东华科技发布业绩快报，上半年营业收入47.84亿元，同比增长9.29%；净利润2.4亿元，同比增长 14.64%。报告期内，公司稳步推进生产经营工作，在建总承包项目进展正常，按合同履约进度确认的 收入同比有所增加。 ...

[Key Financial Data and Indicators](index=1&type=section&id=I.%20Key%20Financial%20Data%20and%20Indicators%20for%20the%20First%20Half%20of%202025) The company reported **4.78 billion Yuan** in total operating revenue, a 9.29% increase, and **240.23 million Yuan** in net profit attributable to shareholders, up 14.64%, reflecting enhanced core business profitability and modest asset growth Key Financial Data and Indicators for the First Half of 2025 | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | **Total Operating Revenue (Yuan)** | 4,783,647,091.70 | 4,377,131,366.47 | 9.29% | | **Operating Profit (Yuan)** | 289,745,305.87 | 244,269,852.05 | 18.62% | | **Net Profit Attributable to Shareholders (Yuan)** | 240,233,525.49 | 209,563,522.56 | 14.64% | | **Net Profit Attributable to Shareholders Excluding Non-Recurring Items (Yuan)** | 232,334,810.49 | 176,709,879.89 | 31.48% | | **Basic Earnings Per Share (Yuan)** | 0.3395 | 0.2970 | 14.31% | | **Weighted Average Return on Equity (%)** | 5.37% | 5.09% | Increase of 0.28 percentage points | | **Total Assets (Yuan)** | 16,727,370,408.27 | 16,100,437,077.47 | 3.89% (vs. Beginning of Period) | | **Total Equity Attributable to Shareholders (Yuan)** | 4,492,951,554.58 | 4,352,726,799.70 | 3.22% (vs. Beginning of Period) | [Explanation of Operating Performance and Financial Position](index=2&type=section&id=II.%20Explanation%20of%20Operating%20Performance%20and%20Financial%20Position) The company's performance growth was primarily driven by increased revenue from the smooth progress of ongoing general contracting projects and improved gross margins through enhanced project fine management and cost control [Analysis of Operating Revenue Growth](index=2&type=section&id=I.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Operating%20Revenue) The 9.29% year-on-year increase in operating revenue is primarily due to the steady progress of production and operations, with revenue recognized in line with the performance progress of ongoing general contracting projects - During the reporting period, the smooth progress of the company's ongoing general contracting projects led to a year-on-year increase in revenue recognized according to contract performance, serving as the primary driver for revenue growth[6](index=6&type=chunk) [Analysis of Net Profit Growth](index=2&type=section&id=II.%20Primary%20Reasons%20for%20Year-on-Year%20Growth%20in%20Net%20Profit%20Attributable%20to%20Shareholders%20of%20the%20Listed%20Company) The 14.64% year-on-year increase in net profit attributable to shareholders is primarily due to both operating revenue growth and an improved overall project gross margin achieved through enhanced fine management and comprehensive cost control - Net profit growth benefited from the dual factors of revenue increase and improved project gross margin[6](index=6&type=chunk) - The company enhanced overall project gross margin by deepening fine management of engineering projects and comprehensively implementing project responsibility cost control[6](index=6&type=chunk) [Compliance Statement](index=2&type=section&id=III.%20Analysis%20of%20Performance%20Leakage%20Reasons%20and%20Stock%20Price%20Fluctuations) The company confirms no performance leakage or abnormal stock price fluctuations occurred during the reporting period - The company confirmed no performance leakage or abnormal stock price fluctuations[7](index=7&type=chunk) [Documents for Reference](index=2&type=section&id=V.%20Documents%20for%20Reference) The report lists relevant documents for reference, including financial statements signed and sealed by management, board explanations, and internal audit reports - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's legal representative, chief accountant, and head of accounting; the board of directors' explanation regarding the performance express report; and the internal audit report signed by the head of the internal audit department[9](index=9&type=chunk)

