Core Viewpoint - SMJ Beverage Company is leveraging the strategic advantages of the Phoenix Industrial Park in Trinidad and Tobago to enhance its production capabilities and expand its international brand presence [1][2]. Group 1: Company Overview - SMJ Beverage Company, founded in 1924, is one of the oldest and largest beverage manufacturers in the Caribbean, with over ten brands and products exported to numerous countries [1]. - The company aims to create an international brand, utilizing the Phoenix Industrial Park as a platform for growth [1]. Group 2: Industrial Park Details - The Phoenix Industrial Park, built by Beijing Construction Group, is a flagship project of the China-Trinidad and Tobago Belt and Road cooperation, covering approximately 580,000 square meters and housing 26 companies, including 8 Chinese firms, with an overall occupancy rate of 98% [1]. - The park features five modern standard factories designed to enhance logistics efficiency, including specialized loading docks and platforms that reduce time and cost in container handling [3]. Group 3: Logistics and Infrastructure - The strategic location of the Phoenix Industrial Park near highways and ports allows for efficient logistics, with transportation trucks taking only half an hour to reach the central factory from the park [2][3]. - The availability of stable quality raw materials, such as PET resin from Jiangsu, China, is crucial for SMJ's global supply chain [4]. Group 4: Future Plans - SMJ plans to establish a new beverage production line in the park by August, extending its operations from warehousing to manufacturing [4]. - The company is optimistic about the future, viewing the Phoenix Industrial Park as a new starting point for expanding its market reach [4].

Core Viewpoint - The company, Chongqing Construction Engineering, focuses on construction projects including building engineering, municipal engineering, and highway engineering, while also expanding its operations into external markets such as Tibet [1] Group 1: Business Operations - The company's main business areas include construction engineering, municipal engineering, and highway engineering [1] - It has several subsidiaries that possess qualifications for various construction contracts, including hydropower, municipal public works, and demolition operations [1] Group 2: Market Expansion - In recent years, the company has actively expanded its market presence outside its home region [1] - Projects in Tibet involve both building engineering and infrastructure engineering [1]

资金面上看，今日房屋检测概念板块获主力资金净流入4.73亿元，其中，28股获主力资金净流入，7股 主力资金净流入超3000万元，净流入资金居首的是垒知集团，今日主力资金净流入1.18亿元，净流入资 金居前的还有东方雨虹、重庆建工、深城交等，主力资金分别净流入7029.41万元、6360.28万元、 5288.06万元。 资金流入比率方面，苏博特、垒知集团、重庆建工等流入比率居前，主力资金净流入率分别为 73.31%、30.87%、28.38%。（数据宝） 截至7月21日收盘，房屋检测概念上涨4.35%，位居概念板块涨幅第5，板块内，41股上涨，金隅集团、 重庆建工、苏博特等涨停，中设咨询、华维设计、广咨国际等涨幅居前，分别上涨25.19%、9.09%、 7.21%。跌幅居前的有*ST大立、特发服务等，分别下跌0.19%、0.07%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 民爆概念 | 8.51 | 跨境支付(CIPS) | -0.90 | | 水泥概念 | 6.85 | 数字货币 | -0.67 | ...

截至7月21日收盘，地下管网概念上涨4.05%，位居概念板块涨幅第6，板块内，79股上涨，冠龙节能、 深水规院等20%涨停，重庆建工、厦工股份、垒知集团等涨停，飞鹿股份、华维设计、节能铁汉等涨幅 居前，分别上涨13.32%、9.09%、7.66%。跌幅居前的有山科智能、交建股份、乐山电力等，分别下跌 3.29%、1.23%、1.10%。 今日涨跌幅居前的概念板块 | 宁水集 | | --- | | 团 | | 301127 | 武汉天 | -0.83 | 1.07 | 41.23 | 0.37 | | --- | --- | --- | --- | --- | --- | | | 源 | | | | | | 300434 | 金石亚 | 0.75 | 7.80 | 38.80 | 0.14 | | | 药 | | | | | | 300732 | 设研院 | 4.87 | 4.70 | 29.22 | 0.25 | | 301519 | 舜禹股 份 | 2.44 | 9.47 | 1.93 | 0.02 | | 688296 | 和达科 技 | 1.19 | 1.93 | -4.52 | -0.16 | | ...

