| 公司代码：601668 | | 公司简称：中国建筑 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 中国建筑股份有限公司 | | | | | | | | | | 中国建筑股份有限公司2025 | | | 年半年度报告摘要 | | | | | | | 第一节 | 重要提示 | | | | | | | | | 展规划，投资者应当到 | www.sse.com.cn | | 网站仔细阅读半年度报告全文。 | | | | | | | 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | | | 度财务报告，并出具了审阅报告。 不适用 | | | | | | | | | | 第二节 | 公司基本情况 | | | | | | | | | 公司股票简况 | | | | | | | | | | 股票种类 | 股票上市交易所 股票简称 | | 股票代码 | | | 变更前股票简称 | | | | A股 上海证券交易所 | 中国建筑 | | 601668 | | 不适用 | | ...

Core Viewpoint - The company is navigating challenges in the real estate sector due to ongoing market adjustments, but remains optimistic about future opportunities driven by government policies and urban renewal initiatives [3][8]. Group 1: Financial Performance - In the first half of the year, the company's real estate contract sales amounted to 174.5 billion yuan, a year-on-year decrease of 8.9% [3]. - The real estate segment reported revenue of 131.88 billion yuan, reflecting a year-on-year increase of 13.3%, while gross profit was 21.05 billion yuan, down 6.8% year-on-year [3]. - The company achieved a sales return of 144.6 billion yuan in its real estate business, marking a year-on-year increase of 6% [8]. Group 2: Strategic Initiatives - The company has secured urban renewal projects in over 150 cities, with new contract amounts reaching 160 billion yuan, a 10% increase year-on-year [4]. - The company is focusing on high-quality housing projects, having launched a "Good House" initiative that has been implemented in several projects, indicating strong demand for quality housing [4][5]. - The company plans to enhance its resource allocation and improve its integrated investment, construction, and operation model to secure more high-quality projects [5]. Group 3: Land Acquisition and Market Outlook - The company acquired 520,000 square meters of new land, with a total land reserve of 7.488 million square meters, focusing on first-tier and strong second-tier cities [7]. - The management emphasizes a cautious approach to land acquisition, prioritizing high-quality projects in core urban areas [7][8]. - The central government's urban work conference has set a direction for the real estate industry, promoting a shift towards sustainable development focused on housing quality and service [8].

Core Viewpoint - China State Construction's (601668.SH) mid-year performance report indicates challenges in the real estate sector, with a focus on urban renewal and high-quality housing projects as future growth opportunities [4][10]. Group 1: Financial Performance - In the first half of the year, the company's real estate contract sales amounted to 174.5 billion yuan, a year-on-year decrease of 8.9% [4][9]. - The real estate segment's revenue reached 131.88 billion yuan, reflecting a year-on-year increase of 13.3%, while gross profit was 21.05 billion yuan, down 6.8% year-on-year [4][9]. - The company reported a sales return of 144.6 billion yuan from its real estate business, a year-on-year increase of 6%, with a significant improvement in operating cash flow net amounting to 23.8 billion yuan [10]. Group 2: Strategic Initiatives - The company has initiated urban renewal projects in over 150 cities, with new contract signings totaling 160 billion yuan, representing a 10% year-on-year increase [5]. - A focus on the "good housing" initiative has led to the establishment of a construction system aimed at enhancing housing quality, with several projects already in practice [5][6]. - The company plans to increase resource investment and improve the integrated implementation model of investment, construction, and operation to secure high-quality projects [6]. Group 3: Market Outlook - The management expressed confidence in the long-term potential of the real estate market, particularly in core cities, despite current challenges [9][10]. - The central urban work conference has provided direction for the industry, emphasizing a shift towards sustainable development focused on housing quality and service [10]. - The company aims to enhance its competitive edge in the real estate sector by focusing on core urban areas and increasing investment in affordable housing [10].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Views - The company maintains steady growth in revenue and profit, with a notable improvement in cash flow [1][3]. - The real estate business focuses on core cities and actively replenishes land reserves, despite a decline in contract sales [2][13]. - The company has significantly improved cash flow management and offers an attractive dividend yield [3][17]. Revenue and Profit - In the first half of 2025, the company achieved operating revenue of 1,108.3 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of 30.4 billion yuan, an increase of 3.2% year-on-year [1][9]. - The gross profit margin remained stable at 9.43%, while the net profit margin increased by 0.12 percentage points to 3.63% [1][12]. Real Estate Business - The real estate segment reported contract sales of 174.5 billion yuan, down 8.9% year-on-year, with a sales area of 6.33 million square meters, down 3.3% [2][13]. - The company acquired 5.2 million square meters of new land reserves, a 52.6% increase year-on-year, focusing on core urban areas [2][13]. Cash Flow and Dividends - The company experienced a net cash outflow from operating activities of 82.8 billion yuan, which is 16 billion yuan less than the previous year, with a cash collection ratio of 93.7% [3][17]. - The dividend payout ratio is projected to increase to 25%, with an estimated dividend yield of 5.4% for 2025 [3][17]. Financial Forecast - The company forecasts net profits attributable to shareholders of 49.3 billion yuan, 50.7 billion yuan, and 52.0 billion yuan for the years 2025, 2026, and 2027, respectively [18][23]. - The estimated earnings per share for the next three years are projected to be 1.19 yuan, 1.22 yuan, and 1.25 yuan [18][23].

