Core Viewpoint - The company experienced a decline in overall revenue for 2024, but showed significant growth in industrial manufacturing revenue, alongside improvements in profitability metrics [1][2]. Financial Performance - The company achieved a total revenue of 19.08 billion, a year-on-year decrease of 11.21% [1]. - The revenue breakdown includes: engineering construction and services at 8.356 billion (down 6.95%), resource equipment supply chain at 8.966 billion (down 16.87%), power operation at 438 million (down 18.05%), and industrial manufacturing at 1.236 billion (up 12.4%) [1]. - The net profit attributable to shareholders was 1.05 billion, reflecting a year-on-year increase of 10.5% [1]. - The net cash flow from operating activities was 653 million, a decrease of 49 million year-on-year [1]. - The net cash flow from investing activities was -167 million, an improvement from -797 million in the same period of 2023 [1]. - The net cash flow from financing activities was 90 million, compared to -536 million in 2023 [1]. Profitability Metrics - The gross profit margin for 2024 was 12.82%, an increase of 2.5 percentage points year-on-year [2]. - The net profit margin was 5.38%, up by 0.94 percentage points [2]. - The expense ratio increased to 4.27%, a rise of 1.06 percentage points [2]. - The accounts receivable stood at 3.807 billion, an increase of 151 million year-on-year [2]. - The asset-liability ratio was 58.21%, a decrease of 2.67 percentage points [2]. - Total asset impairment and credit impairment losses amounted to 468 million, an increase of 72 million year-on-year [2]. Strategic Focus - The company is focusing on deepening its involvement in the "Belt and Road" initiative, with new contracts signed amounting to 1.133 billion, down from 2.62 billion in the previous year [2]. - As of December 31, 2024, the total signed but uncompleted project contracts amounted to 14.165 billion, with active contracts at 6.393 billion and unactivated contracts at 7.772 billion [2]. - Notable projects include the Lahore Metro Orange Line in Pakistan, the first cross-border electrified railway in Africa, and various renewable energy projects in Croatia and Bangladesh [2]. Investment Outlook - The projected net profit attributable to shareholders for 2025-2027 is expected to be 1.054 billion, 1.120 billion, and 1.185 billion respectively, with year-on-year growth rates of +0.41%, +6.30%, and +5.79% [3]. - Corresponding price-to-earnings ratios are projected to be 10.81, 10.17, and 9.61 times [3].

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 股票简称：北方国际 股票代码：000065 公告编号：2025-043 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"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 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。 重要内容提示： 最后转股日：2025 年 4 月 3 日 2025 年 4 月 1 日至 2025 年 4 月 3 日收市前，持有"北方转债"的投资者仍 可进行转股。2025 年 4 月 3 日收市后，未实施转股的"北方转债"将停止转股。 剩余可转债将按照 100.90 元/张的价格强制赎回。截至本公告披露时，距离"北 方转债"赎回日（2025 年 4 月 7 日）仅剩半个交易日。 风险提示 因目前"北方转债"二级市场价格与赎回价格存在较大差异，特别提醒各位 持有人注意在 2025 年 4 月 3 日收市前及时转股，如未及时转股，可能面临损失。 敬请投资者注意投资风险。 特别提示： 1、可转债赎回价格：100.90 元/张（含当期息 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has significantly improved its profitability, with a notable acceleration in performance in Q4 2024, achieving a revenue of 19.1 billion and a net profit of 1.05 billion, representing a year-on-year increase of 14.3% [1][2]. - The integrated investment and construction projects are progressing steadily, with the Bangladesh thermal power station expected to contribute investment returns starting this year [3]. - The company is expanding its operational scale through a planned capital increase of 960 million, with 720 million allocated to a photovoltaic project in Bosnia [4]. Financial Performance - In 2024, the company achieved a comprehensive gross margin of 12.82%, an increase of 2.5 percentage points year-on-year, driven by improved profitability in core businesses [2]. - The net profit margin rose to 5.5%, up 1.23 percentage points year-on-year, with operating cash flow remaining stable at 650 million [2]. - The company expects net profits of 1.18 billion, 1.32 billion, and 1.45 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.10, 1.24, and 1.35 [5][4]. Business Segments - Revenue from engineering construction, resource equipment supply chain, power operation, and industrial manufacturing was 8.36 billion, 8.97 billion, 440 million, and 1.24 billion respectively, with notable declines in resource equipment and power operation segments [1]. - The company has maintained a large volume of coal sales, with 5.12 million tons sold in 2024, despite a high base from the previous year [3]. Future Outlook - The company plans to continue expanding its integrated investment and construction strategy, with a focus on renewable energy projects in the Asia-Pacific and Central and Eastern Europe regions [4]. - The projected net profit growth rates for the next three years are 13%, 12%, and 9% respectively, indicating a stable growth trajectory [4].

