北方国际合作股份有限公司 2025 年半年度报告 2025 年 8 月 22 日 北方国际合作股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别 和连带的法律责任。 公司负责人纪巍、主管会计工作负责人倪静及会计机构负责人(会计主管 人员)陈磊声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 5 | | 第三节 | 管理层讨论与分析 | 8 | | 第四节 | 公司治理、环境和社会 | 21 | | 第五节 | 重要事项 | 23 | | 第六节 | 股份变动及股东情况 | 34 | | 第七节 | 债券相关情况 | 38 | | 第八节 | 财务报告 | 41 | 北方国际合作股份有限 ...

8月20日，北方国际连续3个交易日下跌，区间累计跌幅-4.80%。北方国际合作股份有限公司(股票代码:000065)是中国北方工业公司控股的上市公司,是实施 国家"一带一路"战略的重要团队,公司专注于国际市场的经营,多年来建立了遍布全球的营销网络,培育了强大的国际化经营能力和投融资能力,具有优秀的全球 资源配置能力和项目管理能力。 简历显示，崔蕾女士:中国国籍,康奈尔大学金融工程硕士,金融风险管理师(FRM),特许金融分析师(CFA),具有基金从业资格。2015年2月加入南方基金,历任数 量化投资部助理研究员、研究员,指数投资部研究员;2019年7月12日至2021年4月23日,任南方小康ETF、南方小康ETF联接基金经理;2019年6月28日至2022年2 月18日,任大数据300基金经理;2020年3月26日至2023年3月27日,任南方粤港澳大湾区联接基金经理;2022年12月1日至2023年12月29日任南方上证科创板50成 份增强策略ETF基金的基金经理。2018年11月8日至2023年12月29日担任南方中证500量化增强股票型发起式证券投资基金基金经理;2019年6月12日至2025年 6月6日 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beifang International, indicating a decline in revenue and profit for Q1 2025 compared to the previous year [1][2] - As of August 19, Beifang International's stock closed at 12.38 yuan, down 1.28%, with a rolling PE ratio of 13.78 times and a total market capitalization of 13.264 billion yuan [1] - The company ranks 39th in the engineering construction industry, which has an average PE ratio of 16.05 times and a median of 20.34 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% [2] - The company's sales gross margin stands at 13.03% [2] - Beifang International has a total of 52,855 shareholders as of March 31, 2025, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 3 - The main business areas of Beifang International include engineering construction and services, resource and equipment supply chain, power operation, and industrial manufacturing [1] - The company places significant emphasis on ESG management, having published annual ESG reports since 2022, and received multiple accolades for its ESG practices, including a "five-star" rating for its 2023 ESG report [1]

Group 1 - The supercritical power generation concept rose by 0.28% on August 19, with a net outflow of main funds amounting to 90.9352 million yuan, where 18 stocks increased and 22 stocks decreased [1] - The stocks with the highest net outflow of main funds included Beifang International (98.7872 million yuan), Zhongzhou Special Materials (52.0255 million yuan), Huayang Co., Ltd. (33.3025 million yuan), Tebian Electric Apparatus (32.1531 million yuan), and Jiuli Special Materials (32.0027 million yuan) [1] Group 2 - Notable stocks with significant net inflow of main funds included Chuanrun Co., Ltd. (9.7554 million yuan, 5.38%), Huadian International (7.7479 million yuan, 16.92%), and Yueda Investment (4.8953 million yuan, 29.82%) [1] - Other companies with positive net inflow included Shuangliang Energy (4.5644 million yuan, 6.26%), Huayin Power (3.3556 million yuan, 2.53%), and Jiangsu Guoxin (1.4496 million yuan, 11.13%) [1]

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

8月18日，北方国际今日收盘12.54元，下跌3.02%，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13.96倍，总市值134.35亿元。 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15.80倍，行业中值20.28倍，北方国际排 名第39位。 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)13北方国际13.9612.801.36134.35亿行业平均 15.8021.481.42215.10亿行业中值20.2823.861.5167.87亿1山东路桥4.014.020.6293.30亿2中国建筑 4.954.960.492289.15亿3中国铁建5.164.960.411101.30亿4陕建股份5.245.000.59148.09亿5中国中铁 5.305.020.451400.34亿6安徽建工6.166.160.7482.91亿7中国交建6.646.450.521507.40亿8隧道股份 7.437.140.66202 ...

