Group 1 - The company, Dongnan Network (002135), has won a bid for the "Qianjiang Century City Intelligent Comprehensive Sci-tech Park EPC Project" in collaboration with Zhejiang Guofeng Group Co., Ltd. and Zhejiang University Architectural Design Institute Co., Ltd. [1] - The total bid amount for the project is RMB 1.183 billion, which accounts for 10.52% of the company's audited revenue for the year 2024 [1] - The total planned investment for the project is RMB 3.956 billion, with a total construction area of 273,600 square meters, including approximately 213,000 square meters above ground and about 59,000 square meters underground [1] Group 2 - The project consists of 11 independent buildings, with the tallest building being a super high-rise research and development center reaching 150 meters [1] - The project will be constructed using the EPC (Engineering, Procurement, and Construction) model, which will assist the company in transitioning from a steel structure subcontractor to a general contractor [1] - This aligns with the company's dual-engine development strategy of "EPC General Contracting + No. 1 Project," which is expected to enhance the company's brand influence within the industry [1]

Group 1 - The company Zhejiang Southeast Space Frame Co., Ltd. issued a total of 20 million convertible bonds, each with a face value of 100 RMB, amounting to a total issuance of 2 billion RMB [1][2] - The controlling shareholder Zhejiang Southeast Space Frame Group Co., Ltd. and actual controller Mr. Guo Mingming, along with their concerted action party Hangzhou Haotian Property Management Co., Ltd., subscribed to a total of 7,657,722 bonds, accounting for 38.29% of the total issuance [2] - The bond trading began on January 24, 2024, on the Shenzhen Stock Exchange under the name "Southeast Convertible Bonds" with the code "127103" [1][2] Group 2 - Mr. Guo Mingming transferred 2,026,739 bonds, representing 10.13% of the total issuance, through block trading and centralized bidding [2] - From March 17, 2025, to July 18, 2025, a further transfer of 2,030,489 bonds occurred, accounting for 10.15% of the total issuance [2] - After the recent transfers, the holdings of the controlling shareholder and related parties decreased significantly, with the total holdings dropping from 5,630,983 bonds (28.15%) to 3,600,494 bonds (18.00%) [2]

关于控股股东、实际控制人及其一致行动人可转换公司债券 持有比例变动达到10%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。 一、可转换公司债券基本情况及配售情况 经中国证券监督管理委员会《关于同意浙江东南网架股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2023〕1845 号）同意注册， 浙江东南网架股份有限公司（以下简称"公司"）于 2024 年 1 月 3 日向不特定 对象发行可转换公司债券 2,000 万张，每张债券面值为人民币 100 元，发行总额 200,000.00 万元。经深圳证券交易所同意，公司可转换公司债券已于 2024 年 1 月 24 日起在深圳证券交易所挂牌交易，债券简称"东南转债"，债券代码"127103"。 公司控股股东浙江东南网架集团有限公司（以下简称"东南集团"）和实际 控制人郭明明先生及其一致行动人杭州浩天物业管理有限公司（以下简称"浩天 物业"）通过配售认购"东南转债"共计 7,657,722 张，占本次发行可转债总量 的 38.29% 。 具 体 内 容 详 见 公 司 于 2024 年 1 ...

