Core Points - The company reported a total new contract value of 3.29 trillion yuan for the first three quarters of 2025, representing a year-on-year increase of 1.4% [8] - The company's operating revenue for the same period was 1.56 trillion yuan, showing a decline of 4.2% year-on-year [8] - The net profit attributable to shareholders was 38.18 billion yuan, down 3.8% compared to the previous year [8] Financial Data - The company’s earnings per share calculation excludes unvested and expired restricted stocks from the weighted average number of ordinary shares [4] - The company experienced a reclassification of comparative data in the consolidated profit and cash flow statements due to a merger under common control [5] Business Performance - The construction business signed new contracts worth 3.0383 trillion yuan, an increase of 1.7% year-on-year, with significant growth in industrial plants and educational facilities [8] - The real estate segment saw a contract sales amount of 255.3 billion yuan, a decrease of 2.0% year-on-year, while the sales area increased by 0.7% [10] - The overseas business signed new contracts totaling 168.4 billion yuan, up 2.0% year-on-year, with revenue from overseas operations reaching 91.9 billion yuan, an increase of 8.8% [10] Strategic Initiatives - The company is focusing on urban renewal projects and has published guidelines to enhance collaboration in consulting, investment, construction, and operation [11] - The company is implementing a "116" project management system to improve project management efficiency and enhance cash flow control [11] Shareholder Information - The controlling shareholder, China State Construction Group, plans to increase its stake in the company by investing between 600 million and 1.2 billion yuan over the next 12 months [12] - As of October 15, 2025, the controlling shareholder held approximately 57.70% of the company's total issued shares [13]

Group 1: Yonghui Supermarket - Yonghui Supermarket's application for a private placement has been accepted by the Shanghai Stock Exchange for review [1] Group 2: Suzhou Bank - Suzhou Bank reported a net profit of 4.477 billion yuan for the first three quarters, a year-on-year increase of 7.12% [2] - The bank's operating income for the same period was 9.477 billion yuan, up 2.02% year-on-year [2] Group 3: Guohai Securities - Guohai Securities achieved a net profit of 705 million yuan in the first three quarters, marking a significant year-on-year increase of 282.96% [4] - The company's operating income for the same period was 2.617 billion yuan, up 24.22% year-on-year [4] Group 4: China Baoneng - China Baoneng reported a net profit of 283 million yuan for the first three quarters, a decline of 26.51% year-on-year [5] - The company's operating income for the same period was 16.812 billion yuan, an increase of 14.87% year-on-year [5] Group 5: Shahe Co., Ltd. - Shahe Co., Ltd. plans to acquire 70% of the shares of Shenzhen Jinghua Display Electronics Co., Ltd. [7] - The company reported a net loss of 32.22 million yuan in the first three quarters [9] Group 6: China Power - China Power reported a net profit of 1.208 billion yuan for the first three quarters, a year-on-year increase of 62.5% [10] - The company's operating income for the same period was 40.971 billion yuan, up 11.88% year-on-year [10] Group 7: Shanghai Electric - Shanghai Electric achieved a net profit of 1.065 billion yuan in the first three quarters, a year-on-year increase of 8.48% [11] - The company's operating income for the same period was 81.789 billion yuan, up 7.50% year-on-year [11] Group 8: China Shipbuilding Defense - China Shipbuilding Defense reported a net profit of 655 million yuan for the first three quarters, a year-on-year increase of 249.84% [12] - The company's operating income for the same period was 14.315 billion yuan, up 12.83% year-on-year [12] Group 9: China Merchants Shekou - China Merchants Shekou reported a net profit of 2.497 billion yuan for the first three quarters, a decline of 3.99% year-on-year [13] - The company's operating income for the same period was 89.766 billion yuan, up 15.07% year-on-year [13] Group 10: Zhejiang Merchants Bank - Zhejiang Merchants Bank reported a net profit of 11.668 billion yuan for the first three quarters, a decline of 9.59% year-on-year [17] - The bank's operating income for the same period was 48.931 billion yuan, down 6.78% year-on-year [17] Group 11: Inspur Information - Inspur Information reported a net profit of 1.482 billion yuan for the first three quarters, a year-on-year increase of 15.35% [17] - The company's operating income for the same period was 120.669 billion yuan, up 44.85% year-on-year [17] Group 12: China National Aviation - China National Aviation reported a net profit of 1.870 billion yuan for the first three quarters, a year-on-year increase of 37.31% [27] - The company's operating income for the same period was 129.826 billion yuan, up 1.31% year-on-year [27] Group 13: Huayin Power - Huayin Power reported a net profit of 357 million yuan for the first three quarters, a year-on-year increase of 954.94% [28] - The company's operating income for the same period was 6.362 billion yuan, up 3.23% year-on-year [28]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's Q3 performance was under pressure due to declining gross margins and increased impairment losses, with total revenue for Q1-3 at 1,558.2 billion yuan, down 4.2% year-on-year, and net profit attributable to shareholders at 38.2 billion yuan, down 3.8% year-on-year [1][3]. - The construction business structure is continuously optimizing, with a significant acceleration in real estate sales in Q3, showing a 17% year-on-year increase in the quarter [2][3]. - The company is focusing on core urban areas for real estate investments, with new land reserves of 6.95 million square meters, primarily in first-tier and provincial capital cities [2]. Summary by Sections Financial Performance - For Q1-3, the company achieved total revenue of 1,558.2 billion yuan, with a quarterly breakdown of 555.3 billion yuan in Q1, 553.0 billion yuan in Q2, and 449.9 billion yuan in Q3, reflecting a year-on-year decline of 7% in both Q2 and Q3 [1]. - The gross margin for the company was 8.7%, a slight decrease of 0.1 percentage points year-on-year, with the real estate sector facing significant pressure [3]. - The net profit margin for Q1-3 was 2.5%, showing a slight year-on-year increase of 0.01 percentage points [3]. Business Segments - Revenue from the construction segments for Q1-3 was 9,886 billion yuan for housing construction, 3,706 billion yuan for infrastructure, and 1,771 billion yuan for real estate, with respective year-on-year changes of -5%, -4%, and +0.6% [2]. - The company reported a 0.7% year-on-year increase in new contracts for housing construction, while industrial plant contracts grew by 23% [2]. Future Projections - The company expects net profits for 2025-2027 to be 46.6 billion yuan, 47.6 billion yuan, and 48.5 billion yuan, respectively, with corresponding EPS of 1.13 yuan, 1.15 yuan, and 1.17 yuan per share [4]. - The current stock price corresponds to a PE ratio of 5.0 for 2025, with an expected dividend yield of 4.8% [4].

