中国铁建股份有限公司 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—002 本公司监事会及全体监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。 （二）审议通过《关于公司 2025 年度重大风险评估报告的议案》 同意公司 2025 年度重大风险评估报告。 1 第五届监事会第十九次会议决议公告 一、监事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届监事会第十九次 会议于 2025 年 1 月 7 日在中国铁建大厦举行，监事会会议通知和材 料于 2025 年 1 月 3 日以书面直接送达和电子邮件等方式发出。应出 席会议监事 3 名，实际出席会议监事 3 名。公司有关高级管理人员列 席了会议。会议由公司监事会主席赵伟先生主持。本次会议的召开符 合有关法律、行政法规、规范性文件和《中国铁建股份有限公司章程》 及《中国铁建股份有限公司监事会议事规则》的规定。 二、监事会会议审议情况 会议审议并以现场记名投票方式表决通过了会议议案，作出如下 决议： （一）审议通过《关于公司 2025 年度预算报告的议案》 同意公司 202 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—045 本次日常关联（连）交易对公司无重大影响，公司不会因此对 关联（连）方形成较大的依赖 | 释义 | | --- | | 公司 | 指 | 中国铁建股份有限公司 | | --- | --- | --- | | 中铁建集团 | 指 | 中国铁道建筑集团有限公司 | | 铁建财务 | 指 | 中国铁建财务有限公司 | | 中铁金租 | 指 | 中铁建金融租赁有限公司 | | 公司日常关联 | 指 | 《关于续签<房屋租赁框架协议>和拟定2025年度 | | （连）交易四 | | 持续关联（连）交易上限的议案》《关于续签<服 | | 项议案 | | 务提供框架协议>和拟定 2025-2027 年度持续关联 | | | | （连）交易上限的议案》《关于续签<金融服务协 | | | | 议>和拟定 年度持续关联（连）交易上 2025-2027 | | | | 限的议案》《关于签订<设备购销及租赁服务协议> | 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2024—045 中国铁建股份有限公司 日常关联（连）交易公告 本公司董事会及 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—043 中国铁建股份有限公司 第五届董事会第三十四次会议决议公告 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。 一、董事会会议召开情况 二、董事会会议审议情况 会议审议并以记名投票方式表决通过了会议议案，作出如下决 议： （一）审议通过《关于续签<房屋租赁框架协议>和拟定2025年度 持续关联（连）交易上限的议案》 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2024—043 同意公司与控股股东中国铁道建筑集团有限公司（以下简称控股 股东）续签《房屋租赁框架协议》和 2025 年度持续关联（连）交易 上限。具体内容详见公司同日披露的《中国铁建股份有限公司日常关 联（连）交易公告》。 本议案已经公司审计与风险管理委员会及独立董事专门会议审 议通过。 表决结果：同意5票，反对0票，弃权0票。董事长戴和根先生回 避表决。 （二）审议通过《关于续签<服务提供框架协议>和拟定2025-2027 年度持续关联（连）交易上限的议案》 同意公司与控股股东 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—044 中国铁建股份有限公司 第五届监事会第十八次会议决议公告 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2024—044 2025-2027 年度持续关联（连）交易上限的议案》 本公司监事会及全体监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。 一、监事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届监事会第十八次 会议于 2024 年 12 月 27 日在中国铁建大厦举行，监事会会议通知和 材料于 2024 年 12 月 23 日以书面直接送达和电子邮件等方式发出。 应出席会议监事 3 名，实际出席会议监事 3 名。公司有关高级管理人 员列席了会议。会议由公司监事会主席赵伟先生主持。本次会议的召 开符合有关法律、行政法规、规范性文件和《中国铁建股份有限公司 章程》及《中国铁建股份有限公司监事会议事规则》的规定。 二、监事会会议审议情况 会议审议并以现场记名投票方式表决通过了会议议案，作出如下 决议： （一）审议通过《关于续签<房屋租赁框架协议> ...

