Group 1 - The company has approved a profit distribution plan for the year 2024, proposing a cash dividend of RMB 2.99 per share (including tax), totaling approximately RMB 428.96 million, which accounts for 51.36% of the net profit attributable to shareholders of the parent company for 2024 [1][2] - The distribution will be based on the current total share capital of 1,434,644,621 shares, with a payment of RMB 2.99 for every 10 shares held [2] - The equity registration date is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [2][3] Group 2 - The cash dividend will be subject to different tax treatments for various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors [2] - The company will not withhold individual income tax at the time of distribution, but will calculate tax obligations based on the holding period when shares are sold [2] - The company assumes all legal responsibilities for any shortfall in cash dividends due to a decrease in shares held by shareholders during the distribution application period [4]

特别提示： 1. 权益分派方案：每 10 股派发现金 2.99 元（含税），不送红股，不转增股 本 2. 股权登记日：2025 年 6 月 12 日 3. 除权除息日：2025 年 6 月 13 日 一、股东大会审议通过利润分配方案的情况 证券代码：000928 证券简称：中钢国际 公告编号：2025-23 中钢国际工程技术股份有限公司 2024 年年度权益分派实施公告 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"）第十届董事会第七次 会议审议通过了《关于 2024 年年度利润分配预案的议案》，公司拟以 2024 年 12 月 31 日的总股本 1,434,644,621 股为基数，以未分配利润向全体股东每 10 股 派发现金红利人民币 2.99 元（含税），不送红股，不以公积金转增股本。本次 共计派发现金 428,958,741.68 元，占合并报表 2024 年归属于母公司股东净利润 的 51.36%。具体内容详见公司 2025 年 4 月 24 日在《上海证券报》《证券时报》 及巨潮资讯网披露的《关于 2 ...

Financial Performance - The company's asset-liability ratio for 2024 is 68.49%, indicating a high level of debt. The company plans to optimize its capital structure to reduce this ratio by 4.28 percentage points through financing structure optimization and improved capital efficiency [4] - In 2024, the net cash flow from operating activities was CNY 1.504 billion, a 9.95% increase compared to the previous year [8] Market Expansion and Strategy - The company aims to strengthen its presence in new markets, particularly in the Middle East and Africa, by enhancing personnel allocation and providing comprehensive production operation services [5][7] - In 2025, the company will focus on high-end, green, and intelligent development trends in the steel industry, integrating internal and external innovation resources to upgrade core equipment and technologies [5][7] Competitive Advantages - The company's core competitive advantage lies in its technological innovation, specializing in low-carbon metallurgy technology and providing integrated green engineering services throughout the lifecycle [6] - With nearly 30 years of international experience, the company possesses strong capabilities in managing large-scale international engineering projects and market integration [6] Industry Trends - The steel industry is entering a new phase of "reduction and quality improvement," with overall steel demand declining due to a slowdown in infrastructure construction and the peak of the real estate sector [6] - The company plans to leverage its engineering technology advantages to seize opportunities in industry consolidation and low-carbon transformation [6] Project Updates - The company successfully launched the Tosyali Phase IV green low-carbon steel plant in Algeria, which is the largest electric furnace project in the country [9][10] - The MMK 2.5 million tons/year coking project, utilizing the company's proprietary technology, has also been successfully completed [10] Internationalization Plans - In 2025, the company will maintain its international strategy while focusing on risk prevention, aiming to deepen existing markets and explore new clients in the Middle East and Africa [12]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Views - Infrastructure investment remains stable, with a focus on water conservancy and cleanroom engineering sectors [1] - The first four months of 2025 saw a 5.8% year-on-year increase in infrastructure investment, with notable growth in water management (30.7%), water transportation (26.9%), and air transportation (13.9%) [10][15] - The report highlights the resilience of the economy despite external pressures, with construction material retail sales showing a significant increase of 9.7% in April [15] Summary by Sections Industry Dynamics - The report notes that the overseas contracting business is expected to benefit from the Belt and Road Initiative, with new contract amounts reaching $76.59 billion, a 22.4% year-on-year increase [2][11] - Companies involved in specialized engineering sectors, energy conservation, and new energy infrastructure are anticipated to see growth opportunities [11] Market Performance - The construction and decoration sector experienced a decline of 0.97% in the week of May 19-23, 2025, while the broader market indices showed smaller declines [5] - The report suggests that the performance of construction companies remains stable, with a focus on state-owned enterprises and local government enterprises for potential valuation recovery [10] Policy and Economic Data - The report emphasizes the importance of proactive macroeconomic policies to support infrastructure investment, with expectations for increased fiscal policy support in the second quarter [10][15] - The construction PMI showed a decline, indicating weaker project expectations, which necessitates close monitoring of funding and policy impacts [10]

证券代码：000928 证券简称：中钢国际 公告编号：2025-22 中钢国际工程技术股份有限公司 关于参加 2025 年吉林辖区上市公司投资者网上集体接待日活动 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。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）、关注微信公众号（名称：全景财经）或下载全景路演 APP 的方式参与本次互动交流。 活动时间为 2025 年 5 月 27 日（周二）15:00-16:30。届时公司副总经理、财 务总监、董事会秘书袁陆生将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 特此公告。 中钢国际工程技术股份有限公司董事会 2025 年 5 月 21 日 为进一步加强与投资者的互动交流，中钢国际工程技术股份有限公司（以下 简称"公司"）将参加由吉林省证券业协会、深圳市全景网络有限公司共同举办 的"2025 年吉林辖区上市公司投资者网上集体接待日活动"，现将有关事项公 告如下： ...

