中国铁建重工集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 证券代码：688425 证券简称：铁建重工 公告编号：2025-040 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： 投资者可于 2025 年 10 月 29 日（星期三）至 11 月 4 日（星期二） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 ir@crchi.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 中国铁建重工集团股份有限公司（以下简称公司）将于 2025 年 10 月 30 日发布公司 2025 年第三季度报告，为便于广大投资者更全 面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划 于 2025 年 11 月 5 日（星期三）15:00-16:00 举行 2025 年第三季度业 绩说明会，就投资者关心的问题进行交流。 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 1 会议召开时间：2025 年 11 月 5 日 ...

Core Viewpoint - Changsha has rapidly developed into a hub for advanced manufacturing, boasting multiple national and provincial-level industrial clusters, showcasing its competitive strength in the recent provincial industrial cluster competition [1][2][3]. Group 1: Industrial Cluster Development - Changsha has established 6 national-level, 10 provincial-level, and 5 provincial cultivation objects, ranking among the top provincial capitals in terms of total industrial clusters [1]. - In the recent 2025 Hunan Province industrial cluster competition, Changsha achieved a success rate of approximately 70%, with 9 out of 13 participating clusters winning [1][2]. - The city has pioneered the "chain leader system" and is building a gradient system to cultivate national-level industrial clusters, aiming for world-class status [3][19]. Group 2: Mechanisms and Strategies - The "chain leader system" integrates various support mechanisms, including financial, supply, innovation, and talent chains, forming a unique Changsha model for industrial development [8][9]. - Currently, 17 industrial chains account for over 60% of the city's large-scale enterprises, over 70% of industrial output value, and over 80% of provincial and municipal innovation platforms [10]. - The city has implemented a three-tier development system that combines top-level design, collaborative mechanisms, and industrial park support to enhance cluster cultivation [11]. Group 3: Key Industries and Achievements - Changsha is recognized as the "capital of engineering machinery," leading the industry in scale for 15 consecutive years and included as one of the three samples for world-class industrial cluster cultivation by the Ministry of Industry and Information Technology [5][15]. - The new generation of autonomous safety computing systems has emerged as a breakthrough in strategic emerging industries, with a complete local industrial chain [15][17]. - Notable industrial clusters include high-end chemical raw materials in Liuyang and CNC grinding machines in Changsha County, both recognized as national-level small and medium-sized enterprise characteristic industrial clusters [16][17]. Group 4: Future Directions - Changsha aims to transition from national-level to world-class industrial clusters, focusing on high-end, intelligent, and international development [19][20]. - The city is enhancing its innovation capabilities through the establishment of national-level innovation platforms and specialized talent teams [20][21]. - Collaborative efforts are being strengthened to create a "symbiotic and prosperous" industrial ecosystem, with various organizations coordinating to support high-quality industrial development [21][22].

Core Viewpoint - Foreign institutional investors have shown an aggressive stance in the third quarter of 2025, focusing on high-growth performance, technology, and high-end manufacturing sectors, particularly in semiconductors, communications, and new materials [1][2]. Group 1: High Growth Performance - Foreign investors are favoring companies with significant net profit growth, leading to substantial purchases in firms like Zhongcai Technology, which saw a 33.47% increase in revenue and a 234.84% increase in net profit in Q3 [2]. - StarNet Yuda, involved in unmanned systems, reported a 260% increase in net profit for the first three quarters, with an 816% increase in Q3, attracting major foreign investments [2]. - Zhongce Rubber, a leading tire manufacturer, experienced a 76.56% increase in net profit in Q3, benefiting from rising average tire prices [2][3]. Group 2: Focus on Technology and Manufacturing - Foreign capital is heavily directed towards semiconductor, communication, high-end manufacturing, and new materials sectors, which are indicative of China's industrial upgrade [3][4]. - Companies like Lianyun Technology and Dazhu CNC have seen significant foreign investment, with Lianyun's stock rising over 50% in Q3 and Dazhu's revenue increasing by over 95% [3][4]. - Initial information, focusing on smart applications, has also attracted foreign interest, with multiple foreign institutions buying into the company [4]. Group 3: Forward-Looking Investments - Foreign investors are also exploring potential industry turning points, as seen with Xiangfenghua, which reported a 26.01% increase in net profit in Q3, leading to new foreign institutional investments [5]. - Recent reports indicate a positive outlook on Chinese assets, particularly in technology and new energy sectors, with China positioned as a leader in the global electrification wave [5].