Key Points Industry or Company Involved - The discussion revolves around a construction and infrastructure company, focusing on their order book, market trends, and financial performance. Core Views and Arguments - **Overall Order Book**: The company experienced a decline in orders, particularly in municipal and investment projects, due to factors like local government financial constraints and the end of some projects. However, they expect a recovery in the order book next year driven by high-quality project selection and increased focus on sectors like mining, water conservancy, and power. - **Market Segmentation**: The company segmented their order book into traditional and emerging sectors. Traditional sectors like mining and water conservancy are expected to grow, while sectors like municipal and investment projects may see a moderate decline. - **Regional Focus**: The company highlighted their strong presence in Africa, Middle East, and Southeast Asia, with specific mentions of projects in Nigeria, Algeria, Qatar, and Vietnam. They also expressed interest in expanding their operations in Latin America. - **Financial Performance**: The company faced challenges with cash flow and receivables this year, but they are optimistic about improving these metrics in the fourth quarter and next year. They outlined a plan to recover outstanding receivables and maintain a high dividend payout ratio. Other Important Points - **Debt Restructuring**: The company discussed the impact of local government debt restructuring on their receivables and cash flow, highlighting the positive trend observed in December. - **Competitive Advantage**: The company emphasized their competitive advantages in terms of technology, experience, and capacity in the construction and infrastructure sector, particularly in areas like transportation infrastructure and high-rise buildings. - **Future Outlook**: The company expressed confidence in their ability to increase their order book next year by focusing on high-quality projects and leveraging their competitive advantages in various markets. References - [1] - [2] - [3] - [4] - [5] - [6] - [7] - [8] - [9] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29] - [30] - [31]

Key Points Summary Industry and Company - **Company**: China Railway Group Limited (CRG) - **Industry**: Construction and Infrastructure Core Views and Arguments - **Strategic Focus**: CRG is focusing on consolidating and upgrading the construction industry while fostering the development of emerging industries. This includes new infrastructure, new equipment, new materials, new energy, and new services. CRG is also accelerating six transformations: high-end, intelligent, green, digital, refined, and international. - **Reform Measures**: CRG has implemented 36 measures covering corporate governance, management improvement, production and operation, overseas development, and risk prevention. The company has also streamlined its organization and optimized its assessment system to improve efficiency. - **Innovation**: CRG has established a 1+9+N scientific and technological innovation system, actively promoting the transformation of scientific and technological achievements, and collaborating with universities and enterprises to develop technologies in fields such as artificial intelligence and green low-carbon energy. - **Debt Resolution**: CRG is actively resolving its debt issues and expects significant progress next year. Some local governments have started to repay loans, and long-term low-interest loans have been used to provide local governments with financial space. - **Cash Flow**: The construction industry experienced a recovery in the fourth quarter, improving CRG's cash flow. However, the company still faces pressure to achieve its annual goals. CRG is actively promoting the "100-Day Big Push" campaign to boost performance. - **Cash Flow Improvement**: CRG has formulated a "3,251" special action plan to collect 300 billion yuan in receivables within three years, reduce 200 billion yuan in contract assets, and improve cash flow and profitability. - **Profitability Outlook**: CRG expects improved profitability in the future, with the expectation of policy support for infrastructure projects. The company will continue to improve order profitability and cash flow capabilities, and deepen its presence in overseas markets. Other Important Points - **Institutional Adjustment**: CRG has upgraded some third-tier companies and downgraded underperforming second-tier companies based on its development strategy. - **Project Implementation**: There is a trend of accelerating the implementation of projects. CRG organized the "100-Day Big Push" campaign to achieve quality and quantity improvements in new orders, revenue, and profitability. - **Debt Resolution Impact**: Debt resolution involves one province with a total amount of 5 billion yuan, of which more than 2 billion yuan has been repaid. - **Efficiency Improvement**: CRG has taken measures to improve efficiency, including increasing order profitability, conversion