证券研究报告 建筑与工程 行业开启深度整合，关注结构性机遇 华泰研究 24 年板块营收下滑、归母净利遭遇多重冲击，25Q1 复工偏慢拖累产值利润 24 年 CS 建筑板块营收 YoY-4.10%，系行业 2015-2024 年间首次出现年度 营收同比下滑，归母净利润 YoY-14.4%，主要系受房地产施工下滑、传统基 建投资增速放缓导致收入承压，而费用刚性、回款压力增加导致账期拉长， 企业计提减值压力增大，进一步影响盈利能力。归母净利率及周转率降低， 使得板块 ROE（摊薄）同比下滑 1.49pct。25Q1 政策尚未完全发力，收入、 归母净利高基数下分别同比-6.0%/-8.8%，我们判断短期随着政策逐步落地， 叠加基数走低，板块业绩有望迎来逐季上行改善，长期或进入深度整合阶段。 24 年板块财务费用、减值增加拖累净利率，24Q4 化债政策初见成效 2025 年 5 月 19 日│中国内地 专题研究 24 年板块毛利率同比+0.05pct，归母净利率同比-0.23pct。24 年板块销售/ 管理/研发/财务费用率同比变化+0.05/+0.06/持平/+0.11pct，地产客户减值压 力犹存，基建项目账期拉长 ...

Core Points - The annual general meeting of shareholders for China Steel International Engineering Technology Co., Ltd. was held on May 15, 2025, with a total of 325 shareholders present, representing 820,085,514 shares, which is 57.1630% of the total voting shares [4][5] - All resolutions proposed during the meeting were approved without any dissenting votes [2][3] Meeting Details - The meeting was conducted in a hybrid format, combining in-person and online participation, and was presided over by the vice chairman Zhao Shukun [4] - The legal opinion provided by Beijing Jiayuan Law Firm confirmed that the meeting's procedures and voting were in compliance with relevant laws and regulations [17] Voting Results - Proposal 1 regarding the 2024 annual report received 99.9221% approval from the voting shares [7] - Proposal 2 concerning the 2024 board work report was approved with 99.9102% [8] - Proposal 3 on the 2024 supervisory board work report achieved 99.9199% approval [9] - Proposal 4 regarding the internal control evaluation report was approved with 99.8802% [10] - Proposal 5 on the 2024 financial settlement report received 99.9208% approval [11] - Proposal 6 concerning the profit distribution plan for 2024 was approved with 99.9467% [12] - Proposal 7 on the special report of the use of raised funds was approved with 99.9216% [13] - Proposal 8 regarding the 2025 annual investment plan received 99.9354% approval [14] - Proposal 9 on the remuneration report for directors, supervisors, and senior management was approved with 99.8585% [15] - Proposal 10 concerning the ratification of daily related party transactions was approved with 99.8818% [16]

证券代码：000928 证券简称：中钢国际 公告编号：2025-21 中钢国际工程技术股份有限公司 2024 年年度股东大会决议公告 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5月15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，会议由公司副董事长赵恕昆主持。本次会议的召开与表决程序符合《公司 法》《上市公司股东大会规则》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325人，代表股份 820,085,514股，占公司有表决权股份总数的57.1630％。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323人，代表股份122,063,609股，占公司有表决权股份总数的 8.508 ...

2024 年年度股东大会的 法律意见书 嘉源(2025)-04-298 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 2024 年年度股东大会的 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 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 2024 年年度股东大会（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 提供的与本次股东大会 ...

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13] Core Viewpoints - The report emphasizes the high dividend investment opportunities in the construction sector, particularly focusing on state-owned enterprises, local state-owned enterprises, international engineering firms, and quality private enterprises [2][8] Summary by Relevant Sections Central State-Owned Enterprises - The report highlights China State Construction as a top pick due to its complete qualifications and stable operations, benefiting from steady growth. The company plans to increase its dividend payout ratio from around 20% to over 24%, with a projected new contract amount of 1,414.9 billion yuan for 2024, representing a year-on-year growth of 21.1% [8][9] - Other notable mentions include China Communications Construction and China Railway Construction, with dividend yields of over 5% and 6% respectively [8] Local State-Owned Enterprises - Sichuan Road and Bridge is identified as a key player, with a projected dividend yield of around 6% for 2025. The company plans to repurchase shares worth 100-200 million yuan, reflecting confidence in future growth [8][9] - Other local state-owned enterprises with attractive valuations and high dividend yields include Anhui Construction and Tunnel Engineering [8] International Engineering - The report stresses the investment opportunities presented by the "Belt and Road" initiative, recommending companies like China Steel International and China National Materials, which have high overseas order growth and dividend yields around 5% [8][10] Quality Private Enterprises - Jianghe Group is highlighted for its robust fundamentals and high dividend payout ratio, with a projected payout exceeding 95% for 2024. The company has expanded its overseas business significantly, with new orders growing by 57% year-on-year [8][11]