Group 1 - The core point of the article is that China Communications Construction Company (CCCC) reported a new contract signing amount of RMB 1,883.672 billion for 2025, representing a year-on-year growth of 0.13% and achieving 93% of the annual target [1] Group 2 - The new contract amount for 2025 is based on a projected increase of 7.1% from the 2024 target of RMB 1,881.185 billion [1]

Group 1 - The core point of the article is that China Communications Construction Company (01800) announced a new contract signing amount of RMB 1,883.672 billion for 2025, representing a year-on-year growth of 0.13% and achieving 93% of the annual target [1] Group 2 - The new contract amount for 2025 is based on a projected increase of 7.1% from the 2024 target of RMB 1,881.185 billion [1]

智通财经APP讯，中国交建(601800.SH)发布公告，2025年，公司新签合同额为18,836.72亿元，同比增 长0.13%，完成年度目标的93%(按照董事会审议批准的在2024年新签合同额18,811.85亿元的基础上增长 7.1%测算)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1. 按業務類型統計 各業務按照業務類型統計，基建建設業務、基建設計業務、疏浚業務和 其他業務分別為人民幣17,224.20億元、人民幣425.00億元、人民幣1,068.85 億元和人民幣118.67億元。 中國交通建設股份有限公司 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：1800） 2025年第四季度主要經營數據公告 本 公 告 乃 由 中 國 交 通 建 設 股 份 有 限 公 司（「本公司」，連 同 其 附 屬 公 司「本集團」） 根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交易所有限公司證 券上市規則第13.09條而作出。 現將本集團2025年第四季度主要經營情況公佈如下，供各位投資者參閱。 一. 主要經營情況 2025年，本集團新簽合同額為人民幣18,836.72 ...

Group 1 - The stock price of China Communications Construction (01800.HK) experienced slight fluctuations over the past week, with a range of -0.59% and an amplitude of 1.76%, closing at HKD 5.08 on February 12, marking a daily increase of 0.79% with a trading volume of approximately HKD 38.78 million [1] - The stock has been oscillating near the middle band of the Bollinger Bands, and the MACD indicator suggests a slight strengthening of short-term momentum [1] - On February 12, there was a net inflow of HKD 7.454 million from major funds, indicating that some investors are taking advantage of lower prices [1] Group 2 - There has been a continuous inflow of southbound funds into the Hong Kong stock market, with a net inflow of HKD 10.5 billion on February 6 and a cumulative net inflow exceeding HKD 120 billion since the beginning of the year, highlighting the attractiveness of undervalued Hong Kong stocks to mainland investors [2] - Recent positive signals in the infrastructure sector include the completion of a key project for the Xiamen-Jinmen Bridge on February 10, which marks the transition to the upper structure construction phase, potentially boosting sentiment in the infrastructure sector [2] - The Ministry of Transport and other departments are promoting the construction of a live information broadcasting system for road travel and planning for green fuel refueling centers, indicating a favorable policy environment for the long-term development of the industry [2]

证券代码：601800 证券简称：中国交建 公告编号：临2026-009 中国交通建设股份有限公司 2025年1-12月主要经营数据公告 中国交通建设股份有限公司（本公司或公司）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个别及连带责任。 现将公司2025年1-12月主要经营情况公布如下，供各位投资者参阅。 一、主要经营情况 2025 年，公司新签合同额为 18,836.72 亿元，同比增长 0.13%，完成年度目 标的 93%（按照董事会审议批准的在 2024 年新签合同额 18,811.85 亿元的基础 上增长 7.1%测算）。 1. 按业务类型统计 各业务按照业务类型统计，基建建设业务、基建设计业务、疏浚业务和其他 业务分别为 17,224.20 亿元、425.00 亿元、1,068.85 亿元和 118.67 亿元。 1 单位：亿元 业务分类 2025年10-12月 2025年累计 2024年 同期累计 同比 增减 个数 金额 个数 金额 金额 基建建设业务 1,984 4,999.80 7,509 17,224.20 17,00 ...

