Financial Performance - The company's operating revenue for Q1 2025 was ¥3,518,655,777.49, a decrease of 28.21% compared to ¥4,901,352,825.93 in the same period last year[5] - Net profit attributable to shareholders increased by 7.78% to ¥231,576,304.51 from ¥214,868,949.92 year-on-year[5] - Basic earnings per share rose by 7.74% to ¥0.1614 from ¥0.1498 in the same period last year[5] - Net profit for the current period was ¥239,904,466.67, an increase of 7.5% compared to ¥223,676,924.84 in the previous period[19] - Total comprehensive income amounted to CNY 207,980,751.88, a decrease from CNY 219,520,310.26 in the previous period[20] - Basic and diluted earnings per share increased to 0.1614 from 0.1498 in the previous period, reflecting a growth of approximately 10.7%[20] Cash Flow and Liquidity - The net cash flow from operating activities improved by 41.44%, reaching -¥1,635,386,032.48 compared to -¥2,792,434,632.07 in the previous year[5] - Cash inflow from operating activities was CNY 2,496,479,148.69, up from CNY 2,170,486,096.26, indicating an increase of about 15%[22] - Cash inflow from financing activities increased to CNY 117,958,333.25 from CNY 27,664,886.69, a significant rise of over 326%[23] - The company reported a decrease in cash outflow for tax payments to CNY 149,163,444.95 from CNY 224,807,189.29, a reduction of about 33.6%[23] - The company’s total cash outflow from operating activities decreased to CNY 4,131,865,181.17 from CNY 4,962,920,728.33, indicating improved cash management[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥26,922,469,237.37, a decrease of 2.01% from ¥27,473,904,977.09 at the end of the previous year[5] - Total current assets decreased to ¥19,177,483,249.49 from ¥20,011,550,792.89, a decline of 4.1%[15] - Total non-current assets increased to ¥7,744,985,987.88 from ¥7,462,354,184.20, an increase of 3.8%[15] - Total liabilities decreased to ¥18,013,064,624.70 from ¥18,815,899,381.68, a reduction of 4.3%[16] - Total equity increased to ¥8,909,404,612.67 from ¥8,658,005,595.41, an increase of 2.9%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 54,428[11] - The largest shareholder, China Steel Capital Holdings Co., Ltd., holds 48.65% of the shares, with 324,649,740 shares pledged[11] Operating Costs and Expenses - Total operating costs for the current period were ¥3,211,002,006.10, down 30.3% from ¥4,605,941,152.48 in the previous period[18] - Research and development expenses increased to ¥66,114,130.24, up 28.9% from ¥51,259,961.92 in the previous period[19] Government Support - The company received government subsidies amounting to ¥2,060,380.39 during the reporting period[7] Return on Equity - The weighted average return on equity was 2.74%, slightly up from 2.69% in the previous year[5]

