年度報告 2025 (A 股 ) 中國交通建設股份有限公司 重要提示 股票代碼 2025 ( A 股 ) 年度報告 公 司2025年 度 分 红 派 息 预 案 ：公 司 按 照 归 属 于 母 公 司 股 东 净 利 润147.51亿元的21.5%向全体股 东分配股息,每股股息0.19488元，年度现金分红金额合计约为31.72亿 元（含 税）,现金分红比率同 比提高0.5个百分点。公司已于2025年半年度实施中期利润分配方案，向全体股东派发现金红利 约19.14亿 元。扣 除 上 述 中 期 已 派 发 现 金 红 利，本 次 末 期 利 润 分 配 拟 以2025年12月31日总股本 16,274,644,225股为基数，向全体股东派发每股0.07729元 的 股 息（含 税），总 计 约12.58亿元。本次 末期利润分配将以实施权益分派股权登记日登记的总股本为基数，如在实施权益分派的股权登 记日前公司总股本发生变动的，拟维持分配总额不变，相应调整每股分配比例，并将另行公告具 体调整情况。 截至报告期末，母公司存在未弥补亏损的相关情况及其对公司分红等事项的影响 □适用 ✓不适用 六、 前瞻性陈述的风险声 ...

| 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國交通建設股份有限公司 | | 股份代號 | 01800 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至二零二五年十二月三十一日止年度末期股息 | | 公告日期 | 2026年3月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.07729 RMB | | 股東批准日期 | 2026年6月16日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.08745 HKD | | 匯率 | 1 RMB : 1.1314 ...

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 或任何部份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。 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） 截 至2025年12月31日止年度業績公告 財務概要 註 於2025年，本 集 團 收 入 為7,266.36億 元，較2024年 的7,682.43億元減少416.07億 元 或5.4%。 於2025年，營 業 利 潤 為291.25億 元，較2024年 的393.07億元減少101.82億元或 25.9%。 於2025年，母 公 司 所 有 者 應 佔 利 潤 為149.95億 元，較2024年 的238.54億元減少 88.59億元或37.1%。 於2025年，每股盈利為0.86元，而2024年 為1.40元。 於2025年，本 集 團 新 簽 訂 合 同 額 為18,836.72億 元，較2024年 的1 ...

Investment Rating - The industry investment rating is "Outperform the Market - A" [5] Core Insights - The construction activity is accelerating, with significant infrastructure investment plans being deployed across multiple provinces, including a target of 90 billion yuan for comprehensive transportation fixed asset investment in Xinjiang for 2026 [16][17] - In January and February 2026, national transportation fixed asset investment reached 355.8 billion yuan, maintaining a high level, with railways and highways receiving substantial funding [2][17] - The coal chemical industry is expected to see increased investment due to its strategic importance in national energy security, especially following the rise in international oil prices due to geopolitical tensions [9][13] - The semiconductor industry is experiencing a new wave of capital expenditure driven by AI demand, which is expected to boost the cleanroom engineering sector [9][10] Summary by Sections Industry Dynamics - The construction sector is witnessing a rapid increase in activity, with various provinces intensifying their annual transportation infrastructure investment plans [16] - Xinjiang aims to complete 90 billion yuan in fixed asset investment and expand its highway network significantly [16] - The cleanroom engineering sector is benefiting from increased demand due to the growth in the semiconductor industry [9][10] Market Performance - The construction industry saw a decline of 0.83%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.41% [18] - The international engineering and chemical engineering sectors performed better, with respective increases of 2.14% and 1.85% [18] Key Companies to Watch - Recommended companies include China State Construction, China Communications Construction, China Railway Construction, and China Metallurgical Group, which are expected to benefit from low valuations and improving operational metrics [9][11] - In the coal chemical sector, companies like China Chemical, Donghua Technology, and Sinopec Engineering are highlighted for their potential growth [9][13] - In the cleanroom engineering space, companies such as Yaxiang Integration and Shenghui Integration are noted for their strong order growth and profitability [9][11]

Group 1 - The report emphasizes the importance of energy security and the impact of geopolitical tensions on oil and gas supply chains, recommending investments in energy and resource-related sectors due to rising commodity prices [15][17][41] - It highlights the acceleration of domestic cleanroom investments driven by increased capital expenditures in semiconductor manufacturing, suggesting a shift in focus from overseas cleanroom sectors to domestic storage expansion beneficiaries [15][17] - The report advises on defensive investment strategies, focusing on high dividend, low valuation stocks as construction activity gradually increases post-holiday [16][17] Group 2 - The report tracks ongoing developments in coal chemical projects in Xinjiang and the rollout of hydrogen and ammonia subsidies across various regions, indicating a steady progress in these sectors [11][39] - It notes the significant rise in chemical prices, with Brent crude oil reaching $109.14 per barrel, up 73.2% from the beginning of the year, and other chemicals like methanol and propanol also seeing substantial price increases [17][19][21] - The report discusses the current high oil-coal and gas-coal ratios, indicating a favorable market for coal-related products and recommending companies like Northern International for their integrated operations in coal mining [35][36]

