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]

| 证券代码：600970 | 证券简称：中材国际 | | 公告编号：临 2025-043 | | --- | --- | --- | --- | | 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 2025 年第二季度主要经营数据公告 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"） 2025 年第二季度主 要经营情况公布如下： 注："未完合同额"指有效合同的结转额，即在手所有合同的结转额减去已 签订未执行及停缓建合同的结转额。 三、已签订尚未执行的重大项目进展情况 赞比亚中非水泥有限公司日产5000吨熟料生产线及配套工程项目 一、新签合同情况 1 单位：万元 币种：人民币 合同类型 2025 年 4-6 月 2025 年 1-6 月 新签合同金额 同比增减 新签合同金额 同比增减 1. 分产品 工程技术服务 683,158.10 -29% 2,767,216.55 15% 高端装备制造 202,853.31 27% 491,3 ...

Core Insights - The construction industry is officially entering a platform period, with infrastructure investment maintaining resilience but showing signs of decline in revenue among major state-owned enterprises [5][28][30] - The overall investment tone for infrastructure in the second half of 2025 will focus on stability, supported by proactive fiscal policies and accelerated government bond issuance [2][37] - Structural opportunities are emerging, particularly in manufacturing, power, water conservancy, and water transport sectors, driven by special government bonds [5][6] Industry Overview - The construction industry has seen a decline in total revenue for the first time in 2024, confirming a turning point for the industry [30] - The total revenue for the construction industry in 2024 was 86,962.78 billion, a decrease of 4.29% year-on-year, with net profit dropping by 13.74% [30][32] - The share of real estate in GDP has been declining since its peak in 2021, while infrastructure investment has been rising but not enough to offset the decline in real estate [26][28] Investment Strategy - Long-term investment should focus on manufacturing-oriented companies like Honglu Steel Structure, while short-term strategies should prioritize high-dividend stocks and significant changes in individual companies [6][7] - The report emphasizes the importance of structural opportunities in the construction sector, particularly in areas aligned with national strategic initiatives and safety capabilities [60] State-Owned Enterprises - There is a growing divergence among state-owned construction enterprises, with only a few, such as China State Construction and China Energy Engineering, showing positive growth in Q1 2024 [7][28] - The report recommends focusing on companies with strong dividend stability and growth potential, such as China Chemical Engineering and China Communications Construction [7][8] Professional Engineering and International Opportunities - The international engineering sector is expected to benefit from ongoing orders and the deepening of cooperation along the Belt and Road Initiative [8] - Companies like China National Materials and China Steel International are highlighted for their low valuations and high dividend yields, indicating strong performance potential [8] Mergers and Acquisitions - The construction industry is moving towards maturity, necessitating mergers and acquisitions to find new growth points [10] - The report anticipates that future mergers will primarily come from smaller, weaker segments of the industry, such as design and decoration [10]

Company Overview - China National Materials International Engineering Co., Ltd. focuses on engineering technology services, high-end equipment manufacturing, production operation services, and other businesses [1] - The main products include cement and mining engineering, green energy and environmental protection, diversified engineering, vertical mills, roller presses, preheaters, rotary kilns, cooling machines, dust collectors, burners, classifiers, stackers, conveyors, crushing equipment, drilling, mining engineering equipment, mining operation services, digital intelligent services, engineering logistics, aggregate sales, and localized product sales [1] - The company has five national-level specialized "little giant" enterprises and twelve provincial-level "specialized and innovative" enterprises [1] Financial Performance - As of the first quarter of 2025, the company reported operating revenue of 10.147 billion yuan, a year-on-year decrease of 1.37% [1] - The net profit for the same period was 663 million yuan, reflecting a year-on-year increase of 4.19% [1] - The sales gross margin stood at 16.97% [1] Market Position - The company's stock closed at 8.55 yuan, down 1.04%, with a rolling price-to-earnings (PE) ratio of 7.50 times [1] - The total market capitalization is 22.572 billion yuan [1] - In comparison to the industry, the average PE ratio for the engineering construction sector is 13.27 times, with a median of 20.25 times, placing the company at the 28th position within the industry [1][2] Shareholding Structure - As of the first quarter of 2025, there are 20 institutions holding shares in the company, including 14 funds, 4 others, and 2 social security funds, with a total shareholding of 1.7216515 billion shares valued at 16.493 billion yuan [1]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration sector, specifically recommending an increase in investment in the water conservancy and specialized engineering segments [1]. Core Insights - The construction and decoration sector experienced a decline of 2.24% during the week of June 16-20, 2025, while the Shanghai Composite Index and the Wind All A Index fell by 0.45% and 1.07%, respectively, indicating an underperformance of 1.79% and 1.17% [1]. - The National Development and Reform Commission (NDRC) is promoting over 3,200 projects to private capital, with a total investment exceeding 10.14 trillion yuan, aimed at enhancing private investment participation in major national projects [2][20]. - The second China-Central Asia Summit resulted in the signing of 12 cooperation documents, which are expected to boost infrastructure demand in Central Asia and Xinjiang, China [2][23]. Summary by Sections Industry Policy and News Commentary - The NDRC is accelerating the introduction of a long-term mechanism for private enterprises to participate in major national projects, which is expected to stimulate effective investment and benefit engineering and related material demand [2][20]. - Economic data for May shows a stable growth trend, with infrastructure investment increasing by 5.6% year-on-year, although the growth rate has slowed [3][18]. - The construction PMI showed a slight recovery, indicating an acceleration in construction activities and improved project expectations [4][13]. Market Performance Review - The construction and decoration sector's performance has been under pressure, with significant declines in real estate investment and sales, reflecting ongoing challenges in the sector [3][18]. - Retail sales of construction and decoration materials showed a positive growth of 3.0% year-on-year, indicating some resilience in consumer demand [3][18]. Recommendations - The report suggests focusing on construction companies with stable performance and low valuations, such as China Communications Construction Company, China Power Construction Company, and China Railway Group, as they are expected to benefit from policy support and infrastructure investment recovery [4][14]. - For international projects, companies like China National Materials Group and Shanghai Port Group are recommended due to their potential to benefit from ongoing infrastructure cooperation under the Belt and Road Initiative [8][14].

