Financial Performance - In the first nine months of 2025, the company achieved operating revenue of 7.125 billion CNY and a net profit attributable to shareholders of 247 million CNY, both showing a year-on-year decline [4] - The third quarter saw a significant increase in net profit attributable to shareholders, rising by 35.16% year-on-year, driven by the execution peak of several overseas projects [4] - The net cash flow from operating activities for the first nine months was 676 million CNY, with a debt-to-asset ratio of 53.68%, indicating a stable financial condition [4] - New contracts signed totaled 30.31 billion USD, a year-on-year increase of 35.07%, with effective contracts in international engineering reaching 16.21 billion USD, up 93.7% [4] International Business Development - The company focuses on "new market layout, new segmentation tracks, and new resource allocation," achieving significant results in overseas oil and gas chemical engineering markets [5][6] - Key projects include the Iraq oil and gas central processing facility and the Turkey Tuz Lake underground gas storage expansion, showcasing successful overseas operations [5] - The company has entered new markets such as Guyana, Iraq, and Nicaragua, establishing a sustainable market development model [6] Technological Innovation - The company has established a comprehensive technology innovation management system, enhancing its technological capabilities [6] - Since 2020, it has received over 600 provincial and ministerial awards and authorized nearly 500 patents, setting a historical record for the company [6] - The company aims to strengthen its position as a technology-driven professional engineering firm during the "14th Five-Year Plan" period [7] Engineering Investment and Operations - The company has expanded its engineering investment and operations to cover environmental engineering, clean energy engineering, and cableway engineering [8] - Significant projects include two waste-to-energy projects in Uzbekistan with a total investment of approximately 475 million USD, expected to yield stable returns [8] - The company plans to focus on regions with stable political and economic conditions along the "Belt and Road" initiative for sustainable development [8] Market Value Management - The company emphasizes enhancing its intrinsic value through a robust market value management strategy [9] - It maintains a high dividend policy, committing to distribute no less than 40% of the annual distributable profits as cash dividends [9] - The company has initiated a share buyback program with a budget of 50 million to 100 million CNY to support shareholder interests [9]

Group 1 - The core point of the news is that Zhonggong International (002051) plans to repurchase its A-shares with a total amount not less than 50 million yuan and not exceeding 100 million yuan, with a maximum repurchase price of 12.85 yuan per share [2][3] - The repurchased shares will be fully canceled and will reduce the registered capital of the company [2][3] - The implementation period for the repurchase is within twelve months from the date of approval by the shareholders' meeting, and the company has already opened a special securities account for the repurchase [2] Group 2 - As of November 4, 2023, Zhonggong International's stock closed at 8.52 yuan, down 0.81%, with a turnover rate of 0.64% and a trading volume of 79,300 shares, amounting to 67.67 million yuan [1] - On the same day, the net outflow of main funds was 3.2585 million yuan, accounting for 4.82% of the total transaction amount, while the net inflow of speculative funds was 6.2847 million yuan, accounting for 9.29% [1][3] - Retail investors experienced a net outflow of 3.0262 million yuan, which accounted for 4.47% of the total transaction amount [1]

Core Viewpoint - The stock of Zhonggong International (002051) has shown a decline in both price and trading volume, with significant net outflows from major funds and retail investors, indicating a bearish sentiment in the market [1][2]. Financial Performance - For the first three quarters of 2025, Zhonggong International reported a main revenue of 7.125 billion yuan, a year-on-year decrease of 17.25% - The net profit attributable to shareholders was 247 million yuan, down 23.68% year-on-year, while the non-recurring net profit increased by 0.61% to 235 million yuan [3] - In Q3 2025, the company recorded a single-quarter main revenue of 2.338 billion yuan, a decline of 24.85% year-on-year, but the net profit attributable to shareholders rose by 35.16% to 69.82 million yuan [3] Market Position and Ratios - Zhonggong International's total market value is 10.543 billion yuan, ranking 25th in the engineering construction industry, which has an average market value of 22.412 billion yuan [3] - The company has a price-to-earnings ratio of 32.03, significantly higher than the industry average of 12.9, indicating a relatively high valuation compared to peers [3] - The gross margin stands at 18.57%, above the industry average of 13.26%, while the net margin is 3.44%, compared to the industry's negative margin of -5.12% [3] Fund Flow Analysis - On November 4, 2025, major funds experienced a net outflow of 3.2585 million yuan, accounting for 4.82% of the total trading volume, while retail funds saw a net inflow of 6.2847 million yuan, representing 9.29% of the total [1][2] - Over the past five days, the stock has seen fluctuating fund flows, with notable outflows from major funds on several days, indicating a trend of selling pressure [2] Analyst Ratings - In the last 90 days, four institutions have provided ratings for Zhonggong International, with three giving a "buy" rating and one an "accumulate" rating, suggesting a generally positive outlook among analysts [4]

