Financial Performance - Operating revenue for the quarter was RMB 100,370,574 thousand, representing a 3.05% increase year-on-year[14] - Net profit attributable to shareholders increased by 8.83% to RMB 1,611,677 thousand compared to the same period last year[14] - Basic earnings per share rose by 8.82% to RMB 0.037 compared to the same period last year[14] - Total operating revenue for Q1 2025 reached RMB 100,370,574, an increase of 2.0% compared to RMB 97,403,938 in Q1 2024[37] - Net profit for Q1 2025 was RMB 2,613,766, representing a 11.2% increase from RMB 2,349,778 in Q1 2024[38] - Earnings per share for Q1 2025 were RMB 0.037, compared to RMB 0.034 in Q1 2024, indicating a growth of 8.8%[39] - Total operating costs for Q1 2025 were RMB 97,312,784, up from RMB 94,409,058 in Q1 2024, reflecting a 3.1% increase[37] Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -14,509,148 thousand, an improvement from RMB -16,193,463 thousand in the previous year[14] - Cash flow from operating activities in Q1 2025 was RMB 107,214,039, an increase from RMB 92,156,931 in Q1 2024, marking a growth of 16.4%[40] - Cash and cash equivalents at the end of Q1 2025 totaled 78,966,477 thousand RMB, up from 56,010,736 thousand RMB at the end of Q1 2024, reflecting an increase of approximately 41%[42] - The net increase in cash and cash equivalents for Q1 2025 was -3,134,998 thousand RMB, an improvement from -12,125,283 thousand RMB in Q1 2024, showing better cash management[42] - The company received cash from financing activities totaling 45,956,478 thousand RMB in Q1 2025, slightly down from 46,755,828 thousand RMB in Q1 2024[42] Assets and Liabilities - Total assets increased by 4.09% to RMB 904,580,015 thousand compared to the end of the previous year[13] - Total current assets amounted to RMB 474.66 billion, an increase from RMB 447.30 billion as of December 31, 2024[31] - The total non-current assets as of March 31, 2025, reached RMB 429.92 billion, compared to RMB 421.70 billion on December 31, 2024[32] - Current liabilities increased to RMB 458.91 billion as of March 31, 2025, up from RMB 437.23 billion as of December 31, 2024[33] - Total liabilities as of March 31, 2025, amounted to RMB 696,366,243, up from RMB 663,175,697 as of December 31, 2024, reflecting a 5.0% increase[34] - Total equity as of March 31, 2025, was RMB 208,213,772, compared to RMB 205,829,079 as of December 31, 2024, showing a slight increase of 0.2%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 343,692[19] - The largest shareholder, China Energy Construction Group Co., Ltd., holds 45.05% of the shares[19] - As of April 2025, the controlling shareholder, China Energy Construction Group, holds 18,847,137,078 shares, accounting for 45.21% of the total share capital[21] Contracts and Projects - In Q1 2025, the company achieved new contract signing amount, operating revenue, and net profit attributable to shareholders of RMB 388.896 billion, RMB 100.371 billion, and RMB 1.612 billion, respectively, representing year-on-year growth of 5.75%, 3.05%, and 8.83%[22] - The company signed new domestic contracts worth RMB 287.455 billion in Q1 2025, a year-on-year increase of 4.18%, and secured 2.06 million kW in new energy development indicators[23] - The company’s overseas new contract signing amount reached RMB 101.441 billion, with a year-on-year growth of 10.47%, and new energy and integrated smart energy projects saw a 53.7% increase in contracts signed[23] - The company has developed the world's first 300 MW compressed air energy storage demonstration project, which has entered stable commercial operation, marking a significant breakthrough in new energy technology[24] - The company has signed contracts for over 30 compressed air energy storage sites, with key projects in Shandong and Shaanxi under accelerated construction[24] Research and Development - Research and development expenses for Q1 2025 were RMB 2,128,220, up from RMB 1,614,792 in Q1 2024, indicating a significant increase of 31.7%[37] - The company’s new technology projects, including green building materials and integrated solar energy, are progressing rapidly and are expected to enhance operational efficiency[24] Strategic Initiatives - The hydrogen energy business is expanding, with over 50 projects in key regions both domestically and internationally, focusing on a full-chain industry model from production to utilization[25] - The company is actively promoting AI initiatives, focusing on integrating AI with energy and industry sectors, and has outlined a comprehensive action plan for AI development[25] - The company is focusing on project management and has implemented a series of measures to enhance operational efficiency and risk control[27] - The company is actively expanding its regional computing hub construction across several key locations, including Gansu, Ningxia, and Anhui[26] Financial Instruments - The company successfully issued the first phase of technology innovation corporate bonds for 2025, with a scale of RMB 2 billion, a 10-year term, and a coupon rate of 2.33%, setting a new low for long-term bond rates[27] Other Information - The company has not reported any new products or technologies in the current earnings call[50] - There are no updates on market expansion or mergers and acquisitions mentioned in the earnings call[50] - The company is set to implement new accounting standards starting in 2025, which may affect financial reporting[53]

