Core Viewpoint - China National Materials International Engineering Co., Ltd. announced the repurchase and cancellation of part of its restricted stock due to unmet performance targets for the year 2024, affecting a total of 18,138,506 shares [1][2]. Group 1: Repurchase Details - The company held a temporary shareholders' meeting on July 28, 2025, where it approved the repurchase of restricted stock as per the stock incentive management regulations [1]. - A total of 14,960,411 shares from 185 initial grantees and 3,178,095 shares from 68 reserved grantees will be repurchased due to performance not meeting the set targets [1]. - The repurchase price for the restricted stock is set at 4.59 yuan per share, with an estimated total fund requirement of 83,255,742.54 yuan sourced from the company's own funds [2]. Group 2: Impact on Capital - Following the completion of the repurchase, the company's total share capital will decrease from 2,639,958,030 shares [2]. - The repurchase will lead to a reduction in registered capital, and creditors are notified to claim their debts or request guarantees within 45 days from the announcement [2]. Group 3: Creditor Notification - Creditors must submit written requests along with relevant proof of debt relationships to the company if they wish to claim debts or seek guarantees [3]. - Required materials for debt claims include contracts, agreements, and identification documents, with specific instructions for both corporate and individual creditors [3]. - Creditors can submit claims via in-person, mail, or fax, with confirmation required for mail or fax submissions [3].

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-050 | | --- | --- | --- | | 债券代码：241560 | 债券简称：24国工K1 | | 中国中材国际工程股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、通知债权人的原因 中国中材国际工程股份有限公司（以下简称"公司"）于2025年7月28日召 开2025年第三次临时股东大会，审议通过了《关于回购注销部分限制性股票及 调整回购价格的议案》。 根据《上市公司股权激励管理办法》《中国中材国际工程股份有限公 司2021年限制性股票激励计划（草案修订稿）》（以下简称"《激励计划》" ）的相关规定，首次授予的185名激励对象因公司2024年度业绩考核未达标，需 回购注销第三期限制性股票共计14,960,411股。预留授予的68名激励对象因公 司2024年度业绩考核未达标，需回购注销第三期限制性股票共计3,178,095股。 综上，公司本次回购注销的限制性股票数量合计为 ...

证券代码：600970 证券简称：中材国际 公告编号：2025-049 中国中材国际工程股份有限公司 2025年第三次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 7 月 28 日 (二)股东大会召开的地点：北京市朝阳区望京北路 16 号中材国际大厦公司会议 室 (三)出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | | 691 | | --- | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,162,597,249 | | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | | 份总数的比例（%） | | 44.0384 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，以现场投票与网络投票相结合的方式召开，董 事长印志松先生主持会议，以记名投票方式表决，会 ...

关于中国中材国际工程股份有限公司 2025 年第三次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年七月 需求律师事务所 A YUAN LAW OFFICES 北京 BEI JING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 关于中国中材国际工程股份有限公司 2025 年第三次临时股东大会的 嘉源(2025)-04-553 致:中国中材国际工程股份有限公司 受中国中材国际工程股份有限公司(以下简称"公司")委托,北京市嘉源律师 事务所(以下简称"本所")指派律师出席公司 2025 年第三次临时股东大会(以下简 称"本次股东大会"),现依据《中华人民共和国公司法》《上市公司股东会规则》 (以下简称"《股东会规则》")及《中国中材国际工程股份有限公司章程》(以 下简称"公司章程")的规定,就本次股东大会的召集、召开程序,出席会议人员 资格、会议表决程序、表决结果等事项出具律师见证意见如下: 一、 本次股东大会的召集、召开程序 1、本次股东大会的召集程序 本次股东大会 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The ongoing urban renewal and the commencement of major projects are expected to accelerate infrastructure investment in the second half of the year [1][20] - The central government has emphasized the importance of urban village renovations and has set ambitious targets for the renovation of old urban residential areas, with 58,000 new projects planned for 2024 and 25,000 for the first half of 2025 [1][17] - The report suggests focusing on low-valuation state-owned enterprises in the infrastructure sector, as their fundamentals and operational metrics are expected to improve due to ongoing reforms and market conditions [9][11] Summary by Sections Industry Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) has called for state-owned enterprises to actively participate in urban development and infrastructure projects, emphasizing the need for safety and reliability in infrastructure [1][16] - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan for central budget investments, focusing on modern infrastructure and urbanization projects [2][18] - Infrastructure investment growth rates for the first half of 2023 were reported at 4.60% for narrow definitions and 8.90% for broader definitions, with expectations for acceleration in the latter half of the year [9][20] Market Performance - The construction industry saw a weekly increase of 5.62%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [21] - The municipal engineering sector experienced the highest growth within the construction industry, with a weekly increase of 14.33% [21] Company Announcements - Major contracts were awarded, including China Power Construction winning contracts worth approximately 57.52 billion yuan for a pumped storage power station [32] - China State Construction reported new contracts totaling 2.5 trillion yuan for the first half of 2025, reflecting a year-on-year increase of 0.9% [32] Valuation - As of July 25, the construction and decoration industry had a price-to-earnings (P/E) ratio of 11.65 and a price-to-book (P/B) ratio of 0.85, indicating a slight increase from the previous week [24] - The report highlights that the construction industry ranks 27th in P/E valuation among major sectors, suggesting potential for valuation improvement [24][25] Key Focus Stocks - The report recommends focusing on low-valuation state-owned enterprises such as China State Construction, China Railway, and China Communications Construction, which are expected to benefit from improved operational metrics and market conditions [11][12][28]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

