuation Analysis Table (January-June 2025) | Item | Current Period Amount (yuan) | Prior Year (Adjusted) Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 22,020,608,617.90 | 28,042,790,328.59 | -21.47 | | Operating Cost | 18,632,721,471.68 | 23,855,088,900.30 | -21.89 | | Selling Expenses | 2,367,439.55 | 3,148,751.26 | -24.81 | | Administrative Expenses | 874,523,369.80 | 889,676,205.16 | -1.70 | | Financial Expenses | 736,539,461.15 | 812,899,874.22 | -9.39 | | R&D Expenses | 960,591,891.20 | 1,222,796,621.55 | -21.44 | | Net Cash Flow from Operating Activities | -3,710,449,636.29 | -3,762,404,694.94 | 1.38 | | Net Cash Flow from Investing Activities | 99,620,327.38 | 481,012,158.45 | -79.29 | | Net Cash Flow from Financing Activities | 2,039,262,581.03 | -1,000,615,911.11 | 303.80 | - The change in operating revenue was primarily due to a decrease in construction business revenue[52](index=52&type=chunk) - The change in net cash flow from investing activities was primarily due to an increase in cash paid for investments from newly purchased trading financial assets[52](index=52&type=chunk) - The change in net cash flow from financing activities was primarily due to an increase in net cash flow from financing activities from newly issued perpetual bonds in the current period[52](index=52&type=chunk) [ (III) Analysis of Assets and Liabilities](index=14&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) Trading financial assets surged by **198.72%** to **1.45 billion yuan**, inventory increased by **50.20%**, and short-term borrowings rose by **54.15%** to **8.53 billion yuan** for debt replacement; restricted assets totaled **37.27 billion yuan** Asset and Liability Fluctuation (Period-end 2025) | Item Name | Current Period-end Amount (yuan) | % of Total Assets (Current Period-end) | Prior Year-end Amount (yuan) | % of Total Assets (Prior Year-end) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 1,448,175,312.84 | 0.85 | 484,796,753.10 | 0.28 | 198.72 | Newly purchased financial assets in current period | | Notes Receivable | 24,038,933.20 | 0.01 | 37,431,538.36 | 0.02 | -35.78 | Decrease in commercial bills received | | Inventories | 1,740,642,346.49 | 1.02 | 1,158,876,991.15 | 0.67 | 50.20 | Primarily due to increase in finished goods in current period | | Other Non-Current Financial Assets | 123,418,662.11 | 0.07 | 228,445,244.26 | 0.13 | -45.97 | Decrease in debt instrument investments | | Development Expenditures | 2,591,205.67 | 0.00 | 3,858,546.86 | 0.00 | -32.85 | Transferred to intangible assets | | Short-term Borrowings | 8,525,766,226.46 | 4.99 | 5,530,762,517.99 | 3.20 | 54.15 | Used to replace maturing corporate bonds | | Employee Benefits Payable | 246,151,963.42 | 0.14 | 400,232,609.64 | 0.23 | -38.50 | Primarily due to decrease in short-term employee benefits payable | | Taxes Payable | 295,819,882.52 | 0.17 | 684,722,885.59 | 0.40 | -56.80 | Primarily due to decrease in income tax payable | - Overseas assets amounted to **4.087 billion yuan**, accounting for **2.39%** of total assets[55](index=55&type=chunk) Period-end Major Restricted Assets | Item | Period-end Book Value (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | 250,820,939.16 | Margin deposits and litigation freezes | | Long-term Receivables | 19,932,331,757.98 | Pledged borrowings | | Fixed Assets | 79,405,798.72 | Mortgaged borrowings | | Investment Properties | 805,910,745.91 | Mortgaged borrowings | | Intangible Assets | 1,492,836,596.10 | Pledged borrowings | | Other Non-Current Assets | 14,705,975,854.58 | Pledged borrowings | | Total | 37,267,281,692.45 | - | [ (IV) Analysis of Investment Status](index=15&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) Equity investments decreased by **86.18%** to **293.20 million yuan** in H1 2025, while PPP project investment returns remained stable; fair value financial assets totaled **1.58 billion yuan**, with stock and fund investments showing mixed fair value changes H1 2025 Equity Investment Amount | Indicator | Amount (10,000 yuan) | Change (%) | | :--- | :--- | :--- | | H1 2025 Equity Investment Amount | 29,320.09 | -86.18% | | Prior Year Period Equity Investment Amount | 212,134.18 | - | Financial Assets Measured at Fair Value (Period-end 2025) | Asset Category | Beginning Balance (yuan) | Fair Value Change in Current Period (yuan) | Amount Purchased in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Stocks | 391,604,726.82 | -52,556,504.99 | 999,899,997.54 | 1,338,970,457.28 | | Funds | 319,652,224.74 | 16,035,067.19 | 98,151,135.00 | 239,020,941.53 | | Total | 711,256,951.56 | -36,521,437.80 | 999,899,997.54 | 1,577,991,398.81 | Securities Investment Status (Period-end 2025) | Security Abbreviation | Initial Investment Cost (yuan) | Period-end Book Value (yuan) | Investment Gain/Loss in Current Period (yuan) | | :--- | :--- | :--- | :--- | | Lujiazui | 160,999,998.30 | 176,106,170.98 | 1,728,464.18 | | CCCC Design | 154,538,492.34 | 170,411,204.82 | -24,911,340.42 | | Waigaoqiao | 999,899,997.54 | 991,733,845.11 | 31,757,259.45 | | Huaxia CCCC REIT | 99,000,305.98 | 109,924,091.93 | 2,472,950.69 | | Guotai Junan Urban Investment Broad Court Rental Housing REIT | 190,320,000.00 | 129,096,849.60 | 4,193,588.45 | [ (VI) Analysis of Major Holding and Participating Companies](index=17&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) The company's major subsidiaries include Shanghai Tunnel Engineering Co., Ltd. and Shanghai Urban Construction Municipal Engineering (Group) Co., Ltd.; during the period, the company acquired Guangdong Qurao Construction Engineering Co., Ltd., divested Ningbo Yuchang Construction Development Co., Ltd., and established Shanghai Jianyuan Cloud Chain Technology Co., Ltd Major Subsidiary Financial Performance (January-June 2025) | Company Name | Registered Capital (yuan) | Total Assets (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Tunnel Engineering Co., Ltd. | 