本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 148 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 778,928,689 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 68.75 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会表决方式符合《公司法》及《公司章程》的规定，本次股东大会 由董事长刘载望先生主持。 证券代码：601886 证券简称：江河集团 公告编号：2024-038 江河创建集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 重要内容提示： (五) 公司董事、监事和董事会秘书的出席情况 1、公司在任董事 9 人，出席 9 人； 2、公司在任监事 3 人，出席 3 人； 3、董事会秘书刘飞宇先生出席本次会议；公司部分高级管理人员列席本次会议。 二、 议案审议情况 (一) 股东大会 ...

%% %% 丨证券研究报告丨 联合研究丨公司点评丨江河集团（601886.SH） [Table_Title] 现金流持续健康，中期分红提升信心 | --- | --- | --- | |-------------------------------------------------------------------|---------------------------------------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司上半年实现营业收入 99.20 亿元，同比增长 | 12.10% ；归属净利润 3.22 亿元，同比增长 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 张智杰 袁志芃 SAC：S0490514040001 SFC：BQK482 | --- | |----------------| | | | | | 张弛 | | S0490520080022 | | | | BUT917 | SAC：S0490522030001 SAC：S0490522060005 请阅读最后评级说明和重要声明 ...

江河集团（601886） /机械设备 证券研究报告/公司点评 2024 年 9 月 2 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Outperform" and is maintained [1] Core Views - The company achieved revenue of RMB 9.92 billion in H1 2024, a YoY increase of 12.10%, with net profit attributable to shareholders of RMB 322 million, up 10.23% YoY [5] - In H1 2024, the company secured new construction decoration orders totaling RMB 12.884 billion, maintaining its leading position in the industry [5] - The company's overseas revenue grew significantly, with a 23.61% YoY increase in overseas markets, driven by expansion in the Middle East, Australia, and the Americas [5][6] - The company's BIPV (Building Integrated Photovoltaics) business saw rapid growth, with revenue from photovoltaic construction projects reaching RMB 314 million, a 124% YoY increase [6] - The company's gross margin improved by 0.65 pct to 15.63% in H1 2024, while the net margin increased slightly by 0.02 pct to 3.92% [6] Financial Performance and Forecast - The company's revenue is expected to grow by 10.6% YoY in 2024E, reaching RMB 23.175 billion, with net profit projected to increase by 10.0% YoY to RMB 739 million [7] - The company's EPS is forecasted to be RMB 0.65 in 2024E, increasing to RMB 0.72 in 2025E [7] - The company's ROE (Return on Equity) is expected to rise from 9.5% in 2023 to 9.6% in 2024E, with further growth to 9.7% in 2025E [7] - The company's operating cash flow improved significantly in Q2 2024, with a net inflow of RMB 516 million, a YoY increase of RMB 717 million [6] Industry and Market Position - The company remains the leader in the construction decoration industry, with new orders in H1 2024 totaling RMB 12.884 billion, a 14.22% YoY increase [5] - The company's BIPV business is gaining market recognition, with external orders for photovoltaic components increasing, indicating strong growth potential in the green building sector [6] - The company's overseas business is expanding, with a focus on the Middle East, Australia, and the Americas, contributing to a 23.61% YoY increase in overseas revenue [5][6] Valuation and Target Price - The company's fair value is estimated to be in the range of RMB 6.52-7.82, based on a 2024E PE ratio of 10-12x [6] - The company's current PE ratio is 7.52x for 2023, expected to decrease to 6.84x in 2024E and further to 6.21x in 2025E [9] - The company's PB ratio is 0.71x for 2023, projected to decline to 0.66x in 2024E and 0.60x in 2025E [9]

股票代码：601886 股票简称：江河集团 公告编号：临2024-032 江河创建集团股份有限公司 第六届监事会第十四次会议决议公告 一、通过《2024 年半年度报告全文及摘要》。 表决情况：3 票同意，0 票反对，0 票弃权。 监事会对公司 2024 年半年度报告全文及摘要发表如下书面审核意见：经审 核，监事会认为公司 2024 年半年度报告全文及摘要的编制和审核程序符合法律、 法规、公司章程和公司内部管理制度的各项规定，报告内容真实、准确、完整地 反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、通过《2024 年中期利润分配方案》。 表决情况：3 票同意，0 票反对，0 票弃权。 监事会认为：本次利润分配方案符合有关法律法规和《公司章程》的相关规 定，利润分配方案充分考虑了公司 2024 年半年度经营状况、日常生产经营需要 以及公司可持续发展等因素，符合公司及全体股东的利益。 该议案须提交 2024 年第二次临时股东大会审议。 特此公告。 江河创建集团股份有限公司 本公司及监事会全体成员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、准确和完整承担个别 ...

