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 2 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 部、发改委、生态环境部先进适用技术名单和推广目录；参 与制定并发布国标 7 项、行标 5 项 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-046 中国化学工程股份有限公司 第五届董事会第二十九次会议决议公告 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。 同意公司以实施权益分派股权登记日登记的总股本为基数， 重要内容提示： 一、董事会会议召开情况 中国化学工程股份有限公司（以下简称"本公司"或"公司"） 第五届董事会第二十九次会议通知于 2025 年 8 月 12 日发出，会 议于 2025 年 8 月 22 日以现场会议方式召开。本次会议应出席董 事 7 人，实际出席董事 7 人。会议由董事长莫鼎革先生主持。本 次会议的召开符合有关法律法规、规范性文件和《公司章程》《董 事会议事规则》的相关规定。 二、董事会会议审议情况 （一）《关于公司 2025 年半年度报告的议案》； 表决结果：通过。同意 7 票，反对 0 票，弃权 0 票。 具体内容详见与本决议公告同日在上海证券交易所网站发 布的《中国化学 2025 年半年度报告》及其摘要。 （二）《关于公司 2025 年中期利润分配的议案》； 表决 ...

证券代码：601117 股票简称：中国化学 公告编号：临 2025-044 中国化学工程股份有限公司 2025 年度中期利润分配方案公告 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： 每股分配比例：每 10 股派送现金红利 1.00 元（含税）。 本次利润分配股本以实施权益分派股权登记日登记的总 股本为基数，具体日期将在权益分派实施公告中明确。 1 总股本为基数分配利润。本次利润分配方案如下： 公司拟向全体股东每 10 股派发现金红利 1.00 元（含税）。 截至公告披露日，公司总股本为 6,106,877,362 股，以此计算拟 派发现金红利 610,687,736.20 元（含税），本次公司拟派发的现 金分红占 2025 年上半年归属于上市公司股东净利润的比例为 19.69%。本次利润分配将以实施权益分派股权登记日登记的总股 本为基数，在实施权益分派的股权登记日前公司总股本发生变动 的，拟维持每股分配比例不变，相应调整分配总额。如后续总股 本发生变化，公司将另行公告具体调整情况。 本次利润分配方案尚需提 ...

中国化学8月25日披露半年报，公司上半年实现营业收入904.22亿元，同比下降0.21%；归属于上市公司 股东的净利润31.02亿元，上年同期28.39亿元，同比增长9.26%；基本每股收益0.51元。 ...

中国化学(601117.SH)公告称，公司发布2025年半年度报告，公司上半年实现营业收入904.22亿元，同比 减少0.21%；实现归属于上市公司股东的净利润31.02亿元，同比增长9.26%。公司拟以实施权益分派股 权登记日登记的总股本为基数，每10股分配现金股利1.0元（含税）。 ...

Section I Definitions This section defines common terms used in the report, including company abbreviations, controlling shareholders, regulatory bodies, and various engineering contracting models, ensuring accuracy and consistency in report interpretation [1.1 Definitions of Common Terms](index=4&type=section&id=1.1%20%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines common terms used in the report, including company abbreviations, controlling shareholders, regulatory bodies, and various engineering contracting models (e.g., EPC, T+EPC, BT, BOT, BOOT), ensuring accuracy and consistency in report interpretation - The report defines common terms such as "Company," "China National Chemical Engineering," "Subsidiaries," "CSRC," and "SASAC"[13](index=13&type=chunk) - Abbreviations and their meanings for various engineering contracting models are clarified, such as EPC (Engineering-Procurement-Construction General Contracting), T+EPC (Proprietary Technology + Engineering-Procurement-Construction General Contracting), BT (Build-Transfer), BOT (Build-Operate-Transfer), BOOT (Build-Own-Operate-Transfer)[13](index=13&type=chunk) - The reporting period is defined as January 1, 2025, to June 30, 2025[13](index=13&type=chunk) Section II Company Profile and Key Financial Indicators This section provides the company's basic information, contact details, and key financial performance metrics for the first half of 2025, including revenue, profit, and cash flow, along with details on non-recurring items and share-based payment impacts [2.1 Company Information and Contact Details](index=5&type=section&id=2.1%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E4%B8%8E%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the company's basic registration information, legal representative, contact details, and information disclosure channels, ensuring transparency and accessibility of company information - The company's Chinese name is China National Chemical Engineering Co., Ltd., abbreviated as China National Chemical Engineering, with Mo Dingge as the legal representative[16](index=16&type=chunk) - Zhu Jinfeng serves as the Board Secretary, Tan Hua as the Securities Affairs Representative, with detailed contact address, phone, fax, and email provided[17](index=17&type=chunk) - The company's information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times, with the semi-annual report published on www.sse.com.cn[19](index=19&type=chunk) [2.2 Key Accounting Data and Financial Indicators](index=6&type=section&id=2.2%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's operating revenue slightly decreased in the first half of 2025, but total profit and net profit attributable to shareholders increased, with earnings per share rising year-on-year. Net cash flow from operating activities was negative, showing a significant outflow compared to the same period last year 2025 January-June Key Accounting Data | Key Accounting Data | This Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 90,421,523,899.76 yuan | 90,609,521,854.35 yuan | -0.21 | | Total Profit | 3,963,487,063.02 yuan | 3,667,616,811.08 yuan | 8.07 | | Net Profit Attributable to Shareholders of Listed Company | 3,101,675,842.34 yuan | 2,838,923,571.50 yuan | 9.26 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 3,002,585,980.00 yuan | 3,050,322,969.73 yuan | -1.56 | | Net Cash Flow from Operating Activities | -10,032,948,109.28 yuan | -4,571,432,461.59 yuan | N/A | | **End of This Reporting Period** | **End of Last Fiscal Year** | **Change from End of Last Fiscal Year (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 65,489,047,802.59 yuan | 62,275,575,565.47 yuan | 5.16 | | Total Assets | 237,668,110,025.85 yuan | 233,421,377,309.40 yuan | 1.82 | 2025 January-June Key Financial Indicators | Key Financial Indicators | This Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.51 | 0.46 | 10.87 | | Diluted Earnings Per Share (yuan/share) | 0.51 | 0.46 | 10.87 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.49 | 0.50 | -2.00 | | Weighted Average Return on Net Assets (%) | 4.86 | 4.81 | Increased by 0.05 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.70 | 5.17 | Decreased by 0.47 percentage points | [2.3 Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=2.3%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled 99.09 million yuan in the first half of 2025, primarily from disposal of non-current assets, government grants, debt restructuring, and other non-operating income and expenses, after deducting income tax and minority interest impacts 2025 January-June Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 17,979,524.33 | | Government grants recognized in current profit or loss | 32,561,913.43 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | -22,376,984.91 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 26,382,525.71 | | Gains and losses from debt restructuring | 54,872,696.12 | | Other non-operating income and expenses apart from the above | 15,639,986.50 | | Less: Income tax impact | 20,775,536.65 | | Minority interest impact (after tax) | 5,194,262.19 | | Total | 99,089,862.34 | [2.4 Net Profit After Deducting Share-Based Payment Impact](index=7&type=section&id=2.4%20%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The company's net profit after deducting share-based payment impact for the first half of 2025 was 3.398 billion yuan, a 7.85% year-on-year increase, demonstrating profitability after excluding equity incentive costs Net Profit After Deducting Share-Based Payment Impact | Key Accounting Data | This Reporting Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Share-Based Payment Impact | 3,398,050,033.66 yuan | 3,150,485,237.52 yuan | 7.85 | Section III Management Discussion and Analysis This section discusses the company's industry, main business operations, core competitiveness, and key operational performance during the reporting period, including financial results, new contracts, strategic initiatives, and risk factors [3.1 Overview of Industry and Principal Business During the Reporting Period](index=8&type=section&id=3.1%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) As a comprehensive solution provider in industrial engineering, the company's business spans chemical engineering, infrastructure, environmental governance, industrial and new materials, and modern services, actively responding to national policies to promote green, intelligent, and high-end development, with chemical engineering remaining the core business and significant growth in overseas operations [3.1.1 Company's Principal Business Overview](index=8&type=section&id=3.1.1%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%BF%B0) The company provides comprehensive solutions in industrial engineering, covering R&D, survey, design, investment, construction, operation, and services for architectural engineering, committed to high-level technological self-reliance and green, low-carbon development, with operations in over 80 countries and regions globally - The company is a comprehensive solution provider in industrial engineering, offering full-chain services including technology