Financial Performance - The company's operating revenue for the third quarter was CNY 97,561,053, a decrease of 14.25% compared to the same period last year[9]. - The total profit for the quarter was CNY 1,742,502, reflecting a decline of 46.15% year-over-year[9]. - Net profit attributable to shareholders was CNY 870,881, down 67.52% from the previous year[9]. - The net profit after deducting non-recurring gains and losses was CNY 724,185, a decrease of 69.88% compared to the same period last year[9]. - The company reported a total profit for the year-to-date of CNY 7,021,651, down 21.26% compared to the same period last year[9]. - Net profit attributable to shareholders decreased by 41.88% due to continued decline in steel industry demand and external factors affecting the construction industry[13]. - Net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 45.74% year-to-date[13]. - Basic earnings per share for the quarter were CNY 0.04, down 69.23% year-over-year[9]. - Basic earnings per share decreased by 45.83% year-to-date, reflecting the impact of reduced profits[13]. - Total profit for the reporting period decreased by 46.15% compared to the same period last year[14]. - Net profit attributable to shareholders for the reporting period decreased by 67.52% year-on-year[14]. - Net profit attributable to shareholders, excluding non-recurring gains and losses, decreased by 69.88% for the reporting period[14]. - Basic earnings per share for the reporting period decreased by 69.23% year-on-year[14]. - Diluted earnings per share for the reporting period decreased by 69.23% year-on-year[14]. - Total operating revenue for the first three quarters of 2025 was RMB 335,093,765, a decrease of 18.8% compared to RMB 412,617,474 in the same period of 2024[31]. - Net profit for the first three quarters of 2025 was RMB 5,388,364, down 30.0% from RMB 7,699,234 in the first three quarters of 2024[32]. - Operating profit decreased to RMB 7,110,115 in 2025 from RMB 8,921,740 in 2024, reflecting a decline of 20.3%[32]. - Basic earnings per share for the first three quarters of 2025 were RMB 0.13, down from RMB 0.24 in 2024, a decrease of 45.8%[33]. - Total comprehensive income for the first three quarters of 2025 was RMB 5,254,846, compared to RMB 7,403,428 in 2024, reflecting a decline of 29.0%[33]. - The net profit for the first three quarters of 2025 was CNY 560,447,000, down from CNY 819,171,000 in the same period of 2024[50]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 873,007,755, an increase of 8.04% from the previous year[9]. - The company's total assets were RMB 873.01 billion, an increase from RMB 808.02 billion at the end of 2024[28]. - The company's current assets totaled RMB 656.90 billion, up from RMB 599.77 billion at the end of 2024[26]. - The company's total liabilities amounted to RMB 687.18 billion, compared to RMB 625.68 billion at the end of 2024[28]. - The company's total current assets increased to CNY 89,333,501,000 as of September 30, 2025, from CNY 82,687,765,000 at the end of 2024[43]. - The company's total liabilities increased to CNY 71,840,714,000 as of September 30, 2025, compared to CNY 64,022,791,000 at the end of 2024[44]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 282,523[16]. - The largest shareholder, China Minmetals Corporation, holds 44.26% of the shares[17]. - The company has a significant shareholder relationship, with China Minmetals Corporation and China Metallurgical Group Corporation acting in concert[20]. Cash Flow - The cash flow from operating activities was negative at CNY (19,391,096) for the year-to-date[9]. - Cash flow from operating activities showed a net outflow of RMB 19,391,096 in 2025, compared to a net outflow of RMB 30,735,612 in 2024, indicating an improvement[37]. - Cash inflow from investment activities totaled RMB 4,461,740 in 2025, significantly higher than RMB 1,143,924 in 2024[38]. - Cash flow from financing activities generated a net inflow of RMB 21,103,343 in 2025, compared to RMB 25,562,222 in 2024, showing a decrease of 17.5%[39]. - Cash and cash equivalents at the end of the first three quarters of 2025 amounted to $2,601,237, compared to $673,916 at the end of the same period in 2024[56]. - The company's cash and cash equivalents were RMB 51.53 billion, slightly down from RMB 52.56 billion at the end of 2024[26]. - The company's cash and cash equivalents at the end of September 2025 were CNY 43,617,771,000, compared to CNY 25,835,774,000 at the end of September 2024[40]. Contracts and New Business - The total new contracts signed by the company in the first three quarters of 2025 amounted to RMB 760.67 billion, a decrease of 14.7% compared to the same period last year[22]. - The new overseas contracts signed reached RMB 66.90 billion, representing a growth of 10.1% year-on-year[22]. Research and Development - Research and development expenses for the first three quarters of 2025 were RMB 9,961,687, down from RMB 11,900,695 in 2024, a reduction of 16.3%[31]. Operating Costs - The company reported a decrease in total operating costs to RMB 323,536,258 in 2025 from RMB 399,938,098 in 2024, a decline of 19.1%[31].

