Investment Rating - The report rates the industry as "Positive" for A-share central enterprises in the construction sector, indicating an expectation of outperforming the overall market [3]. Core Insights - The ESG performance of 19 central enterprises in the construction industry is generally good, with strengths in green development and social responsibility, while climate governance and governance enhancement remain key weaknesses [5][13]. - The overall ESG scores show that 8 companies scored above 80, 10 companies scored between 60-79, and 1 company scored below 60, with a maximum score of 100 [13]. - Importance assessments are disclosed by all 19 companies, with 17 completing dual importance assessments, although third-party verification is lacking, with only 3 companies engaging third-party validation [16][18]. Summary by Sections 1. Overall Scores and Areas for Improvement - The ESG scores of the 19 central enterprises are generally good, with green development and social responsibility as strong areas, while climate governance and governance improvements are identified as critical weaknesses [5][13]. 2. Importance Assessment - All 19 companies disclosed importance assessments, with 17 completing dual assessments. However, third-party verification is limited, with only 3 companies providing such validation [16][18]. 3. Environmental & Climate - The total score for "Environment + Climate Change" among the 19 companies ranges from 0 to 32 points (out of 34). Two companies scored between 30-34, indicating strong performance in both environmental and climate disclosures. Twelve companies scored between 20-29, primarily focusing on environmental disclosures, while five companies scored between 10-19, showing limited engagement with climate issues [24][25]. 4. Social Responsibility - All 19 companies disclosed social responsibility initiatives, with a focus on rural revitalization and social welfare, reflecting a strong commitment to social responsibility. However, some disclosures lack quantitative performance indicators [57][60]. 5. Governance - The governance scores are primarily in the mid to high range, with most companies having established governance structures. However, the integration of ESG performance indicators into governance mechanisms remains unclear for many companies [68][73].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][3]. Core Insights - The construction industry faced revenue and profit pressures in Q1-Q3 2025, with total revenue of 5.52 trillion, down 5.2% year-on-year, and net profit of 118.9 billion, down 9.0% year-on-year [2][3]. - The decline in revenue has narrowed, and cash flow has shown significant improvement, attributed to local government debt resolution policies and enhanced cash flow management by companies [2][5]. - The industry’s gross margin remained stable at 9.8%, with a net margin of 2.16%, indicating effective cost control despite external pressures [2][10]. Summary by Sections 1. Financial Overview of the Construction Industry - In Q1-Q3 2025, major listed companies in the construction sector reported a total revenue of 5.52 trillion, reflecting a year-on-year decrease of 5.2%, and a net profit of 118.9 billion, down 9.0% [3][9]. - Quarterly revenues were 1.84 trillion, 1.91 trillion, and 1.76 trillion, with respective year-on-year declines of 6.2%, 5.2%, and 4.3% [3][9]. 2. ROE Analysis - The overall Return on Equity (ROE) for the industry in Q1-Q3 2025 was 3.36%, a decrease of 0.53 percentage points year-on-year [17]. - The decline in ROE is attributed to reduced investment and increased cost pressures, impacting profitability [17][28]. 3. Cash Flow Improvement - The industry’s operating cash flow showed improvement, with a net outflow of 404.7 billion, which is 70.7 billion less than the previous year [4][14]. - The cash collection ratio improved to 103%, 87%, and 108% across the three quarters, indicating better cash management [4][14]. 4. Investment and Profitability Trends - The construction sector is experiencing a shift towards cash management and asset quality improvement, with companies focusing on reducing ineffective assets [5][26]. - Investment net income in Q3 2025 decreased by 39.4 billion year-on-year, reflecting the ongoing challenges in the sector [26]. 5. Market Perception and Opportunities - The report suggests that the market underestimates the potential for investment in the construction and real estate sectors, which remain crucial to the economy [6]. - The emphasis on quality over growth by state-owned enterprises is expected to create new opportunities for sustainable growth [6].