Core Viewpoint - The company has decided not to adjust the conversion price of the "Jian Gong Convertible Bonds" despite triggering the downward adjustment clause as of July 16, 2025, and will not propose any downward adjustment in the next five months if the clause is triggered again [1][5][6] Summary of Convertible Bonds - The company issued 16,600,000 convertible bonds on December 20, 2019, with a total value of 1,660,000,000 yuan, each with a face value of 100 yuan [1][2] - The bonds are set to mature on December 19, 2025, with an initial conversion price of 4.65 yuan per share [2] - The latest conversion price is 4.07 yuan per share, with several adjustments made due to annual cash dividends over the years [2][3][4] Downward Adjustment Conditions - The downward adjustment clause is triggered when the closing price of the company's stock is below 90% of the current conversion price for at least ten out of twenty consecutive trading days [5] Decision on Non-Adjustment - The board of directors held a meeting on July 16, 2025, and unanimously decided not to adjust the conversion price, considering various factors such as macroeconomic conditions, market fluctuations, and the company's long-term value [1][5][6]

一、可转换公司债券的基本情况 经中国证监会"证监许可〔2019〕2313 号"《关于核准重庆建工集 团股份有限公司公开发行可转换公司债券的批复》核准，公司于 2019 年 12 月 20 日公开发行 A 股可转换公司债券 16,600,000 张，每张面 值为 100 元（币种人民币，下同），发行总额为 1,660,000,000 元。 本次可转债期限为自发行之日起六年。 经上交所自律监管决定书〔2020〕15 号文同意，公司 1,660,000,000 元可转换公司债券于 2020 年 1 月 16 日起在上交所挂牌交易，债券简 称"建工转债"，债券代码 110064。 根据《重庆建工集团股份有限公司公开发行可转换公司债券募集 说明书》（以下简称《募集说明书》）的相关条款，"建工转债"存续 时间为 2019 年 12 月 20 日至 2025 年 12 月 19 日，转股期限为 2020 年 6 月 29 日至 2025 年 12 月 19 日，初始转股价格为 4.65 元/股。 — 1 — | 转债代码：110064 | 转债简称：建工转债 | | | | | | --- | --- | --- | -- ...

本公司监事会及全体监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。 一、监事会会议召开情况 | 转债代码：110064 | 转债简称：建工转债 | | | | | | --- | --- | --- | --- | --- | --- | | 证券代码：600939 债券代码：254104 | 证券简称：重庆建工 债券简称：24 | 渝建 | 01 | 公告编号：临 | 2025-079 | （一）审议通过了《关于公司不向下修正"建工转债"转股价格 的议案》 重庆建工集团股份有限公司 第五届监事会第四十六次会议决议公告 表决结果：同意 6 票，反对 0 票，弃权 0 票。 重庆建工集团股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日发出召开第五届监事会第四十六次会议的通知。公司第五届监 事会第四十六次会议于 2025 年 7 月 16 日以通讯方式召开。会议应出 席的监事 6 人，实际出席的监事 6 人。 本次会议的召集、召开、审议程序符合《中华人民共和国公司法》 等有关法律法规及《重庆建工集团股份有限公司章程》的有关规定 ...

