Core Viewpoint - The company, Beixin Road and Bridge, has won the bid for the G217 Aral to Tumushuke highway project, with a total contract value of 1.629 billion yuan [1] Summary by Relevant Sections Project Details - The project consists of three contract sections with bid amounts of 572 million yuan, 614 million yuan, and 444 million yuan, totaling 1.629 billion yuan [1] - The project duration is set for 1,095 calendar days, with a quality standard classified as qualified [1] Impact on Company - Winning this bid is expected to enhance the company's market competitiveness and market share [1] - The project is anticipated to have a positive impact on the company's future performance [1]

Core Viewpoint - The company, Xinjiang Beixin Road and Bridge Group Co., Ltd., is proceeding with a specific stock issuance and has made commitments regarding post-approval matters following the review by the Shenzhen Stock Exchange [1][2]. Group 1: Changes in Accounting Firms - The company has changed its auditing firm from Yongtuo Certified Public Accountants to Sigma Certified Public Accountants for the specific stock issuance project, with new signing accountants appointed [2][3]. - Both the previous and new accounting firms have issued commitments confirming the authenticity and completeness of the documents signed, ensuring no misleading statements or omissions exist [3][4]. Group 2: Post-Approval Commitments - The company has confirmed that the change in accounting firms will not adversely affect the stock issuance application and that all necessary transitions have been orderly managed [3][4]. - The company and its sponsors have provided special explanations regarding the change, and all involved parties have not faced penalties from relevant authorities [4][5]. - The company commits to timely reporting to the China Securities Regulatory Commission and the Shenzhen Stock Exchange if any significant matters arise that could impact investor decisions [5].

新疆北新路桥集团股份有限公司 关于 2023 年度向特定对象发行股票 会后事项承诺函 中国证券监督管理委员会、深圳证券交易所： 新疆北新路桥集团股份有限公司（以下简称"公司""发行人""北新路桥"） 2023 年度向特定对象发行股票（以下简称"本次发行"）的申请已于 2025 年 6 月 23 日经深圳证券交易所上市审核中心审核通过。根据中国证券监督管理委员会 《监管规则适用指引——发行类第 3 号》以及《深圳证券交易所上市公司证券发 行上市审核规则》（深证上〔2025〕340 号）等文件的规定，发行人自深圳证券交 易所上市审核中心审核通过（2025 年 6 月 23 日）至本承诺函签署日的相关会后 事项具体说明如下： 一、会计师事务所及签字会计师变更 （一）会计师事务所及签字会计师变更情况 为顺利推进本次向特定对象发行股票的后续工作，经友好协商，公司第七 届董事会第二十一次会议审议通过，改聘希格玛会计师事务所（特殊普通合伙） 为本次向特定对象发行股票项目审计机构，并变更签字会计师。 本次变更前，北新路桥向特定对象发行股票项目会计师事务所为永拓会计 师事务所（特殊普通合伙），签字会计师为张炜、周超；本次变更后 ...

中信建投证券股份有限公司 关于新疆北新路桥集团股份有限公司 2023 年度向特定对象发行股票会后事项承诺函 中国证券监督管理委员会、深圳证券交易所： 新疆北新路桥集团股份有限公司（以下简称"公司""发行人""北新路桥"） 2023 年度向特定对象发行股票（以下简称"本次发行"）的申请已于 2025 年 6 月 23 日经深圳证券交易所上市审核中心审核通过。 中信建投证券股份有限公司（以下简称"中信建投证券""保荐人""主承销 商"）作为北新路桥本次发行的保荐人和主承销商，根据中国证券监督管理委员 会《监管规则适用指引——发行类第 3 号》以及《深圳证券交易所上市公司证券 发行上市审核规则》（深证上〔2025〕340 号）等文件的规定，对发行人自深圳证 券交易所上市审核中心审核通过（2025 年 6 月 23 日）至本承诺函签署日的相关 会后事项具体说明如下： 一、会计师事务所及签字会计师变更 （一）会计师事务所及签字会计师变更情况 为顺利推进本次向特定对象发行股票的后续工作，经友好协商，发行人第 七届董事会第二十一次会议审议通过，改聘希格玛会计师事务所（特殊普通合伙） 为本次向特定对象发行股票项目审计机构，并 ...

上海市锦天城律师事务所 关于新疆北新路桥集团股份有限公司 2023 年度向特定对象发行股票会后事项承诺函 中国证券监督管理委员会、深圳证券交易所： 新疆北新路桥集团股份有限公司（以下简称"公司""发行人""北新路桥"） 2023 年度向特定对象发行股票（以下简称"本次发行"）的申请已于 2025 年 6 月 23 日经深圳证券交易所上市审核中心审核通过。 上海市锦天城律师事务所作为北新路桥本次发行的专项法律顾问，根据中国 证券监督管理委员会《监管规则适用指引——发行类第 3 号》以及《深圳证券交 易所上市公司证券发行上市审核规则》（深证上〔2025〕340 号）等文件的规定， 对发行人自深圳证券交易所上市审核中心审核通过（2025 年 6 月 23 日）至本承 诺函签署日的相关会后事项具体说明如下： 一、会计师事务所及签字会计师变更 （一）会计师事务所及签字会计师变更情况 为顺利推进本次向特定对象发行股票的后续工作，经友好协商，发行人第 七届董事会第二十一次会议审议通过，改聘希格玛会计师事务所（特殊普通合伙） 为本次向特定对象发行股票项目审计机构，并变更签字会计师。 本次变更前，北新路桥向特定对象发行股票项目 ...

