Investment Rating - The report maintains an "Outperform the Market" rating for China Railway Construction Corporation (601186.SH) [5][19][3] Core Views - The company experienced revenue and profit pressure in 2024, with total revenue of 1,067.2 billion yuan, down 6.2% year-on-year, and a net profit attributable to shareholders of 22.22 billion yuan, down 14.9% year-on-year. The fourth quarter saw a revenue of 309 billion yuan, a decrease of 6.8% year-on-year, and a net profit of 6.52 billion yuan, down 2.4% year-on-year. Despite the overall industry downturn, the company’s proactive investment contraction led to a significant reduction in investment losses, with a non-recurring net profit increase of 6.6% year-on-year in Q4 [6][3][19] - The company’s overseas new contract signing continued to grow, with a total of 3,120 billion yuan in new overseas contracts, up 23.4% year-on-year, while total new contracts signed for the year were 30,370 billion yuan, down 7.8% year-on-year. The company is optimizing its investment structure, significantly reducing new contracts in investment operation businesses by 65.6% year-on-year [7][3][19] - The overall gross margin slightly decreased to 10.27%, down 0.13 percentage points year-on-year, with a more significant decline in Q4 to 7.79%, down 5.60 percentage points year-on-year. The company effectively controlled expenses, with a total expense ratio of 5.89%, up 0.42 percentage points year-on-year, while management, research and development, and sales expenses all saw declines [9][2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1,067.2 billion yuan, a decrease of 6.2% year-on-year, and a net profit of 22.22 billion yuan, down 14.9% year-on-year. The fourth quarter figures were 309 billion yuan in revenue and 6.52 billion yuan in net profit [6][3][4] - The company’s cash flow from operating activities turned negative at -31.42 billion yuan, with a collection ratio of 100.5% and a payment ratio of 103.2% [15][2] Investment and Contracts - The total new contracts signed in 2024 were 30,370 billion yuan, down 7.8% year-on-year, with overseas contracts increasing by 23.4% to 3,120 billion yuan. The company is shifting focus from investment-driven construction to optimizing investment operations [7][3][19] Profitability and Margins - The overall gross margin for 2024 was 10.27%, with a significant drop in Q4 to 7.79%. The company maintained expense control, resulting in a stable overall profitability despite increased competition [9][2][3] Future Outlook - The report forecasts net profits for the next three years at 22.1 billion yuan, 22.6 billion yuan, and 22.6 billion yuan, with earnings per share projected at 1.63 yuan, 1.66 yuan, and 1.67 yuan respectively. The current price-to-earnings ratio is estimated at 4.97, 4.87, and 4.90 for the next three years [19][4][3]

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Viewpoints - The industry is experiencing a structural differentiation in performance, with 16 companies reporting revenue growth and 12 companies reporting net profit growth in 2024, indicating a challenging environment due to the slowdown in infrastructure project implementation [7][10] - The domestic infrastructure sector is expected to gain momentum in 2025, driven by policy support and project launches, with significant projects like the Grand Canal in Jiangsu, Zhejiang, and Guangdong, and the Chengdu-Chongqing Economic Circle being highlighted [16] - The "Belt and Road" initiative is becoming increasingly important as external challenges rise, with trade with Belt and Road countries growing by 5.16% in 2024, indicating strong demand and cooperation potential [19][22] Summary by Sections Market Review - The construction and decoration index fell by 0.27% during the week, while the Shanghai Composite Index decreased by 0.28% [43] - Among the sub-sectors, steel structure, engineering consulting services, and municipal engineering showed positive growth, with increases of 3.32%, 0.67%, and 0.16% respectively [43] Company Performance - Major state-owned enterprises like China Railway, China Communications, and China Energy are expected to see stable order reserves and positive growth in new contract amounts for 2025, with targets of 20,147 million, 30,600 million, and 15,000 million respectively [14] - The international engineering and chemical engineering sectors are performing well, with companies like Donghua Technology and Northern International showing significant revenue and profit growth [10][11] External Challenges - The trade tensions with the U.S. have led to increased tariffs, significantly impacting China's exports, with the average tariff on Chinese goods reaching 21% during the Trump administration [19][22] - The "Belt and Road" initiative is seen as a strategic response to these challenges, with trade with Belt and Road countries accounting for 34.76% of China's total foreign trade in 2024, reflecting its growing importance [22][30] Infrastructure Investment - The report highlights the potential for infrastructure investment to rebound in 2025, with a focus on projects that have strong regional resource advantages and project execution capabilities [16] - Key enterprises to watch include major state-owned companies like China Construction, China Railway, and local state-owned enterprises such as Sichuan Road and Bridge and Anhui Construction [16]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國 鐵 建 股 份 有 限 公 司 重 大 項 目 公 告」，僅 供 參 閱。 2025年4月8日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、趙 立 新 先 生（獨 立 非執行董事）、解國光先生（獨立非執行董事）、錢偉倫先生（獨立非執行董事） 及 朱 霖 女 士（職 工 董 事）。 – 1 – 證 券 代 碼：601186 證 券 簡 稱：中 國 鐵 建 公 告 編 號：臨2025–0 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—018 中国铁建股份有限公司 重大项目公告 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。 近期，本公司中标以下重大项目： 单位：亿元 币种：人民币 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—018 | 6. | 中铁十四局 | 新建南通至宁波高速铁路增设苏州 | 1023 | | 20.95 | | --- | --- | --- | --- | --- | --- | | | | 东站及相关工程 SZDZF-1 标段 | 日历天 | | | | 7. | 中铁十八局 | 海南省昌化江水资源配置工程第三 | 1730 | 天 | 15.78 | | | | 标段施工总承包 | | | | | 项目金额合计 | | | | | 372.25 | | 项目金额合计占公司 | 2024 | 年度经审计营业收入比例（%） | | | 3.49 | 特此公告。 中国铁建股份有限公司董事会 2025 年 4 月 8 日 2 | 序号 | ...