Core Viewpoint - The article emphasizes the importance of developing advanced technologies and "national heavy equipment" during the "14th Five-Year Plan" period, highlighting significant achievements in China's engineering capabilities, particularly in the field of shield tunneling machines [1][20]. Group 1: Technological Advancements - The "Jiang Hai" shield tunneling machine, with a maximum excavation diameter of 16.64 meters, is custom-built for the Hai Tai Yangtze River Tunnel project, which is a key national infrastructure initiative [5][11]. - The Hai Tai Yangtze River Tunnel will significantly reduce travel time across the river from one hour to ten minutes, showcasing the efficiency of modern engineering [5]. - The "Jiang Hai" machine incorporates advanced technologies such as a real-time monitoring system and intelligent assembly robots, making it a highly automated and digitalized piece of equipment [16][20]. Group 2: Engineering Challenges - The "Jiang Hai" machine faces significant challenges, including high water pressure and deep excavation, requiring innovative solutions like the development of a constant pressure tool replacement technology [15][14]. - The machine's main bearing, considered its "heart," is designed for a lifespan of over 20,000 hours, reflecting the rigorous engineering standards required for such a project [14][12]. - The construction process demands precise control of ground disturbance, with tolerances maintained at the millimeter level to avoid damaging the surrounding soil [15]. Group 3: Industry Growth and Market Position - China's shield tunneling machine industry has achieved a global market share of 70%, with products exported to over 40 countries and regions [20]. - The period of the "14th Five-Year Plan" has seen rapid growth in the number and technological sophistication of ultra-large diameter shield machines, indicating a shift from reliance on foreign technology to domestic innovation [22][20]. - The industry is expanding its application scenarios beyond traditional uses, venturing into energy channels and complex tunneling directions, demonstrating the versatility and advancement of Chinese engineering [23][22].

Core Viewpoint - The article emphasizes the importance of developing "national heavy equipment" as a key strategy for China to achieve high-level technological self-reliance and leadership in new productive forces during the "14th Five-Year Plan" period, showcasing significant advancements in the manufacturing of large-scale tunneling machines like the "Jiang Hai" shield machine [1][20]. Group 1: Technological Advancements - The "Jiang Hai" shield machine, developed by China Railway 14th Bureau and China Railway Construction Heavy Industry Group, has a maximum excavation diameter of 16.64 meters, specifically customized for the Hai Tai Yangtze River Tunnel project [5][11]. - The Hai Tai Yangtze River Tunnel, which connects Nantong and Taicang, is 11.185 kilometers long, with the shield tunnel section measuring 9,315 meters, making it the world's longest underwater highway shield tunnel [5][20]. - The "Jiang Hai" machine incorporates advanced technologies such as a real-time monitoring system for the main bearing and an intelligent segment assembly robot, enhancing its automation and digital capabilities [16][20]. Group 2: Engineering Challenges - The "Jiang Hai" machine faces significant engineering challenges, including high water pressure and deep excavation, with a maximum depth of 75 meters and water pressure exceeding 7.5 bar [14][15]. - The development team innovated a constant pressure tool replacement technology to address the difficulties of changing tools under high pressure, which is critical for the machine's operational efficiency [15][20]. - The machine's main bearing, considered its "heart," is designed for a lifespan of over 20,000 hours, with a diameter of 8.6 meters, representing the largest of its kind in the shield machine sector [14][20]. Group 3: Industry Growth and Market Position - China's shield machine industry has achieved a global market share of 70%, with products exported to over 40 countries and regions, reflecting a significant leap in the manufacturing capabilities during the "14th Five-Year Plan" [20][22]. - The industry has seen rapid growth in the number of large-diameter shield machines, with advancements in technology and applications extending beyond traditional uses to include underwater and deep space projects [22][23]. - The article highlights the shift from reliance on foreign brands to domestic production, showcasing the evolution of China's manufacturing capabilities in this sector over the past two decades [18][20].

