主体长期信用评级报告 联合〔2025〕2223 号 联合资信评估股份有限公司 关于终止北方国际合作股份有限公司主体及相关债项信用评级的公告 受北方国际合作股份有限公司（以下简称"公司"或"北方国际"）委托，联合资信评估股份 有限公司（以下简称"联合资信"）对公司主体及"北方转债"进行了信用评级。根据最新的评 级结果，公司主体长期信用等级为 AA+，"北方转债"债项信用等级为 AA+，评级展望为稳定，评 级结果有效期为债项存续期。 联合资信评估股份有限公司 二〇二五年四月十四日 根据公司于 2025 年 4 月 3 日披露的《北方国际关于北方转债即将停止转股暨赎回日前最后半 个交易日的重要提示性公告》，"北方转债"将于 2025 年 4 月 7 日全部赎回，赎回资金到账日为 2025 年 4 月 10 日，赎回款到达债券持有人资金账户日期为 2025 年 4 月 14 日。根据公司提供的《债券 赎回结果报表》，"北方转债"已于 2025 年 4 月 14 日完成赎回，不再存续。根据有关法规、监管 规定、自律规则及联合资信《终止评级制度》，自本公告发布之日起，联合资信终止对公司及"北 方转债"债项的信用评级，并将 ...

本公司及董事会全体成员保证信息披露内容的真实、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 关于召开 2024 年度业绩说明会并征集相关问题的公告 关于召开 2024 年度业绩说明会并征集相关问题的公告 证券简称：北方国际 证券代码：000065 公告编码：2025-046 北方国际合作股份有限公司（以下简称"公司"）定于 2025 年 4 月 22 日（周 二）15:00-17:00 在全景网举办 2024 年度业绩说明会，本次年度业绩说明会将采 用视频直播加网络远程互动的方式举行，投资者可登陆全景网"投资者关系互动 平台"（http://ir.p5w.net）参与本次年度业绩说明会。 出席本次业绩说明会的人员有：公司董事长、党委书记纪巍先生，董事、总 经理、党委副书记单钧先生，独立董事宋东升先生，董事会秘书、财务总监倪静 女士。 为充分尊重投资者、提升交流的针对性，现就公司 2024 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2025 年 4 月 22 日 14:00 前访问 http://ir.p5w.net/zj/，或扫描下方二 ...

关于"北方转债"赎回结果的公告 股票简称：北方国际 股票代码：000065 公告编号：2025-044 转债简称：北方转债 转债代码：127014 北方国际合作股份有限公司 关于"北方转债"赎回结果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、"北方转债"基本情况 经中国证券监督管理委员会《关于核准北方国际合作股份有限公司公开发行 可转换公司债券的批复》（证监许可【2019】1444 号）核准，公司于 2019 年 10 月 24 日公开发行 578.21 万张可转换公司债券，每张面值 100 元，发行总额 57,821.00 万元，存续日期为 2019 年 10 月 24 日至 2025 年 10 月 23 日。经深交 所"深证上【2019】735 号"文同意，公司 57,821.00 万元可转债于 2019 年 11 月 21 日起在深交所挂牌交易，债券简称"北方转债"，债券代码"127014.SZ"。 "北方转债"的转股期自 2020 年 4 月 30 日开始转股，初始转股价格为 8.84 元/股。因公司配股发行股份及实施权益分派方案，"北 ...

2024 年归母净利润增14.3%符合预期，毛利率同比显著提升。(1)2024 年营收191 亿元下降11.2%(Q1-Q4 增4.6/-3.7/-12.3/-27.7%)。归母净利10.5亿元增长14.3%(Q1-Q4 增36.1/-10.7/15.9/28.3%)，扣非归母10.6 亿元增长16.4%。(2)2024 年毛利率12.82%(+2.50pct)，费用率4.27%(+1.06pct)，归母净利率5.50% (+1.23pct)，加权ROE11.71%(+0.39pct)，资产负债率58.21%(-2.67pct)。(3)2024 年经营现金流6.5 亿元(23 年同期7.0 亿元)，Q1-Q4 为3.4/-7.2/-0.73/11.1 亿元(23 年为7.0/-11.5/2.0/9.5 亿元)。2024 年收现比101% (23 年同期94%)，付现比100%(23 年同期94%)。(4)应收账款38 亿元增4.1%，减值损失合计4.68 亿元(23 年同期3.95 亿元)。 本报告导读： 焦煤销售业务顶住焦煤价格下降的压力，确保销售价处于市场价上方；积极寻找更多优势焦煤资源，保 证货源稳定供 ...

4月9日，北方国际今日收盘10.07元，上涨5.78%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到10.26倍，总市值107.73亿元。 来源：金融界 从行业市盈率排名来看，公司所处的工程建设行业市盈率平均15.32倍，行业中值17.67倍，北方国际排 名第36位。 资金流向方面，4月9日，北方国际主力资金净流出3585.93万元，近5日总体呈流出状态，5日共流出 4742.44万元。 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，2024年年报，公司实现营业收入190.80亿元，同比-11.21%；净利润10.50亿元，同 比14.32%，销售 ...

