Core Points - China National Materials International Engineering Co., Ltd. (中材国际) reported a closing price of 9.48 yuan as of November 3, 2025, with a market capitalization of 24.855 billion yuan [1] - The company announced the full repayment of its first phase of medium-term notes issued on November 1, 2022, totaling 1.0268 billion yuan, with an interest rate of 2.68% [1] Group 1 - The stock opened at 9.45 yuan, reached a high of 9.56 yuan, and a low of 9.38 yuan on the reporting day, with a trading volume of 2.59 billion yuan and a turnover rate of 1.21% [1] - The medium-term notes had a total issuance amount of 1 billion yuan, and the repayment date was set for November 2, 2025 [1] - The relevant documents regarding the repayment have been published on the China Monetary Network and Shanghai Clearing House website [1]

| 证券代码：600970 | 证券简称：中材国际 | | | 2025-070 | | --- | --- | --- | --- | --- | | | | | 公告编号：临 | | | 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 中国中材国际工程股份有限公司（以下简称"公司"）于2022年11月1日成 功发行2022年度第一期中期票据（科创票据），发行总额为人民币10亿元，发行 利率2.68%，兑付日为2025年11月2日。相关内容详见《关于2022年度第一期中期 票据（科创票据）发行结果的公告》（公告编号：临2022－090）。 2025年11月2日，公司已全部完成该期中期票据的兑付工作，共计支付本息 合计人民币1,026,800,000.00元。 本 期 中 期 票 据 到 期 兑 付 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.cn)上刊登。 特此公告。 关于 2022 年度第一期中期票 ...

Investment Rating - The industry rating is maintained at "Outperform the Market" [4] Core Views - The construction sector experienced a decline of 1.35% this week, underperforming the broader market by 1.11 percentage points, with mergers, acquisitions, and technology-related stocks showing stronger performance [1][3] - For the first three quarters of 2025, the construction sector reported a revenue decline of 5.10% and a net profit decline of 9.53%, with the revenue drop remaining consistent compared to the same period in 2024 [1][12] - The third quarter of 2025 saw a revenue decline of 4.24% and a net profit decline of 17.52%, with an increase in expenses impacting profits [1][12] Summary by Sections 1. Construction Sector Performance - The construction sector's revenue for the first three quarters of 2025 was 58,415 billion yuan, with a year-on-year decline of 5.10% and a net profit of 1,239 billion yuan, down 9.53% [12][15] - The third quarter of 2025 showed a revenue decline of 4.24% and a net profit decline of 17.52%, with a slight improvement in revenue compared to the second quarter [1][12] 2. Central Enterprises - Only China Chemical, China Electric Power, and China Energy Construction reported positive revenue growth in the first three quarters of 2025, with China Chemical also achieving positive net profit growth [2][15] - The current dividend yield for China Construction is at 5.00%, highlighting its strong performance in terms of dividends [2][15] 3. International Engineering - China National Materials achieved a revenue growth of 3.99% in the first three quarters of 2025, with a 4.48% growth in the third quarter [2][19] - Other international engineering companies faced significant revenue and profit pressure, with high dividend yields for China National Materials and China Steel International at 4.76% and 4.67% respectively [2][19] 4. Local State-Owned Enterprises - Local state-owned enterprises such as Sichuan Road and Bridge, Tibet Tianlu, and Xinjiang Communications Construction reported positive revenue and profit growth [2][22] - Xinjiang Communications Construction showed remarkable performance with a revenue growth of 38.58% and a net profit growth of 147.73% in the first three quarters of 2025 [2][22] 5. Professional Engineering - Companies in the semiconductor cleanroom sector, such as Shenghui Integration, reported significant growth, with a revenue increase of 59.40% and a net profit increase of 93.89% in the third quarter of 2025 [2][20] - The overall performance in the professional engineering sector showed a clear divergence, with some companies experiencing strong growth while others faced challenges [2][20] 6. Investment Recommendations - The report suggests focusing on the construction sector's recovery, particularly in infrastructure investments driven by government initiatives [29] - Key recommendations include local state-owned enterprises in high-growth regions such as Sichuan and Zhejiang, as well as central enterprises like China Communications Construction and China Railway Construction [29]

