Group 1 - The core point of the article is that China Steel International reported a significant decline in both revenue and net profit for the third quarter and the first three quarters of the year [1] Group 2 - In the third quarter, the company's revenue was 2.43 billion yuan, a decrease of 31.14% [1] - The net profit for the third quarter was 131 million yuan, down 40.46% [1] - For the first three quarters, the total revenue was 9.175 billion yuan, reflecting a decline of 27.20% [1] - The net profit for the first three quarters was 556 million yuan, which is a decrease of 13.21% [1]

证券代码：000928 证券简称：中钢国际 公告编号：2025-45 中钢国际工程技术股份有限公司 关于2025年第三季度工程业务经营情况的自愿性信息披露公告 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。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露（2025 年修订）》等相关规定，中钢国际工程技 术股份有限公司（以下简称"公司"）现将 2025 年第三季度工程总承包业务经 营情况简报如下： 注：已生效正在执行项目金额为未完工部分预期收入。 截至报告期末，公司无重大已中标尚未签约订单。 二、未完工重大项目情况 报告期内未完工重大项目进展情况如下： 一、2025 年第三季度（7-9 月）订单情况 数量（个） 金额（亿元） 2025 年第三季度新签项目合同 53 43.41 其中：国内项目 41 16.10 国外项目 12 27.31 截至 2025 年 9 月末累计已签约未完工订单 305 416.76 其中：已生效正在执行项目 291 294.55 已签约尚未生效项目 14 122.21 单位：万元 项目 ...

Financial Performance - Q3 2025 revenue was CNY 2,429,968,512.58, a decrease of 31.14% year-over-year[5] - Net profit attributable to shareholders was CNY 131,329,946.31, down 40.46% compared to the same period last year[5] - Basic earnings per share decreased by 40.40% to CNY 0.0916[5] - Total operating revenue for the period was RMB 9,174,930,488.96, a decrease of 27.5% compared to RMB 12,602,509,709.26 in the previous period[17] - The company's net profit for the current period is CNY 579,661,144.31, a decrease of 13.2% compared to CNY 667,768,977.86 in the previous period[18] - Operating profit for the current period is CNY 754,532,030.43, down 11.9% from CNY 856,387,517.32 in the previous period[18] - Total revenue from operating activities is CNY 10,409,759,136.62, a decrease from CNY 10,643,305,633.62 in the previous period[19] - The company reported a net profit margin of approximately 8.7% for the period, down from 10.0% in the previous period[17] Assets and Liabilities - Total assets at the end of the reporting period were CNY 25,833,064,823.35, a decline of 5.97% from the previous year[5] - Total assets decreased to RMB 25,833,064,823.35 from RMB 27,473,904,977.09, a decline of 6.0%[16] - Total liabilities decreased to RMB 17,059,530,550.59 from RMB 18,815,899,381.68, a reduction of 9.3%[16] - The company's equity attributable to shareholders increased to RMB 8,448,481,820.02 from RMB 8,335,161,383.51, an increase of 1.4%[16] Cash Flow - The company reported a net cash flow from operating activities of CNY -1,211,225,236.89, an increase of 69.60% year-to-date[5] - The net cash flow from operating activities is -CNY 1,211,225,236.89, an improvement from -CNY 3,984,755,637.49 in the previous period[19] - Cash and cash equivalents at the end of the period were RMB 8,059,032,780.01, a decrease of 19.7% from RMB 10,048,775,120.77 at the beginning of the period[14] - Cash and cash equivalents at the end of the period amount to CNY 7,083,180,167.31, compared to CNY 3,510,442,267.01 at the end of the previous period[20] - The company experienced a net cash outflow from financing activities of -CNY 705,997,648.24, worsening from -CNY 527,515,165.22 in the previous period[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 54,276[11] - The largest shareholder, China Steel Capital Holdings Co., Ltd., holds 48.65% of the shares[11] Operating Costs and Expenses - Total operating costs amounted to RMB 8,373,516,083.63, down 28.5% from RMB 11,733,817,205.54 in the prior period[17] - Research and development expenses increased to CNY 225,435,037.74 from CNY 213,853,837.80, reflecting a growth of 5.5%[18] - The company reported a decrease in financial expenses, with interest expenses at CNY 34,155,088.65, down from CNY 40,866,215.08[18] Inventory and Receivables - Accounts receivable decreased to RMB 3,192,581,780.78 from RMB 3,825,479,332.53, reflecting a reduction of 16.5%[14] - Inventory increased to RMB 1,362,428,205.28, up 50.8% from RMB 903,301,622.49[15] Business Strategy - The company is optimizing its business structure and cautiously undertaking domestic projects, contributing to the revenue decline[9] Non-Recurring Items - Non-recurring gains and losses totaled CNY 3,055,158.90 for the current period[7]