Dividend Distribution - The company plans to distribute a cash dividend of 1.5 yuan (including tax) for every 10 shares based on a total share capital of 1,133,002,060 shares[2]. - The company has maintained a cumulative cash dividend of ¥25.15 billion since its listing, with an average dividend payout ratio of approximately 51%[46]. - The company plans to distribute dividends of 1.5 yuan per 10 shares, indicating a commitment to returning value to shareholders[65]. Financial Performance - The company's operating revenue for the first half of 2024 reached ¥9,920,111,546, representing a 12.10% increase compared to ¥8,849,058,547.57 in the same period last year[13]. - Net profit attributable to shareholders of the listed company was ¥322,474,294.42, up 10.23% from ¥292,548,747.75 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was ¥275,421,948.47, reflecting a 5.93% increase from ¥260,003,344.56 year-on-year[13]. - The basic earnings per share for the first half of 2024 was ¥0.28, a 7.69% increase from ¥0.26 in the same period last year[14]. - The diluted earnings per share also stood at ¥0.28, consistent with the basic earnings per share increase of 7.69%[14]. - The net profit for the first half of 2024 is CNY 389,106,766.63, an increase of 12.8% compared to CNY 345,012,202.07 in the same period of 2023[94]. - The total profit for the first half of 2024 is CNY 483,528,646.87, up from CNY 405,088,082.82, reflecting a growth of 19.4% year-over-year[94]. Cash Flow and Assets - The net cash flow from operating activities improved to -¥451,980,329.86, compared to -¥1,251,007,446.87 in the previous year, indicating a significant reduction in cash outflow[13]. - The company reported a significant increase in operating cash flow, with a net cash flow from operating activities of -452 million yuan, an improvement of nearly 800 million yuan compared to the same period last year[38]. - The company reported a total cash balance of approximately ¥3.81 billion as of June 30, 2024, down from ¥4.69 billion at the end of 2023, representing a decrease of about 18.7%[83]. - The company's total assets as of June 30, 2024, amounted to ¥5,699,444,048.68, compared to ¥5,409,237,083.39 at the end of 2023, indicating an increase of 5.4%[91]. - The company's total equity at the end of the first half of 2024 was RMB 8,505,888,051.73, an increase from RMB 8,336,736,847.78 at the end of the previous year[103]. Market and Industry Trends - The construction decoration industry is experiencing increased market concentration and intensified competition, with a notable shift towards prefabricated and green buildings[18]. - The recent government policies promoting green low-carbon buildings are expected to create new growth opportunities for the construction decoration industry[17]. - The company continues to focus on expanding its market presence and enhancing its product offerings, particularly in the photovoltaic and medical sectors[12]. - The company aims to enhance its market share through a chain operation model in the ophthalmic healthcare sector[19]. Risks and Challenges - The company faces significant risks including policy risks and market competition risks[3]. - The report includes a forward-looking statement risk declaration, cautioning investors about potential investment risks[3]. - The company faces risks related to the construction decoration business, including policy risks that could impact public building projects due to macroeconomic controls[57]. - The healthcare business is influenced by local medical policies, and the company is exploring business models to adapt to regional healthcare reforms[61]. Research and Development - The company is committed to ongoing research and development of new technologies to drive future growth and innovation[12]. - The company has established first-class R&D design centers and production bases in major cities such as Beijing, Shanghai, and Guangzhou[21]. - The company has a strong research and development team, contributing to advancements in curtain wall technology and solar building integration systems[28]. Legal and Compliance - The company is involved in a lawsuit with Changsha Huachuang Real Estate Development Co., Ltd., with a court ruling requiring the defendant to pay 35.2776 million RMB for project payments, while the company plans to appeal the decision[72]. - The company is also engaged in litigation with Hunan Fuxing Real Estate Development Co., Ltd., with a court ruling requiring the plaintiff to pay 27.5515 million RMB for remaining project payments, and the case is currently under appeal[72]. - The total amount involved in the lawsuits is approximately 38.32 million RMB and 47.27 million RMB respectively[72]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,607[78]. - The largest shareholder, Beijing Jianghe Source Holdings Co., Ltd., holds 315,645,200 shares, accounting for 27.86% of the total shares, with 148,930,000 shares pledged[78]. - The second-largest shareholder, Liu Zaiwang, holds 289,307,866 shares, accounting for 25.53% of the total shares, with 141,750,000 shares pledged[78]. Financial Reporting and Accounting - The company's financial statements are prepared based on the going concern principle, with no identified issues affecting its ability to continue operations[111]. - The company adheres to the accounting standards and provides a true and complete reflection of its financial status and operating results[113]. - The company has established materiality thresholds for financial reporting, including a threshold of 3% of total profit for significant receivables and investments[117].