10月24日在铁建重工长沙第一产业园拍摄的"龙岗二号"盾构机（无人机照片）。 10月24日，由中铁十四局和铁建重工集团联合打造的"龙岗二号"盾构机在湖南长沙下线。这台盾构机整机长约117米，总重量约3600吨，开挖直径 14.31米，将应用于深汕高铁龙岗隧道建设。 新华社记者 陈泽国 摄 10月24日，"龙岗二号"盾构机在铁建重工长沙第一产业园下线（无人机照片）。 10月24日，在铁建重工长沙第一产业园，工人在调试"龙岗二号"盾构机。 10月24日，由中铁十四局和铁建重工集团联合打造的"龙岗二号"盾构机在湖南长沙下线。这台盾构机整机长约117米，总重量约3600吨，开挖直径 14.31米，将应用于深汕高铁龙岗隧道建设。 新华社记者 陈泽国 摄 10月24日，在铁建重工长沙第一产业园，工人在检查"龙岗二号"盾构机（无人机照片）。 10月24日，在铁建重工长沙第一产业园，工人在调试"龙岗二号"盾构机。 10月24日，由中铁十四局和铁建重工集团联合打造的"龙岗二号"盾构机在湖南长沙下线。这台盾构机整机长约117米，总重量约3600吨，开挖直径 14.31米，将应用于深汕高铁龙岗隧道建设。 新华社记者 陈泽国 摄 1 ...

证券代码：688425 证券简称：铁建重工 公告编号：2025-039 中国铁建重工集团股份有限公司 2025 年 1-9 月重大合同签约中标公告 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、准确性和完整性依法承担法律责任。 一、2025 年 1-9 月新签合同/中标情况 （一）按业务类型统计 单位：万元 币种：人民币 | 序号 | 业务类型 | 年 2025 | 1-9 | 月 | 年 2024 | 1-9 | 月 | 同比增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 隧道掘进机业务 | 494,818.53 | | | 691,654.86 | | | -28.46% | | 2 | 特种专业装备业务 | 226,530.17 | | | 156,317.11 | | | 44.92% | | 3 | 轨道交通设备业务 | 299,343.52 | | | 210,970.24 | | | 41.89% | | | 合计 | 1,020,692.22 | | | ...

