Core Insights - The article emphasizes the importance of respected enterprises in driving commercial civilization and social progress, highlighting their ability to withstand various temptations and maintain long-term stability [1] - The ongoing selection process for the "Respected Enterprises" for 2024-2025 aims to showcase how intelligent manufacturing serves as a core engine for high-quality development amidst the digital economy [1] - A total of 1,861 A-share listed companies have achieved continuous revenue growth over three years, representing 34.4% of all listed companies, indicating resilience in the face of economic downturns [1] Industry Distribution - Among the 1,861 companies with continuous revenue growth, the top six industries are: - Pharmaceutical and Biotechnology: 201 companies (11.8%) - Automotive: 147 companies (8.6%) - Machinery and Equipment: 143 companies (8.4%) - Power Equipment: 123 companies (7.2%) - Computer: 114 companies (6.6%) - Electronics: 111 companies (6.5%) [2] Top Companies Overview - **China Mobile**: Revenue increased from 937.3 billion CNY in 2022 to 1,009.3 billion CNY in 2023, and projected at 1,040.76 billion CNY in 2024, showing a 3.1% growth [3] - **BYD**: Revenue surged from 424.1 billion CNY in 2022 to 602.31 billion CNY in 2023, and expected to reach 777.1 billion CNY in 2024, marking a 29.02% increase [4] - **China Communications Construction**: Revenue rose from 720.3 billion CNY in 2022 to 758.68 billion CNY in 2023, with a forecast of 771.94 billion CNY in 2024, reflecting a 1.74% growth [5] - **China Power Construction**: Revenue grew from 571.6 billion CNY in 2022 to 609.84 billion CNY in 2023, projected at 633.69 billion CNY in 2024, a 4.15% increase [6] - **Bank of China**: Revenue increased from 619.1 billion CNY in 2022 to 622.89 billion CNY in 2023, with a forecast of 630.09 billion CNY in 2024, showing a 1.38% growth [7] - **Wuchan Zhongda**: Revenue rose from 576.55 billion CNY in 2022 to 580.16 billion CNY in 2023, expected to reach 599.52 billion CNY in 2024, marking a 3.34% increase [8] - **China Telecom**: Revenue increased from 475 billion CNY in 2022 to 513.6 billion CNY in 2023, projected at 523.57 billion CNY in 2024, reflecting a 3.1% growth [9] - **China Energy Engineering**: Revenue grew from 366.39 billion CNY in 2022 to 406.03 billion CNY in 2023, with a forecast of 436.71 billion CNY in 2024, marking a 7.56% increase [10] - **Midea Group**: Revenue increased from 345.7 billion CNY in 2022 to 373.71 billion CNY in 2023, projected at 407.15 billion CNY in 2024, reflecting a 9.44% growth [11] - **China Unicom**: Revenue rose from 354.94 billion CNY in 2022 to 372.6 billion CNY in 2023, expected to reach 389.59 billion CNY in 2024, marking a 4.6% increase [13]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國交通建設股份有限公司 呈交日期： 2025年9月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601800 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

格隆汇9月29日丨中国交通建设(01800.HK)公告，9月29日耗资1488.4万元回购A股股份171.5万股。 ...

Group 1 - The company, China Communications Construction Company (01800), announced a share buyback plan [1] - The total amount allocated for the buyback is 14.8843 million yuan [1] - The company plans to repurchase 1.7152 million A-shares [1]

中国交通建设(01800)发布公告，于2025年9月29日，该公司斥资1488.43万元回购171.52万股A股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國交通建設股份有限公司 呈交日期： 2025年9月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 601800 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