（编辑 李家琪） 证券日报网讯 8月29日晚间，中国建筑发布公告称，近期公司获得三个重大项目，包括中建股份获得的 沙特阿拉伯德拉伊耶二期歌剧院街区项目，金额33.0亿元；中建八局获得的浙江金华金东区金漪湖未来 产业科技园配套基础设施建设项目，金额28.3亿元；以及中建八局获得的上海浦东新区张家浜楔形绿地 F1b-01地块住宅项目，金额24.6亿元。项目金额合计85.9亿元，占2024年度经审计营业收入的0.4%。 ...

转自：中国证券报·中证网 中证报中证网讯（王珞）中国建筑（601668）8月29日发布2025年半年度报告。上半年，公司新签合同 额2.5万亿元，同比增长0.9%；实现营业收入1.1万亿元；实现归母净利润304亿元，同比增长3.2%；实 现每股基本收益0.73元，同比增长2.8%。 战略新兴产业提速布局 作为行业领军企业，中国建筑积极布局新兴业务，在城市更新、战略性新兴产业等领域不断探索创新， 取得了显著成效。 上半年，中国建筑积极探索结构优化新方式，大力推进城市更新和城市运营业务等举措，有效地缓解了 行业波动压力，也为企业提升市场竞争力提供了有力支撑。 中国建筑构建全周期、一体化、全链条的业务模式，在部分城市试点打造城市高质量更新样板，获取 150多个城市的城市更新项目，上半年新签合同额1600亿元，同比增长10%。 上半年，中国建筑聚焦"一创五强"战略目标，实施"一六六"战略路径，扎实推进"学政策、创效益、深 改革、优管理、促创新、防风险、强党建"七大任务，努力推动高质量发展取得新成效。 主营业务稳健增长 面对行业竞争加剧、盈利空间普遍承压的挑战，中国建筑深入开展提质增效，利润实现平稳增长。上半 年，累计 ...

除了国内业务的深化布局，中国建筑积极践行"一带一路"倡议，大力实施"海外高质量发展战略"。上半 年实现境外营业收入598.1亿元，同比增长5.8%。 此外，中国建筑积极布局新兴业务，在城市更新、战略性新兴产业（简称"战新产业（300832）"）等领 域不断探索创新，取得了显著成效。 8月28日晚间，中国建筑（601668）发布2025年半年报显示，上半年，公司新签合同额2.5万亿元，同比 增长0.9%；实现营业收入1.1万亿元；实现归母净利润304亿元，同比增长3.2%；实现每股基本收益0.73 元，同比增长2.8%。 面对行业竞争加剧、盈利空间普遍承压的挑战，中国建筑深入开展提质增效，利润实现平稳增长。上半 年，累计实现利润总额498亿元、归母净利润304亿元，分别同比增长0.1%和3.2%；毛利率、营收利润 率分别达到9.4%和4.5%，同比均实现稳中有升；营业收现率同比提升6.3个百分点，经营性净现金流同 比改善259亿元。 细分来看，上半年，房建业务结构持续优化，实现营业收入6963.8亿元，新签合同额14964亿元，公共 建筑新签合同额占比提升至62%，工业厂房、学校、仓储物流等产品线持续发力，合同 ...