Core Viewpoint - The Beijing land market has shown significant activity and growth during the "golden March and silver April" period, with a notable increase in land transaction value and a shift towards innovative community planning standards under the "good housing" policy [1][10]. Group 1: Land Market Activity - The successful auction of the last land parcel in April marked a strong conclusion to the land market activity, with a total transaction value of approximately 235.86 billion yuan, representing a year-on-year increase of 176.34% [1][10]. - The land parcel in Tongzhou was acquired by China Railway Construction for 775.52 million yuan, with a premium rate of 21.94%, after 215 rounds of bidding [2][3]. Group 2: Policy Impact - The "good housing" policy has relaxed standards for new residential buildings, allowing for increased efficiency in land use and encouraging developers to create more attractive housing products [4][8]. - The promotion of an open street block system aims to enhance community interaction and optimize urban space, aligning with modern residential needs [5][6]. Group 3: Developer Behavior - Developers are increasingly eager to acquire land in prime areas, driven by the potential for high profit margins and short development cycles, particularly in light of the favorable market conditions [9][11]. - The competitive bidding environment reflects a shift in buyer preferences from merely having housing to seeking quality living spaces, further motivating developers to enhance their offerings [8][9]. Group 4: Future Outlook - The land market is expected to continue its upward trend, supported by improved cash flow for developers and a more favorable financing environment, which collectively enhance the attractiveness of land investments [11][12]. - The focus on high-quality land parcels that meet specific market criteria is likely to remain a key strategy for developers in the evolving Beijing real estate landscape [11].

Financial Performance - The company reported a basic earnings per share of 0.0370 yuan for Q1 2025, an increase of 8.82% compared to 0.0340 yuan in Q1 2024 and up from 0.0250 yuan in Q1 2023 [1] - The total revenue for Q1 2025 was 100.37 billion yuan, reflecting a growth of 3.05% from 97.40 billion yuan in Q1 2024 and an increase from 88.52 billion yuan in Q1 2023 [1] - Net profit for Q1 2025 reached 1.612 billion yuan, which is an 8.85% increase from 1.481 billion yuan in Q1 2024 and significantly higher than 1.124 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 1.43% in Q1 2025, up from 1.37% in Q1 2024 and 1.12% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 3,156,322.39 million shares, accounting for 75.72% of the circulating shares, with a decrease of 45.65 million shares compared to the previous period [1] - China Energy Engineering Group Co., Ltd. is the largest shareholder, holding 1,878,164.15 million shares, which represents 45.05% of the total share capital, with an increase of 71.19 million shares [2] - HKSCC Nominees Limited holds 843,801.36 million shares, accounting for 20.24% of the total, with a slight decrease of 0.62 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Market Performance - The controllable nuclear fusion concept sector declined by 0.87%, ranking among the top losers in the concept sector, with *ST Lihang hitting the limit down [1] - Among the stocks in this sector, 27 stocks saw price increases, with Xinhongye, Yingliu Co., and HuoDuan Intelligent leading the gains at 6.83%, 3.70%, and 3.20% respectively [1] Capital Flow - The controllable nuclear fusion concept sector experienced a net outflow of 277 million yuan, with 35 stocks seeing net outflows, and 16 stocks with outflows exceeding 10 million yuan [1] - The stock with the highest net outflow was XueRen Co., with a net outflow of 47.1 million yuan, followed by LanShi Heavy Industry, China Energy Construction, and China Nuclear Power with net outflows of 40.3 million yuan, 36.3 million yuan, and 32.4 million yuan respectively [1] Top Gainers and Losers - The top gainers in the controllable nuclear fusion concept sector included Shanghai Electric, HaiLu Heavy Industry, and Yingliu Co., with net inflows of 50.2 million yuan, 31.7 million yuan, and 28.6 million yuan respectively [1][3] - The top losers included XueRen Co. (-3.24%), LanShi Heavy Industry (-5.64%), and China Energy Construction (-0.45%) [2][3]

