| 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]

| 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].