Market Overview - The professional engineering sector experienced a decline of 0.48% on November 4, with Shanghai Port leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Notable gainers in the professional engineering sector included: - Yaxiang Integration (603929) with a closing price of 50.30, up 7.69% and a trading volume of 159,900 shares [1] - Yongfu Co., Ltd. (300712) closed at 29.12, up 5.78% with a trading volume of 231,300 shares [1] - Shikong Technology (605178) closed at 66.49, up 4.13% with a trading volume of 208,300 shares [1] - Other stocks with positive performance included: - Rishang Group (002593) up 2.27% [1] - Huadian Technology (601226) up 1.34% [1] Decliners - Major decliners included: - Fei Gui Yu Shan (605598) down 3.13% with a trading volume of 91,600 shares [2] - Honglu Steel Structure (002541) down 3.10% with a trading volume of 66,100 shares [2] - Shenghui Integration (603163) down 2.46% with a trading volume of 70,300 shares [2] Capital Flow - The professional engineering sector saw a net outflow of 395 million yuan from institutional investors, while retail investors contributed a net inflow of 310 million yuan [2][3] - Notable capital flows included: - Yongfu Co., Ltd. (300712) with a net inflow of 71.39 million yuan from institutional investors [3] - Rishang Group (002593) with a net inflow of 26.38 million yuan from institutional investors [3] - Shikong Technology (603098) with a net inflow of 15.01 million yuan from institutional investors [3]

北京市嘉源律师事务所 关于中钢国际工程技术股份有限公司 2025 年第一次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致：中钢国际工程技术股份有限公司 北京市嘉源律师事务所 关于中钢国际工程技术股份有限公司 2025 年第一次临时股东大会的 法律意见书 嘉源(2025)-04-779 北京市嘉源律师事务所（以下简称"本所"）接受中钢国际工程技术股份有 限公司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"） 等现行有效的法律、行政法规、部门规章、规范性文件（以下简称"法律法规"） 以及《中钢国际工程技术股份有限公司章程》（以下简称"《公司章程》"）的 有关规定，指派本所律师对公司 2025 年第一次临时股东大会（以下简称"本次 股东大会"）进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东大会，查阅了公司 提 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-46 中钢国际工程技术股份有限公司 2025 年第一次临时股东大会决议公告 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。 特别提示： 1. 本次股东大会未出现否决议案的情形。 2. 本次股东大会未涉及变更前次股东大会决议的情形。 一、会议召开和出席情况 1. 本次股东大会于2025年11月3日下午在北京市海淀区海淀大街8号中钢 国际广场26层会议室以现场与网络相结合的方式召开，会议召集人为公司董事 会，会议由公司董事长赵恕昆主持。本次会议的召开与表决程序符合《公司法》 《上市公司股东会规则》等有关法律、行政法规、部门规章、规范性文件和《公 司章程》的规定。 2. 股东出席的总体情况：通过现场和网络投票的股东300人，代表股份 707,628,066股，占公司有表决权股份总数的49.3243％。其中：通过现场投票的 股东2人，代表股份698,021,905股，占公司有表决权股份总数的48.6547％。通 过网络投票的股东298人，代表股份9,606,161股，占公司有表决权股份总数的 0.6696 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7]. Core Views - The company has experienced a decline in revenue and profit in the first three quarters, with a revenue of 9.175 billion yuan, down 27.2% year-on-year, and a net profit attributable to shareholders of 556 million yuan, down 13.21% year-on-year [1]. - The gross margin has improved, reaching 15.26% for the first three quarters, an increase of 2.87 percentage points year-on-year, indicating a potential continuation of this upward trend [2]. - The company has a strong backlog of contracts, with a total of 41.676 billion yuan in signed but uncompleted contracts, and domestic new contracts have increased significantly due to the "anti-involution" trend in the steel industry [3]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 9.175 billion yuan, a decrease of 27.2% year-on-year, and a net profit of 556 million yuan, down 13.21% year-on-year [1]. - The gross margin for the first three quarters was 15.26%, up 2.87 percentage points year-on-year, with a quarterly gross margin of 15.67% in Q3, up 0.87 percentage points year-on-year [2]. - The company’s cash flow situation has improved significantly, with a net cash outflow of 12.11 billion yuan, a reduction of 27.74 billion yuan compared to the previous year [2]. - The company’s new contracts signed in the first three quarters totaled 10.649 billion yuan, with domestic orders increasing by 46.83% year-on-year [3]. Financial Data and Valuation - The projected revenue for 2025 is 14.702 billion yuan, with a year-on-year decline of 16.69% [5]. - The net profit attributable to shareholders for 2025 is estimated at 774.52 million yuan, a decrease of 7.27% year-on-year [5]. - The earnings per share (EPS) for 2025 is projected to be 0.54 yuan [5]. - The price-to-earnings (P/E) ratio for 2025 is estimated at 12.39 [5].

