Group 1 - The company, Beifang International, stated on September 17 that it will strictly adhere to relevant regulations regarding information disclosure, and investors should refer to official announcements for accurate information [2] - The company has been conducting business in the Mongolian market for a long time and will continue to leverage its business advantages to monitor project opportunities in related fields [2]

Investment Rating - The report assigns an "Accumulate" rating for the construction engineering industry [8] Core Insights - In August, broad infrastructure investment decreased by 6.4%, with a month-on-month decline of 4.5 percentage points, while narrow infrastructure investment fell by 5.9%, with a month-on-month decline of 0.8 percentage points [4][6] - Real estate investment in August saw a year-on-year decline of 19.9%, with the drop expanding compared to July [7] - The report highlights a trend towards stabilization in the real estate market, despite ongoing challenges [7] - Infrastructure investment from January to August grew by 2.0% year-on-year, outpacing overall investment growth [7] Summary by Sections Infrastructure Investment - Broad infrastructure investment in August decreased by 6.4%, a decline of 12.6 percentage points compared to the same month in 2024, and a month-on-month drop of 4.5 percentage points [6] - Narrow infrastructure investment fell by 5.9%, with a year-on-year decline of 7.1 percentage points and a month-on-month decrease of 0.8 percentage points [6] - Specific sectors such as water conservancy saw a significant drop of 29.8% year-on-year, while public facilities decreased by 11.6% [6] Real Estate Market - Real estate investment in August dropped by 19.9% year-on-year, with sales area declining by 11.0% [7] - New construction area fell by 19.8%, and completed area decreased by 21.2% [7] - The report indicates that the real estate market is moving towards stabilization, with inventory reduction efforts showing results [7] Investment Recommendations - The report recommends undervalued high-dividend stocks such as China State Construction (dividend yield 4.85%), China Railway Construction (dividend yield 3.74%), and Tunnel Corporation (dividend yield 4.48%) [7] - It also highlights the potential for growth in private investment in infrastructure, particularly in green energy [7]

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Insights - Infrastructure investment in August shows a narrowing year-on-year decline, with a focus on investment opportunities in the central and western regions [1] - Real estate sales area decreased by 4.7% year-on-year from January to August, with a significant drop of 11% in August alone [2] - Cement prices have started to rise after a prolonged period of decline, indicating potential recovery in profitability for cement companies [3] - The flat glass production showed a year-on-year decline of 4.5% from January to August, but the decline is narrowing, suggesting a potential improvement in demand [4] Summary by Sections Infrastructure Investment - From January to August, real estate development investment decreased by 12.9%, while narrow and broad infrastructure investments increased by 2% and 5.4% respectively [1] - Cumulative new special bonds reached 32,641.37 billion yuan, up 26.9% year-on-year, indicating strong support for infrastructure projects [1] Real Estate Market - New construction area decreased by 19.5% year-on-year from January to August, with a monthly decline of 19.8% in August [2] - Completion area saw a year-on-year decline of 17% from January to August, with a monthly drop of 21.2% in August [2] Cement Industry - Cement production from January to August was 1.105 billion tons, down 4.8% year-on-year, with August production at 148 million tons, a 6.2% decline [3] - The average cement price in August was 349 yuan per ton, showing a slight increase from earlier in the month [3] Glass Industry - Flat glass production from January to August was 64.818 million weight cases, down 4.5% year-on-year, with August production at 8.267 million weight cases, a 2% decline [4] - The market is showing signs of demand improvement as inventory levels decrease and production lines resume operations [4]

Core Insights - The stock of Beifang International (000065) closed at 11.22 yuan on September 12, 2025, with a slight increase of 0.18% and a trading volume of 83,500 hands, amounting to 93.43 million yuan in total transaction value [1] Financial Performance - Beifang International reported a total revenue of 6.735 billion yuan for the first half of 2025, representing a year-on-year decline of 35.34% - The net profit attributable to shareholders was 309 million yuan, down 42.71% year-on-year, while the net profit after deducting non-recurring gains and losses was 306 million yuan, also down 42.02% [2] - In Q2 2025, the company recorded a single-quarter revenue of 3.085 billion yuan, a decrease of 42.88% year-on-year, and a net profit of 132 million yuan, down 52.05% year-on-year [2] Market Position - Beifang International's total market capitalization is 11.989 billion yuan, which is below the industry average of 22.079 billion yuan, ranking 23rd out of 68 companies in the engineering construction sector [2] - The company's price-to-earnings ratio (P/E) stands at 19.4, significantly higher than the industry average of 11.64, placing it 20th out of 68 [2] - The company's return on equity (ROE) is 3.14%, which is better than the industry average of 0.57%, ranking 24th out of 68 [2] Investment Sentiment - Over the past 90 days, six institutions have provided ratings for Beifang International, with five giving a "buy" rating and one an "accumulate" rating, while the average target price set by institutions is 12.87 yuan [3]

Group 1 - The stock of Beifang International (000065) closed at 11.13 yuan on September 10, 2025, down 0.36%, with a turnover rate of 0.99% and a trading volume of 96,700 hands, resulting in a transaction amount of 108 million yuan [1] - On September 10, the net inflow of main funds was 788,500 yuan, accounting for 0.73% of the total transaction amount, while retail funds saw a net inflow of 1.84 million yuan, representing 1.71% of the total transaction amount [1] - The company's main business includes engineering construction and services, resource supply chain, power operation, and industrial manufacturing [2] Group 2 - Beifang International's total market value is 11.925 billion yuan, with a net asset of 10.858 billion yuan and a net profit of 309 million yuan, ranking 20th in the engineering construction industry [2] - The company's mid-year report for 2025 shows a main revenue of 6.735 billion yuan, a year-on-year decrease of 35.34%, and a net profit of 309 million yuan, down 42.71% year-on-year [2] - The company has received ratings from six institutions in the last 90 days, with five buy ratings and one hold rating, and the average target price set by institutions is 12.87 yuan [3]