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Group 1 - Several listed companies have announced large orders, leading to significant stock price movements and improved performance expectations [1] - Companies like Juxing Technology have secured substantial orders in the European market, with a projected annual procurement amount of at least $15 million, which exceeds their 2024 revenue from electric tools [1][2] - Aerospace Rainbow reported that its foreign trade orders are at historically high levels, with strong international sales of its drone products [2] Group 2 - Shenghui Integrated disclosed that its order backlog reached 2.813 billion yuan, a year-on-year increase of 69.24%, with significant contributions from the IC semiconductor and precision manufacturing sectors [3] - Donghua Technology reported a total of 49.903 billion yuan in signed but uncompleted orders, with a diverse portfolio across domestic and international markets [4] - Companies are experiencing notable increases in order volumes, which is driving significant profit growth, as seen in the forecasts of Ankai Bus and Zhimi Intelligent [5][6]

Group 1: Company Strategy and Business Layout - The company adheres to a "one basic plate + three verticals and three horizontals" strategy, focusing on chemical engineering as the core, and expanding into new materials, new energy, and new environmental sectors, aiming to become a "100 billion Donghua" by 2025 [1] - The "three new" sectors account for over 40% of the company's overall business, with a positive growth trend [1] - The company is actively pursuing high-end polyolefins, biodegradable materials, DMC, silicon, and lithium projects, supported by technological research and development [1] Group 2: Order Status and Profit Margin - As of the end of Q1 2025, the company has signed contracts worth 49.903 billion yuan in uncompleted orders, with domestic orders primarily in coal chemical, new chemical materials, green energy, and industrial environmental protection [3] - The company's engineering business gross margin is influenced by revenue composition and market competition, generally maintaining a range of 8%-15% over the years [3] Group 3: Key Projects - The Tibet Zabuye lithium carbonate project aims for an annual production of 9,600 tons of battery-grade lithium carbonate and is currently in trial operation [4] - The Inner Mongolia New Material ethylene glycol project is in trial production, with a sales contract signed with Shaanxi Coal Group [5] - The POE amplification technology development project, with a funding of 16 million yuan, aims to enhance the company's technological reserves and expand the POE engineering market [5] Group 4: Market Value Management - The company is developing a market value management system, monitoring key indicators such as market value, price-to-earnings ratio, and price-to-book ratio [6] - The company has consistently distributed over 30% of its annual distributable profits as cash dividends over the past three years, with a cash dividend distribution of 106 million yuan in June 2025 [7]

Investment Rating - The industry investment rating is "Overweight" [2][22]. Core Viewpoints - The economy showed stable growth in the first half of 2025, with GDP increasing by 5.3% year-on-year. However, fixed asset investment growth weakened, with a cumulative year-on-year increase of 2.8%, down 0.9 percentage points from January to May [3][4]. - Infrastructure investment growth also weakened, with total infrastructure investment (including all categories) increasing by 8.9% year-on-year, a decrease of 1.5 percentage points compared to January to May. Notably, investment in transportation, warehousing, and postal services rose by 5.6% year-on-year, while investment in water conservancy, environment, and public facilities management increased by 3.5% [4][7]. - Real estate investment remained low, with a year-on-year decrease of 11.2% in the first half of 2025. The decline in construction starts and completions narrowed, with starts down 20.0% and completions down 14.8% year-on-year [7][8]. Summary by Sections Economic Overview - The first half of 2025 saw a GDP growth of 5.3%, with quarterly growth rates of 5.4% in Q1 and 5.2% in Q2. Fixed asset investment growth was at 2.8%, with manufacturing investment increasing by 7.5% [3][4]. Infrastructure Investment - Infrastructure investment (all categories) grew by 8.9% year-on-year, while investment excluding electricity increased by 4.6%. Transportation and postal services saw a 5.6% increase, while water and environmental management investment rose by 3.5% [4][5]. Real Estate Investment - Real estate investment decreased by 11.2% year-on-year, with construction starts down 20.0% and completions down 14.8%. The pace of investment recovery is expected to be slower than in previous cycles, highlighting the need for more supportive policies [7][8]. Investment Recommendations - The report suggests that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives. Recommended companies include state-owned enterprises like China Chemical, China Energy Construction, and China Railway Construction, as well as private firms like Zhi Te New Materials and Honglu Steel Structure [15].

