（在中華人民共和國註冊成立的股份有限公司） （股份代號：3996） 海外監管公告 本公告乃由中國能源建設股份有限公司（「本公司」）根據香港聯合交易所有限公司證券上 市規則第13.10B條作出。 茲載列本公司於上海證券交易所網站刊發的《中國能源建設股份有限公司關於召開2025年 半年度業績說明會的公告》，僅供參閱。 承董事會命 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。 CHINA ENERGY ENGINEERING CORPORATION LIMITED* 中國能源建設股份有限公司 副董事長 倪真 中國，北京 2025年9月4日 於本公告日期，本公司執行董事為倪真先生；非執行董事為劉學詩先生及司欣波先生； 及獨立非執行董事為程念高先生、魏偉峰博士、牛向春女士及裴振江先生。 * 僅供識別 A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-048 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 关于 ...

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-048 H 股代码:03996 H 股简称:中国能源建设 重要内容提示： 投资者可于 2025 年 9 月 9 日（星期二）至 9 月 15 日（星 期一）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏 目 或 2025 年 9 月 12 日 （ 星 期 五 ） 前 通 过 公 司 邮 箱 zgnj3996@ceec.net.cn 进行提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 中国能源建设股份有限公司（以下简称公司）已于 2025 年 8 月 29 日发布公司 2025 年半年度报告，为便于广大投资者更全 面深入地了解公司 2025 年半年度经营成果、财务状况，公司计 划于 2025 年 9 月 16 日（星期二）10:00-11:00 举行 2025 年半 年度业绩说明会，就投资者关心的问题进行交流。 会议召开时间：2025 年 9 月 16 日（星期二）10:00-11:00 会议召开地点： 上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互 ...

Market Overview - On September 4, the infrastructure sector declined by 0.55% compared to the previous trading day, with Hui Lv Ecology leading the decline [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the infrastructure sector included: - *ST Zhengping: Closed at 2.92, up 5.04% with a trading volume of 432,500 shares and a turnover of 122 million yuan [1] - Jiaojian Co.: Closed at 11.20, up 3.04% with a trading volume of 359,700 shares and a turnover of 401 million yuan [1] - Major decliners included: - Hui Lv Ecology: Closed at 13.39, down 9.83% with a trading volume of 511,900 shares and a turnover of 727 million yuan [2] - Chengbang Co.: Closed at 9.37, down 5.35% with a trading volume of 290,700 shares and a turnover of 275 million yuan [2] Capital Flow - The infrastructure sector experienced a net outflow of 128 million yuan from institutional investors and 112 million yuan from speculative funds, while retail investors saw a net inflow of 239 million yuan [2] - Key stocks with significant capital flow included: - China Power Construction: Net inflow of 67.33 million yuan from institutional investors [3] - Hongrun Construction: Net inflow of 60.87 million yuan from institutional investors [3]

Group 1 - The core point of the news is that China Energy Construction Group Hunan Electric Power Design Institute Co., Ltd. has been suspended from participating in military procurement activities due to alleged bid-rigging in a military procurement project [1][2] - The suspension is effective from September 3, 2025, and applies to all material, engineering, and service procurement activities within the military [1][2] - The decision was made by the Management and Support Department of the National Defense Science and Technology University, reflecting strict enforcement of procurement discipline within the military [1][2] Group 2 - The company involved, China Energy Construction Group Hunan Electric Power Design Institute Co., Ltd., was established in 1958 and is a subsidiary of China Energy Construction Group [2] - The company has a registered capital of 880.88 million yuan and holds eight first-class qualifications in various sectors, including power, chemical, construction, and municipal engineering [2] - Its main business areas include ultra-high voltage power grids, smart grids, nuclear power, large thermal power generation, renewable energy, energy storage, and various engineering consulting services [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國能源建設股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03996 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,262,436,000 | RMB | | | 1 RMB | | 9,262,436,000 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 9,262,436,000 | RMB | | | 1 RMB | | 9,262,436,000 | | 2. 股 ...

Group 1 - The Zhongnengjian Songyuan Hydrogen Energy Industrial Park in Songyuan City, Jilin Province, is the largest integrated green hydrogen and ammonia project globally, with a total investment of 29.6 billion yuan [1] - The project is a key engine for Jilin Province's "Northern Hydrogen Valley" strategy, with plans for 3 million kilowatts of new energy generation and an annual production of 800,000 tons of green synthetic ammonia and green methanol [1] - The first phase of the project has a total investment of 6.946 billion yuan, aiming to build 800,000 kilowatts of new energy generation and annual production of 200,000 tons of green synthetic ammonia and green methanol, expected to be operational in the second half of 2025 [1] Group 2 - The project employs a "new energy power supply directly to chemical production" model, utilizing technologies such as precise matching of source, grid, load, and storage, new energy direct supply, and flexible ammonia synthesis [3] - The collaboration between China Energy Construction and Peking University to establish a hydrogen energy technology joint research and development center aims to promote the practical application of related technologies [3] - The project is expected to generate an annual output value of 1 billion yuan (including wind power) and create 300 new jobs locally after the first phase is completed [3]

Market Overview - On September 2, the infrastructure sector declined by 0.47% compared to the previous trading day, with Garden Holdings leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Individual Stock Performance - The top gainers in the infrastructure sector included: - China Communications Construction Co., Ltd. (交建股份) with a closing price of 11.02, up 9.98% on a trading volume of 411,900 shares and a turnover of 438 million yuan [1] - Pubang Co., Ltd. (普邦股份) with a closing price of 2.00, up 3.09% on a trading volume of 1,114,200 shares and a turnover of 224 million yuan [1] - The top decliners included: - Garden Holdings (园林股份) with a closing price of 16.72, down 6.85% on a trading volume of 199,400 shares and a turnover of 338 million yuan [2] - Pudong Construction (浦东建设) with a closing price of 8.64, down 6.49% on a trading volume of 751,400 shares and a turnover of 647 million yuan [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 797 million yuan from institutional investors, while retail investors saw a net inflow of 519 million yuan [2] - Notable capital flows for specific stocks included: - Hongrun Construction (宏润建设) with a net inflow of 77.82 million yuan from institutional investors, but a net outflow of 97.77 million yuan from retail investors [3] - China Communications Construction Co., Ltd. (交建股份) had a net inflow of 57.48 million yuan from institutional investors, with both retail and speculative investors showing net outflows [3]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Group 1 - The core viewpoint of the articles highlights the strengthening of cooperation between China Energy Engineering Group (China Energy) and Azerbaijan in various sectors, particularly in renewable energy and infrastructure development [1][3][4] - Azerbaijan's President Aliyev praised China Energy's contributions to the country's green and sustainable development, emphasizing the importance of the strategic partnership between the two nations [3] - China Energy expressed gratitude for the support received from the Azerbaijani government and outlined the alignment of its strategic development direction with Azerbaijan's national development plans [4] Group 2 - The discussions focused on enhancing collaboration in areas such as electricity planning, grid upgrades, renewable energy investment, and comprehensive water resource utilization [1][3] - Azerbaijan is accelerating its transition to renewable energy and aims to strengthen energy interconnectivity with neighboring countries, positioning itself as a key player in the "green energy corridor" connecting Central Asia and Eastern Europe [3] - China Energy aims to leverage its integrated advantages across the entire industry chain to implement key projects in Azerbaijan, contributing to the country's green and low-carbon energy transformation [4]