Core Viewpoint - China National Materials International Engineering Co., Ltd. is currently facing a decline in stock price and has a low rolling price-to-earnings (PE) ratio compared to the industry average, indicating potential undervaluation in the engineering construction sector [1][2]. Company Summary - The closing stock price of China National Materials International is 8.61 yuan, down 1.03%, with a rolling PE ratio of 7.55 times and a total market capitalization of 22.73 billion yuan [1]. - The company operates in engineering technology services, high-end equipment manufacturing, production operation services, and other businesses, with key products including cement, mining engineering, and various equipment [1]. - As of March 31, 2025, the number of shareholders has increased to 58,208, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]. Industry Summary - The average PE ratio for the engineering construction industry is 18.43 times, with a median of 20.14 times, positioning China National Materials International at 28th place within the industry [1][2]. - The latest quarterly report for Q1 2025 shows a revenue of 10.15 billion yuan, a year-on-year decrease of 1.37%, and a net profit of 663 million yuan, reflecting a year-on-year increase of 4.19% with a gross profit margin of 16.97% [1].

| 证券代码：600970 证券简称：中材国际 公告编号：2025-041 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中国中材国际工程股份有限公司 | | | | | | | | | | 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 日 | | 年 6 月 | 16 | | | | | | | (二)股东大会召开的地点：北京市朝阳区望京北路 号中材国际大厦公司会议 | | | | 16 | | | | | | 室 | | | | | | | | | | (三)出席会议的普通股股东及其持有股份情况： | | | | ...

中国中材国际工程股份有限公司 关于副总裁辞任的公告 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。 | 证券代码：600970 | 证券简称：中材国际 | | | 公告编号：临 2025-042 | | --- | --- | --- | --- | --- | | 债券代码：241560 | 债券简称：24 | 国工 | K1 | | 二〇二五年六月十七日 | 姓名 | 离任职务 | 离任时间 | 原定任期到 | 离任原因 | 是否继续 | 是否存 | | --- | --- | --- | --- | --- | --- | --- | | | | | 期日 | | 在上市公 | 在未履 | | | | | | | 司及其控 | 行完毕 | | | | | | | 股子公司 | 的公开 | | | | | | | 任职 | 承诺 | | 汪源 | 副总裁 | 2025-06-16 | 2026-10-23 | 工作调整 | 否 | 否 | 二、离任对公司的影响 汪源女士确认与公司不存在任何意见分歧，亦无任何与辞任有关的须提 ...

关于中国中材国际工程股份有限公司 2025 年第二次临时股东大会的 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 二〇二五年六月 北京 BEIJING·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 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-430 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 年第二次临时股东大会(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; 浪'建师事务所 A YUAN LAW OFFICES 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 本次股东大会由公司董事 ...

证券代码：600970 证券简称：中材国际 公告编号：2025-041 中国中材国际工程股份有限公司 2025年第二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 (五)公司董事、监事和董事会秘书的出席情况 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 16 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 | 825 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 216,909,853 | | 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（%） | 8.2164 | (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 ...