Core Viewpoint - The company has reported significant growth in contract signing and operational performance in the first quarter, indicating a strong start to the year and a commitment to high-quality development and transformation initiatives [5][6][8]. Financial Performance - The company did not conduct an audit for the first quarter financial report [3]. - Major financial data and indicators are presented in thousands of RMB, with a focus on non-recurring gains and losses [3][14]. Contract and Market Development - New domestic contracts signed amounted to 7.665 billion RMB, a year-on-year increase of 52.08% [6]. - New overseas contracts reached 900 million RMB, up 42.67% year-on-year [6]. - Industrial contracts accounted for 8.402 billion RMB, representing 98.10% of total new contracts, with a year-on-year increase of 78.47% [6]. Operational Efficiency - The company has enhanced project execution capabilities, achieving successful milestones in various projects, including the commissioning of a new energy project and the completion of significant installations [6][11]. - A focus on quality management has led to improved project performance and customer satisfaction [6]. Risk Management - The company has implemented a comprehensive risk management system to identify and mitigate major operational risks, with no significant risk events reported during the period [10][11]. Digital Transformation - The company is accelerating its digital transformation efforts, with new contracts in digitalization exceeding 100 million RMB, a year-on-year increase of 87.90% [9]. - Initiatives include the establishment of a digital management platform and the development of smart products to enhance operational efficiency [9]. Reform and Talent Development - The company is pursuing deep reforms to enhance organizational efficiency and effectiveness, focusing on talent development across various key areas [12][13]. - A performance management system has been implemented to ensure comprehensive coverage and alignment with strategic goals [13].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,804,261, a decrease of 3.63% compared to CNY 4,985,267 in the same period last year[6]. - Net profit attributable to shareholders decreased by 36.71% to CNY 65,797 from CNY 103,961 year-on-year[6]. - Basic earnings per share fell by 50.26% to CNY 0.0094 from CNY 0.0189 in the previous year[6]. - Total comprehensive income for Q1 2025 was CNY 85,335,000, compared to CNY 114,451,000 in Q1 2024, representing a decrease of approximately 25.5%[44]. - Net income attributable to the parent company for Q1 2025 was CNY 66,450,000, down from CNY 103,166,000 in Q1 2024, a decline of about 35.6%[44]. - The gross profit margin for Q1 2025 was approximately 1.5%, compared to 2.5% in Q1 2024, indicating a decline in profitability[39]. - The total operating profit for Q1 2025 was CNY 108,020 thousand, down from CNY 126,507 thousand in Q1 2024, a decline of 14.6%[39]. - The company reported a decrease in short-term borrowings to CNY 986,697 thousand from CNY 984,379 thousand, a slight increase of 0.24%[33]. - The company reported an operating loss of CNY 63,000, compared to an operating profit of CNY 16,284 in Q1 2024, indicating a significant decline in performance[59]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 40,625,818, down 1.29% from CNY 41,156,527 at the end of the previous year[8]. - Current assets totaled CNY 32,099,149 thousand, a decrease of 1.15% from CNY 32,472,961 thousand on December 31, 2024[31]. - Current liabilities were CNY 24,826,305 thousand, slightly decreased from CNY 24,838,671 thousand, indicating a reduction of 0.05%[33]. - Non-current liabilities decreased to CNY 6,899,727 thousand from CNY 7,472,791 thousand, a decline of 7.66%[36]. - Total liabilities as of March 31, 2025, amounted to CNY 13,936,265,000, a decrease from CNY 14,994,236,000 as of December 31, 2024[56]. - The total assets decreased from CNY 22,690,740,000 on December 31, 2024, to CNY 21,586,749,000 on March 31, 2025[56]. - The company's total equity remained stable at CNY 7,650,484,000 as of March 31, 2025, compared to CNY 7,696,504,000 at the end of 2024[56]. Cash Flow - Cash inflows from operating activities in Q1 2025 totaled CNY 4,864,151,000, down from CNY 5,245,241,000 in Q1 2024, a