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a 0.9% year-on-year increase in new contract value to 2.5 trillion yuan for the first half of 2025, with a revenue of 1.1 trillion yuan and a net profit of 30.4 billion yuan, reflecting a 3.2% growth [1] - The company is focusing on optimizing its business structure, particularly in the public building sector, which saw a 62% share of new contracts, with significant growth in industrial plants, schools, and logistics warehouses [1] - CSCEC is actively pursuing opportunities in energy, municipal, and water conservancy projects, achieving a 10% increase in new contracts in the infrastructure sector [1][2] Business Segments - The construction segment generated 696.38 billion yuan in revenue, with new contracts totaling 1.4964 trillion yuan, while the infrastructure segment achieved 273.43 billion yuan in revenue and 823.7 billion yuan in new contracts [1] - Real estate operations reported a sales revenue of 131.88 billion yuan, with a 13.3% year-on-year increase in sales amounting to 174.5 billion yuan [1] Strategic Initiatives - CSCEC is implementing a "Two Optimizations and Two Priorities" market strategy, focusing on high-quality clients and projects in key regions, with approximately 80% of new contracts and nearly 90% of investment occurring in strategic areas [2] - The company is also expanding its international presence, achieving 59.81 billion yuan in overseas revenue, a 5.8% increase year-on-year, while actively engaging in the Belt and Road Initiative [2] Emerging Industries - The company is exploring new business avenues in urban renewal and strategic emerging industries, with a 10% increase in new contracts in urban renewal projects, totaling 160 billion yuan [2] - The strategic emerging industries segment generated 91.6 billion yuan in revenue, reflecting a 3.5% growth, with a focus on new information technology, new materials, and renewable energy [3] Innovation and Management - CSCEC is enhancing its technological innovation capabilities, launching the "Good House" construction system and promoting digital innovations, including BIM software and smart construction technologies [3] - The company is implementing lean management practices and asset revitalization measures, successfully revitalizing 91.4 billion yuan in assets during the first half of the year [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Views - The company has shown steady growth in Q2, with a notable improvement in net profit, particularly in the second quarter, where the net profit reached 153.91 billion yuan, a year-on-year increase of 5.94% [1][4]. - The infrastructure business is performing well, with significant growth in new contracts in energy, municipal, and water transportation sectors, indicating a robust pipeline for future revenue [2][4]. - The company is expected to gradually increase its market share as a leading state-owned enterprise in the construction sector, with adjusted net profit forecasts for 2025-2027 being 475.1 billion, 487.2 billion, and 500.2 billion yuan respectively [4][5]. Financial Performance Summary - For the first half of 2025, the company reported total revenue of 1,108.31 billion yuan, a decrease of 3.17% year-on-year, while net profit attributable to the parent company was 304.04 billion yuan, an increase of 3.24% [1][3]. - The gross profit margin for the first half of 2025 was 9.43%, with specific margins for construction, infrastructure, real estate development, and design services being 7.3%, 10.2%, 16.0%, and 16.2% respectively [3]. - The company recorded a cash flow from operations (CFO) net outflow of 828.31 billion yuan, which was a reduction of 259.38 billion yuan compared to the previous year, indicating improved cash flow management [3][12]. Business Segment Performance - In the first half of 2025, the company achieved revenues of 696.38 billion yuan from construction, 273.43 billion yuan from infrastructure, and 49.36 billion yuan from design services, with respective year-on-year changes of -7.1%, +1.5%, and -9.0% [2]. - The real estate development segment saw a revenue increase of 13.3% year-on-year, totaling 131.88 billion yuan, despite a decline in contract sales by 8.9% [2]. - The strategic emerging industries contributed 916 billion yuan to the total revenue, accounting for 8.26% of the overall revenue [2].

【市场】 北京土拍：懋源地产底价10.3亿元竞得顺义薛大人庄村地块 8月25日，据北京规自委消息，懋源地产10.3亿元摘得顺义薛大人庄村SY00-0025-6017地块，楼面价约 2.8万元/m。该地块土地面积23000.1m，建筑控制规模<36800.16㎡，容积率1.6，限高40米，低密改善盘 标配。地块位于五环至六环间，邻近地铁15号线国展站，周边有温榆广场、天竺公园等。 周度销冠：朝阳中海萬吉玖序取得2.13亿销售额 8月18日至24日，北京新房市场成交金额销冠花落朝阳区。中海萬吉玖序以单周8套、0.18万m2.13亿元 的网签成绩，成为全市新房网签金额冠军。项目位于朝阳酒仙桥板块，截至目前，370套房源中已有183 套完成网签，均价达11.5万元/m。整体规划涵盖9栋10-23层住宅，最小户型面积为168m，套均面积超过 200m。项目270m及以上户型层高达到3.6米，其他户型层高为3.2米，得房率在89%-93%间，最大户型 372m两梯一户，一层一户。 中国建筑：2025年上半年实现净利润304.0亿元，同比增长3.2% 8月28日，中国建筑发布2025年半年度报告。公司新签合同额2.5万亿元 ...