关于向特定对象发行股票提交募集说明书（注册稿） 登录新浪财经APP 搜索【信披】查看更多考评等级 证券简称：北方国际 证券代码：000065 公告编码：2025-084 北方国际合作股份有限公司 根据项目实际进展及相关审核要求，公司会同相关中介机构对募集说明书等申请文件内容进行了更新和 修订，具体内容详见公司同日在巨潮资讯网披露的相关公告文件。 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简称"中国证监会"）同意注册 后方可实施，最终能否获得中国证监会作出同意注册的决定及其时间尚存在不确定性。公司将根据该事 项的进展情况及时履行信息披露义务，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 北方国际合作股份有限公司董事会 等申请文件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏。 北方国际合作股份有限公司（以下简称"公司"）向特定对象发行股票申请已于2025年10月22日获得深圳 证券交易所上市审核中心审核通过，具体内容详见公司于2025年10月23日在巨潮资讯网上披露的《北方 国际合作股份有限公司关于向特定对象发行股票申请获得 ...

股票简称：北方国际 股票代码：000065 北方国际合作股份有限公司 NORINCO International Cooperation Ltd. （注册地址：北京市丰台区南四环西路 188 号 12 区 47 号楼 3 层（301、302）） 2024年度向特定对象发行A股股票 募集说明书 （注册稿） 保荐人（主承销商） （广东省深圳市福田区中心三路8号卓越时代广场（二期）北座） 二〇二五年十月 北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票 募集说明书 声 明 本公司及全体董事、高级管理人员承诺募集说明书及其他信息披露资料不存在任何 虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性及完整性承担相应的法律责 任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务会计资 料真实、完整。 3、本次向特定对象发行股票的定价基准日为公司本次向特定对象发行股票的发行 期首日。本次向特定对象发行股票的发行价格不低于定价基准日前二十个交易日公司股 票交易均价的 80%（定价基准日前二十个交易日股票交易均价=定价基准日前二十个交 易日股票交易总额/定价基准日前二十个交易日股票交易总 ...

证券简称：北方国际 证券代码：000065 公告编码：2025-084 北方国际合作股份有限公司 关于向特定对象发行股票提交募集说明书（注册稿） 等申请文件的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 北方国际合作股份有限公司（以下简称"公司"）向特定对象发行股票申请 已于2025年10月22日获得深圳证券交易所上市审核中心审核通过，具体内容详见 公司于2025年10月23日在巨潮资讯网上披露的《北方国际合作股份有限公司关于 向特定对象发行股票申请获得深圳证券交易所上市审核中心审核通过的公告》 （公告编码：2025-083）。 根据项目实际进展及相关审核要求，公司会同相关中介机构对募集说明书等 申请文件内容进行了更新和修订，具体内容详见公司同日在巨潮资讯网披露的相 关公告文件。 公司本次向特定对象发行股票事项尚需经中国证券监督管理委员会（以下简 称"中国证监会"）同意注册后方可实施，最终能否获得中国证监会作出同意注 册的决定及其时间尚存在不确定性。公司将根据该事项的进展情况及时履行信息 披露义务，敬请广大投资者谨慎决策，注意投资风险。 特此公告。 ...

中信证券股份有限公司 关于 北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票 之 上市保荐书 保荐人（主承销商） 北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票 上市保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受北方国际合 作股份有限公司（以下简称"北方国际"、"发行人"或"公司"）的委托，担任其 向特定对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证 券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法规、中国证 监会及深圳证券交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务 规则、行业执业规范和道德准则出具上市保荐书，并保证所出具文件的真实性、准确 性、完整性。 在本上市保荐书中，除上下文另有所指，释义与《北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票募集说明书》相同。 3-3-1 广东省深圳市福田区中心三路8号卓越时代广场（二期）北座 二〇二五年十月 | ...

