Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q1 2025, the company achieved operating revenue of 10.147 billion yuan, a year-on-year decrease of 1.37%. The net profit attributable to shareholders was 663 million yuan, an increase of 4.19% year-on-year, while the net profit after deducting non-recurring gains and losses was 599 million yuan, a decrease of 8.38% year-on-year [3][8]. - The company signed new contracts worth 27.881 billion yuan in Q1 2025, representing a year-on-year increase of 31%. Domestic new contracts amounted to 7.020 billion yuan, up 1% year-on-year, while foreign new contracts reached 20.861 billion yuan, an increase of 46% year-on-year [8]. - The company's comprehensive gross margin in Q1 2025 was 16.97%, a decrease of 2.51 percentage points year-on-year. The expense ratio improved significantly, with a total expense ratio of 8.80%, down 2.43 percentage points year-on-year [8]. - The company's operating cash flow in Q1 2025 showed a net outflow of 1.873 billion yuan, which was an increase of 685 million yuan year-on-year, primarily due to the impact of the cement market [8]. - The current stock price is at a low level, providing a strong margin of safety. The company is expected to benefit from international developments and the "Belt and Road" initiative, making it worthy of further attention [8]. Financial Data Summary - For 2025, the estimated total operating revenue is 49.652 billion yuan, with a projected net profit of 3.386 billion yuan [14]. - The company’s total assets are projected to reach 63.955 billion yuan by 2025, with a debt-to-asset ratio of 59.1% [14].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue in Q1 2025, but a year-on-year increase in net profit due to non-recurring gains [1]. - The company signed new orders worth 27.881 billion, representing a year-on-year increase of 31%, with significant growth in engineering services and high-end equipment manufacturing [2]. - The gross margin has been under pressure, but the company has demonstrated good cost control capabilities [3]. - The company is expected to continue its overseas expansion and diversify its business, leveraging the Belt and Road Initiative and the demand for green and digital solutions in mature markets [4]. Financial Performance Summary - In Q1 2025, the company achieved revenue of 10.15 billion, a decrease of 1.37% year-on-year, while net profit attributable to the parent company was 663 million, an increase of 4.2% [1]. - The comprehensive gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company expects net profits for 2025-2027 to be 3.12 billion, 3.32 billion, and 3.58 billion, respectively, with corresponding P/E ratios of 8, 7.5, and 7 [4]. Order and Market Analysis - The company’s new orders in Q1 2025 showed strong growth, particularly in overseas markets, which accounted for 74.82% of total orders [2]. - Domestic orders grew moderately by 1%, while overseas orders increased by 46% year-on-year [2]. - The company is focusing on key regions such as the Middle East, Africa, and Southeast Asia for new projects and operational services [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [8][19]. Core Views - The company has maintained stable operations, with a slight decline in revenue but an increase in net profit due to non-recurring gains [1]. - The company has experienced significant growth in new orders, particularly in overseas markets, indicating a continuation of high demand [2]. - The company is expected to benefit from its long-term strategy of deepening its global market presence and diversifying its business operations [4]. Financial Performance - In Q1 2025, the company achieved revenue of 10.15 billion, a year-on-year decrease of 1.37%, while net profit attributable to shareholders was 663 million, an increase of 4.2% [1]. - The gross margin for Q1 2025 was 17%, down 2.51 percentage points year-on-year, while the net profit margin increased by 0.35 percentage points to 6.99% [3]. - The company signed new orders worth 27.88 billion in Q1 2025, representing a year-on-year increase of 31% [2]. Order Growth - The company’s new orders in Q1 2025 included 20.84 billion from engineering services, 2.88 billion from high-end equipment manufacturing, and 3.78 billion from operational services, with respective year-on-year growth rates of 43%, 65%, and a decline of 16% [2]. - Overseas orders accounted for 74.82% of total new orders, with a year-on-year growth of 46%, highlighting the company's strong international presence [2]. Future Outlook - The company is expected to achieve net profits of 3.12 billion, 3.32 billion, and 3.58 billion for the years 2025 to 2027, with corresponding price-to-earnings ratios of 8, 7.5, and 7 times [4]. - The company plans to leverage the Belt and Road Initiative and focus on emerging markets for urbanization and industrialization needs, particularly in the Middle East, Africa, and Southeast Asia [4].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 公告 中材國際二零二五年三月三十一日止三個月之 主要會計數據和財務指標 中國建材股份有限公司（「本公司」）董事會謹請其股東及公眾投資者留意以下中國中材國 際工程股份有限公司（「中材國際」）截至二零二五年三月三十一日止三個月之主要會計數 據和財務指標。 中材國際為本公司之附屬公司，其A股於上海證券交易所上市及買賣（股份代號： 600970）。 - 1 - - 2 - 本公告乃自願而並非按香港聯合交易所有限公司證券上市規則特定規定而作出。 