关联董事印志松、朱兵、王益民、刘习德、蔡军恒回避表决。 表决结果：3票同意，0票反对，0票弃权。 证券代码：600970 证券简称：中材国际 公告编号：临 2025-034 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 第八届董事会第十六次会议（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"）第八届董事会第十六 次会议（临时）于2025年5月23日以书面形式发出会议通知，2025年5月29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《关于为关联参股公司中材水泥所属企业提供担保暨关联交 易的议案》，同意将本议案提请公司2025年第二次临时股东大会审议。 该议案已经第八届董事会独立董事专门会议2025年第二次会议、第八届董事 会审计与风险管理委 ...

中国中材国际工程股份有限公司 融资管理办法 （2025 年修订稿） 第一章 总则 第一条 为规范中国中材国际工程股份有限公司（以下简称"公司 "）融资管理，优化债务结构，降低资金成本，防范债务风险，根据国 家法律法规及《公司章程》、三会议事规则等公司有关规定，结合本公 司实际情况，制定本办法。 第二条 本办法所称融资包括外部融资及内部借款。外部融资包括 银行借款、非银行金融机构借款、融资租赁、各类债券及视同带息负债 管理的权益类融资。内部借款指公司及下属公司之间的借款。 第三条 本办法适用于公司及合并报表范围内的全级次分、子公 司（以下简称"下属公司"）。各下属公司可以本办法为基础，结合实 际情况，制定融资管理实施细则。 第四条 本办法所称境外融资包括境外金融机构融资和境外发行 债券等。 第二章 融资管理职责 第五条 公司总部主要职责 （一）根据国家有关法律法规和公司经营发展战略，制定公司融资 管理政策及规章制度，统筹融资管理工作； （二）受理下属公司融资计划报告，统筹规划和平衡内外部融资， 拟定年度融资计划，并在经董事会或股东大会审议批准的额度及范围内 ，履行内部审批程序； 1 （三）负责监督检查融资计划执 ...

1. Report Industry Investment Rating - Most of the covered companies have investment ratings such as "Buy" and "Add", including China National Building Material Co., Ltd., China National Steel & Machinery Corporation, etc. [21][24] 2. Core Viewpoints - Suggest paying attention to investment opportunities related to the Belt and Road Initiative, including four major international engineering companies and companies like Shanghai Harbor and Keda Manufacturing. [3][18] - Although the real - estate market is on the path of stabilizing after a series of policies since the December 2024 Politburo meeting, it still needs to be consolidated in April, and continuous policy support is expected. [3] - Currently, it is recommended to focus on companies such as Honglu Steel Structure, China Jushi, etc., due to factors like improved foreign trade environment, expected increase in downstream demand, and product price increases. [3] 3. Summary by Directory 3.1 Week - Special Topic: Focus on Belt and Road - Related Investment Opportunities - The Belt and Road Initiative aims to achieve infrastructure connectivity and sustainable development among countries along the routes. After more than a decade of construction, the infrastructure connectivity among countries along the routes has taken shape, with significant growth in railway transportation and an increase in the proportion of trade with BRI countries in China's total foreign trade. [3][5][8] - Investment opportunities related to the Belt and Road Initiative are suggested, including four major international engineering companies (Northern International, Sinomach, Sinoma International, and Sino - steel International) and companies like Shanghai Harbor and Keda Manufacturing. [3][18] 3.2 Profit Forecasts and Valuations of Main Covered Companies - The report provides profit forecasts and valuations for multiple companies from 2024 to 2027, including EPS, PE, PB, etc., and gives investment ratings such as "Buy" and "Add". [21][24] 3.3 Weekly Market Review - In the weekly market, the building and building materials industries showed different degrees of decline. Among them, the building index and building materials index both decreased, and different sub - sectors also had varying performance. [28][30][32] - Infrastructure public REITs also had different price fluctuations, with an average weekly increase of 1.73%, a monthly increase of 4.23%, and significant increases in the year - to - date and since IPO. [36][37] 3.4 Aggregate Data Tracking - In the real - estate market, data on new construction, construction, completion, and sales areas showed different trends. In addition, data on land transactions, real - estate transactions, social financing, and infrastructure investment are also provided. [39][48][58] - The new - signed contract data of eight major construction central enterprises from 2022Q1 to 2025Q1 are presented, showing different growth rates in different quarters. [87] 3.5 High - Frequency Data Tracking - High - frequency data on various building materials such as cement, glass, photovoltaic glass, fiberglass, carbon fiber, and magnesium sand are provided, including price, production, inventory, etc. [99][102][110] - Data on upstream raw material prices and physical workloads are also included, such as waste paper, PVC, HDPE prices, and high - altitude machine rental rates, excavator working hours, etc. [148][156]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

