中国海诚工程科技股份有限公司全面风险管理与内部控制制度（试行） 1 总 则 1.0.1 为规范中国海诚工程科技股份有限公司（以下简称"中国海诚"或"公司"） 全面风险管理工作，加强公司内部控制建设，切实守住不发生系统性风险底线、 增强抗风险能力，提高企业管理水平，实现高质量发展，依据国家法律法规以及 中央企业有关全面风险管理与内部控制体系建设的规章制度和规范性文件，根据 上级单位全面风险管理与内部控制有关制度以及中国海诚《公司章程》等规定， 结合公司实际，制定本制度。 1.0.2 本规定所称"中国海诚"或"公司"是指中国海诚工程科技股份有限公司 总部，"各经营单位"是指中国海诚直接或间接全资、控股或实际控制的境内外 各级次下属公司，包括上海本部。 1.0.3 全面风险管理和内部控制作为管理风险的过程和方法，要求将风险控制在 可承受范围内，促进企业实现发展战略。其中，全面风险管理侧重于风险评估与 前瞻性应对，明确风险管控边界，支持风险与预期收益匹配的决策。内部控制侧 重于设计与执行控制措施，规范流程操作，避免违法违规。中国海诚及其下属各 经营单位应建立健全以风险管理为导向、以合规管理监督为重点，严格、规范、 全 ...

中国海诚工程科技股份有限公司（以下简称"公司"）第七届董 事会第二十七次会议通知于 2026 年 3 月 6 日以电子邮件形式发出， 会议于 2026 年 3 月 12 日（星期四）以通讯表决方式召开。会议应参 加表决的董事 12 名，实际参加表决的董事 12 名，符合《公司法》及 《公司章程》的规定，会议的召开合法有效。 会议审议并通过了以下议案： 1.以 12 票同意，0 票反对，0 票弃权，审议通过《关于制定<公 司全面风险管理与内部控制制度（试行）>的议案》。 2.以 12 票同意，0 票反对，0 票弃权，审议通过《关于设立惠州 分公司的议案》。 证券代码：002116 证券简称：中国海诚 公告编号：2026-003 特此公告。 中国海诚工程科技股份有限公司 第七届董事会第二十七次会议决议公告 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。 中国海诚工程科技股份有限公司 董 事 会 2026年3月13日 ...

Investment Rating - The report maintains an "Overweight" rating for the construction and infrastructure sector, highlighting the potential for recovery driven by increased special bond issuance and infrastructure investment [4][5][7]. Core Insights - The issuance of special bonds accelerated in early 2026, reaching 824.2 billion yuan, a year-on-year increase of 38.1%, which is expected to boost the construction sector's recovery [4][5]. - Infrastructure investment saw a decline of 2.2% in 2025, with private investment decreasing by 6.4%, although there was a slight increase of 1.7% in private infrastructure investment [5]. - The construction sector's recovery is supported by improved work resumption rates and funding availability, with 8.9% of construction sites resuming work by February 25, 2026, an increase of 1.5 percentage points year-on-year [5]. Summary by Sections Recent Key Reports - The report discusses various sectors including AI, clean rooms, and renewable energy, recommending companies with high demand and strong competitive advantages [11][12][13]. - It emphasizes the importance of state-owned enterprises in the construction sector, particularly those with high dividend yields and stable growth prospects [21][29]. Recommended Companies - Companies such as China State Construction, China Railway, and China Communications Construction are highlighted for their strong dividend yields and potential for stable growth [7][29]. - Specific recommendations include China Electric Power Construction and China Nuclear Engineering for their roles in energy and infrastructure projects [12][18]. Macro/Meso/Micro Data - The report notes a significant increase in special bond issuance and infrastructure investment, with a projected growth of 10.9% in broad infrastructure investment in early 2025 [23][32]. - It also highlights the expected increase in self-financing for infrastructure projects, driven by local government financing and special bond issuance [33].