丨证券研究报告丨 公司研究丨点评报告丨北方国际（000065.SZ） [Table_Title] 业绩延续增长，运营项目稳步推进 报告要点 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary] 公司全年实现营业收入 190.80 亿元，同比减少 11.21%；归属净利润 10.50 亿元，同比增长 14.32%；扣非后归属净利润 10.55 亿元，同比增长 16.43%。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 research.95579.com 1 北方国际（000065.SZ） cjzqdt11111 [Table_Title2] 业绩延续增长，运营项目稳步推进 [Table_Summary2] 事件描述 公司全年实现营业收入 190.80 亿元，同比减少 11.21%；归属净利润 10.50 亿元，同比增长 14.32%；扣非后归属净利润 10.55 亿元，同比增长 16.43%。 事件评论 风险提示 1、、项目进展不及预期；2、原材料价 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beifang International, noting a significant drop in stock price and a low PE ratio compared to industry averages [1][2] - As of the latest report, Beifang International's stock closed at 9.62 yuan, down 10.01%, with a rolling PE ratio of 9.81 times and a total market capitalization of 10.292 billion yuan [1] - The company operates in the engineering construction sector, with a focus on engineering services, resource and equipment supply chains, power operations, and industrial manufacturing [1] Group 2 - For the fiscal year 2024, Beifang International reported a revenue of 19.08 billion yuan, reflecting a year-on-year decrease of 11.21%, while net profit was 1.05 billion yuan, showing a year-on-year increase of 14.32% [2] - The company's gross profit margin stands at 12.82% [2] - Beifang International ranks 36th in the engineering construction industry based on PE ratio, with the industry average at 14.95 times and the median at 18.37 times [1][2] Group 3 - A total of 64 institutions hold shares in Beifang International, including 58 funds, 5 other entities, and 1 insurance company, with a total shareholding of 678.1988 million shares valued at 6.633 billion yuan [1] - The company has been recognized for its commitment to ESG management, receiving a "five-star" rating for its 2023 ESG report and various accolades for its practices in corporate social responsibility [1]

Summary of Key Points Core Viewpoint The company has announced the early redemption of its convertible bonds, "Beifang Convertible Bonds," due to the stock price meeting the necessary conditions for redemption. Investors are advised to convert their bonds before the deadline to avoid potential losses. Group 1: Redemption Details - The last conversion date for "Beifang Convertible Bonds" is April 3, 2025, after which unconverted bonds will be redeemed at a price of 100.90 CNY per bond [2][4][17] - The redemption date is set for April 7, 2025, with the funds reaching bondholders' accounts by April 14, 2025 [6][24] - The bonds will stop trading on April 1, 2025, and stop converting on April 7, 2025 [22][23] Group 2: Trigger Conditions - The redemption clause was triggered as the stock price was above 130% of the conversion price for 15 trading days from February 13 to March 6, 2025 [6][16] - The initial conversion price was adjusted multiple times, with the current conversion price being 7.65 CNY per share [10][9] Group 3: Bond Issuance and Terms - The company issued 5.7821 million convertible bonds on October 24, 2019, with a total value of 578.21 million CNY and a maturity date of October 23, 2025 [7] - The bonds have a tiered interest rate, with the current rate being 2.00% [7][18] Group 4: Investor Guidance - Bondholders are encouraged to convert their bonds before the deadline to avoid being forced to redeem at a potentially lower market price [3][5] - The company will provide daily announcements regarding the redemption process leading up to the redemption date [21]

Core Viewpoint - As of March 28, 2025, Beifang International (000065) reported a closing price of 10.73 yuan, down 5.3% from the previous week, with a total market capitalization of 11.436 billion yuan [1] Shareholder Changes - As of March 31, 2025, the number of shareholders for Beifang International reached 55,100, an increase of 14,900 or 37.18% from December 31, 2024. The average number of shares held per shareholder decreased from 25,500 to 19,300, with an average holding value of 200,800 yuan [3][7] Performance Disclosure Highlights - The 2024 annual report of Beifang International indicated a total revenue of 19.08 billion yuan, a year-on-year decrease of 11.21%. The net profit attributable to shareholders was 1.05 billion yuan, an increase of 14.32% year-on-year. The net profit excluding non-recurring items was 1.055 billion yuan, up 16.43% year-on-year. In Q4 2024, the quarterly revenue was 4.958 billion yuan, down 27.7% year-on-year, while the quarterly net profit attributable to shareholders was 292 million yuan, up 28.33% year-on-year [4][7] Institutional Research Highlights - During the analyst meeting on April 2, 2025, the company announced a restructuring of its main business segments to better reflect its operations, which now include engineering construction and services, resource and equipment supply chain, power operation, industrial manufacturing, and others. The company emphasized the importance of digital transformation in response to market risks and highlighted its experience in EPC project management [5][7] Company Announcement Summary - Beifang International plans to distribute a cash dividend of 1.49 yuan (including tax) for every 10 shares based on the total share capital of 1,063,456,232 shares as of March 28, 2025, amounting to a total distribution of approximately 158.45 million yuan. This represents a 72% increase compared to the previous year. The proposed cash dividend will be subject to approval at the upcoming shareholders' meeting [6][7]