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 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [12] Core Insights - The construction sector is favored for high dividend investment opportunities, particularly in Hong Kong and A-shares [2] - Key companies highlighted include China State Construction, Sichuan Road and Bridge, and international engineering firms benefiting from the Belt and Road Initiative [2][10] - The report emphasizes the importance of stable growth and infrastructure as a cornerstone of economic development, with significant government spending planned for 2025 [9] Summary by Sections High Dividend Opportunities - The report continues to favor high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises and local government enterprises [2] - China State Construction is identified as a top pick due to its strong fundamentals and high dividend yield [10] Performance of Hong Kong Construction Stocks - Hong Kong construction stocks have performed well, with notable increases in share prices for companies like China Communications Construction and China Railway Group [8] - The report attributes this performance to overall market strength and significant liquidity inflows [8] A-Share Recommendations - In A-shares, China State Construction is recommended for its high dividend yield and robust order growth, with new contracts expected to reach 1.4149 trillion yuan in 2024, a 21.1% increase year-on-year [10] - Sichuan Road and Bridge is highlighted for its increasing dividend payout ratio and confidence in future growth [10] International Engineering Opportunities - The report emphasizes the potential of international engineering firms, particularly those involved in the Belt and Road Initiative, with companies like China Steel International and China National Materials recommended for their high dividend yields [10] Market Outlook - The outlook for 2025 remains positive, with infrastructure investment expected to benefit from government policies and increased fiscal spending [9][10] - The report notes that the construction sector is positioned to capitalize on these trends, making it an attractive investment area [9]

| 证券代码：600970 | 证券简称：中材国际 | 公告编号：临 2025-040 | | --- | --- | --- | | 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 2025 年度第一期超短期融资券 发行结果的公告 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。 近日，中国中材国际工程股份有限公司成功发行2025年度第一期超短期融资 券，募集资金已于2025年6月12日到账，现将发行结果公告如下： 董事会 二〇二五年六月十三日 1 本 次 发 行 超 短 期 融 资 券 的 相 关 文 件 已 在 中 国 货 币 网 (http://www.chinamoney.com.cn) 以 及 上 海 清 算 所 网 站 (http://www.shclearing.com)上刊登。 特此公告。 中国中材国际工程股份有限公司 | | 中国中材国际工程股份有限 | | | | | | --- | --- | --- | --- | --- | --- | | 名称 | ...

截至2025年6月6日收盘，中材国际(600970)报收于9.17元，上涨0.66%，换手率0.55%，成交量12.29万 手，成交额1.12亿元。 当日关注点 交易信息汇总 交易信息汇总：6月6日主力资金净流入347.42万元，而游资资金净流出395.89万元。 公司公告汇总：中材国际将于2025年6月16日召开第二次临时股东大会，审议包括为中材水泥和巴 西叶片提供担保在内的两项议案。 6月6日，中材国际的资金流向显示主力资金净流入347.42万元；游资资金净流出395.89万元；散户资金 净流入48.47万元。 1. 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：中材水泥拟通过全资子公司 中材水泥（香港）在阿联酋新设立中亚SPV公司，增资入股哈萨克斯坦的QC公司，获得70%股 权，并建设一条3500t/d熟料水泥生产线，总投资约为18,024.06万美元。中材国际拟按穿透股权比 例28%为QC公司提供不超过3532.72万美元等值人民币的连带责任保证担保。 2. 关于中材海外为参股公司巴西叶片提供财务资助担保及银行保函担保暨关联交易的议案：巴西叶 片拟向其控股股东中材叶片申请2400万美元财 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [11]. Core Insights - The report analyzes several mergers and acquisitions (M&A) cases among central state-owned enterprises (SOEs) in the construction sector, highlighting how these companies have integrated quality resources to achieve breakthroughs in business scale and competitiveness [3][25]. - The recent policy changes, including the new "National Nine Articles" and amendments to the asset restructuring management measures, are expected to invigorate the M&A market, providing opportunities for companies facing operational pressures or growth limitations [6][20]. Summary by Sections M&A Analysis - The report details various M&A cases, including: - **China National Materials International**: Acquired subsidiaries to enhance its competitive edge and resolve internal competition issues [6][28]. - **Shenzhen Sanda A**: Acquired a majority stake in China System to strengthen its smart city industry chain [7][65]. - **China Energy Engineering**: Planned a merger with Gezhouba to eliminate competition and enhance synergy [8]. - **Anhui Construction Engineering**: Merged with Anhui Construction Group for overall listing [8]. - **China Communications Construction**: Divested design assets to facilitate a reverse merger with Qilian Mountain [9]. Policy Environment - The report emphasizes the supportive policy environment for M&A activities, with multiple central and local government initiatives aimed at enhancing the efficiency of capital allocation and encouraging strategic restructuring among SOEs [20][21]. Industry Trends - The construction industry is transitioning towards maturity, with signs of peak growth potential. The report notes a decline in revenue and profit for listed construction companies, indicating a need for horizontal expansion or vertical integration through M&A to sustain growth [20][25]. - In 2024, the total revenue for the construction sector was approximately 86,962.78 billion yuan, reflecting a year-on-year decrease of 4.29% [20]. Investment Opportunities - The report identifies potential investment targets that are under operational pressure or facing growth constraints, particularly those that could benefit from central and local policy support [25].

Group 1 - The stock price of China National Materials International Engineering Co., Ltd. (中材国际) closed at 9.17 yuan on June 6, 2025, up 1.66% from the previous week [1] - The company announced a cash dividend of 0.45 yuan per share (before tax), with the record date set for June 11, 2025, and the payment date on June 12, 2025 [1][3] - The total market capitalization of the company is 24.208 billion yuan, ranking 3rd in the professional engineering sector and 628th in the A-share market [1] Group 2 - A second extraordinary general meeting of shareholders will be held on June 16, 2025, to review two significant proposals [2][3] - The first proposal involves providing a guarantee for an associated company, China National Materials Cement, which plans to invest approximately 18.024 million USD in a new cement production line in Kazakhstan [2] - The second proposal concerns financial support and bank guarantee for a subsidiary in Brazil, with a request for 2.4 million USD in financial assistance and a bank guarantee of 594,000 Brazilian reais [2]