Core Points - The company is convening its first extraordinary general meeting of shareholders in 2025 on April 29, 2025 [2][17] - The meeting will be held at 9:00 AM at the China Railway Construction Corporation building in Haidian District, Beijing [2][11] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [2][3] Meeting Details - The meeting is called by the Board of Directors and will include both on-site and online voting [2][4] - The online voting will be available on April 29, 2025, during specific trading hours [3] - Shareholders must register to attend the meeting by April 25, 2025, and can delegate representatives to vote on their behalf [11][13] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online platform or via designated trading terminals [8][9] - Each shareholder's voting rights are based on the total number of shares held across all accounts [8][9] - Invalid votes will occur if shareholders exceed their voting rights or vote multiple times for the same proposal [9][10] Agenda Items - The meeting will include proposals for the election of the sixth board of directors, with cumulative voting applied [6][8] - No special resolutions or related party voting issues are noted for this meeting [8][8] Attendance Requirements - Shareholders must provide valid identification and proof of share ownership to register for the meeting [11][15] - Proxy representatives must also present necessary documentation to validate their authority [14][15] Contact Information - The company has provided contact details for inquiries related to the meeting [16]

中国铁建股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年四月 中国铁建 2025 年第一次临时股东大会 中国铁建股东大会会议资料： 关于选举公司第六届董事会股东代表董事的议案 各位股东及股东代表： 鉴于中国铁建股份有限公司（以下简称公司）第五届董事会任期已届满，按 照《中国铁建股份有限公司章程》和《中国铁建股份有限公司股东大会议事规则》 的相关规定，根据公司控股股东中国铁道建筑集团有限公司推荐，提名公司第六 届董事会股东代表董事候选人如下：戴和根先生为执行董事人选，郜烈阳先生为 非执行董事人选，马传景、解国光、钱伟伦、王俊先生为独立非执行董事人选。 任期自股东大会通过之日起至第六届董事会任期届满之日止，任期三年。 以上议案请各位股东审议。 中国铁建 2025 年第一次临时股东大会 目 录 关于选举公司第六届董事会股东代表董事的议案 .............. 2 1 第六届董事会股东代表董事候选人简历 戴和根先生，58 岁，中国国籍，无境外居留权，研究生学历，正高级经济师， 第十四届全国政协委员，现任本公司董事长、党委书记，同时任中国铁道建筑集 团有限公司董事长、党委书记。戴先生曾任中铁四 ...

证券代码：601186 证券简称：中国铁建 公告编号：2025-017 中国铁建股份有限公司 关于召开 2025 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 29 日 9 点 00 分 召开地点：北京市海淀区复兴路 40 号中国铁建大厦 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

Group 1 - China Railway Construction Bridge Engineering Bureau Group Co., Ltd. applied for a patent titled "Adaptive Closing Device and Method for Steel Pipe Pile Support System," with publication number CN 119754267 A, and the application date is November 2024 [1] - The patent describes an adaptive closing device that includes a fixing device and an adapting device, designed to be applicable to various closing positions and locking mechanisms of the steel pipe pile support system, demonstrating good versatility [1] - The device features a fixed structure comprising steel profiles and a horizontal steel plate at the lower end, while the adapting device includes an arc-shaped steel plate at the upper end, which helps prevent significant displacement during insertion and provides effective lateral connection and prevention of water seepage and sand intrusion [1] Group 2 - China Railway Construction Bridge Engineering Bureau Group Co., Ltd. was established in 1988 and is located in Tianjin, primarily engaged in civil engineering construction [2] - The company has a registered capital of 320 million RMB and has made investments in 133 enterprises, participating in 5,000 bidding projects [2] - The company holds 1,679 patent records and has 3,046 administrative licenses, indicating a strong presence in intellectual property and regulatory compliance [2]

Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.crcc.cn and the HKEXnews website at www.hkexnews.hk in place of printed copies. As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your Shares are held (coll ...