江河创建集团股份有限公司 未来三年（2025-2027 年度）股东回报规划 江河创建集团股份有限公司（以下简称"公司"）为进一步完善和健全公司 科学、持续、稳定的分红决策和监督机制，增强利润分配决策的透明度和可操作 性，根据《上市公司监管指引第 3 号——上市公司现金分红（2025 年修订）》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等文件 以及《公司 章程》的规定和要求，公司结合实际情况，拟制定《公司未来三年（2025-2027 年度）股东回报规划》。 1.利润分配形式 公司采用现金、股票或者现金与股票相结合的方式分配股利。公司根据经营 情况可以进行中期利润分配。 1 2.现金分红政策 一、本规划制定的考虑因素 公司实行持续、稳定的利润分配政策，重视对投资者的合理投资回报，并兼 顾公司的可持续发展。在制定本规划时，综合考虑公司的国内、外业务实际经营 发展情况、战略发展目标、未来盈利规模、现金流量状况、所处发展阶段及规划、 资金需求、社会资金成本、融资环境和股东意愿等重要因素，建立对投资者持续、 稳定、科学和透明的回报规划和机制，对公司利润分配作出制度性安排，保证利 润分配的连续性和稳定性 ...

| 议案一、关于修订《江河创建集团股份有限公司章程》的议案.pdf | | --- | | 议案二、关于修订《江河创建集团股份有限公司股东大会议事规则》的议案.pdf | | 议案三、关于修订《江河创建集团股份有限公司募集资金管理制度》的议案.pdf | | 议案四、江河集团未来三年（2025-2027年度 )股东回报规划.pdf | 2025 年第一次临时股东大会会议文件 议案一 关于修订《江河创建集团股份有限公司章程》的议案 为全面贯彻落实法律法规及监管要求，进一步提升公司治理水平，根据《中 华人民共和国公司法》《上市公司章程指引》《上海证券交易所股票上市规则》等 法律、法规、规范性文件的规定，结合实际情况，公司拟对《江河创建集团股份 有限公司章程》进行修订，主要修订条款如下： | 修订前公司章程条款 | 修订后公司章程条款 | | --- | --- | | 第一条 为维护江河创建集团股份有 | 第一条 为维护江河创建集团股份有 | | 限公司（以下简称"江河集团"或"公 | 限公司（以下简称"江河集团"或"公 | | 司"）、股东和债权人的合法权益，规范 | 司"）、股东、职工和债权人的合法权益， | ...

证券代码：601886 证券简称：江河集团 公告编号：2025-030 江河创建集团股份有限公司 关于召开2025年第一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 2025年第一次临时股东大会 (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：2025 年 8 月 14 日 14 点 30 分 召开地点：北京市顺义区顺西南路艾迪公园 5 号楼一层会议室 (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2025 年 8 月 14 日 至2025 年 8 月 14 日 股东大会召开日期：2025年8月14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 上述相关议案已经 2025 年 7 月 28 日公司召开的第七届董事会第三次会 议审议 ...

股票代码：601886 股票简称：江河集团 公告编号：临2025-026 江河创建集团股份有限公司 第七届董事会第三次会议决议公告 2025年7月28日，江河创建集团股份有限公司（下称"公司"）第七届董事会 第三次会议以现场和通讯方式召开。会议通知已通过专人送达、邮件等方式送达 给董事，会议应到董事9人，实到董事9人，公司监事、部分高级管理人员及相关 人员列席会议，符合《公司法》及《公司章程》规定。会议由公司董事长刘载望 先生主持，经过讨论，一致同意通过如下决议： 一、通过《关于修订<江河创建集团股份有限公司章程>的议案》,提请股东大 会审议批准 表决情况：9票同意，0票反对，0票弃权。 同意公司根据相关法律、法规及规范性文件的规定修订《公司章程》，并取消 监事会，由董事会审计委员会行使《公司法》规定的监事会职权。 内容详见公司同日于上海证券交易所网站披露的临 2025-027 号《江河集团 关于取消监事会并修订<公司章程>》的公告。 二、通过《关于修订<江河创建集团股份有限公司股东大会议事规则>的议案》, 提请股东大会审议批准 表决情况：9票同意，0票反对，0票弃权。 内容详见公司同日于上海证券交易所网站披 ...