R&D, survey, design, investment, construction, and operation[30](index=30&type=chunk) - The company adheres to the philosophy that "science and technology are the primary productive force" and green, low-carbon development, promoting high-level technological self-reliance and serving as a supplier of high-end chemicals and advanced materials[30](index=30&type=chunk) - The company's engineering achievements span all provinces in China and over 80 countries and regions worldwide, demonstrating global resource allocation and large-scale project organization and implementation capabilities[30](index=30&type=chunk) [3.1.2 Principal Businesses and Operating Models](index=8&type=section&id=3.1.2%20%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E5%8F%8A%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company's main businesses include chemical engineering, infrastructure, environmental governance, industrial and new materials, and modern services, primarily adopting EPC, EP, PC, and construction general contracting models, while the industrial sector also expands into T+industry integration and BT, BOT, BOOT models - Chemical engineering business primarily involves general contracting, covering petrochemicals, new coal chemicals, natural gas, fine chemicals, new materials, and new energy, providing full lifecycle services[31](index=31&type=chunk) - Infrastructure business focuses on "two new and one major" construction, developing upgrades for traditional infrastructure, new infrastructure, and new urbanization, offering comprehensive full-process and full-产业链 services[32](index=32&type=chunk) - The industrial and new materials segment focuses on high-end chemicals and advanced materials, deepening the "T+industry" integrated model, breaking through "bottleneck" technologies, and investing in and constructing production facilities using proprietary R&D technologies[34](index=34&type=chunk)[35](index=35&type=chunk) - Modern services, represented by financial business, integrate industry and finance to support core business development, utilizing finance companies and fund companies to provide professional financial services and capital support[36](index=36&type=chunk) [3.1.3 Principal Business Performance](index=9&type=section&id=3.1.3%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) In the first half of 2025, chemical engineering revenue grew by 1.21%, accounting for 83.06% of total revenue and remaining the core business, while infrastructure and environmental governance revenues declined due to project completion, and industrial and new materials and modern services revenues increased, with overseas business revenue growing significantly by 28.75% and domestic revenue decreasing by 8.93% 2025 January-June Principal Business by Industry | By Industry | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Change from Last Year (%) | Operating Cost Change from Last Year (%) | Gross Profit Margin Change from Last Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chemical Engineering | 74,811,521,006.70 | 67,201,439,732.20 | 10.17 | 1.21 | 0.89 | 0.28 | | Infrastructure | 9,110,180,629.35 | 8,463,023,271.48 | 7.10 | -10.02 | -11.27 | 1.3 | | Environmental Governance | 510,654,982.42 | 478,673,802.70 | 6.26 | -54.58 | -53.56 | -2.05 | | Industrial and New Materials | 4,829,620,469.00 | 4,598,533,225.42 | 4.78 | 8.73 | 14.52 | -4.82 | | Modern Services | 805,246,360.66 | 703,887,336.27 | 12.59 | 7.81 | 4.12 | 3.11 | | Total | 90,067,223,448.13 | 81,445,557,368.07 | 9.57 | -0.32 | -0.51 | 0.17 | 2025 January-June Principal Business by Region | By Region | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin (%) | Operating Revenue Change from Last Year (%) | Operating Cost Change from Last Year (%) | Gross Profit Margin Change from Last Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 63,468,669,780.79 | 57,214,588,576.44 | 9.85 | -8.93 | -9.60 | 0.66 | | Overseas | 26,598,553,667.34 | 24,230,968,791.63 | 8.90 | 28.75 | 30.46 | -1.2 | - Chemical engineering business revenue was **74.81 billion yuan**, a **1.21% year-on-year increase**, accounting for **83.06% of principal business revenue**, primarily due to increased contract awards and project development efforts[39](index=39&type=chunk) - Overseas principal business revenue was **26.60 billion yuan**, a **28.75% year-on-year increase**, mainly driven by the smooth progress of overseas projects[41](index=41&type=chunk) [3.1.4 Industry Analysis](index=10&type=section&id=3.1.4%20%E8%A1%8C%E4%B8%9A%E5%88%86%E6%9E%90%E6%83%85%E5%86%B5) In the first half of 2025, global economic growth diverged while China's economy showed steady improvement with new quality productive forces providing momentum; the chemical industry, driven by "dual carbon" goals and energy transition, is trending towards green, intelligent, and high-end development; infrastructure construction is supported by proactive fiscal policies focusing on major projects; the environmental protection sector is entering a policy-driven deep cultivation era with significant potential in wastewater and solid waste treatment; and the chemical new materials market is experiencing strong demand, led by semiconductor chemicals and bio-based materials - Global economic growth diverged, while China's economy continued its recovery and improvement, with positive progress in fostering new quality productive forces and deep integration of the digital economy with the real economy[42](index=42&type=chunk) - The chemical industry, influenced by "dual carbon" goals and energy transition policies, shows trends towards green, intelligent, and high-end project construction, with sustained growth in new energy materials and low-carbon technology-led niche markets[42](index=42&type=chunk) - National policies support equipment upgrades and trade-ins of consumer goods, promoting innovative development in the fine chemical industry, phasing out outdated facilities, and fostering high-quality development of the hydrogen energy industry[43](index=43&type=chunk)[44](index=44&type=chunk) - In the infrastructure sector, the Central Economic Work Conference proposed more proactive fiscal policies, increasing the issuance of ultra-long-term special government bonds to support "two major" projects and "three major" initiatives, with investments in urban village renovation and affordable housing expected to reach trillions of yuan[45](index=45&type=chunk) - The environmental protection industry is entering a policy-driven deep cultivation era, focusing on carbon reduction during the "14th Five-Year Plan" period, with significant potential in sub-markets such as wastewater resource utilization, solid waste treatment, and air pollution control, expected to reach a market size of hundreds of billions of yuan[46](index=46&type=chunk)[47](index=47&type=chunk) - The industrial and new materials sector focuses on high-end, intelligent, green, and safe development, with strong growth in emerging fields such as semiconductor chemicals and bio-based materials[48](index=48&type=chunk)[49](index=49&type=chunk) [3.2 Discussion and Analysis of Operations](index=12&type=section&id=3.2%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company's operating performance in the first half of 2025 was stable and improving, with both total profit and net profit attributable to shareholders increasing. New contract value grew by 1.24%, consolidating the chemical engineering core business advantage and achieving breakthroughs in international strategy. The company made significant progress in technological innovation, strategic layout, lean management, and deepening reforms, continuously strengthening risk control capabilities [3.2.1 Operating Performance](index=12&type=section&id=3.2.1%20%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E6%96%B9%E9%9D%A2) In the first half of 2025, the company's total operating revenue slightly decreased, but total profit, net profit, and net profit attributable to owners of the parent company all increased, with various operating plans and financial budget targets steadily progressing 2025 January-June Operating Performance Overview | Indicator | Amount (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Total Operating Revenue | 90.722 | -0.35 | | Total Profit | 3.963 | 8.07 | | Net Profit | 3.380 | 8.50 | | Net Profit Attributable to Owners of Parent Company | 3.102 | 9.26 | [3.2.2 New Contracts](index=12&type=section&id=3.2.2%20%E6%96%B0%E7%AD%BE%E5%90%88%E5%90%8C%E6%96%B9%E9%9D%A2) In the first half of 2025, the company's new contract value reached 206.092 billion