Summary of Key Points Core Viewpoint - China National Materials International Engineering Co., Ltd. (中材国际) is actively engaging in financial maneuvers, including a proposed bond issuance and ongoing litigation, which may impact its financial standing and operational capabilities [1][2][3]. Group 1: Company Financial Activities - The company plans to issue corporate bonds with a registration limit not exceeding 2 billion yuan, aimed at repaying interest-bearing debts and supplementing working capital [1][3]. - As of October 31, 2025, the company's stock price is 9.52 yuan, reflecting a slight decrease of 0.1% from the previous week, with a total market capitalization of 24.96 billion yuan [1]. Group 2: Legal Matters - The company has initiated legal proceedings against Guangxi Jinxiang Cement Co., Ltd. due to a construction contract dispute, with the amount in question totaling approximately 904.58 million yuan, which includes principal and interest [2][3]. - In the past 12 months, the company has faced a total of 126 other litigation and arbitration cases, with a cumulative disputed amount of about 1.47 billion yuan, indicating ongoing legal challenges [2].

Group 1 - A total of 87 stocks were newly covered by institutions this week, with 14 stocks receiving target prices [1] - Naxin Micro was rated "Accumulate" by Guoyuan Securities with a target price of 207 CNY, while its latest closing price was 172.06 CNY [1] - Tengjing Technology received a "Buy" rating from Guojin Securities with a target price of 146.9 CNY, compared to its latest closing price of 109.63 CNY [1] Group 2 - Other notable stocks include Kingsoft Office, Desay SV, Dazhu CNC, and Northern Rare Earth, which were also mentioned in the report [1] - The report includes a detailed table of stocks with their respective institutions, research dates, latest ratings, target prices, and latest closing prices [2] - For instance, Kexin New Source was rated "Buy" by Guotai Junan Securities with a target price of 66.86 CNY, while its latest closing price was 42.73 CNY [2]

Core Viewpoint - China National Materials International Engineering Co., Ltd. has initiated a significant lawsuit against Guangxi Jinxiang Cement Co., Ltd. regarding a construction contract dispute, with the claimed amount totaling approximately 904.58 million yuan [2][3]. Group 1: Lawsuit Details - The lawsuit is currently in the acceptance stage at the Laibin Intermediate People's Court in Guangxi Zhuang Autonomous Region [2][3]. - The company is the plaintiff in this case, seeking payment for unpaid construction fees and associated costs [2][4]. - The total amount claimed includes 854,633,588.30 yuan in principal, along with interest and other costs, bringing the total to 904,580,876.61 yuan [7]. Group 2: Contractual Background - The dispute arises from a contract signed on May 9, 2021, for the EPC general contracting of a cement production line and aggregate line, with a contract value of 1,936.90 million yuan [5]. - The final settlement price confirmed on August 20, 2024, was 1,959,518,834 yuan, excluding interest [5]. Group 3: Legal Actions and Requests - The company has requested the court to order Guangxi Jinxiang to pay the owed construction fees and to grant the company priority rights over the project in case of liquidation [7][9]. - Additionally, the company has filed for property preservation measures to secure its claims against Guangxi Jinxiang [9]. Group 4: Other Legal Matters - The company has also initiated a separate lawsuit regarding guarantee responsibilities related to unpaid construction fees, involving multiple defendants [10]. - Over the past 12 months, the company has faced a total of 126 other legal disputes, with a cumulative disputed amount of approximately 1.47 billion yuan [11].

中国中材国际工程股份有限公司 2025年第五次临时股东会材料 二〇二五年十一月北京 中国中材国际工程股份有限公司2025年第五次临时股东会材料 中国中材国际工程股份有限公司 2025年第五次临时股东会材料目录 三、中国中材国际工程股份有限公司2025年第五次临时股东会 议案......................................................................................................................... 6 （一）《关于公司符合公开发行公司债券条件的议案》 （二）《关于公司公开发行公司债券方案的议案》 （三）《关于提请股东会授权公司董事会及相关人士全权办理公司 公开发行公司债券及上市相关事宜的议案》 （四）《关于修订〈公司关联交易管理制度〉的议案》 一、中国中材国际工程股份有限公司2025年第五次临时股东会 会议议程.............................................................................................. ...

