| 证券代码：002541 | 证券简称：鸿路钢构 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：128134 | 债券简称：鸿路转债 | | 安徽鸿路钢结构（集团）股份有限公司 第六届监事会第十五次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 《关于 2025 年上半年度募集资金存放与使用情况的专项报告》（公告编号：2025-050） 详见信息披露媒体《中国证券报》、《证券时报》、《上海证券报》、《证券日报》和巨潮资讯 网（http://www.cninfo.com.cn）。 三、备查文件 1、第六届监事会第十五次会议决议。 特此公告。 安徽鸿路钢结构（集团）股份有限公司（以下简称"公司"）第六届监事会第十五次 会议通知于 2025 年 8 月 11 日以送达方式发出，并于 2025 年 8 月 21 日以现场会议的方式 召开。会议由监事会主席沈晓平主持，全体监事出席了会议。本次会议应到监事 3 名，实 到监事 3 名，符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 ...

鸿路钢构公告，2025年上半年营业收入105.5亿元，同比增长2.17%。净利润2.88亿元，同比下降 32.69%。 ...

证券代码：002541 证券简称：鸿路钢构 公告编号：2025-048 债券代码：128134 债券简称：鸿路转债 安徽鸿路钢结构（集团）股份有限公司 第六届董事会第二十三次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 （二）、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《关于 2025 年上半年度募集 资金存放与使用情况的专项报告》的议案； 公司《关于 2025 年上半年度募集资金存放与使用情况的专项报告》（公告编号： 2025-050）详见信息披露媒体《中国证券报》、《证券时报》、《上海证券报》、《证券 日报》和巨潮资讯网（http://www.cninfo.com.cn）。 （三）、会议以 5 票同意，0 票反对，0 票弃权，审议通过了《关于修订<部分管理制度> 的议案》； 根据相关法律法规，结合公司实际发展需要，公司对部分管理制度进行了修订，详见 2025 年 8 月 22 日的巨潮资讯网（http://www.cninfo.com.cn）。 一、董事会会议召开情况 安徽鸿路钢结构（集团）股份有限公司（下称"公司"）第六届董事 ...

安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告 二〇二五年八月 1 安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告全文 安徽鸿路钢结构(集团)股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人王军民、主管会计工作负责人万胜平及会计机构负责人(会计 主管人员)张玲声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告内容所涉及的未来计划、发展战略等前瞻性描述，不构成公 司对投资者的实质性承诺，敬请投资者注意投资风险! 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应 对措施"中，详细描述了在公司经营中可能存在的风险及应对措施，敬请投 资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 备查文件目录 （一）载有公司法定代表人王军民先生签名的 2025 年半年度报告文本。 （二）载有公司法定代表人王军民先 ...

Core Insights - The central government has clarified its stance on addressing "involution" competition, transitioning from policy formulation to implementation since the second half of 2024 [1][2] - In July 2025, 33 construction-related central enterprises, state-owned enterprises, and private enterprises issued a "Proposal" advocating for the "Four No's" principle: no scale assembly, no blind expansion, no excessive debt, and no shell structures, aiming to resist "involution" competition and shift focus from price competition to value competition [1][2] Construction Industry Analysis - The report emphasizes the shift from price competition to value competition in the construction industry, driven by the "anti-involution" policy [2] - The analysis categorizes the construction industry into three major segments: central state-owned enterprise blue chips, international engineering, and steel structure [2] Central State-Owned Enterprises - For traditional undervalued central state-owned enterprise blue chips, the focus should be on three dimensions: dividend capability, price elasticity, and technological transformation [3] - In Q1 2025, the market share of nine major construction central enterprises increased to 59.89%, indicating strong order acquisition capabilities [3] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [3] International Engineering Sector - The international engineering sector benefits from price elasticity, particularly with rising expectations for resource prices [4] - North China International, which has a significant coal sales volume, is highlighted for its potential profit contributions from coal business in 2026 [4] Steel and Cement Industries - The steel and cement industries are expected to improve profitability through the exit of outdated capacities and product structure upgrades [5] - Companies like China National Materials and China Steel International are recommended, with China Aluminum International suggested for attention [5] Steel Structure Sector - The steel structure sector is divided into manufacturing and installation segments, with rising steel prices benefiting manufacturing companies like Honglu Steel Structure [6] - The transition towards intelligent construction and green building is expected to enhance the competitive advantages of leading companies in the installation segment, such as Jinggong Steel Structure and Jianghe Group [6]