Investment Rating - The report rates the construction and decoration industry as "Overweight" [2][8] Core Viewpoints - The overall investment growth rate is weak, with infrastructure investment providing relative stability amidst pressures in manufacturing and real estate. Infrastructure investment (excluding electricity) grew by 5.6% year-on-year from January to May 2025, while total infrastructure investment increased by 10.4% [2] - The report predicts that corporate profits will face pressure in the first half of 2025 due to slowing fixed asset investment growth and a focus on project quality. The expected net profit growth rates for key companies are categorized into various ranges, with some companies projected to see declines [2][3] - The report suggests that low valuations of state-owned enterprises in the construction sector may recover due to ongoing economic stimulus policies and management's market value management methods. The current PE and PB ratios for the construction industry are at 11.2X and 0.76X, respectively, indicating a bottom position [2] - Investment recommendations include state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, as well as private companies like Zhi Te New Materials and Shenzhen Ruijie [2] Summary by Relevant Sections Profit Growth Predictions - Companies with a net profit growth rate below -10%: China Railway, China Railway Construction, China Metallurgical Group, China Power Construction, Shanghai Construction, Honglu Steel Structure, Southeast Network Framework [3] - Companies with a net profit growth rate between -10% and 0%: China Communications Construction, Sichuan Road and Bridge [3] - Companies with a net profit growth rate between 0% and 10%: China Energy Engineering, China Steel International, Anhui Construction, Donghua Technology [3] - Companies with a net profit growth rate between 10% and 20%: China Chemical [3] - Companies with a net profit growth rate above 20%: Zhi Te New Materials, Shenzhen Ruijie [3] Valuation Table - The report includes a valuation table for key companies in the construction industry, detailing their stock prices, EPS, PE ratios, and projected net profit growth rates for 2024A, 2025E, and 2026E [3]

Group 1 - The company expects a net profit of between 39 million to 57 million yuan for the first half of 2025, representing a decline of 55.75% to 69.73% compared to the same period last year [1][2] - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 21 million to 39 million yuan, indicating a decrease of 63.64% to 80.42% year-on-year [1][2] - Basic earnings per share are estimated to be between 0.03 yuan to 0.05 yuan, down from 0.11 yuan per share in the previous year [1][2] Group 2 - The company is undergoing a strategic transformation towards new-type prefabricated EPC contracting, focusing on high-quality and specialized market positioning [2] - To mitigate the risk of accounts receivable, the company has optimized its business orders, resulting in a decrease in new order volume and a temporary pressure on operating results [2] - The loss in the fiber business has significantly increased compared to the same period last year [2]

一、股东本次可转债解除质押基本情况 | 股东 | 是否为控 股股东或 | 本次解除 | 占其所 持可转 | 占公司 可转债 | 质押起 | 质押解 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 第一大股 东及其一 致行动人 | 质押数量 （万张） | 债比例 （%） | 余额比 例（%） | 始日 | 除日 | | | 浩天 | 是 | 24.5 | 31.79% | 1.23% | 年 2024 | 2025年7 | 中国工商 银行股份 | | 物业 | | | | | 2月1日 | 月 日 10 | 有限公司 | | | | | | | | | 萧山分行 | 1、本次可转债解除质押基本情况 | 证券代码：002135 | 证券简称：东南网架 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：127103 | 债券简称：东南转债 | | 浙江东南网架股份有限公司 关于控股股东之一致行动人部分可转换公司债券 解除质押的公告 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 ...

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E8%AE%A1%E6%83%85%E5%86%B5) The company anticipates a significant decline in its H1 2025 performance, with net profit attributable to shareholders expected to decrease by 55.75% to 69.73% H1 2025 Performance Forecast | Item | Current Period (H1 2025) | Prior Period (H1 2024) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: 39 - 57 million yuan | Profit: 128.82 million yuan | Decrease 55.75% - 69.73% | | **Net Profit Excluding Non-Recurring Gains and Losses** | Profit: 21 - 39 million yuan | Profit: 107.26 million yuan | Decrease 63.64% - 80.42% | | **Basic Earnings Per Share** | Profit: 0.03 - 0.05 yuan/share | Profit: 0.11 yuan/share | - | - Prior period financial data was retrospectively adjusted due to a business combination under common control[3](index=3&type=chunk) [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated its performance forecast with the accounting firm, confirming no disagreements, and the data remains unaudited preliminary estimates - This performance forecast data represents preliminary estimates by the company's finance department and has not been pre-audited by a certified public accountant[4](index=4&type=chunk) - The company has pre-communicated with the accounting firm regarding the performance forecast, and there are no disagreements[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The performance decline is primarily attributed to strategic order optimization reducing new orders and temporary pressure on core business, alongside increased losses in the chemical fiber segment due to narrower product price spreads - In the main business, the company proactively optimized business orders to mitigate accounts receivable collection risk, resulting in a decrease in new orders and a year-on-year decline in operating revenue and profit[6](index=6&type=chunk) - The company is firmly implementing its dual-engine strategy of "EPC General Contracting + No. 1 Project" and transitioning towards new prefabricated EPC general contracting[5](index=5&type=chunk)[6](index=6&type=chunk) - In the chemical fiber business, losses significantly increased year-on-year in the first half due to a further reduction in the price spread of polyester filament products[6](index=6&type=chunk) [Other Relevant Information](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%B6%E4%BB%96%E7%9B%B8%E5%85%B3%E8%AF%B4%E6%98%8E) The company reiterates that this performance forecast is a preliminary estimate, with final data subject to the 2025 semi-annual report, and advises investors to consider investment risks - This performance forecast is a preliminary budget by the company's finance department, and the specific financial data will be subject to the company's disclosed 2025 semi-annual report[7](index=7&type=chunk) - Investors are advised to make cautious decisions and be aware of investment risks, with information on the company's disclosure media provided[7](index=7&type=chunk)

