江河创建集团股份有限公司2025 年半年度报告 公司代码：601886 公司简称：江河集团 江河创建集团股份有限公司 2025 年半年度报告 1 / 203 江河创建集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人刘载望、主管会计工作负责人赵世东及会计机构负责人（会计主管人员）赵世 东声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配预案为：以公司总股本1,133,002,060股为基数，按每10股派发现金 红利1.5元（含税）。 √适用 □不适用 本年度报告涉及未来计划等前瞻性陈述，该陈述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 六、 前瞻性陈述的风险声明 八、 是否存在违反规定决策程序对外提供担保的情况 否 ...

Group 1 - The decoration and renovation sector saw a rise of 3.04% on August 26, with Jianghe Group leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Key stocks in the decoration sector included Jianghe Group, which rose by 7.39% to a closing price of 8.43, and ST Mingjiahui, which increased by 6.49% to 4.10 [1] Group 2 - The decoration sector experienced a net inflow of 137 million yuan from institutional investors, while retail investors saw a net outflow of 59.76 million yuan [2] - Major stocks with significant net inflows included Zhengzhong Design with 107 million yuan and Hainan Development with 29.06 million yuan [3] - Jianghe Group had a net inflow of 14.76 million yuan from institutional investors, indicating strong interest in the stock [3]

Group 1 - The core viewpoint of the articles highlights Jianghe Group's current stock performance, with a closing price of 7.85 yuan, an increase of 2.21%, and a rolling PE ratio of 14.81, marking a new low in 18 days, with a total market value of 8.894 billion yuan [1] - Jianghe Group operates primarily in the construction decoration and healthcare sectors, with key products including building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - As of the first quarter of 2025, Jianghe Group reported a revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, and a net profit of 144 million yuan, reflecting a year-on-year decrease of 20.53%, with a sales gross margin of 15.03% [1] Group 2 - In terms of industry comparison, Jianghe Group's PE ratio of 14.81 is significantly lower than the industry average of 62.24 and the industry median of 81.86, ranking 21st among its peers [2] - The company has seven institutional holders, all of which are funds, collectively holding 7.4378 million shares with a market value of 46 million yuan [1]

Market Performance - The decoration and renovation sector increased by 0.59% on August 25, with Mingdiao Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Top Gainers - Mingdiao Co., Ltd. (002830) closed at 19.14, up 10.00% with a trading volume of 41,000 shares and a transaction value of 76.77 million yuan [1] - ST Ruihe (002620) closed at 4.92, up 4.90% with a trading volume of 75,900 shares and a transaction value of 37.04 million yuan [1] - Weiye Co., Ltd. (300621) closed at 9.83, up 3.15% with a trading volume of 146,800 shares and a transaction value of 145 million yuan [1] Top Losers - ST Zhongzhuang (002822) closed at 3.39, down 3.69% with a trading volume of 305,300 shares and a transaction value of 104 million yuan [2] - ST Chuangxing (600193) closed at 4.36, down 2.68% with a trading volume of 148,900 shares and a transaction value of 65.53 million yuan [2] - Meizhi Co., Ltd. (002856) closed at 11.71, down 2.66% with a trading volume of 59,900 shares and a transaction value of 70.68 million yuan [2] Capital Flow - The decoration and renovation sector experienced a net outflow of 130 million yuan from institutional investors, while retail investors saw a net inflow of 83.44 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Mingdiao Co., Ltd. had a net inflow of 17.93 million yuan from institutional investors, while it faced net outflows from both retail and speculative investors [3] - Jianghe Group (601886) saw a net inflow of 3.78 million yuan from institutional investors, but also experienced outflows from other investor types [3] - ST Keli Da (603828) had a significant net outflow of 5.34 million yuan from institutional investors, indicating weaker institutional interest [3]

Market Overview - The decoration and renovation sector saw a slight increase of 0.2% on August 21, with *ST Zhongzhuang leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] Stock Performance - *ST Zhongzhuang (002822) closed at 3.70, up 5.11% with a trading volume of 42,700 lots and a turnover of 15.78 million yuan [1] - Other notable performers included ST Ruihe (002620) with a 2.52% increase, and Mingdiao Co. (002830) with a 1.74% increase [1] - Conversely, stocks like Zhengzhong Design (002811) and *ST Chuangxing (600193) experienced declines of 1.57% and 1.53% respectively [2] Capital Flow Analysis - The decoration and renovation sector experienced a net outflow of 40.88 million yuan from institutional investors, while retail investors saw a net inflow of 57.27 million yuan [2][3] - The largest net inflow from retail investors was observed in *ST Zhongzhuang, with a net inflow of 750.75 million yuan, despite a net outflow from institutional and speculative investors [3]

