Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The construction industry in China is currently facing challenges, but the situation is improving due to national debt reduction policies and increased infrastructure investment. [2][3][7] Key Points and Arguments Company Performance - CRCC's order decline has narrowed, and the company expects to achieve its annual targets. [2] - In Q3, the company reported strong performance in railway, highway, and overseas business, with a recovery in provincial-level government projects. [2][3] - The company has significantly reduced its participation in new PPP projects since 2023, focusing instead on large-scale infrastructure projects supported by central government funding. [2][5] - The real estate sector's contribution to profits has decreased, with a reported 10% decline in sales in the first half of 2025, although this is better than the industry average. [4][11] Financial Outlook - The company anticipates a positive cash flow for the year, with improved collection rates due to favorable payment conditions from high-quality state-owned enterprise projects. [3][7] - The overall revenue and profit decline rate has slowed compared to the previous year, with expectations for stable performance in Q3 and Q4. [12] Strategic Initiatives - CRCC is focusing on traditional infrastructure business transformation and expansion into emerging industries, aiming to improve gross margins and revenue. [13][15] - The company has initiated planning for the 14th Five-Year Plan, which will align with national strategies and is expected to be finalized by mid-2026. [9][10] Market Conditions - The national commitment to infrastructure investment is strong, with significant progress observed in project execution. [7][8] - Provincial-level government project bidding has accelerated since August 2025, although lower-tier government investments remain weak. [6][7] International Expansion - CRCC has a strong presence in overseas markets, particularly in Africa and the Middle East, where demand for infrastructure is increasing. [18][19] - The company has successfully secured high-quality projects in the Middle East, benefiting from solid financial backing from local owners. [19][20] - In South America, CRCC is capitalizing on the growing market with multiple ongoing projects, facing less competitive pressure compared to other regions. [22] Future Goals - By 2030, CRCC aims to maintain 3 trillion yuan in new contracts and 1 trillion yuan in revenue, with a focus on high-quality operations and asset management. [15] - The company plans to increase the share of emerging industries to over one-third by 2035, with a significant focus on innovation and new product development. [15] Additional Important Information - The company has adopted a cautious approach to land acquisition in the real estate sector to mitigate investment risks. [5][11] - CRCC's strategy includes maintaining a stable debt-to-asset ratio and a commitment to shareholder returns through dividends, which were increased from 16% to 20% in 2024. [16][17]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector is expected to benefit from increased funding and policy catalysts, with a focus on undervalued and high-dividend investment opportunities [13][19] - The construction index decreased by 1.06% during the week, underperforming the broader market by 0.74 percentage points, while the construction transformation and M&A sectors showed positive growth [4][30] - The government is accelerating the implementation of 500 billion yuan in new policy financial tools to support major projects, which is expected to enhance infrastructure growth in the fourth quarter [2][13] Summary by Sections Infrastructure Funding and Policy - The Ministry of Finance will continue to advance the 2026 new local government debt limit to ensure funding for key projects, with an increase of 100 billion yuan from the previous year, totaling 500 billion yuan [2][13] - The issuance of special bonds and long-term special government bonds is progressing rapidly, with a total issuance of 1.148 trillion yuan for the year, nearing 90% of the target [15][16] Valuation and Dividend Analysis - Central state-owned enterprises in the construction sector are showing significantly low price-to-earnings (PE) ratios, with China Chemical at a PE of less than 5%, and price-to-book (PB) ratios also low, indicating potential undervaluation [3][24] - China Construction currently has a dividend yield of 4.86%, outperforming other central state-owned enterprises [3][24] Regional Investment Opportunities - The western region's fixed asset investment grew by 6.6% in the first half of the year, with significant projects in Xinjiang and Tibet expected to catalyze further investment opportunities [19][20] - Key projects include the China-Kyrgyzstan-Uzbekistan railway and the Yaxia hydropower station, which are anticipated to drive demand for construction and related services [20][21] Recommended Stocks - Recommended stocks include China Chemical, China Railway Construction, and China Communications Construction, which are expected to benefit from strategic infrastructure projects and regional growth [9][37] - The report highlights the importance of focusing on high-dividend and low-valuation stocks within the construction sector, particularly in the context of ongoing government support for infrastructure development [3][21]

Core Points - The new Demerara River Bridge in Georgetown, Guyana, constructed by China Railway International Group, is seen as a vital infrastructure project that will significantly enhance transportation capacity and alleviate traffic pressure in the region [2][3] - The bridge, which spans 2,900 meters and features a dual four-lane design, is expected to reduce crossing time by 75% and accommodate vessels up to 50,000 tons, thereby improving both traffic efficiency and shipping conditions [3][4] Infrastructure Development - The bridge's construction began in January 2023 after a contract was signed in 2022, marking the start of a series of infrastructure transformations in Guyana [3] - The project has created over 2,000 jobs, with local engineers and technicians gaining valuable experience through hands-on involvement [5] Economic Impact - The bridge is anticipated to reshape Georgetown's traffic patterns and stimulate regional economic activity, as noted by the Minister of Public Works [3][5] - The construction of the bridge is part of a broader strategy to modernize transportation in Guyana, with additional projects like the Mackenzie-Wismar Bridge underway, which will further enhance connectivity and reduce travel times [6] Environmental Considerations - The project incorporated eco-friendly practices, such as minimizing disruption to local ecosystems and conducting regular environmental monitoring [5][6] - The design of the bridge avoided the most densely populated mangrove areas to protect local wildlife and habitats [5] Bilateral Cooperation - The bridge symbolizes the tangible outcomes of cooperation between China and Latin American countries, highlighting the benefits of the Belt and Road Initiative [5][6] - The Chinese ambassador to Guyana emphasized the strong partnership between the two nations, which has flourished over 53 years of diplomatic relations [6]