3,000,000,000.00 | 49,837,798,313.78 | 27,023,654.94 | | Shanghai Urban Construction Municipal Engineering (Group) Co., Ltd. | 1,500,006,532.37 | 23,543,197,592.21 | 6,755,182.26 | | Shanghai Urban Construction Design & Research Institute (Group) Co., Ltd. | 273,000,000.00 | 4,167,863,230.21 | 10,657,834.43 | | Shanghai Jianyuan Investment Co., Ltd. | 1,500,000,000.00 | 11,896,645,553.88 | 139,643,712.27 | | Shanghai Highway & Bridge (Group) Co., Ltd. | 1,780,000,000.00 | 18,997,604,458.51 | 16,509,176.89 | | Shanghai Infrastructure Construction Development (Group) Co., Ltd. | 3,665,351,941.08 | 36,545,889,915.40 | 561,958,365.77 | | Shanghai Urban Construction Investment Development Co., Ltd. | 1,500,000,000.00 | 2,896,606,825.79 | 63,027,513.38 | - During the reporting period, the company acquired Guangdong Qurao Construction Engineering Co., Ltd. under non-same control, divested Ningbo Yuchang Construction Development Co., Ltd., and established Shanghai Jianyuan Cloud Chain Technology Co., Ltd., with minor impact on overall production, operations, and performance[63](index=63&type=chunk) [V. Other Disclosures](index=19&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) The company faces risks in market competition, investment, safety, legal, and overseas operations, addressed through market expansion, technological innovation, risk control, and enhanced governance, while actively pursuing value creation and shareholder returns [ (I) Potential Risks](index=19&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 risks from market competition, infrastructure investment policy changes, complex engineering safety, expanding business legal issues, and overseas operational uncertainties, mitigated by strategic market development, technological innovation, and robust risk management - The construction industry faces increasing competition, which the company addresses by deeply cultivating traditional markets, implementing a "go global" strategy, increasing R&D investment, strengthening technological barriers, and leveraging full industrial chain synergy[64](index=64&type=chunk) - Changes in infrastructure investment and financing policies pose higher demands on investment businesses, which the company manages by strengthening market research, improving risk control processes, enhancing process supervision, and appropriately extending investment directions around its core infrastructure business to balance risks and returns[65](index=65&type=chunk) - Engineering construction involves high technical difficulty, long construction cycles, and broad management spans, which the company addresses by strengthening safety precautions, conducting safety education, deepening safety production campaigns, and enhancing safety control capabilities[66](index=66&type=chunk) - Expanding business scale brings legal risks, which the company manages by establishing a comprehensive, scientific, and mature standardized contract signing process control system, tracking and controlling projects throughout due diligence, mid-term review, and post-execution stages[67](index=67&type=chunk) - Overseas business expansion faces risks such as underdeveloped national economic and legal systems, which the company addresses by relying on its professional team or external consulting agencies to strengthen research and analysis of the social, cultural, and legal environments of project locations, and proposing corresponding solutions[68](index=68&type=chunk) [ (II) Other Disclosures](index=20&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 promotes value creation and shareholder returns through establishing an environmental innovation center, advancing high-tech transformations, implementing interim dividends, improving ESG ratings, enhancing governance, and strengthening investor relations - The company established an environmental science and technology innovation center to continuously strengthen and complement the industrial chain, focusing on core technology R&D and industrial application in ecological and environmental fields[69](index=69&type=chunk) - In H1 2025, **5** projects were recognized as Shanghai high-tech achievement transformation projects, covering intelligent manufacturing of tunnel segments, new materials, pipeline repair, and intelligent construction[69](index=69&type=chunk) - The company completed its 2024 year-end dividend distribution of **0.22 yuan** (incl. tax) per share, totaling **692 million yuan**; the 2025 interim dividend plan is **0.08 yuan** per share, totaling **251,527,687.52 yuan**[70](index=70&type=chunk) - The company's Wind-ESG rating successfully improved from BBB to A[70](index=70&type=chunk) - The company formulated governance systems such as the "Public Opinion Management System" and "Market Value Management System," and revised the "Insider Information Management System"[70](index=70&type=chunk) - The controlling shareholder, Urban Construction Group, increased its holdings in STEC by **24,838,300 shares** in H1, holding a total of **983,554,888 shares**, with a shareholding ratio of **31.28%**[71](index=71&type=chunk) [Section IV Corporate Governance, Environment and Society](index=21&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers changes in directors, supervisors, and senior management, the 2025 interim profit distribution plan of **0.80 yuan** per 10 shares, and the company's active participation in rural revitalization and community support initiatives [I. Changes in Company Directors, Supervisors, and Senior Management](index=21&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%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, Ge Yiheng was elected Chairman, Liu Chunjie was elected Director and appointed President, Yuan Tao was elected Director, and Zhang Guixu was elected Independent Director, with previous executives stepping down - Ge Yiheng was elected Chairman, and Liu Chunjie was elected Director and appointed