Core Viewpoint - The real estate sector in China is undergoing significant adjustments, leading to a reshuffling of market leaders, with China State Construction Engineering Corporation (CSCEC) emerging as the new industry leader in 2024 despite a decline in sales [2][3]. Group 1: Company Performance - CSCEC's real estate business achieved sales of 421.9 billion yuan in 2024, a decrease of 6.5% year-on-year, yet it surpassed Poly Developments to become the industry leader [2][7]. - This marks the first time CSCEC has claimed the top position in the real estate sector, supported by its subsidiaries, China Overseas Land & Investment and China Construction Real Estate [3][4]. - The gross profit margin for CSCEC's real estate business was 17.3% in 2024, significantly higher than its other main businesses, contributing 25.4% of the total gross profit despite only accounting for 14% of total revenue [3][11]. Group 2: Market Position and Strategy - The "China Construction System" includes two major real estate brands, China Overseas and China Construction Real Estate, which have been actively acquiring land and increasing sales [4][5]. - In 2023, the "China Construction System" achieved contract sales of 451.4 billion yuan, with a year-on-year growth of 12.4% [5]. - CSCEC's aggressive land acquisition strategy has positioned it as a leader in the industry, with 75 new land purchases totaling 1.385 billion yuan in 2024 [9][10]. Group 3: Industry Context - The real estate market in China is experiencing a deep adjustment period, with shrinking new home market size and declining industry profit margins [9][11]. - Despite the challenges faced by the real estate sector, CSCEC's strong central enterprise background and proactive strategies have allowed it to capitalize on opportunities during this downturn [11][13]. - The importance of the real estate business is underscored by its relatively high profit margins compared to other segments, making it a crucial component of CSCEC's overall performance [11][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [7][18]. Core Views - The company is expected to enhance its market share during the industry downturn, despite 2024's performance being below expectations. Projected net profits for 2025-2027 are 475 billion, 487 billion, and 500 billion respectively [4][5]. Financial Performance - In 2024, the company achieved operating revenue of 2,187.15 billion, a decrease of 3.46% year-on-year, and a net profit attributable to shareholders of 461.9 billion, down 14.88% year-on-year [1][5]. - The cash dividend per 10 shares is set at 2.715 yuan, with a cash dividend ratio of 24.29%, an increase of 3.47 percentage points year-on-year, resulting in a dividend yield of 5.05% as of April 15 [1]. - The gross profit margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [3]. Business Segments - The company’s revenue from construction, infrastructure, and design services in 2024 was 13,218 billion, 5,509 billion, and 108 billion respectively, with year-on-year changes of -4.5%, -1.0%, and -7.9% [2]. - The company signed new contracts worth 40,808 billion in 2024, reflecting a year-on-year increase of 5.4% [1][2]. Cash Flow and Profitability - The net cash flow from operations in 2024 was 15,773.54 million, an increase of 47.43 million year-on-year, with a cash collection ratio of 102.38% [3][5]. - The company recorded a net profit margin of 2.87% in 2024, a decrease of 0.38 percentage points year-on-year [3]. Market Position - The company is focusing on high-demand sectors such as industrial plants, energy, and water conservancy, with significant contract growth in these areas [2]. - The strategic emerging industries accounted for 10.25% of total revenue in 2024, indicating diversification in business operations [2].

来源：中国建筑2024年度报告 中国建筑在年报中提到，上海中海顺昌玖里、北京中建宸园等一批优质楼盘逆势热销。公司全年新购置土地75宗，期末土地储备7718万平方米，新增土地储 备882万平方米，总购地金额1385亿元。 新增土地储备全部位于一线、强二线及省会城市，土地储备结构进一步优化。其中，中海地产新购置土地22宗，新增土地储备416万平方米，购地金额806.1 亿元；中建地产（即中建壹品、中建智地、中建东孚、中建信和、中建玖合等）新购置土地53宗，新增土地储备466万平方米，购地金额579亿元。 | | | | 新增土地储备前八大城市 | | | --- | --- | --- | --- | --- | | 序号 | 所在城市 | 购地金额 (亿元) | 金额占比 (%) | 물 (7 | | ד | 北京 | 593 | 42.8 | | | 2 | 深圳 | 254 | 18.4 | | | 3 | 上演 | 223 | 16.1 | | | ব | 杭州 | 61 | 4.4 | | | 5 | 济南 | 48 | 3.5 | | | ଚ | 西安 | 48 | 3.4 | | | 7 | 天津 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company aims to maintain a stable total dividend amount of 11.2 billion, with a dividend rate of 24.29%, which is a substantial increase of 3.5 percentage points from the previous year [1] - The business structure in the construction sector continues to optimize, with notable performance in energy engineering and water infrastructure [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from the construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] - The infrastructure segment, particularly in energy engineering and water environmental protection, maintained high growth rates of 86% and 76% respectively [1] Cash Flow and Investment - The company reported a net cash inflow from operating activities of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net cash outflow from investing activities to 2.511 billion, down 240 billion year-on-year [3] - The total net cash inflow from operating and investing activities was 13.3 billion, an increase of 28.7 billion year-on-year, attributed to improved cash collection measures and reduced investment expenditures [3] Future Outlook - The company projects net profits attributable to shareholders for 2025, 2026, and 2027 to be 44.837 billion, 45.374 billion, and 45.641 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 yuan per share [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025, indicating potential for investment [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company plans to distribute a total dividend of 11.2 billion, maintaining stability in dividend payout [1] - The construction business structure continues to optimize, with strong performance in energy engineering and water infrastructure sectors [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net outflow from investment activities to 2.511 billion, down 24 billion year-on-year [3] - The total net cash inflow from operating and investment activities was 13.3 billion, an increase of 28.7 billion year-on-year [3] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 44.8 billion, 45.4 billion, and 45.6 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025 [3]