Overview - Water conservancy is a crucial foundation for national economic and social development, directly related to flood safety, water supply safety, food security, economic security, ecological security, and national security [1][10] - In 2023, the number of ongoing water conservancy construction projects in China reached 41,014, a year-on-year increase of 0.82% [10] - The investment scale of ongoing projects reached 54,797 billion yuan, a year-on-year increase of 26.81% [10] - The completed investment in water conservancy construction projects amounted to 9,089 billion yuan, a year-on-year increase of 7.03% [10] Market Policies - The Chinese government has issued several policies to support water conservancy infrastructure construction, including guidelines for financial support, water resource conservation, and the promotion of contract water-saving management [5][7] - Policies aim to enhance the construction of major water conservancy projects, rural water facilities, and water-saving renovations, providing clear direction for the development of the water conservancy construction industry [5] Industry Chain - The upstream of the water conservancy construction industry includes suppliers of building materials such as cement, steel, and sand, as well as suppliers of hydropower equipment [8] - The midstream consists of water conservancy construction enterprises involved in surveying, design, consulting, supervision, and construction [8] - The downstream includes government departments, urban investment companies, and port enterprises, with government playing a leading role in planning, approval, and regulation [8] Competitive Landscape - As of March 2025, there are 304 construction enterprises with a level one or above qualification in water conservancy, including 36 enterprises with special qualifications [12][14] - Major companies include China Power Construction Group, China Railway Eighth Group, and China Water Resources and Hydropower Third Engineering Bureau, which have strong financial strength and project management experience [12][13] Development Trends - The importance of ecological protection in water conservancy projects is increasing, with a focus on ensuring harmony between water projects and the natural environment [24] - Investment in water conservancy projects in central and western regions is expected to increase, driven by national strategies such as the Western Development and Rural Revitalization [24] - Chinese water conservancy construction enterprises are likely to expand their international market presence through technology exports and engineering contracts under the Belt and Road Initiative [24]

Group 1 - The State Intellectual Property Office of China shows that China Energy Construction Co., Ltd., China Energy Construction Group Jiangsu Electric Power Design Institute Co., Ltd., and China Power Engineering Consulting Group Co., Ltd. have applied for a patent titled "A Composite Offshore Floating Solar Photovoltaic Device," with publication number CN119796425A, and application date of February 2025 [1] - The patent involves offshore photovoltaic power generation technology, specifically a composite offshore floating solar photovoltaic device that includes multiple floating photovoltaic modules connected by cables to form array modules, enhancing stability [1] - The floating photovoltaic modules are anchored using chains and pile-based anchor blocks for buffered mooring, with the design aimed at improving structural stability and power generation efficiency by allowing the photovoltaic components to absorb both direct sunlight and reflected light from the sea [1] Group 2 - China Energy Construction Co., Ltd. was established in 2014, located in Beijing, with a registered capital of 30,020.396364 million RMB, and has invested in 44 companies and participated in 5,000 bidding projects [2] - China Energy Construction Group Jiangsu Electric Power Design Institute Co., Ltd. was founded in 1990, located in Nanjing, with a registered capital of 6,000 million RMB, having invested in 22 companies and participated in 3,866 bidding projects [2] - China Power Engineering Consulting Group Co., Ltd. was established in 2003, located in Beijing, with a registered capital of 2,097.3702 million RMB, having invested in 109 companies and participated in 1,039 bidding projects [2]