President[74](index=74&type=chunk) - Yuan Tao was elected Director, and Zhang Guixu was elected Independent Director[74](index=74&type=chunk) - Ge Yiheng resigned as President, Gui Shuifa and Tu Xuanxuan resigned as Directors, and Chu Junhao resigned as Independent Director[74](index=74&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=21&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 proposes an interim cash dividend of **0.80 yuan** (incl. tax) per 10 shares, totaling **251.53 million yuan**, representing **37.71%** of net profit attributable to ordinary shareholders Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Is distribution or conversion | Yes | | Dividend per 10 shares (yuan) (incl. tax) | 0.80 | | Total distributed profit | 251,527,687.52 yuan | | Percentage of net profit attributable to ordinary shareholders | 37.71% | [V. Specifics of Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=22&type=section&id=%E4%BA%94%E3%80%81%E5%B7%B1%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%9D%80%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) The company actively supports rural revitalization, contributing **5 million yuan** to Qingpu District projects and conducting welfare activities for disadvantaged party members - The company fully implements the spirit of the Third Plenary Session of the 20th Central Committee and the overall deployment of the Shanghai Municipal Party Committee and Government on comprehensively promoting rural revitalization, participating in rural revitalization construction in all aspects[76](index=76&type=chunk) - During the reporting period, the company contributed **5 million yuan** to support rural revitalization efforts in Qingpu District (2025)[76](index=76&type=chunk) - Shanghai Nengjian carried out Spring Festival慰问 (comfort and care) activities for disadvantaged party members in Chongming Shisha Village, providing comfort funds and goods totaling **3,518.82 yuan** to **6** disadvantaged elderly party member families[76](index=76&type=chunk) [Section V Important Matters](index=23&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments by the company and its related parties, confirms no non-operating fund occupation or illegal guarantees, no major lawsuits, and discloses significant related party transactions including procurement, sales, and entrusted management [I. Fulfillment of Commitments](index=23&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) The controlling shareholder, Shanghai Urban Construction (Group) Co., Ltd., and the second-largest shareholder, Shanghai Guosheng (Group) Co., Ltd., have strictly adhered to their non-reduction commitments, with Urban Construction Group also committing to avoid substantial horizontal competition - Shanghai Urban Construction (Group) Co., Ltd. and Shanghai Guosheng (Group) Co., Ltd. both committed not to reduce their holdings in the company's shares within **12 months** from the announcement date and have strictly fulfilled this commitment[78](index=78&type=chunk) - Shanghai Urban Construction (Group) Co., Ltd. committed that after the major asset restructuring is completed, it will continue to strictly abide by relevant laws, regulations, normative documents, and STEC's Articles of Association, fulfilling its obligation to abstain from voting on related party transactions at shareholder meetings and board meetings[78](index=78&type=chunk) - Shanghai Urban Construction (Group) Co., Ltd. committed that after the major asset restructuring is completed, except for existing engineering contracts that have been executed, the Group will no longer undertake new engineering construction businesses, and enterprises directly or indirectly controlled by the Group will avoid engaging in businesses and operations that constitute substantial horizontal competition with STEC[78](index=78&type=chunk) [IX. Explanation of the Company's and its Controlling Shareholder's, Actual Controller's Integrity Status during the Reporting Period](index=24&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) The controlling shareholder, Shanghai Urban Construction (Group) Co., Ltd., maintained a good integrity status during the reporting period, with no unfulfilled court judgments or overdue large debts - During the reporting period, the company's controlling shareholder, Shanghai Urban Construction (Group) Co., Ltd., had no unfulfilled effective court judgments or large overdue debts, indicating a good integrity status[80](index=80&type=chunk) [X. Significant Related Party Transactions](index=24&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) The company disclosed its 2025 annual routine related party transactions and detailed related party creditor-debtor balances arising from normal operations, which had no adverse impact on financial performance - The company has disclosed its estimated routine related party transactions for 2025 in temporary announcements[81](index=81&type=chunk) Related Party Creditor-Debtor Balances (Period-end 2025) | Related Party | Related Party Relationship | Period-end Balance of Funds Provided to Related Party (yuan) | Period-end Balance of Funds Provided by Related Party to Listed Company (yuan) | | :--- | :--- | :--- | :--- | | Shanghai Urban Construction (Group) Co., Ltd. | Controlling Shareholder | - | 3,724,462.82 | | Shanghai Urban Construction Rili Special Asphalt Co., Ltd. | Joint Venture | 74,385,950.58 | 216,659,048.01 | | Shaoxing Keqiao Hangjin衢联络线 Expressway Co., Ltd. | Associate | 271,866,304.33 | - | | Shanghai Metro Shield Equipment Engineering Co., Ltd. | Associate | 25,649,965.32 | 48,268,451.25 | | Shanghai Pudong Concrete Products Co., Ltd. | Associate | 13,127,241.69 | 107,759,331.25 | | Shanghai Ruixing Dong'an Real Estate Co., Ltd. | Controlled by the same controlling shareholder | 776,606,668.83 | - | | Shanghai Urban Construction Materials Co., Ltd. | Controlled by the same controlling shareholder | 234,157.37 | 801,684,505.34 | | Total | - | 2,427,477,928.21 | 1,645,378,468.05 | - Related party creditor-debtor balances arose from normal business activities such as selling goods/providing services, purchasing goods/receiving engineering subcontracts, and providing financial leasing services to the controlling shareholder, its subsidiaries, joint ventures, and other related parties, with no adverse impact on the company's operating results and financial position[85](index=85&type=chunk) [XI. Significant Contracts and Their Performance](index=26&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 manages 11 non-listed equity holdings of its controlling shareholder, generating **56.12 million yuan** in entrusted management fees this period, with no significant guarantees reported Company Entrusted Management Status (January-June 2025) | Entrusting Party Name | Entrusted Party Name | Entrusted Asset Status | Amount Involved in Entrusted Assets (yuan) | Entrustment Start Date | Entrustment End Date | Entrusted Management Income Recognized in Current Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Urban Construction (Group) Co., Ltd. | Shanghai Tunnel Engineering Co., Ltd. | Equity of 11 non-listed subsidiaries directly held by Urban Construction Group | 6,212,482,563.01 | 2022-10-1 | 2025-9-30 | 56,118,962.26 | - The company is entrusted with managing the equity of **11** non-listed subsidiaries held by Urban Construction Group; this business is a related party transaction and increased the company's other income[88](index=88&type=chunk) [Section VI Changes in Shares and Shareholder Information](index=29&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) During the reporting period, the company's total shares and capital structure remained unchanged, with **99,977** ordinary shareholders; the top ten shareholders include Shanghai Urban Construction (Group) Co., Ltd. (**31.28%**) and Shanghai Guosheng (Group) Co., Ltd. (**7.39%**), with the controlling shareholder increasing its stake [I. Changes in Share Capital](index=29&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 total shares and capital structure remained unchanged, consisting entirely of unrestricted tradable shares - During the reporting period, the company's total shares and capital structure remained unchanged[92](index=92&type=chunk) [II. Shareholder Information](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the reporting period end, the company had **99,977** ordinary shareholders; Shanghai Urban Construction (Group) Co., Ltd. held **31.28%** (increased by **24.84 million shares**), and Shanghai Guosheng (Group) Co., Ltd. held **7.39%** - As of the end of the reporting period, the total number of ordinary shareholders was **99,977**[93](index=93&type=chunk) Top Ten Shareholders' Shareholding (Period-end 2025) | Shareholder Name | Change in Current Period (shares) | Period-end Shareholding (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Shanghai Urban Construction (Group) Co., Ltd. | 24,838,300 | 983,554,888 | 31.28 | State-owned Legal Person | | Shanghai Guosheng (Group) Co., Ltd. | 0 | 232,312,251 | 7.39 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | -74,161,397 | 48,414,203 | 1.54 | Overseas Legal Person | | China Construction Bank Corporation - Huatai-PineBridge CSI Dividend Low Volatility ETF | 9,638,911 | 41,520,399 | 1.32 | Other | | Zou Ronglian | 10,923,600 | 40,176,000 | 1.28 | Domestic Natural Person | - The actual controller of Shanghai Urban Construction (Group) Co., Ltd. and Shanghai Guosheng (Group) Co., Ltd. is the Shanghai State-owned Assets Supervision and Administration Commission[96](index=96&type=chunk) [Section VII Bond-Related Information](index=32&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section details the company's issued perpetual corporate bonds and ultra-short-term financing bonds, including their terms, balances, interest rates, and use of proceeds for debt repayment and working capital, along with key financial ratios [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=32&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) The company issued multiple tranches of perpetual corporate bonds and ultra-short-term financing bonds, totaling **6 billion yuan**, primarily for debt repayment and working capital, with all perpetual bonds still classified as equity Corporate Bond Basic Information (Partial) | Bond Name | Abbreviation | Code | Issue Date | Bond Balance (100 million yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tunnel Engineering Co., Ltd. 2025 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 2) (Type 1) | 25 Tunnel Y3 | 242500.SH | 2025-04-15 | 6.00 | 2.12 | | Shanghai Tunnel Engineering Co., Ltd. 2025 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 1) (Type 2) | 25 Tunnel Y2 | 242344.SH | 2025-01-16 | 10.00 | 2.03 | | Shanghai Tunnel Engineering Co., Ltd. 2025 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 1) (Type 1) | 25 Tunnel Y1 | 242343.SH | 2025-01-16 | 4.00 | 1.95 | | Shanghai Tunnel Engineering Co., Ltd. 2024 Publicly Issued Perpetual Corporate Bonds to Professional Investors (Tranche 4) | 24 Tunnel Y6 | 241987.SH | 2024-11-18 | 10.00 | 2.28 | | Shanghai Tunnel Engineering Co., Ltd. 2023 Publicly Issued Technology Innovation Corporate Bonds to Professional Investors (Tranche 2) | 23 Tunnel K2 | 115902.SH | 2023-09-11 | 10.00 | 2.78 | | Shanghai Tunnel Engineering Co., Ltd. 2023 Publicly Issued Technology Innovation Corporate Bonds to Professional Investors (Tranche 1) | 23 Tunnel K1 | 115633.SH | 2023-07-20 | 15.00 | 2.69 | Corporate Bond Proceeds Usage (January-June 2025) | Bond Code | Bond Abbreviation | Actual Amount of Proceeds Used (100 million yuan) | Amount Used to Repay Interest-bearing Debt (Excluding Corporate Bonds) (100 million yuan) | Amount Used to Repay Corporate Bonds (100 million yuan) | Amount Used to Supplement Working Capital (100 million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | 