Core Points - The company will hold a performance briefing for the third quarter of 2025 on November 4, 2025, from 15:00 to 16:00 [2][4] - The briefing will be conducted in an interactive online format, allowing investors to engage and ask questions [3][6] - Key company executives, including the president, independent directors, CFO, and relevant department heads, will participate in the meeting [4] Summary by Sections Meeting Details - The performance briefing is scheduled for November 4, 2025, from 15:00 to 16:00 [2][4] - It will take place at the Shanghai Stock Exchange Roadshow Center [4] Participation Information - Investors can submit questions before the meeting via the Shanghai Stock Exchange Roadshow Center or the company's investor email [6] - The company will address commonly asked questions during the briefing [3][6] Contact Information - For inquiries, investors can contact the company via phone at 010-86498888 or email at ir@cscec.com [7]

Core Viewpoint - China State Construction Engineering Corporation (601668) reported that as of the first half of 2025, it will operate 339 Public-Private Partnership (PPP) projects with good performance evaluation results [1] Group 1 - The company has completed performance evaluations for all annual projects, meeting the standards [1] - The reported amount of cash inflow from PPP projects refers to the total cash inflow [1]

Market Overview - The housing construction sector declined by 1.18% on October 28, with Longyuan Construction 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 stock performances included: - Shangxin Development: Closed at 51.78, up 1.37% with a trading volume of 118,500 shares and a turnover of 611 million yuan - Ningbo Construction: Closed at 5.46, up 0.37% with a trading volume of 415,600 shares and a turnover of 226 million yuan - Longyuan Construction: Closed at 3.49, down 1.69% with a trading volume of 263,900 shares and a turnover of 92.97 million yuan [1] Capital Flow - The housing construction sector experienced a net outflow of 117 million yuan from institutional investors, while retail investors saw a net inflow of 74.19 million yuan [1] - Detailed capital flow for selected stocks showed: - Shangxin Development: Institutional net inflow of 61.87 million yuan, retail net outflow of 44.73 million yuan - Longyuan Construction: Institutional net outflow of 14.64 million yuan, retail net inflow of 11.27 million yuan [2]

Core Viewpoint - The recent "14th Five-Year Plan" emphasizes the construction of a modern industrial system, expansion of domestic demand, promotion of regional coordinated development, and high-quality co-construction of the "Belt and Road," which presents structural opportunities for the infrastructure-related industries [1] Group 1: Financial Performance - China State Construction International reported a revenue of 77.7 billion yuan for the first three quarters of 2025, with technology-driven revenue reaching 27.14 billion yuan, a year-on-year increase of 53.2% [1] - The company demonstrated resilience in profitability despite a tightening funding environment and general industry performance decline [1][3] Group 2: Profit Drivers - The improvement in operational quality is attributed to regional deepening, business transformation, and cost control [3] - The company has achieved a significant increase in new contracts in Hong Kong and Macau, with the new contract amount rising from 40.4 billion HKD to 100.1 billion HKD from 2020 to 2024, indicating strong growth momentum [3] - Technology-driven business has become a pillar of growth, with the proportion of new contracts and revenue from technology-driven projects increasing significantly from 19.6% to 48.5% and from 18.9% to 34.9%, respectively, from 2021 to the first three quarters of 2025 [4] Group 3: Strategic Initiatives - The company is focusing on optimizing project structures and improving payment management, with a shift towards government procurement contracts that have shorter payment cycles [5] - The company has successfully implemented MiC technology in various projects, addressing labor shortages and lengthy construction periods in Hong Kong, which aligns with the accelerated development goals of the Northern Metropolis [8][9] Group 4: Future Outlook - The company is well-positioned to benefit from policy incentives and demand expansion in both Hong Kong and mainland markets, particularly with the emphasis on MiC technology in national development strategies [10] - The introduction of the "dual envelope system" for land bidding is expected to enhance the company's profitability by allowing it to leverage its competitive advantages [7] Group 5: Competitive Position - China State Construction International's cost advantages and higher profit margins compared to traditional construction firms reflect its strong technical capabilities and project management skills [14] - The company's stable dividend policy underscores its ability to enhance development quality and value creation, making it an attractive investment target for value investors [14]

Core Viewpoint - China State Construction International (03311.HK) has experienced a decline of over 5%, currently down 5.73% at HKD 9.54, with a trading volume of HKD 40.1983 million [2] Company Summary - The stock price of China State Construction International is currently reported at HKD 9.54, reflecting a significant drop of 5.73% [2] - The trading volume for the company stands at HKD 40.1983 million, indicating active market participation despite the decline [2]