Summary of Conference Call Records Industry Overview - The real estate sector is characterized as a "three low" industry (low price-to-book ratio, low positioning, low attention), suggesting that the valuation gap will eventually close [3][5] - The construction and real estate sectors are experiencing significant challenges, with broad infrastructure investment growth declining by 1.9% year-on-year in July 2025, marking the first negative growth in two years [6][9] - The construction investment growth rate in July 2025 was negative 5.1%, indicating a severe decline in local government-funded projects and highlighting fiscal difficulties [6][9] Key Points and Arguments - Real estate stocks are not to be viewed pessimistically; the market is in a phase of orderly expansion, and the sector's win rate is high due to its low valuation metrics [3][5] - In July 2025, real estate investment fell by 17.1%, while manufacturing investment decreased by 0.3%, both showing significant declines and marking a critical turning point [11] - The cash flow situation in the real estate market has improved compared to last year, with financing costs and completion rates showing strength, suggesting potential recovery in construction data in the second half of the year [2] - The introduction of special bonds and government debt in July has significantly increased, aiding in resolving real estate debt issues and enhancing macroeconomic stability [7] Notable Companies and Their Performance - Companies like Vanke, JinDi, Longfor, and New Town are identified as having high elasticity due to improved competitive dynamics [8] - Service-oriented companies such as Wanwu Cloud, China Resources Mixc, and China Overseas Property are also highlighted for their dividend performance in the mid-year reports [8] - Recommended companies in the consumer building materials sector include Oriental Yuhong and Henkel Group, which are expected to perform well due to improved market conditions [19] Risks and Future Outlook - The upcoming mid-year reports for construction companies are anticipated to be risky, with potential for lower-than-expected performance due to increased receivables and declining revenues [13][16] - Despite short-term risks, there is potential for a rebound in the fourth quarter, particularly for companies with mineral resource attributes, such as China Metallurgical Group and China Railway [14] - The cement industry is projected to face a demand decline of 4.5% for the year, with July's demand down by 5.6% [17] Additional Insights - The consumer building materials sector is showing signs of recovery, with improved fundamentals and reduced price wars, which may lead to enhanced profitability [18] - The western region's infrastructure projects are expected to significantly impact the building materials industry, with strong demand and funding availability [24] - Investors are advised to adjust their positions cautiously in anticipation of potential volatility following the mid-year report disclosures [15]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction sector is expected to benefit from rising resource prices, particularly in the "construction + mining" sector, with a focus on the revaluation of mineral resources [2][13] - Recent inflation data in the US is favorable for the Federal Reserve's interest rate cuts, which has elevated the valuation of the non-ferrous metals sector, indicating a potentially strong copper price trend [2][13] - The construction companies with rich mineral resources, such as China Metallurgical Group and China Railway Group, are highlighted for their growth potential in the mining sector [2][13] Summary by Sections Resource Price Expectations - There is an ongoing expectation of rising prices for resource commodities, which is likely to enhance the performance of construction companies involved in resource business [2][13] - The report emphasizes the importance of companies like Northern International and Shanghai Construction in the coal and gold sectors, respectively, as they are positioned to benefit from price elasticity and profit improvements [2][13] Market Performance Review - The construction index fell by 0.44% during the week, underperforming the CSI 300 index, which rose by 1.69%, resulting in a 2.12 percentage point lag [4][22] - Notable stock performances included Meichen Technology (+27%), Hongrun Construction (+23%), and Sentai Co. (+23%) [4][22] Investment Recommendations - The report suggests focusing on the recovery of infrastructure investments and the "anti-involution" investment theme, particularly in regions with high demand such as Sichuan, Zhejiang, Anhui, and Jiangsu [28][29] - Key recommendations include companies like Sichuan Road and Bridge, Zhejiang Communications, and major state-owned enterprises like China Communications Construction and China Railway Group, which are expected to benefit from strategic projects in the western regions [28][29] - The report also highlights the importance of nuclear power investments and emerging business directions in the construction sector, recommending companies like Libat and China Nuclear Engineering [30][31]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]