Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a steady revenue growth in the first half of 2025, with total revenue of 90.7 billion yuan, a slight decrease of 0.3% year-on-year, while net profit attributable to shareholders increased by 9% to 3.1 billion yuan, in line with expectations [1] - The overseas business showed significant growth, with foreign revenue increasing by 29% to 26.6 billion yuan, while domestic revenue fell by 9% [1] - The company plans to distribute a cash dividend of 610 million yuan, representing 19.69% of net profit attributable to shareholders [1] Financial Performance - The company's gross margin for the first half of 2025 was 9.6%, an increase of 0.2 percentage points year-on-year, with improvements in the construction segment [2] - Operating cash flow showed a net outflow of 10 billion yuan, but there was a significant improvement in cash flow in Q2, with a net inflow of 5.1 billion yuan, an increase of 29% year-on-year [2] - The company has a low interest-bearing debt ratio of 6.4%, with cash and cash equivalents amounting to 37.2 billion yuan, indicating a strong liquidity position [2] Order Intake and Future Outlook - New contracts signed from January to July 2025 totaled 224.8 billion yuan, a year-on-year increase of 4.4%, with a notable acceleration in growth since May [3] - The company is expected to benefit from the ongoing overseas market demand and domestic projects in Xinjiang's coal chemical sector, which may enhance order support [3] - Forecasted net profits for 2025-2027 are 6.41 billion, 7.27 billion, and 8.09 billion yuan, respectively, with corresponding EPS of 1.05, 1.19, and 1.32 yuan [3][5]

Group 1 - The company's net profit attributable to shareholders for H1 2025 increased by 9.26% year-on-year, aligning with expectations [1] - Total revenue for H1 2025 was 90.72 billion, a slight decrease of 0.35% year-on-year, while the net profit was 3.1 billion [1] - The company plans to distribute a cash dividend of 1.00 yuan per 10 shares, marking its first interim dividend [1] Group 2 - The chemical engineering segment reported revenue of 74.8 billion, up 1.21% year-on-year, with a gross margin increase of 0.3 percentage points to 10.2% [2] - The infrastructure segment saw a revenue decline of 10.0% year-on-year, totaling 9.11 billion, but with a gross margin increase of 1.3 percentage points to 7.1% [2] - Domestic revenue was 63.5 billion, down 8.9% year-on-year, while international revenue increased by 28.8% to 26.6 billion [2] Group 3 - The company's operating cash flow for H1 2025 was -10.03 billion, with a year-on-year increase in cash outflow of 5.46 billion [3] - The company is focusing on high-end chemicals and advanced materials, aiming to establish a second growth curve through innovative projects [3] - Profit forecasts for 2025-2027 are maintained at 5.99 billion, 6.59 billion, and 7.12 billion respectively, with corresponding PE ratios of 8X for 2025 and 2026, and 7X for 2027 [3]

Core Viewpoint - The company has proposed a mid-term profit distribution plan, aiming to enhance investor confidence and improve its market image, based on its strong profitability and strategic planning for shareholder returns [2]. Summary by Sections Profit Distribution Plan - The company plans to distribute a cash dividend of 1.00 RMB (including tax) for every 10 shares held, based on the total share capital registered on the equity distribution record date [1][2]. - As of the announcement date, the total share capital is 6,106,877,362 shares, leading to a total cash dividend distribution of 610,687,736.20 RMB (including tax), which represents a certain percentage of the net profit attributable to shareholders for the first half of 2025 [2]. Decision-Making Process - The company's board of directors approved the profit distribution plan during a meeting held on August 22, 2025, with a unanimous vote of 7 in favor and none against [3]. - The plan aligns with the company's profit distribution policy and previously disclosed shareholder return strategies, and it will be submitted for approval at the shareholders' meeting [3].

