中钢国际工程技术股份有限公司 2025 年半年度报告全文 中钢国际工程技术股份有限公司 2025 年半年度报告 2025-33 2025 年 8 月 26 日 1 中钢国际工程技术股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司所处土木工程建筑类行业，具有应付款项、应收款项余额较高的行 业特征，经营活动健康稳定但经营性现金流呈现周期性特征。公司承接境外 工程总承包业务，项目执行周期长于国内同类项目，受所在国政治、经济、 金融环境影响。提请广大投资者注意风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | | 2 | | --- | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | | 6 | | 第三节 | 管理层讨论与分析 | | 9 | | 第四节 | 公司治理、环境和社会 | | 21 | | 第五节 | 重要事项 | | 23 | | 第六节 | 股份变动及股东情况 | | 38 | | 第七节 | 债券相关情况 | | 43 | | 第八节 | 财务报告 | | 44 | | 第九节 | ...

证券代码：000928 证券简称：中钢国际 公告编号：2025-30 中钢国际工程技术股份有限公司 第十届董事会第九次会议决议公告 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"）第十届董事会第九次 会议于 2025 年 8 月 25 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 8 月 15 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（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、关于公司《2025 年半年度报告》全文及摘要的议案 具体内容详见公司同日在《证券时报》《上海证券报》及巨潮资讯网披露的 《2025 年半年度报告摘要》（公告编号：2025-32）及在巨潮资讯网披露的《2025 年半年度报告》（公告编号：2025-33）。 公司审计与风险管理委员会已召开会议审议通过该议案。 表决结果：6 票同意，0 票反对，0 票弃权 ...

证券之星消息，8月21日，中钢国际（000928）融资买入2206.05万元，融资偿还1975.06万元，融资净买 入230.99万元，融资余额4.48亿元，近3个交易日已连续净买入累计4334.79万元，近20个交易日中有14 个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 230.99万 | 4.48亿 | 4.71% | | 2025-08-20 | 952.03万 | 4.46 Z | 4.65% | | 2025-08-19 | 3151.76万 | 4.37亿 | 4.58% | | 2025-08-18 | 2787.83万 | 4.05亿 | 4.25% | | 2025-08-15 | 1155.90万 | 3.77亿 | 3.88% | | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | --- | | 2025-08-21 | 4.50亿 | 235.66万 | 0.53% | | 2025-08 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

证券之星消息，8月15日专业工程板块较上一交易日上涨0.97%，北方国际领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。专业工程板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000065 | 北方国际 | 12.93 | 7.04% | 71.27万 | 9.01亿 | | 002051 | 中工国际 | 9.34 | 4.12% | 42.37万 | 3.90亿 | | 605289 | 罗曼股份 | 41.64 | 3.58% | 7.09万 | 2.88亿 | | 603163 | 圣晖隼成 | 33.30 | 3.42% | 4.22万 | 1.39亿 | | 000928 | 中钢国际 | 6.78 | 3.20% | 49.16万 | 3.31亿 | | 301046 | 能辉枝 | 21.29 | 2.95% | 3.23万 | 6879.86万 | | 605178 | 时空科技 | 25.16 | ...

Core Viewpoint - China Steel International (中钢国际) continues to demonstrate strong performance in securing new contracts and expanding its international presence, particularly in the metallurgical engineering sector, despite challenges in the domestic steel industry. Group 1: New Contracts and Financial Performance - In Q2 2025, the company signed 31 new project contracts with a total value of 2.329 billion yuan, including 1.77 billion yuan from domestic projects and 1.952 billion yuan from international projects [1][2] - As of June 2025, the company has a total of 298 signed but uncompleted orders amounting to 38.926 billion yuan, with 26.866 billion yuan currently in execution [2] - The company reported a total revenue of 17.647 billion yuan for 2024, a decrease of 33.1% year-on-year, while net profit attributable to shareholders was 0.835 billion yuan, an increase of 9.69% [4][5] Group 2: International Expansion and Strategy - China Steel International has established 15 overseas branches and operates in over 50 countries, showcasing its commitment to internationalization [1][4] - In 2024, the company achieved a total contract value of 19.67 billion yuan for new engineering projects, with overseas orders accounting for 82.7%, reflecting a year-on-year growth of 54.17% [1][4] - The company aims to maintain its international strategy focus in 2025, particularly targeting markets in the Middle East and Africa [4] Group 3: Operational Efficiency and Innovations - The company has implemented project lifecycle supervision to ensure stable execution of ongoing projects, with notable progress in projects like the Simfer and Tosyali projects [2] - Technological innovations and refined project management have helped the company solidify its market position amid domestic industry transformation pressures [3] - The company has improved its cash flow management, with a net cash flow from operating activities of 1.504 billion yuan in 2024, an increase of 9.95% [4][6]

