九届十五次董事会决议公告 股票简称：北方国际 股票代码：000065 公告编号：2025-090 北方国际合作股份有限公司 九届十五次董事会决议公告 二〇二五年十一月二十七日 1 北方国际合作股份有限公司（以下简称"公司"或"北方国际"）九届十五次董 事会会议通知已于 2025 年 11 月 24 日以电子邮件方式送达公司全体董事。本次 会议于 2025 年 11 月 27 日以通讯会议表决的形式召开。会议应参与审议表决的 董事 9 名，实际参与审议表决的董事 9 名。会议召开程序符合《公司法》及《公 司章程》的有关规定，会议合法有效。经全体参会董事审议： 一、会议审议通过了《关于公司 2024 年度向特定对象发行 A 股股票事项相 关授权的议案》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 为保障公司 2024 年度向特定对象发行 A 股股票的顺利进行，根据公司股东 大会的授权，在公司本次向特定对象发行股票过程中，如按照竞价程序簿记建档 后确定的发行股数未达到认购邀请相关文件中拟发行股票数量的 70%，公司董事 会授权董事长及其授权的指定人员经与主承销商协商一致，可以在不低于发行底 价的前提下， ...

Market Overview - The professional engineering sector experienced a decline of 0.7% on November 27, with Northern International leading the drop [1] - The Shanghai Composite Index closed at 3875.26, up 0.29%, while the Shenzhen Component Index closed at 12875.19, down 0.25% [1] Top Performers - Zhi Te New Materials (300986) saw a closing price of 11.28, with a significant increase of 7.53% and a trading volume of 247,100 shares, amounting to 277 million yuan [1] - Neng Hui Zhi (301046) closed at 30.67, up 7.28%, with a trading volume of 119,100 shares and a transaction value of 358 million yuan [1] - Sheng Hui Integration (603163) closed at 52.77, increasing by 4.35% with a trading volume of 56,700 shares and a transaction value of 299 million yuan [1] Underperformers - Northern International (000065) closed at 12.02, down 7.82%, with a trading volume of 683,300 shares and a transaction value of 829 million yuan [2] - China Steel International (000928) closed at 6.36, down 4.36%, with a trading volume of 583,300 shares and a transaction value of 373 million yuan [2] - China Construction International (002051) closed at 8.58, down 4.03%, with a trading volume of 307,200 shares and a transaction value of 265 million yuan [2] Capital Flow - The professional engineering sector saw a net outflow of 229 million yuan from major funds, while retail investors contributed a net inflow of 170 million yuan [2][3] - Major funds showed a net inflow in Zhi Te New Materials of 37.59 million yuan, while experiencing a net outflow in other companies like China Materials International [3]

Core Viewpoint - The professional engineering sector experienced a slight decline of 0.38% on November 26, with Yongfu Co., Ltd. leading the losses. The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1][2]. Group 1: Market Performance - The professional engineering sector's stocks showed mixed performance, with notable gainers including Tianwo Technology, which rose by 2.70% to a closing price of 9.12, and Beifang International, which increased by 2.68% to 13.04 [1]. - Yongfu Co., Ltd. saw the largest decline, dropping 4.56% to a closing price of 27.39, with a trading volume of 67,200 shares and a transaction value of 187 million [2]. Group 2: Trading Volume and Value - The trading volume for Tianwo Technology was 346,900 shares, resulting in a transaction value of 315 million [1]. - Beifang International had a trading volume of 970,700 shares, leading to a transaction value of 1.282 billion [1]. Group 3: Capital Flow - The professional engineering sector experienced a net outflow of 220 million from main funds, while retail investors contributed a net inflow of 207 million [2][3]. - Among individual stocks, Zhonggang International had a main fund net inflow of 65.28 million, while Tianwo Technology saw a net outflow of 26.25 million from speculative funds [3].

