证券代码：600970 公司简称：中材国际 上海荣正企业咨询服务（集团）股份有限公司 关于 | | | 一、释义 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回购注销部分限制 性股票相关事项 之 独立财务顾问报告 2025 年 7 月 1 以下词语如无特殊说明，在本文中具有如下含义： 3 / 16 1. 公司、中材国际：指中国中材国际工程股份有限公司。 2. 独立财务顾问：指上海荣正企业咨询服务（集团）股份有限公司。 3. 独立财务顾问报告：指《上海荣正企业咨询服务（集团）股份有限公司关 于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回购注销部 分限制性股票相关事项之独立财务顾问报告》 4. 激励计划、本计划：指《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）》。 5. 限制性股票：指公司根据激励计划规定的条件和价格，授予激励对象一定 数量的公司股票，该等股票设置一定期限的限售期，在达到激励计划规 定 的解除限售条件后，方可解除限售流通。 6. 激励对象：指按照激励计划的规定，有资格获授一定数量限制性股票的员 工。 7. 授予日：指公司授予激励对象 ...

中国中材国际工程股份有限公司 SINOMA INTERNATIONAL ENGINEERING CO.,LTD. 章 程 （2025 年第三次临时股东大会审议通过后生效） 1 | | | | | | 第一章 总则 公司于 2001 年 11 月 29 日经国家经济贸易委员会国经 贸企改[2001]1218 号文批准，以发起方式设立；并于 2001 年 12 月 28 日在国家工商行政管理局注册登记， 取得企业法人营业执照，公司统一社会信用代码为 91320000710929340E。 第五条 公司注册名称 中文全称：中国中材国际工程股份有限公司 4 第一条 为维护中国中材国际工程股份有限公司（以下简称"公 司"）、股东和债权人的合法权益，规范公司的组织 和行为，根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有 限公司。 第三条 根据《中国共产党章程》规定，设立中国共产党的组 织，党委发挥领导作用，把方向、管大局、保落实。 公司要建立党的工作机构，配备足够数量的党务工作 人员 ...

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2025-046 | | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 | 国工 K1 | | | | | | | 修订前 | | | | | | | | | | | | | | | | | | | 修订后 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 条 | | 公 | 司 | | 资 | 为 | 民 | 七 条 | | 册 | 资 | 本 | 为 | 人 | 民 | 币 | 第 | 七 | 注 | | 币 | | | 第 | 公 | 司 | 人 | 册 | 本 | 注 | | | 2,642,021,768 | | | | ...

证券代码：600970 证券简称：中材国际 公告编号：2025-048 中国中材国际工程股份有限公司 关于召开2025年第三次临时股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 28 日 14 点 30 分 召开地点：北京市朝阳区望京北路 16 号中材国际大厦公司会议室 股东大会召开日期：2025年7月28日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第三次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 28 日 至2025 年 7 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开 ...

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2025-047 | | --- | --- | --- | --- | | 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 表决结果：3 票同意，0 票反对，0 票弃权。 特此公告。 中国中材国际工程股份有限公司 监事会 二〇二五年七月十一日 1 第八届监事会第十三次会议决议公告 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法律责任。 中国中材国际工程股份有限公司（以下简称"公司"）第八届监事会第十三 次会议于 2025 年 7 月 4 日以书面形式发出会议通知，2025 年 7 月 10 日以现场 结合通讯方式召开，出席会议的监事应到 3 人，实到 3 人，符合《公司法》和《公 司章程》的有关规定。会议由监事会主席于月华女士主持，与会监事经过认真审 议，形成如下决议： 一、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》， 同意将本议案提请公司 2025 年第三次临时股东大会审议。 该议案已经第八 ...