中国中材国际工程股份有限公司 2025年第三次临时股东大会材料 二〇二五年七月 北京 中国中材国际工程股份有限公司 2025年第三次临时股东大会材料目录 | 一、中国中材国际工程股份有限公司2025年第三次临时股东大会 | | --- | | 会议议程 2 | | 二、中国中材国际工程股份有限公司2025年第三次临时股东大会 | | 须知 3 | | 三、中国中材国际工程股份有限公司2025年第三次临时股东大会 | | 议案 5 | | （一）《关于回购注销部分限制性股票及调整回购价格的议案》 | 1 （二）《关于减少注册资本并修订〈公司章程〉的议案》 中国中材国际工程股份有限公司2025年第三次临时股东大会材料 中国中材国际工程股份有限公司 2025年第三次临时股东大会会议议程 现场会议时间：2025年7月28日下午14:30 通过上海证券交易所交易系统投票平台的投票时间为7月28日交 易时间，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时间为7月28日的9:15-15:00。 四、公司董事、监事及高管人员接受股东就以上议案相关问题 的提问 五、对以上议案进 ...

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

Core Viewpoint - The article highlights the strong growth in new contracts for China National Materials International (中材国际) driven by robust overseas demand, with a focus on expanding its global market presence and enhancing shareholder returns through increased dividends [3][4]. Group 1: Contract Growth and Market Expansion - In the first half of 2025, China National Materials International signed new contracts worth 41.16 billion yuan, representing an 11% year-on-year increase, with overseas contracts accounting for 68% of the total [3]. - The overseas market has become a major source of orders for the company, with new overseas contracts growing by 19% year-on-year, while domestic contracts saw a decline of 2% [3]. - The demand for infrastructure in regions like the Middle East and Southeast Asia is increasing due to economic diversification and growth, providing opportunities for Chinese companies in the construction sector [3]. Group 2: Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing this ratio, targeting a cash distribution of at least 40% of distributable profits, with annual increases of no less than 10% from 2024 to 2026 [4]. - As of July 11, 2025, the company's dividend yield is approximately 4.97%, which is competitive compared to the average yield of major state-owned banks at 3.88% [4]. Group 3: Business Structure and Operational Stability - China National Materials International is optimizing its business structure with steady progress in its three main segments: engineering, operation and maintenance, and equipment [5]. - The company is actively expanding its overseas market presence while maintaining a solid domestic engineering business, which enhances its overall operational stability and profitability [5]. - The diversified business structure and geographical expansion improve the company's resilience against risks [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong growth in new contracts, particularly in overseas markets, with a total of 41.16 billion yuan in new contracts signed in the first half of 2025, representing an 11% year-on-year increase [1] - The company is committed to increasing its dividend payout ratio, with a current dividend yield of approximately 5%, which is competitive compared to major state-owned banks [2] - The company's business structure is continuously optimizing, with stable operations across its three main business segments: engineering, maintenance, and equipment [3] Summary by Sections New Contracts and Market Expansion - In the first half of 2025, the company signed new contracts worth 41.16 billion yuan, with domestic and international contracts at 13.33 billion yuan and 27.84 billion yuan respectively, showing a year-on-year growth of -2% and +19% [1] - The overseas market has become a major source of orders, driven by infrastructure demand in regions like the Middle East and Southeast Asia [1] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing it, targeting a cash distribution of at least 44% of the distributable profits in 2024, 48.4% in 2025, and 53.24% in 2026 [2] Business Structure and Financial Performance - The company is actively expanding its overseas market presence while optimizing its business structure, which has led to improved profitability [3] - The forecasted net profit for 2025 is 3.26 billion yuan, with a projected growth rate of 9.43% [4]