江河创建集团股份有限公司(下称"公司")控股子公司北京港源建筑装饰工 程有限公司近日中标了雄安国贸中心酒店精装修项目，中标金额约为人民币1.88 亿元，约占公司2024年度营业收入的 0.84%。该项目位于雄安新区，预计总工期 449天，建成后将成为雄安新区首个集高端酒店、商务办公、航空服务等多功能 为一体的商业综合体。 风险提示：截至本公告披露日，公司尚未完成与相关方签订正式合同，合同 的签订与履行均存在不确定性，敬请广大投资者注意投资风险。 特此公告。 江河创建集团股份有限公司董事会 2025 年 7 月 1 日 股票代码：601886 股票简称：江河集团 公告编号：临2025-025 江河创建集团股份有限公司 关于控股子公司项目中标的公告 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带责任。 ...

Group 1 - The company announced that its subsidiary, Beijing Gangyuan Construction Decoration Engineering Co., Ltd., has won the bid for the Xiong'an International Trade Center Hotel decoration project with a contract value of approximately 188 million yuan [1] - The contract amount represents about 0.84% of the company's projected revenue for the year 2024 [1] - The project is expected to have a total construction period of 449 days and will be located in the Xiong'an New Area, becoming the first commercial complex in the region upon completion [1]

江河集团（601886）公告，控股子公司北京港源建筑装饰工程有限公司中标雄安国贸中心酒店精装修项 目，中标金额约1.88亿元，约占公司2024年度营业收入的0.84%。项目位于雄安新区，预计总工期449 天，建成后将成为雄安新区首个集高端酒店、商务办公、航空服务等多功能为一体的商业综合体。 ...

Core Viewpoint - Jianghe Group (601886) has seen a stock price increase of 6.88% this week, closing at 5.59 yuan, with a total market capitalization of 6.333 billion yuan [1] Company Announcement Summary - Jianghe Group's wholly-owned subsidiary, Saudi Jianghe, signed a significant engineering contract worth approximately 2.012 billion yuan with Saudi Binladin Group for the Jeddah Tower curtain wall project, which will be the world's first building over 1,000 meters upon completion [1] - The contract amount is 10.52 billion Saudi Riyals, equivalent to about 2.012 billion yuan, representing 8.98% of the company's projected revenue for 2024 [1] - The project has an estimated construction period of three years and includes design, production supply, installation, testing, and maintenance of the curtain wall [1] - Saudi Binladin Group is one of the largest construction contractors in Saudi Arabia and the Middle East, with core businesses in large-scale construction, infrastructure development, and real estate investment [1] - The contract includes preliminary design services, which will not be executed separately [1] - There are risks associated with exchange rate fluctuations and potential impacts from policies, economic conditions, natural disasters, and wars that could affect the contract's execution [1]

Core Viewpoint - Jianghe Group's stock closed at 5.59 yuan, up 1.64%, with a rolling PE ratio of 10.55, marking a new low in 20 days, and a total market capitalization of 6.333 billion yuan [1] Company Summary - Jianghe Group's main business segments are construction decoration and healthcare, 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, the company reported operating revenue of 4.203 billion yuan, a year-on-year increase of 2.87%, and a net profit of 144 million yuan, a year-on-year decrease of 20.53%, with a gross profit margin of 15.03% [1] Industry Summary - The average PE ratio for the construction decoration industry is 44.61, with a median of 41.90, placing Jianghe Group at the 21st position in the industry ranking [1] - As of the first quarter of 2025, 12 institutions held shares in Jianghe Group, including 8 funds, with a total holding of 545.0388 million shares valued at 3.341 billion yuan [1]

Group 1 - The company has secured multiple landmark projects in Saudi Arabia, including a subcontract for the Jeddah Tower project worth approximately 1.052 billion SAR (around 2.012 billion RMB), which is expected to contribute 8.98% to the company's revenue in 2024 [1] - The company also won a contract for a sports venue's curtain wall in Saudi Arabia, with a total area of approximately 36,000 square meters and a contract value of 138 million SAR (about 265 million RMB) [1] - The successful bids for these projects are expected to enhance the company's market influence in the region and demonstrate solid progress in overseas market expansion [1] Group 2 - In early 2024, the company is fully implementing its "going global" strategy, establishing overseas divisions and expanding its business into regions such as Saudi Arabia, Dubai, Thailand, and Vietnam [2] - The company has achieved significant success in its overseas business, with new orders amounting to 7.63 billion RMB, a year-on-year increase of 57%, and overseas orders accounting for 28% of total orders [2] - The company has also signed a 650 million RMB supply order for curtain wall products in Australia for 2024 [2] Group 3 - The company plans to distribute a total cash dividend of 620 million RMB for 2024, resulting in a cash dividend ratio of 98% and a current dividend yield of 10.2%, enhancing its investment attractiveness [3] - As of Q1 2025, the company has accumulated a bid amount of approximately 5.212 billion RMB, a year-on-year increase of 0.44%, with the curtain wall and photovoltaic business contributing about 3.186 billion RMB, a growth of 5.11% [3] - The company maintains a "buy" rating with projected net profits of 650 million, 686 million, and 747 million RMB for 2025-2027, corresponding to PE ratios of 9.6, 9.1, and 8.3 [3]