Investment Rating - The report maintains a "Recommended" rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a decline in prosperity, with fixed asset investment growth slowing down. In August, the construction PMI was 49.1, down 1.5 percentage points from the previous month, and the new orders index was 40.6%, down 2.1 percentage points [5][8] - The report highlights the establishment of the Xinjiang-Tibet Railway Company and the completion of the world's highest bridge, the Guizhou Huajiang Canyon Bridge, as significant developments in infrastructure [30][35] - The Ministry of Finance has issued guidelines to ensure the implementation and operation of existing PPP projects, which is expected to stabilize the construction sector [51][52] Summary by Sections 1. Construction Industry Prosperity - The construction industry's business activity index was 49.1 in August, indicating a decline in prosperity [7][8] - The new orders index for the construction industry was 40.6%, reflecting a decrease in demand [5][8] 2. Fixed Asset Investment Growth Slowing - From January to August, national fixed asset investment (excluding rural households) was 326,111 billion yuan, with a year-on-year growth of 0.5%, a decline of 1.1 percentage points compared to the previous month [19] - The investment in the secondary industry grew by 7.6%, while the tertiary industry saw a decline of 3.4% [19] 3. Infrastructure Investment Growth Decline and New Regulations for PPP - Broad infrastructure investment growth was 5.42%, down 1.95 percentage points, while narrow infrastructure investment growth was 2%, down 1.2 percentage points [30] - The establishment of the Xinjiang-Tibet Railway Company marks a significant step in advancing the project [44] - The Ministry of Finance's guidelines for existing PPP projects aim to enhance public service and operational efficiency [51][52] 4. Real Estate Investment and Sales Decline - From January to August, real estate development investment was 60,309 billion yuan, down 12.9% year-on-year, with the sales area of commercial housing decreasing by 4.7% [60] - The new construction area for residential buildings fell by 19.5%, indicating ongoing pressure in the real estate sector [61] 5. PPP Project Construction and Operation Assurance - The report emphasizes the large scale of existing PPP projects, with over 7 trillion yuan in investments expected [50] - The guidelines issued by the Ministry of Finance provide a framework for the construction and operation of these projects, ensuring their stability and efficiency [51][52]

