北方国际合作股份有限公司 关于召开 2025 年第三次临时股东大会的通知 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。 公司决定于 2025 年 6 月 11 日召开 2025 年第三次临时股东大会。现将有关 事项通知如下： 一、召开会议基本情况 1、股东大会届次 关于召开 2025 年第三次临时股东大会的通知 股票简称：北方国际 股票代码：000065 公告编号：2025-055 2025 年第三次临时股东大会 2、会议召集人 北方国际合作股份有限公司董事会 3、会议召开的合法、合规性 本次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和公司章程等的规定。 4、会议召开的日期、时间 现场会议召开日期、时间为：2025年6月11日14:30开始 网络投票时间为： （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年6 月11日上午9:15至9:25、9:30至11:30，下午13:00至15:00； （2）通过深圳证券交易所互联网投票的具体时间为：2025年6月11日9:15 至15:00。 8、会议地 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beifang International, including its stock price, market capitalization, and industry comparisons [1][2] - As of May 20, Beifang International's stock closed at 11.0 yuan, with a rolling PE ratio of 12.24 times and a total market value of 11.785 billion yuan [1] - The company ranks 37th in the engineering construction industry, which has an average PE ratio of 13.48 times and a median of 21.06 times [1][2] Group 2 - For Q1 2025, Beifang International reported an operating income of 3.650 billion yuan, a year-on-year decrease of 27.22%, and a net profit of 177 million yuan, down 32.97% year-on-year [2] - The company's gross profit margin stands at 13.03% [2] - As of March 31, 2025, Beifang International had 52,855 shareholders, an increase of 12,695 from the previous count, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 3 - Beifang International focuses on engineering construction and services, resource and equipment supply chain, power operation, and industrial manufacturing [1] - The company has placed significant emphasis on ESG management, producing annual ESG reports since 2022, and has received multiple accolades for its ESG practices, including a "five-star" rating and recognition as one of the "Top 100 ESG Listed Companies in China" [1]

Group 1: Impact of the US-China Joint Statement - The US-China Joint Statement led to a significant reduction in bilateral tariffs, prompting foreign trade companies to resume production and shipping to meet demand within a 90-day window [1][4] - Companies like Zhejiang Wei Laoda Industrial Co., which exports over 70% of its products to the US, are ramping up production to fulfill previously delayed orders worth nearly $6 million [1][4] - The shipping industry is experiencing a surge in demand, with freight rates increasing significantly; for instance, rates for shipping to the US West Coast have risen to $6,000 per container [1][5] Group 2: Shipping and Port Activity - Yantian Port, a key player in Guangdong's foreign trade, is seeing an increase in truck traffic and shipping orders, with drivers reporting a 20% rise in orders due to the US-China trade talks [2][3] - The shipping market is experiencing a rapid increase in freight rates, with the container shipping price index for routes to the US West Coast rising over 11% [5][6] - Companies are preparing for a shipping peak next week, as many are expected to clear out backlogged orders [2][3] Group 3: Business Recovery and Order Resumption - Companies like Shanghai Ximei Tools Import and Export Co. are receiving renewed orders from US clients, with expectations of shipping a batch of orders by early June [3][4] - The medical device sector, represented by Shenzhen Mide Rui Na Biotechnology Co., is also seeing a revival in orders, with clients planning to place new orders after previously pausing shipments [4] - The overall export volume is anticipated to increase significantly as companies take advantage of the 90-day window to replenish stocks and clear warehouses [3][4]