yuan, a 1.24% year-on-year increase, with domestic contracts accounting for nearly 80% and overseas contracts growing by 0.36%; construction engineering was the main business type, new chemical engineering contracts exceeded 160 billion yuan for the first time, and the internationalization strategy achieved significant breakthroughs in Indonesia and Namibia 2025 H1 New Contract Value Year-on-Year Change | Business Type | Contract Value (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Construction Engineering Contracting | 198.635 | 2.16 | | Of which: Chemical Engineering | 160.020 | 6.48 | | Infrastructure | 35.672 | 1.52 | | Environmental Governance | 2.943 | -67.34 | | Survey, Design, Supervision, Consulting | 1.594 | -24.28 | | Industrial and New Materials Sales | 5.489 | 31.00 | | Modern Services | 0.321 | -45.59 | | Other | 0.005 | -97.64 | | Total | 206.092 | 1.24 | - Total new contract value was **206.092 billion yuan**, a **1.24% year-on-year increase**. Domestic new contract value was **164.608 billion yuan**, and overseas new contract value was **41.484 billion yuan**[52](index=52&type=chunk) - New contract value in the chemical engineering sector exceeded **160 billion yuan** for the first time in the first half, successfully winning bids for multiple major projects and securing 7 general design institute projects with a total investment of nearly **160 billion yuan**[55](index=55&type=chunk) - The internationalization strategy deepened, with over **7 billion yuan** in project signings in Indonesia during the first half, and the signing of the world's largest green hydrogen and green ammonia project in Namibia[56](index=56&type=chunk) [3.2.3 Key Initiatives Completed in H1 2025](index=13&type=section&id=3.2.3%202025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E5%AE%8C%E6%88%90%E7%9A%84%E9%87%8D%E7%82%B9%E5%B7%A5%E4%BD%9C) In the first half of the year, the company made progress in technological innovation, strategic layout, lean management, and deepening reforms, including improving the innovation system, accelerating resource aggregation, consolidating its main business, developing strategic emerging industries, deepening internationalization, enhancing management efficiency, achieving initial results in cost reduction, advancing digital transformation, completing reform tasks, compressing management levels, improving corporate governance, and strengthening safety, environmental protection, and capital control, with overall manageable overseas risks - In technological innovation, the company improved its innovation system, implemented PMO project management and "horse racing" and "unveiling and commissioning" mechanisms, accelerated the aggregation of innovation resources, and promoted 5 technologies to be included in the Ministry of Industry and Information Technology, National Development and Reform Commission, and Ministry of Ecology and Environment's lists of advanced and applicable technologies and promotion catalogs[57](index=57&type=chunk) - In strategic layout, the company consolidated its leading position in chemical engineering, achieving a new high in new contract value; accelerated the development of strategic emerging industries, with Hualu New Materials selected as a national-level "specialized, refined, unique, and new" key "little giant" enterprise; and deepened its internationalization strategy, actively contributing to the "Belt and Road" initiative and expanding its overseas "circle of friends"[59](index=59&type=chunk) - In lean management, the company focused on "one profit and five rates" assessment indicators, comprehensively promoted cost reduction and efficiency improvement, strengthened hierarchical control of key projects, and steadily advanced "Digital Chemical Engineering" construction, including an integrated management platform and AI scenario applications[60](index=60&type=chunk) - In deepening reforms, the tasks of the reform deepening and upgrading action were largely completed, continuously compressing management levels, strengthening full-chain equity supervision, improving corporate governance, and promoting the rigid implementation of term-based and contractual management for managerial personnel[61](index=61&type=chunk) - In risk prevention and control, the company solidly carried out the three-year action plan for fundamental safety production improvements, strengthened full-level monitoring of account funds, improved the full-process overseas risk control system, and strictly controlled contract quality[62](index=62&type=chunk) [3.3 Analysis of Core Competitiveness During the Reporting Period](index=14&type=section&id=3.3%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness is reflected in its complete value chain and comprehensive engineering qualifications, diversified and synergistic business structure, first-class engineering service level and commercial reputation, outstanding technological innovation capabilities, professional talent team, global development layout, and internationally renowned brand influence [3.3.1 Complete Value Chain and Comprehensive Engineering Qualifications](index=15&type=section&id=3.3.1%20%E5%AE%8C%E6%95%B4%E7%9A%84%E4%BB%B7%E5%80%BC%E9%93%BE%E5%92%8C%E9%BD%90%E5%85%A8%E7%9A%84%E5%B7%A5%E7%A8%8B%E8%B5%84%E8%B4%A8) The company possesses the most comprehensive qualifications and complete business chain in chemical industrial engineering construction, offering end-to-end solutions from technology R&D to operation management, ranking first globally in oil and gas services, and consistently listed among ENR's largest global engineering contractors - The company is a leading enterprise in chemical industrial engineering construction with the most comprehensive qualifications, most complete business chain, and outstanding advantages, ranking first globally in oil and gas services[64](index=64&type=chunk) - It provides full-process solutions including technology R&D, investment and financing, planning and design, equipment procurement, construction contracting, start-up services, inspection and maintenance services, and operation management[64](index=64&type=chunk) - The company holds numerous special-grade and class-A qualifications, including 7 special-grade petrochemical construction general contracting qualifications, 1 special-grade construction general contracting qualification, and 6 comprehensive class-A engineering design qualifications[64](index=64&type=chunk) [3.3.2 Synergistic and Diversified Business Structure](index=15&type=section&id=3.3.2%20%E5%8D%8F%E5%90%8C%E5%8F%91%E5%B1%95%E7%9A%84%E7%9B%B8%E5%85%B3%E5%A4%9A%E5%85%83%E5%8C%96%E4%B8%9A%E5%8A%A1%E7%BB%93%E6%9E%84) The company has optimized its industrial structure, forming a synergistic development pattern across chemical engineering, infrastructure, environmental governance, industrial development, and modern services, with each business segment achieving significant results - Chemical engineering business maintains its domestic leading position, infrastructure business provides strong support, and environmental governance business achieves new breakthroughs in areas such as Yangtze River protection and Yellow River basin governance[65](index=65&type=chunk) - Industrial development establishes a pattern led by strategic emerging industries such as new materials, new energy, high-end equipment manufacturing, and energy conservation and environmental protection[65](index=65&type=chunk) - Modern services (financial business, trade capabilities) effectively support the core business development[65](index=65&type=chunk) [3.3.3 First-Class Engineering Service Level and Strong Commercial Reputation](index=15&type=section&id=3.3.3%20%E4%B8%80%E6%B5%81%E7%9A%84%E5%B7%A5%E7%A8%8B%E6%9C%8D%E5%8A%A1%E6%B0%B4%E5%B9%B3%E5%92%8C%E8%89%AF%E5%A5%BD%E7%9A%84%E5%95%86%E4%B8%9A%E4%BF%A1%E8%AA%89) Leveraging strong technical capabilities and comprehensive business qualifications, the company has constructed the vast majority of China's chemical and petrochemical production bases, earning numerous Luban Awards and National Quality Engineering Awards, establishing a strong commercial reputation - The company has constructed the vast majority of China's chemical and petrochemical production bases, maintaining a dominant role in large-scale chemical, petrochemical, and coal chemical projects[66](index=66&type=chunk) - It has cumulatively received **46 Luban Awards** and **129 National Quality Engineering Awards** (including 23 Gold Awards)[66](index=66&type=chunk) [3.3.4 Excellent Technological Innovation and Extensive Proprietary R&D