Company Overview - Donghua Engineering Technology Co., Ltd. is a state-controlled comprehensive engineering company, originating from the Third Design Institute of Chemical Industry, under the China Chemical Engineering Group Corporation [2] - The company focuses on engineering and industrial businesses, with core areas in chemical engineering, environmental governance, and infrastructure [2] Business Strategy - The company adopts a "one basic plate + three verticals and three horizontals" strategy, aiming to become a "100 billion Donghua" by 2025 [2] - The "three new" industries (new materials, new energy, new environmental protection) account for over 40% of the company's overall business [2][3] Market Opportunities - The chemical industry is crucial for national economic stability, with increasing demands for green and low-carbon development [3] - The company has expanded its overseas business to regions along the Belt and Road, including South America, Africa, and Southeast Asia [3][4] Order and Revenue - As of June 2025, the company has signed uncompleted orders totaling 51.3 billion yuan, primarily in coal chemical, new chemical materials, green energy, and industrial environmental protection [6] - The project gross profit margin remains stable at 8%-15%, influenced by project type and market competition [7] Key Projects - The biomass gasification project is in the pilot construction phase, expected to achieve mechanical completion in Q4 2025, aligning with national circular economy policies [8] - The company is actively pursuing green energy projects, including wind and solar hydrogen production [5] Shareholder Returns - The company has maintained a cash dividend payout ratio of over 30% for the past three years, distributing 106 million yuan in cash dividends in 2024 [9] - A stock incentive plan was fully implemented in 2019, benefiting 165 employees and contributing to business growth [9]

Investment Rating - The report maintains a "Positive" investment rating for the utility industry [1] Core Insights - The first mechanism electricity price bidding results for renewable energy in Shandong have been released, indicating a significant market-oriented shift in policy [3][17] - Wind power mechanism electricity price is set at 319 CNY/MWh, which is a 20% premium over the 2024 average spot trading price, while solar power is at 225 CNY/MWh, a 33% premium [3][24] - The report emphasizes the importance of management and operational capabilities for renewable energy operators in a market-driven environment [4][30] Summary by Sections Electricity Sector - The Shandong province has become the first to implement a market-oriented mechanism for renewable energy pricing, with significant participation from over 3000 projects [18][21] - The mechanism electricity volume for wind power is 59.67 billion kWh, while for solar power it is only 12.48 billion kWh, reflecting a stronger policy support for wind energy [3][23] - The report suggests that the future of solar power installations in Shandong may see reduced investment enthusiasm due to current pricing pressures and non-technical cost reductions [4][29] Grid Sector - New pricing mechanisms for nearby consumption of green electricity have been established, which will protect grid interests and promote cost reductions for users [6][35] - The system operation costs will be charged based on the electricity delivered, allowing for potential savings in electricity costs for high-load enterprises [7][37] - The report highlights that the new pricing structure will benefit wind power and energy storage development, making them key components in the green electricity landscape [8][42] Renewable Energy Assets - The report discusses the acceleration of Real World Assets (RWA) in the distributed solar sector, with significant investments from companies like JinkoSolar and GCL-Poly [10][44] - The RWA framework is expected to enhance liquidity and value reassessment of quality distributed solar assets, benefiting original equity holders [11][47] - The collaboration between LinYuan Energy and Ant Group aims to digitize energy assets, further supporting the RWA initiative [12][48] Green Methanol - A major project for green methanol production has been announced by Goldwind, with a total investment of approximately 18.92 billion CNY, aiming to produce 600,000 tons of green methanol annually [13][49] - The report anticipates a surge in demand for green methanol as multiple projects are set to commence production in the coming years [13][49] - Key suppliers and equipment manufacturers in the green methanol sector are expected to see performance improvements as the market expands [13][49]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and chemical sectors, particularly focusing on those benefiting from infrastructure development in Xinjiang and coal chemical projects [10][21]. Core Insights - The year 2025 marks the 70th anniversary of the Xinjiang Uyghur Autonomous Region, with expectations for increased central government support and policies that could significantly boost the performance and valuation of companies in the region [1][2][10]. - Key investment opportunities are identified in two main areas: transportation infrastructure and coal chemical projects, with specific recommendations for companies such as China Communications Construction, North New Road Bridge, and China Chemical [2][10][21]. - The report highlights the potential for substantial investment in coal chemical projects in Xinjiang, estimating annual investments of approximately 997 billion, 2077 billion, and 2326 billion from 2025 to 2027 [2][21]. Summary by Sections Transportation Infrastructure - The report emphasizes the importance of enhancing transportation infrastructure in Xinjiang, with ongoing railway projects and expected progress on the China-Kyrgyzstan-Uzbekistan railway, which has a total investment of 8 billion USD [2][21]. - Recommended companies benefiting from this sector include Xinjiang Communications Construction, North New Road Bridge, and major players in cement and steel production [1][2][10]. Coal Chemical Projects - The report notes that Xinjiang has significant potential for coal chemical development, with over 800 billion in investments planned for ongoing and proposed projects by mid-2025 [2][21]. - Key companies in this sector include China Chemical, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project launches and the rising demand for green methanol [2][10][21]. Valuation Reassessment - The report suggests that companies rich in mineral resources, such as China Metallurgical Group and China Railway Group, are due for a valuation reassessment due to rising prices of gold and copper amid a recovering economy [7][30]. - China Metallurgical Group's estimated value is 732 billion, with a potential upside of 64%, while China Railway Group's estimated value is 1490 billion, with a potential upside of 69% [7][30]. High Dividend Recommendations - The report highlights Sichuan Road and Bridge as a high-dividend stock, projecting a dividend yield of 6.4% for 2025, benefiting from the strategic importance of Sichuan in national infrastructure plans [8][10][21]. - Other companies recommended for their high dividend yields include China Construction and China Railway Group, with respective yields of 5% and 4.6% [6][10].