Core Viewpoint - The company is set to hold its fifth extraordinary general meeting of shareholders on November 10, 2025, to review four key proposals [1] Group 1: Meeting Proposals - The first proposal is to confirm that the company meets the conditions for issuing corporate bonds [1] - The second proposal involves registering and publicly issuing corporate bonds with a maximum registration amount of 2 billion yuan and a term not exceeding 10 years, intended for daily production and operations [1] - The third proposal seeks authorization from the shareholders' meeting for the board of directors and relevant personnel to handle the issuance and listing of the bonds [1] - The fourth proposal aims to amend the company's related party transaction management system, including the removal of supervisor content and updating regulatory references [1] - The resolution for the public issuance of corporate bonds will be valid for 12 months from the date of approval by the shareholders' meeting [1]

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 2025-069 | | --- | --- | --- | --- | | 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 重大诉讼公告 重要内容提示： 一、本次重大诉讼的基本情况 1、起诉及立案情况 2025 年 10 月 16 日，中国中材国际工程股份有限公司（以下简称"公司"） 因与广西锦象水泥有限公司（以下简称"广西锦象"）建设工程合同纠纷，向广 西壮族自治区来宾市中级人民法院（以下简称"来宾中院"）提起民事诉讼。 近日，公司收到来宾中院签发的（2025）桂 13 民初 10 号《受理案件通知书》， 该院正式受理公司与广西锦象的建设工程合同纠纷案。 2、当事人及委托诉讼代理人 原告：中国中材国际工程股份有限公司，委托诉讼代理人为北京观韬（南京） 律师事务所的孙扬广律师和袁承军律师。 被告：广西锦象水泥有限公司 二、诉讼的案件事实、理由及请求 1 案 ...

Core Insights - Qinglong Pipeline Industry (002457.SZ) reported its Q3 2025 financial results, showing a year-on-year adjustment in revenue and profit, with Q3 revenue at 634 million yuan and net profit attributable to shareholders at 37.52 million yuan [1] - Cumulatively, the company achieved a total revenue of 1.567 billion yuan and a net profit of 50.995 million yuan from the beginning of the year to the end of the reporting period [1] - The company secured significant orders and strategic partnerships during the reporting period, laying a solid foundation for future performance growth [1] Revenue and Profit Performance - In Q3 2025, the company achieved a single-quarter revenue of 634 million yuan and a net profit of 37.52 million yuan [1] - From January to the end of the reporting period, cumulative revenue reached 1.567 billion yuan, with a net profit of 50.995 million yuan [1] Order Acquisition and Strategic Partnerships - The company signed a cement product procurement contract with the Ningxia Hui Autonomous Region Water Conservancy Engineering Construction Center on September 24, with a total contract value of 87.3382 million yuan, accounting for 3.10% of the audited revenue for 2024 [1] - This contract is linked to the modernization project of the Qingtongxia Irrigation District, with a supply period starting in September 2025, expected to positively impact performance in 2025 and 2026 [1] - The company further solidified its market position in the northwest water conservancy engineering sector through this order [1] Strategic Cooperation with China National Materials International - In late September, the company signed a framework agreement with China National Materials International to initiate a deep collaboration model focusing on "engineering + manufacturing" [2] - The cooperation targets five core areas, including joint market development in domestic and international water supply and treatment projects, and prioritizing each other's products and services in leading projects [2] - The partnership aims to leverage China National Materials International's resources and international network to support the company's overseas manufacturing base and explore joint investment in pipeline production bases [2] Future Outlook - The company is expected to accelerate its international expansion leveraging its 19 domestic production bases and the international layout with China National Materials International [2] - The joint R&D mechanism is anticipated to enhance the company's R&D capabilities, better adapting to the differentiated demands of overseas markets [2] - With industry development opportunities, the company aims to further consolidate its market position and achieve higher quality growth during the 14th Five-Year Plan period [2]