中国化学工程股份有限公司 关于经营情况简报的公告 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。 现将公司 2025 年 1—8 月主要经营情况公布如下，供各位投 资者参阅。 证券代码：601117 股票简称：中国化学 公告编号：临 2025-047 | 序 号 | 单位名称 | 项目合同名称 | 合同金额 | | --- | --- | --- | --- | | 1 | 中国五环工程有 | 赞比亚中大化工 30 万吨/年 MAP 项目 | 约 14.20 | | | 限公司 | 总承包合同 | （折合人民币） | | | 中化二建集团有 | 新疆中鑫环泰能源有限公司 260 万吨 焦炭/年煤焦化多联产（焦化+化产深加 | | | 2 | 限公司 | 工）项目采购、施工（PC）总承包合 | 9.86 | | | | 同 | | | | 中国化学工程第 | 安徽科磊镁业有限公司年产 20 万吨镁 | | | 3 | 三建设有限公司 | 合金板材项目设备采购安装施工总承 | 9.00 | | | | 包 | | | | 中国化 ...

Group 1 - The core point of the article is that China Chemical (601117.SH) announced its construction engineering contracting business contract amount for the first eight months, totaling 246.449 billion yuan, with the chemical engineering contract amount being 203.499 billion yuan [1]

Group 1 - The core point of the article is that China Chemical (601117.SH) reported a total contract amount of 246.449 billion yuan for its construction engineering contracting business from January to August, with the chemical engineering contract amounting to 203.499 billion yuan [1]

Core Insights - The company reported a total contract amount of 256.339 billion yuan for the period from January to August 2025 [1] Group 1: Business Segments - The construction engineering contracting business accounted for 246.449 billion yuan, which includes chemical engineering at 203.499 billion yuan, infrastructure at 39.2 billion yuan, and environmental governance at 3.75 billion yuan [1] - The surveying, design, supervision, and consulting business had a contract amount of 2.342 billion yuan [1] - Sales from industrial and new materials reached 7.071 billion yuan, while the modern service industry contributed 415 million yuan [1] Group 2: Geographic Distribution - Domestic contracts amounted to 206.048 billion yuan, while overseas contracts totaled 50.291 billion yuan [1] Group 3: Major Contracts - In August, significant contracts included a project in Zambia with a value of approximately 1.42 billion yuan [1]

Core Viewpoint - China Chemical Engineering Corporation's stock performance and financial metrics indicate a mixed outlook, with a slight decrease in revenue but an increase in net profit, alongside notable changes in shareholder structure and financing activities [1][2][3]. Financing Summary - On September 17, China Chemical's financing buy-in amounted to 49.40 million yuan, while financing repayment reached 71.62 million yuan, resulting in a net financing outflow of 22.21 million yuan [1]. - The total financing and securities balance stood at 2.23 billion yuan, accounting for 4.90% of the circulating market value, which is above the 60th percentile of the past year [1]. - The company had a low short-selling balance of 98.14 million yuan, with a short-selling volume of 13.05 million shares, indicating a lower level of short interest compared to the past year [1]. Financial Performance - For the first half of 2025, China Chemical reported operating revenue of 90.72 billion yuan, a slight decrease of 0.35% year-on-year, while net profit attributable to shareholders increased by 9.26% to 3.10 billion yuan [2]. - Cumulatively, the company has distributed 9.96 billion yuan in dividends since its A-share listing, with 3.30 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 11.48% to 93,300, while the average number of circulating shares per person increased by 12.45% to 64,756 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 295 million shares, an increase of 60.66 million shares from the previous period [3].

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Core Viewpoint - The successful completion of the world's largest single-set acetic acid project, the 1.5 million tons/year acetic acid project at the Ju Zheng Yuan (Jieyang) New Materials Base, marks a significant milestone for the industry and is expected to boost the economic development of Jieyang and the entire eastern Guangdong region [1][2]. Group 1: Project Overview - The project is located in the Dannan Sea Petrochemical Industrial Zone in Jieyang, Guangdong Province, and utilizes an Integrated Project Management Team (IPMT) management model [1]. - The acetic acid facility includes synthesis, distillation, absorption, and purification units, with production expected to commence in December this year [1]. - The project employs methanol low-pressure carbonyl synthesis technology developed by Yunnan Zhengbang Technology Co., Ltd., achieving internationally advanced technical indicators [1]. Group 2: Construction Achievements - The project team overcame various challenges, including tight schedules, adverse weather, limited space, and complex technology, through optimized construction organization, innovative processes, and strengthened process control [2]. - Over 625 days, the team completed 9 buildings and 19 structures, installed 513 sets of dynamic and static equipment, laid 9,600 meters of instrument cable trays, and 220,000 meters of electrical cables, achieving a welding first-pass qualification rate of no less than 97% [2]. - The project achieved zero safety incidents and met high-quality and high-standard completion goals [2]. Group 3: Organizational Efforts - The project team’s party branch played a crucial role in facilitating communication among construction teams and addressing challenges [2]. - Party members led by example, working overtime and tackling over 3,800 tasks during the final stages of the project [2]. - The successful handover of the acetic acid project is seen as a key milestone, with preparations for trial production now underway [2].