242500.SH | 25 Tunnel Y3 | 6 | 2.9 | 1.6 | 1.5 | | 242344.SH | 25 Tunnel Y2 | 10 | 10 | - | - | | 242343.SH | 25 Tunnel Y1 | 4 | - | - | 4 | | 241987.SH | 24 Tunnel Y6 | 0.8 | - | - | 0.8 | - The company's issued perpetual corporate bonds (e.g., 25 Tunnel Y2, 25 Tunnel Y1, 24 Tunnel Y6, 25 Tunnel Y3, 24 Tunnel Y4, Tunnel 24Y3, Tunnel 24Y1) have not yet reached their exercise period, and no interest rate step-up, interest deferral, or mandatory payment events have occurred, remaining classified as equity[111](index=111&type=chunk)[113](index=113&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk)[122](index=122&type=chunk) - The proceeds from the company's issued technology innovation corporate bonds (Tunnel 23K2, 23 Tunnel K1) are used for technology innovation project progress, promoting technological innovation development, and establishing and implementing a performance-based innovation assessment and incentive mechanism for achievement transformation[125](index=125&type=chunk)[127](index=127&type=chunk) Non-Financial Enterprise Debt Financing Instruments Basic Information (January-June 2025) | Bond Name | Abbreviation | Code | Issue Date | Bond Balance (yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Tunnel Engineering Co., Ltd. 2025 Third Tranche Ultra-Short-Term Financing Bills | 25 STEC SCP003 | 012581371.IB | 2025-06-13 | 2,000,000,000.00 | 1.59 | | Shanghai Tunnel Engineering Co., Ltd. 2025 Fourth Tranche Ultra-Short-Term Financing Bills | 25 STEC SCP004 | 012581726.IB | 2025-07-21 | 1,000,000,000.00 | 1.44 | [II. Convertible Corporate Bonds](index=42&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 had no convertible corporate bonds during the reporting period [Section VIII Financial Report](index=43&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial report, including consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, tax, and financial instrument risks [I. Audit Report](index=43&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 is unaudited - This semi-annual report is unaudited[4](index=4&type=chunk) [II. Financial Statements](index=43&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 consolidated and parent company balance sheets as of June 30, 2025, and income, cash flow, and owner's equity statements for January-June 2025, showing consolidated assets of **170.94 billion yuan** and net profit of **728 million yuan** Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-end Balance (yuan) | Beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 170,943,842,849.16 | 172,744,134,701.35 | | Total Liabilities | 129,980,429,244.52 | 133,353,824,794.62 | | Total Owners' Equity | 40,963,413,604.64 | 39,390,309,906.73 | | Cash and Bank Balances | 22,146,288,967.99 | 23,908,473,266.74 | | Trading Financial Assets | 1,448,175,312.84 | 484,796,753.10 | | Short-term Borrowings | 8,525,766,226.46 | 5,530,762,517.99 | | Other Equity Instruments | 6,000,000,000.00 | 4,000,000,000.00 | Consolidated Income Statement Summary (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 22,020,608,617.90 | 28,042,790,328.59 | | Total Profit | 1,023,950,291.74 | 1,244,319,628.23 | | Net Profit | 728,020,341.40 | 846,023,137.89 | | Net Profit Attributable to Parent Company Shareholders | 726,769,420.08 | 784,858,022.12 | | Basic Earnings Per Share (yuan/share) | 0.21 | 0.25 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -3,710,449,636.29 | -3,762,404,694.94 | | Net Cash Flow from Investing Activities | 99,620,327.38 | 481,012,158.45 | | Net Cash Flow from Financing Activities | 2,039,262,581.03 | -1,000,615,911.11 | | Net Increase in Cash and Cash Equivalents | -1,540,260,228.23 | -4,309,235,543.62 | [III. Company Profile](index=58&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) Shanghai Tunnel Engineering Co., Ltd., listed on the Shanghai Stock Exchange in 1994, primarily engages in railway, highway, tunnel, and bridge construction, with its controlling shareholder being Shanghai Urban Construction (Group) Co., Ltd. and actual controller the Shanghai SASAC - Shanghai Tunnel Engineering Co., Ltd. was listed on the Shanghai Stock Exchange on January 28, 1994, operating in the railway, highway, tunnel, and bridge construction industry[159](index=159&type=chunk) - As of June 30, 2025, the company's registered capital and share capital both amounted to **3,144,096,094.00 yuan**, all being unrestricted tradable shares[162](index=162&type=chunk) - The company's parent company is Shanghai Urban Construction (Group) Co., Ltd., and its ultimate controlling party is the Shanghai State-owned Assets Supervision and Administration Commission (SASAC)[162](index=162&type=chunk) [IV. Basis of Financial Statement Preparation](index=58&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) These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and relevant regulations, as well as the CSRC's disclosure rules, on a going concern basis - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises issued by the Ministry of Finance and the China Securities Regulatory Commission's "Information Disclosure Compilation Rules for Companies Issuing Securities No. 15 - General Provisions for Financial Reports"[163](index=163&type=chunk)[164](index=164&type=chunk) - These financial statements are prepared on a going concern basis[165](index=165&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=59&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%92%8C%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to accounting standards, including financial instrument classification, impairment testing, revenue recognition for infrastructure services, and the treatment of perpetual bonds as equity, noting no significant impact from new accounting standards - The company adheres to the requirements of Accounting Standards for Business Enterprises, accurately and completely reflecting its financial position, operating results, and cash