证券代码：000928 证券简称：中钢国际 公告编号：2025-43 本次会议审议通过了关于公司《2025 年三季度报告》的议案 中钢国际工程技术股份有限公司 第十届监事会第八次会议决议公告 本公司及监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。 中钢国际工程技术股份有限公司（以下简称"公司"）第十届监事会第八次 会议于 2025 年 10 月 29 日在公司会议室以现场方式召开。会议通知及会议材料 于 2025 年 10 月 24 日以邮件方式送达公司各位监事。会议由监事会主席董达召 集和主持，应出席会议的监事 3 人，实际出席会议的监事 3 人，会议的召开符合 《中华人民共和国公司法》及《公司章程》的规定。 1 2025 年 10 月 29 日 公司董事会编制和审议公司 2025 年第三季度报告的程序符合法律法规、《公 司章程》和公司内部控制制度的各项规定；所包含的信息真实、准确、完整地反 映出公司 2025 年第三季度经营管理和财务状况等事项；不存在任何虚假记载、 误导性陈述或重大遗漏；没有发现参与公司 2025 年第三季度报告编制和审议的 人员有违反保密规定的 ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-42 中钢国际工程技术股份有限公司 第十届董事会第十一次会议决议公告 二、关于公司经理层成员 2025 年经营业绩责任书实施方案的议案 为贯彻落实国务院国资委强化经营管理人员契约化管理的要求，公司制定了 经理层成员 2025 年度经营业绩责任书实施方案，董事会同意并授权薪酬与考核 委员会召集人韩国瑞与总经理签订相关文件，授权董事长与经理层其他成员签订 相关文件。 公司薪酬与考核委员会已召开会议审议通过该议案。 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。 中钢国际工程技术股份有限公司（以下简称"公司"）第十届董事会第十一 次会议于 2025 年 10 月 29 日在公司会议室以现场结合视频方式召开。会议通知 及会议材料于 2025 年 10 月 24 日以邮件方式送达公司各位董事。会议由公司董 事长赵恕昆召集和主持，应出席会议的董事 6 名，实际出席会议的董事 6 名（董 事刘安以视频方式出席）。会议的召开符合《中华人民共和国公司法》及《公司 章程》的规定。 本次会议审议通过了以下议案： 一、关 ...

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1] Group 1: Stock Performance - 常宝股份 (002478.SZ) leads with a daily increase of 9.95% and a year-to-date gain of 32.86%, with a dividend yield of 3.24% [1] - 宇通客车 (600066.SH) shows a daily rise of 4.56% and a year-to-date increase of 25.01%, with a dividend yield of 6.41% [1] - 海容冷链 (603187.SH) has a daily gain of 4.31% and a year-to-date performance of 42.24%, with a dividend yield of 3.25% [1] - 中创智领 (601717.SH) exhibits a remarkable year-to-date increase of 106.18%, with a daily rise of 3.77% and a dividend yield of 4.47% [1] - 岱美股份 (603730.SH) reports a daily increase of 2.99% and a year-to-date gain of 14.45%, with a dividend yield of 3.56% [1] Group 2: Dividend Yields - 农业银行 (601288.SH) has a year-to-date increase of 60.07% and a dividend yield of 2.96%, with a daily rise of 2.38% [1] - 浙能电力 (600023.SH) shows a slight year-to-date decline of -0.33% but offers a high dividend yield of 6.42% with a daily increase of 2.32% [1] - 神火股份 (000933.SZ) has a year-to-date gain of 49.82% and a dividend yield of 3.24%, with a daily rise of 2.25% [1] - 友发集团 (601686.SH) reports a year-to-date increase of 36.89% and a dividend yield of 4.07%, with a daily rise of 2.16% [1]