Group 1: Sanxin Medical - Sanxin Medical has obtained a registration certificate for its self-developed disposable blood dialysis machine, becoming the first domestic brand to achieve this milestone, actively promoting the domestic substitution process [1] - The company's gross profit margin has increased year-on-year due to capacity release and cost reduction, while the net profit margin has decreased due to increased expenses and asset impairment [1] - Sanxin Medical has established new production bases in Sichuan and Jiangxi to enhance the production capacity of blood dialysis products, further meeting market demand [1] - The company has completed registrations in Indonesia, Peru, and Mexico for international markets, and is advancing certifications in Russia and Turkey, resulting in significant growth in export revenue [1] - There is a broad space for domestic substitution in blood dialysis machines and equipment, with sustained market demand supported by centralized procurement policies [1] - The company is collaborating with upstream and downstream manufacturers to develop polyethersulfone materials to enhance the competitiveness of dialysis machines [1] - Sanxin Medical is optimistic about stable market demand growth and believes that centralized procurement will promote standardized development in the industry, increasing market share [1] Group 2: Northern International - Northern International has adjusted its main business to include engineering construction and services, resource and equipment supply chain, power operation, industrial manufacturing, and others [2] - The engineering construction and services segment includes international engineering, international logistics services, and domestic engineering [2] - The resource and equipment supply chain covers coking coal resource acquisition and sales, as well as heavy equipment exports [2] - Power operations involve projects such as the Senj Wind Power Project in Croatia and the Nam Ngum Hydropower Project in Laos [2] - The industrial manufacturing segment primarily focuses on the production of tinplate packaging containers [2] - The company aims to achieve digital transformation and introduce advanced technologies to address market risks arising from engineering technology development [2] - For the 2024 fiscal year, the profit distribution plan includes a cash dividend of 1.49 yuan for every 10 shares, with a future focus on enhancing investor returns and improving performance [2]

关于"北方转债"即将停止转股 暨赎回日前最后一个交易日的重要提示性公告 股票简称：北方国际 股票代码：000065 公告编号：2025-042 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"即将停止转股暨赎回日前最后一个交易日的 重要提示性公告 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。 重要内容提示： 最后转股日：2025 年 4 月 3 日 2025 年 4 月 1 日至 2025 年 4 月 3 日收市前，持有"北方转债"的投资者仍 可进行转股。2025 年 4 月 3 日收市后，未实施转股的"北方转债"将停止转股。 剩余可转债将按照 100.90 元/张的价格强制赎回。截至 2025 年 4 月 2 日收市后， 距离"北方转债"赎回日（2025 年 4 月 7 日）仅剩 1 个交易日。 2、可转债赎回条件满足日：2025 年 3 月 6 日 3、可转债赎回登记日：2025 年 4 月 3 日 4、可转债赎回日：2025 年 4 月 7 日 5、可转债停止交易日：2025 年 4 月 1 日 6、可转债停止转股 ...

Group 1: Business Overview - The company has restructured its main business categories to include Engineering Construction and Services, Resource and Equipment Supply Chain, Power Operations, Industrial Manufacturing, and Others [1] - Engineering Construction focuses on international engineering, logistics services, and domestic projects, with a core emphasis on energy, resource, livelihood, and industrial engineering [1][2] - The Resource and Equipment Supply Chain includes coking coal resource acquisition and sales, heavy equipment exports, and logistics automation system integration services [2] Group 2: Market Risks and Opportunities - The international engineering sector is facing market risks due to changing owner demands and a shift towards digitalized construction projects, which presents both challenges and opportunities for the company [3] - The company aims to achieve digital transformation in response to market dynamics, leveraging its EPC project management experience and central enterprise resources [3] Group 3: Dividend Policy - The company announced a profit distribution plan for 2024, proposing a cash dividend of 1.49 CNY per 10 shares, totaling approximately 158.45 million CNY, which represents a 72% increase from the previous year [4][5] - The company emphasizes its commitment to shareholder returns while focusing on overseas investment as a key growth area [5] Group 4: Investor Relations - No significant undisclosed information leaks occurred during the investor relations activity [6]