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4][13]. Core Views - The company is steadily expanding its integrated investment, construction, and operation business, with performance facing temporary pressure. In Q1 2025, the company achieved revenue of 3.65 billion yuan, a year-on-year decrease of 27%, and a net profit attributable to shareholders of 180 million yuan, down 33% year-on-year [1][26]. - The Mongolian coal trade integration is progressing well, with significant certainty in trade increments. The mining volume for 2024 is projected at 50.56 million tons, with a compound annual growth rate of 304% from 2021 to 2024 [2][54]. - The overseas wind and hydropower profits are stable, while thermal power and photovoltaic sectors have potential for growth. The average electricity price in Croatia increased by 81% year-on-year, contributing positively to wind power project profitability [3][46]. - The company has a sufficient reserve of international engineering contracts, and the "Belt and Road" initiative is expected to catalyze performance improvement [3][4]. Summary by Sections Integrated Investment and Construction Development - The company is a comprehensive international construction enterprise benefiting from the "Belt and Road" initiative, with a focus on expanding its integrated business model [20]. - In Q1 2025, the company faced performance pressure, with a revenue of 3.65 billion yuan, down 27% year-on-year, and a net profit of 180 million yuan, down 33% year-on-year [1][26]. Mongolian Coal Trade Integration - The Mongolian coal trade integration is showing good progress, with a projected mining volume of 50.56 million tons for 2024, reflecting a compound annual growth rate of 304% from 2021 to 2024 [2][54]. - The coal trade is highly dependent on the Chinese market, with 96.5% of Mongolia's coal exports going to China in 2023 [2]. Overseas Power Projects - The average electricity price in Croatia increased to 130 euros per megawatt-hour in Q1 2025, up 81% year-on-year, indicating strong profitability for wind power projects [3][46]. - The company plans to invest in a 125MWp photovoltaic project in Bosnia, further deepening its market presence in the Middle East [3]. International Engineering Contracts - The company has a total of 14.17 billion USD in signed but uncompleted project contracts as of the end of 2024, a decrease of 3.9% year-on-year [3]. - The new contract amount signed in 2024 was 1.16 billion USD, down 55.8% year-on-year, but the upcoming "Belt and Road" construction work conference in December 2024 is expected to catalyze performance [3][4]. Profit Forecast and Investment Recommendations - The company is expected to achieve total revenues of 20.515 billion yuan, 22.233 billion yuan, and 23.624 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.52%, 8.37%, and 6.26% [4]. - The net profit attributable to shareholders is projected to be 1.125 billion yuan, 1.309 billion yuan, and 1.420 billion yuan for the same years, with growth rates of 7.21%, 16.32%, and 8.48% respectively [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 3.65 billion yuan in Q1 2025, a year-on-year decrease of 27.22%. The net profit attributable to shareholders was 177 million yuan, down 32.97% year-on-year. The net profit after deducting non-recurring items was 175 million yuan, a decrease of 32.45% year-on-year [2][8]. Summary by Sections Financial Performance - In Q1 2025, the company's comprehensive gross margin was 13.03%, an increase of 3.41 percentage points year-on-year. However, the net profit margin decreased to 4.85%, down 0.42 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 4.80%, a decrease of 0.37 percentage points year-on-year [13]. Cash Flow and Financial Health - The net cash inflow from operating activities was 334 million yuan, a decrease of 50 million yuan year-on-year. The cash collection ratio improved to 91.27%, up 2.11 percentage points year-on-year. The asset-liability ratio decreased by 3.41 percentage points year-on-year to 57.23% [13]. Project Progress and Orders - The company signed new projects worth 15.24 million USD in Q1 2025, a decline of 39.75% year-on-year. Key operational highlights include mining volume of 11.13 million cubic meters in Mongolia, 1.23 billion kWh generated from the Croatian wind project, and 4.16 billion kWh from the Laos hydropower project in 2024 [13].