rate, and cash flow capabilities, and actively giving up low-quality orders. - **Profitability Outlook**: CRG expects annual profit growth and matching cash flow, reflecting the company's shift towards high-quality development. - **Local Government Debt Repayment**: There is no clear priority for local government repayment of engineering fees. Local governments tend to prioritize the use of fees for民生 projects and key projects rather than specific enterprises. - **Infrastructure Project Progress**: Infrastructure projects in the fourth quarter have improved, but there are no significant regional differences. The progress of water conservancy and large-scale water projects has been normal under national financial support. However, PPP projects have been affected, and the construction of urban infrastructure depends on local financial support. - **Order and Revenue Pressure**: CRG faces certain pressure on orders and revenue for the whole year. The company expects policy measures in December to alleviate some of the pressure. - **Overseas Business**: The company's overseas orders decreased in the first three quarters due to its high-quality operation requirements. However, overseas revenue performance has been good, with an expected share of about 6% of total revenue. - **Overseas Market Development**: CRG will continue to focus on the African, Middle Eastern, and Latin American markets. - **European Market**: CRG has made significant progress in the European market, especially in Eastern Europe. Its tunnel boring machines have been successfully exported to Switzerland, and it has participated in the construction of a high-speed railway project in Serbia, which was completed this year. - **Market Value Management**: CRG is actively carrying out various work in accordance with regulatory requirements, including the formulation and implementation of market value management plans. - **Dividend Distribution**: CRG aims to maintain a stable dividend distribution level, even if there are fluctuations in performance, to enhance investor confidence. - **State-owned Assets Supervision and Administration Commission (SASAC) Market Value Assessment**: SASAC will mainly use the salary and performance assessment system for market value assessment. The specific scheme has not been released yet but is expected to include process assessment and indicators such as stock price and EPS. - **Strategic Emerging Industries (SEI) Revenue and Profit Ratio**: The revenue share of SEI is less than 9%, but its profit share is close to 20% due to the high overall profit margin of SEI. SASAC's requirement is around 9%, and the expected indicator will be further improved. - **SEI Specific Fields**: SEI mainly covers new infrastructure, construction-related fields such as ecological governance, land afforestation, advanced environmental protection, high-efficiency energy conservation, and resource recycling, underground comprehensive transportation, underground integrated facilities, and deep space exploitation and utilization. - **New Equipment**: CRG plans to consolidate its leading position in the field of high-end engineering equipment and expand into new energy engineering equipment, offshore engineering equipment, and modern agricultural equipment. At the same time, it will develop intelligent equipment and smart products, such as construction robots and intelligent monitoring systems. - **New Materials**: CRG has established a new materials research institute and has a second-tier company, Kunlun Group, focusing on bamboo winding technology. Bamboo winding uses the outer layer of bamboo with a growth period of 4-5 years, wrapped into various cylindrical shapes through an independently owned adhesive, and applied to urban pipeline construction and water supply and sewage treatment. - **New Services**: CRG provides inspection and testing, remote sensing surveying and mapping, geological surveying, engineering consulting, and supply chain management services. - **PPP Project Receivables**: There are no receivables拖欠 issues in the construction phase of PPP projects. The subsidy gap is listed in long-term receivables and is basically paid on a regular basis each year, with a scale of only tens of billions of yuan, which will not pose a major risk to the future. - **M&A and Restructuring**: M&A and restructuring are mainly focused on the five star赛道 of new infrastructure, new materials, new energy, and new services. The company is actively searching for and screening targets and welcomes investors to recommend suitable targets. - **Real Estate Business**: The real estate market experienced significant fluctuations this year, but CRG's performance was still acceptable. The company will continue to focus on risk and return, not pursuing scale growth, but adjusting strategies according to实际情况. With the introduction of national policies to reduce inventory, the company believes that there is still demand for the real estate market, and once the inventory reaches a reasonable level, the gross profit margin will recover.