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

Investment Rating - The industry investment rating is "Overweight" [2][26]. Core Viewpoints - Fixed asset investment has continued to weaken, with a cumulative year-on-year increase of only 0.5% for January to August 2025, a decrease of 1.1 percentage points compared to July 2025. Manufacturing investment also saw a year-on-year increase of 5.1%, reflecting a similar decline [4][12]. - Infrastructure investment is under pressure, with transportation, water conservancy, and public utility investments all showing declining growth rates. Infrastructure investment (including all categories) increased by 5.4% year-on-year, down 1.9 percentage points from July 2025. Excluding electricity, the growth rate was only 2.0% [5][12]. - Real estate investment remains low, with a year-on-year decrease of 12.9% for January to August 2025, and construction starts down by 19.5% [12][18]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth rate for fixed asset investment is 0.5%, down 1.1 percentage points from the previous month. Manufacturing investment growth is also down to 5.1% [4][12]. Infrastructure Investment - Infrastructure investment (all categories) shows a year-on-year increase of 5.4%, with a decline of 1.9 percentage points from the previous month. Excluding electricity, the growth rate is only 2.0% [5][12]. - Specific sectors like transportation and public utilities are experiencing significant pressure, with transportation investment growing by only 2.7% year-on-year [5][12]. Real Estate Investment - Real estate investment has decreased by 12.9% year-on-year, with construction starts down by 19.5% and completions down by 17.0% [12][18]. - The current cycle is characterized by excessive supply clearance and difficulties in inventory replenishment, leading to a slow recovery in investment [12][18]. Investment Recommendations - The report suggests that the overall industry is weak, but regional investments may gain flexibility as national strategic layouts deepen. Recommended companies include China Chemical, China Energy Construction, China Railway, and China Railway Construction among state-owned enterprises, and Zhi Te New Materials and Honglu Steel Structure among private enterprises [18].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Xinjiang region's economic development and infrastructure projects, with a specific emphasis on coal and coal chemical industries, as well as transportation infrastructure related to the Belt and Road Initiative [1][2][3][4][5][6][7][14][18]. Core Insights and Arguments - **Economic Growth Targets**: Xinjiang aims for a GDP growth of approximately 6% in 2025, with fixed asset investment growth targeted at 10%. In 2024, GDP is expected to grow by 6.1%, with per capita GDP increasing by 5.4% [1][7]. - **Infrastructure Investment**: The region plans to implement 500 key projects with a total investment of 3.47 trillion yuan (approximately 0.5 trillion USD) in 2025, with 4.069 billion yuan planned for completion that year. Infrastructure investment will account for 23% of this, while industrial investment will make up 74% [1][12]. - **Coal Production**: Xinjiang's raw coal production is projected to reach 543 million tons in 2024, marking an 18% year-on-year increase. The region has significant coal resources, with a total approved coal mine capacity of 208 million tons [1][14]. - **Belt and Road Initiative**: Xinjiang plays a crucial role in the Belt and Road Initiative, enhancing its strategic position as a hub connecting China with Central Asia and Europe. The region's export growth rate ranks among the top three in the country [3][6][19]. Significant Developments - **Major Projects**: Key projects include coal chemical initiatives, the China-Kyrgyzstan-Uzbekistan railway, and the New Tibet Railway. Companies like China Chemical and China Railway are expected to benefit from these developments [5][20]. - **Infrastructure Progress**: Xinjiang has made notable advancements in infrastructure, with significant investments in roads and railways. The total road mileage reached 11,000 kilometers, with over 94% of counties connected by expressways [7][9]. - **Policy Support**: The upcoming 70th anniversary celebrations and the Fourth Central Xinjiang Work Conference are anticipated to bring additional policy support and development plans, similar to past events [4][13]. Additional Important Insights - **Water Resource Management**: The South-to-North Water Diversion West Line Project may indirectly enhance water resource management in Xinjiang, improving overall water utilization efficiency [17]. - **Investment from State-Owned Enterprises**: 25 state-owned enterprises have signed contracts for 183 projects in key sectors such as oil, gas, coal, and renewable energy, with expected investments ranging from 400 billion to 500 billion yuan [2][14]. - **Future Outlook**: The ongoing development of coal chemical projects and infrastructure improvements is expected to lead to significant economic growth and increased investment in Xinjiang over the coming years [15][20].