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, particularly focusing on international engineering leaders such as China National Materials (中材国际), China Steel International (中钢国际), and others [9][24]. Core Viewpoints - The expectation of a ceasefire in the Russia-Ukraine conflict has increased, which could lead to significant reconstruction investments in Ukraine, estimated at $523.6 billion over the next decade, creating substantial demand for construction projects and building materials [2][18]. - Chinese construction companies are well-positioned to benefit from overseas projects, especially in post-war reconstruction efforts in Ukraine, as they possess competitive advantages in technology, efficiency, and cost [3][20]. - The trend of urbanization and industrialization in emerging markets, combined with the relocation of some manufacturing capacities from China, indicates a long-term trend of Chinese construction companies expanding overseas [7][24]. Summary by Sections Industry Dynamics - The report highlights the potential for large-scale reconstruction in Ukraine if the conflict ends, with significant investment needs in housing (16% of total needs) and infrastructure (32.4% of total needs) [2][18]. - The demand for basic construction materials like cement and steel is expected to rise significantly due to reconstruction efforts [18][19]. Investment Recommendations - Key companies recommended for investment include: - China National Materials (中材国际) with a PE of 7.2X and a dividend yield of 5.5% - China Steel International (中钢国际) with a PE of 9.6X and a dividend yield of 5.3% - Northern International (北方国际) with a PE of 11X - China Chemical Engineering (中国化学) with a PE of 6.3X and a PB of 0.70X - Jianghe Group (江河集团) with a PE of 12X and a dividend yield of 6.5% - Precision Steel Structure (精工钢构) with a PE of 10X and a dividend yield of 6.9% [8][24][26]. Market Trends - The report notes that overseas construction demand remains robust, driven by urbanization and industrialization in emerging markets, such as Saudi Arabia's Vision 2030 and various infrastructure initiatives in Southeast Asia [7][22][23]. - The report cites that 68% of A-share listed companies have disclosed overseas business income, indicating a growing trend of Chinese companies expanding internationally [7][24].

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of 15.76 CNY, reflecting a PE ratio of 21.9 times for 2025 [3][10]. Core Insights - The company's net profit attributable to shareholders decreased by 19.5% in Q3, while the gross profit margin improved year-on-year. Operating cash flow showed significant improvement, and both coking coal and wind power projects are operating stably. The company plans to continue expanding its overseas high-quality power asset layout [2][4][5]. Financial Performance Summary - For the first three quarters of 2025, the company's revenue was 9.92 billion CNY, a year-on-year decrease of 29.8%. The net profit attributable to shareholders was 485 million CNY, down 36.0% year-on-year. The gross profit margin was 14.2%, an increase of 2.5 percentage points, while the net profit margin was 4.9%, a decrease of 0.47 percentage points [4][5]. - The operating cash flow for the first three quarters of 2025 was 900 million CNY, a significant improvement compared to a negative cash flow of 460 million CNY in the same period of 2024 [5]. - The company signed new project contracts worth 470 million USD in the first three quarters of 2025, a year-on-year decrease of 39%, with Q3 showing a 7.1% increase year-on-year [5][6]. Future Outlook - The company is actively expanding its overseas high-quality power asset layout and exploring new revenue channels such as green certificate trading and virtual power plants. The EPC construction progress of the coal-fired power plant project in Bangladesh is nearly complete, with plans to enhance investment in energy storage projects [6][7].

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Core Viewpoint - As of November 18, 2025, Beifang International (000065) closed at 11.36 yuan, down 2.15%, with a trading volume of 182,800 hands and a transaction amount of 209 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Beifang International reported a main business revenue of 9.915 billion yuan, a year-on-year decrease of 29.79% [3] - The net profit attributable to shareholders was 485 million yuan, down 36.02% year-on-year [3] - The third quarter alone saw a main business revenue of 3.181 billion yuan, a decline of 14.2% year-on-year, and a net profit of 176 million yuan, down 19.49% year-on-year [3] - The company’s debt ratio stands at 56.87%, with a gross profit margin of 14.24% [3] Group 2: Market Activity - On November 18, 2025, the net outflow of main funds was 20.9933 million yuan, accounting for 10.06% of the total transaction amount [1] - Retail investors saw a net inflow of 11.5548 million yuan, representing 5.54% of the total transaction amount [1] - Over the past five days, the stock has experienced fluctuations in fund flows, with varying net inflows and outflows from different investor categories [2] Group 3: Company Metrics and Industry Comparison - Beifang International's total market value is 12.171 billion yuan, significantly lower than the industry average of 22.081 billion yuan [3] - The company ranks 21st in total market value and 23rd in net assets within the engineering construction industry [3] - The price-to-earnings ratio (P/E) is 18.83, compared to the industry average of 12.2, indicating a higher valuation relative to peers [3] Group 4: Analyst Ratings - In the last 90 days, eight institutions have rated the stock, with six buy ratings and two hold ratings [4] - The average target price set by institutions over the past 90 days is 14.44 yuan [4]