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The "anti-involution" policy is transitioning from policy definition to implementation, with a focus on shifting from "price competition" to "value competition" in the construction industry [14][15] - The construction sector is expected to benefit from improved cash flow and report quality due to the optimization of supply and demand dynamics, which will enhance the dividend capacity of state-owned enterprises [15][24] - The report emphasizes the importance of technology transformation and the development of non-traditional construction businesses, such as smart cities and smart construction, as key paths for traditional construction companies [2][3] Summary by Sections 1. Traditional Low-Valuation State-Owned Enterprises - The market share of nine major state-owned construction enterprises has increased from 30.45% in 2016 to 48.9% in 2024, with a further rise to 59.89% in Q1 2025, indicating strong order acquisition capabilities [15][21] - The report highlights three dimensions for understanding the implications of "anti-involution": dividend capacity, price elasticity, and technology transformation [2][14] - Companies with strong dividend capabilities, such as China State Construction and Sichuan Road and Bridge, are recommended [2][24] 2. International Engineering Sector - The international engineering sector is expected to benefit from price elasticity due to rising expectations for resource prices, particularly in coal [3][29] - The report suggests that improvements in downstream profitability and high-quality development in industries like steel and cement will drive demand for engineering companies [3][29] 3. Steel Structure Sector - The steel structure sector is divided into manufacturing and installation, with rising steel prices benefiting manufacturing companies like Honglu Steel Construction [4][29] - The transition towards intelligent and green construction is expected to enhance the competitive advantages of leading companies in the steel structure installation segment [4][29] - Companies like Jianghe Group and Jinggong Steel Construction are highlighted for their significant growth in overseas orders [4][29] 4. Key Stock Recommendations - The report recommends several stocks based on their performance and valuation metrics, including China State Construction, China Chemical, and Honglu Steel Construction, all of which have favorable P/E ratios and dividend yields [9][25][27]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [9] Core Insights - Investment in infrastructure, real estate, and manufacturing continues to slow down, with infrastructure investment growing by 3.2%, real estate declining by 12.0%, and manufacturing increasing by 6.2% year-on-year from January to July 2025 [12][14] - The report highlights a significant drop in new real estate construction area, down 19.4% year-on-year, although the rate of decline has been narrowing [12][17] - Recent demand-side policies are expected to accelerate implementation, potentially boosting construction material opportunities [12][14] - The cement and fiberglass sectors show a clear structural differentiation, with traditional yarn prices stabilizing after declines, while specialized electronic yarns and fabrics maintain a positive outlook [12][19] Summary by Sections Investment Trends - From January to July 2025, cumulative investment in infrastructure (excluding electricity, heat, water, and gas) increased by 3.2%, while real estate investment decreased by 12.0% [14] - The report notes that the decline in new real estate construction has been less severe compared to earlier months, indicating a potential recovery trend [12][17] Key Companies and Performance - Major companies such as Weixing New Materials reported a revenue of 2.078 billion yuan, down 11.33% year-on-year, while Sankeshu achieved a revenue of 5.816 billion yuan, up 0.97% year-on-year with a net profit increase of 107.53% [3] - The report recommends focusing on companies with significant year-on-year growth in their mid-year reports, particularly in the cement and fiberglass sectors [12][37] Market Dynamics - The national average price of cement increased by 0.2% week-on-week, with a shipment rate of 45.8% [2][28] - The average price of float glass decreased by 2.8% week-on-week, with a significant year-on-year decline of 16.2% [2][29] - The report emphasizes the importance of monitoring the demand recovery in the construction materials sector, particularly in waterproofing and other construction-related materials [12][17] Recommendations - The report recommends several companies for investment, including Yaxiang Integration, China Metallurgical Group, and Huaxin Cement, all of which are expected to perform well in the current market environment [9][37] - It suggests that companies with strong technological capabilities and high-end product structures are likely to benefit from ongoing market trends [12][24]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - Infrastructure investment in July showed a high increase in railway and water