（文章来源：每日经济新闻） 中邮证券7月30日发布研报称，给予江河集团（601886.SH，最新价：7.49元）买入评级。评级理由主要 包括：1）股息率超6%，分红确定性强；2）Q2 订单持续增长，海外新签贡献增量；3）出海驱动新引 擎，新签订单高增长。风险提示：下游需求超预期下行，海外业务推进不及预期。 ...

Investment Rating - The report assigns a "Buy" rating for Jianghe Group, expecting the stock to outperform the benchmark index by more than 20% within the next six months [2][13]. Core Insights - Jianghe Group has announced a three-year high dividend plan, committing to distribute at least 80% of the annual net profit attributable to shareholders or a minimum of CNY 0.45 per share (including tax), whichever is higher, for the years 2025-2027 [5][6]. - The company reported a strong cash flow performance, with operating cash flow of CNY 1.63 billion in 2024, supporting its high dividend payout [6]. - The company has seen a 6.3% year-on-year increase in new orders, totaling CNY 13.69 billion in the first half of 2025, driven by robust demand for curtain walls and photovoltaic buildings, particularly from overseas markets [6][7]. Financial Performance and Forecast - Revenue projections for Jianghe Group are CNY 24.2 billion in 2025 and CNY 26.2 billion in 2026, reflecting year-on-year growth rates of 8.1% and 8.0%, respectively [7][9]. - The net profit attributable to shareholders is expected to reach CNY 6.86 billion in 2025 and CNY 7.57 billion in 2026, with growth rates of 7.7% and 10.2% [7][9]. - The company's PE ratios for 2025 and 2026 are projected to be 12.2X and 11.0X, respectively, indicating a favorable valuation [7][9]. Market Position and Strategy - Jianghe Group is expanding its overseas business, establishing a dedicated overseas division and targeting markets in the Middle East and Southeast Asia, which is expected to drive significant growth in new orders [6][7]. - The company has a strong market position in the curtain wall segment, benefiting from increased market share due to its comprehensive advantages [6][7].

Summary of Jianghe Group's Conference Call Company Overview - **Company**: Jianghe Group - **Industry**: Construction and Building Materials Key Points Dividend Policy - Jianghe Group plans to increase its annual cash dividend ratio to no less than 80% of the distributable profit or a minimum of 450 million yuan, whichever is higher, over the next three years, reflecting confidence in future operations and commitment to investor returns [2][3] - The minimum dividend target for 2025 is set at 510 million yuan, with a historical average dividend payout ratio of 60% since its listing [2][7] Order Backlog and Revenue Assurance - As of the end of 2024, the total order backlog is over 33 billion yuan, with new orders in the first half of 2025 nearing 13.7 billion yuan, a year-on-year increase of 6.3% [2][4] - The company expects the order backlog to reach 35-36 billion yuan by the end of June 2025, providing a solid foundation for revenue in the next one to two years [2][5] Cash Flow Management - Jianghe Group emphasizes cash flow management, achieving over 1.6 billion yuan in operating cash flow in 2024, with cash flow per share being 2.5 times the net profit per share [2][6] - The company has maintained operating cash flow exceeding 1 billion yuan annually for the past decade, which supports its high dividend payout strategy [2][6] Client Selection and Risk Management - The company avoids high-risk projects by not engaging in advance-funded projects and has a diversified client base, reducing the impact of any single client's issues [11][12] - Jianghe Group primarily serves clients from various industries, including internet, finance, and pharmaceuticals, ensuring a stable revenue stream [11] International Business and Profitability - The proportion of overseas orders has increased significantly, reaching 48% in the first half of 2025, with overseas orders having a gross margin 10 percentage points higher than domestic orders [4][14] - The company maintains strict standards for selecting overseas projects, only considering those with a gross margin above 25% to avoid price wars [16] Strategic Development and Productization - Jianghe Group is transitioning from pure customization to semi-standardized development, aiming to enhance its product offerings and market presence [22][23] - The company is focusing on productization strategies, including the development of BIPV (Building-Integrated Photovoltaics) products, which have seen significant order growth [22][24] Future Growth and Market Outlook - The company anticipates optimistic profit growth trends due to a robust order backlog and increasing overseas market presence, despite domestic competition [13][25] - Investors are encouraged to focus on Jianghe Group's productization strategy and its commitment to high-quality operations, which are expected to drive long-term growth [26][27] Shareholder Return Strategy - Jianghe Group is committed to returning value to shareholders while maintaining a balance between steady growth and shareholder returns, reflecting its long-term strategic goals [27]

