届时本公司财务总监、董事会秘书等人员将在线就本公司 2025 年 半年度业绩、法人治理、发展战略、经营状况、投资融资、股权激励和 可持续发展等投资者所关注的问题，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！ 东华工程科技股份有限公司 2025 年 9 月 9 日 证券代码：002140 证券简称：东华科技 公告编号：2025-045 东华工程科技股份有限公司关于参加 2025 年 安徽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。 为进一步加强与投资者的互动交流，东华工程科技股份有限公司 （以下简称"本公司"）将参加由安徽证监局指导、安徽上市公司协会 与深圳市全景网络有限公司联合举办的"2025 年安徽上市公司投资者网 上集体接待日"活动，现将相关事项公告如下： 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（https://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 15 日（周 一）15:00 ...

Core Insights - China Chemical's subsidiary, Donghua Engineering Technology Co., Ltd., announced a tender for the Robor Lake Salt Lake Old Brine Lithium Extraction Comprehensive Utilization Expansion and Renovation Project with a budget of 282.17 million yuan [1] Company Summary - Donghua Engineering Technology Co., Ltd. is a subsidiary of China Chemical, holding a 47.08% stake in the company [1]

Group 1 - A total of 59 institutions conducted 1,678 "buy" ratings covering 929 stocks from September 1 to September 5 [1] - Among the stocks rated "buy," 89 saw a decrease in shareholder accounts compared to the end of Q2, with 41 stocks experiencing a decline of over 10% [1] - The 41 stocks with significant concentration of shares had an average increase of over 20% year-to-date, with 6 stocks, including Aosaikang and Tengya Precision, rising over 50% [1] Group 2 - 15 stocks underperformed the Shanghai Composite Index, which had a year-to-date increase of 13.75%, with 8 stocks, including Zhejiang Dingli, Huaihe Energy, and Huaibei Mining, experiencing a decline in stock price [1][2] - Specific companies such as Zhejiang Dingli and Huaihe Energy reported significant drops in net profit, with declines of 17.96% and 14.36% respectively [2] - The coal industry showed notable underperformance, with companies like Huaihe Energy and Huaibei Mining reporting net profit decreases of 22.15% and 64.85% respectively [2]

Group 1 - The construction industry faced overall pressure in the first half of 2025, with a slight improvement in cash flow in Q2 [6][10][12] - The industry's revenue and profit both declined year-on-year, with total revenue of 3.92 trillion yuan, down 5.63%, and net profit of 936.2 billion yuan, down 5.33% [12][26] - The gross profit margin for construction companies was 10.14%, a slight decrease of 0.12 percentage points year-on-year, while the net profit margin increased marginally to 2.39% [6][10][20] Group 2 - The construction industry saw an increase in cash collection efficiency, with the cash collection ratio rising by 6.29 percentage points to 95.11% [6][31] - The industry's asset-liability ratio increased to 77.52%, up 0.57 percentage points from the beginning of the year, indicating a rise in financial leverage [6][34] - The total amount of funds occupied by downstream owners increased, with accounts receivable and inventory reaching 10.03 trillion yuan, a year-on-year increase of 8.57% [27][30] Group 3 - The chemical engineering and petroleum engineering sectors showed resilience, with positive revenue growth, while the steel structure sector also saw profit recovery due to overseas expansion [11][39][40] - In the first half of 2025, only two sub-sectors, steel structure and chemical engineering, achieved positive revenue growth of 2.81% and 1.33% respectively [39][41] - The gross profit margin for the international engineering and petroleum engineering sectors improved, with international engineering at 15.14%, up 3.26 percentage points [43][44]

Group 1 - The company is focusing on technical optimizations for the Zabuye project to enhance efficiency and operational stability [2] - The aim is to ensure stable operation of the facility, improve product quality, and increase resource utilization [2]

Group 1 - The company Donghua Technology reported that as of August 29, the number of shareholders was approximately 25,900 [2]

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry, highlighting specific companies as key investment targets [4][7]. Core Insights - The construction sector has experienced significant fluctuations over the past sixteen years, with eight winning phases (40% of the time) and seven losing phases (60% of the time) [1][12]. - The current market environment is characterized by a gradual easing of policies since late 2021, which has historically correlated with better performance in the construction sector [1][3]. - The report emphasizes the importance of thematic influences, such as the "Belt and Road Initiative" and "PPP" projects, which have driven substantial short-term excess returns in the sector [2][3]. Summary by Sections 1. Historical Review of the Construction Sector - The report divides the historical performance of the construction sector from June 2008 to December 2024 into fifteen phases based on excess returns relative to the CSI 300 index [11]. - Winning phases include significant periods of policy easing and economic recovery, while losing phases often coincide with tighter monetary policies [1][12]. 2. Policy Cycle and Market Trends - The report identifies four major policy cycles since 2008, with the current phase being a gradual easing that began in late 2021 [1][3]. - The correlation between excess returns and macroeconomic indicators is noted to be weak, with expectations of policy changes being more influential [1][3]. 3. Thematic Characteristics and Valuation - The construction sector's valuation is currently low, with a price-to-book ratio (PB) of 0.8, which is below historical averages and indicates potential for rebound [2][3]. - The report highlights that the sector's performance is sensitive to thematic catalysts, suggesting that upcoming regional initiatives could provide investment opportunities [3][4]. 4. Comparison with Banking Sector - The construction sector is compared to the banking sector, noting similarities in business models and sensitivity to credit environment changes [3]. - The current price-to-book ratio of the construction sector relative to banks is at a critical point, suggesting potential for significant excess returns if historical patterns hold [3]. 5. Investment Recommendations - Key investment targets include leading companies benefiting from strategic infrastructure projects, such as Sichuan Road and Bridge, China Metallurgical Group, and China Communications Construction [4][7]. - The report also suggests monitoring local leaders in Xinjiang and companies involved in coal chemical projects as potential high-return investments [4].