electricity fuel investment, while overall infrastructure investment is experiencing marginal slowdown, particularly in the central and western regions [1][2] - Real estate development investment from January to July decreased by 12%, with a significant drop of 17.1% in July alone, indicating a continued weakness in the real estate sector [2] - The issuance of special bonds has accelerated, with a total of 27,775.89 billion yuan issued from January to July, representing a year-on-year increase of 56.5%, which is expected to support infrastructure investment growth in the second half of the year [1] - Cement demand is anticipated to gradually recover, with a focus on investment opportunities at relatively low points in the market, despite a 4.5% year-on-year decline in cement production from January to July [3] - The flat glass market is showing signs of improvement, with a slight increase in prices and a reduction in inventory levels, suggesting a potential recovery in demand [4] Summary by Sections Infrastructure Investment - In July, infrastructure investment growth was supported by a 21.5% year-on-year increase in water electricity fuel investment, while transportation and storage investment saw a 3.9% increase [2] - The report emphasizes the importance of focusing on major engineering projects and infrastructure investments in the central and western regions [1] Real Estate Sector - The real estate sector continues to show weakness, with significant declines in sales, new construction, and completion areas from January to July [2] - The report highlights the need for monitoring policy changes that could impact the real estate market [4] Cement and Glass Markets - Cement production decreased by 4.5% year-on-year, with a notable drop in July, but there are expectations for demand recovery as the market enters a peak season [3] - The flat glass market is experiencing a slight recovery, with improved trading conditions and reduced inventory levels [4]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [6]. Core Insights - Infrastructure investment growth is expected to continue, with a focus on key projects in the western region, such as the Yajiang Group and Xinjiang Tibet Railway Company, which are likely to enhance growth stability [1]. - The real estate sector is experiencing a decline in sales and new starts, but recent policy support may improve retail consumption and new construction starts [2]. - Cement production has seen a decline in both volume and price, but there are signs of price stabilization in certain regions as of mid-August [3]. - The flat glass market has shown fluctuations in prices, with a rebound in photovoltaic glass prices due to inventory reduction [4]. Summary by Sections Infrastructure Investment - From January to July 2025, infrastructure investment (excluding electricity, heat, gas, and water supply) grew by 3.2% year-on-year, while real estate and manufacturing investments declined by 12.0% and increased by 6.2%, respectively [1]. - Key projects in the western region are expected to bolster growth, with recommendations for companies like Tunnel Co., China National Materials, and others [1]. Real Estate Market - Real estate sales, new starts, and completion areas saw declines of 4.0%, 19.4%, and 16.5% year-on-year, respectively, but new policies may help improve these figures [2]. - Retail sales of building and decoration materials reached 96 billion yuan, up 2.2% year-on-year, indicating some recovery in the sector [2]. Cement Industry - Cement production from January to July 2025 totaled 958 million tons, down 4.5% year-on-year, with a significant price drop of 11.4% in July [3]. - As of mid-August, cement prices in the Yangtze River Delta region began to rise, suggesting potential stabilization in the market [3]. Glass Industry - The production of flat glass decreased by 5.0% year-on-year, with prices showing a significant drop in July but rebounding in early August due to inventory adjustments in photovoltaic glass [4]. Stock Recommendations - The report recommends buying stocks such as Tunnel Co. (600820 CH), China National Materials (600970 CH), and others, with target prices set for each [8][30].

Group 1 - The company has approved a total guarantee amount of 15.943 billion RMB for 17 subsidiaries to secure bank financing [2] - The company signed a maximum guarantee contract with China Agricultural Bank for its subsidiary Chongqing Jinhongwei Technology Co., Ltd. with a guarantee amount not exceeding 200 million RMB [3] - The total amount of guarantees provided by the company to its subsidiaries is 7.423 billion RMB, accounting for 77.21% of the audited net assets as of December 31, 2024 [3] Group 2 - The company has no overdue guarantees or guarantees involving litigation, and all guarantees are provided to subsidiaries within the consolidated financial statements [3] - The company has disclosed the guarantee details in various financial publications and platforms [2] - The board of directors and shareholders have approved the guarantee amounts in their respective meetings [2][3]