Group 1: Investment Activities and Projects - The company completed the equity transfer of Aurora Solar, holding 80% of the project company, becoming the largest shareholder [1] - All 48 pull test drilling points and column pouring for the photovoltaic project have been completed, with pull tests finished at 100% [1] - The company is focusing on international engineering transformation and developing resource-controlled, low-risk concession projects [2] Group 2: Future Investment Directions - The company aims to seek investment opportunities in renewable energy sectors abroad, aligning with national carbon peak and carbon neutrality goals [2] - Plans to extend and integrate the industrial chain through overseas investments based on existing business segments [2] Group 3: Financial Performance and Shareholder Returns - The gross profit margin for 2024 is expected to improve due to strict project quality control and termination of low-margin trade businesses [2] - The cash dividend for 2024 is set at 1.49 yuan per 10 shares, totaling approximately 158.45 million yuan, a 72.55% increase from the previous year [2] - The company has maintained a consistent cash dividend for 17 consecutive years, emphasizing long-term shareholder returns [2] Group 4: Confidentiality and Compliance - No undisclosed significant information leakage occurred during the investor relations activity [3]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beifang International, including its stock price increase and PE ratio compared to industry averages [1][2] - As of May 12, Beifang International's stock closed at 11.12 yuan, with a 3.44% increase, and a rolling PE ratio of 12.38 times, which is below the industry average of 13.05 times and the median of 19.86 times [1][2] - The company has a total market capitalization of 11.914 billion yuan and ranked 37th in the engineering construction industry based on PE ratio [1][2] Group 2 - In the latest quarterly report for Q1 2025, Beifang International reported an operating income of 3.650 billion yuan, a year-on-year decrease of 27.22%, and a net profit of 177 million yuan, down 32.97% year-on-year [2] - The company's sales gross margin stands at 13.03% [2] - Beifang International has been recognized for its ESG management, receiving a "five-star" rating for its 2023 ESG report and various honors for its practices in corporate social responsibility [1]

北方国际合作股份有限公司的主营业务是工程建设与服务、资源与设备供应链、电力运营、工业制造。 公司的主要产品是工程建设与服务、资源设备供应链、电力运营、工业制造。公司国际高度重视ESG管 理体系建设，自2022年以来每年编制专项ESG报告，全面展现企业在ESG方面的良好实践。公司2023年 度ESG报告荣获中国企业社会责任报告评级专家委员会"五星级"评级，公司荣获中央广播电视总台"中 国ESG上市公司先锋100"、《中央企业上市公司ESG蓝皮书(2024)》十佳案例等多项荣誉。 最新一期业绩显示，2025年一季报，公司实现营业收入36.50亿元，同比-27.22%；净利润1.77亿元，同 比-32.97%，销售毛利率13.03%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)37北方国际11.5710.611.12111.32亿行业平均 12.6116.491.16199.80亿行业中值20.1421.241.3657.62亿1腾达建设-114.72136.520.5735.50亿2*ST围 海-40.74-22.951.1734.67亿3成都路桥-35.79-35.571.1332.78亿4旭杰科技 ...

Investment Rating - The industry rating is "Recommended" [4] Core Views - The new housing market is showing signs of recovery, with a notable increase in new home transactions in major cities, indicating a potential boost in demand for construction materials [2][20] - The cement market is experiencing a slight price decline, but demand is expected to improve as weather conditions stabilize and construction activities pick up [3][23] - The report emphasizes the importance of domestic consumption and infrastructure investment, particularly in light of the "equal tariff" environment, which is expected to strengthen domestic demand [7][9] Summary by Sections Housing Market - In the 18th week of the year, new home transaction area in 30 major cities reached 165.19 million square meters, up 21% year-on-year and 6.19% month-on-month [2][20] - The total transaction area for new homes in these cities is 29.32 million square meters, showing no year-on-year change [2][20] - Second-hand home transactions in 15 monitored cities increased by 56% year-on-year but saw a significant month-on-month decline [21] Cement Market - The national average cement price is 390.83 yuan per ton, down 0.8% from the previous week, with price increases mainly in Liaoning and Jilin [3][23] - The cement market is expected to stabilize as demand improves and companies engage in peak-shifting production practices [23] Investment Recommendations - Recommended companies include: - **Oriental Yuhong**, **Weixing New Materials**, and **Tubaobao** for their strong operational resilience and high dividends [7] - **China Construction** and **China Communications Construction** as beneficiaries of increased infrastructure investment [7] - **Jinchengxin** for its strong performance in copper resource development [7] - **Heilongjiang Hongda** and **Xuefeng Technology** in the civil explosives sector due to high demand [7] Industry Trends - The report highlights the ongoing trend of domestic substitution in various sectors, particularly in ship coatings and industrial coatings, with companies like **Maijia Xincai** and **Songjing Coatings** positioned to benefit [7] - The "Belt and Road" initiative is expected to gain momentum, benefiting international engineering companies such as **China Construction** and **China Metallurgical** [7]