Reserves](index=15&type=section&id=3.3.4%20%E5%8D%93%E8%B6%8A%E7%9A%84%E7%A7%91%E6%8A%80%E5%88%9B%E6%96%B0%E6%B0%B4%E5%B9%B3%E5%92%8C%E4%B8%B0%E5%AF%8C%E7%9A%84%E8%87%AA%E4%B8%BB%E7%A0%94%E5%8F%91%E6%8A%80%E6%9C%AF%E5%82%A8%E5%A4%87) As one of the first national "innovative enterprises," the company boasts a comprehensive "1 general institute + multiple branches + N platforms" R&D system, has broken through critical "bottleneck" technologies in various fields, and accumulated 5,730 authorized patents and 348 proprietary technologies - The company is one of the first national "innovative enterprises," possessing 13 national-level enterprise technology centers, 1 national energy R&D center, and other R&D platforms[67](index=67&type=chunk) - It has developed a series of process and engineering technologies in traditional chemicals, new coal chemicals, chemical new materials, green environmental protection technologies, and hydrogen energy utilization, breaking through "bottleneck" technologies such as adiponitrile and cold hydrogenation polysilicon[67](index=67&type=chunk) - As of the end of the reporting period, the company cumulatively held **5,730 authorized patents** and **348 proprietary technologies**, and had received **433 provincial/ministerial level or higher scientific and technological awards**[67](index=67&type=chunk) [3.3.5 Professional Talent Pool and Efficient Management Team](index=15&type=section&id=3.3.5%20%E4%B8%93%E4%B8%9A%E7%9A%84%E4%BA%BA%E6%89%8D%E9%98%9F%E4%BC%8D%E5%92%8C%E9%AB%98%E6%95%88%E7%9A%84%E7%AE%A1%E7%90%86%E5%9B%A2%E9%98%9F) The company possesses a high-caliber professional talent pool and an efficient management team, including academicians, masters, and experts enjoying special government allowances from the State Council, and stimulates innovation vitality through the "One-Ten-Hundred-Thousand" talent project and equity incentive policies - The company boasts **1 academician of the Chinese Academy of Engineering**, **4 National Engineering Survey and Design Masters**, and **276 experts enjoying special government allowances from the State Council**[69](index=69&type=chunk) - It implements the "One-Ten-Hundred-Thousand" talent project, building a "geese formation" talent structure led by scientific research leaders, supported by professional technical backbones, and supplemented by young reserve talents[69](index=69&type=chunk) - Over **500 managerial personnel** are included in term-based and contractual management, and technology innovation incentive policies such as "four 15%" and "two 5 years" are implemented[69](index=69&type=chunk) [3.3.6 Global Development Layout and Resource Allocation Capability](index=16&type=section&id=3.3.6%20%E5%85%A8%E7%90%83%E5%8C%96%E7%9A%84%E5%8F%91%E5%B1%95%E5%B8%83%E5%B1%80%E5%92%8C%E8%B5%84%E6%BA%90%E9%85%8D%E7%BD%AE%E8%83%BD%E5%8A%9B) As a pioneer in the "going out" strategy, the company operates in over 80 countries and regions globally, with more than 140 overseas offices, demonstrating global resource allocation and large-scale project execution capabilities, having completed contracts exceeding 100 billion USD in Belt and Road countries - The company's business spans over **80 countries and regions worldwide**, with more than **140 overseas offices**, demonstrating global resource allocation and large-scale project organization and implementation capabilities[70](index=70&type=chunk) - It has cumulatively completed contracts exceeding **100 billion USD** in Belt and Road countries, driving Chinese technology, standards, and equipment to "go global"[70](index=70&type=chunk) [3.3.7 Globally Renowned Brand Influence and Proactive Social Responsibility](index=16&type=section&id=3.3.7%20%E4%BA%AB%E8%B6%A3%E5%85%A8%E7%90%83%E7%9A%84%E5%93%81%E7%89%8C%E5%BD%B1%E5%93%8D%E5%8A%9B%E5%92%8C%E6%8B%85%E5%BD%93%E6%9C%89%E4%B8%BA%E7%9A%84%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%84%9F) The "China National Chemical Engineering" brand enjoys global recognition, actively fulfills its overseas and social responsibilities as a central state-owned enterprise, contributes to rural revitalization, and has been listed among China's ESG Listed Company Pioneers - The "China National Chemical Engineering" brand enjoys global influence, listed among the "Top 500 Chinese Brands," and has established multiple excellent subsidiary brands[71](index=71&type=chunk) - It actively fulfills its overseas responsibilities as a central state-owned enterprise, creating numerous employment opportunities, engaging in social welfare, and fostering international friendship and "heart-to-heart connectivity"[71](index=71&type=chunk) - The company upholds high standards in fulfilling its political and social responsibilities as a central state-owned enterprise, contributing to rural revitalization and being listed among China's ESG Listed Company Pioneers 100[71](index=71&type=chunk) [3.4 Key Operating Performance During the Reporting Period](index=16&type=section&id=3.4%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section provides a detailed analysis of the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major subsidiaries during the reporting period. Operating revenue and costs slightly decreased, while selling, general and administrative, and R&D expenses increased, and financial expenses significantly dropped due to reduced exchange losses. Operating cash outflow increased, investment cash outflow increased, and financing cash inflow increased. The asset and liability structure remained stable, with overseas assets accounting for 20.27% [3.4.1 Analysis of Principal Business](index=16&type=section&id=3.4.1%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's operating revenue and cost slightly decreased, mainly due to the completion of some infrastructure and environmental governance projects. Selling, general and administrative, and R&D expenses all increased, with R&D expenses growing by 14.19%, reflecting the company's emphasis on technological innovation. Financial expenses significantly decreased by 65.37%, primarily due to reduced exchange losses 2025 January-June Financial Statement Item Changes | Item | Current Period Amount (yuan) | Same Period Last Year Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 90,421,523,899.76 | 90,609,521,854.35 | -0.21 | | Operating Cost | 81,761,481,687.91 | 82,099,178,445.50 | -0.41 | | Selling Expenses | 214,260,704.93 | 187,168,436.71 | 14.47 | | General and Administrative Expenses | 1,784,058,793.50 | 1,686,434,239.44 | 5.79 | | Financial Expenses | 111,921,868.09 | 323,195,419.12 | -65.37 | | R&D Expenses | 2,716,631,601.11 | 2,378,944,604.89 | 14.19 | | Net Cash Flow from Operating Activities | -10,032,948,109.28 | -4,571,432,461.59 | N/A | | Net Cash Flow from Investing Activities | -2,298,265,232.50 | -911,036,526.48 | N/A | | Net Cash Flow from Financing Activities | 560,283,988.36 | -1,760,757,182.90 | N/A | - Financial expenses decreased by **65.37%**, primarily due to a reduction in exchange losses influenced by exchange rate fluctuations[74](index=74&type=chunk) - R&D expenses increased by **14.19%**, mainly because the company highly values technological innovation and continuously increases its technological investment[74](index=74&type=chunk) - Net cash flow from operating activities was **-10.033 billion yuan**, and the company will further strengthen cash flow management and control[74](index=74&type=chunk) [3.4.2 Analysis of Assets and Liabilities](index=17&type=section&id=3.4.2%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the company's total assets increased by 1.82% year-on-year, and net assets attributable to shareholders increased by 5.16%. Notes receivable decreased by 32.30%, other current assets increased by 42.49%, deposits absorbed and interbank deposits decreased by 44.17%, taxes payable increased by 68.26%, and long-term borrowings increased by 42.39%. Overseas assets accounted for 20.27% of total assets Asset and Liability Status Changes | Item Name | Amount at End of Current Period (yuan) | Proportion of Total Assets at End of Current Period (%) | Amount at End of Last Fiscal Year (yuan) | Proportion of Total Assets at End of Last Fiscal Year (%) | Change from End of Last Fiscal Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 3,263,529,278.18 | 1.37 | 4,820,510,155.61 | 2.07 | -32.30 | | Other Current Assets | 5,339,275,080.90 | 2.25 | 3,747,229,921.79 | 1.61 | 42.49 | | Deposits Absorbed and Interbank Deposits | 2,381,186,085.67 | 1.00 | 4,265,028,336.58 | 1.83 | -44.17 | | Taxes Payable | 2,374,668,272.40 | 1.00 | 1,411,272,564.15 | 0.60 | 68.26 | | Long-Term Borrowings | 7,557,772,658.11 | 3.18 | 5,307,981,821.35 | 2.27 | 42.39 | - Overseas assets amounted to **48.17 billion yuan**, accounting for **20.27% of total assets**[78](index=78&type=chunk) [3.4.3 Analysis of Investment Status](index=18&type=section&id=3.4.3%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company's financial assets measured at fair value totaled 3.571 billion yuan at period-end, with fair value changes generating a gain of 424.16 million yuan during the period. Securities investments primarily include stocks and bonds, with period-end book values of 1.884 billion yuan for stocks and 1.687 billion yuan for bonds Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (million yuan) | Fair Value Change Gain/Loss for Current Period (million yuan) | Cumulative Fair Value Change Recognized in Equity (million yuan) | Current Period Purchases (million yuan) | Current Period Sales/Redemptions (million yuan) | Ending Balance (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 240,707.05 | -1,942.11 | 1,011.11 | 20,003.13 | 70,206.54 | 188,443.20 | | Other | 168,056.97 | 44,358.23 | 693.68 | 710.69 | 6.91 | 168,696.06 | | Total | 408,764.02 | 42,416.12 | 1,704.79 | 20,713.82 | 70,213.45 | 357,139.26 | [3.4.4 Analysis of Major Holding and Participating Companies](index=23&type=section&id=3.4.4%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) The company owns several holding subsidiaries in design, contracting, and construction installation, such as China Tianchen Engineering Co., Ltd. and China National Chemical Engineering Seventh Construction Co., Ltd., which contributed significant operating revenue and net profit in their respective fields, forming a crucial part of China National Chemical Engineering's overall performance Major Holding and Participating Companies Financial Data (Partial) | Company Name | Principal Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Tianchen Engineering Co., Ltd. | Design and Contracting | 2,500,000,000.00 | 32,397,529,358.78 | 7,932,698,162.73 | 367,715,693.83 | | Saideng Engineering Co., Ltd. | Design and Contracting | 1,500,000,000.00 | 7,687,769,575.17 | 2,621,568,858.00 | 36,541,229.92 | | Donghua Engineering Science and Technology Co., Ltd. | Design and Contracting | 708,040,122.00 | 16,727,370,408.27 | 5,132,201,574.49 | 241,219,921.44 | | China Wuhuan Engineering Co., Ltd. | Design and Contracting | 2,000,000,000.00 | 11,712,013,344.22 | 3,446,455,324.65 | 260,235,197.82 | | Hualu Engineering Technology Co., Ltd. | Design and Contracting | 650,000,000.00 | 10,313,256,859.60 | 2,150,943,799.11 | 271,917,152.90 | | China Chengda Engineering Co., Ltd. | Design and Contracting | 2,000,000,000.00 | 15,068,539,296.13 | 4,266,451,607.99 | 241,292,768.30 | | China National Chemical Engineering Seventh Construction Co., Ltd. | Construction and Installation | 3,500,000,000.00 | 20,450,346,779.77 | 6,201,393,420.68 | 470,570,327.36 | | Sinochem Engineering Group Finance Co., Ltd. | Finance Company | 3,000,000,000.00 | 29,824,750,181.43 | 4,184,325,224.13 | 147,439,113.59 | - China Tianchen Engineering Co., Ltd. and China National Chemical Engineering Seventh Construction Co., Ltd. are major subsidiaries whose net profit impact exceeds **10%** of the company's total[88](index=88&type=chunk) [3.5 Other Disclosures](index=25&type=section&id=3.5%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces multiple risks including international operations, investment, project execution control, safety, environmental protection, health, and cash flow. It has established a multi-level risk prevention and control system, strengthened full-process management, and continuously improved its risk early warning mechanism to address potential challenges - International operations face political, economic, legal, cultural, and environmental challenges; the company addresses these by strengthening top-level planning and full-process control, closely monitoring international developments, and strictly managing country and contract risks[89](index=89&type=chunk) - Investment risks primarily stem from overcapacity in the chemical industry, declining profitability, and the early stages of new products; the company focuses on its core business, strictly controls non-core investments, and strengthens full-level, penetrative investment supervision and risk early warning mechanisms[90](index=90&type=chunk) - Project execution control risks include declining client payment capabilities and stringent contract terms; the company responds by improving project management systems, strengthening settlement management, deepening penetrative management, and promoting digital production monitoring[91](index=91&type=chunk) - Safety, environmental protection, and health risks exist due to numerous project sites, complex technologies, and strict environmental enforcement; the company adopts the philosophy of "main responsible persons grasping safety and environmental protection," strengthening QHSE supervision and subcontractor management[92](index=92&type=chunk) - Cash flow risks are influenced by the macroeconomy and upstream/downstream industries; the company strengthens client credit management, implements special actions to reduce "two receivables," reinforces cash flow assessment, and effectively utilizes financial instruments[93](index=93&type=chunk) Section IV Corporate Governance, Environment, and Society This section details changes in the company's directors and senior management, outlines the profit distribution plan, reports on equity incentive plans, discloses environmental information of subsidiaries, and describes efforts in consolidating poverty alleviation achievements and rural revitalization [4.1 Changes in Directors and Senior Management](index=26&type=section&id=4.1%20%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board of directors saw changes, with Li Jian, Lan Ruda, Wang Wei, and Deng Zhaojing elected as directors, and Yang Youhong and Chen Bi departing. Deng Zhaojing was appointed General Manager, and Hu Fushen resigned as Deputy General Manager. Additionally, the company abolished the supervisory board, and its former members ceased to perform their duties - Li Jian, Lan Ruda, and Wang Wei were elected as company directors, and Deng Zhaojing was elected as a company director and appointed General Manager[96](index=96&type=chunk) - Yang Youhong and Chen Bi resigned from their director positions, and Hu Fushen resigned from his Deputy General Manager position[96](index=96&type=chunk)[97](index=97&type=chunk) - During the reporting period, the company abolished the supervisory board, and former supervisory board members Xu Wanming, Fan Junsheng, and Lai Zhongmao ceased to perform their respective duties[96](index=96&type=chunk)[97](index=97&type=chunk) [4.2 Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=4.2%20%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company proposes a cash dividend of 1.0 yuan (tax inclusive) per 10 shares based on the total share capital registered on the equity distribution record date, totaling 610.69 million yuan in distributed profit, representing 19.69% of the net profit attributable to shareholders for the first half of the year. This plan is subject to shareholder approval Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (yuan) (tax inclusive) | 1.00 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | | Total proposed distributed profit | 610,687,736.20 yuan | | Proportion of net profit attributable to shareholders for H1 | 19.69% | - This profit distribution plan is subject to approval by the shareholders' meeting[98](index=98&type=chunk)[99](index=99&type=chunk) [4.3 Status and Impact of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=27&type=section&id=4.3%20%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company repurchased and canceled a total of 2,193,200 restricted shares related to the 2022 restricted stock incentive plan, with relevant details disclosed in interim announcements - The company repurchased and canceled **345,200 restricted shares** granted to incentive recipients that had not yet been unblocked, with the cancellation date being March 19, 2025[100](index=100&type=chunk) - The company again repurchased and canceled **1,848,000 restricted shares** granted to incentive recipients that had not yet been unblocked, with the cancellation date being August 7, 2025[100](index=100&type=chunk) [4.4 Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=27&type=section&id=4.4%20%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Ten of the company's