Investment Rating - The report maintains a positive outlook on industry leaders with low valuations, particularly China Chemical [1][3]. Core Viewpoints - The construction and building materials industry is currently at the bottom of its economic cycle, with expectations for stabilization and recovery due to supportive government policies [1][2]. - Recent government meetings emphasized the need for high-quality investment and the activation of private investment, which could enhance the industry's outlook [1]. - The report highlights the recent approval of two coal-to-natural gas projects in Xinjiang, marking a significant step towards low-carbon and clean development in the coal chemical industry [1]. Market Overview - As of August 1, 2025, the newly issued local government special bonds amounted to 183.204 billion yuan, a week-on-week decrease of 10.82% [2]. - In July, the total new local government special bonds issued reached 616.936 billion yuan, a month-on-month increase of 17.04% and a year-on-year increase of 119.18% [2]. - The construction index fell by 2.51% and the building materials index fell by 3.32% during the week of July 28 to August 1, 2025 [10]. Cement Market Analysis - National cement prices continued to decline, with a week-on-week drop of 0.3% as of August 1, 2025 [41]. - The average national cement price was 339.7 yuan per ton, with significant regional variations [46]. - The report anticipates a stabilization in cement prices in the short term, despite current demand not showing significant improvement [41]. Company Performance and Valuation - The report strongly recommends focusing on major construction blue-chip stocks such as China Communications Construction, China Railway Construction, and China State Construction [3]. - The construction sector's overall valuation is at a historical low, with the current price-to-earnings (P/E) ratios for the construction and building materials sectors at 8.72 and 19.67, respectively [18]. - Key companies in the construction sector are experiencing varying growth rates in new orders, with China Railway Construction showing a decline in order growth in recent quarters [63].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The "anti-involution" trend is driving quality upgrades in the industry, emphasizing investment opportunities in specialized engineering companies. This trend is expected to improve corporate profitability and increase capital expenditures in green and low-carbon transformations, benefiting specialized engineering firms [1][19][32] - The government is focusing on innovation-driven and green transformation, which is broader than the supply-side structural reforms of 2015. This includes enhancing industry self-discipline and optimizing supply structures through technological upgrades [2][13] Summary by Sections Industry Performance - The construction index fell by 2.5% in the week of July 28 to August 1, underperforming the broader market by 1.3 percentage points. Only the architectural design and services sub-sector maintained an upward trend, with notable individual stock gains [4][26] Investment Recommendations - Key investment opportunities include: 1. Cement Engineering: China National Materials (high dividend cement engineering leader, expected dividend yield over 5% in 2025) [19] 2. Metallurgical Engineering: China Steel International (low-carbon metallurgical engineering leader, expected dividend yield of 5.5% in 2025) [19] 3. Steel Structure Manufacturing: Honglu Steel Structure, Jinggong Steel Structure [19] 4. Chemical Engineering: China Chemical, Sanwei Chemical, Donghua Technology, benefiting from rising chemical product prices [19] Key Indicators - As of August 1, 2025, the cement shipment rate was 30%, down 13 percentage points from the previous week, while the asphalt plant operating rate was 33.1%, up 4.3 percentage points [3][20] Structural Changes and Opportunities - The report highlights the importance of focusing on infrastructure investments in regions with high demand, such as Sichuan, Zhejiang, Anhui, and Jiangsu, and recommends local state-owned enterprises and central enterprises involved in major infrastructure projects [32][35] Emerging Trends - The report suggests that the nuclear power sector remains highly attractive, with ongoing investments, and highlights the potential of AI and digital technologies in transforming traditional industries [34][36] Specialized Engineering Investment Targets - The report lists specific companies in specialized engineering fields, including: - China National Materials (Cement) - China Steel International (Metallurgy) - Honglu Steel Structure (Steel Structure) - China Chemical (Chemicals) [20] Conclusion - The overall sentiment is positive towards the construction and specialized engineering sectors, driven by government policies aimed at enhancing industry quality and profitability through technological and structural upgrades [1][19][32]

Group 1 - The core viewpoint of the article highlights that the Southern Fund's Southern CSI 1000 ETF has reduced its holdings in China Steel International in the second quarter of this year, despite achieving a year-to-date return of 13.09%, ranking 941 out of 3420 in its category [1][2]. Group 2 - The Southern CSI 1000 ETF has shown a year-to-date return of 13.09%, with a quarterly increase of 15.19% and a three-month increase of 13.11% [2]. - The fund's performance is compared to the average of its peers, which recorded a year-to-date return of 10.57% and a quarterly increase of 12.75% [2]. - The fund manager, Cui Lei, has extensive experience and qualifications, including a master's degree in financial engineering from Cornell University and certifications as a Financial Risk Manager (FRM) and Chartered Financial Analyst (CFA) [3][4].