关于召开 2025 年第一次临时股东会的提示性公告 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。 根据东华工程科技股份有限公司（以下简称"公司""本公司""东 华科技"）第八届董事会第十次会议决议，本公司将于2025年9月19日 以现场结合网络投票方式召开公司2025年第一次临时股东会，并已于 2025年8月30日在《证券时报》、巨潮资讯网上发布《关于召开2025年 第一次临时股东会通知的公告》（东华科技2025-044号）。 按照中国证监会关于加强社会公众股股东权益保护的相关规定，公 司现将2025年第一次临时股东会有关事项再次公告如下： 一、会议基本情况 （一）股东会届次：2025年第一次临时股东会 证券代码：002140 证券简称：东华科技 公告编号：2025-046 东华工程科技股份有限公司 （二）召集人：本公司董事会 （三）会议召开的合法、合规性：本次股东会依据第八届董事会第 十次会议决议而召开；本次股东会的召集、召开程序符合有关法律法规、 深交所业务规则和本公司《章程》等规定。 （四）召开时间： 现场会议开始时间：2025年9月19日（星期五）1 ...

Core Viewpoint - Donghua Technology reported a net profit of 240 million yuan for the first half of 2025, representing a year-on-year increase of 14.64% [1] Financial Performance - In Q2 2025, the company's revenue and net profit were 271.2 million yuan and 120 million yuan, showing year-on-year growth of 6.28% and 36.13% respectively [1] - For H1 2025, the total new contracts signed amounted to 7.781 billion yuan, reflecting a year-on-year increase of 23.78% [1] Order and Market Position - The total signed contracts for completion reached 51.339 billion yuan in H1 2025, up 28.73% year-on-year, indicating a strong order backlog [1] - The company is experiencing robust production and operational progress, with ongoing total contracting projects advancing smoothly [1] Strategic Focus - The company is focusing on technology leadership and the "T+EPC" model in the domestic market while accelerating its globalization strategy in the international market [1] - The overall performance is supported by the increase in revenue recognized according to contract fulfillment progress [1]

公司报告 | 半年报点评 东华科技（002140） 证券研究报告 Q2 业绩增速亮眼，新签订单未来可期 收入、利润均实现较快增长，国内国外齐头并进 公司发布 25 年半年报，25H1 公司实现营业收入 47.84 亿元，同比+9.29%， 归母净利润 2.40 亿元，同比+14.64%，扣非归母净利润 2.32 亿元，同比 +31.48%。单季度来看，25Q2 公司收入、归母净利润分别为 27.12、1.20 亿元，同比分别+6.28%、+36.13%。25H1 公司生产经营稳步推进，在建总 承包项目进展顺利，按合同履约进度确认收入同比增加，拉动公司整体业 绩。国内市场公司聚焦技术引领和"T+EPC"，国际市场全球化战略进程加 速，我们预计公司 2025-2027 年归母净利润为 4.87、5.65、6.51 亿，对应 PE 为 15、13、11.3 倍，维持"买入"评级。 毛利率稳步提升，化工业务增速稳定 分业务看，25H1 公司化工行业、环境治理实现营收 40.28、3.60 亿元，同 比分别+8.78%、-36.93%，毛利率分别为 9.17%、14.44%，同比分别+0.32、 +6.57pct。分业 ...

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 ...

快查股权穿透数据显示，该公司由中国化学持股，出资比例为47.08%。 （来源：快查一企业中标了） 快查APP显示，中国化学相关公司东华工程科技股份有限公司于2025年9月5日发布一则招标信息，项目 名称为罗布泊盐湖老卤提锂综合利用扩能改造工程(建安标段一、二、三)招标公告，预算金额为 28217.00万元。 ...

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]