Core Viewpoint - China Railway Construction Corporation (CRCC) is set to hold a Q3 2025 earnings presentation on November 3, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Event Details - The earnings presentation will take place on November 3, 2025, from 14:00 to 15:00 [6][7]. - The event will be conducted in an interactive online format via the Shanghai Stock Exchange Roadshow Center [3][6]. - Participants will include the Chairman, independent non-executive directors, Chief Accountant, and the Secretary of the Board [4]. Group 2: Investor Participation - Investors can participate online through the Shanghai Stock Exchange Roadshow Center [5][6]. - Questions can be submitted from October 27 to October 31, 2025, via the Roadshow Center or the company's investor relations email [5][6]. - The company will address commonly asked questions during the presentation [2][5]. Group 3: Contact Information - For inquiries, investors can contact the Board Office at 010-52688600 or via email at ir@crcc.cn [8]. - After the presentation, the event details and main content will be available on the Roadshow Center [8].

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—041 中国铁建股份有限公司 关于召开 2025 年第三季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： ● 会议召开时间：2025年11月3日（星期一）14:00-15:00 ● 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2025年10月27日（星期一）至10月31日（星期 五）16:00前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司投资者关系邮箱ir@crcc.cn进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中国铁建股份有限公司（以下简称公司）将于2025年10月31日发 布公司2025年第三季度报告，为便于广大投资者更全面深入地了解公 司2025年第三季度经营成果、财务状况，公司计划于2025年11月3日 （星期一）14:00-15:00举行2025年第三季度业 ...

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Core Points - The company has approved the temporary use of idle raised funds to supplement working capital, not exceeding RMB 80 million, for a period of up to 12 months [1] - The company has utilized RMB 55 million of the idle raised funds for temporary working capital, ensuring that the investment projects remain unaffected [1] - The company has fully repaid the utilized idle raised funds amounting to RMB 55 million back to the designated account by the announcement date [2] Summary by Sections - **Use of Idle Funds** - The company convened meetings on October 30, 2024, to approve the temporary use of idle raised funds for working capital [1] - The approved amount for temporary use is capped at RMB 80 million [1] - **Utilization and Repayment** - The company has utilized RMB 55 million of the approved amount for temporary working capital [1] - The company has repaid RMB 10 million on January 2, 2025, another RMB 10 million on June 13, 2025, and RMB 35 million on October 16, 2025 [2] - As of the announcement date, the total amount of RMB 55 million has been fully repaid to the designated account [2]

Core Insights - The construction of a comprehensive transportation system in China has made significant progress, with the main framework of the national comprehensive transportation network exceeding 90% completion, enhancing transportation capacity, service quality, and operational efficiency [1][3][4] Group 1: Infrastructure Development - The "6 axes, 7 corridors, and 8 channels" framework has been largely completed, connecting over 80% of county-level administrative regions and serving approximately 90% of the country's economic and population totals [3] - By the end of 2024, the railway operating mileage is expected to reach 162,000 kilometers, an increase of about 16,000 kilometers from the end of the 13th Five-Year Plan, with high-speed rail increasing by 10,000 kilometers [3] - The total length of highways is projected to reach 5.49 million kilometers, with an increase of approximately 290,000 kilometers, including an increase of 30,000 kilometers in expressways [3][4] Group 2: Technological Advancements - The application of intelligent technologies is accelerating, with the introduction of advanced construction methods such as "double-layer paving + 3D intelligent paving" to enhance road construction efficiency and quality [5][7] - The use of automation in logistics, including drones and autonomous vehicles, is being promoted to improve efficiency in warehousing, transportation, and delivery [5][7] - The introduction of robots for tasks such as tile laying in subway construction demonstrates the ongoing innovation in construction technology, achieving high precision and quality [7] Group 3: Service Improvement - The transportation sector is focusing on enhancing service quality to meet public expectations, with initiatives aimed at providing more travel options and convenience [8][9] - The integration of smart travel solutions, such as online ticketing and electronic payments, is being widely adopted, facilitating seamless travel experiences [9] - The average daily passenger volume for high-speed trains is projected to reach 3.272 billion by 2024, accounting for 75.9% of total railway passenger volume [9]

Core Viewpoint - China Railway Construction Corporation (CRCC) is actively researching measures such as share buybacks and increases in holdings, and will announce any relevant progress promptly [1] Group 1 - The company is considering share repurchase and increase in holdings as part of its strategy [1] - CRCC has committed to providing timely announcements regarding any developments in these measures [1]

Core Viewpoint - China Railway Construction emphasizes the importance of market behavior in stock price fluctuations, influenced by macroeconomic conditions, industry environment, and investor preferences [1] Group 1: Market Strategy - The company is committed to enhancing its market value management and will actively maintain its stock price by seizing current market opportunities [1] - Efforts will focus on improving the quality and efficiency of operations, increasing the landing rate, conversion rate, and yield of contracts to create greater value for shareholders [1] Group 2: Industry Adaptation - The company plans to proactively respond to industry and market changes by promoting the transformation and upgrading of traditional industries [1] - Accelerating the development of new strategic industries and strengthening technological innovation are key components of the company's long-term growth strategy [1] Group 3: Investor Relations - Strengthening investor relations management is a priority, utilizing various methods such as performance briefings, reverse roadshows, and inviting investors for company research [1] - The company aims to enhance communication with investors and ensure timely disclosure of information and sustainability reports to convey its value [1] Group 4: Dividend Policy - According to the company's three-year dividend plan, there will be a stable increase in the dividend payout ratio to enhance the dividend yield and attract long-term investors [1]