Core Viewpoint - The company has announced a shareholder return plan for the next three years (2025-2027) with a minimum dividend payout ratio of 80% or 0.45 CNY per share, whichever is higher, indicating a strong commitment to high dividends [1] Financial Performance - The company reported a net operating cash flow of 1.63 billion CNY in 2024, which is 2.5 times the net profit attributable to shareholders, and a total of 11.7 billion CNY in operating cash flow over the past decade [2] - The company has a low interest-bearing debt ratio of 9.8% as of Q1 2025, with cash and cash equivalents plus trading financial assets amounting to 4.51 billion CNY, which is 7.1 times the net profit for the previous year [2] Order Growth - The company achieved a 10.2% year-on-year growth in new orders in Q2, with total orders amounting to 8.5 billion CNY, driven by strong demand in the Middle East [3] - The company has a backlog of orders worth 33.3 billion CNY, which is 1.5 times the expected revenue for 2024, ensuring stable future performance [3] Product Strategy - The company is implementing a productization strategy, customizing curtain wall products for developed countries and has secured significant orders in Australia and for BIPV products [4] - The productization strategy is expected to drive profit growth, with sales orders for BIPV components already signed and international certifications obtained [4] Investment Outlook - The company forecasts net profits attributable to shareholders of 690 million CNY, 740 million CNY, and 790 million CNY for 2025-2027, with corresponding PE ratios of 12.2, 11.4, and 10.6 [4] - If the dividend yield shifts to 5%, the target market values for 2025-2027 are projected to be 11 billion CNY, 11.8 billion CNY, and 12.6 billion CNY, indicating significant market potential [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 80% of the annual net profit attributable to shareholders or a minimum of 0.45 CNY per share (including tax), whichever is higher [2][4]. - The company's overseas business is rapidly expanding, with a recent contract for a project in Saudi Arabia valued at approximately 2.012 billion CNY, expected to contribute 8.98% to the 2024 revenue [9]. - The company is focusing on global sales of customized curtain wall products and photovoltaic components, with significant orders signed in Australia and other regions [9]. - The high dividend value is highlighted, with a projected dividend payout ratio of 80% leading to estimated dividend yields of 6.5%, 7.0%, and 7.6% for the years 2025, 2026, and 2027 respectively [9]. Summary by Sections Shareholder Return Plan - The company plans to distribute at least 80% of the annual net profit attributable to shareholders or a minimum of 0.45 CNY per share (including tax) for the years 2025-2027 [2][4]. Overseas Business Expansion - The company secured a significant project in Saudi Arabia, contributing to a 57% year-on-year increase in overseas orders, which now account for 28% of total orders [9]. - The company is expanding its presence in markets such as Saudi Arabia, Dubai, Thailand, and Vietnam [9]. Product Development - The company is actively selling customized curtain wall products and photovoltaic components globally, with notable orders in Australia and other regions [9]. Dividend Policy - The company emphasizes shareholder returns, with a high dividend payout ratio and a commitment to maintaining a minimum dividend per share, enhancing the certainty of dividend payments [9].

Core Points - The internal audit system of Jianghe Creation Group Co., Ltd. aims to enhance the quality of internal audits and ensure effective governance and risk management [3][6][12] - The internal audit department is responsible for supervising financial management and internal control systems, reporting directly to the audit committee [5][6][12] - The internal audit process includes planning, execution, reporting, and follow-up on audit findings, ensuring compliance with relevant laws and regulations [24][25][27] Group 1 - The internal audit is defined as an independent and objective evaluation of the company's financial activities, internal controls, and risk management [3][6] - The internal audit department has the authority to audit all company operations and access all relevant records and personnel [5][6][9] - Internal auditors are required to maintain confidentiality and adhere to professional ethics while conducting audits [20][30] Group 2 - The internal audit department must prepare an annual audit plan and report on the previous year's audit activities to the audit committee [24][27] - Audit reports must be submitted for review and approval, and any necessary corrective actions must be communicated to the audited parties [11][27] - The company has established a reward and punishment mechanism to evaluate the performance of internal auditors [31][32]

Core Points - The company has established a fundraising management system to regulate the use and management of raised funds, ensuring the protection of investors' rights [1] - The system applies to the storage, use, change, supervision, and accountability of raised funds [1] - The company must accept the responsibilities of sponsors in accordance with relevant regulations and this system [1] Fund Storage - The company must prudently select commercial banks and open special accounts for fundraising, ensuring that funds are stored in approved accounts [2] - A tripartite supervision agreement must be signed within one month of the funds being received, detailing the management of the special account [2][3] - If the commercial bank fails to provide timely statements, the company can terminate the agreement and close the account [3] Fund Usage - The company must strictly follow approval procedures for fund expenditures, ensuring that all spending aligns with the planned use of funds [4] - Funds must primarily be used for the company's main business, and cannot be used for financial investments or to benefit related parties [5] - Any surplus funds from completed projects must be approved by the board before being redirected to other projects [11] Changes in Fund Direction - Any changes to fundraising projects must be approved by the board and disclosed to the stock exchange [19] - The company must conduct feasibility analyses for new projects and ensure they align with the main business [20] - Surplus funds can only be used for other projects after board approval and must be disclosed [11][12] Supervision and Reporting - The company must conduct semi-annual reviews of fundraising projects and disclose the findings in a special report [28] - Independent auditors must verify the management and usage of funds annually, with results disclosed in the annual report [28][29] - The board must report any violations of the fundraising management system to the stock exchange [17]