Investment Rating - The report maintains a "Buy" rating for both A and H shares of China Railway Construction Corporation (601186.SH/1186.HK) [2][5][7] Core Views - The company reported a decline in revenue and net profit for the first three quarters of 2024, with revenue of 758.13 billion yuan and a net profit attributable to shareholders of 15.7 billion yuan, representing a year-on-year decrease of 6% and 19.2% respectively [2] - Despite the overall decline, there was an improvement in cash flow in the third quarter of 2024, with a net cash outflow of 73.4 billion yuan, which is less than the outflow of 165 billion yuan in the same period last year [3] - The company is experiencing a significant increase in green and environmental orders, with new contracts for green projects reaching 125.2 billion yuan, a year-on-year growth of 43.1% [4] - The company is actively developing new strategic industries and is expected to improve financial metrics as debt reduction progresses [4][5] Financial Performance Summary - For the first nine months of 2024, the company’s gross profit margin was 9.2%, and the net profit margin was 2.6%, both showing slight year-on-year decreases [3] - The financial expense ratio has increased, impacting profitability, with financial expenses rising significantly [3] - New contracts signed in the first nine months of 2024 totaled 1,473.4 billion yuan, a decrease of 17.5% year-on-year, with domestic and international contracts also declining [4] - The company’s long-term receivables from PPP projects amounted to 10.5 billion yuan, indicating ongoing efforts to manage debt effectively [4] Profit Forecast and Valuation - The profit forecast for 2024-2026 has been revised downwards, with net profit estimates of 23.2 billion yuan, 23.4 billion yuan, and 23.7 billion yuan respectively, reflecting reductions of 18%, 23%, and 26% [5] - The report highlights that despite the challenges, improvements in cash flow and growth in green orders could lead to better financial indicators in the future [5]

Investment Rating - The report maintains an "Accumulate" rating for China Railway Construction Corporation (601186) [3][8]. Core Insights - The company reported a revenue of 758.13 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.99%. The net profit attributable to shareholders was 15.695 billion yuan, down 19.18% year-on-year [4][6]. - The company experienced a significant decline in new orders, with a total of 1,473.43 billion yuan in new contracts signed, representing a year-on-year decrease of 17.51%. However, green and environmental orders grew by 43.05% to 125.20 billion yuan [5][6]. - The operating cash flow showed improvement in Q3, with a net cash outflow of 73.42 billion yuan, a significant reduction compared to previous quarters [7]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 9.16%, a slight decrease of 0.01 percentage points year-on-year, and a net margin of 2.63%, down 0.27 percentage points year-on-year [4]. - The company’s total assets were reported at 1,810.27 billion yuan, with net assets of 321.92 billion yuan. The earnings per share (EPS) for 2024 is projected to be 1.64 yuan [9][10]. - The forecast for net profit attributable to shareholders for 2024-2026 is 22.22 billion yuan, 22.33 billion yuan, and 22.81 billion yuan respectively, indicating a decline in profitability [9][10].

Investment Rating - The report maintains a rating of "Buy" for China Railway Construction Corporation (CRCC) [2][7]. Core Views - The company is expected to benefit from the release of new projects and the advancement of existing projects due to the implementation of fiscal incremental policies, which may lead to improvements in both profit and asset sides [2]. - The target price is set at 12.47 CNY, corresponding to a PE ratio of 7.4 times for 2024 [2][7]. Financial Summary - Revenue for 2022 was 1,096,313 million CNY, with a projected decrease to 978,165 million CNY in 2024, reflecting a year-on-year decline of 14.0% [1]. - Net profit attributable to shareholders was 26,681 million CNY in 2022, expected to decrease to 22,964 million CNY in 2024, a decline of 12.0% [1]. - Earnings per share (EPS) is projected to drop from 1.96 CNY in 2022 to 1.69 CNY in 2024 [1]. - Return on equity (ROE) is forecasted to decrease from 9.2% in 2022 to 7.0% in 2024 [1]. - The price-to-earnings (PE) ratio is expected to rise from 4.55 in 2022 to 5.28 in 2024 [1]. Performance Metrics - For the first three quarters of 2024, revenue was reported at 758.1 billion CNY, a decrease of 5.99% year-on-year [2]. - Net profit for the same period was 15.7 billion CNY, down 19.18% year-on-year [2]. - The operating cash flow for the first three quarters of 2024 was negative 89 billion CNY, compared to negative 43.2 billion CNY in the same period of 2023 [2]. Order Intake - New signed contracts for the first three quarters of 2024 totaled 14,734 billion CNY, reflecting a decrease of 17.51% year-on-year [14]. - Domestic new contracts decreased by 18.03%, while overseas contracts fell by 10.12% [14]. Market Position - CRCC is recognized as one of the largest and most powerful comprehensive construction groups globally, with a diverse business portfolio including engineering contracting, planning and design consulting, investment operations, and real estate development [2].

Core Viewpoint - Kunlun Investment (Songyuan) Environmental Governance Co., Ltd. has been established with a registered capital of 10 million yuan, focusing on various environmental services [1] Company Summary - The legal representative of the newly established company is Wang Zhongshuang [1] - The company's business scope includes wastewater treatment and its recycling, water pollution prevention services, municipal facility management, environmental protection monitoring, environmental consulting services, and IoT application services [1] - The company is indirectly controlled by China Railway Construction [1]