股票代码：601886 股票简称：江河集团 公告编号：临2025-014 江河创建集团股份有限公司 关于持股5%以上股东进行部分股份解质押及续期的公告 | 股东名称 | | | 江河汇众 | | | --- | --- | --- | --- | --- | | 本次解除质押股份数量（万股） | | | 1,730 | | | 占其所持股份比例 | | | 11.08% | | | 占公司总股本比例 | | | 1.53% | | | 解除质押时间 | 2025 | 年 | 3 月 日 | 27 | 1 | 持股数量（万股） | 15,613.76 | | --- | --- | | 持股比例 | 13.78% | | 剩余被质押股份数量（万股） | 8,655 | | 剩余被质押股份数量占其所持股份比例 | 55.43% | | 剩余被质押股份数量占公司总股本比例 | 7.64% | 2.质押及续期情况 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。 重要内容提示: 北京江河汇众企业管理合伙企业（有限合伙）（下称"江河汇众" ...

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：20250320 | | --- | --- | | 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） | | 参与单位名称 | 长江证券、天风证券、国联民生证券、广发证券资产、嘉实基金、易方达基金、中银 | | | 基金、大成基金、泓德基金、华夏基金、浦银安盛、华商基金、混沌投资、国泰君安 | | | 资产、循远资产、燕创鸿德、无锡汇蠡、正圆投资、德懿禾资产、浙江龙航资产、东 | | | 吴基金、华西基金、富安达基金、途灵资产、天风国际证券、路博迈基金、上海保银 | | | 私募基金、北信瑞丰、平安基金、民生加银、太平基金、九泰基金、国联基金、工银 | | | 瑞信、山岳私募基金、汉和资本、源乘投资、乾惕投资、泾溪投资、明世伙伴基金、 | | | 玄卜投资、汇信聚盈、融创智富、国信自营、红杉资本、Dymon Asia、工银安盛、明 | | | 己投资、同泰基金、易米基金、东方基金、华泰柏瑞 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][14]. Core Insights - The company reported a revenue of 22.406 billion yuan for 2024, an increase of 6.93% year-on-year, while the net profit attributable to shareholders decreased by 5.07% to 638 million yuan. The company plans to distribute a cash dividend of 623 million yuan, resulting in a dividend payout ratio of 97.72% and a dividend yield of 9.7% [5][6]. Company Performance - The company achieved a new order intake of approximately 27.049 billion yuan in the construction decoration business for 2024, representing a year-on-year increase of 4.68%. The new orders for curtain wall and photovoltaic building business were about 17.205 billion yuan, up by 0.17%, while the interior decoration and design business saw new orders of 9.844 billion yuan, an increase of 13.62% [6]. - The overseas business (including Hong Kong and Macau) generated new orders of 7.63 billion yuan, a significant increase of 57% year-on-year, with curtain wall orders around 3.7 billion yuan and interior orders of 3.88 billion yuan, both showing strong growth [6]. Financial Metrics - The company’s gross margin for 2024 was 16.04%, a decrease of 1.13 percentage points. The operating cash flow for 2024 was 1.626 billion yuan, an increase of 770 million yuan year-on-year, with a cash collection ratio of 106%, up by 6 percentage points [7]. - The company forecasts revenues of 24.2 billion yuan and 26.2 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 8.1% and 8.0%. The net profit attributable to shareholders is expected to be 689 million yuan and 760 million yuan for the same years, reflecting growth rates of 7.7% and 10.2% [7][10].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's gross margin is under pressure, but cash flow has significantly improved, and overseas orders are growing rapidly [1] - The company reported a revenue of 22.406 billion yuan for 2024, a year-on-year increase of 6.93%, while the net profit attributable to shareholders decreased by 5.07% to 638 million yuan [6] - The company is transitioning to a "productization" strategy, focusing on the sale of customized photovoltaic components for developed countries, which is expected to optimize its business model and open up long-term growth opportunities [6] Financial Performance Summary - Revenue projections for 2025-2027 are 23.29 billion yuan, 24.10 billion yuan, and 24.58 billion yuan respectively, with net profits of 610 million yuan, 656 million yuan, and 698 million yuan [6][8] - The company’s sales gross margin for 2024 was 16.04%, a decrease of 1.13 percentage points, while the net profit margin was 2.85%, down 0.36 percentage points [6] - The operating cash flow for 2024 was 1.626 billion yuan, significantly higher than the previous year's 861 million yuan, indicating improved cash flow management [6] Order and Revenue Breakdown - The company secured new orders worth 270.49 billion yuan in the construction decoration sector, a year-on-year increase of 4.68%, with the curtain wall business contributing 172.05 billion yuan [6] - The overseas revenue reached 5.501 billion yuan, reflecting an 8.16% increase, with significant growth in orders from regions like Saudi Arabia and Dubai [6] Market Performance - The company's stock closed at 5.69 yuan on March 19, 2025, with a corresponding PE ratio of 10.57 for 2025 [1][6] - The company’s share price performance over the last 12 months showed a decline of 31%, compared to a decline of 21% for the CSI 300 index [3][4]

