Investment Rating - Buy (Maintained) [1] Core Views - The company's performance in emerging sectors is strong, with rapid growth in overseas orders [1] - The company achieved revenue of 11446 billion yuan in the first half of 2024, a year-on-year increase of 2.8%, and net profit attributable to the parent company of 294.5 billion yuan, a year-on-year increase of 1.6% [3] - The company's new construction and infrastructure emerging sectors performed well, with new contract amounts for construction/infrastructure/real estate development/survey and design businesses reaching 15320/7491/1915/72 billion yuan, respectively, with year-on-year growth rates of +5.7%/+34.9%/-20.6%/-9.2% [3] - Overseas business new contract amount increased significantly by 107.4% year-on-year to 1291 billion yuan [3] Financial Performance - The company's operating income is expected to grow from 2055052 million yuan in 2022 to 2773195 million yuan in 2026, with a compound annual growth rate of 6.65% [2] - Net profit attributable to the parent company is expected to grow from 50950 million yuan in 2022 to 65531 million yuan in 2026, with a compound annual growth rate of 6.50% [2] - EPS is expected to increase from 1.22 yuan per share in 2022 to 1.57 yuan per share in 2026 [2] - The company's P/E ratio is expected to decrease from 4.28 in 2022 to 3.33 in 2026 [2] Business Segments - The company's construction business focuses on high-end "new construction" fields, with new contract amounts in industrial plants/education, science, culture, and health fields reaching 2891/2695 billion yuan, a year-on-year increase of +26.1%/+3.3% [3] - The company's infrastructure business has made new breakthroughs in photovoltaic, wind power, nuclear power, and environmental protection fields, with new contract amounts in energy engineering/water and environmental protection/water conservancy and water transport fields reaching 2609/794/277 billion yuan, a year-on-year increase of +230.4%/+49.2%/+42.5% [3] Cost and Expense Management - The company's sales/management/R&D/financial expense ratios in the first half of 2024 were 0.3%/1.5%/1.5%/0.9%, with the R&D expense ratio decreasing by 0.2 percentage points year-on-year [4] - The company's net cash flow from operating activities was -1088 billion yuan in the first half of 2024, an increase of 982 billion yuan in outflow year-on-year, mainly due to a significant increase in the scale of operating receivables such as accounts receivable and inventory [4] Strategic Initiatives - The company has pioneered an integrated platform for prefabricated building construction operations and released the UBF2.0 technology for unmanned beam fields and the "Road Intelligence" intelligent construction system for road accessories, accelerating the layout of intelligent construction [4] - The company's professional sectors and subsidiaries are more rationally laid out, further enabling efficient and high-quality construction [4] Valuation and Market Data - The company's closing price on August 29, 2024, was 5.39 yuan, with a P/E ratio of 3.8 times for 2024, 3.6 times for 2025, and 3.3 times for 2026 [4] - The company's market capitalization is 224279.64 million yuan, with a P/B ratio of 0.51 times [5]

北京市金杜律师事务所（以下简称本所）接受中国建筑股份有限公司（以下 简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、《中华 人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上市公司 股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中华人民共和国 境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、 中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规章和规范 性文件和现行有效的《中国建筑股份有限公司章程》（以下简称《公司章程》）有 关规定，指派律师对公司于 2024 年 8 月 30 日召开的 2024 年第一次临时股东大 会（以下简称本次股东大会）进行见证，并就本次股东大会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 北京市金杜律师事务所 关于中国建筑股份有限公司 2024 年第一次临时股东大会的法律意见书 致：中国建筑股份有限公司 1. 公司 2023 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2024 年 8 月 16 日刊登于《中国证券报》《证券时报 ...

