Core Viewpoint - China Metallurgical Group Corporation (China MCC) has shown a significant year-on-year growth in its Q2 performance, with a non-recurring profit increase of 31%, leading to a "Buy" rating from Tianfeng Securities [1] Financial Performance - In H1 2025, China MCC reported a revenue of 237.53 billion, a decrease of 20.52% year-on-year, with net profit attributable to shareholders at 3.10 billion, down 25.31% [1] - Q2 alone saw a revenue of 115.26 billion, a decline of 22.59%, but a slight increase in net profit attributable to shareholders by 1.43% [1] - The company adjusted its net profit forecasts for 2025-2027 to 6.15 billion, 6.66 billion, and 7.27 billion respectively [1] Business Segments - In H1 2025, revenue from engineering contracting, specialty businesses, and comprehensive real estate was 216.91 billion, 18.31 billion, and 4.80 billion respectively, with declines of 21.79%, 5.23%, and 4.63% [2] - The mining resources segment showed potential with profits from various projects, including 230 million from the Papua New Guinea nickel-cobalt project and 150 million from the Pakistan copper-gold project [2] - The company is advancing the feasibility studies and road construction for the Afghanistan Aynak copper mine, with 8.9 kilometers of the access road completed [2] Contracting and Orders - In H1 2025, new contracts signed totaled 548.2 billion, a decrease of 19.1%, but the core business segments of metallurgy and non-ferrous mining saw an increase in their share of new contracts [3] - The company achieved a significant milestone with the signing of the first overseas low-carbon ironmaking project in Brazil [3] - New contracts in overseas markets reached 57.69 billion, reflecting a year-on-year increase of 32.5% [3] Profitability and Cash Flow - The overall gross margin for H1 2025 was 10.09%, an increase of 1.04 percentage points year-on-year, with a net profit margin of 1.71% [4] - Operating cash flow showed improvement with a net outflow of 21.99 billion, a reduction of 6.42 billion compared to the previous year, attributed to enhanced collection efforts and cost-cutting measures [4] Earnings Forecast - Recent earnings forecasts from various institutions indicate a range of net profit predictions for 2025, with estimates varying from 6.09 billion to 8.16 billion [6]

Investment Rating - The report maintains a "Buy" rating for the company [6][18]. Core Views - The company experienced a 31% year-on-year growth in non-recurring profit for Q2, despite a 20.52% decline in revenue for the first half of 2025 compared to the previous year [1]. - The revenue decline is attributed to weak growth in the construction industry and significant adjustments in the real estate sector [1]. - The company is focusing on the revaluation of mineral resources, with significant potential in its mining projects [2]. Financial Performance - In H1 2025, the company achieved a revenue of 237.53 billion, a decrease of 20.52% year-on-year, with a net profit attributable to the parent company of 3.10 billion, down 25.31% [1]. - The company’s gross profit margin improved to 10.09%, an increase of 1.04 percentage points year-on-year [4]. - The operating cash flow showed a net outflow of 21.99 billion, which is a reduction of 6.42 billion compared to the previous year, indicating improved cash collection efforts [4]. Business Segments - The engineering contracting segment generated 216.91 billion in revenue, down 21.79% year-on-year, while the mining resources segment showed potential with profits from various projects [2]. - The company signed new contracts worth 548.2 billion in H1 2025, a decrease of 19.1% year-on-year, but with a notable increase in overseas contracts by 32.5% [3]. Future Outlook - The company has revised its net profit forecasts for 2025-2027 to 6.15 billion, 6.66 billion, and 7.27 billion respectively, reflecting a cautious outlook [1]. - The ongoing projects in Papua New Guinea and Pakistan are expected to contribute positively to the company's future profitability as copper prices are anticipated to receive support from the Federal Reserve's interest rate cuts [2].

Investment Rating - The report maintains a "Positive" outlook on the construction sector, highlighting potential investment opportunities in specific companies and sub-sectors [2]. Core Insights - The construction industry is currently facing pressure on revenue and profits, but cash flow is showing signs of improvement. The overall industry performance is weak, with regional investments expected to gain traction as national strategic layouts deepen [3][4]. - The report emphasizes the need for real estate companies to adapt to changing market conditions and shift away from high-debt, high-leverage business models. It advocates for a transformation towards sustainable growth and innovation [13][15]. Industry Performance - The SW Construction and Decoration Index decreased by 0.87%, underperforming compared to the Shanghai Composite Index, which increased by 0.84%. The best-performing sub-sectors were infrastructure private enterprises (+0.85%) and professional engineering (+0.40%) [4][7]. - Year-to-date, the top-performing sub-sectors include ecological landscaping (+34.18%), infrastructure private enterprises (+27.36%), and professional engineering (+24.69%) [7][11]. Key Company Updates - Zhite New Materials reported a 14.02% increase in revenue and a staggering 906.32% increase in net profit for the first half of 2025 [16]. - Jinggong Steel Structure achieved a 29.48% increase in revenue and a 33.36% increase in net profit during the same period [17]. - Major state-owned enterprises such as China Railway and China Railway Construction experienced revenue declines of 5.9% and 5.2%, respectively, in the first half of 2025 compared to the previous year [22]. Investment Recommendations - The report suggests focusing on undervalued state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also considering private companies like Zhite New Materials and Honglu Steel Structure for potential investment [3][4].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a net profit of 3.1 billion yuan for the first half of 2025, representing a year-on-year decline of 25.31% [1] Financial Performance - The net profit for the first half of 2025 is 3.1 billion yuan [1] - The year-on-year decline in net profit is 25.31% [1]