Financial Performance - Revenue for the first half of 2025 was RMB 335.45 billion, a decrease of 5.8% compared to RMB 356.01 billion in 2024[4] - Gross profit decreased by 14.0% to RMB 35.77 billion from RMB 41.60 billion year-on-year[4] - Net profit attributable to shareholders was RMB 9.99 billion, down 16.9% from RMB 12.02 billion in the previous year[4] - The company reported a basic earnings per share of RMB 0.58, down 17.1% from RMB 0.70 in the previous year[4] - Operating profit decreased by 16.2% to RMB 17.208 billion, compared to RMB 20.527 billion in 2024, primarily due to the decline in gross profit[105] - The profit before tax for the six months ended June 30, 2025, was RMB 16.764 billion, a decrease of 11.6% compared to RMB 18.969 billion for the same period in 2024[111] - The income tax expense for the six months ended June 30, 2025, was RMB 3.461 billion, down 9.3% from RMB 3.814 billion in 2024[113] - The company reported a total of RMB 886.28 billion for signed but not yet started projects, and RMB 2,542.71 billion for ongoing unfinished projects[79] Contract and Project Management - New contract value reached RMB 991.05 billion, an increase of 3.1% compared to RMB 960.87 billion in 2024[6] - The company signed new contracts in emerging business areas amounting to RMB 320.26 billion, accounting for 32% of total new contracts[6] - The company signed new overseas contracts worth CNY 200.379 billion during the reporting period, representing a year-on-year growth of 2.2%[31] - The new contracts by project type include 30% for roads and bridges, 26% for building construction, 15% for railway construction, and 7% for port construction[31] - The company secured new contracts for urban construction projects amounting to CNY 506.76 billion, a year-on-year increase of 7.3%, making up 56% of the infrastructure construction business[51] - The company achieved a new contract value of 320.3 billion yuan in emerging business areas, a year-on-year decrease of 1.6%[34] - The company holds an unexecuted contract amount of CNY 3,428.988 billion as of June 30, 2025[40] Asset and Liability Management - The total assets increased by 8.6% to RMB 2,018.49 billion from RMB 1,858.27 billion at the end of 2024[4] - Total liabilities rose by 10.2% to RMB 1,531.86 billion from RMB 1,390.46 billion at the end of 2024[4] - The debt ratio, calculated as net debt divided by total capital, was 53.9% as of June 30, 2025, compared to 49.1% as of December 31, 2024[157] - The total borrowings as of June 30, 2025, were RMB 703.890 billion, an increase from RMB 586.323 billion as of December 31, 2024[156] Strategic Initiatives and Growth Areas - The company aims to enhance quality development and maintain a focus on strategic growth areas, including international expansion and innovation[7] - The company aims for over 30% revenue contribution from "strategic emerging industries" within the next two years[12] - The company plans to implement five major action initiatives to improve cash flow and control debt levels[9] - The company is actively expanding its urban construction business, targeting major cities and public infrastructure projects, with a focus on enhancing efficiency and management in the housing construction sector[22] - The company is advancing its green transformation strategy, focusing on green transportation, cities, energy, materials, and buildings, while enhancing its ecological and environmental protection capabilities[26] Research and Development - R&D expenditure amounted to 8.891 billion yuan, accounting for 2.7% of operating income[35] - The company has established 4 national-level R&D innovation platforms and has over 30,000 technology personnel[35] - The company has accumulated 37,175 authorized patents and participated in the formulation of 196 national standards and 572 industry standards[35] - The company is focusing on key areas such as offshore wind power, Beidou technology applications, and pipeline laying for strategic emerging industries[34] Risk Management - The company plans to enhance risk management and establish a comprehensive risk control framework[12] - The group has established risk management strategies to address internationalization risks, including compliance and investment risks in over 130 countries[165] - The group emphasizes "value investment" and strictly controls non-core investments to mitigate investment risks[166] Cash Flow and Financial Position - The net cash outflow from operating activities for the six months ended June 30, 2025, was RMB 77.301 billion, compared to RMB 74.161 billion in 2024[141] - The total cash and cash equivalents at the end of June 30, 2025, increased to RMB 136.024 billion from RMB 119.852 billion in 2024[141] - The net cash flow used in operating activities for 2025 was RMB (77,301) million, compared to RMB (74,161) million in 2024, indicating a decline in operational cash flow[193] - The cash flow generated from financing activities for 2025 was RMB 97,147 million, slightly down from RMB 99,205 million in 2024, showing a stable financing environment[194] Market Position and Competitive Advantage - The company has a strong competitive advantage with the world's largest fleet of engineering vessels and extensive operations in 139 countries and regions[18] - The company is recognized as the largest port construction enterprise in China, with limited competition in the market[46] - The company has the largest and most advanced dredging fleet in China, with 87 major dredging vessels, ranking first globally[56] Environmental and Social Responsibility - The company is committed to enhancing its corporate culture and ecological environment[13] - The company is actively involved in national strategic technology initiatives, aiming to strengthen its core technology supply[32] - The company is advancing ecological restoration projects, including winning bids for green mining projects in Hubei province[27]