Core Viewpoint - The overall performance of A-share listed companies shows a positive recovery trend in the first three quarters of 2025, with significant improvements in various industries and a notable increase in net profit growth in the third quarter [1][4][6]. Performance Overview - In the first three quarters of 2025, A-share companies reported a total revenue of 53.41 trillion yuan, a year-on-year increase of 1.20%, and a net profit attributable to shareholders of 4.70 trillion yuan, up 5.34% year-on-year [1][4]. - The net profit growth rate in the third quarter reached 11.30%, a significant rebound of 10.19 percentage points compared to the second quarter [1][14]. - More than 50% of listed companies achieved positive net profit growth, with 2,918 companies reporting positive growth, accounting for 54% [1][44]. Industry Performance - The net profit growth rates for the steel, software and services, and semiconductor industries were particularly strong, at 402.0%, 121.6%, and 46.6% respectively [1][37]. - The growth rate for the ChiNext board was the highest among all boards, with a net profit growth rate of 16.78% in the first three quarters of 2025 [1][28]. Quarterly Performance Trends - The overall revenue growth rate for A-shares in the third quarter of 2025 was 3.59%, an increase of 3.29 percentage points from the second quarter [12]. - The net profit growth rate for A-shares in the third quarter was 11.30%, with non-financial and non-oil and gas sectors showing growth rates of 4.39% and 3.87% respectively [14]. Profitability Trends - The overall sales net profit margin for A-shares was 8.15%, an increase of 0.25 percentage points compared to the first half of 2025 [17]. - The return on equity (ROE) for A-shares was 7.87%, up 0.12 percentage points from the first half of 2025 [19]. Dividend Trends - A total of 218 companies disclosed cash dividend plans or proposals, with a total dividend amount of 46.6 billion yuan [2][25]. Industry Revenue Growth - The semiconductor and hardware equipment industries had the fastest revenue growth rates at 20.9% and 16.8% respectively, with several other industries also showing growth rates above 7% [34][35]. Major Index Performance - The net profit growth rates for major indices such as the Shanghai 50 and CSI 300 were 3.80% and 6.46%, respectively, indicating a significant recovery in profitability [31]. Individual Company Performance - The top three companies by revenue in the first three quarters were China National Petroleum Corporation, China Petroleum & Chemical Corporation, and China State Construction Engineering Corporation, with revenues exceeding 1.5 trillion yuan each [46]. - In terms of net profit, the top four companies were all from the financial sector, with Industrial and Commercial Bank of China leading at 269.9 billion yuan [50].