Market Performance - The professional engineering sector increased by 1.05% on the previous trading day, with Yongfu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Top Gainers - Yongfu Co., Ltd. (300712) closed at 27.42, with a rise of 12.52% and a trading volume of 261,300 shares, amounting to a transaction value of 727 million [1] - Shikong Technology (605178) rose by 10.01% to close at 47.69, with a trading volume of 4,075 shares [1] - Baili Technology (603959) increased by 6.19% to close at 7.20, with a trading volume of 521,000 shares, resulting in a transaction value of 372 million [1] Market Capital Flow - The professional engineering sector saw a net inflow of 261 million from institutional investors, while retail investors experienced a net outflow of 153 million [2][3] - Major stocks like Yongfu Co., Ltd. had a net inflow of 11.5 million from institutional investors, but a net outflow of 70.14 million from retail investors [3] Other Notable Stocks - China Metallurgical Group (601618) had a net inflow of 97.07 million from institutional investors, while retail investors saw a net outflow of 110 million [3] - Zhongcai International (000928) reported a net inflow of 38.03 million from institutional investors, with retail investors experiencing a net outflow of 25.34 million [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the construction and decoration industry, including local state-owned enterprises such as Sichuan Road and Bridge, Tunnel Co., Anhui Construction, and Zhejiang Communications [4][22]. Core Insights - The report highlights the acceleration of state-owned asset management reforms across various provinces, aiming to enhance the efficiency of state-owned assets through measures like mergers, restructuring, and securitization [1][12]. - It emphasizes the importance of state-owned listed companies in preserving and increasing the value of state assets, which is crucial for supplementing local fiscal and social security funds [3][17]. - The report suggests that the focus on asset securitization will likely increase, with local governments and state-owned enterprises actively pushing for the listing of unlisted assets [2][17]. Summary by Sections State-Owned Asset Management - Multiple provinces are implementing reforms to optimize state-owned assets, with principles focusing on asset utilization, securitization, and leveraging funds [1][12]. - The scope of asset revitalization is expected to expand, targeting various types of state-owned resources and assets [2][12]. Financial Implications - The report indicates that local governments are facing funding constraints due to declining land transfer revenues and slow tax growth, which necessitates the revitalization of state-owned assets to supplement fiscal resources [2][19]. - State-owned listed companies are anticipated to prioritize valuation enhancement through operational improvements, increased dividends, mergers, and asset injections [3][17]. Investment Recommendations - Key investment opportunities include local state-owned enterprises with low price-to-earnings ratios, such as Sichuan Road and Bridge (25PE 9.6X), Tunnel Co. (25PE 7.4X), and Anhui Construction (25PE 6.0X) [4][22]. - The report also highlights the potential for asset injection and integration in leading international engineering firms like North International and China National Materials [4][22]. Valuation Insights - The report provides a detailed valuation table for key companies, indicating low price-to-book ratios for several central state-owned enterprises, suggesting potential undervaluation [20][24].

证券代码：000928 证券简称：中钢国际 公告编号：2025-41 中钢国际工程技术股份有限公司 关于归还暂时补充流动资金的募集资金的公告 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。 中钢国际工程技术股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开第十届董事会第二次会议和第十届监事会第二次会议，分别审议通过了 《关于使用部分闲置募集资金暂时补充流动资金的议案》，公司拟使用 2.6 亿元 闲置募集资金暂时用于补充流动资金，使用期限为自董事会审议通过之日起不超 过 12 个月。具体内容详见 2024 年 10 月 31 日在《证券时报》《上海证券报》及 巨潮资讯网上刊登的《关于使用部分闲置募集资金暂时补充流动资金的公告》（公 告编号：2024-77）。 截至披露日，公司已将暂时用于补充流动资金的 2.6 亿元募集资金全部归还 至募集资金专项账户，使用期限未超过 12 个月。公司已将上述归还情况通知了 保荐机构及保荐代表人。 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 10 月 24 日 1 ...

Core Points - The stock price of China Steel International has decreased by 2.06% on October 24, trading at 6.65 CNY per share with a total market capitalization of 9.54 billion CNY [1] - Year-to-date, the stock has increased by 9.54%, with a 4.89% rise in the last five trading days and a 5.06% increase over the past 20 days [2] - The company reported a revenue of 6.745 billion CNY for the first half of 2025, a year-on-year decrease of 25.66%, while net profit attributable to shareholders was 424 million CNY, a year-on-year increase of 1.11% [2] Financial Performance - As of June 30, 2025, the company had a total of 52,100 shareholders, a decrease of 4.28% from the previous period, with an average of 27,537 circulating shares per shareholder, an increase of 4.47% [2] - The company has distributed a total of 2.361 billion CNY in dividends since its A-share listing, with 1.127 billion CNY distributed over the last three years [3] Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 21.1535 million shares, an increase of 11.1509 million shares from the previous period [3] - Southern CSI 1000 ETF is the fifth-largest circulating shareholder, holding 7.9168 million shares, an increase of 1.4574 million shares from the previous period [3]