Financial Performance - The company's operating revenue for 2024 was CNY 17,646,686,042.44, a decrease of 33.10% compared to CNY 26,377,055,477.16 in 2023[15]. - Net profit attributable to shareholders for 2024 was CNY 835,235,119.44, representing a 9.69% increase from CNY 761,483,210.71 in 2023[15]. - The net profit after deducting non-recurring gains and losses was CNY 746,733,801.53, up 19.01% from CNY 627,468,281.59 in 2023[15]. - Cash flow from operating activities for 2024 was CNY 1,504,336,630.99, an increase of 9.95% compared to CNY 1,368,142,468.31 in 2023[15]. - Basic earnings per share for 2024 were CNY 0.5822, a slight increase of 0.73% from CNY 0.5780 in 2023[15]. - Total assets at the end of 2024 were CNY 27,473,904,977.09, down 8.41% from CNY 29,998,220,368.56 at the end of 2023[15]. - Net assets attributable to shareholders increased by 5.88% to CNY 8,335,161,383.51 from CNY 7,872,110,670.07 in 2023[15]. - The company plans to distribute a cash dividend of CNY 2.99 per 10 shares, based on a total of 1,434,644,621 shares[3]. Revenue and Contracts - In 2024, the company achieved a total revenue of CNY 176.47 billion, with a year-on-year growth of 9.69%[29]. - The net profit attributable to shareholders was CNY 8.35 billion, reflecting a steady increase in profitability[29]. - The company signed new contracts worth CNY 196.70 billion during the year, indicating robust business development[29]. - The engineering contracting segment accounted for ¥16,403,750,706.42, representing 92.96% of total revenue, down 34.43% year-over-year[54]. - Domestic revenue fell to ¥9,202,203,952.35, making up 52.15% of total revenue, a significant decline of 44.72% from the previous year[54]. Operational Efficiency - The average return on equity was 10.31%, showcasing improved operational efficiency[29]. - The company reported a significant cash flow from operating activities of CNY 5.49 billion in Q4 2023, following a negative cash flow in previous quarters[20]. - The total revenue for Q4 2023 was CNY 5.04 billion, marking a recovery from lower revenues in earlier quarters[20]. - The company completed 89 EPC projects during the reporting period, with a total project amount of ¥17,551,788,100, all of which have been recognized as revenue[58]. - There are 233 ongoing EPC projects with a total project amount of ¥89,037,674,481.79, of which ¥64,369,297,370.72 has been recognized as revenue[59]. Research and Development - The company increased its research and development investment to CNY 375 million, maintaining a similar intensity compared to last year, with a year-on-year growth of 11.39% in patent applications, totaling 225[33]. - The company holds 497 valid patents, including 113 invention patents, and has established multiple national and departmental engineering technology centers[46]. - The company has developed advanced technologies for energy saving and environmental protection, contributing significantly to the industry’s ultra-low emissions[45]. - The company has established a gas mist cooling testing system for thin slab casting, meeting various steel grades and operational requirements[69]. - The company has filed multiple patents related to pollution control technologies, enhancing its capabilities in environmental management and energy recovery[70]. International Expansion - The company is focusing on international market expansion, with notable projects signed in Algeria and Guinea[30]. - The construction of the Tosyali four-phase green low-carbon steel plant in Algeria was successfully completed, marking a significant milestone[30]. - The company has established 15 overseas branches and operates in over 50 countries, with 90% of overseas contracts coming from countries along the "Belt and Road" initiative[48]. - The company will continue to implement an overseas major client strategy, focusing on consolidating existing markets and expanding into new ones, with key partnerships established with companies like Rio Tinto and Vale[102]. Risk Management and Compliance - The company emphasizes the importance of monitoring risks associated with international project execution, which can be affected by political and economic conditions in host countries[3]. - A comprehensive risk management framework is being established to mitigate overseas project execution risks and enhance safety production measures[106]. - The company has established and continuously revised its corporate governance system, ensuring compliance with relevant laws and regulations, with no significant discrepancies found[114]. - The company has committed to avoiding any actions that may harm the legitimate rights and interests of China Steel International and its shareholders[173]. Corporate Governance and Management - The company is undergoing a board restructuring with multiple changes in director and supervisor positions[121]. - The company has received commitment letters from its controlling shareholders to maintain its independence, with no violations reported during the reporting period[116]. - The company has established a clear governance structure for decision-making regarding executive compensation[132]. - The board of directors held multiple meetings throughout the reporting period, with the 10th board's first meeting on September 13, 2024, and the last on December 30, 2024[135]. - The company is focused on maintaining compliance with corporate governance regulations during the transition[123]. Social Responsibility and Sustainability - The company has committed to sustainable development, focusing on low-carbon metallurgy and green transformation, as outlined in its 2024 Sustainable Development Report[164]. - The company has actively participated in poverty alleviation and rural revitalization efforts, directly purchasing and assisting in the sale of agricultural products worth over 12 million yuan[166]. - The company has implemented a project to support local walnut tree farmers and tea product manufacturers in Yunnan Province, contributing to local economic development[166]. - The company conducted safety inspections and diagnostics for 55 non-coal mines and hazardous chemical enterprises, identifying over 730 safety hazards and providing more than 430 management suggestions[167]. Financial Management - The company reported a total compensation of 9.1144 million yuan for directors, supervisors, and senior management during the reporting period[132]. - The company has a structured approach to risk management and legal compliance, overseen by the Chief Legal Advisor[129]. - The company has not engaged in any derivative investments during the reporting period[87]. - The company has not reported any significant equity investments or ongoing non-equity investments during the reporting period[84].

中钢国际（000928）公告，2024年营业收入为176.47亿元，同比下降33.10%。归属于上市公司股东的净 利润为8.35亿元，同比增长9.69%。公司拟向全体股东每10股派发现金红利2.99元(含税)，送红股0股(含 税)，不以公积金转增股本。 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The municipal investment in March continues to show a warming trend, with a focus on domestic demand counter-cyclical adjustments and safe investment areas [1] - The construction industry PMI rose to 53.4 in March, indicating improved activity in the sector [36] - The issuance of special bonds has been stable, with a significant year-on-year increase in the amount issued [44] Summary by Sections 1. Water Conservancy and Power Investment - Water conservancy and power investments continue to maintain high growth, with municipal investment in March showing a year-on-year increase of 6.5% [23] - Narrowly defined infrastructure investment (excluding power) increased by 5.8% year-on-year, while broadly defined infrastructure investment (including power) rose by 11.5% [23][24] 2. Fund Tracking - As of April 18, 2025, the total amount of newly issued special bonds reached 1,063.39 billion CNY, a year-on-year increase of 40.4% [44] - The issuance of city investment bonds reached 1,824.42 billion CNY, with a year-on-year increase of 4.74% [48] 3. Recent Key Company Announcements - Shanghai Construction Group reported a cumulative new contract amount of 64.548 billion CNY for Q1 2025, a year-on-year decrease of 44.03% [60] - Jianghe Group announced a cumulative new contract amount of 1.435 billion CNY for Q1 2025, down 47.13% year-on-year [60]