Group 1 - The stock price of China National Materials International (中材国际) closed at 9.13 yuan on May 23, 2025, down 1.72% from the previous week’s 9.29 yuan [1] - The highest intraday price reached 9.39 yuan on May 21, while the lowest was 9.11 yuan on May 23 [1] - The current total market capitalization of the company is 24.103 billion yuan, ranking 3rd out of 39 in the professional engineering sector and 616th out of 5148 in the A-share market [1] Group 2 - The company announced an adjustment to the cash dividend distribution for the fiscal year 2024, reducing the total amount to 1,187,981,113.50 yuan (including tax) [1] - Originally, the plan was to distribute a cash dividend of 4.50 yuan (including tax) per 10 shares based on a total share capital of 2,642,021,768 shares, amounting to 1,188,909,795.60 yuan (including tax) [1] - Following the completion of the first phase of the restricted stock incentive plan on May 19, 2025, the total share capital decreased by 2,063,738 shares, leading to a new total of 2,639,958,030 shares and an adjusted cash dividend distribution amount [1] - The adjusted cash dividend represents 39.82% of the net profit attributable to shareholders of the listed company in the consolidated financial statements for the period [1]

Group 1 - The core viewpoint of the articles highlights that China National Materials International Engineering Co., Ltd. (中材国际) is currently undervalued in the engineering construction industry, with a rolling PE ratio of 8.09, significantly lower than the industry average of 13.28 and median of 20.54 [1][2] - As of the first quarter of 2025, the company reported a revenue of 10.147 billion yuan, a year-on-year decrease of 1.37%, while net profit reached 663 million yuan, reflecting a year-on-year increase of 4.19% [1] - The company has a total market capitalization of 24.34 billion yuan and ranks 30th in the industry based on PE ratio [1][2] Group 2 - The company operates in various sectors including engineering technology services, high-end equipment manufacturing, and production operation services, with key products such as cement, mining engineering, and various specialized equipment [1] - As of the latest report, 20 institutions hold shares in the company, including 14 funds, with a total holding of 1.7216515 billion shares valued at 16.493 billion yuan [1] - The company has established five national-level "specialized and innovative" small giant enterprises and twelve provincial-level "specialized and innovative" enterprises [1]