Financial Performance - New contract value reached 2,479.7 billion CNY, representing a year-on-year growth of 10.0%[5] - Revenue amounted to 1,144.6 billion CNY, with a year-on-year increase of 2.8%[5] - Net profit attributable to shareholders was 29.45 billion CNY, reflecting a year-on-year growth of 1.6%[5] - The basic earnings per share were 0.71 CNY, up by 1.4% year-on-year[5] - The company's operating revenue for the first half of the year reached CNY 1,144,619,035, representing a 2.8% increase compared to CNY 1,113,313,056 in the same period last year[15] - The net profit attributable to shareholders of the listed company was CNY 29,449,876, reflecting a 1.6% increase from CNY 28,972,340 in the previous year[15] - The total assets of the company increased by 10.1% to CNY 3,198,004,370 from CNY 2,903,322,519 at the end of the previous year[15] - The net cash flow from operating activities showed a significant decline, amounting to -CNY 108,769,214 compared to -CNY 10,560,053 in the same period last year[15] - The weighted average return on equity decreased by 0.51 percentage points to 6.79% from 7.30% in the previous year[15] - The gross margin for the overall business was 9.4%, which decreased by 0.2 percentage points compared to the previous year[52] Infrastructure and Construction - Infrastructure construction and investment business saw new contract value of 749.1 billion CNY, a year-on-year increase of 34.9%[6] - Revenue from infrastructure construction was 269.5 billion CNY, with a year-on-year growth of 11.7%[6] - The infrastructure business has rapidly developed in various sectors, including urban rail transit, highways, and power stations, completing numerous landmark projects[22] - The new contract amount for the infrastructure construction and investment business was 749.1 billion RMB, a significant year-on-year increase of 34.9%[57] - The operating revenue for the infrastructure business was 269.5 billion RMB, with a year-on-year growth of 11.7%[57] - The gross profit for the infrastructure business was 27.5 billion RMB, representing a year-on-year increase of 8.9%[57] International Business - Overseas business new contract value reached 129.1 billion CNY, marking a significant year-on-year increase of 107.4%[7] - The company is actively exploring international engineering contracting and has successfully ventured into overseas real estate development, enhancing its brand influence[25] - The company aims to enhance its global presence by implementing a high-quality overseas development strategy, focusing on local market needs and infrastructure construction[30] - The overseas operating revenue was 56.5 billion RMB, reflecting a year-on-year increase of 3.7%[52] Real Estate Development - The company operates two major real estate brands, China Overseas Property and China State Construction Property, focusing on residential development and urban renewal in first- and second-tier cities[23] - The average selling price in the real estate sector increased by 18.9%, reaching RMB 29,259 per square meter, compared to RMB 24,602 per square meter in the previous year[45] - The company reported a 20.6% decline in contract sales in the real estate sector, with total sales of RMB 1,915 million compared to RMB 2,412 million in the same period