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [4]. Core Insights - The report emphasizes three main investment directions: new infrastructure represented by computing power and energy, traditional domestic demand, and the "Belt and Road" initiative [3][19]. - The issuance of special bonds has accelerated, with a cumulative net financing of 9,863 billion yuan as of March 27, 2026, which is higher than the same period in the past two years [22][23]. Summary by Sections Industry Outlook and Investment Recommendations - The report suggests focusing on the synergy between computing power and renewable energy in new infrastructure projects, with a target for green electricity application in new computing facilities to reach over 80% [3][19]. - Companies with capabilities in both renewable energy and AI data center construction are expected to benefit significantly, including China Energy Engineering, China Power Construction, and China Railway Construction [3][19]. - In terms of domestic demand, new policies in Chengdu have increased the maximum loan amounts for housing, which is expected to boost the second-hand housing market and related services [20]. - Internationally, the ongoing geopolitical dynamics, particularly in the Middle East, are anticipated to enhance reconstruction demands, benefiting companies involved in the "Belt and Road" initiative [21]. Market Performance Review - The construction and decoration index (SW) decreased by 0.83%, while the overall A-share index fell by 1.10%, indicating a relative outperformance of 0.27 percentage points [18][34]. - Specific sectors such as international engineering (+2.58%) and chemical engineering (+1.78%) showed positive performance, while the housing construction sector experienced a decline of 1.08% [34]. Key Company Dynamics - The report tracks significant company performances, highlighting that China Chemical achieved a revenue of 189.5 billion yuan in 2025, a year-on-year increase of 1.97% [10]. - China Energy Engineering reported a revenue of 452.9 billion yuan in 2025, with a year-on-year growth of 3.71% [10]. - The report also notes the performance of individual stocks, with Ancar Detection rising by 12.9% and Guotai Group by 11.6% during the review period [34]. Investment Strategy - The report outlines three main investment lines for 2026: 1. Focus on state-owned enterprises that are key players in new infrastructure and are transitioning to emerging business lines, recommending companies like China Railway and China Construction [13][26]. 2. Target sectors benefiting from major engineering projects, including mining and civil explosives, with recommendations for companies like High-Quality Civil Explosives and China Railway Industry [26]. 3. Invest in commercial aerospace, embodied intelligence, and AI computing sectors, recommending companies such as Roman Co. and Honglu Steel Structure [29].

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。 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以 下 為 中 國 交 通 建 設 股 份 有 限 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 的《中 國 交 通 建 設 股份有限公司關於召開2025年 年 度 業 績 暨 現 金 分 紅 說 明 會 的 公 告》。 承董事會命 中國交通建設股份有限公司 劉正昶 俞京京 证券代码：601800 证券简称：中国交建 公告编号：临2026-014 中国交通建设股份有限公司 关于召开2025年年度业绩暨现金分红说明会的公告 中国交通建设股份有限公司（简称本公司或公司）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 ...

证券代码：601800 证券简称：中国交建 公告编号：临2026-014 会议召开方式：现场转播+网络直播+网络互动 投资者可以在2026年3月31日至4月1日16:00前登录上证路演中心网页点 击"提问预征集"栏目或通过互联网发送公司邮箱（ir@ccccltd.cn）进行提问， 公司将在说明会上就投资者普遍关注的问题进行回答。 公司将于2026年3月31日于上海交易所网站（www.sse.com.cn）、《中国证 券报》、《上海证券报》、《证券时报》和《证券日报》披露本公司2025年年度 报告。 中国交通建设股份有限公司 关于召开2025年年度业绩暨现金分红说明会的公告 中国交通建设股份有限公司（简称本公司或公司）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。 重要内容提示： 会议召开时间：2026年4月2日（星期四）上午10:00-11:30 为方便广大投资者更全面深入了解公司经营业绩及年度现金分红的具体情 况，公司定于2026年4月2日举行"2025年年度业绩暨现金分红说明会"，与投资 者进行交流，并对投资者普遍关注的 ...