Summary of Key Points Core Viewpoint - The company Southeast Network Frame (东南网架) anticipates a significant decline in net profit for the first half of 2025, projecting a range of 39 million to 57 million yuan, which represents a decrease of 55.75% to 69.73% compared to the same period last year [1] Financial Performance - The expected net profit attributable to shareholders for the period from January 1, 2025, to June 30, 2025, is projected to be between 39 million yuan and 57 million yuan [1] - This forecast indicates a substantial decline from the previous year's net profit of 129 million yuan [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 21 million yuan and 39 million yuan, reflecting a decrease of 63.64% to 80.42% compared to last year's 107 million yuan [1] - The basic earnings per share are expected to be between 0.03 yuan and 0.05 yuan, down from 0.11 yuan per share in the same period last year [1]

证券代码：002135 证券简称：东南网架 公告编号：2025-051 债券代码：127103 债券简称：东南转债 浙江东南网架股份有限公司 关于控股股东部分可转换公司债券解除质押的公告 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。 浙江东南网架股份有限公司（以下简称"公司"）于近日接到公司控股股东 浙江东南网架集团有限公司（以下简称"东南集团"）的通知，获悉东南集团将 其所持有公司的部分可转换公司债券（以下简称"可转债"）办理了解除质押手 续。具体情况如下： 一、股东本次可转债解除质押基本情况 | 股东 | 是否为控 | | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 第一大股 | 本次解除 质押数量 | 持可转 债比例 | 可转债 余额比 | 质押起 始日 | 质押解 除日 | 质权人 | | 名称 | 东及其一 致行动人 | （万张） | （%） | 例（%） | | | | | 东南 | | | | | 2024 年 | 2025年7 | 中 ...

Group 1: Company Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end, precision, and challenging market positioning [1] - The company aims to become the leading brand in domestic green low-carbon prefabricated steel structures, targeting differentiated development in the Yangtze River Delta and Pearl River Delta regions [1] - The company will enhance risk control by strengthening credit assessments of clients during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Green Development - The company will actively respond to the national "dual carbon" goals by developing new energy businesses, utilizing the "prefabricated + EPC + BIPV" construction model [2] - The company plans to expand its comprehensive energy business, including BIPV, BAPV, centralized photovoltaic, and supporting energy storage [2] - The company has initiated a 110MW agrivoltaic photovoltaic power station project, which integrates green energy with modern agriculture, expected to enhance the company's photovoltaic generation capacity and revenue [5] Group 3: International Expansion and Market Opportunities - In 2024, the company signed overseas orders worth 1.23 billion RMB, accounting for 14.68% of the total new contracts signed that year [3] - The company will expand its business in core areas of the "Belt and Road" initiative, focusing on green infrastructure, innovative building materials, and new energy sectors in regions like South America, North America, the Middle East, and Southeast Asia [2] Group 4: Current Business Performance - In the first quarter of 2025, the company signed new contracts totaling 2,025.25 million RMB, reflecting a year-on-year growth of 1.48% [5] - Recent national policies promoting "supply-side reform" and "anti-involution" are expected to benefit the steel structure industry, potentially improving profit margins [5]