last year[45] - The company is focusing on a new development model in real estate, emphasizing the construction of affordable housing and urban village renovations as part of its strategy[27] Technological Innovation - The company is leveraging BIM technology and promoting smart construction methods to enhance its competitive edge in the surveying and design industry[28] - The company is actively pursuing technological innovation, having launched several software and platforms, including AECMate and EasyBIM, to enhance smart construction capabilities[42] Risk Management - The company faces risks related to safety, environmental protection, and quality management, with ongoing efforts to enhance safety production and environmental compliance[109] - The company is addressing customer credit risks due to economic downturns and local government debt, implementing a credit management system to mitigate these risks[110] - The company will focus on risk management plans targeting market risks, credit risks, and liquidity risks to minimize potential adverse impacts on financial performance[113] Corporate Governance and Management - The company has completed 96 reform measures at the headquarters level and 1,772 measures at the subsidiary level, receiving an A grade for reform efforts in 2023[41] - The company has established a comprehensive performance assessment system for key positions in subsidiary management, enhancing the precision of performance evaluations[41] - The company has appointed new executives, including Wen Bing as President and Huang Jie as Vice President and CFO, following the resignation of Zhang Zhaoxiang and Wang Yunlin due to age reasons[115][116] Environmental and Social Responsibility - The company has actively promoted green low-carbon investments, participating in projects such as the renovation of old residential areas and renewable energy initiatives, with a continuous increase in the proportion of green low-carbon investments[122] - Eight projects achieved near-zero energy consumption certification, and two projects received zero-carbon building certification during the first half of the year[123] - The company is focusing on the "dual carbon" strategy, with 15 key green low-carbon topics identified for 2024, promoting technological product innovation and upgrades[123] Financial Strategy - The company has issued new bonds with a face value of approximately 44.1 billion RMB to optimize its financing structure[95] - The company has a total of 14 bonds with varying maturity dates, the earliest being due on December 3, 2024, and the latest on November 15, 2042[178] - The company has a total of 11 different bond issues listed, reflecting a diversified debt portfolio[187] - The company is exploring new strategies for market expansion and product development, although specific details were not disclosed in the current report[190]