reduction of approximately 7.2%[46]. - Cash outflows from operating activities in Q1 2025 were CNY 5,249,209,000, compared to CNY 6,096,877,000 in Q1 2024, indicating a decrease of about 13.9%[46]. - The company's cash flow from operating activities showed a significant decrease, with a net cash increase of CNY -555,142 in Q1 2025 compared to CNY 81,209 in Q1 2024[50]. - The company's cash and cash equivalents at the end of Q1 2025 were CNY 875,262 thousand, down from CNY 2,286,046 thousand at the end of Q1 2024, representing a decline of 61.7%[65]. - The net cash flow from financing activities in Q1 2025 was -CNY 1,092,933 thousand, compared to -CNY 506,922 thousand in Q1 2024, reflecting a worsening of 115.5%[65]. Contracts and Projects - The company signed new domestic contracts worth RMB 7.665 billion, an increase of 52.08% year-on-year[21]. - New overseas contracts amounted to RMB 900 million, reflecting a year-on-year increase of 42.67%[21]. - The total value of new industrial contracts reached RMB 8.402 billion, accounting for 98.10% of total new contracts, with a year-on-year increase of 78.47%[21]. - The company successfully completed the first power delivery for the 1 booster station of the 1.2 million kW new energy project in Baotou[22]. - The largest box-type filter press for the Yunnan copper zinc relocation project has been successfully installed[22]. - The company has completed the basic design for the NPI project of the West Mangdu C3 project[22]. - The total contract value for the mining operation project at the West Mangdu Iron Mine is approximately RMB 2.033 billion[21]. Management and Strategy - The company has implemented a three-level project management system to enhance project profitability[23]. - The company has optimized its procurement system and subcontractor management to improve efficiency and effectiveness[23]. - The company is accelerating investment in key projects related to mineral resources, green low-carbon metallurgy, and digitalization, aiming for industry-leading breakthroughs in core technologies[24]. - The company has implemented a "2025 Technology Achievement Promotion Plan" to accelerate the industrialization of core technologies, including ultra-fine droplet desulfurization and energy-saving environmental protection technologies[24]. - The company is focusing on safety management system optimization, implementing a three-level safety management organization to enhance safety control effectiveness[27]. - The company is deepening reforms to enhance organizational efficiency and effectiveness, focusing on the construction of EPC capabilities and optimizing management levels[28]. - The company is building a talent team with a focus on technology, marketing, project management, internationalization, and skilled personnel, aiming for a systematic approach to talent development[29]. - The company has implemented a comprehensive performance evaluation system covering all employees, ensuring 100% coverage of performance assessments among over ten thousand employees[30]. Research and Development - Research and development expenses increased to CNY 122,964 thousand in Q1 2025, up 13.06% from CNY 108,721 thousand in Q1 2024[38]. - Research and development expenses increased to CNY 7,264,000 in Q1 2025, compared to CNY 2,692,000 in Q1 2024, indicating a focus on innovation[58]. - The company is advancing AI+ business models, with new breakthroughs in aluminum/copper surface optical inspection applications led by China Technology[25]. - The company has established a three-level integrated digital management model to enhance digital service capabilities and optimize smart construction site platform functions[25].