Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Core Viewpoint - Yantai Kangrun Water Co., Ltd. has been established with a registered capital of 316 million yuan, focusing on wastewater treatment and environmental protection equipment sales [1] Company Information - The legal representative of Yantai Kangrun Water Co., Ltd. is Zhu Yuqiang [1] - The company is registered with a capital of 316 million yuan [1] - The business scope includes wastewater treatment and its recycling, water pollution control, and sales of environmental protection specialized equipment [1] Shareholder Information - The company is jointly held by Yikang Technology Co., Ltd. and China Railway Fourth Engineering Group Co., Ltd., a wholly-owned subsidiary of China Railway [1] - Yikang Technology Co., Ltd. holds 62.9% of the shares, contributing approximately 198.93 million yuan [2] - China Railway Fourth Engineering Group Co., Ltd. holds 0.1% of the shares, contributing approximately 31.63 million yuan [2]

事件：公司公告1H2025 实现营收5110.93 亿元同降5.93%；归母净利润118.27 亿元同降17.17%；扣非归 母净利润102.68 亿元同降21.59%。其中，单Q2 营收2625.29 亿元同降5.66%；归母净利润58.01 亿元同 降14.65%；扣非归母净利润47.15 亿元同降20.45%。 收入下滑毛利承压，海外新签快速增长。分业务来看，公司基建、设计咨询、装备制造、房开业务分别 实现收入4362.46/89.11/137.53/156.14 亿元，分别同比-7.78%/-0.60%/+14.39%/+7.83% ， 分别实现毛利 率7.37%/24.80%/18.16%/9.15% ， 同比-0.53pct/-1.44pct/-0.18pct/-3.42pct，装备制造业务收入增速与毛利 率表现相对亮眼。分地区看，公司境内/境外收入分别为4755.31/369.71 亿元，分别同 比-6.83%/+8.34%，分别实现毛利率8.94%/6.05%，同比变动-0.17pct/-1.28pct。公司上半年实现新签 11086.9 亿元同增2.8%， 其中境内/ 境外分别实现新签983 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a revenue of 511.09 billion yuan for the first half of 2025, a decrease of 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [7][8] - The company is expected to achieve net profits of 26.36 billion yuan, 27.96 billion yuan, and 30.04 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 5.3, 5.0, and 4.6 [7][8] Financial Performance Summary - Revenue for 2023 was 1,260.84 billion yuan, with a growth rate of 9.5%. For 2024, revenue is projected to decline by 8.2% to 1,157.44 billion yuan, and further decrease by 3.5% in 2025 to 1,117.34 billion yuan [6][9] - The net profit for 2023 was 33.48 billion yuan, with a growth rate of 7.1%. The net profit is expected to decline by 16.7% in 2024 to 27.89 billion yuan and by 5.5% in 2025 to 26.36 billion yuan [6][9] - The company's gross margin for the first half of 2025 was 8.53%, a decrease of 0.3 percentage points year-on-year [8] Business Segment Performance - The company’s revenue from infrastructure, design consulting, equipment manufacturing, and real estate development for the first half of 2025 was 436.25 billion yuan, 8.91 billion yuan, 13.75 billion yuan, and 15.61 billion yuan respectively, with year-on-year changes of -7.78%, -0.60%, +14.39%, and +7.83% [7][8] - The gross margins for these segments were 7.37%, 24.80%, 18.16%, and 9.15% respectively, with slight declines in margins for infrastructure and design consulting [7][8] Regional Performance - Domestic revenue was 475.53 billion yuan, down 6.83% year-on-year, while overseas revenue was 36.97 billion yuan, up 8.34% year-on-year [7][8] New Contracts - The company secured new contracts worth 1,108.69 billion yuan in the first half of 2025, an increase of 2.8% year-on-year, with domestic and overseas new contracts at 983.82 billion yuan and 124.87 billion yuan respectively [7][8]

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00390 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,207,390,000 | RMB | | 1 | RMB | | 4,207,390,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 4,207,390,000 | RMB | | | 1 RMB | | 4,207,390,000 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中鐵股份有限公司 呈交日期: 2025年9月2日 II. 已發行股份及/或 ...