Core Points - The document outlines the regulations governing the trading of company shares by directors and senior management of Jianghe Creation Group Co., Ltd. [1][2][3] - It specifies the conditions under which directors and senior management can buy or sell shares, including limits on the percentage of shares that can be transferred annually and restrictions during certain periods [4][5][6] - The document emphasizes the importance of compliance with relevant laws and regulations regarding insider trading and market manipulation [13][14][15] Summary by Sections - **General Regulations**: The regulations apply to all shares held by directors and senior management, including those in margin accounts. Transfers of shares are limited to 25% of total holdings annually, with exceptions for certain circumstances [1][2][3] - **Transfer Conditions**: Directors and senior management can transfer all shares if they hold less than 1,000 shares. New shares from various corporate actions can be transferred at a rate of 25% in the year they are acquired [2][6] - **Restrictions on Selling**: Specific conditions prevent directors and senior management from selling shares, such as leaving the company, making commitments not to sell, or being under investigation for securities violations [8][9] - **Reporting Requirements**: Directors and senior management must report their share trading plans to the stock exchange and disclose progress during the trading period, especially if significant corporate events occur [10][11][12] - **Accountability Measures**: The company will hold directors and senior management accountable for violations, which may include disciplinary actions and reporting to regulatory authorities [21][22][23] - **Insider Trading Prevention**: The document mandates that directors and senior management ensure that their relatives and associated entities do not engage in insider trading [26][27][28] - **Implementation**: The regulations will take effect upon approval by the company's board of directors [29]

Core Viewpoint - The document outlines the information disclosure deferral and exemption management system of Jianghe Creation Group Co., Ltd, ensuring compliance with relevant laws and regulations while protecting sensitive information [1][2][3] Summary by Sections General Principles - The system is established to regulate the deferral and exemption of information disclosure, ensuring compliance with the Securities Law and related regulations [1][2] - The company and other obligated parties can defer or exempt disclosure of temporary reports under specific conditions [2] Scope and Approval of Deferral and Exemption - The company must prudently assess whether information qualifies for deferral or exemption based on management regulations, accepting post-event supervision from the Shanghai Stock Exchange [3][4] - Information involving state secrets or commercial secrets can be exempted from disclosure if it meets certain criteria [3][4][5] Conditions for Deferral or Exemption - Information can be deferred or exempted if it involves core technology or business information that could lead to unfair competition or harm to the company or others [5][6] - If the reasons for deferral or exemption are eliminated, or if the information becomes difficult to keep confidential, timely disclosure is required [6][7] Internal Procedures - The company must maintain a record of deferral or exemption requests, including the type of documents and internal review processes [5][6] - The board secretary is responsible for reviewing the compliance of information with deferral or exemption conditions within two trading days [6][7] Penalty Rules - If the information disclosure personnel fail to comply with the deferral or exemption conditions, they may face disciplinary actions based on relevant laws and company regulations [6][7] Miscellaneous - The system is subject to the rules of the Shanghai Stock Exchange and is effective upon approval by the company's board of directors [6][7]

General Principles - The rules are established to regulate the behavior of Jianghe Creation Group Co., Ltd. and ensure that the shareholders' meeting exercises its powers in accordance with the law [1] - The company must strictly follow relevant laws, regulations, and its articles of association when convening shareholders' meetings [1][2] - The shareholders' meeting is categorized into annual and extraordinary meetings, with the annual meeting held within six months after the end of the previous fiscal year [1][2] Convening Shareholders' Meetings - The board of directors is responsible for convening the shareholders' meeting within the specified timeframe [2][3] - Independent directors can propose an extraordinary shareholders' meeting, and the board must respond within 10 days [2][3] - If the board does not respond within 10 days to a request for an extraordinary meeting from shareholders holding over 10% of shares, the audit committee can convene the meeting [3][4] Proposals and Notifications - Proposals must fall within the powers of the shareholders' meeting and be clearly defined [6] - Shareholders holding over 1% of shares can submit temporary proposals 10 days before the meeting [6][7] - Notifications for annual meetings must be sent 20 days in advance, while notifications for extraordinary meetings must be sent 15 days in advance [7][8] Conducting the Meeting - The meeting can be held at the company's registered address or another specified location, and provisions for online participation must be made [10][11] - All shareholders or their proxies have the right to attend the meeting, and each share carries one vote [11][12] - The meeting must be presided over by the chairman or a designated director if the chairman is unavailable [15][16] Voting Procedures - Voting is conducted by a show of hands or through electronic means, with each share representing one vote [19][20] - Related shareholders must abstain from voting on matters that affect their interests [19][20] - The results of the voting must be announced immediately after the votes are counted [25][26] Resolutions - Resolutions can be classified as ordinary or special, with ordinary resolutions requiring a simple majority and special resolutions requiring a two-thirds majority [55][56] - The board is responsible for executing the resolutions passed during the shareholders' meeting [68][69] - Any resolutions that violate laws or regulations are deemed invalid [71][72]