江河集团 20250320 摘要 Q&A 请介绍一下江河集团 2024 年的整体经营情况。 2024 年，江河集团在复杂多变的国内外经营环境中取得了显著成果。尽管国内 经济增长 5%，但行业竞争加剧，公司仍然围绕降本增效、聚焦主业、深化出海 和产品化战略，实现了较好的业绩。建筑装饰板块新增订单达到 270 多亿，连 续三年位居行业榜首，同比增长近 5%。光伏订单实现 172 亿，同比增加 0.17%。 内装和室内设计业务新增订单接近 100 亿，同比增长 13%。公司营收达到 224 亿，同比增长近 7%，其中建筑装饰板块实现 213 亿营收，眼科板块实现 11 亿 • 江河集团 2024 年营收 224 亿，同比增长近 7%，建筑装饰板块贡献 213 亿， 眼科板块 11 亿。但规模利润 6.38 亿，同比下降 5%；扣非利润 4.2 亿，同 比下降 39%，主要因行业竞争、资产减值准备及新开眼科医院亏损。 • 公司经营性净现金流达 16.26 亿元，同比增长 7.7 亿元，收现比提升至 106%。过去五年和十年平均经营性现金流分别为 11.2 亿元和 11.7 亿元， 每股经营现金流达 1.44 元，是每 ...

Investment Rating - The report maintains a "Buy" rating for Jianghe Group with a target price not specified [6][4]. Core Viewpoints - Jianghe Group achieved a revenue of 22.4 billion yuan in 2024, representing a year-on-year growth of 6.9%. However, the net profit attributable to the parent company decreased by 5.1% to 640 million yuan, with a significant drop in the non-recurring net profit by 39.7% to 420 million yuan [1][4]. - The company plans to distribute a total cash dividend of 620 million yuan for the year, resulting in a cash dividend payout ratio of 98% and a corresponding dividend yield of 9.67% [1][4]. - The report highlights strong growth in overseas business orders, with a 57% increase in overseas orders to 7.63 billion yuan, indicating successful international expansion [2][4]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 6.98 billion yuan, a year-on-year increase of 2.1%, but the net profit attributable to the parent company fell by 25% to 200 million yuan [1][3]. - The overall gross margin for 2024 was 16%, down 1.13 percentage points from the previous year, with a notable decline in Q4 gross margin by 3.52 percentage points [3][4]. - Operating cash flow showed a strong performance with a net inflow of 1.626 billion yuan, an increase of 765 million yuan year-on-year, reflecting robust cash management [3][4]. Business Segment Analysis - The construction decoration segment generated revenue of 21.27 billion yuan, growing by 6.87% year-on-year, while the healthcare segment saw a revenue increase of 4.05% to 1.095 billion yuan [2][4]. - The company secured new orders worth approximately 27.05 billion yuan in the construction decoration segment, a year-on-year increase of 4.68%, with significant contributions from both curtain wall and photovoltaic building projects [2][4]. - The report emphasizes the company's strategy to develop a second growth curve through customized services in design and product manufacturing, particularly in the curtain wall and specialized photovoltaic components [4][6].

Investment Rating - The report maintains a "Buy" rating for Jianghe Group with a target price not specified [6][4]. Core Viewpoints - Jianghe Group achieved a revenue of 22.4 billion yuan in 2024, representing a year-on-year growth of 6.9%. However, the net profit attributable to the parent company decreased by 5.1% to 640 million yuan, and the net profit after deducting non-recurring gains and losses fell by 39.7% to 420 million yuan [1][4]. - The company plans to distribute a total cash dividend of 620 million yuan for the year, resulting in a cash dividend payout ratio of 98% and a dividend yield of 9.67% [1][4]. - The company is actively expanding its overseas business, with new orders in 2024 reaching 7.63 billion yuan, a significant increase of 57% year-on-year [2][4]. Financial Performance Summary - In 2024, the comprehensive gross margin for Jianghe Group was 16%, down 1.13 percentage points year-on-year. The operating cash flow showed a net inflow of 1.626 billion yuan, an increase of 765 million yuan compared to the previous year [3][4]. - The company reported a net profit margin of 3.44% in 2024, slightly down from the previous year [3][4]. - The company’s total assets reached 29.46 billion yuan in 2024, with a debt-to-asset ratio of 70.35% [7][12]. Business Segment Analysis - The construction decoration segment generated revenue of 21.27 billion yuan, growing by 6.87% year-on-year, while the healthcare segment saw a revenue increase of 4.05% to 1.1 billion yuan [2][4]. - The company’s new orders in the construction decoration business amounted to approximately 27.05 billion yuan, reflecting a year-on-year growth of 4.68% [2][4]. - The company is focusing on developing a second growth curve through the sales of curtain wall products and customized services, aiming for a bid amount of 28 billion yuan in the construction decoration sector by 2025 [4][6].

内部控制审计报告 江河创建集团股份有限公司 容诚审字[2025]230Z0147 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]230Z0147 号 江河创建集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了江河创建集团股份有限公司（以下简称"江河集团"）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是江河 集团董事会的责任。 二、注册会计师的责任 我们认为，江河集团于 2024 年 12 月 31 日按照《企业内部控 ...

审计报告 江河创建集团股份有限公司 容诚审字[2025]230Z0146 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10-11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15-16 | | 10 | 财务报表附注 | 17 - 176 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审 计 报 告 容诚审字[2025]23 ...

江河创建集团股份有限公司 舆情管理制度 第一章 总则 第一条 为了进一步提高江河创建集团股份有限公司（以下简称"公司"） 应对各类舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆 情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保护投资者合 法权益，根据《公司法》、《上海证券交易所股票上市规则》等相关法律法规和 《江河创建集团股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 结合公司实际情况，特制定本制度。 （三）可能或已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生 较大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活 动，使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品交易价 格变动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； 第 ...