本议案已经公司董事会提名委员会全体成员事前审查认可。 表决结果：6 票同意，0 票反对，0 票弃权。 证券代码：000928 证券简称：中钢国际 公告编号：2025-6 中钢国际工程技术股份有限公司 第十届董事会第六次会议决议公告 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。 中钢国际工程技术股份有限公司（以下简称"公司"）第十届董事会第六次 会议于 2025 年 4 月 7 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 4 月 3 日以邮件方式送达公司各位董事。会议由公司副董事长 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（其中董 事赵恕昆、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《关于聘任公司总经理的议案》。 同意聘任赵恕昆为公司总经理，任期自本次董事会审议通过之日起，至本届 董事会任期届满之日止，简历附后。 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 4 月 7 日 1 附件：简历 赵恕昆：男，1971 年出生，汉 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The announcement of "reciprocal tariffs" by Trump has exceeded expectations, reinforcing the logic of domestic demand recovery. The focus is on infrastructure and key strategic industries like coal chemical investments, which are expected to receive policy support [2][21] - The construction index rose by 0.13% this week, outperforming the Shanghai and Shenzhen 300 index by 0.57 percentage points, with significant gains in small and mid-cap transformation stocks [1][31] - The first quarter of 2025 saw a significant increase in local government bond issuance, indicating potential for local investment release despite external demand pressures [4][21] Summary by Sections Section 1: Tariff Impact and Domestic Demand - Trump's new tariffs, including a 10% baseline tariff and higher rates for major trade deficit countries, are expected to suppress overseas and manufacturing investments while boosting domestic demand [2][14] - The previous trade friction period saw a decline in manufacturing and infrastructure investments, with real estate becoming a key contributor to economic stability [3][21] Section 2: Market Performance - The construction index's performance this week was driven by sectors such as professional engineering and building design, with notable stock gains from companies like Shanshui Bide and Zhongyan Dadi [1][31] Section 3: Investment Recommendations - Focus on infrastructure-related stocks, particularly in high-growth regions like Tibet and Xinjiang, and sectors benefiting from domestic demand recovery [21][28] - Coal chemical projects are expected to see significant investment, with recommendations for companies like Sanwei Chemical and China Chemical [28] - Companies with production layouts in North America or Mexico are likely to benefit, with recommendations including China Jushi and Puyang Refractories [28] Section 4: Fiscal Policy and Investment Opportunities - The first quarter of 2025 saw local government bond issuance reach approximately 2.84 trillion yuan, a year-on-year increase of about 80%, indicating a strong fiscal push for infrastructure investment [4][21] - The report emphasizes the importance of structural and regional characteristics in infrastructure investment, particularly in water conservancy and transportation sectors [38]

关于公司董事辞职的公告 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。 证券代码：000928 证券简称：中钢国际 公告编号：2025- 5 中钢国际工程技术股份有限公司 截至本公告披露日，陆鹏程先生未持有公司股票，其持有的公司 2022 年股 票期权激励计划 20 万份股票期权，后续公司将按照《上市公司股权激励管理办 法》和公司股票期权激励计划的相关规定予以注销。 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 4 月 3 日 1 中钢国际工程技术股份有限公司（以下简称"公司"）董事会近日收到公司 董事长陆鹏程先生递交的书面辞职报告。因个人原因，陆鹏程先生向董事会提出 辞去公司第十届董事会董事长、董事会专门委员会相关职务，辞职后不再担任公 司其他职务。 陆鹏程先生的辞职不会导致公司董事会成员低于法定最低人数，不会影响公 司董事会的正常运作，其辞职报告自送达公司董事会时生效。 ...