Core Viewpoint - The report highlights the financial performance and operational strategies of China National Chemical Engineering Co., Ltd. for the first half of 2025, showcasing a slight decline in revenue but an increase in net profit, alongside a focus on innovation and international expansion [1][2][3]. Financial Performance - The company reported a total revenue of approximately 90.42 billion RMB, a decrease of 0.21% compared to the same period last year [7]. - Total profit reached approximately 3.96 billion RMB, reflecting an increase of 8.07% year-on-year [7]. - Net profit attributable to shareholders was approximately 3.10 billion RMB, up 9.26% from the previous year [7]. - The company plans to distribute a cash dividend of 1.0 RMB per 10 shares, amounting to approximately 610.69 million RMB, which represents 19.69% of the net profit for the first half of the year [1]. Business Overview - The company operates primarily in the chemical engineering sector, providing comprehensive solutions including engineering, procurement, and construction (EPC) services [3][6]. - The main business segments include chemical engineering, infrastructure, environmental governance, and new materials, with chemical engineering being the core revenue driver [6][8]. - The company has a strong presence in both domestic and international markets, with significant projects in over 80 countries [3]. Operational Highlights - The company secured new contracts worth approximately 2.06 billion RMB in the first half of 2025, with a notable increase in domestic contracts [13]. - The chemical engineering segment generated approximately 74.81 billion RMB in revenue, accounting for 83.06% of total revenue, with a year-on-year growth of 1.21% [6][8]. - The infrastructure segment saw a decline in revenue by 10.02% due to project completions, while environmental governance revenue dropped significantly by 54.58% [6][8]. Industry Trends - The chemical engineering industry is experiencing a shift towards low-carbon technologies and sustainable practices, driven by national policies and market demands [8][10]. - The infrastructure sector is supported by government initiatives aimed at enhancing quality and expanding investment in new infrastructure projects [9]. - The environmental governance market is expected to grow, with increasing regulatory focus on pollution control and resource management [10][11]. Strategic Initiatives - The company is focusing on innovation and technology development, with plans to enhance its research capabilities and foster partnerships with academic institutions [15][16]. - An international expansion strategy is being implemented, with significant projects signed in regions such as Southeast Asia and Africa [14][15]. - The company aims to optimize its operational efficiency through digital transformation and improved project management practices [16][17].

Core Viewpoint - China Chemical Engineering Co., Ltd. reported a slight decrease in revenue but an increase in total profit for the first half of 2025, indicating a mixed performance amidst challenging market conditions [1][2]. Financial Summary - Total assets at the end of the reporting period amounted to CNY 237.67 billion, reflecting a 1.82% increase from the previous year [2]. - Operating revenue for the first half of 2025 was CNY 90.42 billion, a decrease of 0.21% compared to CNY 90.61 billion in the same period last year [2]. - Total profit reached CNY 3.96 billion, marking an 8.07% increase from CNY 3.67 billion year-on-year [2]. - Net profit attributable to shareholders was CNY 3.00 billion, down 1.56% from CNY 3.05 billion in the previous year [2]. - The company proposed a cash dividend of CNY 1.0 per 10 shares, which represents 19.69% of the net profit attributable to shareholders for the first half of the year [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 93,299 [3]. - The largest shareholder is China Chemical Engineering Group Co., Ltd., which is a state-owned enterprise [3]. Key Financial Ratios - The debt-to-asset ratio was reported at 69.55%, a slight improvement from 70.48% in the previous year [5]. - EBITDA interest coverage ratio stood at 26.84, indicating strong earnings relative to interest expenses [5].