承董事會命 中材國際之主要會計數據和財務指標 單位：萬元 幣種：人民幣 本報告期比 | | 本報告期 | 上年同期 | 上年同期增減 | | --- | --- | --- | --- | | | | | (%) | | 營業收入 | 1,014,740.77 | 1,028,784.19 | -1.37 | | 歸屬於中材國際股東的淨利潤 | 66,308.46 | 6 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,014,740.77 million, a decrease of 1.37% compared to CNY 1,028,784.19 million in the same period last year[3] - Net profit attributable to shareholders was CNY 66,308.46 million, representing a 4.19% increase from CNY 63,639.36 million year-on-year[3] - The net profit after deducting non-recurring gains and losses was CNY 59,895.86 million, down 8.38% from CNY 65,376.72 million in the previous year[3] - Total operating costs for the first quarter of 2025 were CNY 9,361,675,556.79, a decrease from CNY 9,483,558,361.68 in the same period of 2024, representing a reduction of approximately 1.29%[16] - Net profit for the first quarter of 2025 was CNY 709,286,508.42, compared to CNY 677,576,466.67 in the first quarter of 2024, reflecting an increase of about 4.68%[16] - The company reported a total comprehensive income of CNY 705,568,121.02 for the first quarter of 2025, compared to CNY 616,814,430.62 in the first quarter of 2024, an increase of approximately 14.39%[17] Cash Flow - The net cash flow from operating activities was a negative CNY 187,261.91 million, compared to a negative CNY 118,800.90 million in the same period last year[3] - The company reported a net cash outflow from operating activities of CNY -1,872,619,080.89 for the first quarter of 2025, worsening from CNY -1,188,008,969.34 in the same quarter of 2024[20] - The company's cash flow from sales of goods and services in Q1 2025 was CNY 962.55 million, an increase of 33.9% compared to CNY 718.63 million in Q1 2024[29] - The company recorded a net cash inflow from financing activities of CNY 467,598,129.89 in the first quarter of 2025, a decrease from CNY 1,047,510,305.57 in the first quarter of 2024[22] - The company’s cash inflow from financing activities included $1 billion in loans, indicating reliance on debt financing[30] - The total cash outflow from operating activities was $2.15 billion, slightly lower than $2.18 billion in the previous period, showing stable operational cash outflows[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,793,118.01 million, a decrease of 1.39% from CNY 5,874,585.71 million at the end of the previous year[4] - Current assets totaled CNY 42,737,721,704.05 as of March 31, 2025, down from CNY 43,662,330,568.48 at the end of 2024, representing a decrease of 2.11%[11] - Total liabilities decreased to CNY 34,486,653,472.48 from CNY 36,000,565,714.04, reflecting a reduction of 4.21%[12] - The total current assets as of March 31, 2025, were CNY 10.73 billion, slightly down from CNY 11.00 billion as of December 31, 2024, a decrease of about 2.5%[23] - The total liabilities as of March 31, 2025, were CNY 15.69 billion, a slight decrease from CNY 15.80 billion as of December 31, 2024, representing a decline of about 0.7%[25] Equity - Shareholders' equity attributable to shareholders increased by 3.19% to CNY 2,178,793.59 million from CNY 2,111,540.89 million[4] - The company's total equity increased to CNY 23,444,526,650.78 from CNY 22,745,291,368.85, marking a growth of 3.07%[12] - The total owner's equity as of March 31, 2025, was CNY 10.43 billion, up from CNY 10.17 billion at the end of 2024, reflecting an increase of approximately 2.6%[25] Research and Development - Research and development expenses increased to CNY 360,677,637.80 in the first quarter of 2025, up from CNY 322,287,739.73 in the same period of 2024, marking a growth of about 11.94%[16] - Research and development expenses for Q1 2025 were CNY 34.35 million, a marginal increase from CNY 33.74 million in Q1 2024, indicating a growth of approximately 1.8%[26] Non-Recurring Items - Non-recurring gains and losses totaled CNY 6,412.60 million, with significant contributions from asset disposal gains and government subsidies[5] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 58,208[6] Other Financial Metrics - The weighted average return on equity decreased to 3.09%, down 0.19 percentage points from 3.28% in the previous year[3] - The diluted earnings per share for the first quarter of 2025 was CNY 0.25, unchanged from the same period in 2024[17] - The company reported a tax expense of CNY 130,727,364.43 for the first quarter of 2025, slightly down from CNY 130,979,824.29 in the same period of 2024[16]

中材国际（600970）公告，2025年第一季度营收为101.47亿元，同比下降1.37%；净利润为6.63亿元， 同比增长4.19%。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]

Group 1 - The company will hold a performance briefing for the first quarter of 2025 on April 25, 2025, from 09:00 to 10:00 AM [2][4] - The briefing will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an interactive online format [3][4] - Investors can submit questions from April 18 to April 24, 2025, and the company will address commonly asked questions during the briefing [2][5] Group 2 - Key participants in the briefing include the Chairman, Independent Directors, Vice Presidents, and the Chief Compliance Officer [4] - Contact information for inquiries includes a phone number and email address for investor relations [6] - After the briefing, investors can access the main content and details of the event on the Shanghai Stock Exchange Roadshow Center website [6]

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： | 证券代码：600970 | 证券简称：中材国际 | 公告编号：临2025-030 | | --- | --- | --- | | 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 关于召开2025年第一季度业绩说明会的公告 会议召开时间：2025年4月25日（星期五）上午09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年4月18日（星期五）至4月24日（星期四）16:00前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公告中的联系电话、邮 箱进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 https://roadshow.sseinfo.com/） （三）会议召开方式：上证路演中心网络互动 1 中国中材国际工程股份有 ...