Group 1: Financial Performance - In Q3 2025, the company reported a main revenue of 9.175 billion CNY, a year-on-year decrease of 27.2% [3] - The net profit attributable to shareholders was 556 million CNY, down 13.21% year-on-year [3] - The cash flow improved significantly, increasing by 69.6% compared to the same period last year [3] Group 2: Revenue Composition - From January to September 2025, overseas revenue accounted for 70% of total revenue, mitigating risks from domestic market adjustments [4] Group 3: Contract Outlook - As of September 2025, the company signed new contracts totaling 10.649 billion CNY, with 4.054 billion CNY from domestic and 6.595 billion CNY from overseas [5] - The total expected revenue from ongoing projects is approximately 29.455 billion CNY, providing a solid foundation for stable development [5] Group 4: Strategic Development Direction - During the "14th Five-Year Plan" period, the company focuses on technological innovation and green transformation, aiming to enhance core competitiveness [6] - The company aims to provide specialized industrial engineering services for green and low-carbon metallurgy and mining engineering [6]

Investment Rating - The investment rating for the company is upgraded to "Outperform" [6] Core Insights - The company's Q1-Q3 2025 net profit decreased by 13.2% year-on-year, slightly below market expectations, with total revenue of 9.175 billion, down 27.2% year-on-year [6] - The company benefits significantly from the "Belt and Road" initiative and low-carbon policies, being a pioneer in the metallurgical engineering sector [6] - The profit forecast for 2025-2027 has been revised downwards due to slower-than-expected project revenue recognition, with projected net profits of 700 million, 797 million, and 899 million respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 12.973 billion, with a year-on-year decline of 26.5% [5] - The gross profit margin for Q1-Q3 2025 is reported at 15.3%, an increase of 2.87 percentage points year-on-year [6] - The return on equity (ROE) for Q1-Q3 2025 is 6.6%, down from 10.0% in the previous year [5][6]

Core Viewpoint - The company reported a significant decline in third-quarter revenue and net profit due to a strategic shift in the domestic steel industry towards "reducing quantity and improving quality," leading to a 31.14% decrease in revenue and a 40.46% drop in net profit compared to the same period last year [5]. Financial Performance - The company’s third-quarter operating revenue decreased by 31.14% year-on-year [5]. - The net profit attributable to shareholders fell by 40.46% compared to the same quarter last year [5]. - The financial report for the third quarter was not audited [3][7]. Corporate Governance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, taking legal responsibility for any misstatements or omissions [2][5]. - The board meeting to approve the third-quarter report was held on October 29, 2025, with all members present [8][9]. Project and Order Status - As of the reporting period, the company had no significant awarded but unsigned orders [22]. - The progress of major unfinished projects was affected by national policy adjustments and social issues in overseas locations, leading to delays [24][26].

Core Viewpoint - Zhonggang International (000928.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved an operating revenue of 9.175 billion yuan, representing a year-on-year decrease of 27.20% [1] - The net profit attributable to shareholders was 556 million yuan, down 13.21% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 550 million yuan, reflecting a year-on-year decline of 5.02% [1]