Investment Rating - The report maintains an "Optimistic" rating for the construction industry [2][4]. Core Insights - The construction industry faced pressure on revenue and profit in H1 2025, with total revenue of 3.75 trillion, down 5.7% year-on-year, and net profit of 87.5 billion, down 6.5% year-on-year [2][7]. - The industry experienced a relative stability in gross margin and net margin, with a gross margin of 9.9% and a net margin of 2.33% in H1 2025 [8][19]. - Operating cash flow showed improvement, with a net cash flow of -477.4 billion, a reduction in outflow by 15.1 billion year-on-year [3][12]. - The industry’s return on equity (ROE) decreased by 0.31 percentage points to 2.50% in H1 2025, indicating pressure on profitability [16][27]. Summary by Sections Financial Overview - In H1 2025, major listed companies in the construction industry reported revenues of 3.75 trillion, a decrease of 5.7% year-on-year, and net profits of 87.5 billion, down 6.5% year-on-year [2][7]. - Quarterly revenues for Q1 and Q2 were 1.84 trillion and 1.91 trillion, respectively, with year-on-year declines of 6.2% and 5.2% [2][7]. Profitability Analysis - The industry maintained a gross margin of 9.9%, a slight decrease of 0.2 percentage points year-on-year, and a net margin of 2.33%, down 0.02 percentage points [8][19]. - The ROE for the industry decreased to 2.50%, reflecting the impact of reduced investment and increased costs [16][27]. Cash Flow Improvement - The operating cash flow net amount was -477.4 billion, showing an improvement with a reduction in cash outflow by 15.1 billion year-on-year [3][12]. - The cash collection ratio improved to 103% in Q1 and 87% in Q2, with year-on-year changes of +0.85 percentage points and +11.65 percentage points, respectively [3][12]. Market Dynamics - The report highlights a shift in focus from growth to quality improvement among state-owned enterprises, with an emphasis on cash flow management and cost control [4][19]. - The construction industry is expected to see a recovery in revenue and cash flow in the second half of 2025, driven by anticipated government investment stimulus [4][19].

Financial Performance - The company reported a total revenue of 4.784 billion yuan for the first half of 2025, an increase of 9.29% year-on-year [1] - The net profit attributable to shareholders reached 240 million yuan, up 14.64% compared to the previous year [1] - The gross margin improved to 9.14%, reflecting an increase of 8.39% year-on-year, while the net margin rose to 5.04%, up 7.51% [1] - The company’s operating cash flow per share decreased significantly by 78.46% to 0.08 yuan [1] Key Financial Metrics - The company’s total operating income for Q2 2025 was 2.712 billion yuan, a 6.28% increase year-on-year, with a net profit of 120 million yuan, marking a 36.13% rise [1] - The company’s non-recurring net profit was 232 million yuan, showing a substantial increase of 31.48% [1] - The company’s total liabilities increased by 35.69% to 2.295 billion yuan, while accounts receivable decreased by 19.56% to 1.152 billion yuan [1][3] Business Strategy and Market Position - The company is focused on a strategic plan termed "one basic plate + three verticals and three horizontals," aiming to expand in new materials, new energy, and new environmental sectors [5] - The company has established a green energy chemical group to integrate traditional chemical processes with new energy initiatives, targeting projects in green hydrogen and green ammonia [5][6] - The company is actively participating in major coal chemical projects and has secured contracts for various engineering projects in collaboration with large coal enterprises [6][7] Future Outlook - The company is expected to generate approximately 4 billion yuan in new signed orders from ongoing projects, with significant contributions anticipated from the coal chemical sector [8] - Analysts project the company’s performance for 2025 to reach a net profit of 486 million yuan, with an average earnings per share of 0.69 yuan [4]

Core Viewpoint - Donghua Technology (002140.SZ) reported a positive financial performance for the first half of 2025, indicating growth in both revenue and net profit [1] Financial Performance - The company achieved an operating revenue of 4.784 billion yuan, representing a year-on-year increase of 9.29% [1] - The net profit attributable to shareholders of the listed company was 240 million yuan, showing a year-on-year growth of 14.64% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 232 million yuan, reflecting a year-on-year increase of 31.48% [1] - Basic earnings per share were reported at 0.3395 yuan [1]