Core Insights - Jianghe Group (601886) announced a cumulative winning bid amount of approximately 13.694 billion yuan in the building decoration sector for the first half of 2025, representing a year-on-year increase of 6.29% [1] Summary by Category Bidding Performance - The winning bid amount for the curtain wall and photovoltaic building business was approximately 9.073 billion yuan, showing a year-on-year increase of 9.84% [1] - The number of bids won in this segment reached 114, which is a year-on-year increase of 20.00% [1] - The winning bid amount for the interior decoration and design business was approximately 4.621 billion yuan, with a slight year-on-year decrease of 0.06% [1] - The number of bids won in this segment was 294, reflecting a year-on-year decrease of 19.89% [1] - The total number of bids won was 408, which represents a year-on-year decrease of 11.69% [1] Project Status - The company reported no major projects that have been signed but not yet executed during the half-year period [1]

Core Viewpoint - The company is focusing on expanding its overseas business while optimizing resource allocation and enhancing core competitiveness to drive sustainable growth in the architectural decoration industry [2][5][6]. Industry Overview - The architectural decoration industry is experiencing increased market concentration and significant differentiation in competition due to macroeconomic factors and heightened client risk awareness [1]. - The domestic curtain wall industry is facing downward pressure and intensified competition, prompting the company to deepen its market penetration and stabilize its domestic base [2]. Domestic Market Strategy - The company is enhancing its internal decoration platform to improve profitability and promote sustainable development in the domestic interior decoration market [2]. - The focus is on creating an ecological development framework for interior decoration to ensure long-term growth [2]. Overseas Market Strategy - The company is prioritizing overseas markets, particularly in the Middle East, Southeast Asia, and developed regions like Australia and Europe, to support its growth strategy [2][3]. - The company aims to leverage its brand advantages to penetrate high-end markets in Singapore, the Philippines, and the Middle East [2]. Order Performance - The company has seen a significant increase in overseas curtain wall project orders, with a total of approximately RMB 10.69 billion in new orders for Q1 2025, including RMB 6.3 billion from the Middle East [5][6]. - The gross margin for overseas curtain wall projects exceeds 25%, compared to 15%-16% for domestic projects, indicating a positive impact on overall profitability as overseas revenue grows [5]. Future Outlook - The company plans to establish a dual-track development model combining project contracting and product sales to enhance its market position and drive high-quality growth [2][6]. - The company has set a target of RMB 20 billion in new orders for the Middle East in 2025, with a strong performance in the first half of the year already exceeding initial targets [6]. Financial Health - The company maintains a robust cash flow management strategy, achieving an average operating cash flow of RMB 11.19 billion over the past five years [9][10]. - The company has a history of stable cash dividends, with a total cash dividend payout of RMB 623 million for 2024, reflecting a high dividend yield of 9.7% [10].

江河创建集团股份有限公司 投资者关系活动记录表 | 证券简称：江河集团 | 证券代码：601886 编号：20250722 | | --- | --- | | 投资者关系活动 | □特定对象调研 □分析师会议 □媒体采访 | | 类别 | □业绩说明会 □新闻发布会 √路演活动 | | □现场参观 | √其他（线上交流会） | | | 华泰柏瑞、平安资产、兴全基金、汇添富基金、申万菱信、嘉实基金、海富通基金、 | | | 腾达建设、万家基金、华泰资产、银河基金.、中银基金、华富基金、富安达基金、 | | | 朱雀基金、圆信永丰、湘财基金、鹏华基金、西部利得基金、中信保诚基金、东证资 | | | 管、平安养老、华宝基金、景顺长城、博时基金、摩根士丹利基金、宝盈基金、大成 | | 参与单位名称 | 基金、国联基建、金信基金、信达澳亚基金、聚联汇投资、南方基金、融通基金、诺 | | | 安基金、国寿养老、民生加银、泰康资产、华夏基金、华夏久盈、中欧基金、新华资 | | | 产、大家资产、银华基金、建信基金、泓德基金、方正富邦基金、东方基金、交银基 | | 金 | | | 日期 2025 年 | 7 月 7 日-7 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Urban Work Conference held on July 14-15 emphasized the transition of urbanization in China from a rapid growth phase to a stable development phase, focusing on quality urban renewal rather than large-scale expansion [8][13]. - The conference outlined key tasks for urban development, including optimizing modern urban systems, building innovative cities, and enhancing livability and sustainability [13]. - The report highlights the historical significance of this conference, marking a shift towards high-quality urban development, contrasting with previous meetings that focused on rapid expansion and basic infrastructure [13]. - Future funding for urban renewal is expected to come from various sources, including special central budget investments and local government bonds, indicating potential for increased capital inflow into the sector [13]. - The report suggests that the construction sector should focus on leading companies and the entire design-construction-operation chain, particularly in urban renewal projects [13]. Summary by Sections Event Description - The Central Urban Work Conference took place in Beijing, with significant speeches from top leaders, indicating a strategic shift in urbanization policy [8][9]. Market Performance - The report includes a market performance comparison over the past 12 months, showing a relative performance of the construction and engineering sector against the CSI 300 index [11]. Related Research - The report references several related studies that discuss urban renewal and the construction industry's response to current challenges [12].

Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Insights - The construction sector has seen a significant increase in attention towards urban renewal, with undervalued large-cap stocks showing signs of stabilization. The sector's performance is driven by improved demand-side policy expectations and a shift away from excessive competition, benefiting both large and small-cap stocks. The report suggests focusing on high-growth segments such as urban renewal, coal chemical, nuclear power, and steel structures, while also considering the beta opportunities in large-cap stocks [1][13][14]. Summary by Sections Urban Renewal - Urban renewal is accelerating, with policies from the central government outlining goals and support measures. The focus includes the renovation of old residential areas, establishing safety management systems for buildings, and creating resilient and smart cities. The report identifies four key categories for investment: design and testing, construction and decoration, urban infrastructure renovation, and resilient/smart city initiatives, highlighting specific companies in each category [2][15][17]. Market Performance - The construction index rose by 2.77% in the week of July 7-11, outperforming the Shanghai and Shenzhen 300 index by 1.76 percentage points. Notable performers included Guosheng Technology (+42.98%), New City (+34.73%), and Beautiful Ecology (+34.46%) [4][21][26]. Investment Recommendations - The report emphasizes the cyclical opportunities arising from improved physical work volume in infrastructure. It suggests focusing on high-demand areas such as water conservancy, railways, and aviation, particularly in regions like Sichuan, Zhejiang, Anhui, and Jiangsu. Recommended companies include Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Construction [27][28]. Emerging Business Directions - The report highlights the growing demand for computing power driven by AI applications, recommending companies like Hainan Huatie for their transition into computing power leasing. It also notes the potential in cleanroom sectors due to the ongoing domestic replacement in the semiconductor industry, suggesting companies like Baicheng and Shenghui Integration [29][30]. Major Projects and Themes - The report identifies significant investment opportunities in major hydropower projects, deep-sea economy, and low-altitude economy, recommending companies involved in these sectors, such as China Power Construction and China Energy Engineering [32][30].

Group 1 - The core viewpoint of the articles highlights Jianghe Group's current stock performance, with a closing price of 6.93 yuan, an increase of 2.06%, and a rolling PE ratio of 13.08, marking a 394-day low [1] - Jianghe Group's total market capitalization is reported at 7.852 billion yuan, while the average PE ratio for the decoration industry stands at 45.03, with a median of 43.57, placing Jianghe Group at the 22nd position in the industry ranking [1][2] - As of the first quarter of 2025, 12 institutions hold shares in Jianghe Group, including 8 funds, with a total holding of 545.0388 million shares valued at 3.341 billion yuan [1] Group 2 - Jianghe Group's main business segments include construction decoration and healthcare, with key products such as building curtain walls, photovoltaic buildings, interior decoration, interior design, and ophthalmic medical services [1] - The latest financial results for the first quarter of 2025 show that Jianghe Group achieved an operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, while net profit was 144 million yuan, reflecting a year-on-year decrease of 20.53%, with a gross profit margin of 15.03% [1]