Company Announcements - SMIC plans to issue A-shares to acquire minority stakes in its subsidiary, SMIC North, leading to a temporary suspension of its stock trading for up to 10 trading days [1] - Huasheng Tiancheng's director and supervisor plan to reduce their holdings by up to 0.9984% of the total shares [2] - BYD reported a net profit of 15.51 billion yuan for the first half of the year, a year-on-year increase of 13.79% [2] - Changfei Fiber's net profit for the first half of the year was 296 million yuan, down 21.71% year-on-year [2] - Jia Yuan Technology plans to invest 500 million yuan to acquire part of the equity in Endatong, focusing on the optical module industry [1][17] - Guizhou Moutai completed the repurchase of 3.9276 million shares [1][19] Financial Performance - CEC reported a net profit of 24.641 billion yuan for the first half of the year, a decrease of 12% year-on-year [5] - Longjiang Power achieved a net profit of 13.056 billion yuan, up 14.86% year-on-year [8] - China Rare Earth reported a net profit of 162 million yuan, turning from a loss of 244 million yuan in the previous year [9] - Huayi Brothers' net profit increased by 48.34% to 2.028 billion yuan [6] - Wealth Trend's net profit grew by 6.61% year-on-year [24] Mergers and Acquisitions - Tailin Micro plans to acquire 100% of Panqi Micro's equity through a combination of cash and stock issuance [4] - Aishen Medical announced the acquisition of partial equity in three medical institutions for a total of 105 million yuan [18] Stock Movements - Guizhou Moutai's controlling shareholder plans to increase its stake by 3 to 3.3 billion yuan [15] - Ganfeng Lithium plans to invest 4 billion yuan to build a new lithium-ion battery manufacturing base [16] Market Developments - China National Offshore Oil Corporation won a bid for a project in Qatar worth approximately 4 billion USD [14] - Aishen Medical's acquisition of equity in medical institutions aims to enhance its service coverage and operational efficiency [18]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in the current market environment [1][2]. Financial Performance - Revenue for the first half of 2025 was CNY 237.53 billion, a decrease of 20.52% year-on-year [1]. - Total profit amounted to CNY 5.28 billion, down 7.08% compared to the previous year [1]. - Net profit attributable to shareholders was CNY 3.10 billion, reflecting a 25.31% decline year-on-year [1]. - Basic earnings per share were CNY 0.09 [1]. Contract and Asset Overview - New contract value reached CNY 548.20 billion, a decrease of 19.12% from CNY 677.80 billion in the first half of 2024 [1]. - Total assets as of June 30, 2025, were CNY 857.41 billion, an increase of 6.11% from CNY 808.02 billion at the end of 2024 [1]. - Shareholder equity was CNY 180.60 billion, down 0.95% from CNY 182.34 billion at the end of 2024 [1]. Business Development and Market Strategy - The company has strengthened its core business by focusing on metallurgical engineering and mining, achieving a new contract value of CNY 120.20 billion, which accounted for 21% of total contracts [2]. - Significant progress was made in low-carbon iron-making technology with the signing of the Tecnored project in Brazil [2]. - The company reported a 32.6% year-on-year increase in new contracts from overseas markets, totaling CNY 57.75 billion [2]. - Domestic market efforts included a strong presence in key regions, with notable achievements in the Xiong'an New Area [2].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a significant decline in both revenue and net profit for the first half of 2024 compared to the same period in 2023 [1] Financial Performance - The company's operating revenue for the first half of 2024 was 237.53 billion yuan, a decrease of 61.31 billion yuan from 298.84 billion yuan in the first half of 2023, representing a decline of 20.52% [1] - The net profit attributable to shareholders of the listed company was 3.10 billion yuan, down by 1.05 billion yuan from 4.15 billion yuan in the first half of 2023, reflecting a decrease of 25.31% [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。 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 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 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。 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。 聯席公司秘書 北 京，中 國 二零二五年 八 月 二 十 九 日 * 僅供識別 A 股简称：中国中冶 A 股代码：601618 公告编号：2025 ...

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 八月二十 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。 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。 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 八 月 二 十 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 按照《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联 ...

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 以下為中國冶金科工股份有限公司（「本公司」）於二零二 五 年 八月二十 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 八 月 二 十 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 A 股简称：中国中冶 A 股代码：601618 公告编号：临 2025-045 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10 ...