subsidiaries are included in the list of enterprises required to disclose environmental information, with corresponding environmental information disclosure report query indexes provided, demonstrating the company's transparency in environmental governance - **Ten subsidiaries** of the company are included in the list of enterprises required to disclose environmental information[101](index=101&type=chunk) - Environmental information disclosure report query indexes are provided for each subsidiary, such as China Chemical Tianchen (Quanzhou) New Materials Co., Ltd. and Tianjin Tianchen Green Energy Engineering Technology R&D Co., Ltd[101](index=101&type=chunk)[102](index=102&type=chunk) [4.5 Specifics of Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization Efforts](index=28&type=section&id=4.5%20%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company deeply implements the rural revitalization strategy, increasing aid funds, with 93% of the annual funds disbursed in the first half of the year, and supports rural development through industrial assistance, party building co-construction, and diverse aid activities, enhancing villagers' sense of gain and happiness - The company strictly implements the State-owned Assets Supervision and Administration Commission's targeted assistance arrangements, continuously strengthening its organizational leadership system and solidifying the primary responsibility for assistance[103](index=103&type=chunk) - Investment has increased, with the annual planned assistance funds growing by **5%** compared to the previous year, and the fund disbursement progress reaching **93%** in the first half of the year[103](index=103&type=chunk) - The company prioritizes industrial assistance, implementing **11 industry-related projects** annually, and continues to enhance its "Party Building +" assistance brand, organizing diverse assistance activities such as "Spring Plowing Games" and "Children's Love, Surprise Delivery"[103](index=103&type=chunk) Section V Significant Matters This section covers the fulfillment of commitments, significant litigation and arbitration, major related party transactions, and the performance of significant contracts, including external guarantees, providing a comprehensive overview of key events and their implications for the company [5.1 Fulfillment of Commitments](index=29&type=section&id=5.1%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company, its controlling shareholder, actual controller, and other related parties have strictly fulfilled all commitments during the reporting period, including resolving horizontal competition, related party transactions, maintaining company independence, and share lock-up, with no unfulfilled commitments - The company commits not to add new horizontal competition with Donghua Technology and to maintain its independence in personnel, assets, finance, organization, and business, with the commitment being long-term and strictly fulfilled[105](index=105&type=chunk) - China National Chemical Engineering Group Co., Ltd. commits to avoid horizontal competition between its existing businesses and the company, with the commitment being long-term and strictly fulfilled[105](index=105&type=chunk) - Guohua Investment Co., Ltd., a concerted party of the controlling shareholder, commits not to reduce its holdings of the company's shares during the increase period and within six months after completion, with the commitment period extending to August 18, 2025, and strictly fulfilled[105](index=105&type=chunk) [5.2 Significant Litigation and Arbitration Matters](index=30&type=section&id=5.2%20%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company's sub-subsidiary, China Chemical Saideng Ningbo Engineering Co., Ltd., is involved in a lawsuit currently under review, with only a change in jurisdiction and no alteration to the litigation claims - China Chemical Saideng Ningbo Engineering Co., Ltd., a sub-subsidiary of the company, received a "Notice of Response to Lawsuit" from the People's Court, and the case has been transferred to and accepted by Suzhou Intermediate People's Court[106](index=106&type=chunk) - This only involves a change in jurisdiction, with no changes to the litigation claims, and the case is currently under review[106](index=106&type=chunk) [5.3 Major Related Party Transactions](index=31&type=section&id=5.3%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in multiple related party transactions related to daily operations, including accepting labor, purchasing goods, related party receivables and payables, and financial services with its finance company. These transactions primarily followed market pricing principles and had no significant adverse impact on the company's operating results or financial position - The company has daily related party transactions with its controlling shareholder and other related parties, such as engineering subcontracting and material procurement, with pricing based on market rates and significant transaction amounts[111](index=111&type=chunk) 2025 January-June Related Party Receivables and Payables (Partial) | Related Party | Relationship | Beginning Balance of Funds Provided by Related Party to Listed Company (yuan) | Amount Incurred (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | China National Chemical Engineering Group Co., Ltd. | Parent Company | 79,794,257.36 | -56,014,046.36 | 23,780,211.00 | | Sinochem Southern Construction Investment Co., Ltd. | Wholly-owned subsidiary of parent company | 881,263,768.54 | -663,656,932.97 | 217,606,835.57 | | Sinochem (Beijing) Construction Investment Co., Ltd. | Wholly-owned subsidiary of parent company | 384,988,901.85 | -198,019,464.88 | 186,969,436.97 | | Total | / | 2,278,582,769.65 | -1,613,325,629.36 | 665,257,140.29 | - The company engages in deposit and loan businesses with its related party finance company, with deposit interest rates ranging from **0.25% to 1.5%** and loan interest rates ranging from **2.5% to 3.6%**[114](index=114&type=chunk)[115](index=115&type=chunk)[117](index=117&type=chunk) 2025 January-June Loan Business with Related Party Finance Company (Partial) | Related Party | Relationship | Loan Limit (yuan) | Loan Interest Rate Range | Beginning Balance (yuan) | Total Loans for Current Period (yuan) | Total Repayments for Current Period (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China National Chemical Engineering Group Co., Ltd. | Parent Company | 6,500,000,000.00 | 2.5% | 6,000,000,000.00 | - | - | 6,000,000,000.00 | | Sinochem Transportation Construction Group Co., Ltd. | Same Parent Company | 2,300,000,000.00 | 3.00%-3.40% | 1,780,000,000.00 | 761,000,000.00 | 778,000,000.00 | 1,763,000,000.00 | | Total | / | / | / | 8,772,410,015.40 | 966,931,000.00 | 1,581,000,000.00 | 8,158,341,015.40 | [5.4 Significant Contracts and Their Performance](index=39&type=section&id=5.4%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company provided external guarantees, primarily for its holding subsidiaries, totaling 6.544 billion yuan, representing 9.99% of the company's net assets. The company's guarantees for subsidiaries strictly followed decision-making procedures and information disclosure obligations, with no overdue or non-compliant guarantees Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (billion yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Status of Primary Debt | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China National Chemical Engineering Eleventh Construction Co., Ltd. | Kaifeng Zeheng Engineering Project Management Co., Ltd. | 0.25 | 2018.12.19 | 2028.12.18 | Joint and Several Liability Guarantee | Normal | No | | Hualu Engineering Technology Co., Ltd. | Wanhua Chemical Group Co., Ltd. | 0.82 | 2025.1.1 | 2041.12.7 | Joint and Several Liability Guarantee | Normal | No | | Hualu Engineering Technology Co., Ltd. | Wanhua Chemical Group Co., Ltd. | 1.84 | 2025.4.1 | 2033.4.1 | Joint and Several Liability Guarantee | Normal | No | | Total Guarantees Incurred During Reporting Period | | 2.66 | | | | | | | Total Guarantee Balance at End of Reporting Period (A) | | 2.91 | | | | | | Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (billion yuan) | | :--- | :--- | | Total Guarantees Incurred for Subsidiaries During Reporting Period | -0.74 | | Total Guarantee Balance for Subsidiaries at End of Reporting Period (B) | 62.53 | | Total Guarantees (A+B) | 65.44 | | Proportion of Total Guarantees to Company's Net Assets (%) | 9.99 | | Of which: Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 24.51 | | Total of Above Three