Group 1 - The company expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -273 million yuan and -211 million yuan [1] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is expected to be between -303 million yuan and -241 million yuan [1] - The preliminary financial data is subject to final confirmation in the official 2025 semi-annual report [1][2] Group 2 - In the same period last year, the total profit was 6.9862 million yuan, with a net profit attributable to shareholders of the parent company of -18.8426 million yuan [2] - The net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses was -95.7072 million yuan [2] - The earnings per share for the previous year was -0.0139 yuan [2] Group 3 - The main reasons for the expected performance decline include insufficient project commencement rates, delayed construction progress, increased market competition, and extended payment cycles from clients [2] - The decrease in non-operating gains is attributed to reduced gains from the disposal of non-current assets during the reporting period [2] - Accounting treatment did not have a significant impact on the current period's performance [2]

| 转债代码：110064 | 转债简称：建工转债 | | | | | --- | --- | --- | --- | --- | | 证券代码：600939 债券代码：254104 | 证券简称：重庆建工 债券简称：24 | 渝建 01 | 公告编号：临 | 2025-076 | 重庆建工集团股份有限公司 关于与所属子公司参与联合签订万盛经开区鱼子岗 片区开发招商和城市建设配套项目合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ●风险提示：项目工期较长，存在受不可抗力影响的风险；在项 目建设过程中，存在相关政策法规、市场、技术等方面的不确定性风 险。敬请投资者注意投资风险。 经公开招标，重庆建工及其全资子公司住建公司与重庆交通大 学工程设计研究院有限公司（以下简称"交大设计院"）、重庆市设计 院有限公司（以下简称"重庆设计院"）组建的联合体中标万盛经开 区鱼子岗片区开发招商和城市建设配套项目。近日，联合体与发包人 重庆市万盛经开区城市开发投资集团有限公司签订了该项目合同。现 将相关具体情况公告如下： 一、合 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a significant net loss for H1 2025, with attributable net profit between -273 million and -211 million RMB, and non-recurring adjusted net profit between -303 million and -241 million RMB 2025 Half-Year Performance Forecast | Metric | Estimated Amount (RMB Million) | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -273 to -211 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items | -303 to -241 | - The performance forecast period is from January 1, 2025, to June 30, 2025[4](index=4&type=chunk) - The company explicitly states that these forecast figures are preliminary and unaudited, with final data subject to the official semi-annual report[3](index=3&type=chunk)[4](index=4&type=chunk) [Comparison with Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The company's H1 2025 performance significantly deteriorated compared to H1 2024, with projected losses substantially increasing from the prior year's -18.84 million RMB 2025 H1 Performance Forecast vs 2024 H1 Actual Performance | Metric | 2025 H1 (Forecast) | 2024 H1 (Actual) | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders (RMB Million) | -273 to -211 | -18.84 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Items (RMB Million) | -303 to -241 | -95.71 | | Earnings Per Share (RMB) | Not Disclosed | -0.0139 | [Analysis of Performance Change Reasons](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8C%96%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The increased loss is primarily due to challenges in core operations, including industry adjustments, project delays, intensified competition, and extended payment cycles, leading to reduced revenue, lower gross margins, and increased impairment provisions, compounded by decreased non-operating asset disposal gains [Impact of Core Operations](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%BD%B1%E5%93%8D) Ongoing deep adjustments in the construction industry severely challenged core operations, leading to decreased revenue from insufficient project starts and delays, eroded gross margins due to heightened competition and extended project durations, and increased asset impairment provisions from longer client payment cycles - Due to deep adjustments in the construction industry, insufficient project starts and delayed construction progress led to a year-on-year decrease in the company's operating revenue[7](index=7&type=chunk) - Intensified market competition and extended project durations contributed to a decline in the company's gross margin[7](index=7&type=chunk) - Extended payment cycles from some client entities resulted in increased impairment provisions for related assets[7](index=7&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E6%8D%9F%E7%9B%8A%E7%9A%84%E5%BD%B1%E5%93%8D) During the reporting period, a year-on-year decrease in non-current asset disposal gains and losses negatively impacted current period profit, contributing to the expanded loss - The year-on-year decrease in non-current asset disposal gains and losses during the reporting period was the primary source of negative impact from non-operating items[7](index=7&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company states no significant uncertainties affect the forecast's accuracy but emphasizes that the data is preliminary, advising investors to consider investment risks and rely on the official 2025 semi-annual report - The company assesses that there are no significant uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) - The company reiterates that the forecast data is preliminary, and investors should refer to the officially disclosed 2025 semi-annual report for precise financial figures[9](index=9&type=chunk)