Core Viewpoint - China State Construction Engineering Corporation (601668.SH) reported a decline in both revenue and net profit for the first three quarters of the year, indicating potential challenges in the construction industry [1] Financial Performance - The company's operating revenue for the first three quarters reached 1,558.2 billion yuan, a year-on-year decrease of 4.2% [1] - The net profit attributable to shareholders was 38.182 billion yuan, down 3.8% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 35.2 billion yuan, reflecting a year-on-year decline of 4.9% [1]

中国建筑股份有限公司关于"提质增效重回报"行动方案 执行情况的评估报告 为进一步提高发展质量，增强回报投资者能力，中国建筑股 份有限公司（简称"公司"）积极响应上海证券交易所《关于开 展沪市公司"提质增效重回报"专项行动的倡议》，制定并实施 了 2024-2025 年度"提质增效重回报"行动方案。现将 2025 年 前三季度有关执行情况报告如下。 一、持续提升价值创造能力，回报股东基础不断夯实 公司聚焦主责主业，积极服务国家战略，深耕国家重大战略 区域，高质量参与共建"一带一路"，充分发挥全产业链优势， 持续优化业务结构提供增长新动能，不断加强精细化管理提升效 率效益，推动公司价值创造能力保持增长。 公司始终履行为股东创造价值、与股东共享发展成果的责任 与义务，高度重视股东分红回报，稳妥处理企业长期发展与股东 短期利益诉求，最终实现股东利益最大化。 公司切实维护全体股东权益，不断提升股东获得感，2024 年度每股派息金额保持稳中有升，达到上市以来最高水平，以实 际行动回馈股东、共享发展成果。公司将持续践行高质量发展要 求，综合考虑公司经营情况、长远战略布局和股东整体利益，2025 年每股派息将保持平稳，为广大 ...

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 | 中建一局 | 福建厦门高性能锂电池基地建设项目 | 52.0 | | 2 | 中建八局 | 陕西西安夏中心项目及夏中心二期项目 | 21.5 | | 二 | 基础设施 | | | | 1 | 中建三局 | 四川广元大毛坡脉石英矿产开采运输、矿山修复 项目 | 25.0 | | | | 及矿石加工厂提质升级 EPC | | | 项目金额合计 | | | 98.5 | | 项目金额合计/2024 | | 年度经审计营业收入 | 0.5% | 中国建筑股份有限公司董事会 二〇二五年十月三十日 证券代码：601668 证券简称：中国建筑 公告编号：临 2025-066 1 ...

证券代码：601668 股票简称：中国建筑 编号：临 2025-064 二、审议通过《关于中国建筑股份有限公司 2025 年第三季度报告的议案》 第四届监事会第十次会议决议公告 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）第四届监事会第十次会议（以下简 称会议）于 2025 年 10 月 30 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》《中国建筑股份有限公司章程》及《中国建筑股份有限公司监事 会议事规则》等规定。会议审议并一致通过如下决议： 一、审议通过《关于中国建筑股份有限公司 2025 年三季度财务分析报告的 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 2025 年三季度财务 分析报告的议案》。 表决结果：5 票同意、0 票反对、0 票弃权。 中国建筑股份有限公司监事会 二〇二五年十月三十日 2 全体监事审议并一致通过《关于中国建筑股份有限公司 2025 年第三季度报 告 ...