Core Viewpoint - The domestic sales of construction machinery in September 2025 continued to grow, with significant recovery in non-excavator categories, and strong export performance, indicating a positive outlook for the industry driven by equipment upgrades and internationalization [1][2][4]. Group 1: Domestic Sales Performance - In September 2025, excavator sales (including exports) reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales at 9,249 units, up 21.5% [1]. - From January to September 2025, excavator sales (including exports) totaled 174,039 units, reflecting an 18.1% year-on-year growth, with domestic sales at 89,877 units, also up 21.5% [1]. - Non-excavator categories showed notable recovery, with loader sales up 25.6%, grader sales up 6.5%, truck crane sales up 40.7%, crawler crane sales up 66.7%, and truck-mounted crane sales up 29.8% in September 2025 [1]. Group 2: Market Drivers - The ongoing replacement cycle in the construction machinery sector is expected to support future excavator sales, with a projected compound growth rate of around 30% in replacement demand over the next few years [2]. - The export of used construction machinery to developing countries has reduced domestic ownership levels, further supporting new machine sales [2]. Group 3: Government Support and Infrastructure Investment - The government plans to issue 1.3 trillion yuan in long-term special bonds, increasing infrastructure investment, which is expected to boost demand for construction machinery [3]. - The government aims to enhance urban infrastructure, including underground engineering and municipal construction, which will sustain demand for construction machinery [3]. Group 4: Export Performance - In September 2025, excavator exports reached 10,609 units, a year-on-year increase of 29.0%, with total exports from January to September at 84,162 units, up 14.6% [4]. - The export value of construction machinery in September 2025 was $5.27 billion, reflecting a 29.6% year-on-year growth, with total export value from January to September at $43.86 billion, up 13.3% [4]. Group 5: Electrification Trends - In September 2025, electric loader sales surged to 2,586 units, a remarkable year-on-year increase of 176.0%, with an electrification rate of 24.6%, up 13.0 percentage points [5]. - From January to September 2025, electric loader sales totaled 21,407 units, up 157.2%, with an electrification rate of 22.8%, an increase of 13.6 percentage points [5][6]. Group 6: Major Projects Impact - The commencement of the Yarlung Tsangpo River downstream hydropower project, with an estimated investment of 1.2 trillion yuan, is expected to significantly boost demand for construction machinery, with equipment demand projected to reach 120 to 180 billion yuan [7]. - The project will require various types of construction machinery, including large excavators and concrete machinery, further driving industry growth [7]. Group 7: Recommended Companies - Recommended companies include SANY Heavy Industry, XCMG, Zoomlion, LiuGong, Shantui, and China Longgong, along with component manufacturers like Hengli Hydraulic [8]. - Companies related to the Yarlung Tsangpo project, such as China Railway Engineering Corporation and others, are also suggested for attention [8].

Core Insights - The company reported a new contract amount of 10.207 billion yuan for the period from January to September 2025, representing a year-on-year decrease of 3.61% [1] Summary by Category By Business Type - The tunnel boring machine segment signed new contracts worth 4.948 billion yuan, down 28.46% year-on-year [1] - The special professional equipment segment achieved new contracts of 2.265 billion yuan, an increase of 44.92% year-on-year [1] - The rail transit equipment segment secured new contracts totaling 2.993 billion yuan, reflecting a year-on-year increase of 41.89% [1] By Region - Domestic new contracts amounted to 8.013 billion yuan, showing a year-on-year increase of 2.23% [1] - International new contracts reached 2.193 billion yuan, down 20.25% year-on-year [1] Major Contracts - The significant contract signing/bidding amount from July to September 2025 was 1.255 billion yuan, accounting for approximately 12.49% of the 2024 revenue [1]

Core Insights - The export value of Hunan's rail transit equipment reached 1.02 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 36.9% [1] - The strong growth trend is consistent across all quarters, with each quarter recording an export value of 340 million yuan, and year-on-year growth rates of 45.4%, 50.8%, and 19.3% respectively [1] - State-owned enterprises dominate the export market, accounting for 690 million yuan (67.8% of total exports), while private enterprises and foreign-invested enterprises contributed 250 million yuan and 7.745 million yuan respectively [1] Export Markets - Hunan's rail transit equipment exports to countries along the "Belt and Road" initiative reached 400 million yuan, a significant increase of 92.8% [2] - Exports to the EU (excluding the UK) totaled 270 million yuan, growing by 59%, while ASEAN countries saw exports of 150 million yuan, up by 79.5% [2] - The product structure shows a notable increase in electric locomotive exports, with battery-driven locomotives growing 1.8 times to 190 million yuan [2] Industry Development Suggestions - The customs authority recommends that leading enterprises collaborate to explore international markets and support small and medium-sized enterprises in reducing trade risks [3] - Continuous innovation in speed, intelligence, green development, and cost reduction is encouraged, along with participation in international standard-setting [3] - There is a push for diversifying overseas markets and establishing overseas R&D and manufacturing bases to promote "Chinese solutions" in rail transit equipment [3]