Core Viewpoint - As of November 17, 2025, Beifang International (000065) closed at 11.61 yuan, marking a 2.02% increase, with a trading volume of 232,400 hands and a transaction value of 267 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, Beifang International reported a main revenue of 9.915 billion yuan, a year-on-year decrease of 29.79% [3] - The net profit attributable to shareholders was 485 million yuan, down 36.02% year-on-year [3] - The third quarter alone saw a main revenue of 3.181 billion yuan, a decline of 14.2% year-on-year, and a net profit of 176 million yuan, down 19.49% year-on-year [3] - The company’s debt ratio stands at 56.87%, with a gross profit margin of 14.24% [3] Group 2: Market Position and Valuation - Beifang International's total market value is 12.439 billion yuan, ranking 21st in the engineering construction industry [3] - The company has a price-to-earnings ratio (P/E) of 19.25, which is higher than the industry average of 12.45, ranking 18th [3] - The price-to-book ratio (P/B) is 1.22, significantly lower than the industry average of 3.73, ranking 24th [3] - The return on equity (ROE) is 4.96%, outperforming the industry average of 0.45%, ranking 19th [3] Group 3: Recent Trading Activity - On November 17, 2025, the net outflow of main funds was 4.6347 million yuan, accounting for 1.73% of the total transaction value [2] - Retail investors experienced a net outflow of 5.1616 million yuan, representing 1.93% of the total transaction value [2] - Over the past 90 days, 8 institutions have rated the stock, with 6 buy ratings and 2 hold ratings, and the average target price set at 14.44 yuan [4]

Group 1 - The new policy financial tools have been fully deployed, supporting private investment and REITs issuance [2] - As of October 29, 500 billion yuan of new policy financial tools have been allocated, with a portion supporting key private investment projects [2] - A total of 18 private investment projects have been recommended to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [2] Group 2 - The central bank aims to maintain reasonable price levels and ensure steady growth, employment, and expectations [3] - In October, new social financing amounted to 815 billion yuan, a year-on-year decrease of 597 billion yuan [3] - The central bank emphasizes the importance of promoting reasonable price recovery as a key consideration in monetary policy [3] Group 3 - The National Energy Administration has issued guidelines to promote the integrated development of renewable energy [4] - The guidelines aim to enhance the complementary development of various renewable energy sources and optimize energy structures [4] - There is a focus on improving the collaborative development of wind, solar, hydrogen, and storage technologies [4] Group 4 - Recommendations include sectors such as copper and cobalt resources, energy storage, dividends, and infrastructure in the western region [5] - Specific stock recommendations include China Railway (601390) for copper, China Metallurgical (601618) for nickel, and China Construction (601668) for low valuation and high dividends [5] - The report also highlights opportunities in AI and low-altitude economy sectors, recommending companies like Design Institute (603357) and Huazhong International (002949) [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's revenue for the first three quarters reached 9.915 billion yuan, a year-on-year decrease of 29.79%, while the net profit attributable to shareholders was 485 million yuan, down 36.02% year-on-year [2][6] - The company experienced a decline in performance due to falling coking coal prices, but the acceleration of power operations is expected to benefit future performance releases [6][12] - The company has seen an improvement in gross margin, with a comprehensive gross margin of 14.24% for the first three quarters, an increase of 2.54 percentage points year-on-year [12] - The cash flow situation has improved, with a cash collection ratio of 106.77%, up 6.21 percentage points year-on-year, and a net cash inflow from operating activities of 899 million yuan [12] Summary by Sections Financial Performance - For the first three quarters, the company reported a revenue of 9.915 billion yuan, a decrease of 29.79% year-on-year, and a net profit of 485 million yuan, down 36.02% year-on-year [2][6] - The gross margin improved to 14.24%, with a net profit margin of 4.89%, down 0.48 percentage points year-on-year [12] Operational Highlights - The company signed new contracts worth 64.2547 million USD in Q3 2025, a year-on-year increase of 7% [12] - The construction progress of the Bangladesh coal-fired power plant project is nearly complete, with the first unit passing reliability tests [12] Market Conditions - The coking coal price has shown signs of recovery, with the price at the Ganqimaodu port reaching 1,298 yuan per ton as of October 30, 2025, which is significantly higher than earlier in the year [12] - The company is expected to benefit from improved supply and demand dynamics in the coking coal market [12]