证券代码：600970 证券简称：中材国际 公告编号：临 2025-044 债券代码：241560 债券简称：24 国工 K1 内容详见《中国中材国际工程股份有限公司关于减少注册资本并修订<公司 章程>的公告》（临2025-046）。 《中国中材国际工程股份有限公司章程（2025年7月修订）》见上海证券交 易所网站（http://www.sse.com.cn）。 中国中材国际工程股份有限公司 第八届董事会第十七次会议（临时）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。 中国中材国际工程股份有限公司（以下简称"公司"）第八届董事会第十七 次会议（临时）于2025年7月4日以书面形式发出会议通知，2025年7月10日以现 场结合通讯方式召开。本次会议应到董事8人，实到董事8人，公司全体监事和部 分高管列席会议，符合《公司法》和《公司章程》的有关规定。会议由董事长印 志松先生主持，与会董事经过认真审议，经记名投票表决，形成如下决议： 一、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》， 同意将本议案提请公司 ...

Summary of Zhongcai International Conference Call Company Overview - Zhongcai International has maintained its position as the global leader in cement equipment and engineering operations for 17 consecutive years, with a business scope that includes engineering technical services, high-end equipment manufacturing, operation and maintenance services, and others [2][3] Core Business Insights - The company expects a compound annual growth rate (CAGR) of 14% in revenue from 2019 to 2024, with a scale operation CAGR of 13% [2][5] - In 2024, overseas revenue is projected to reach 16 billion yuan, a year-on-year increase of 12%, driven by the Belt and Road Initiative [2][6] - Domestic market faces challenges, but super emission transformation is expected to create new demand [2][6] High-End Equipment Manufacturing - Focused on cement and mining sectors, with a self-sufficiency rate of core proprietary equipment at 67% and a domestic market share of 85% for dust removal transporters [2][7] - Revenue from this segment is expected to decline by 18% in 2024 due to decreased domestic demand, while overseas orders are anticipated to increase, accounting for 36% of total orders [2][7] Operation and Maintenance Services - This segment is a significant growth driver, with expected revenue of 12.9 billion yuan in 2024, a 22% year-on-year increase [2][8] - New contracts signed are projected to reach 17.3 billion yuan, up 27% year-on-year, with mining operation contracts making up 63% of new orders [2][9] Future Profitability and Investment Outlook - The company anticipates steady growth in profitability over the next few years, particularly in overseas markets driven by the Belt and Road policy [2][10] - Cash dividend ratios for 2024-2026 are committed to be no less than 44%, 48%, and 53% of distributable profits, respectively, with an expected dividend yield of around 6% [2][10] Market Trends and Projections - The global cement production demand is expected to grow significantly, especially in countries along the Belt and Road [2][6] - The operation and maintenance service market is projected to remain stable, with an estimated annual market size of 40 to 45 billion yuan by 2025 [2][11] Valuation and Dividend Yield - The company's overall valuation is considered low, with an expected price-to-earnings ratio of less than 8 times by 2025 and a dividend yield of approximately 6% [2][16] Key Themes and Events - The upcoming Fourth Belt and Road Forum is highlighted as a significant event that could further promote the company's internationalization efforts [2][18]