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,804,261, a decrease of 3.63% compared to CNY 4,985,267 in the same period last year[3]. - Net profit attributable to shareholders decreased by 36.71% to CNY 65,797 from CNY 103,961 year-on-year[3]. - The basic earnings per share dropped by 50.26% to CNY 0.0094 from CNY 0.0189 in the previous year[3]. - Operating profit for Q1 2025 was CNY 108,020, down 14.6% from CNY 126,507 in Q1 2024[19]. - Net profit for Q1 2025 was CNY 84,682, a decline of 26.56% from CNY 115,246 in Q1 2024[20]. - The company's total equity increased to CNY 8,899,786 as of March 31, 2025, compared to CNY 8,845,065 in Q1 2024[19]. - The company's total equity decreased slightly from CNY 7,696,504 thousand as of December 31, 2024, to CNY 7,650,484 thousand as of March 31, 2025, a decrease of about 0.6%[25]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -385,058, an improvement from CNY -851,636 in the previous year[3]. - The company’s cash and cash equivalents decreased to 3.374 billion RMB from 3.948 billion RMB as of December 31, 2024[17]. - Cash flow from operating activities for Q1 2025 was negative CNY 385,058, an improvement from negative CNY 851,636 in Q1 2024[22]. - The company's cash flow from operating activities for Q1 2025 was a net outflow of CNY 324,083 thousand, compared to a net inflow of CNY 88,878 thousand in Q1 2024[29]. - Cash and cash equivalents at the end of Q1 2025 were CNY 875,262 thousand, down from CNY 2,286,046 thousand at the end of Q1 2024, reflecting a decrease of approximately 61.7%[30]. - Total assets at the end of the reporting period were CNY 40,625,818, down 1.29% from CNY 41,156,527 at the end of the previous year[4]. - Total current assets amounted to 32.099 billion RMB, slightly down from 32.473 billion RMB as of December 31, 2024[17]. - The company's total assets decreased from CNY 22,690,740 thousand as of December 31, 2024, to CNY 21,586,749 thousand as of March 31, 2025, representing a decline of approximately 4.9%[25]. Contracts and Business Development - New domestic contracts signed amounted to 7.665 billion RMB, a year-on-year increase of 52.08%[10]. - New overseas contracts signed reached 900 million RMB, a year-on-year increase of 42.67%[10]. - New industrial contracts totaled 8.402 billion RMB, accounting for 98.10% of total new contracts, with a year-on-year increase of 78.47%[10]. - The company successfully entered the overseas mining operation market with a contract worth approximately 2.033 billion RMB for the mining operation of the Keniya Ximandu Iron Mine[10]. - Digital contracts signed in the first quarter exceeded 100 million RMB, reflecting a year-on-year increase of 87.90%[13]. Management and Strategy - The company is focusing on strengthening cash collection management, which has led to a reduction in cash outflow by CNY 466 million in Q1[3]. - The company aims to enhance operational quality and achieve reasonable growth through management system reforms and targeted actions[9]. - The company is focusing on technology innovation and has implemented a 2025 technology achievement promotion plan[12]. - The company has established a three-tier project management system to enhance project profitability and efficiency[11]. Expenses and Liabilities - Research and development expenses increased to CNY 122,964 in Q1 2025, up from CNY 108,721 in Q1 2024[19]. - Research and development expenses increased to CNY 7,264 thousand in Q1 2025, up from CNY 2,692 thousand in Q1 2024, marking an increase of 169.5%[27]. - Total liabilities as of March 31, 2025, were CNY 31,726,032, down from CNY 32,311,462 in Q1 2024[19]. - The total liabilities decreased from CNY 14,994,236 thousand as of December 31, 2024, to CNY 13,936,265 thousand as of March 31, 2025, a reduction of approximately 7.1%[25]. - The company reported a significant increase in financial expenses, which rose to CNY 56,270 thousand in Q1 2025 from CNY 36,813 thousand in Q1 2024, an increase of 52.7%[27].

中铝国际（601068）公告，2025年第一季度营业收入48.04亿元，同比下降3.63%；净利润6579.7万元， 同比下降36.71%。 ...

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：601068 证券简称：中铝国际 公告编号：临 2025-015 中铝国际工程股份有限公司 股票交易异常波动公告 经公司自查，公司目前生产经营活动未发生重大变化，内外部经 营环境、行业政策等均未发生重大变化。 市场交易风险。2025 年 4 月 17 日、4 月 18 日，公司 A 股股票 交易连续 2 个交易日内日收盘价格涨幅偏离值累计达 20%以上，已触及 《上海证券交易所交易规则》规定的异常波动标准。 公司 A 股股票价格短期涨幅较大，敬请广大投资者注意二级市场 交易风险，理性决策，审慎投资。 公司不存在应披露而未披露的重大信息。经公司自查并书面询 证公司控股股东中国铝业集团有限公司，截至本公告披露日，公司不 存在应披露而未披露的重大信息，除公司已披露的股权激励事项外， 未有正在筹划涉及公司的重大资产重组、股份发行、重大交易类事项、 业务重组、股份回购、股权激励、破产重整、重大业务合作、引进战 略投资者等重大事项。 敬请广大投资者注意二级市场交易 ...

二、本集团及一致行动人在你公司本次股票交易异常波 动期间不存在买卖你公司股票的情况。 特此函告。 中国铝业集团有限公司(以下简称本集团)于2025年4 月 18 日收到你公司《关于中铝国际工程股份有限公司股票 交易异常波动情况的问询函》。你公司 A 股股票在 2025年4 月 17日至4月18日连续两个交易日的收盘价格涨幅偏离值 累计达到 20%。经本集团核实确认,现回复如下: 一、截至目前,除你公司已披露的股权激励事项外,本 集团作为你公司的控股股东,未筹划与你公司有关的重大资 产重组、股份发行、重大交易类事项、业务重组、股份回购、 股权激励、破产重整、重大业务合作、引进战略投资者等重 大事项。 中国铝业集团有限公司 关于中铝国际工程股份有限公司 股票交易异常波动情况的回复函 中铝国际工程股份有限公司: ...