Investment Rating - The industry investment rating is "Leading the Market - A" [5] Core Viewpoints - The report emphasizes that the issuance of special bonds is accelerating, and with the arrival of the construction peak season, infrastructure investment growth is expected to improve [2][16] - The government is focused on stabilizing the real estate market, with policies aimed at both supply and demand sides, which is expected to support a recovery in real estate demand [3][18] - The report suggests that the construction sector is likely to benefit from increased government investment and the implementation of debt relief measures, leading to improved operational metrics for construction companies [11][12] Summary by Sections Industry Dynamics Analysis - The issuance of special bonds has increased significantly, and with the construction peak season approaching, infrastructure investment growth may see improvement. As of the end of February, the broad money (M2) balance was 320.52 trillion yuan, a year-on-year increase of 7% [16][18] - The real estate market is showing signs of recovery, with significant increases in second-hand housing transactions in major cities. From the beginning of the year to March 12, the daily average transaction volumes in Beijing, Shanghai, and Shenzhen increased by 35.10%, 50.52%, and 65.63% respectively [3][18] Market Performance - The construction industry rose by 1.60% from March 10 to March 14, outperforming the Shenzhen Composite Index (1.24%) and the CSI 300 Index (1.59%). The renovation and decoration sector saw the highest increase at 3.49% [19][22] - The report highlights key stocks to watch, including major state-owned enterprises in construction, which are expected to benefit from improved operational metrics and valuation recovery [11][28] Key Focus Stocks - The report recommends focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are expected to see improvements in operational metrics due to favorable fiscal policies [11][12][28] - It also suggests paying attention to construction design firms and international engineering service providers that are expanding their presence in the Belt and Road Initiative countries [12][28]

行业周报 | 建筑装饰 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 02 日 | 相关研究 【兴证建筑】周观点：俄乌冲突缓和信 号不断，利好国际工程企业（2025.2.15- 2025.2.21）-2025.02.23 【兴证建筑】周观点：化债节奏加快、 专项债发行前置，开复工节奏有望提速 （2025.2.8-2025.2.14）-2025.02.16 【兴证建筑】周观点：节后建筑开复工 节奏偏慢，静待财政发力效果显现 （2025.2.1-2025.2.7）-2025.02.09 分析师：黄杨 S0190518070004 huangyang@xyzq.com.cn 分析师：李明 S0190524060003 liming22@xyzq.com.cn 周观点："化债"再融资专项债"行行万亿 ，债目专金 到位率持续改善（2025.2.22-2025.2.28） 投专要点： ⚫ 投资策略： 主线一：化债有望驱动建筑央企经营质量改善。1）新一轮化债的驱动力度和作用方式， 可以类比于 2014 年"一带一路"行情和 2016 年的 PPP 行 ...

Summary of Zhonggang International Conference Call Company Overview - Zhonggang International reported a double-digit growth in net profit after deducting non-recurring items, with operating cash flow turning positive in Q4 2024, maintaining or exceeding the levels of the same period in 2023, indicating robust operational quality despite the downturn in the domestic steel industry [2][4][6]. Key Financial Highlights - In 2024, Zhonggang International's overseas new contract amount reached 12.668 billion yuan, marking a recent high, particularly with nearly 3 billion yuan in comprehensive steel plant projects signed in Egypt along the "Belt and Road" initiative [2][5]. - The overall gross margin improved due to increased overseas revenue and new contracts, maintaining around 12% in the first three quarters and stabilizing for the year, attributed to refined management and effective project completion [2][7]. Strategic Partnerships - The company engaged in deep cooperation with major clients such as Rio Tinto and Baowu Steel Group, particularly on the Simandou iron ore project in Guinea, enhancing its brand influence and market competitiveness [2][8]. Market Expansion and Future Outlook - Zhonggang International plans to continue focusing on overseas markets, expanding both existing and new client relationships, with expectations of strong demand in the Middle East and other regions in the coming years [2][6]. - The company aims to explore international business, especially in the green metallurgy raw materials sector, by sourcing iron ore in gas-rich areas and processing it for domestic use, addressing challenges from domestic market adjustments [3][16]. Industry Dynamics - The supply-side reform in the steel industry has released positive signals, with policies from the Ministry of Industry and Information Technology promoting the domestic steel sector. The company signed contracts for variable frequency furnaces with private steel enterprises, responding to an increase in electric furnace steelmaking ratio above 15% [2][14]. - The geopolitical situation, particularly the Russia-Ukraine conflict, presents both opportunities and challenges for business expansion, with the company relying on technological innovation to secure orders despite increased competition post-conflict [9][10]. Regional Performance - New contracts in 2024 were primarily concentrated in Africa, especially North Africa, contributing significantly to the company's performance. The expectation for 2025 is to capture orders in the Middle East due to rising demand [15][22]. Operational Resilience - The company’s overseas projects are not affected by domestic holidays, ensuring continuous progress on contracts [11]. The overall sentiment regarding overseas business remains optimistic, with manageable impacts from domestic pressures [26]. Future Development Strategy - Zhonggang International's future strategy focuses on three main areas: low-carbon metallurgy technology research and development, international market expansion, and digital application, which are expected to enhance its core competitiveness [28]. Conclusion - Zhonggang International is positioned to leverage its international contracts and partnerships while navigating domestic challenges, with a clear strategy for growth in the green metallurgy sector and a focus on maintaining operational quality and profitability in a competitive landscape [2][28].