截至 2025 年 9 月 30 日，本公司无已签订尚未执行的重大项目。 特此公告。 中国冶金科工股份有限公司董事会 2025 年 10 月 30 日 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-051 中国冶金科工股份有限公司 2025 年三季度主要经营数据公告 中国冶金科工股份有限公司（以下简称"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。 本公司 2025 年 1-9 月新签合同额人民币 7,606.7 亿元，同比降低 14.7%，其中， 三季度新签合同额人民币 2,124.7 亿元，同比降低 0.7%。新签工程承包项目主要经 营数据如下： | 细分行业 | 年 2025 | 月 7-9 | 2025 | 年本年累计 | | | --- | --- | --- | --- | --- | --- | | | 新签项目 | 新签合同额 | 新签项目 | 新签合同额 | 同比增减 | | | 数量（个） | （亿元） | 数量（个） | （亿元） | | | 冶金工程与运 营服务 | 66 ...

公司第三届董事会第七十七次会议于 2025 年 10 月 30 日在中冶大厦召开。会议应 出席董事七名，实际出席董事七名。会议由陈建光董事长主持。本次会议的召开符合《公 司法》等法律法规及《中国冶金科工股份有限公司章程》的有关规定。 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-052 中国冶金科工股份有限公司 第三届董事会第七十七次会议决议公告 中国冶金科工股份有限公司（以下简称"中国中冶"、"本公司"或"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。 二、通过《关于修订<中国中冶股票市场信息披露暂缓与豁免业务实施细则>的议 案》 同意修订《中国中冶股票市场信息披露暂缓与豁免业务实施细则》。 表决结果：七票赞成、零票反对、零票弃权。 修订后制度具体内容详见本公司同日披露的《中国中冶股票市场信息披露暂缓与豁 免业务实施细则》。 特此公告。 会议审议通过相关议案并形成决议如下： 一、通过《关于中国中冶 2025 年第三季度报告的议案》 1.同意中国中冶 2025 年第三季度报告。 2.同意在境内外股 ...

中国冶金科工股份有限公司2025 年第三季度报告 证券代码：601618 证券简称：中国中冶 中国冶金科工股份有限公司 2025 年第三季度报告 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： 1、公司董事会、董事及高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信 息的真实、准确、完整。 3、第三季度财务报表是否经审计 □是 √否 4、除特别注明外，本报告所有金额币种均为人民币。 一、主要财务数据 （一） 主要会计数据和财务指标 | | | | 单位：千元 | 币种：人民币 | | --- | --- | --- | --- | --- | | | 本报告期 | 本报告期比上 | | 年初至报告 | | 项目 | | 年同期增减变 动幅度(%) | 年初至报告 期末 | 期末比上年 同期增减变 | | 营业收入 | 97,561,053 | -14.25 | ...