Financial Performance - Net profit attributable to the parent company reached 221 million RMB[7] - Total operating revenue for the year was 24.003 billion RMB, reflecting a year-on-year growth of 7.46%[8] - In 2024, the company achieved operating revenue of 24,003,255 thousand RMB, representing a 7.46% increase compared to 2023[33] - The net profit attributable to shareholders in 2024 was 221,177 thousand RMB, a significant recovery from a loss of 2,657,963 thousand RMB in 2023[33] - The net cash flow from operating activities in 2024 was -2,694,318 thousand RMB, a decline of 472.83% compared to the previous year[33] - The net cash inflow from financing activities was RMB 1.836 billion, a turnaround from a net outflow of RMB 4.412 billion in the previous year, mainly due to strategic investments from subsidiaries totaling RMB 2.29 billion[174] Revenue Growth - Overseas operating revenue was 4.133 billion RMB, an increase of 22.50% year-on-year[8] - Equipment manufacturing revenue was 2.957 billion RMB, up 18.66% year-on-year[8] - Design consulting revenue reached 1.713 billion RMB, an increase of 24.14% year-on-year[8] - New overseas contracts signed totaled 6.095 billion RMB, a year-on-year increase of 65.09%[8] - The company signed new industrial contracts totaling RMB 28.276 billion, accounting for 91.73% of total new contracts, an increase of 42.66% year-on-year[52] - The company achieved a total of RMB 6.095 billion in new overseas contracts, a year-on-year increase of 65.09%[52] Cost Management - The company implemented strict cost control measures, resulting in a decrease in management costs and improved project execution quality[36] - Management expenses decreased by 13.00% year-on-year due to efficiency reforms[121] - The company’s sales expenses decreased by 5.62% to 133 million yuan, reflecting cost control measures[164] Technological Advancements - The company has achieved 27 new international advanced technology results, with 24 at the international leading level[6] - The company implemented a series of digital and intelligent products, including a digital electrolytic cell intelligent control system and an online detection system for anode current distribution[22] - The company focused on technological innovation, launching new technologies such as ultra-fine droplet desulfurization and PSA carbon capture, enhancing its competitive edge[141] - The company has developed advanced mining technologies suitable for extreme conditions, including large-scale equipment for high-altitude and cold environments, achieving significant safety and efficiency improvements[87] Risk Management - The company faces potential risks in 2025, including operational safety, cash flow, and market competition risks[13] - The company focused on risk management, achieving significant breakthroughs in cash flow recovery and maintaining a good credit reputation in the market[23] Awards and Recognition - The company won 40 provincial and ministerial-level science and technology awards, including a second-class award for a project in intelligent automation systems[6] - The company received over 10 national-level engineering quality, technology, and QC achievement awards during the year, enhancing its project performance capabilities[21] - 中铝国际在2024年度中国有色金属工业科学技术奖中获得21项成果，其中一等奖8项，较上年增长33%[74] International Expansion - The company signed industrial contracts worth CNY 28.276 billion, accounting for 91.73% of the total new contracts signed, with EPC contracts increasing by 67.08% year-on-year to CNY 10.796 billion[21] - The company has successfully exported its self-developed technologies and equipment to over 20 countries and regions across Asia, Europe, America, and Africa[103] - The company successfully expanded into new markets in Morocco and Ghana, enhancing its international presence[153] Organizational Development - A total of 237 management and research backbone employees participated in the long-term equity incentive plan, aimed at enhancing core competitiveness[23] - The company has streamlined its organizational structure, reducing branch and departmental personnel by 51.61% and general management personnel by 56.22%[64] - The company has established a legal compliance control system, implementing a unified contract management approach across its headquarters and subsidiaries[59] Environmental and Safety Initiatives - The company aims to achieve a "three zeros" goal in safety and environmental management, with a robust HSE system successfully re-certified[60] - The company has reduced energy consumption by 35% year-on-year through advanced desulfurization technology, achieving ultra-clean emissions[57] - The company has developed a comprehensive remediation technology for heavy metal pollution, enhancing the effectiveness and long-term stability of contaminated site restoration[90] Future Outlook - The company plans not to distribute profits for the year 2024 due to future investment needs[10] - The company plans to focus on high-quality development and the implementation of a management system reform to achieve its "14th Five-Year" goals[24] - The company is focusing on digital transformation in the non-ferrous metal mining, smelting, and processing sectors, implementing several digital intelligent system construction demonstration projects[109]