中信证券股份有限公司 关于 北方国际合作股份有限公司 2024 年度向特定对象发行 A 股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年十月 | 附件一 35 | | --- | 北方国际合作股份有限公司2024年度向特定对象发行A股股票 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"）接受北方国际合作 股份有限公司（以下简称"北方国际"、"发行人"或"公司"）的委托，担任其向特 定对象发行 A 股股票的保荐人。 中信证券股份有限公司及保荐代表人根据《中华人民共和国公司法》（以下简称 "《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司证 券发行注册管理办法》（以下简称"《注册管理办法》"）等有关法律、法规和中国证券 监督管理委员会（以下简称"中国证监会"）、深圳证券交易所（以下简称"深交所"） 的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道 德准则出具发行保荐书，并保证所出具文件的真实性、准确性和完整性。若因保荐人为 发行人本次发行制作、出具的文件有虚假记载 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

Core Points - The stock price of Northern International (000065) increased by 3.68% this week, closing at 11.28 yuan as of October 24, 2025 [1] - The company reached a weekly high of 12.74 yuan on October 22 and a low of 10.96 yuan on October 20 [1] - Northern International's current total market capitalization is 12.085 billion yuan, ranking 7th out of 39 in the professional engineering sector and 1572nd out of 5160 in the A-share market [1] Company Announcements - Northern International received approval from the Shenzhen Stock Exchange for its application to issue shares to specific investors, pending registration with the China Securities Regulatory Commission (CSRC) [2] - The Shenzhen Stock Exchange's review center confirmed that the company meets the conditions for issuance, listing, and information disclosure [2] - The final approval and timing from the CSRC remain uncertain, and the company will disclose updates as necessary [2]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Insights - Infrastructure investment showed weakness in September, but the fourth quarter may benefit from increased funding and policy catalysts. The report highlights the importance of infrastructure as a stabilizing measure for the economy, with a focus on undervalued, high-dividend construction stocks [1][2] - The real estate sector saw a decline in sales area by 5.5% year-on-year from January to September, with a significant drop of 21.3% in September alone. However, the completion rate for real estate projects turned positive for the first time since 2024, indicating a potential recovery [2] - Cement demand is gradually weakening, with a production drop of 5.2% year-on-year from January to September. The report suggests that cement companies may seek to optimize supply and increase prices to recover profitability [3] - The flat glass market showed signs of improvement in September, with a slight increase in demand. However, overall production still declined by 5.2% year-on-year, and inventory levels have risen significantly [4] Summary by Sections Infrastructure Investment - Infrastructure investment from January to September showed a year-on-year increase of 1.1%, but September alone saw a decline of 4.7%. The report anticipates a recovery in the fourth quarter due to early fiscal funding and new policy financial tools [1][2] Real Estate Sector - Real estate sales area decreased by 5.5% year-on-year from January to September, with a notable drop of 11.9% in September. New construction area fell by 18.9% year-on-year, while completion area saw a slight increase in September, marking the first positive growth since 2024 [2] Cement Industry - Cement production from January to September was 1.259 billion tons, down 5.2% year-on-year. The average shipment rate was 41.3%, a decrease of 2.6 percentage points year-on-year. The report indicates that cement companies are likely to push for price increases to enhance profitability [3] Glass Industry - Flat glass production from January to September was 72.881 million weight cases, down 5.2% year-on-year. The report notes a slight improvement in demand in September, but overall inventory levels have increased significantly, indicating potential challenges ahead [4]

Group 1 - The core point of the article is that Beifang International (000065) has received approval for its application to issue shares to specific targets, indicating a positive development in its fundraising efforts [1] - The company plans to raise approximately 960 million yuan through this issuance, which reflects its strategy to enhance capital for future growth [1] - CITIC Securities Co., Ltd. is the sponsor for this share issuance, highlighting the involvement of a reputable financial institution in the process [1]

Core Viewpoint - Northern International (000065) has received approval from the Shenzhen Stock Exchange for its issuance of securities to specific investors [1] Group 1: Issuance Details - The company plans to issue A-shares to no more than 35 specific investors, including various financial institutions and qualified investors [3] - The pricing benchmark for the issuance will be set at no less than 80% of the average trading price over the 20 trading days prior to the issuance date [3] - The total number of shares to be issued will not exceed 105,032,822 shares, which is capped at 30% of the company's total share capital prior to the issuance [3][6] Group 2: Fundraising Purpose - The total amount to be raised from this issuance is capped at 960 million yuan, which will be allocated to the Bosnia Komanyan Mountain 125MWp photovoltaic project and to supplement working capital [4][5] - The total investment for the Bosnia project is approximately 75.45 million yuan, with 72.44 million yuan expected to be funded from the issuance [5] Group 3: Shareholding Structure - As of June 30, 2025, the company directly holds 40.31% of Northern International's shares and indirectly holds 11.70% through Northern Technology, totaling 52.01% [6] - The actual controller of the company remains unchanged, with the State-owned Assets Supervision and Administration Commission of the State Council as the ultimate controller [6]