Summary of China Communications Construction Company (CCCC) Conference Call Industry and Company Overview - **Company**: China Communications Construction Company (CCCC) - **Industry**: Infrastructure and Engineering Key Points and Arguments 1. **Strong Performance in Canal Engineering**: CCCC has shown outstanding performance in canal engineering, deeply involved in the construction of the Pinglu Canal, expected to be operational by 2026. The company is also actively participating in several other inland waterway projects, which are anticipated to drive continuous business growth [2][3][19][20]. 2. **Infrastructure Demand in Western Regions**: The demand for infrastructure in western China is robust, with major projects like the Yarlung Tsangpo Hydropower Project and the New Tibet Railway commencing. The total investment for these projects is substantial, and CCCC is expected to benefit significantly due to its technical and scale advantages in railway and hydropower engineering [2][4][5][21]. 3. **Strong Overseas Market Demand**: CCCC, as Asia's largest international engineering contractor, has seen its overseas business revenue and new contract signing growth rates surpass domestic figures. From January to July 2025, the cumulative new contracts signed showed a healthy growth trend, indicating that the overseas market is a crucial growth driver for the company [2][6][22][23]. 4. **Strategic Development Plan**: CCCC has introduced the "Five Full, Four Big, Five Actions" strategy, which encompasses comprehensive transportation, urban development, waterway management, green initiatives, and digital transformation. This strategy aims to provide integrated services from investment to operational management, promoting all-around business development [2][7][9]. 5. **Concentrated Shareholding Structure**: As of September 2, 2025, China Communications Group holds 59.52% of CCCC's shares, indicating a highly concentrated shareholding structure. The Group has announced an H-share buyback plan, and CCCC has initiated an A-share repurchase plan, reflecting management's strong confidence in the company's value and stability [2][8]. 6. **Financial Performance and Future Expectations**: CCCC has maintained steady growth since its restructuring in 2006. In 2024, the total new contracts signed reached 11.88 trillion yuan, a year-on-year increase of 7.3%. For the first half of 2025, the new contracts totaled 991 billion yuan, up 3.1% year-on-year, with an annual growth target of no less than 7.1% [10][11][24]. 7. **Challenges in the Construction Industry**: The construction industry faces challenges due to a decline in overall demand, attributed to demographic shifts and market capacity shrinkage. The industry has seen a slowdown in growth rates, with new contract amounts decreasing in recent years [17][18]. 8. **Improvement in Competitive Landscape**: The competitive landscape in the construction industry is expected to improve gradually, particularly with potential mergers and acquisitions among large state-owned enterprises. Recent government policies aimed at supporting PPP projects are anticipated to enhance project quality and financial performance [18]. 9. **Cash Flow and Dividend Policy**: CCCC has maintained a healthy operating cash flow, with cash inflows increasing from 12 billion yuan in 2023 to 12.5 billion yuan in 2024. The company has a dividend policy that ensures a minimum payout ratio of 20%, with plans for regular cash dividends [29]. 10. **Asset and Liability Management**: CCCC's asset-liability ratio has increased but remains lower than that of other major state-owned enterprises. The company aims to keep its asset-liability ratio below 75% while leveraging its international growth and capital management strategies [30]. Other Important but Potentially Overlooked Content - **Significant Investment in Canal Projects**: The investment in canal projects is projected to reach approximately 7 trillion yuan, indicating a strong focus on waterway infrastructure [20]. - **Technological and Operational Advantages**: CCCC's advanced dredging fleet and expertise in tunnel construction position it favorably in the market, particularly in the context of ongoing and future projects [12][14]. - **International Expansion through Acquisitions**: CCCC has enhanced its international presence through strategic acquisitions, significantly boosting its global competitiveness [13][14].

本报讯 （记者贺王娟）9月23日，中国交通建设集团有限公司（以下简称"中交集团"）上市公司举办"新质生产力赋能高质 量发展"集体反向路演活动。中交集团所属多家上市公司围绕新质生产力在超级工程中的实践与全产业链协同成果进行，与中 信证券、广发证券、中金公司、申万宏源等证券研究机构的分析师和投资者进行现场交流。 机构代表结合实地见闻踊跃发言，从技术突破、产业价值、行业引领等多维度给予积极评价和建议。对于未来发展，机构 代表们形成共识，中交集团在深地工程、智能装备、绿色环保等领域的技术储备将加速转化为市场竞争力。短期来看，超级工 程中的技术突破将快速复制到铁路、跨海通道等同类项目，提升行业建设效率与品质；长期而言，全产业链协同创新模式将推 动基建行业从"规模扩张"向"质量效益"转型，为交通强国建设与共建"一带一路"高质量发展提供更坚实的支撑。 当前，中交集团正按照"三个六"战略框架，全面开启高质量发展新征程，围绕建设"五全四大五型"新中交，持续强化科技 创新，加速培育新质生产力。此次反向路演让资本市场看到，新质生产力正在为基建行业注入全新动能，中交集团的实践探 索，正为行业高质量发展勾勒出可复制、可推广的清晰路径。 ...