Group 1 - The company, Zhonggong International, announced a plan to repurchase a portion of its A-shares through centralized bidding, with a total repurchase fund ranging from 50 million to 100 million yuan [2] - The maximum repurchase price is set at 12.85 yuan per share, with an estimated repurchase of 778.21 million shares at the upper limit, accounting for 0.63% of the total share capital, and 389.11 million shares at the lower limit, accounting for 0.31% [2] - The implementation period for the repurchase plan is within 12 months from the approval of the shareholders' meeting [2] Group 2 - As of September 30, 2025, the company's revenue for the first three quarters is reported at 7.125 billion yuan, with a net profit of 247 million yuan [2] - The company has indicated potential risks associated with the implementation of the repurchase plan [2]

2、本次回购方案已经公司于 2025 年 10 月 13 日、2025 年 10 月 29 日召开的第八届董事会第十四次会议、2025 年第二次临时股东会 审议通过。 3、公司已在中国证券登记结算有限责任公司深圳分公司开立了 股份回购专用证券账户。 4、相关风险提示： 回购股份报告书 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。 重要内容提示： 1、中工国际工程股份有限公司（以下简称中工国际或公司）拟 通过深圳证券交易所交易系统以集中竞价交易方式回购公司部分已 发行的人民币普通股（A 股）股票，回购资金总额不超过人民币 10,000 万元（含），不低于人民币 5,000 万元（含），回购股份价格不超过人 民币 12.85 元/股（含）（不超过董事会审议通过本次回购股份决议前 30 个交易日公司股票交易均价的 150%），回购所需资金来源于公司 自有资金和自筹资金。公司本次回购的股份将全部注销并减少公司注 册资本。回购实施期限自公司股东会审议通过回购方案之日起十二个 月内。 证券代码：002051 证券简称：中工国际 公告编号：2025-066 中工国际工程股 ...

格隆汇11月4日丨中工国际(002051.SZ)在投资者互动平台表示，公司在台湾地区暂未开展有关业务。 ...

格隆汇11月4日丨中工国际(002051.SZ)在投资者互动平台表示，公司在台湾地区暂未开展有关业务。 ...

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].

Core Viewpoint - The stock of Zhonggong International (002051) has shown a slight increase in price, with recent financial data indicating mixed performance in terms of revenue and profit, alongside varying capital flows from different investor groups [1][3][4]. Financial Performance - As of the third quarter of 2025, Zhonggong International reported a total revenue of 71.25 billion yuan, a year-on-year decrease of 17.25% - The net profit attributable to shareholders was 2.47 billion yuan, down 23.68% year-on-year, while the non-recurring net profit increased by 0.61% to 2.35 billion yuan [3]. - In Q3 2025 alone, the company recorded a revenue of 23.38 billion yuan, a decline of 24.85% year-on-year, but the net profit for the quarter rose by 35.16% to 698.22 million yuan [3]. Market Position and Ratios - Zhonggong International's total market capitalization stands at 10.629 billion yuan, with a net asset value of 11.735 billion yuan, ranking 25th and 21st respectively in the engineering construction industry [3]. - The company has a price-to-earnings ratio of 32.3, significantly higher than the industry average of 13.01, indicating a relatively high valuation compared to peers [3]. - The gross margin is reported at 18.57%, which is above the industry average of 13.26%, while the net margin is at 3.44%, compared to an industry average of -5.12% [3]. Capital Flow Analysis - On November 3, 2025, the net inflow of main funds was 301,200 yuan, accounting for 0.31% of the total transaction volume, while retail investors saw a net inflow of 2.5986 million yuan, representing 2.67% of the total [1][2]. - Over the past five days, the stock has experienced fluctuations in capital flow, with notable net outflows from speculative funds on several days [2]. Analyst Ratings - In the last 90 days, four institutions have provided ratings for Zhonggong International, with three recommending a buy and one suggesting an increase in holdings, while the average target price set by analysts is 10.09 yuan [4].

Core Points - Company Zhonggong International announced a contract signing for the Mongolia Sports Center project with the Ministry of Commerce's International Economic Cooperation Bureau, valued at RMB 41.4918 million [1] - The project is set to be completed by August 15, 2025, with the service period lasting until project completion and acceptance [1] - The contract has officially come into effect following the signing of the external implementation agreement between the Ministry of Commerce and relevant Mongolian government departments [1]