2023 年度向特定对象发行股票会后事项承诺函 中国证券监督管理委员会、深圳证券交易所： 新疆北新路桥集团股份有限公司（以下简称"公司""发行人""北新路桥"） 2023 年度向特定对象发行股票（以下简称"本次发行"）的申请已于 2025 年 6 月 23 日经深圳证券交易所上市审核中心审核通过。 希格玛会计师事务所（特殊普通合伙）作为北新路桥本次发行的审计机构， 根据中国证券监督管理委员会《监管规则适用指引——发行类第 3 号》以及《深 圳证券交易所上市公司证券发行上市审核规则》（深证上〔2025〕340 号）等文件 的规定，对发行人自深圳证券交易所上市审核中心审核通过（2025 年 6 月 23 日） 至本承诺函签署日的相关会后事项具体说明如下： 一、会计师事务所及签字会计师变更 希格玛会计师事务所（特殊普通合伙） 关于新疆北新路桥集团股份有限公司 （一）会计师事务所及签字会计师变更情况 为顺利推进本次向特定对象发行股票的后续工作，经友好协商，发行人第 七届董事会第二十一次会议审议通过，改聘希格玛会计师事务所（特殊普通合伙） 为本次向特定对象发行股票项目审计机构，并变更签字会计师。 本次变更前，北新路桥向 ...

Market Overview - The Shanghai Composite Index rose by 0.62% on July 22, with 22 sectors experiencing gains, led by coal and building materials, which increased by 6.18% and 4.49% respectively [1] - The building decoration sector saw a rise of 3.38%, with a net inflow of 519 million yuan in capital [1] Building Decoration Sector Performance - Out of 157 stocks in the building decoration sector, 95 stocks rose, 16 hit the daily limit up, while 52 stocks fell, with 1 hitting the daily limit down [1] - The top three stocks by net capital inflow were China Communications Construction (3.93 billion yuan), China Electric Power Construction (2.66 billion yuan), and Beixin Road and Bridge (1.58 billion yuan) [1] Capital Inflow and Outflow - The building decoration sector had 66 stocks with net capital inflow, with 12 stocks receiving over 50 million yuan [1] - The stocks with the highest capital outflow included China Communications Design (-1.74 billion yuan), Chengdu Road and Bridge (-1.70 billion yuan), and Hainan Development (-963.53 million yuan) [2][3] Notable Stocks - China Communications Construction saw a daily increase of 10.01% with a turnover rate of 1.66% and a main capital flow of 393.46 million yuan [1] - China Electric Power Construction increased by 10.02% with a turnover rate of 0.95% and a main capital flow of 266.48 million yuan [1] - Beixin Road and Bridge rose by 10.07% with a turnover rate of 10.27% and a main capital flow of 158.05 million yuan [1]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]

Group 1 - CITIC Construction Investment expects a net profit of 4.43 billion to 4.57 billion yuan for the first half of 2025, representing a year-on-year increase of 55%-60% [1] - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, recovering from a loss of 1.217 billion yuan in the same period last year [2] - Foton Motor forecasts a net profit of approximately 777 million yuan for the first half of 2025, marking an increase of about 87.5% year-on-year [7] Group 2 - North New Road and Bridge expects a net loss of 70 million to 85 million yuan for the first half of 2025 [2] - Nanwei Co. anticipates a net loss of 12 million to 16 million yuan for the first half of 2025 [3] - Hanhua Technology projects a net loss of 45 million to 60 million yuan for the first half of 2025, widening the loss by 11.42%-18.10% compared to the previous year [6] Group 3 - Songlin Technology expects a net profit of 90 million to 95 million yuan for the first half of 2025, a decrease of 57.06%-59.32% year-on-year [4] - Fuchun Environmental Protection anticipates a net profit of 178 million to 207 million yuan for the first half of 2025, representing a year-on-year increase of 80%-110% [18] - Ansteel Group forecasts a net loss of 1.144 billion yuan for the first half of 2025, a reduction in loss of approximately 57.46% compared to the previous year [20][22] Group 4 - China Wuyi expects a net loss of 80 million to 104 million yuan for the first half of 2025, a significant decline compared to the previous year [28] - Meikailong anticipates a net loss of 1.59 billion to 1.92 billion yuan for the first half of 2025 [26] - Aijian Group projects a net profit of 140 million yuan for the first half of 2025, a decrease of 33.26% year-on-year [27]

Performance Forecast - The company expects a net loss for the period from January 1, 2025, to June 30, 2025, with an estimated loss of between 70 million to 85 million yuan, compared to a profit of 10.5262 million yuan in the same period last year [1] - The expected net loss attributable to shareholders, after deducting non-recurring gains and losses, is projected to be between 75 million to 90 million yuan, compared to a loss of 1.8676 million yuan in the previous year [1] - The basic earnings per share is anticipated to be a loss of between 0.0552 yuan to 0.0670 yuan, compared to a profit of 0.0083 yuan per share last year [1] Reasons for Performance Change - The primary reason for the expected change in net profit is that the highways invested and constructed by the company have entered the operational phase, which typically experiences initial operational losses during the charging cultivation period [1]