Core Viewpoint - The company emphasizes a dual-driven development strategy of "internal cultivation" and "external mergers and acquisitions" to achieve dynamic and coordinated growth in strategic emerging industries [1] Group 1: External Strategy - The company will closely monitor market trends and actively seek high-quality acquisition targets aligned with its strategic direction [1] - The company will conduct careful evaluations of related opportunities to achieve efficient and synergistic industrial integration [1] Group 2: Internal Strategy - The company plans to increase R&D investment, leveraging its deep foundation and technological advantages in the light industry sector [1] - The focus will be on promoting independent innovation and nurturing new businesses and business models with growth potential [1] - The company aims to build new growth points through new productive forces [1] Group 3: Future Development - The company will flexibly choose the optimal development path based on strategic planning, market environment, and development stage [1] - The company intends to steadily advance its strategic new businesses to enhance their strength [1]

Group 1 - The company has secured energy storage project orders for 2025, covering supervision, consulting, and design services, with a primary focus on supervision [1] - The energy storage project orders for 2025 represent a small proportion of the company's total new orders for the year and do not constitute a major source of revenue [1]

Core Viewpoint - China Haicheng (002116.SZ) has secured energy storage project orders for 2025, primarily focusing on supervision services, although these orders currently represent a small portion of the company's total new contracts for the year [1] Group 1 - The company has undertaken energy storage project orders for 2025, which include supervision, consulting, and design services [1] - The supervision business is the main focus of the company's energy storage projects [1] - The energy storage project orders for 2025 constitute a minor percentage of the company's total new signed orders for the year, indicating they are not yet a major source of revenue [1]

Group 1 - The core viewpoint of the article highlights that China Haicheng (002116) has been actively expanding its business, achieving multiple project signings in key domestic and international sectors, including food, energy conservation, and new materials [1] - In the food sector, the company signed a project for a sugar refinery in Saudi Arabia, providing full-process engineering management services [1] - In the energy conservation and environmental protection category, the company signed a waste-to-energy project in Brazil to enhance local resource utilization [1] - In the new materials sector, the company signed a project focused on the research and development of high-voltage cobalt oxide [1] - These projects demonstrate the company's comprehensive competitiveness and are expected to support future performance growth [1] Group 2 - Recent stock performance shows that China Haicheng experienced a volatile trend over the past week, with a closing price of 10.87 yuan on February 12, reflecting a daily decline of 1.45% and a cumulative decline of 2.34% over five days [2] - The stock reached a high of 11.17 yuan on February 5 and a low of 10.90 yuan on February 6 [2] - On February 12, there was a net outflow of 491.22 million yuan from main funds, with a turnover rate of 1.01%, indicating cautious short-term market sentiment [2] - The company's professional engineering sector saw a slight increase of 0.05%, while the Shanghai Composite Index also rose by 0.05%, indicating that the company's stock performance was slightly weaker than the industry and the broader market [2] Group 3 - Institutional outlook on China Haicheng is neutral to slightly positive, with a target price of 15.40 yuan, suggesting an upside potential of approximately 39.62% from the current stock price [3] - Profit forecasts indicate an expected net profit growth of 11.44% year-on-year and a revenue growth of 4.90% in 2026, primarily driven by new business order growth and overseas expansion potential [3] - Current institutional ratings are predominantly neutral, with low research frequency, but the company's ESG practices have been recognized by the market, leading to an upgrade to an "A" rating [3]

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - The cleanroom market is expanding due to increased investment in high-tech industries, benefiting companies like Yaxiang Integration, with related companies including Shenghui Integration and Bocheng Co., Ltd. [3][4] - The real estate market is showing signs of marginal improvement, with significant potential for transformation and development [5] Summary by Sections Cleanroom Industry - The growth in high-tech industry investments is driving the expansion of the cleanroom market, with Micron Technology planning to invest $24 billion in a NAND factory in Singapore over the next decade, which will include 700,000 square feet of cleanroom space [4] - The World Semiconductor Trade Statistics (WSTS) predicts a 26.3% increase in the global semiconductor market by 2026, reaching $975 billion, further supporting the cleanroom industry's growth [4] - Yaxiang Integration's parent company reported a consolidated revenue of NT$9.5 billion (approximately RMB 2.1 billion) in December, a year-on-year increase of 165.2% [4] Real Estate Market - The Central Economic Work Conference in December 2025 emphasized stabilizing the real estate market through targeted policies, including controlling inventory and encouraging the acquisition of existing properties for affordable housing [5] - An article published on January 2, 2026, highlighted the importance of managing expectations in the real estate market, which has significant financial asset attributes and broad social implications [5] Recommended Companies - The report recommends Yaxiang Integration for the cleanroom sector, with related companies including Bocheng Co., Ltd. and Shenghui Integration [7] - Other sectors recommended include commercial aerospace, controllable nuclear fusion, and renewable energy, with specific companies highlighted for each sector [7]