Core Viewpoint - China Communications Construction Company (CCCC) announced a new contract signing amount of 1,883.672 billion yuan for 2025, representing a year-on-year growth of 0.13%, achieving 93% of the annual target [1] Group 1: Contract Breakdown - Infrastructure construction contracts amounted to 1,722.42 billion yuan [1] - Infrastructure design contracts totaled 42.5 billion yuan [1] - Dredging contracts reached 106.885 billion yuan [1] - Other contracts accounted for 11.867 billion yuan [1] Group 2: International and Emerging Business - Overseas contracts were 392.441 billion yuan, showing a year-on-year increase of 9.09%, making up 21% of total contracts [1] - Emerging business contracts totaled 665.543 billion yuan, reflecting a year-on-year decline of 5.64% [1] Group 3: Infrastructure Investment Projects - Infrastructure investment projects amounted to 88.542 billion yuan, indicating a year-on-year decrease of 31.57% [1]

Core Viewpoint - China Communications Construction Company (CCCC) reported a new contract value of 1,883.67 billion yuan for 2025, representing a year-on-year growth of 0.13%, achieving 93% of its annual target based on a projected increase of 7.1% from the 2024 target of 1,881.185 billion yuan [1] Group 1 - The new contract amount for 2025 is 1,883.67 billion yuan [1] - The year-on-year growth rate of new contracts is 0.13% [1] - The company has completed 93% of its annual target for new contracts [1] Group 2 - The 2024 target for new contracts is set at 1,881.185 billion yuan [1] - The projected growth for 2025 is based on a 7.1% increase from the 2024 target [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the number and scale of issued accounts - receivable asset - backed securities increased year - on - year. The actual financiers were still concentrated in construction central enterprises and their subsidiaries, with a more prominent head - effect. These entities were more inclined to introduce in - system factoring companies, capital companies, asset management companies, trust companies, other financial platforms, and off - system commercial factoring companies as original equity holders or agents of original equity holders to issue securitized products. - In 2025, the average issuance scale of single accounts - receivable asset - backed special plans decreased compared to the previous year, the product term was slightly shortened, the issuance interest rate continued to decline, the securities were mainly of AAAsf credit rating, and the overall product credit risk remained at a low level. The trading activity in the secondary market increased significantly [38]. 3. Summary According to the Directory Issuance Situation - In 2025, 157 accounts - receivable asset - backed securitization products were issued in the exchange market, with a total issuance scale of 180.806 billion yuan. The number of issuances increased by 22, and the issuance scale rose by 9.40% year - on - year. The issuance scale accounted for 12.37% of the total issuance scale of enterprise asset - securitization products for the whole year, a decrease of 0.85 percentage points year - on - year [4][5]. - In terms of issuance venues, 140 products with an issuance amount of 172.474 billion yuan (accounting for 95.39%) were issued on the Shanghai Stock Exchange, and 17 products with an issuance amount of 8.332 billion yuan (accounting for 4.61%) were issued on the Shenzhen Stock Exchange [8]. - Regarding the distribution of original equity holders, the top five original equity holders were China Railway Capital Co., Ltd., China Railway Trust Co., Ltd., China Railway Construction Asset Management Co., Ltd., CCCC Commercial Factoring Co., Ltd., and Shenzhen United Factoring Co., Ltd., with issuance scale proportions of 32.27%, 16.95%, 11.06%, 2.73%, and 2.48% respectively. The total issuance scale of the top five original equity holders was 118.429 billion yuan, accounting for 65.50%; the total issuance scale of the top ten was 134.983 billion yuan, accounting for 74.66% [8]. - In terms of actual financiers, the total issuance scale of the top ten actual financiers was 165.964 billion yuan, accounting for 91.79%, an increase of 1.89 percentage points year - on - year. The actual financiers were mainly concentrated in central enterprises and their subsidiaries, with an issuance scale of 162.126 billion yuan, accounting for 89.67%, a year - on - year increase of 3.06 percentage points. In terms of industries, the actual financiers in the construction industry had an issuance scale of 165.423 billion yuan, accounting for 91.49% [10]. - Regarding the distribution of managers, the top five managers with the highest proportion of new management scale were CITIC Securities Co., Ltd., Huaxi Securities Co., Ltd., Ping An Securities Co., Ltd., Shanghai Guotai Haitong Securities Asset Management Co., Ltd., and CITIC Construction Securities Co., Ltd., with scale