Group 1 - Yantai Kangrun Water Co., Ltd. has been established with a registered capital of 316 million yuan [1] - The company's legal representative is Zhu Yuqiang, and its business scope includes sewage treatment and its recycling, water pollution control, and sales of environmental protection specialized equipment [1] - The company is jointly held by Yikang Technology Co., Ltd. and China Railway's wholly-owned subsidiary, China Railway Fourth Engineering Group Co., Ltd. [1]

Industry Overview - Self-adhesive membranes are a new type of waterproof material characterized by low-temperature flexibility, self-healing properties, and strong adhesion, allowing for quick construction at room temperature and compliance with environmental standards [1][2] - The production of self-adhesive membranes in China is projected to grow from 402 million square meters in 2015 to 1.477 billion square meters by 2024, driven by advancements in technology and expanding applications [1][8] Industry Development History - The self-adhesive membrane industry in China began in the 1990s with the introduction of products from international brands, followed by local production efforts [4] - By 2000, advancements in technology led to mass production of self-adhesive waterproof membranes, and industry standards were established in 2002 to ensure product quality [4][5] Industry Supply Chain - The supply chain consists of upstream raw material suppliers (asphalt, polymer resins, polyethylene films), midstream manufacturers who produce various self-adhesive membrane products, and downstream applications in construction and infrastructure [6] - The production of petroleum asphalt, a key component, has seen fluctuations, with a projected output of 34.508 million tons in 2024, down from 62.88 million tons in 2020 [6][7] Market Demand and Trends - The self-adhesive membrane industry is closely linked to the real estate sector, which is currently experiencing a downturn, impacting demand [7] - However, infrastructure investment remains robust, with a 3.2% year-on-year growth in the first half of 2025, providing some demand for self-adhesive membranes [7][8] Competitive Landscape - Major players in the self-adhesive membrane industry include Beijing Oriental Yuhong Waterproof Technology Co., Ltd. and Keshun Waterproof Technology Co., Ltd., which leverage technology and brand strength to maintain market leadership [9][11] - Smaller companies focus on niche products and regional markets due to limited resources compared to larger firms [9] Future Industry Trends - The industry is expected to see increased concentration as stricter environmental regulations and rising production costs lead to the elimination of less competitive firms [14] - Companies are expanding internationally to seek new growth opportunities, with notable efforts from leading firms to establish overseas operations [15] - Government policies are increasingly supportive of high-performance waterproof materials, enhancing the growth prospects for self-adhesive membranes [16]

公司点评报告 · 建筑行业 海外合同增速快,新藏和川藏铁路受益 2025年9月1日 资料来源：公司公告，中国银河证券研究院 www.chinastock.com.cn 证券研究报告 中国中铁(601390.SH) 推荐 维持评级 分析师 龙天光 ☎：021-2025-2646 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(亿元) | 11603.11 | 11349.88 | 11830.65 | 12647.08 | | 收入增长率% | -8.17 | -2.18 | 4.24 | 6.90 | | 归母净利润(亿元) | 278.87 | 285.60 | 296.12 | 313.75 | | 利润增速% | -16.71 | 2.42 | 3.68 | 5.95 | | 毛利率% | 9.80 | 10.15 | 10.18 | 10.08 | | 摊薄 EPS(元) | 1.13 | 1.15 | 1.20 | 1.27 | | PE | 5.04 | 4.92 | 4.75 ...

25H1 公司综合毛利率8.53%，同比-0.3pct。分业务看，25H1 基建实现营收4362.46 亿，同比-7.78%，毛 利率7.37%，同比-0.53pct，其中铁路/公路/市政及其他营收同比+6.14%/-13.29%/-13.23%；房地产/装备 制造/设计咨询营收156.14/137.53/89.11 亿，同比+7.78%/+14.39%/-0.60%，毛利率同 比-3.42/-0.18/-1.44pct；其他业务实现营收379.77 亿，同比+5.48%，其中资源利用业务收入40.14 亿，同 比-0.84%，毛利率同比+1.5pct 至54.85%。 公司发布半年报：25H1 实现营业总收入5125.02 亿元（yoy-5.88%），归母净利118.27 亿元（yoy- 17.17%），扣非净利102.68 亿元（yoy-21.59%）。 其中Q2 实现总收入2632.19 亿元（yoy-5.61%，qoq+5.59%），归母净利58.01 亿元（yoy-14.65%，qoq- 3.71%），低于我们的预期（62.78 亿元），主要是费用化利息支出增加和金融资产模式基建投资项目 确认投融资 ...

建筑装饰 2025 年 08 月 31 日 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 建筑央企 25H1 收入、利润承压，现金流改善 看好 ——申万宏源建筑周报（20250825-20250829） 本期投资提示： 行 业 及 产 业 - ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数-0.87%，沪深 300 指数+0.84%，相对收益为-1.71pct。周涨幅最大的三个子行业分别为 基建民企（+0.85%）、专业工程（+0.40%）、钢结构（-0.84%）， 对 应 行 业 内 三 个 公 司 ： 宏 润 建 设 （ ...