flows[166](index=166&type=chunk) - The company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[182](index=182&type=chunk) - The company performs impairment accounting for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts based on expected credit losses[191](index=191&type=chunk) - The company recognizes infrastructure construction service revenue based on the progress of performance, and PPP project assets are recognized as intangible assets or receivables[246](index=246&type=chunk)[251](index=251&type=chunk)[252](index=252&type=chunk) - The perpetual bonds issued by the company are classified as other equity instruments because the redemption option belongs to the issuer and there is no unconditional obligation to deliver cash[245](index=245&type=chunk) - The company implemented new accounting standards, including "Interpretation No. 17 of Accounting Standards for Business Enterprises" and "Interim Provisions on Accounting Treatment of Enterprise Data Resources," which did not have a significant impact on its financial position and operating results[268](index=268&type=chunk)[269](index=269&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk) [VI. Taxes](index=82&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section outlines the company's main tax types and rates, including VAT (**3%**, **6%**, **9%**, **13%**), Urban Maintenance and Construction Tax (**1%**, **5%**, **7%**), and Corporate Income Tax (**15%**, **25%**), with several subsidiaries enjoying a **15%** preferential rate as high-tech enterprises Main Tax Types and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on sales of goods and taxable services as stipulated by tax law, after deducting current allowable input tax, the difference is VAT payable | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 1%, 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 25% | - The company and several subsidiaries (e.g., Shanghai Urban Construction Design & Research Institute (Group) Co., Ltd., Shanghai Tunnel Engineering Co., Ltd.) enjoy a preferential corporate income tax rate of **15%** due to their re-certification as high-tech enterprises[273](index=273&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk)[276](index=276&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=83&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on consolidated financial statement items, including cash and bank balances (**22.15 billion yuan**), trading financial assets (**1.45 billion yuan**, up **198.72%**), accounts receivable (**22.05 billion yuan**), long-term receivables (**30.65 billion yuan**), short-term borrowings (**8.53 billion yuan**, up **54.15%**), and perpetual bonds (**6 billion yuan**), with investment income increasing by **196.59%** Cash and Bank Balances (Period-end 2025) | Item | Period-end Balance (yuan) | | :--- | :--- | | Cash on hand | 152,168.20 | | Bank deposits | 21,991,405,278.66 | | Other cash and bank balances | 154,731,521.13 | | Total | 22,146,288,967.99 | | Of which: Total amount of funds deposited overseas | 1,166,432,840.89 | Trading Financial Assets (Period-end 2025) | Item | Period-end Balance (yuan) | | :--- | :--- | | Financial assets at fair value through profit or loss | 1,448,175,312.84 | | Of which: Equity instrument investments | 1,448,175,312.84 | | Total | 1,448,175,312.84 | Accounts Receivable Impairment Provision (Period-end 2025) | Category | Beginning Balance (yuan) | Change in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Impairment provision for individual items | 168,389,150.42 | - | 168,389,150.42 | | Impairment provision for portfolios | 1,183,555,974.88 | -85,586,989.18 | 1,097,968,985.70 | | Total | 1,351,945,125.30 | -85,586,989.18 | 1,266,358,136.12 | Long-term Receivables (Period-end 2025) | Item | Book Balance (yuan) | Impairment Provision (yuan) | Book Value (yuan) | | :--- | :--- | :--- | :--- | | Financial leasing receivables | 9,712,725,248.51 | 30,626,144.79 | 9,682,099,103.72 | | BOT and PPP projects | 21,029,532,111.87 | 63,088,596.30 | 20,966,443,515.57 | | Total | 30,742,257,360.38 | 93,714,741.09 | 30,648,542,619.29 | Other Equity Instruments (Perpetual Bonds) Changes (January-June 2025) | Outstanding Financial Instrument | Beginning Quantity | Beginning Book Value (yuan) | Increase in Current Period Quantity | Increase in Current Period Book Value (yuan) | Period-end Quantity | Period-end Book Value (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 24 Tunnel Y1 Perpetual Bond | 10,000,000 | 1,000,000,000.00 | - | - | 10,000,000 | 1,000,000,000.00 | | 24 Tunnel Y3 Perpetual Bond | 10,000,000 | 1,000,000,000.00 | - | - | 10,000,000 | 1,000,000,000.00 | | 24 Tunnel Y4 Perpetual Bond | 10,000,000 | 1,000,000,000.00 | - | - | 10,000,000 | 1,000,000,000.00 | | 24 Tunnel Y6 Perpetual Bond | 10,000,000 | 1,000,000,000.00 | - | - | 10,000,000 | 1,000,000,000.00 | | 25 Tunnel Y1 Perpetual Bond | - | - | 4,000,000 | 400,000,000.00 | 4,000,000 | 400,000,000.00 | | 25 Tunnel Y2 Perpetual Bond | - | - | 10,000,000 | 1,000,000,000.00 | 10,000,000 | 1,000,000,000.00 | | 25 Tunnel Y3 Perpetual Bond | - | - | 6,000,000 | 600,000,000.00 | 6,000,000 | 600,000,000.00 | | Total | 40,000,000 | 4,000,000,000.00 | 20,000,000 | 2,000,000,000.00 | 60,000,000 | 6,000,000,000.00 | Investment Income (January-June 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Investment income from long-term equity investments accounted for using equity method | 174,784,387.45 | | Investment income from disposal of long-term equity investments | 56,229,492.20 | | Investment income from trading financial assets held during the period | 35,958,674.32 | | Dividend income from other equity instrument investments held during the period | 4,274,852.92 | | Investment income from other non-current financial assets held during the period | 36,236,193.25 | | Total | 307,483,600.14 | [VIII. Research and Development Expenses](index=143&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was **961.22 million yuan**, with **960.59 million yuan** expensed and **0.63 million yuan** capitalized, primarily for software and data resources R&D Expenses by Nature (January-June 2025) | Item | Current Period Amount (yuan) | | :--- | :--- | | Personnel costs | 159,855,387.91 | | Direct input | 694,558,562.07 | | Depreciation | 11,969,901.26 | | External R&D expenses | 7,797,002.28 | | Other expenses | 64,305,705.21 | | Total | 961,221,139.20 | | Of which: Expensed R&D expenditure | 960,591,891.20 | | Capitalized R&D expenditure | 629,248.00 | Development Expenditures for Capitalized R&D Projects (Period-end 2025) | Item | Beginning Balance (yuan) | Increase in Current Period (Internal Development Expenditure) (yuan) | Decrease in Current Period (Recognized as Intangible Assets) (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Software | 3,728,993.06 | 629,248.00 | 1,896,589.19 | 2,461,651.87 | | Data Resources | 129,553.80 | - | - | 129,553.80 | | Total | 3,858,546.86 | 629,248.00 | 1,896,589.19 | 2,591,205.67 | [IX. Changes in Consolidation Scope](index=144&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company acquired Guangdong Qurao Construction Engineering Co., Ltd., disposed of Ningbo Yuchang Construction Development Co., Ltd., and established Shanghai Jianyuan Cloud Chain Technology Co., Ltd., resulting in changes to the consolidation scope Non-Same Control Business Combinations in Current Period (January-June 2025) | Acquired Company Name | Acquisition Date of Equity | Equity Acquisition Cost (yuan) | Equity Acquisition Percentage (%) | Acquisition Date | Net Profit of Acquired Company from Acquisition Date to Period-end (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Qurao Construction Engineering Co., Ltd. | 2025/6/4 | 508,214.00 | 100.00 | 2025/6/4 | -237,035.52 | Combination Cost and Goodwill (Guangdong Qurao Construction Engineering Co., Ltd.) | Combination Cost | Amount (yuan) | | :--- | :--- | | --Cash | 508,214.00 | | Total Combination Cost | 508,214.00 | | Less: Fair value share of identifiable net assets acquired | 155.99 | | Goodwill | 508,058.01 | Disposal of Subsidiaries (January-June 2025) | Subsidiary Name | Date of Loss of Control | Disposal Price at Date of Loss of Control (yuan) | Disposal Percentage at Date of Loss of Control (%) | | :--- | :--- | :--- | :--- | | Ningbo Yuchang Construction Development Co., Ltd. | 2025-6-17 | 430,990,000 | 92.00 | - Shanghai Jianyuan Cloud Chain Technology Co., Ltd. was newly established in the current period and is a subsidiary of Shanghai Tunnel Engineering Co., Ltd[516](index=516&type=chunk) [X. Equity in Other Entities](index=147&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the company's equity in numerous wholly-owned and controlled subsidiaries across various sectors, and its significant joint ventures/associates accounted for using the equity method, noting two entities where control is not exercised despite majority ownership - The company owns numerous subsidiaries, including Shanghai Tunnel Engineering Co., Ltd., Shanghai Urban Construction Municipal Engineering (Group) Co., Ltd., and Shanghai Infrastructure Construction Development (Group) Co., Ltd., with most holding **100%** equity[517](index=517&type=chunk)[518](index=518&type=chunk)[519](index=519&type=chunk)[520](index=520&type=chunk)[521](index=521&type=chunk)[522](index=522&type=chunk)[523](index=523&type=chunk)[524](index=524&type=chunk)[525](index=525&type=chunk)[526](index=526&type=chunk)[527](index=527&type=chunk) - The company accounts for significant joint ventures/associates, such as Shanghai Shengchao Equity Investment Partnership (Limited Partnership) and Shanghai Jianyuan Equity Investment Fund Partnership (Limited Partnership), using the equity method[539](index=539&type=chunk) - The company holds **51%** of shares in Shanghai Xingcheng Gas Station Co., Ltd. and Henan Lanyuan Expressway Dongbatou Yellow River Bridge Investment Management Co., Ltd., but does not include them in the consolidated financial statements due to lack of substantive control[527](index=527&type=chunk)[528](index=528&type=chunk) [XI. Government Grants](index=164&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) During the reporting period, government grants recognized in profit or loss totaled **42.09 million yuan**, comprising **1.35 million yuan** related to assets and **40.75 million yuan** related to income Government Grants Recognized in Profit or Loss (January-June 2025) | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Asset-related | 1,345,255.54 | - | | Income-related | 40,749,337.42 | 34,304,514.54 | | Total | 42,094,592.96 | 34,304,514.54 | [XII. Risks Related to Financial Instruments](index=164&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company manages credit, liquidity, and market risks (including exchange rate, interest rate, and other price risks) associated with financial instruments through continuous monitoring, cash flow management, and strategic adjustments - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[547](index=547&type=chunk) - Credit risk is primarily associated with cash and bank balances, receivables, contract assets, notes receivable, and long-term receivables, which the company controls through continuous monitoring and policy setting[547](index=547&type=chunk) - Liquidity risk is managed by the finance department through centralized control, monitoring cash balances, marketable securities, and cash flow forecasts to ensure sufficient funds for debt repayment[550](index=550&type=chunk) - Interest rate risk primarily arises from long-term bank borrowings, and exchange rate risk primarily arises from financial assets and liabilities denominated in USD, which the company mitigates through monitoring and strategic adjustm

隧道股份公告，2025年上半年营业收入220.21亿元，同比下降21.47%。净利润7.27亿元，同比下降 7.40%。拟以实施权益分派股权登记日登记的总股本为基数，每10股派发现金红利0.80元（含税），共 计分配利润2.52亿元，占公司本期净利润的37.71%。 ...