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The performance of Yaxiang Integrated is accelerating, with significant growth in the semiconductor sector and potential for valuation improvement across the industry chain [3] - The report highlights the benefits of rising coking coal prices for Northern International and the need to reassess the value of computing power synergy for China Energy Construction and China Power Construction [5] Summary by Sections Yaxiang Integrated - Expected net profit growth for 2025 is projected at -30%, -35%, 40%, and 128% for Q1 to Q4 respectively, with a total of 7.1 billion yuan in new orders, representing a 97% year-on-year increase [4] - By the end of 2025, the backlog of orders is expected to reach 4.8 billion yuan, a 59% increase year-on-year, with foreign revenue anticipated to grow by 56%, accounting for 74% of total revenue [4] - The expected EPS for 2026 and 2027 is 7.10 and 8.94 yuan respectively, reflecting a growth of 70% and 26%, with a PE ratio of only 26 times for 2026 [4] China Energy Construction and China Power Construction - China Energy Construction is focusing on AI and energy power, actively participating in the construction of computing power hub centers across eight major nodes in the country, with over 76 million kilowatts of new energy indicators expected by mid-2025 [5] - China Power Construction is enhancing its foundational computing power and digital public service capabilities, with over 65% of large and medium-sized hydropower station construction in China and over 60% of wind and solar planning and construction tasks [5] Hydrogen Energy and Green Fuel - The report discusses the government's push for hydrogen energy and green fuel, with significant policy support and investment expected in the sector [13][23] - China Energy Construction has over 50 projects related to green hydrogen, ammonia, and sustainable aviation fuel, with significant production capacities planned for 2025 [14][25] - Huadian Technology is exploring integrated projects in renewable energy and hydrogen storage, with multiple contracts signed for green hydrogen and ammonia projects [15][26] Coal Chemical Industry - The report notes that the coal chemical industry is expected to fluctuate with oil prices, with companies like China Chemical and Donghua Technology making significant advancements in coal-to-chemical technologies [7] Overall Industry Trends - The report emphasizes the importance of computing power synergy and green energy initiatives as key growth areas for the industry, with substantial investments anticipated in these sectors [18][24]

Investment Rating - The report maintains an "Outperform" rating for the construction and decoration industry, indicating a positive outlook compared to the broader market [2]. Core Insights - The construction and decoration sector is currently experiencing a market adjustment, primarily due to geopolitical tensions in the Middle East and rising prices of raw materials, which have raised concerns about supply chain stability and corporate profitability. Investors are encouraged to identify certain opportunities within the sector based on three main investment themes [19][20]. - The report highlights that the issuance of special bonds has accelerated, with a cumulative net financing of 949.3 billion yuan as of March 20, 2026, which is higher than the same period in the past three years. This indicates a positive trend in funding for infrastructure projects [39]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - The construction and decoration index fell by 6.25%, while the overall A-share index decreased by 3.38%, indicating underperformance relative to the broader market. Notably, the landscaping engineering sector showed resilience with a gain of 4.29% [18]. - The report identifies three main investment themes: high dividend and low valuation stocks with a strong margin of safety, stocks benefiting from policy support during the 14th Five-Year Plan, and companies transitioning to new productivity sectors [19][20]. 2. Market Adjustment and Opportunities - The report suggests that investors should focus on high dividend, low valuation stocks with a high margin of safety, particularly among the eight major construction state-owned enterprises, which have a price-to-book (PB) ratio of 0.52x, placing them in the 4.69th percentile historically [20][23]. - Specific recommendations include companies like Sichuan Road and Bridge, China State Construction, and China Railway Construction, all of which have dividend yields above 3% [23][24]. 3. Policy Support and Sector Growth - The report emphasizes the strong policy support for infrastructure projects, particularly in regions like Xinjiang, where significant investments are being made in transportation and energy projects. For instance, a recent signing of investment projects in Xinjiang reached 170 billion yuan [25][26]. - The anticipated construction intensity in Xinjiang is expected to increase by 55% from 2022-2024 levels, with similar growth projected for Tibet and Sichuan [26][27]. 4. Company Dynamics - Key company updates include China State Construction reporting a total new contract value of 719.8 billion yuan for January-February 2026, reflecting a year-on-year growth of 0.9% [10]. - The report also notes that China Energy Engineering has raised 6.5 billion yuan through a private placement, indicating ongoing capital mobilization within the sector [10]. 5. Valuation and Market Trends - The report provides insights into the valuation of major construction companies, indicating that the current PB ratio is historically low, suggesting potential for recovery and growth in stock prices [20][21]. - The construction sector is expected to benefit from ongoing investments in new productivity sectors, with a focus on smart construction and emerging industries such as aerospace and biotechnology [37][38].