proportions of 17.61%, 16.95%, 14.64%, 10.13%, and 9.39% respectively. The total new management scale of the top five managers was 124.244 billion yuan, accounting for 68.72%, a year - on - year increase of 5.54 percentage points; the total new management scale of the top ten managers was 160.486 billion yuan, accounting for 88.76%, a year - on - year increase of 9.70 percentage points [14]. - In terms of product scale distribution, the highest single - product issuance scale was 5.4 billion yuan, and the lowest was 100 million yuan. The products with a single - scale in the (5, 10] billion yuan range had the largest number of issuances, with 51 units and a scale proportion of 21.47%. The average single - issuance scale was 1.152 billion yuan, a decrease of 73 million yuan compared to the previous year [16]. - Regarding the term distribution, the shortest term was 0.69 years, and the longest was 4.99 years. The products with a term in the (1, 3] - year range had the largest number of issuances, with 88 units and a scale proportion of 49.97%. The weighted average term was 2.14 years, slightly shorter than the previous year [17]. - In terms of level distribution, in 2025, AAAsf - rated securities accounted for 90.08%, AA + sf - rated securities accounted for 6.33%, and sub - grade securities accounted for 3.59% [19]. - Regarding the issuance interest rate, the median issuance interest rate of AAAsf - rated securities with a term of around 1 year was 1.85%, a year - on - year decrease of about 29BP [4][21]. Issuance Spread Statistical Analysis - Compared with government bonds of the same term, the average issuance spreads of 1 - year and 3 - year accounts - receivable asset - backed securities in 2025 narrowed compared to the previous year. For example, the average 1 - year spread decreased from 0.74 percentage points in 2024 to 0.48 percentage points in 2025 [26][28]. - Compared with AAA - rated corporate bonds of the same term, the average issuance spreads of 1 - year and 3 - year AAAsf - rated accounts - receivable asset - backed securities in 2025 also narrowed compared to the previous year. The average 1 - year spread decreased from 0.18 percentage points in 2024 to 0.14 percentage points in 2025 [31][32]. - In terms of issuance cost, the average issuance interest rate of 1 - year AAAsf - rated accounts - receivable asset - backed securities issued in 2025 decreased by 32BP year - on - year [32]. Filing Situation - In 2025, 105 accounts - receivable asset - backed special plans were filed with the Asset Management Association of China, with a total scale of 129.051 billion yuan. Compared with the previous year, the number of filings decreased by 12, and the filing scale decreased by 14.02% [4][33]. Secondary Market Trading Situation - In 2025, accounts - receivable asset - backed securities had 5,596 transactions in the secondary market, a year - on - year increase of 102.90%. The total transaction scale was 147.768 billion yuan, a year - on - year increase of 47.63%. The transaction scale accounted for 13.76% of the total transaction scale of enterprise asset - backed securities in the current period, a decrease of 1.11 percentage points year - on - year, ranking second in terms of transaction scale [4][36]. Maturity Situation in 2026 - It is estimated that 261 outstanding accounts - receivable asset - backed securities will mature in the exchange market in 2026, with a maturity scale of 168.808 billion yuan, accounting for 21.19% of the total maturity scale of all enterprise asset - backed securities in 2026, ranking second in terms of maturity scale [4][37]. - From the perspective of original equity holders, China Railway Capital Co., Ltd. had 43 maturing accounts - receivable asset - backed securities, with a repayment scale of 43.229 billion yuan, accounting for 25.61%; China Railway Trust Co., Ltd. had 33 maturing securities, with a repayment scale of 33.605 billion yuan, accounting for 19.91%; China Railway Construction Asset Management Co., Ltd. had 22 maturing securities, with a repayment scale of 25.449 billion yuan, accounting for 15.08% [37].

Core Viewpoint - China Communications Construction Company Limited reported its major operating data for the year 2025, indicating a slight growth in new contract signing compared to the previous year [1] Group 1: Financial Performance - The new contract amount for 2025 reached 1,883.672 billion yuan, representing a year-on-year increase of 0.13% [1] - The company achieved 93% of its annual target, which was set based on a projected increase of 7.1% from the 2024 new contract amount of 1,881.185 billion yuan [1] Group 2: Business Segmentation - The breakdown of new contracts by business type includes: - Infrastructure construction business: 1,722.420 billion yuan - Infrastructure design business: 42.500 billion yuan - Dredging business: 10.6885 billion yuan - Other businesses: 1.1867 billion yuan [1]