Summary of the Construction Industry Conference Call Industry Overview - The construction industry is entering a plateau phase, with a projected decline in corporate revenue for the first time in 2024, leading to an increase in receivables and weaker cash flow and profitability [1][2] - Infrastructure investment growth is expected to stabilize at 5-6% in 2025, supported by accelerated government bond issuance, although much of the new funding will be used for debt resolution rather than actual construction [1][5] Key Investment Directions - Future investments should focus on two main areas: external demand transformation and high dividend yields, along with quality business models [1][2] - Significant attention should be given to major national strategies and safety-related projects, such as special government bonds supporting dual construction initiatives, desertification control in Northeast China, and coal chemical projects in Xinjiang [1][7] Company Performance and Recommendations - In 2024, only China Energy Engineering and China Chemical Engineering are expected to achieve revenue growth, with similar expectations for 2025 [1][14] - Recommended stocks include: - **China Construction**: Strong dividend stability with an expected yield of 4-5% in 2025 [3][16] - **China Chemical**: Fast order growth and positive corporate improvement outlook [3][16] - **Sichuan Road & Bridge**: Notable for its high dividend yield and strong order backlog [17] Structural Opportunities - The construction industry is at a crossroads of transformation, with many small-cap companies in sectors like landscaping and decoration presenting merger and acquisition opportunities [4][31] - The manufacturing sector is outperforming infrastructure and real estate investments, with specific focus on power, water conservancy, and water transport investments [8] Economic Environment Impact - The overall economic environment is stable, with Q1 GDP at 5.4% and expectations for Q2 to exceed 5% [5] - Government bond issuance is robust, with special bonds increasing from 1 trillion in 2024 to 1.3 trillion in 2025, primarily for dual construction projects [7] Market Performance - In the first half of 2025, the construction industry ranked 28th in market performance, down 2.1%, with traditional state-owned enterprises underperforming [11] - Small-cap transformation companies have shown better performance compared to large state-owned enterprises [11] Industry Characteristics and Stock Selection - The construction industry is characterized by light assets, high debt, labor intensity, and a lack of significant scale advantages [12] - Stock selection should prioritize manufacturing, followed by new economy sectors, specialized engineering, and quality regional enterprises [12] Future Trends and Risks - Traditional state-owned enterprises face pressure from aging infrastructure projects, necessitating a focus on emerging fields and specialized markets [13] - The overall industry is expected to face significant pressure in 2025, with conservative performance expectations for most companies [14] Conclusion - The construction industry is currently in a transitional phase, with a need for strategic focus on high dividend stocks, emerging sectors, and structural opportunities through mergers and acquisitions. The economic environment remains stable, but the industry faces challenges that require careful navigation and selection of investment opportunities.

Group 1 - Company stock closed at 8.8 yuan on July 8, 2025, with a 1.27% increase and a turnover rate of 0.66% [1] - Total trading volume was 148,500 shares, with a transaction amount of 130 million yuan [1] Group 2 - On July 8, 2025, the fund flow for the company showed a net inflow of 1.2997 million yuan from main funds, accounting for 1.0% of total transaction amount [2] - Retail investors had a net inflow of 13.8094 million yuan, representing 10.6% of total transaction amount, while speculative funds had a net outflow of 15.1091 million yuan, accounting for 11.6% [2] Group 3 - In Q2 2025, the company signed new contracts totaling 1,328,368.82 million yuan, a decrease of 16% year-on-year [2] - The breakdown of new contracts includes: engineering technical services at 683,158.10 million yuan (down 29% YoY), high-end equipment manufacturing at 202,853.31 million yuan (up 27% YoY), and production operation services at 388,561.83 million yuan (down 11% YoY) [2] - For the first half of 2025, new contracts totaled 4,116,420.98 million yuan, an increase of 11% year-on-year [2] Group 4 - The company’s uncompleted contract amount as of the reporting period was 6,203,703.16 million yuan, reflecting a growth of 5.94% compared to the previous reporting period [2] - A significant project signed but not yet executed is the Zambia Central Africa Cement Company's 5,000 tons per day clinker production line and supporting engineering project, with a contract amount of 480 million USD, currently in financing [2]

Group 1 - The company reported a total new contract amount of 1,328,368.82 million RMB in Q2 2025, representing a 16% decrease year-on-year [2] - The new contract amounts for different segments include: - Engineering technical services: 683,158.10 million RMB, down 29% - High-end equipment manufacturing: 202,853.31 million RMB, up 27% - Production operation services: 388,561.83 million RMB, down 11% [2] - The total new contract amount for the first half of 2025 was 4,116,420.98 million RMB, reflecting an 11% increase year-on-year [2] Group 2 - As of the end of the reporting period, the company's uncompleted contract amount was 6,203,703.16 million RMB, an increase of 5.94% compared to the previous reporting period [3] - The uncompleted contract amount refers to the balance of effective contracts, which is the total of all contracts minus those that have been signed but not executed or are on hold [3] Group 3 - The company has a significant ongoing project in Zambia, involving a clinker production line with a daily capacity of 5,000 tons, with a contract amount of 480 million USD. The project is still in the financing stage and has not yet entered the execution phase [3]