Market Overview - On August 19, the decoration and renovation sector rose by 1.05%, led by Meizhi Co., Ltd. [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] Key Stocks Performance - Meizhi Co., Ltd. (002856) closed at 12.24 with a gain of 5.43% and a trading volume of 71,600 shares, totaling 85.85 million yuan [1] - Decai Co., Ltd. (605287) closed at 16.60, up 4.47%, with a trading volume of 50,000 shares, totaling 81.97 million yuan [1] - ST Ruihe (002620) closed at 4.28, increasing by 2.88%, with a trading volume of 112,700 shares, totaling 48.24 million yuan [1] - Other notable performers include Weiye Co., Ltd. (300621) and Zhongtian Jingzhuang (002989), with gains of 2.48% and 2.02% respectively [1] Capital Flow Analysis - The decoration and renovation sector experienced a net outflow of 52.14 million yuan from institutional investors, while retail investors saw a net inflow of 58.13 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Decai Co., Ltd. (605287) had a net inflow of 11.80 million yuan from institutional investors, while retail investors showed a net outflow of 2.08 million yuan [3] - ST Dongyi (002713) saw a net inflow of 5.45 million yuan from institutional investors, with retail investors also experiencing a net outflow [3] - Jianghe Group (601886) had a net inflow of 1.84 million yuan from institutional investors, while retail investors faced a significant outflow of 9.43 million yuan [3]

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Group 1: Business Overview - Jianghe Group's main business includes the research, design, production, construction, and technical services of building curtain wall systems. The core products are primarily divided into building decoration services and medical health services, with building decoration services accounting for the highest proportion at 94.91%, followed by medical health services at 4.89% [2] Group 2: Financial Performance - In 2011, the year Jianghe Group was listed, it achieved a net profit attributable to shareholders of 340 million yuan. By the latest complete fiscal year of 2024, the company achieved a net profit of 638 million yuan, representing a cumulative growth of 87.40% over 14 years. During this period, there was one year of loss, while the years of net profit growth reached 9, accounting for 64.29% [2] - From a revenue perspective, Jianghe Group achieved revenue of 18.05 billion yuan in 2020, which increased to 22.41 billion yuan in 2024, showing a fluctuating growth trend but overall maintaining an upward trajectory [3] - In terms of profit, Jianghe Group reported a net profit of 948 million yuan in 2020, which decreased to 638 million yuan in 2024, indicating significant fluctuations with a trajectory of decline followed by an increase and then another decline [4] Group 3: Market Valuation - On June 15, 2015, Jianghe Group reached its peak market value of 25.41 billion yuan, with the stock price rising to 22.02 yuan. However, by August 15, the closing stock price was 7.53 yuan, and the market value was 8.53 billion yuan, representing a decrease of 16.88 billion yuan, or a 66.43% evaporation of market value compared to its peak [6]

Group 1: Macroeconomic Insights - The macroeconomic environment remains supportive for the market, with expectations of new policies but limited strong stimulus in the short term, focusing on three major changes: export, consumption, and real estate data [6][7][8] - July economic data shows a general slowdown, with consumption continuing to decline and investment in real estate and manufacturing accelerating its drop [7][8] - The banking sector is experiencing a decline in profits, but the credit structure is continuously optimizing, with a narrowing decline in profit growth observed in Q2 [23][24] Group 2: Industry Performance - The construction industry is seeing a significant revaluation of mineral resources, with a focus on high-dividend leading companies due to improved supply and overseas demand [19][20] - The courier industry is experiencing a "reverse involution," with price increases expected to spread across regions, enhancing profitability for major listed companies [21][23] - The sweetener industry is projected to grow, driven by the demand for sugar reduction, with artificial sweeteners maintaining a strong market presence [30][31] Group 3: Company-Specific Insights - Jianghe Group, a leader in high-end curtain wall supply, is expected to see steady profit growth from 2025 to 2027, with a minimum dividend payout ratio of 80% [20] - Rongxin Culture, a leader in children's books, is positioned for growth through digital transformation and IP monetization, with significant profit increases projected from 2025 to 2027 [32] - Youyou Foods, a leader in spicy chicken feet snacks, is expanding its market presence and product offerings, with strong growth potential in emerging channels [35]