Core Viewpoint - China State Construction International (03311) has seen a decline of over 5% in its stock price, currently trading at HKD 9.54, with a transaction volume of HKD 40.1983 million [1] Financial Performance - For the nine months ending September 30, 2025, the group's revenue and share of joint venture revenue were approximately RMB 77.703 billion and RMB 2.684 billion, representing a year-on-year decrease of 4.69% and an increase of 17.46% respectively [1] - The unaudited operating net profit and share of joint venture profit amounted to approximately RMB 11.923 billion, reflecting a year-on-year increase of 0.18% [1] Contractual Activity - As of September 30, 2025, the group signed new contracts totaling approximately RMB 128.01 billion, with an uncompleted contract amount of approximately RMB 393.61 billion [1]

Core Viewpoint - China State Construction International (03322.HK) reported its unaudited financial results for the first three quarters of 2025, showing a mixed performance in revenue and profit metrics [1] Financial Performance - The group's revenue was approximately RMB 77.703 billion, representing a year-on-year decrease of 4.69% [1] - The revenue attributable to joint ventures was approximately RMB 2.684 billion, reflecting a year-on-year increase of 17.46% [1] - The unaudited operating net profit and profit attributable to joint ventures totaled approximately RMB 11.923 billion, showing a slight year-on-year increase of 0.18% [1]

Core Viewpoint - China State Construction International (03311.HK) reported its financial results for the nine months ending September 30, 2025, showing a slight decline in revenue compared to the previous year while maintaining stable operating profit levels [1] Financial Performance - The group's unaudited revenue for the nine months was approximately RMB 77.703 billion, down from RMB 81.523 billion for the same period in 2024 [1] - The share of profit from joint ventures was approximately RMB 2.684 billion, an increase from RMB 2.285 billion in the previous year [1] - The unaudited operating profit for the group was approximately RMB 11.923 billion, slightly up from RMB 11.902 billion year-on-year [1] Contractual Performance - The total new contracts signed by the group amounted to approximately RMB 128.01 billion for the nine months [1] - As of September 30, 2025, the group's uncompleted contract value stood at approximately RMB 393.61 billion [1]

Core Insights - The housing construction sector experienced a slight increase of 0.31% on October 27, with high-tech development 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] Sector Performance - High-tech development (code: 000628) closed at 51.08, with a gain of 0.95% and a trading volume of 90,400 shares, amounting to a transaction value of 461 million [1] - China State Construction (code: 601668) closed at 5.74, up 0.53%, with a trading volume of 2,488,200 shares and a transaction value of 1.428 billion [1] - Chongqing Construction (code: 66009) remained unchanged at 3.41, with a trading volume of 109,400 shares and a transaction value of 37.068 million [1] - Zhejiang Construction Investment (code: 002761) closed at 9.40, down 0.11%, with a trading volume of 102,300 shares and a transaction value of 96.080 million [1] - Shaanxi Construction (code: 600248) closed at 3.95, down 0.25%, with a trading volume of 182,600 shares and a transaction value of 72.172 million [1] - Ningbo Construction (code: 601789) closed at 5.44, down 0.37%, with a trading volume of 289,200 shares and a transaction value of 158 million [1] - Shanghai Construction (code: 600170) closed at 2.89, down 0.69%, with a trading volume of 2,580,700 shares and a transaction value of 749 million [1] - Longyuan Construction (code: 600491) closed at 3.55, down 1.93%, with a trading volume of 349,800 shares and a transaction value of 125 million [1] Capital Flow - The housing construction sector saw a net outflow of 13.12 million from main funds, while speculative funds had a net inflow of 31.79 million, and retail investors experienced a net outflow of 18.67 million [1] - China State Construction had a main fund net inflow of 36.89 million, but a net outflow of 30.47 million from retail investors [2] - Shaanxi Construction had a main fund net inflow of 3.60 million, with a net outflow of 1.82 million from retail investors [2] - Longyuan Construction experienced a significant main fund net outflow of 9.13 million, while speculative funds had a net inflow of 4.70 million [2] - High-tech development saw a main fund net outflow of 11.52 million, with a small net inflow of 0.77 million from retail investors [2] - Shanghai Construction had a main fund net outflow of 24.60 million, with a net inflow of 4.64 million from retail investors [2]

证券代码：601668 股票简称：中国建筑 公告编号：临 2025-062 关于召开 2025 年第三季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。 重要内容提示： 投资者可于 2025 年 11 月 4 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 2025 年 10 月 31 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 2025 年第三季度报告。为便于广大投资者更全面深入 地了解公司 2025 年第三季度经营情况、财务状况和发展成果，公司计划于 2025 年 11 月 4 日举行 2025 年第三季度业绩说明会，就投资者关心的问题进 ...