Group 1 - The core point of the article is that China Metallurgical Group Corporation announced a performance guarantee for its subsidiary, with a limit of RMB 85.245 million, effective from August 12, 2025, to December 10, 2026 [2] - The total external guarantees provided by the company and its subsidiaries amounted to RMB 19.907 billion as of the end of August 2025, which represents 13.01% of the company's audited net assets attributable to shareholders for the fiscal year 2024 [2]

Group 1 - The company China Metallurgical Group Corporation (China MCC) announced a total external guarantee amount of RMB 19.907 billion as of August 2025, which accounts for 13.01% of the audited net assets attributable to shareholders for the year 2024 [1] - Among the total guarantees, RMB 18.858 billion is provided to wholly-owned and controlled subsidiaries, representing 12.32% of the audited net assets attributable to shareholders for 2024 [1] - The company has not provided guarantees to its controlling shareholders, actual controllers, or their related parties, and there are no overdue external guarantees [1] Group 2 - For the first half of 2025, the revenue composition of China MCC is as follows: engineering contracting accounts for 91.32%, specialty businesses for 7.71%, real estate development for 2.02%, and other businesses for -1.05% [1] - As of the report date, the market capitalization of China MCC is RMB 71.1 billion [1]

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份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條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 九月九 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二五年 九月九 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 证券代码：601618 证券简称：中国中冶 公告编号：临 2025-047 中国冶金 ...

证券代码：601618 证券简称：中国中冶 公告编号：临2025-047 中国冶金科工股份有限公司 关于 2025 年 8 月提供担保的公告 中国冶金科工股份有限公司（以下简称"中国中冶"、"本公司"、"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： 担保对象及基本情况 | 被担保 | 被担保人名称 | | | 中冶焦耐（大连）工程技术有限公司 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 人民币 | 85.245 | 万元 | | 人 | 实际为其提供的担保余额 | 0.00 | 万元 | | | | 是否在前期预计额度内 | 是 | □否 | □不适用：_________ | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 1 一、担保情况概述 （一）担保的基本情况 2025 年 8 月，本公司在 2024 年度股东周年大会批准的 2025 年度担保计划 范围内发生 1 项担保，具体情况如下： 2025 年 8 月 ...

Investment Rating - The report maintains a "Buy" rating for both China Metallurgical Group (中国中冶) and China Railway Group (中国中铁) [5][12]. Core Insights - China Metallurgical Group has significant copper reserves, with a valuation potential of 707 billion H shares, indicating a 62% upside [16][27]. - China Railway Group benefits from rising molybdenum prices, with a valuation potential of 1,471 billion H shares, indicating a 71% upside [30][31]. Summary by Sections China Metallurgical Group - The company has three operating mines and two mines awaiting development, with copper resources totaling 1,484 thousand tons [16][23]. - In the first half of 2025, the operating mines generated a profit of 5.5 billion yuan, a 29% increase year-on-year, contributing 18% to the company's net profit [16][18]. - The potential profit from the two awaiting mines is estimated at approximately 33 billion yuan, significantly enhancing the resource segment's contribution [23][29]. - The estimated total value of the company is 876 billion yuan, with a 23% upside compared to its current market value [23][27]. China Railway Group - The company operates five modern mines with significant copper and molybdenum reserves, leading to a 27% year-on-year increase in net profit from its resource segment [30][31]. - In the first half of 2025, the company reported a net profit of 258 billion yuan, with a projected decline of 7.4% year-on-year [30][31]. - The estimated total value of the company is 1,872 billion yuan, with a 36% upside compared to its current market value [30][31]. - The company has seen a significant increase in new orders, with a 20% year-on-year growth in Q2 2025, indicating a recovery in its construction segment [33][34]. Profit Forecast and Valuation - For China Metallurgical Group, the projected net profits for 2025-2027 are 61, 65, and 70 billion yuan, respectively [29]. - For China Railway Group, the projected net profits for 2025-2027 are 258, 253, and 255 billion yuan, respectively [30][31]. - Both companies are currently trading at low price-to-earnings (PE) ratios, indicating potential for valuation recovery [29][31].

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Market Overview - The professional engineering sector experienced a decline of 1.36% on September 3, with Hai Bo Heavy Industry leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Shenghui Integration: Closed at 44.77, up 10.00% with a trading volume of 91,400 shares and a turnover of 401 million yuan [1] - Yongfu Co., Ltd.: Closed at 26.45, up 5.25% with a trading volume of 86,600 shares and a turnover of 225 million yuan [1] - Huadian Technology: Closed at 7.27, up 4.76% with a trading volume of 767,300 shares and a turnover of 568 million yuan [1] - Decliners included: - Hai Bo Heavy Industry: Closed at 11.00, down 5.09% with a trading volume of 61,700 shares and a turnover of 69.12 million yuan [2] - Aiman Co., Ltd.: Closed at 51.50, down 4.10% with a trading volume of 60,200 shares and a turnover of 318 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 261 million yuan from institutional investors, while retail investors experienced a net inflow of 214 million yuan [2][3] - Key stocks with significant capital flow included: - Huadian Technology: Net inflow of 61.88 million yuan from institutional investors, but a net outflow of 58.83 million yuan from retail investors [3] - Shenghui Integration: Net inflow of 43.37 million yuan from institutional investors, with a net outflow from retail investors [3] - Yongfu Co., Ltd.: Net inflow of 30.07 million yuan from institutional investors, with a net outflow from retail investors [3]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

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 Insights - The company reported a 2025 H1 revenue of 237.53 billion yuan, representing a year-over-year increase of 20.52%, while the net profit attributable to shareholders was 3.10 billion yuan, down 25.31% year-over-year [1] - In Q2 2025, the company experienced a revenue decline of 22.59% to 115.26 billion yuan, with a net profit of 1.49 billion yuan, indicating a challenging operating environment [1] - Overall revenue growth is under pressure due to declining demand in the steel industry, sluggish growth in the construction sector, and significant adjustments in the real estate industry, alongside the company's own transformation efforts [1] Revenue and Profitability - The company's gross profit margin improved to 10.09%, an increase of 1.04 percentage points year-over-year, with specific segments showing growth: engineering contracting at 9.58% (+1.08 pct) and specialty businesses at 17.62% (+0.99 pct) [1] - Operating cash flow also improved year-over-year, indicating better cash management despite revenue challenges [1] Contractual Performance - In H1 2025, the company signed new contracts worth 548.20 billion yuan, a decrease of 19.1% year-over-year, while new overseas contracts amounted to 57.75 billion yuan, reflecting a significant increase of 32.6% [2] - The core business segments, including metallurgical engineering and non-ferrous mining, continue to gain a larger share of new contracts [2] Future Outlook - The company adjusted its revenue forecasts for 2025-2027, expecting revenues of 476.54 billion yuan, 495.13 billion yuan, and 516.54 billion yuan, representing year-over-year growth of 13% [2]