Core Viewpoint - China Metallurgical Group Corporation (China MCC) has shown a stock price increase of 16.52% year-to-date, with significant gains over various trading periods, indicating a positive market sentiment despite recent declines in revenue and profit [1][2]. Financial Performance - For the first half of 2025, China MCC reported a revenue of 237.53 billion yuan, a year-on-year decrease of 20.52%, and a net profit attributable to shareholders of 3.10 billion yuan, down 25.31% compared to the previous year [2]. - The company has distributed a total of 17.21 billion yuan in dividends since its A-share listing, with 4.37 billion yuan distributed over the last three years [3]. Stock Market Activity - As of October 30, the stock price of China MCC was 3.78 yuan per share, with a trading volume of 1.89 billion yuan and a market capitalization of 78.34 billion yuan [1]. - The stock has experienced a recent net outflow of 18.57 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased by 1.90% to 312,000, with an average of 0 shares per shareholder [2]. - Major shareholders include China Securities Finance Corporation and Hong Kong Central Clearing Limited, with notable increases in holdings from several ETFs [3].

Group 1 - The metal lead concept increased by 3.56%, ranking fourth among concept sectors, with 32 stocks rising, including Dazhong Mining which hit the daily limit, and Huayu Mining, Guocheng Mining, and Huaxi Nonferrous rising by 8.09%, 7.67%, and 6.74% respectively [1] - The metal lead concept sector saw a net inflow of 1.775 billion yuan, with 24 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflow, led by Zijin Mining with a net inflow of 878 million yuan [2] - The top net inflow ratios were recorded by Dazhong Mining, China Metallurgical Group, and Zijin Mining at 23.39%, 15.78%, and 13.58% respectively [3] Group 2 - The leading stocks in the metal lead concept included Zijin Mining, Shengtun Mining, and Dazhong Mining, with respective daily price changes of 3.75%, 6.35%, and 10.03% [3] - Stocks with significant declines included Beijiete and Wisdom Agriculture, which fell by 3.10% and 2.08% respectively [1][5] - The overall market performance showed a mixed trend with various sectors experiencing both gains and losses, highlighting the volatility in the current market environment [2][5]

Market Overview - The professional engineering sector experienced a decline of 1.22% on October 28, with China Metallurgical Group leading the drop [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Notable gainers included: - Rishang Group (002593) with a closing price of 5.91, up 10.06% and a trading volume of 1.067 million shares, totaling 623 million yuan [1] - Shikong Technology (605178) closed at 52.46, up 10.00% with a trading volume of 34,288 shares, totaling 17.9875 million yuan [1] - Other gainers included: - Shenghui Integration (603163) up 3.48% [1] - Sanlian Hongyin (300384) up 1.70% [1] Decliners - Major decliners included: - Gongliang Forty (601618) down 4.45% with a trading volume of 2.4354 million shares [2] - Zhongyan Dadi (003001) down 3.95% [2] - Tongguan Mining Construction (920019) down 3.18% [2] Capital Flow - The professional engineering sector saw a net outflow of 56.7941 million yuan from institutional investors, while retail investors contributed a net inflow of 42.6294 million yuan [2][3] - Notable capital flows included: - Rishang Group had a net inflow of 1.78 billion yuan from institutional investors, but a net outflow from retail investors of 8.97809 million yuan [3] - Shenghui Integration saw a net inflow of 28.62% from institutional investors [3]

Market Performance - The professional engineering sector increased by 1.05% on the previous trading day, with Yongfu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers - Yongfu Co., Ltd. (300712) closed at 27.42, with a rise of 12.52% and a trading volume of 261,300 shares, amounting to a transaction value of 727 million [1] - Shikong Technology (605178) rose by 10.01% to close at 47.69, with a trading volume of 4,075 shares [1] - Baili Technology (603959) increased by 6.19% to close at 7.20, with a trading volume of 521,000 shares, resulting in a transaction value of 372 million [1] Market Capital Flow - The professional engineering sector saw a net inflow of 261 million from institutional investors, while retail investors experienced a net outflow of 153 million [2][3] - Major stocks like Yongfu Co., Ltd. had a net inflow of 11.5 million from institutional investors, but a net outflow of 70.14 million from retail investors [3] Other Notable Stocks - China Metallurgical Group (601618) had a net inflow of 97.07 million from institutional investors, while retail investors saw a net outflow of 110 million [3] - Zhongcai International (000928) reported a net inflow of 38.03 million from institutional investors, with retail investors experiencing a net outflow of 25.34 million [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]