Core Viewpoint - The Chinese cement industry has significantly enhanced its international presence and technological capabilities, leading to increased foreign interest and collaboration opportunities in advanced cement production technologies [1][2][3]. Group 1: International Engagement - In mid-May, nearly 300 foreign business representatives from 49 countries visited Hefei, China, to explore cement manufacturing technologies and equipment procurement [1]. - Chinese enterprises hold a 40% full ownership and 60% joint venture stake in overseas cement projects, contributing to local infrastructure development [1][2]. - The number of foreign guests at the recent cement technology conference increased by 66% compared to the previous event, indicating growing international interest [1]. Group 2: Technological Advancements - Over the past 20 years, the Chinese cement industry has surpassed European companies in global influence, with China National Materials Group (Sinoma) operating 351 production lines across 91 countries [2]. - The cement manufacturing sector reached a peak of 2,323 patent applications in 2020, with a stable trend in patent authorizations expected to yield 1,966 patents in 2024 [2]. - Key characteristics of the Chinese cement industry include large-scale equipment, intelligent production processes, and green manufacturing practices [2]. Group 3: Green and Intelligent Manufacturing - The Chinese Cement Equipment Group's roller press series has sold over 2,400 units globally, showcasing the company's strength in providing customized system solutions [3]. - Foreign guests expressed interest in collaborating with Chinese cement companies, particularly in green technologies and intelligent manufacturing capabilities [3]. - A strategic partnership was recently established between a South African cement group and Sinoma to reduce carbon emissions by 20% in future projects [3]. Group 4: Market Dynamics - Among 21 publicly listed cement companies that reported Q1 2025 earnings, 14 showed growth in net profit, although this is attributed to policy implementation rather than high-quality development [5]. - The Chinese cement industry must focus on both domestic and international markets to sustain healthy growth, emphasizing the need for effective capacity replacement policies and international cooperation [5]. - Chinese cement companies are increasingly engaging in global resource allocation and integration, transitioning from product export to technology output, with leading firms like Sinoma and Anhui Conch at the forefront [5][6].

重要内容提示： ? 拟 派 发 现 金 红 利 ： 由 1,188,909,795.60 元 （ 含 税 ） 调 整 为 中国中材国际工程股份有限公司（以下简称"公司"）于 2025 年 3 月 24 日、2025 年 4 月 15 日分别召开第八届董事会第十四次会议、第八届监事会第十 次会议和 2024 年年度股东大会，审议通过了《公司 2024 年度利润分配预案》。 公司 2024 年度将以实施权益分派股权登记日登记的总股本为基数，向全体股东 每 10 股派发现金红利 4.50 元（含税）。截至利润分配方案披露之日，公司总股 本 2,642,021,768 股，以此计算合计拟派发现金红利 1,188,909,795.60 元（含 税）。如在利润分配方案披露之日起至实施权益分派股权登记日期间公司总股本 发生变动，公司拟维持每股分配比例不变，相应调整分配总额。具体情况详见公 司于 2025 年 3 月 26 日披露的《2024 年年度利润分配预案公告》（公告编号： 临 2025-018）。 公司于 2025 年 5 月 19 日在中国证券登记结算有限责任公司上海分公司办理 完成 2021 年限制性股票激励计划 ...

公司于 2025 年 5 月 19 日在中国证券登记结算有限责任公司上海分公司办理 完成 2021 年限制性股票激励计划首期授予和预留授予部分限制性股票回购注销 实施工作，公司总股本减少 2,063,738 股。具体情况详见公司于 2025 年 5 月 15 日披露的《关于 2021 年限制性股票激励计划部分限制性股票回购注销实施公告》 （公告编号：临 2025-032）。 1 根据中国证券登记结算有限责任公司上海分公司出具的《证券变更登记证 明》，截至本公告披露之日，公司总股本变更为 2,639,958,030 股，以此计算合 计派发现金红利总额调整为 1,187,981,113.50 元（含税），占当期合并报表中 归属于上市公司股东净利润的 39.82%。 中国中材国际工程股份有限公司 关于调整 2024 年年度利润分配现金分红总额的公告 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。 重要内容提示： 拟 派 发 现 金 红 利 ： 由 1,188,909,795.60 元 （ 含 税 ） 调 整 为 1,187,981, ...

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, fuel, and thermal investments, as well as water conservancy investments, which have seen year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1,190.4 billion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, leading to optimism about the conversion of physical workload in infrastructure [1] - The report emphasizes the cyclical investment opportunities in coal chemical industries and suggests paying attention to the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction Data - From January to April 2025, real estate sales area decreased by 2.8% year-on-year, with new construction area down by 23.8% and construction area down by 9.7% [2] - In the same period, the completion area saw a year-on-year decline of 16.9% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production from January to April 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production also declining [4] - The market demand for float glass was weak, leading to increased inventory levels among producers [4]