Group 1: Institutional Research and Shareholder Activity - The top twenty companies with the most institutional research in the last 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology[5] - In the last five days, the most researched companies include Nanwei Medical, Anjisi, Jinchengzi, Xinqianglian, and Baiya Co.[5] - Among the top twenty companies with institutional research in the last 30 days, 12 companies had 10 or more rating agencies, including Dongpeng Beverage, Zhongchong Co., and Hikvision[5] Group 2: Shareholder Buybacks - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having 10 or more rating agencies, and only 2 companies (Baolong Technology and Fuanna) had buyback amounts exceeding 1% of their market value[25] - From January 1 to August 15, 2025, 1,662 companies announced buyback progress, with 364 having 10 or more rating agencies, and 99 companies had buyback amounts exceeding 1% of their market value[27] Group 3: Shareholder Increase Activity - From August 11 to August 15, 2025, only 5 companies with significant shareholder increases had amounts below 1% of their market value[19] - From January 1 to August 15, 2025, 251 companies announced significant shareholder increases, with 67 having 10 or more rating agencies, and 19 companies had amounts exceeding 1% of their market value[21]

Market Overview - As of 13:59, the Shanghai Composite Index is at 3723.60 points, with a decline of 0.12% [1] - The total trading volume of A-shares today is 21,733.08 billion yuan [1] Moving Average Analysis - 26 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Yangzi New Materials: 5-day MA is 1.11% lower than the 10-day MA [1] - Ningbo Fanzheng: 5-day MA is 0.94% lower than the 10-day MA [1] - China Petroleum: 5-day MA is 0.40% lower than the 10-day MA [1] Individual Stock Performance - Yangzi New Materials (002652): Today's change is +0.52%, with a 5-day MA of 3.91 yuan and a 10-day MA of 3.95 yuan, showing a distance of -1.11% [1] - Ningbo Fanzheng (300998): Today's change is -1.59%, with a 5-day MA of 25.04 yuan and a 10-day MA of 25.28 yuan, showing a distance of -0.94% [1] - China Petroleum (601857): Today's change is -0.58%, with a 5-day MA of 8.62 yuan and a 10-day MA of 8.66 yuan, showing a distance of -0.40% [1] Additional Stock Insights - Huabei Pharmaceutical (600812): No change today, with a 5-day MA of 6.67 yuan and a 10-day MA of 6.69 yuan, showing a distance of -0.28% [1] - ST Modern (002656): No change today, with a 5-day MA of 2.27 yuan and a 10-day MA of 2.28 yuan, showing a distance of -0.26% [1] - TBEA (600089): Today's change is -0.81%, with a 5-day MA of 13.52 yuan and a 10-day MA of 13.55 yuan, showing a distance of -0.24% [1]

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]

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the past 30 days include Dongpeng Beverage, Zhongchong Co., Hikvision, Defu Technology, and Xinyi Technology [10][11] - In the last five days, the most popular companies for institutional research include Nanwei Medical, Anjisi, Jinchengzi, New Strong Union, and Baiya Co. [10][11] - Among the top twenty companies in the past 30 days, twelve companies had ten or more rating agencies, including Dongpeng Beverage, Zhongchong Co., Ninebot, Baiya Co., Hikvision, Jereh, Xinyi Technology, Hongfa Technology, Nanwei Medical, Baijia Shenzhou, Huaming Equipment, and Shijia Photon [10][11] - Companies such as Xinyi Technology, Dongpeng Beverage, Zhongchong Co., and Ninebot are expected to see significant growth in net profit attributable to shareholders in 2024 compared to 2023 [10][11] Group 2: Shareholder Increase and Buyback Situations - From August 11 to August 15, 2025, five companies announced significant shareholder increases, but the average proposed increase amount was less than 1% of the market value on the announcement date [14] - From January 1 to August 15, 2025, a total of 251 companies announced shareholder increases, with 67 having ten or more rating agencies. Among these, 19 companies had an average proposed increase amount exceeding 1% of the latest market value, including Xinjie Energy, Tunnel Co., Sailun Tire, and Wanrun Co. [15] - During the same period, 1,662 companies announced buyback progress, with 364 having ten or more rating agencies. Among these, 99 companies had a proposed buyback amount exceeding 1% of the market value [19] Group 3: Buyback Progress - From August 11 to August 15, 2025, 51 companies announced buyback progress, with 10 having ten or more rating agencies. Only two companies, Baolong Technology and Fuanna, had a proposed buyback amount exceeding 1% of the market value [18] - From January 1 to August 15, 2025, 99 companies were in the board proposal stage for buybacks, including Liu Gong, Sanor Biotech, Shantui, Haixing Electric, Jiayi Co., and Gaoneng Environment [19] Group 4: Institutional Fund Flow - During the week of August 11 to August 15, 2025, sectors such as power equipment, electronics, real estate, non-bank financials, public utilities, computers, home appliances, building materials, light industry manufacturing, and banking received net inflows from institutional funds [24]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].