证券代码：601668 证券简称：中国建筑 公告编号：临 2025-063 第四届董事会第二十二次会议决议公告 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）第四届董事会第二十二次会议（以 下简称会议）于 2025 年 10 月 30 日在北京中建财富国际中心 3908 会议室召开。 会议由董事长郑学选先生主持，董事单广袖女士、独立董事马王军先生、孙承铭 先生、刘汝臣先生、梁维特先生出席会议。董事兼总裁文兵先生因工作安排无法 出席现场会议，授权委托郑学选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。 本次会议通知于 2025 年 10 月 15 日以邮件方式发出，会议召开符合《中华 人民共和国公司法》《中国建筑股份有限公司章程》及《中国建筑股份有限公司 董事会议事规则》等规定，会议的召开合法有效。公司 7 名董事均参与了投票表 决，并通过决议如下： 一、审议通过《关于中国建筑股份有限公司 2025 年三季度财务分析报告的 议案》 本议案已经审计与风险委员会审议通过，并同意提 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 449,912,446, a decrease of 6.6% compared to the same period last year[7] - The total profit for the quarter was CNY 11,710,798, reflecting a decline of 22.9% year-over-year[7] - Net profit attributable to shareholders was CNY 7,778,049, down 24.1% from the previous year[7] - The basic earnings per share decreased to CNY 0.19, a drop of 24.0% compared to the same quarter last year[7] - The net profit margin for the year-to-date period was 3.0%, reflecting a decrease from the previous year's margin[9] - Total operating revenue for the first three quarters of 2025 was CNY 1,558,219,881, a decrease of 4.18% compared to CNY 1,626,540,973 in the same period of 2024[27] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was CNY 38,182,402, down 3.84% from CNY 39,702,451 in 2024[28] - Operating profit for the first three quarters of 2025 was CNY 61,258,178, a decrease of 5.88% from CNY 64,655,887 in 2024[27] - The company reported a total comprehensive income of CNY 50,787,567 for the first three quarters of 2025, compared to CNY 51,321,287 in 2024[28] - Basic earnings per share for the first three quarters of 2025 were CNY 0.92, down from CNY 0.96 in 2024[28] - The company experienced a decrease in total operating costs to CNY 1,491,996,539 in 2025 from CNY 1,556,382,239 in 2024, reflecting a reduction of 4.16%[27] - Net profit for the first three quarters of 2025 was CNY 10,778,290, down 30.0% from CNY 15,469,334 in the first three quarters of 2024[37] Assets and Liabilities - The company's total assets increased by 7.0% year-over-year, reaching CNY 3,412,521,637[7] - The company’s total assets increased to 3,412.52 billion RMB as of September 30, 2025, compared to 3,189.26 billion RMB at the end of 2024[24] - The company’s non-current liabilities totaled 678.16 billion RMB, an increase from 656.26 billion RMB in the previous year[24] - The company’s retained earnings reached 409.18 billion RMB as of September 30, 2025, compared to 382.50 billion RMB at the end of 2024[24] - Total liabilities increased to CNY 209,708,385 as of September 30, 2025, compared to CNY 205,151,987 at the end of 2024[35] - Current assets totaled CNY 99,736,403 as of September 30, 2025, up from CNY 97,545,774 at the end of 2024[34] - The total equity of the company was CNY 152,319,038 as of September 30, 2025, slightly down from CNY 152,910,331 at the end of 2024[35] Cash Flow - The net cash flow from operating activities was CNY 13,351,612, significantly lower than CNY 31,759,855 in the same period last year[7] - The net cash flow from operating activities for the first three quarters of 2025 was -CNY 69,478,983, an improvement from -CNY 77,009,501 in 2024[31] - Cash and cash equivalents at the end of the third quarter of 2025 amounted to CNY 303,969,219, compared to CNY 302,041,720 at the end of the same period in 2024[32] - The company’s cash flow management has improved, with a focus on accelerating cash collection and optimizing existing assets to enhance revenue and profit quality[19] - The company’s investment activities generated a net cash flow of -CNY 12,539,138 in the first three quarters of 2025, slightly improved from -CNY 13,401,017 in 2024[31] - The net cash flow from investing activities was 9,704,602 thousand RMB, an increase of 38.3% from 7,021,468 thousand RMB in the previous year[40] - The net cash flow from financing activities was -9,923,026 thousand RMB, worsening from -7,468,679 thousand RMB in the same period of 2024[42] Contracts and Business Segments - The company signed new contracts worth RMB 3.29 trillion in the first three quarters of 2025, a year-on-year increase of 1.4%[13] - The construction business signed new contracts totaling RMB 3.0383 trillion, an increase of 1.7% year-on-year[14] - The industrial plant segment saw new contracts worth RMB 640.5 billion, a significant increase of 23.0% year-on-year[14] - The energy engineering segment reported new contracts of RMB 441.9 billion, up 31.2% year-on-year[17] - The real estate business recorded contract sales of RMB 255.3 billion, a decrease of 2.0% year-on-year[17] - The company achieved a new contract value of 168.4 billion RMB in overseas business, representing a year-on-year growth of 2.0%, and generated overseas revenue of 91.9 billion RMB, up 8.8% year-on-year[18] Strategic Initiatives - The company emphasized a focus on high-quality clients and projects, which contributed to a slight decline in revenue due to ongoing adjustments in the real estate market[9] - The company’s market strategy focuses on "high-quality customers, high-quality projects, key regions, and key fields" to drive growth[14] - The company is accelerating its strategic transformation by developing urban renewal projects and has published guidelines for urban renewal business, focusing on integrated implementation advantages in key engineering projects[18] - The company has implemented a "116" project management system to enhance project management efficiency and has seen significant progress in key projects such as the Dalian Changhai Bridge and Tianjin Metro Line 7[19] - The company has launched the "Jianzheng" large model 1.0 to promote digital innovation and enhance the quality of industry-level data assets[20] Shareholder Information - The controlling shareholder, China State Construction Group, plans to increase its stake in the company by investing between 600 million RMB and 1.2 billion RMB over the next 12 months[21] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 23,978,992, slightly down from CNY 24,567,855 in 2024[27] - Research and development expenses were CNY 16,026 for the first three quarters of 2025, significantly lower than CNY 28,974 in the same period of 2024[37] Accounting Standards - The company did not apply new accounting standards for the first time in 2025[43]