中国建筑股份有限公司董事会审计与风险委员会 2024 年度履职情况报告 2024 年度，中国建筑股份有限公司董事会审计与风险委员会根据《上市公司治理 准则》《上市公司独立董事管理办法》《上海证券交易所股票上市规则》《上海证券交 易所上市公司自律监管指引第 1 号——规范运作》以及《中国建筑股份有限公司章程》 《中国建筑股份有限公司董事会审计与风险委员会议事规则》等相关规定，勤勉尽责， 认真审慎履行在监督及评估内外部审计工作、审议公司财务信息及其披露、监督及评 估公司全面风险管理、合规管理和内部控制有效性等方面的职责。现将董事会审计与 风险委员会 2024 年度履职情况报告如下： 一、审计与风险委员会基本情况 （一）委员会人员组成情况 2024 年，结合国资委相关要求和董事会换届情况，公司对审计与风险委员会的人 员进行了调整。 第三届董事会审计与风险委员会由 4 名独立董事组成，分别是贾谌先生、马王军 先生、孙承铭先生和李平先生；审计与风险委员会主任委员是贾谌先生，为会计专业 人士。 第四届董事会审计与风险委员会由 4 名独立董事组成，分别是马王军先生、孙承 铭先生、刘汝臣先生和梁维特先生；审计与风险委员会主任 ...

股票代码：601668.SH 可持续发展报告 2024 Sustainability Report 建证 环 境 社 会 治 理 拓展幸福空间 Expanding a Happy Living Environment 地址：中国·北京·朝阳区安定路5号院3号楼 中建财富国际中心 电话：(8610) 86498888 邮编：100029 网址：www.cscec.com 2024 年度环境社会治理可持续发展报告中国建筑 年度环境社会治理 可持续发展报告 2024 年度环境社会治理 可持续发展报告 2024 ESG CONTENTS 目 录 | 03 报告说明 04 董事会声明 | | 08 战略 ESG 管理 08 ESG 目标 | 专 | 16 专题 1： | | --- | --- | --- | --- | --- | | | | | | 科技赋能美好生活 | | | | 09 ESG 治理体系 | | 创新引领中国建造 | | 05 关于中国建筑 | | 10 ESG 管理举措（节选） | 题 | 24 专题 2： | | 05 2024ESG 领域年度荣誉 | | 11 利益相关方管理 | | 应对气 ...

证券代码：601668 股票简称：中国建筑 编号：临 2025-027 关于估值提升计划的公告 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。 重要内容提示： 一、估值提升计划的触发情形及审议程序 （一）触发情形 根据中国证监会发布的《上市公司监管指引第 10 号—市值管理》，股票连续 12 个月每个交易日收盘价均低于最近一个会计年度经审计的每股归属于公司普 通股股东的净资产的上市公司，应当制定上市公司估值提升计划，并经董事会审 议后对外披露。自 2024 年 1 月 1 日至 12 月 31 日，公司股票连续 12 个月每个交 1 估值提升计划的触发情形及审议程序：根据《上市公司监管指引第 10 号—市值管理》相关规定，中国建筑股份有限公司（简称中国建筑或公 司）股票连续 12 个月每个交易日收盘价均低于最近一个会计年度经审 计的每股归属于公司普通股股东的净资产，应当制定上市公司估值提升 计划。本估值提升计划已经公司第四届董事会第十五次会议审议通过。 估值提升计划概述：本估值提升计划结合公司的实际情况及未来发展规 划，围绕战 ...

中国建筑股份有限公司董事会审计与风险委员会对会计师 事务所 2024 年度履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《国有企业、上市公司选聘会计师事务所管理办法》和《公司章程》等规定，中国建 筑股份有限公司（以下简称中国建筑或公司）董事会审计与风险委员会（以下简称审 计与风险委员会）本着勤勉尽责的原则，恪尽职守，认真履职。现将审计与风险委员 会对会计师事务所 2024 年度履行监督职责的情况汇报如下： 一、2024年年审会计师事务所基本情况 （一）会计师事务所基本情况 安永华明会计师事务所（特殊普通合伙）（以下简称安永华明），于 1992 年 9 月 成立，2012 年 8 月完成本土化转制，从一家中外合作的有限责任制事务所转制为特殊 普通合伙制事务所。安永华明总部设在北京，注册地址为北京市东城区东长安街 1 号 东方广场安永大楼 17 层 01-12 室。截至 2024 年末拥有合伙人 251 人,首席合伙人为 毛鞍宁先生。安永华明一直以来注重人才培养，截至 2024 年末拥有执业注册会计师 近 1,700 人，其中拥有证券相关业务服务经验的执业注册会计 ...

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