Group 1: Financial Performance - The company reported a total revenue of 6.969 billion yuan for the year 2025, representing a year-on-year increase of 2.16% [1] - The total profit reached 391 million yuan, up by 4.27% year-on-year, while the net profit attributable to shareholders was 343 million yuan, increasing by 2.21% [1] - The total assets as of the end of 2025 were 6.185 billion yuan, a decrease of 1.15% year-on-year, while net assets grew to 2.772 billion yuan, reflecting an 8.80% increase [1] Group 2: Shareholder Returns - The company maintained a high dividend tradition, distributing 144 million yuan in cash dividends for the 2024 fiscal year, with a payout ratio of 43%, surpassing the industry average [2] - Since its listing, the company has cumulatively paid out 1.22 billion yuan in cash dividends, accounting for 44.49% of the net profit during this period [2] - The company was recognized for its dividend payment performance, ranking 69th among over 5,000 A-share companies in the 2025 dividend payment rate list [2] Group 3: ESG and Brand Recognition - The company has published ESG reports for three consecutive years, achieving an "A" rating in the Wind rating and an "A+" rating from China Chengxin [3] - It received multiple awards for its sustainable development practices, including the "Best ESG Practice Award" and the "Low Carbon Pioneer Enterprise Award" [3] - The company has been recognized as a "National High-tech Enterprise" and has won numerous industry awards for engineering and design excellence [3] Group 4: Strategic Developments - The company has successfully assisted several well-known enterprises in establishing production bases recognized by the World Economic Forum as "Global Lighthouse Network" factories [4] - A new intelligent equipment production base was inaugurated in Changsha, aimed at enhancing the company's capabilities in smart manufacturing and providing comprehensive engineering services [4] - The company is focused on building a full-cycle service system that integrates design, manufacturing, and operational maintenance, positioning itself as a benchmark supplier in the intelligent equipment sector [4] Group 5: Future Outlook - The company is expected to maintain a positive growth trajectory in 2026, driven by explosive growth in new business orders and continued breakthroughs in overseas markets [5]

Core Viewpoint - China Haicheng achieved steady performance growth in 2025, with a solid order reserve laying a strong foundation for future development [1][2] Financial Performance - In 2025, the company reported total revenue of 6.969 billion yuan, a year-on-year increase of 2.16% [1] - The total profit reached 391 million yuan, reflecting a growth of 4.27% year-on-year [1] - Net profit amounted to 343 million yuan, with a year-on-year increase of 2.21% [1] - New contracts signed totaled 8.502 billion yuan [1] - By the end of 2025, total assets were 6.185 billion yuan, a decrease of 1.15% year-on-year, while net assets increased by 8.80% to 2.772 billion yuan [1] Strategic Focus - The company focused on three main themes: "strengthening fundamentals," "growth," and "transition to new areas," guided by "dual-driven digital intelligence and new quality growth" [1] - The company actively seized structural opportunities in the industry, achieving stable operational growth and continuous enhancement of corporate value in a complex external environment [1] Order and Project Data - In the fourth quarter of 2025, the company signed new orders worth 2.970 billion yuan, with significant contributions from the new energy and new materials sectors, accounting for 40% of the quarterly total [1] - As of the end of the fourth quarter of 2025, the company had a total of 189 signed but uncompleted engineering projects, amounting to approximately 8.470 billion yuan [1][2]