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]

Core Viewpoint - China Steel International (000928.SZ) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The company achieved an operating revenue of 9.175 billion yuan, 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 decrease of 5.02% year-on-year [1] - Basic earnings per share stood at 0.3874 yuan [1]