Guarantee Amounts (C+D+E) | 24.51 | - The company has no overdue guarantees, and guarantees for subsidiaries have strictly followed relevant regulations and company policies for decision-making procedures and information disclosure, with no non-compliant guarantees provided[122](index=122&type=chunk) Section VI Share Changes and Shareholder Information This section details changes in the company's share capital due to restricted stock repurchases and cancellations, as well as increases in restricted shares from controlling shareholder's concerted party's share increase, along with an overview of the shareholder structure and changes in holdings of directors, supervisors, and senior management [6.1 Share Capital Changes](index=42&type=section&id=6.1%20%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's share capital decreased due to the repurchase and cancellation of some restricted shares, while restricted shares increased due to the controlling shareholder's concerted party's share increase. The total number of shares changed from 6,109,070,562 to 6,108,725,362 Share Change Table (Partial) | | Number Before This Change (shares) | Proportion Before This Change (%) | Net Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion After This Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 39,489,800 | 0.65 | -345,200 | 66,981,800 | 1.10 | | 3. Other Domestic Holdings | 39,489,800 | 0.65 | -345,200 | 39,144,600 | 0.65 | | II. Unrestricted Tradable Shares | 6,069,580,762 | 99.35 | -27,837,200 | 6,041,743,562 | 98.90 | | 1. RMB Ordinary Shares | 6,069,580,762 | 99.35 | -27,837,200 | 6,041,743,562 | 98.90 | | III. Total Shares | 6,109,070,562 | 100 | -345,200 | 6,108,725,362 | 100 | - The company repurchased and canceled **345,200 restricted shares**, leading to a decrease in total shares[128](index=128&type=chunk) - Guohua Investment Co., Ltd., a concerted party of the controlling shareholder, increased its holdings by **27,837,200 shares**, which are restricted from reduction within six months after the completion of the increase[128](index=128&type=chunk) - The share cancellation had no impact on basic or diluted earnings per share, and a negligible impact on net assets per share[129](index=129&type=chunk) [6.2 Shareholder Information](index=44&type=section&id=6.2%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 93,299 common shareholders. Among the top ten shareholders, China National Chemical Engineering Group Co., Ltd. was the largest shareholder with a 40.25% stake. Guohua Investment Co., Ltd., a concerted party, held restricted shares - As of the end of the reporting period, the total number of common shareholders was **93,299**[132](index=132&type=chunk) Top Ten Shareholders' Holdings as of End of Reporting Period (Partial) | Shareholder Name | Ending Holding Quantity (shares) | Proportion (%) | Number of Restricted Shares Held (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | China National Chemical Engineering Group Co., Ltd. | 2,458,550,228 | 40.25 | 0 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 294,516,627 | 4.82 | 0 | Other | | Guohua Investment Co., Ltd. | 178,972,647 | 2.93 | 27,837,200 | State-owned Legal Person | | CITIC JINSHI Investment Co., Ltd. - JINSHI Manufacturing Transformation and Upgrade New Materials Fund (Limited Partnership) | 163,246,988 | 2.67 | 0 | Other | | Wang Qinying | 139,223,570 | 2.28 | 0 | Domestic Natural Person | Top Ten Restricted Shareholders' Holdings and Restrictions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | Guohua Investment Co., Ltd. | 27,837,200 | August 2025 | 6 months after share increase | | 2 | Restricted Stock Incentive Plan Participants | 39,144,600 | November 2026 | Upon expiration of three lock-up periods | | | | | November 2025 | | [6.3 Directors, Supervisors, and Senior Management Information](index=46&type=section&id=6.3%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, some directors and senior management experienced changes in their shareholdings, with Deng Zhaojing and Lai Zhongmao having part or all of their restricted shares from equity incentives repurchased and canceled due to work position adjustments Changes in Holdings of Directors, Supervisors, and Senior Management | Name | Position | Beginning Holding (shares) | Ending Holding (shares) | Change in Holdings During Reporting Period (shares) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Deng Zhaojing | Deputy General Manager | 200,000 | 68,000 | -132,000 | Due to work position adjustment, part of his restricted shares from equity incentives were repurchased and canceled | | Lai Zhongmao | Employee Supervisor | 150,000 | 0 | -150,000 | Due to work position adjustment, all of his restricted shares from equity incentives were repurchased and canceled | Section VII Bond-Related Information This section details the company's bond-related activities, including the issuance of non-financial enterprise debt financing instruments by a subsidiary, and presents key accounting data and financial indicators relevant to debt, such as liquidity ratios, debt-to-asset ratio, and interest coverage [7.1 Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=48&type=section&id=7.1%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bond proceeds usage or rectification during the reporting period. Its sub-subsidiary, China Tianchen Engineering Co., Ltd., issued the first tranche of 2023 medium-term notes (sci-tech innovation bonds) with a balance of 500 million yuan, an interest rate of 3%, principal repaid at maturity, and annual interest payments. The debt repayment plan and guarantee measures remained unchanged during the reporting period, and the company strictly adhered to the prospectus commitments - All corporate bonds of the company did not involve the use or rectification of raised funds during the reporting period[48](index=48&type=chunk) Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Issue Date | Interest Accrual Date | Maturity Date | Bond Balance (yuan) | Interest Rate (%) | Principal and Interest Repayment Method | Trading Venue | Trading Mechanism | Risk of Delisting | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Tianchen Engineering Co., Ltd. 2023 First Tranche Medium-Term Notes (Sci-Tech Innovation Bonds) | 23 Tianchen Engineering MTN001 (Sci-Tech Innovation Bonds) | 102383158 | 2023.11.22 | 2023.11.23 | 2025.11.23 | 500,000,000.00 | 3 | Principal repaid at maturity, annual interest payments | Interbank Bond Market | Direct Sale | No | - During the reporting period, the company's medium-term note repayment plan and other debt guarantee measures remained unchanged, and the company strictly implemented the repayment plan and guarantee measures as committed in the prospectus[146](index=146&type=chunk) [7.2 Key Accounting Data and Financial Indicators](index=50&type=section&id=7.2%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) At the end of the reporting period, the company's current ratio and quick ratio slightly increased, and the asset-liability ratio decreased by 0.93 percentage points. The interest coverage ratio significantly grew by 111.83%, mainly due to strengthened financing cost control and a year-on-year reduction in interest expenses. The loan repayment rate and interest payment rate were both 100% Key Financial Indicators | Key Indicator | End of Current Reporting Period | End of Last Fiscal Year | Change from End of Last Fiscal Year (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Current Ratio | 1.15 | 1.13 | 1.77 | | | Quick Ratio | 1.11 | 1.09 | 1.83 | | | Asset-Liability Ratio (%) | 69.55 | 70.48 | -0.93 | | | **Current Reporting Period (Jan-Jun)** | **Same Period Last Year** | **Change from Same Period Last Year (%)** | **Reason for Change** | | | Net Profit After Deducting Non-Recurring Gains and Losses | 3,002,585,980.00 yuan | 3,050,322,969.73 yuan | -1.56 | | | EBITDA to Total Debt Ratio | 2.94% | 3.39% | -0.45% | | | Interest Coverage Ratio | 41.54 | 19.61 | 111.83 | Mainly due to the company strengthening financing cost control, leading to a year-on-year decrease in interest expenses | | Cash Interest Coverage Ratio | -102.63 | -23.19 | 342.56 | | | EBITDA Interest Coverage Ratio | 49.76 | 26.84 | 85.39 | | | Loan Repayment Rate (%) | 100.00 | 100.00 | | | | Interest Payment Rate (%) | 100.00 | 100.00 | | | Section VIII Financial Report This section includes the company's unaudited financial statements for the first half of 2025, covering the balance sheet, income statement, cash flow statement, and statement of changes in equity, along with detailed notes on accounting policies, tax items, and specific financial statement accounts [8.1 Audit Report](index=51&type=section&id=8.1%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [8.2 Financial Statements](index=51&type=section&id=8.2%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in shareholders' equity as of June 30, 2025, comprehensively presenting the company's financial position and operating results at the end of the reporting period - The consolidated balance sheet shows total assets of **237.67 billion yuan**, total liabilities of **165.30 billion yuan**, and total shareholders' equity of **72.36 billion yuan** at period-end[151](index=151&type=chunk)[153](index=153&type=chunk) - The consolidated income statement shows total operating revenue of **90.72 billion yuan**, total profit of **3.96 billion yuan**, and net profit attributable to parent company shareholders of **3.10 billion yuan** for the current period[155](index=155&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **-10.03 billion yuan**, net cash flow from investing activities of **-2.30 billion yuan**, and net cash flow from financing activities of **560.28 million yuan**[156](index=156&type=chunk) [8.3 Basis of Financial Statement Preparation and Statement of Compliance with Enterprise Ac