公司报告 | 公司点评 江河集团（601886） 证券研究报告 中标多个沙特地标项目，"出海"铸就增长新引擎 中标多个沙特幕墙订单，海外市场拓展扎实推进 6 月 26 日公司公告，全资子公司沙特江河本次签署的 JEDDAH TOWER（"吉 达塔"或"沙特王国塔"）工程项目的分包合同，金额沙特里亚尔 10.52 亿 元，约折合人民币为 20.12 亿元，约占公司 2024 年度营业收入的 8.98%， 合同工期预计 3 年。合作方 SBG 是一家总部位于沙特阿拉伯吉达的超大型 综合性建筑与房地产开发集团，为沙特阿拉伯乃至中东地区历史最悠久、 规模最大、最具影响力的建筑承包商之一。此前，4 月 7 日，公司公告在 沙特阿拉伯中标了综合体育场馆的幕墙工程，幕墙总面积约 3.6 万平方米， 合同金额为沙特里亚尔 1.38 亿元（折合人民币约 2.65 亿元）。我们认为公 司中标多个沙特地标性项目，有望进一步提升公司在该区域的市场影响力， 海外市场拓展扎实推进。 全面"出海"铸就增长新引擎 2024 年初公司全力深化和实施"出海"战略，公司在海外构建了海外事业 部、亚太大区、印太大区的幕墙与光伏建筑业务组织架构，并在 ...

长江商报奔腾新闻记者 杨蝶 国内幕墙龙头企业江河集团（601886）（601886.SH）持续稳健经营。 6月25日晚间，江河集团发布公告称，公司海外全资子公司沙特江河近日与SAUDI BINLADIN GROUP COMPANY LIMITED签订了吉达塔幕墙工程项目分包合同。本次签署的合同金额为沙特里亚尔10.52亿 元，约折合人民币为20.12亿元，约占公司2024年度营业收入的8.98%。 江河集团的资金管理效率也在逐年提升。2021年至2024年，公司的财务费用四年连降，分别为2.66亿 元、1.74亿元、1.46亿元和1.05亿元，同比分别下降10.67%、34.63%、15.82%和28.17%。2025年第一季 度，这项数据再度同比减少18.83%至2950万元。 长江商报奔腾新闻记者注意到，建筑装饰业务为江河集团的第一大业务，是公司主要营收来源，长期占 其总营收的比重约95%。以2024年为例，当年，公司建筑装饰业务实现营收212.7亿元，营收占比为 94.91%，毛利率为15.57%。2025年，该业务延续增势，第一季度累计中标额约为52.12亿元，同比增长 0.44%，其中幕墙与光伏建筑 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has secured a subcontract for the Jeddah Tower curtain wall project in Saudi Arabia, with a contract value of 10.52 billion SAR, approximately 20.12 billion RMB, and a contract duration of 3 years [3][9]. - The project will contribute approximately 8.98% to the company's revenue for the fiscal year 2024 [9]. - The company has a strong historical cash flow and a high dividend payout ratio, with a total cash dividend of 6.23 billion RMB in 2024, representing 97.7% of the net profit attributable to shareholders [9]. - The company is expanding its overseas business, with new orders amounting to 76.3 billion RMB in 2024, a year-on-year increase of 57%, and overseas orders now account for 28% of total orders [9]. Summary by Sections Company Overview - The company is involved in the construction and design of curtain walls and has a significant presence in the overseas market, particularly in the Middle East [9]. Financial Performance - The company reported an operating cash flow of 16.26 billion RMB in 2024, with a net cash ratio exceeding 250% [9]. - The projected total revenue for 2024 is 22.406 billion RMB, with a gross profit margin of 16% [15]. Market Position - The company has established itself as a leader in high-rise building curtain wall design, being the first to undertake a project for a building over 1000 meters tall [9]. - The main contractor, Saudi Binladin Group, is one of the largest and most influential construction firms in the Middle East, enhancing the company's market credibility [9].

Group 1 - The company has signed a subcontract for the JEDDAH TOWER facade project with SAUDI BINLADIN GROUP COMPANY LIMITED, which will become the world's first building over 1000 meters upon completion [1][2] - The contract amount is 10.52 billion Saudi Riyals, approximately 2.012 billion RMB, accounting for 8.98% of the company's projected revenue for 2024 [1][2] - The expected duration of the contract is 3 years, covering facade design, product supply, installation, and maintenance [1][2] Group 2 - SAUDI BINLADIN GROUP COMPANY LIMITED is a major construction and real estate development group in Saudi Arabia, known for its extensive history and influence in the Middle East [2]