Core Viewpoint - In 2024, the company, North International (000065.SZ), demonstrated robust growth through market expansion, project operation enhancement, and transformation upgrades amidst a complex international environment [1][2]. Financial Performance - For the year 2024, North International reported a revenue of 19.08 billion yuan and a net profit of 1.05 billion yuan, reflecting a year-on-year increase of 14.23% [2] - The company's non-recurring net profit reached 1.055 billion yuan, marking a 16.43% increase compared to the previous year [2] - The company plans to distribute a cash dividend of 1.49 yuan per 10 shares, totaling approximately 158 million yuan [2] Market Expansion and Project Development - In 2024, North International signed significant contracts, including projects in Mongolia, Indonesia, Croatia, Ethiopia, and Bangladesh, reinforcing its position in resource development and clean energy [3] - The company achieved notable progress in various operational projects, including the Mongolia integrated mining project and the Croatia wind power project, enhancing project quality and efficiency [3][5] Strategic Initiatives - The company successfully advanced the 125MW solar investment project in Bosnia, utilizing the BOO model, which is expected to significantly contribute to its renewable energy investment and transformation strategy [4] - North International is committed to enhancing its core capabilities and competitiveness by focusing on the "Belt and Road" initiative and green, low-carbon development opportunities [6] Ongoing Projects and Subsidiary Performance - The company is steadily executing ongoing projects, adhering to strict management principles to enhance professional capabilities and maintain its competitive edge [5] - Subsidiaries are actively exploring growth potential, with overall revenue and profit showing an upward trend, particularly in heavy equipment exports and logistics automation [5][6]

Core Viewpoint - The announcement highlights the implementation of the redemption of "Beifang Convertible Bonds" and the upcoming cessation of conversion rights, urging bondholders to convert their bonds before the deadline to avoid potential losses [1][2]. 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 [1][8]. - The redemption was triggered as the stock price closed at or above 130% of the conversion price for 15 trading days from February 13, 2025, to March 6, 2025 [2][6]. - The bond was issued on October 24, 2019, with a total of 5.7821 million bonds at a face value of 100 CNY each, and the initial conversion price was set at 8.84 CNY per share [2][3]. Group 2: Conversion and Redemption Procedures - Bondholders must convert their bonds through the securities company that holds their bonds, with a minimum conversion unit of 1 bond [9][10]. - The redemption price includes accrued interest calculated based on a 2.00% annual interest rate, resulting in a total redemption price of 100.90 CNY per bond [8][9]. - After the redemption, "Beifang Convertible Bonds" will be delisted from the Shenzhen Stock Exchange [9][11]. Group 3: Historical Context and Conditions - The bond has undergone several adjustments to its conversion price, with the current conversion price being 7.65 CNY per share [4][5]. - The company has previously decided not to exercise its redemption rights under certain conditions, but the current market conditions have led to the decision to redeem the bonds [6][7].

Group 1 - The company has decided to exercise its early redemption rights for the "Beifang Convertible Bonds," which will be forcibly redeemed if not converted by the close of trading on April 3, 2025 [1] - The company issued a total of 5.7821 million convertible bonds at a face value of 100 yuan each, amounting to a total issuance of 578.21 million yuan, which began trading on November 21, 2019 [1][2] - The conversion price of the "Beifang Convertible Bonds" has been adjusted multiple times, with the latest adjustment on June 21, 2024, reducing the price to 7.65 yuan per share [2][3] Group 2 - As of March 31, 2025, the total number of shares with limited sale conditions was 96,423,586, accounting for 9.41% of the total shares, while the total number of shares with unlimited sale conditions was 928,557,310, accounting for 90.59% [3] - The company has seen an increase of 44,826,026 shares in the unlimited sale condition category during the reporting period [3]

Core Insights - The company achieved a revenue of 19.08 billion, a year-on-year decrease of 11.21%, while the net profit attributable to shareholders was 1.05 billion, an increase of 14.32% [1] - The Bangladesh coal-fired power project is expected to start contributing operational revenue in 2025, with an estimated annual power generation of 8.58 billion kWh and projected revenue of approximately 4.3 billion from power sales [1] - The company maintains a "buy" rating despite the current coal price pressures, with projected net profits for 2025-2027 at 1.12 billion, 1.24 billion, and 1.4 billion respectively [1] Revenue Breakdown - Revenue from engineering construction and services, resource equipment supply chain, power operation, and industrial manufacturing for 2024 was 8.36 billion, 8.97 billion, 440 million, and 1.24 billion respectively, showing declines of 7%, 16.9%, and 18.1% [2] - The gross profit margins for these segments were 3.6%, 2.6%, -9.7%, and 0.1% year-on-year [2] - The company has active project contracts worth 6.39 billion USD (approximately 45.96 billion), which is 2.4 times the current revenue [2] Profitability and Cash Flow - The overall gross margin for 2024 was 12.82%, an increase of 2.5 percentage points, with a quarterly gross margin of 16.01% in Q4, up by 5.26 percentage points [3] - The company’s net profit margin for 2024 was 5.38%, an increase of 0.94 percentage points [3] - Cash flow from operations (CFO) was 653 million, with a cash collection to payment ratio of 100.66% and 104.61% for the year, reflecting increases of 6.53 percentage points and 7.18 percentage points respectively [3]