股票代码：601886 股票简称：江河集团 公告编号：临2024-034 江河创建集团股份有限公司 关于聘任高级管理人员的公告 本公司及监事会全体成员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、准确和完整承担个别及连带责任。 2024 年 8 月 29 日，江河创建集团股份有限公司（以下简称"公司"）以现 场和通讯方式召开了第六届董事会第十六次会议，经出席本次董事会的董事审议 并表决，一致通过了《关于聘任高级管理人员的议案》，具体如下： 特此公告。 江河创建集团股份有限公司 董事会 2024 年 8 月 29 日 附：郭雪松个人简历 郭雪松，男，1983 年出生，中国国籍，无境外永久居留权。曾任中国水利水 电第二工程局技术员，江河幕墙西部大区运营总监及总裁、成都江河幕墙系统工 程有限公司董事长。现任成都江河幕墙系统工程有限公司董事长、江河幕墙副总 裁、公司副总经理（副总裁）。 基于公司经营管理需要，经公司总裁许兴利先生提名，公司董事会提名委员 会审议通过，同意聘任郭雪松先生为公司副总经理，任期自本次董事会审议通过 之日起至第六届董事会任期届满之日止。 郭雪松先生具备与其行使职 ...

证券代码：601886 证券简称：江河集团 公告编号：2024-036 江河创建集团股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 18 日 至 2024 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 股东大会召开日期：2024年9月18日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：202 ...

股票代码：601886 股票简称：江河集团 公告编号：临2024-033 江河创建集团股份有限公司（下称"公司"）2024 年半年度合并报表实现归 属于上市公司股东的净利润为 322,474,294.42 元（未经审计），截至 2024 年 6 月30日，公司母公司可供全体股东分配的利润为230,505,320.32元（未经审计）。 公司 2024 年中期利润分配方案如下： 公司拟向全体股东每 10 股派发现金红利 1.5 元（含税）。截至 2024 年 6 月 30日，公司总股本1,133,002,060股，以此计算合计拟派发现金红利169,950,309 元（含税）。本次现金分红金额占公司 2024 年半年度合并报表中归属于上市公司 股东净利润的 52.70%。 二、公司履行的决策程序 （一）董事会会议的召开、审议和表决情况 公司于 2024 年 8 月 29 日召开了第六届董事会第十六次会议，以 9 票同意、 0 票反对、0 票弃权的表决审议通过了《2024 年中期利润分配方案》。 本公司及董事会全体成员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、准确和完整承担个别及连 ...

Investment Rating - The report does not provide a clear investment rating [1] Core Views - The company reported a cumulative bid amount of approximately 12.884 billion yuan for the first half of the year, representing a year-on-year growth of 14.22% [7][8] - The company has a strong order backlog of approximately 33.4 billion yuan as of the end of 2023, which supports sustained performance in the future [8] - The company is recognized as a global leader in high-end curtain walls, with a robust production base and a high-quality customer base [10] - The company is expected to benefit from the increasing penetration of BIPV (Building Integrated Photovoltaics) and rapid expansion of overseas business, with projected earnings of 760 million yuan and 880 million yuan for 2024 and 2025, respectively [10] Summary by Sections Company Performance - The company achieved a cumulative bid amount of approximately 12.884 billion yuan in the first half of 2024, with a year-on-year increase of 14.22% [8] - The curtain wall system bid amount was approximately 8.26 billion yuan, up 8.90% year-on-year, while the interior decoration system bid amount was approximately 4.624 billion yuan, up 25.14% year-on-year [8] BIPV Business - The company secured approximately 150 million yuan in new BIPV orders in the first half of 2024, a decrease from 950 million yuan in the same period last year [9] - The decline in BIPV orders is attributed to fluctuations in order-taking rhythm, but improvements are expected in the second half of the year [9] - Long-term demand for BIPV is anticipated to rise due to supportive policies and declining component prices [9] Market Expansion - The company is actively pursuing international market opportunities, particularly in Southeast Asia and other regions, to enhance its business growth [25] - The establishment of an "overseas division" aims to expand into emerging markets and re-enter developed markets [25] Financial Projections - Projected total revenue for 2023 is 20.954 billion yuan, with estimates of 22.944 billion yuan for 2024 and 26.447 billion yuan for 2025 [15] - The net profit for 2023 is projected at 743 million yuan, increasing to 841 million yuan in 2024 and 975 million yuan in 2025 [15]