Market Performance - The POE film concept declined by 2.39%, ranking among the top declines in the concept sector as of the market close on July 15 [1] - Within the POE film sector, stocks such as Tuojri New Energy and Yamaton hit the daily limit down, while companies like Saiwu Technology, Changyang Technology, and Tianyang New Materials experienced significant declines [1] Capital Flow - The POE film concept saw a net outflow of 309 million yuan from main funds today, with 20 stocks experiencing net outflows, and 7 stocks seeing outflows exceeding 10 million yuan [2] - The stock with the highest net outflow was Yamaton, with a net outflow of 65.6 million yuan, followed by Satellite Chemical and Changyang Technology with net outflows of 62.7 million yuan and 58.8 million yuan, respectively [2] - Conversely, stocks with the highest net inflow included Yueyang Xingchang, Chengzhi Co., and Tuojri New Energy, with net inflows of 10.5 million yuan, 8.9 million yuan, and 7.5 million yuan, respectively [2] Individual Stock Performance - Yamaton saw a decline of 9.99% with a turnover rate of 17.93% and a main fund outflow of 65.6 million yuan [3] - Satellite Chemical decreased by 1.55% with a main fund outflow of 62.7 million yuan [3] - Changyang Technology fell by 4.64% with a main fund outflow of 58.8 million yuan [3] - Other notable declines included Saiwu Technology at -7.04% and Tianyang New Materials at -3.26% [3]

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]

Core Viewpoint - Donghua Technology has experienced significant growth since its listing in 2007, with a current market value of 6.606 billion yuan, but there is a notable divergence between market performance and operational results in recent years [1][3]. Business Overview - Donghua Technology's main business includes engineering design consulting and general contracting across various sectors such as coal chemical, natural gas chemical, petroleum chemical, organic chemical, inorganic chemical, fine chemical, environmental municipal, construction, and thermal power [3]. - The core product revenue structure shows that general contracting accounts for the highest proportion at 95.15%, while design and technical services contribute 2.92% [3]. Financial Performance - Since its listing in 2007, Donghua Technology's cumulative net profit has increased by 494.54%, from 0.69 million yuan in the first year to 4.10 million yuan in the latest complete fiscal year of 2024 [3]. - Over the 18 years, the company has recorded a profit in 14 years, representing 77.78% of the time, indicating a consistent improvement in profitability [3]. - Revenue has shown stable growth, increasing from 5.210 billion yuan in 2020 to 8.862 billion yuan in 2024, with a compound annual growth rate of 14.18% over the past five years [3]. - The net profit attributable to shareholders has doubled in the last five years, rising from 1.98 million yuan in 2020 to 4.10 million yuan in 2024, reflecting a significant enhancement in profitability [3]. Market Value Trends - The peak market value of Donghua Technology reached 15.049 billion yuan on June 12, 2015, with a stock price of 33.74 yuan, but as of July 11, the stock price dropped to 9.33 yuan, resulting in a market value of 6.606 billion yuan, a decrease of 8.443 billion yuan or 56.11% from its peak [5].

特此公告。 东华工程科技股份有限公司董事会 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。 2025 年 7 月 10 日，东华工程科技股份有限公司（以下简称"本公 司"）董事会收到朱定华先生的书面辞职报告。鉴于已届法定退休年龄 并经批准退休，朱定华先生申请辞去所担任的本公司副总经理职务。 根据《中华人民共和国公司法》和本公司《章程》等规定，朱定华 先生辞呈自送达董事会之日生效，现已办理相关工作交接，不会对本公 司生产经营管理的正常运作产生影响。退休后，朱定华先生将不在本公 司及控股子公司担任任何职务。 朱定华先生原定任期为 2024 年 4 月 29 日至 2027 年 4 月 28 日。截 至本公告披露日，朱定华先生持有本公司股份计 15 万股，承诺在离任 后将严格遵守《深圳证券交易所股票上市规则》以及本公司《章程》等 规定的股份锁定要求，并委托本公司办理股票锁定等事宜。 朱定华先生在任职期间恪尽职守、勤勉尽责，本公司董事会对朱定 华先生在生产经营管理方面所做出的贡献致以衷心的感谢。 证券代码：002140 证券简称：东华科技 公告编号：2025-032 ...