Core Insights - The export volume of lithium-ion batteries from China reached 2.567 billion units in the first seven months of 2025, marking an 18.74% year-on-year increase [1] - The export value for the same period was $41.143 billion, reflecting a 26.20% increase compared to 2024 [2] - Germany has become the largest export market for Chinese lithium-ion batteries, surpassing the United States, with an export value of $7.753 billion, a 31.71% increase year-on-year [3] - Guangdong province has emerged as the largest source of lithium-ion battery exports in China, with an export value of $10.679 billion, a 39.87% increase [4] Export Volume and Value Trends - Monthly export volume data shows consistent growth, with July 2025 recording 411 million units, a 25.38% increase from July 2024 [1] - Monthly export value also shows significant growth, with July 2025 reaching $7.047 billion, a 31.66% increase year-on-year [2] Provincial Export Performance - The top three provinces with the highest export value growth are Guangxi (122.9%), Hubei (102.5%), and Hunan (102.42%) [4] - Guangdong province's export volume was 874.04 million units, a 19% increase from the previous year [4] - Fujian province closely follows Guangdong, with an export value of $10.659 billion, a 22.77% increase [4]

Core Insights - The export volume of lithium-ion batteries from China reached 2.567 billion units in the first seven months of 2025, marking an 18.74% year-on-year increase [1] - The export value for the same period was $41.143 billion, reflecting a 26.2% year-on-year growth, continuing a stable upward trend [1] - In July 2025, the export value was $7.047 billion, showing a 31.66% year-on-year increase and a 6.77% month-on-month increase [1] Export Market Dynamics - Germany has overtaken the United States as the largest export market for Chinese lithium-ion batteries since May 2025, with an export value of $7.753 billion in the first seven months, a 31.71% increase year-on-year [1] - The United States is the second-largest market, with an export value of $7.418 billion, a slight increase of 0.39% year-on-year [1] - Vietnam ranks third, with an export value of $2.263 billion, up 7.14% year-on-year [1] Provincial Contributions - Guangdong Province has become the largest source of lithium-ion battery exports in China, with an export value of $10.679 billion, a 39.87% year-on-year increase, accounting for 26% of the national total [2] - Fujian Province follows closely with an export value of $10.659 billion, a 22.77% increase, representing 25.9% of the total [2] - Jiangsu Province ranks third with an export value of $5.502 billion, showing a marginal increase of 0.06% [2] Monthly Export Trends - The monthly export values for lithium-ion batteries in 2025 show significant growth, with July's export value reaching $7.047 billion, a 31.66% increase compared to July 2024 [4] - The total export value for the first seven months of 2025 was $41.143 billion, compared to $32.602 billion in the same period of 2024, indicating a robust growth trajectory [4] Notable Growth Regions - The provinces with the highest growth in export value include Guangxi Zhuang Autonomous Region, Hubei Province, and Hunan Province, with increases of 122.9%, 102.5%, and 102.42% respectively [2] - In terms of export volume, Guangxi, Hunan, and Fujian also showed significant increases, with growth rates of 131.72%, 59.07%, and 29.49% respectively [2]

Core Viewpoint - The project by China Chemical's subsidiary, China Wuhuan Engineering Co., has made significant progress with the AMUFERT fertilizer project in Angola, marking a key milestone in its construction phase [1] Group 1: Project Progress - The first strong compaction machine has been assembled, tested, and accepted, allowing the project to officially enter the main construction phase [1] - The initiation of strong compaction work is crucial for providing technical support for foundation treatment and accelerating the overall construction process [1] - The timely start of the strong compaction work has received high praise from the project owner, AMUFERT, and the project management consultant for the company's professionalism and efficiency [1] Group 2: Project Details - The AMUFERT fertilizer project is Angola's first large-scale fertilizer project, located in the Zaire Province of Soyo City [1] - The project plans to build a fertilizer plant that uses natural gas as raw material, with a daily production capacity of 2,300 tons of synthetic ammonia and 4,000 tons of urea [1] - Upon completion, the project will help Angola reduce its long-term reliance on imports, enhance food security, promote agricultural modernization, and support the diversification of the national economy [1]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on state-owned enterprises such as China Communications Construction Company (CCCC), China State Construction Engineering Corporation, and others [1][7][8]. Core Insights - The recent issuance of opinions on existing PPP projects clarifies responsibilities and ensures funding sources for ongoing projects, which is expected to accelerate revenue recognition for construction companies [2][7]. - The report emphasizes the strategic importance of Xinjiang, predicting increased central government support and policy incentives due to upcoming significant events, including the 70th anniversary of the Xinjiang Uyghur Autonomous Region [3][21]. - The construction sector is projected to benefit from the acceleration of large-scale infrastructure projects in Xinjiang, particularly in transportation and coal chemical industries, with significant investments expected in the coming years [6][21]. Summary by Sections Industry Investment Rating - The report highlights a "Buy" rating for major construction state-owned enterprises, including CCCC, China State Construction, China Metallurgical Group, and others, indicating strong potential for recovery and growth in their financial performance [1][7][8]. Key Developments - The issuance of guidelines for existing PPP projects aims to ensure smooth project execution and financial support, which is expected to enhance the financial health of construction companies [2][6]. - The report notes that as of the end of 2022, the total value of PPP projects in execution reached approximately 13.83 trillion yuan, with 9.95 trillion yuan expected to enter the operational phase [2][19]. Focus on Xinjiang - The report underscores the importance of Xinjiang's strategic position and the anticipated central government support, particularly in infrastructure and coal chemical projects, with projected investments exceeding 800 billion yuan [3][21]. - It identifies key beneficiaries in the Xinjiang region, including local construction leaders and coal chemical EPC companies, which are expected to see significant growth due to ongoing and upcoming projects [6][21]. Investment Recommendations - The report recommends focusing on construction companies with strong PPP project portfolios and those positioned to benefit from Xinjiang's infrastructure development, including CCCC, China State Construction, and others [7][18]. - It also highlights the potential of coal chemical EPC leaders such as China Chemical Engineering and Donghua Technology, which are expected to benefit from accelerated project timelines [21][26].