三是发展新质生产力，加强科技创新能力建设方面，公 司坚持"灯火通明搞科研""灯火通明促转化"，加快打造 "创新中国化学"。创新体系更加完善。聚焦科技创新组织 召开"新春第一会"，全面点燃创新热情。制定重大科技攻 关项目管理办法，大力实施 PMO 项目管理法以及"赛马" "揭榜挂帅"攻关机制。深入推进"百—万—百万"科技人 才培养工程，积极探索柔性引才和联合育才，人才对科技创 新的支撑作用不断增强。创新资源加速聚集。持续拓宽"T" 的来源，赴欧洲与知名专利商和工程公司开展技术交流合作， 吸引一批全球领先的专利商和工程公司主动来访交流，签署 多份战略合作协议和谅解备忘录，技术整合能力明显提升。 强化"产学研用"一体化创新，加强与知名高校联合攻关， 协同创新能力不断增强。创新课题进展顺利。积极融入国家 创新体系，获得多项国家级研发项目，稳步推进"星火计划" 实施，重大项目对科技创新牵引作用不断增强。创新成效不 断显现。推动优势技术转化为现实效益。天辰公司双氧水法 环氧丙烷、成达公司绿色低碳纯碱等 5 项技术分别入选工信 与制定并发布国标 7 项、行标 5 项，行业话语权持续提升。 四是增进投资者沟通，提升价值实现能 ...

Group 1 - China Chemical announced that its subsidiary Tianchen Engineering Co., Ltd. has signed an EPC contract for a 300,000 tons/year soda ash project in Indonesia with PT Pupuk Kalimantan Timur [1] - The contract is a joint venture with PT Enviromate Technology International, and a parent company support agreement has been established to ensure project execution [1] - As of June 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to 6.544 billion yuan, which represents 10.51% of the latest audited net assets [1] Group 2 - For the year 2024, the revenue composition of China Chemical is as follows: Chemical Engineering 81.55%, Infrastructure 11.04%, Other Industries 4.69%, Environmental Governance 1.19%, and Modern Services 0.84% [2] Group 3 - As of the latest report, the market capitalization of China Chemical is 49.6 billion yuan [3]

Group 1 - The company reported a total operating revenue of 90.422 billion yuan for the first half of the year, representing a year-on-year decrease of 0.21% [1] - The net profit attributable to shareholders of the listed company was 3.102 billion yuan, showing a year-on-year increase of 9.26% [1] - The basic earnings per share were 0.51 yuan [1]

证券代码：601117 证券简称：中国化学 公告编号：2025-045 中国化学工程股份有限公司 关于全资子公司为其控股子公司提供担保的公告 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。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | | | 天辰国际工程（印尼）有限公司 | | --- | --- | --- | --- | --- | | 担保 | 本次担保金额 | 折合约 | 11.53 | 亿元人民币 | | | | （25,983.1910 | | 亿印尼盾） | | 对象 | 实际为其提供的担保余额 | 0 万元 | | | | | 是否在前期预计额度内 | 是 | □否 | ☑不适用：前期未做 | | | | 该类型担保预计 | | | | | 本次担保是否有反担保 | 是 | ☑否 | □不适用： | 累计担保情况 | 对外担保逾期的累计金额（万元） | | 0 | | --- | --- | --- | | 截至 2025 年 6 月 30 日上市公司及其控股子公 | 65.44 | 亿 ...

中国化学工程股份有限公司 关于中化工程集团财务有限公司风险持续 评估的报告 根据《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》的要求，中国化学工程股份有限公司（以 下简称"公司"）通过查验中化工程集团财务有限公司（以 下简称"财务公司"）《金融许可证》《企业法人营业执照》 等证件资料，并审阅包括资产负债表、利润表、现金流量表 等在内的财务公司定期财务资料，对财务公司的经营资质、 业务和风险状况进行了评估，具体情况报告如下： 一、财务公司基本情况 财务公司系经原中国银保监会《关于中化建工程集团财 务有限公司开业的批复》（银监复〔2012〕451 号）批准， 由中国化学工程股份有限公司、中国化学工程集团有限公司 （以下简称"集团公司"）共同发起设立的非银行金融机构， 机构编码为 L0158H211000001。2012 年 9 月，财务公司在北 京市工商行政管理局办理注册登记并取得营业执照，注册号 为 110000015235740，2015 年 12 月"三证合一"后统一社会 信用代码为 91110000053597189A。公司类型是其他有限责任 公司，注册地在北京市大兴区欣雅街 15 ...