北京市嘉源律师事务所 关于北方国际合作股份有限公司 2025 年第五次临时股东大会 的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年九月 北方国际 2025年第五次临时股东大会 嘉源·法律意见书 嘉源律师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI ·深圳| SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:北方国际合作股份有限公司 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必须审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实、准确、完整及有效,有关复印件与原 件一致、副本与正本一致。 在本法律意见书中,本所律师仅对本次股东大会的召集、召开程序、出席会 议人员资格、召集人资格、会议表决程序、表决结果等所涉及的有关法律问题发 表意见,不对本次股东大 ...

2025 年第五次临时股东大会决议公告 股票简称：北方国际 股票代码：000065 公告编号：2025-080 北方国际合作股份有限公司 2025 年第五次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现增加、变更或否决议案的情形； 2、本次股东大会不涉及变更前次股东大会决议。 一、会议召开情况 1、会议的通知：北方国际合作股份有限公司（以下简称"公司"或"北方国际"） 于 2025 年 8 月 22 日 在 《 中 国 证 券 报 》 、 《 证 券 时 报 》 及 巨 潮 资 讯 网 （www.cninfo.com.cn）刊登了《关于召开 2025 年第五次临时股东大会的通知》 （2025-078）。 2、召开时间： 5、会议主持人：公司董事长纪巍先生因工作原因无法现场出席主持会议， 经公司过半数董事共同推举，会议由公司董事单钧先生主持。 6、表决方式：本次股东大会采用现场投票、网络投票相结合的方式召开。 本次会议的召集和召开程序符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 1 2 ...

Group 1 - The stock of Beifang International (000065) closed at 11.4 yuan on September 5, 2025, with an increase of 2.7% and a turnover rate of 1.92% [1] - The net inflow of main funds on September 5 was 27.27 million yuan, accounting for 12.95% of the total turnover, while retail investors had a net outflow of 28.05 million yuan, representing 13.32% of the total turnover [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with significant net outflows from retail investors on multiple days [1] Group 2 - Beifang International's total market value is 12.214 billion yuan, with a net asset of 10.858 billion yuan and a net profit of 309 million yuan, ranking 19th, 21st, and 20th respectively in the engineering construction industry [2] - The company's main revenue for the first half of 2025 was 6.735 billion yuan, a year-on-year decrease of 35.34%, and the net profit attributable to shareholders was 309 million yuan, down 42.71% year-on-year [2] - The company's second-quarter performance showed a single-quarter revenue of 3.085 billion yuan, a decline of 42.88%, and a net profit of 132 million yuan, down 52.05% year-on-year [2] Group 3 - In the last 90 days, six institutions have rated the stock, with five giving a buy rating and one an increase rating, while the average target price set by institutions is 13.94 yuan [3] - The concept of fund flow is explained as the difference between the inflow and outflow of funds based on price changes, indicating the market's buying and selling pressures [3][4]

Group 1 - The stock price of Northern International (000065) closed at 11.5 yuan on September 1, 2025, with an increase of 0.35% and a turnover rate of 1.65% [1] - The trading volume was 161,200 shares, with a total transaction amount of 185 million yuan [1] Group 2 - On September 1, the net inflow of main funds was 6.1987 million yuan, accounting for 3.35% of the total transaction amount [3][4] - The net inflow of speculative funds was 10.6243 million yuan, representing 5.75% of the total transaction amount [3][4] - Retail investors experienced a net outflow of 16.823 million yuan, which constituted 9.1% of the total transaction amount [3][4] Group 3 - The company has disclosed that it will adhere to regulatory requirements for reporting significant developments regarding the coal-fired power plant in Bangladesh [2] - The company has not provided specific information on the number of shareholders as of August 28, 2025, but stated that such information will be disclosed in accordance with regulations [2]

Company Performance - As of August 29, 2025, the stock price of Northern International (000065) closed at 11.46 yuan, down 5.99% from the previous week [1] - The company's total market capitalization is 12.278 billion yuan, ranking 6th in the professional engineering sector and 1553rd in the A-share market [1] - The company reported a year-on-year decline in performance for the first half of the year, primarily due to fluctuations in coking coal market prices [3] Project Updates - The Senj wind power project in Croatia generated 215 million kWh in the first half of the year, representing a 28% increase compared to the same period last year [6][7] - The Bosnian photovoltaic project has a post-tax internal rate of return of 9.68%, with a capital internal rate of return of 17.74% and a payback period of 8.85 years [6][7] - The company is focusing on market development in resource-rich countries in the Asia-Pacific, Central and Eastern Europe, the Middle East, and Central Asia, including Indonesia, Croatia, Bosnia, Uzbekistan, the UAE, and Egypt [6] Strategic Initiatives - The company has submitted an application for a private placement of shares, which has been accepted by the Shenzhen Stock Exchange and is pending approval from the China Securities Regulatory Commission [2][7] - The company emphasizes compliance and steady development, aiming to enhance operational quality and core competitiveness while maintaining investor communication [3][4] - The "Belt and Road" initiative provides clear policy support and long-term direction for the international engineering industry, with a focus on green and intelligent project management and construction [8]