Core Viewpoint - The forum focused on international cooperation in renewable energy, frontier technology integration, and green finance innovation, emphasizing sustainable development paths and practical cooperation opportunities in the global carbon neutrality process [1][2]. Group 1: Forum Highlights - The second session of the International Financial and Frontier Technology Forum was held in Paris, gathering nearly a hundred representatives from energy companies, financial institutions, and observer organizations from China and France [1]. - The theme of the forum was "Dual Carbon Towards New, Wisdom Born," highlighting the importance of collaboration in the renewable energy sector [1]. - The chairman of the New Energy International Investment Alliance proposed three initiatives: enhancing Sino-European technology cooperation, optimizing international industrial division, and deepening financial empowerment through green bonds and carbon finance [1]. Group 2: Industry Insights - According to the International Energy Agency, the global renewable energy generation capacity is expected to reach 700 GW in 2024, marking the 22nd consecutive year of record growth [2]. - China's renewable energy capacity has surpassed that of thermal power for the first time, indicating a significant shift in the global energy landscape [2]. - The president of Schneider Electric emphasized that renewable energy is crucial for addressing both climate change and energy crises, and the company aims to explore more collaboration opportunities in renewable projects [2]. Group 3: Strategic Recommendations - The president of AA&W Strategic Consulting Group highlighted China's complete renewable energy industry chain and advanced technology as essential for France and Europe in their green transition [3]. - Recommendations included Chinese companies participating in strategic investments in offshore wind and energy storage projects in France, and promoting smart grid technology sharing [3]. - The potential for Sino-French energy cooperation was emphasized, particularly in hydrogen technology and joint solar projects in Africa [3]. Group 4: Alliance Overview - The New Energy International Investment Alliance, established in 2018, integrates leading companies in wind, solar, and energy storage, aiming to create an international cooperation platform for renewable energy [4]. - Since its inception, the alliance has incubated projects totaling 20 GW and has actively supported the Belt and Road Initiative, promoting Chinese solutions, technologies, and equipment globally [4].

Group 1: Major Announcements - China Energy Engineering Corporation's subsidiary won an EPC project worth approximately 5.118 billion yuan for the construction of a thermal power project [1] - Aladdin plans to invest 41.17 million yuan to acquire a 25% stake in Yamei Biological, a company focused on life science research tools [3] - ST Mingcheng intends to sell a 45% stake in its subsidiary, Time Media, which will positively impact the company's capital efficiency [4] - Chengdi Xiangjiang's subsidiary is a candidate for a 1.632 billion yuan EPC project with China Mobile [5] - YTO Express's controlling shareholder plans to increase its stake in the company by 100 million to 200 million yuan [6] Group 2: Financial Performance - Baofeng Energy reported a net profit of 2.437 billion yuan for Q1 2025, a year-on-year increase of 71.49% [7] - Chunzhong Technology's net profit for 2024 is expected to grow by 390.75%, with a proposed cash dividend of 2.5 yuan per 10 shares [8] - Ruixin Microelectronics anticipates a net profit increase of 341.01% for 2024, proposing a cash dividend of 6.5 yuan per 10 shares [9] - Hunan Gold's Q1 2025 net profit increased by 104.63% to 332 million yuan [14] - Zhejiang Shibao's Q1 2025 net profit grew by 123.77% to 48.735 million yuan [15] - ZTE Corporation reported a net profit decline of 10.5% for Q1 2025, totaling 2.453 billion yuan [16] Group 3: Shareholder Actions - Double Tower Foods plans to repurchase shares worth 200 million to 300 million yuan for employee stock ownership plans [11] - BYD announced a profit distribution plan involving a cash dividend of 39.74 yuan per 10 shares and a stock dividend of 8 shares for every 10 shares held [12] - Yuanxin Industrial expects a net profit increase of 164.1% for 2024, proposing a cash dividend of 3 yuan per 10 shares [17]

A 股代码：601868 A 股简称：中国能建 编号：临 2025-026 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董事会 重大工程中标公告 本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 完整性承担法律责任。 近日，中国能源建设股份有限公司所属子公司中国电力 工程顾问集团东北电力设计院有限公司（联合体牵头人）与 中国能源建设集团天津电力建设有限公司组成联合体，中标 威海热电2×66万千瓦热电联产项目工程总承包（EPC)项目， 中标金额约为51.18亿元人民币。项目建设内容包括新建2× 660MW超超临界燃煤发电机组，以及高效除尘、烟气脱硫、 脱硝装置等。总工期约为26个月。 目前相关方尚未正式签署合同，上述项目仍存在不确定 性，敬请投资者注意投资风险。 特此公告。 中国能源建设股份有限公司 2025 年 4 月 23 日 ...

中国能建（601868）公告，近日，公司所属子公司中国电力工程顾问集团东北电力设计院有限公司(联 合体牵头人)与中国能源建设集团天津电力建设有限公司组成联合体，中标威海热电2×66万千瓦热电联 产项目工程总承包(EPC)项目，中标金额约为51.18亿元人民币。项目建设内容包括新建2×660MW超超 临界燃煤发电机组，以及高效除尘、烟气脱硫、脱硝装置等。总工期约为26个月。目前相关方尚未正式 签署合同，上述项目仍存在不确定性。 ...