Group 1 - The core business of the company includes design consulting, EPC engineering contracting, construction, and equipment manufacturing, leveraging its leading technology and talent in the non-ferrous metal industry [2] - The company has participated in various sectors such as metallurgy, transportation, municipal, construction, power, petroleum, chemical, and military, achieving numerous "China First" and "World First" milestones [2] - The latest financial results show that the company achieved an operating income of 24.003 billion yuan, a year-on-year increase of 7.46%, and a net profit of 221 million yuan, a year-on-year increase of 108.32% [2] Group 2 - The company's current price-to-earnings (PE) ratio is 64.26, significantly higher than the industry average of 15.53 and the industry median of 17.66, ranking 59th in the industry [1][3] - The total market capitalization of the company is 14.213 billion yuan, with a rolling PE ratio indicating a high valuation compared to its peers [1][3] - As of August 31, 2018, the number of shareholders reached 245,413, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1]

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The report emphasizes the construction of a community of shared destiny in the context of evolving global geopolitical dynamics, highlighting China's commitment to high-quality co-construction of the "Belt and Road" initiative with neighboring countries [5][10] - As of now, China has reached consensus on building a community of shared destiny with 17 neighboring countries and signed cooperation agreements with 25 countries, becoming the largest trading partner for 18 neighboring countries [10][11] Market Review - The report notes that the construction and decoration sector has seen a decline, with the Shanghai Composite Index down 3.11%, the Shenzhen Component Index down 5.13%, and the ChiNext Index down 6.73% during the week [39] - The report highlights that 23 stocks in the construction sector rose, with the top five performers being: Chuangxing Resources (+19.34%), *ST Nongshang (+15.74%), Zhongshe Consulting (+15.58%), Guangzi International (+14.75%), and COFCO Technology (+12.37%) [39] Regional Cooperation Insights China-Central Asia - Central Asia is identified as the birthplace of the "Belt and Road" initiative, with trade between China and Central Asian countries projected to reach $94.8 billion in 2024, reflecting a robust growth of 6.1% year-on-year [15][20] - The report highlights significant infrastructure projects, including the China-Kyrgyzstan-Uzbekistan railway, which is expected to enhance connectivity and reduce transportation time significantly [19][20] China-Southeast Asia - The report indicates that trade between China and ASEAN countries is expected to reach $982.3 billion in 2024, marking a year-on-year growth of 7.75% [30] - The successful operation of the China-Laos railway is noted as a key achievement, facilitating economic corridors and enhancing regional connectivity [26][30] Industry Developments - The report discusses the increasing demand for digital and green construction in Southeast Asia, presenting opportunities for Chinese companies in areas such as data centers and green building projects [32] - It also mentions that the issuance of green bonds in ASEAN countries is on the rise, indicating a shift towards sustainable infrastructure development [32] Company Dynamics - The report highlights significant contract wins by major construction firms, including China Railway, which secured contracts totaling approximately 66.77 billion yuan, representing 5.77% of its projected revenue for 2024 [42] - China Metallurgical Group announced new contracts worth 14.35 billion yuan, showcasing its strong position in the metallurgical engineering sector [42]

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [1]. Core Insights - The construction sector experienced a weekly decline of 3.43%, underperforming the Shanghai Composite Index, which fell by 3.11% and the CSI 300 Index, which decreased by 2.87% [3][6]. - Key sub-sectors that performed best during the week included infrastructure state-owned enterprises (-1.33%), international engineering (-1.63%), and steel structures (-4.16%) [6][10]. - Notable companies with significant weekly gains included China Railway (+0.89%), Chalco International (+1.51%), and Honglu Steel Structure (+0.97%) [6][10]. - Year-to-date, the international engineering sector has seen a rise of 1.73%, with Chalco International leading with a 7.03% increase, and Honglu Steel Structure showing a 16.51% increase [6][10]. Summary by Sections Industry Performance - The construction industry saw a weekly decline of 3.43%, outperforming the Shenzhen Composite Index (-5.13%), the Small and Medium Enterprises Board (-4.32%), and the ChiNext Index (-6.73%) [3][6]. - The best-performing sub-sectors for the week were infrastructure state-owned enterprises, international engineering, and steel structures [6][10]. Key Company Developments - Jinggong Steel Structure reported a 12.03% increase in revenue for 2024, but a 6.69% decrease in net profit [18]. - Honglu Steel Structure reported a 1.25% increase in new sales contracts for the first quarter, with a production increase of 14.29% compared to the same period in 2024 [18]. - China Railway secured a major project worth 66.772 billion yuan, representing 5.77% of its total revenue for 2024 [18]. Investment Analysis - The report suggests that infrastructure investment is expected to recover in 2025, highlighting the investment value in cyclical high-elasticity sectors [2][18]. - Recommended stocks include Honglu Steel Structure in the steel structure sector, and China Railway and China State Construction Engineering in the state-owned enterprise category [2][18].