中国建筑股份有限公司关于对中建财务 有限公司风险持续评估的报告 根据监管要求，中国建筑股份有限公司（以下简称"股 份公司"）应对所控股的中建财务有限公司（以下简称"中 建财务"）进行风险持续评估。通过查验中建财务《金融许 可证》《营业执照》等证件资料，审阅定期财务报告及运营 过程性资料，股份公司对中建财务截至2024年6月30日的风 险状况进行了评估，现将风险评估情况报告如下。 一、中建财务基本信息、经营范围与组织架构 （一）基本信息 中建财务有限公司经原中国银行业监督管理委员会批 准成立，注册资本150亿元，股东为中国建筑集团有限公司 （持股20%）、中国建筑股份有限公司（持股80%）。 注册地址：北京市朝阳区安定路5号院3号楼20层 法定代表人：鄢良军 金融许可证机构编码：L0117H211000001 统一社会信用代码：91110000100018144H （二）经营范围 根据《企业集团财务公司管理办法》（2006年修订）以 及中国银保监会相关批复，中建财务的经营范围包括下述业 务的本外币业务：1.对成员单位办理财务和融资顾问、信用 鉴证及相关的咨询、代理业务；2.协助成员单位实现交易款 1 / 9 项 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-053 第三届董事会第六十二次会议决议公告 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。 中国建筑股份有限公司（以下简称公司）第三届董事会第六十二次会议（以 下简称会议）于 2024 年 8 月 29 日在北京中建财富国际中心 3908 会议室召开。 董事长郑学选先生主持会议，董事兼总裁文兵先生、独立董事马王军先生、孙承 铭先生、李平先生出席会议。董事单广袖女士因工作安排无法出席会议，授权委 托文兵先生代为行使表决权。独立董事贾谌先生因工作安排无法出席会议，授权 委托马王军先生代为行使表决权。公司部分监事、董事会秘书等高管列席会议。 二、审议通过《关于中国建筑股份有限公司 2024 年总裁半年度工作报告的 议案》 全体董事审议并一致通过《关于中国建筑股份有限公司 2024 年总裁半年度 工作报告的议案》。 表决结果：7 票同意、0 票反对、0 票弃权。 三、审议通过《关于中国建筑股份有限公司 2024 年上半年内部审计工作报 告的议案》 1 本次会议通知于 20 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-055 关于 2024 年半年度计提资产减值准备的公告 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。 中国建筑股份有限公司（以下简称公司）于 2024 年 8 月 29 日召开的第三 届董事会第六十二次会议和第三届监事会第三十二次会议审议通过了《关于中 国建筑股份有限公司 2024 年半年度计提资产减值准备的议案》。现将具体情况 公告如下： 一、 本次计提资产减值准备的概况 为客观、真实、公允地反映公司的资产价值、财务状况和经营成果，根据《企 业会计准则》及公司会计政策等相关规定，基于谨慎性原则，公司对截至 2024 年 6 月 30 日合并财务报表范围内的各类资产进行了全面清查和减值测试，根据 测试结果对存在减值迹象的资产相应计提了减值准备，并经年审会计师事务所复 核确认。2024 年 1-6 月，公司计提减值准备合计 90.8 亿元，具体计提减值准备 情况如下： 1. 应收账款等金融资产减值准备计提情况 公司对应收账款、其他应收款、长期应收款、债权投资等金融 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-054 第三届监事会第三十二次会议决议公告 一、审议通过《关于中国建筑股份有限公司 2024 年董事会半年度工作报告的议 案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2024 年董事会半年度工 作报告的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 二、审议通过《关于中国建筑股份有限公司 2024 年总裁半年度工作报告的议案》 全体监事审议并一致通过《关于中国建筑股份有限公司 2024 年总裁半年度工作 报告的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 三、审议通过《关于中国建筑股份有限公司 2024 年中期财务分析报告的议案》 本公司监事会及全体监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。 中国建筑股份有限公司（以下简称公司）第三届监事会第三十二次会议（以下简 称会议）于 2024 年 8 月 29 日在北京中建财富国际中心 3815 会议室召开，公司 5 名 监事均以现场或视频方式出席了本次会议。本次会议的召开符合《中华人民共和国公 司法》 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-052 重大项目公告 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。 近期，本公司获得如下重大项目，现予公布供投资者参阅。 | 序号 | 项目获得单位 | 项目名称 | 项目金额 | | --- | --- | --- | --- | | | | | （亿元） | | 一 | 房屋建筑 | | | | 1 | 中建四局、中建市 | 福建泉州南安市仑苍镇阀门城片区综合开发项 | 28.2 | | | 政西北院 | 目(一期)项目（EPC） | | | 2 | 中建二局 | 广东广州文冲街文冲（渡头、文元、江北片）旧 村全面改造项目 地块勘察设计施工总承包 R-R-3 | 26.2 | | | | 工程 | | | 3 | 中建八局 | 浙江台州天台石梁山居总承包项目 | 25.0 | | 二 | 基础设施 | | | | 1 | 中建八局 | 安徽芜湖长江天门山段凤鸣湖流域生态环境治 | 64.8 | | | | 理与产业绿色转型发展项目 | | | 2 | 中建三 ...

证券代码：601668 股票简称：中国建筑 编号：临 2024-051 关于召开 2024 年半年度业绩说明会的公告 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。 二、说明会召开的时间、方式、地点 会议召开时间：2024 年 9 月 2 日 16:00-17:00 会议召开方式：网络直播+网络互动 重要内容提示： 投资者可于 2024 年 9 月 2 日 12:00 前登录上海证券交易所上证路演中心 "提问预征集"栏目（网址： http://roadshow.sseinfo.com/questionCollection.do） 或通过公司投资者邮箱 ir@cscec.com 向公司提问，公司将在业绩说明会上对投 资者普遍关注的问题进行回答。 中国建筑股份有限公司（以下简称"公司"）将于 2024 年 8 月 30 日在上海 证券交易所网站（www.sse.com.cn）、《中国证券报》《上海证券报》《证券时报》 和《证券日报》披露公司 2024 年半年度报告。为便于广大投资者更全面深入地 了解公司 2024 年半年度经营情况 ...

2024 年 1-7 月经营情况简报 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。 现将本公司 2024 年 1-7 月主要经营情况公布如下，供各位投资者参阅。 证券代码：601668 股票简称：中国建筑 编号：临 2024-050 | 项 目 | 数 | 额 | 比上年同期增长 | | --- | --- | --- | --- | | 新签合同总额（亿元 RMB） | 26,432 | | 8.0% | | 一、建筑业务情况 | | | | | 1. 新签合同额（亿元 RMB） | 24,348 | | 11.8% | | 2. 业务分部（亿元 RMB） | | | | | 房屋建筑 | 16,319 | | 3.8% | | 基础设施 | 7,946 | | 33.1% | | 勘察设计 | 83 | | -6.5% | | 3. 地区分部（亿元 RMB） | | | | | 境内 | 23,001 | | 8.7% | | 境外 | 1,347 | | 117.1% | | 4.实物量指标（万 m 2） | | | ...