2024-08-30 12:15Financial Performance - The operating revenue for the first half of 2024 was CNY 589,472,454, a decrease of 7.84% compared to CNY 643,285,341 in the same period last year[25]. - The net profit attributable to shareholders of the listed company was CNY 14,278,136, down 12.08% from CNY 16,239,379 in the previous year[25]. - The net profit after deducting non-recurring gains and losses was CNY 13,095,403, a decrease of 14.02% from CNY 15,231,502 in the same period last year[25]. - The net cash flow from operating activities was CNY -69,332,329, compared to CNY -29,967,201 in the previous year[25]. - The basic earnings per share for the first half of 2024 were CNY 0.532, down 12.07% from CNY 0.605 in the same period last year[26]. - The diluted earnings per share were also CNY 0.532, reflecting the same decrease of 12.07%[26]. - The weighted average return on net assets decreased by 1.18 percentage points to 4.52% from 5.70% in the previous year[26]. - The company achieved a revenue of CNY 5,133.4 billion in foreign contracting projects, marking a year-on-year growth of 4.7%[33]. - The new contract value for foreign projects reached CNY 8,209.2 billion, which is a 25.1% increase compared to the previous year[33]. - In the first half of 2024, the company's sales amount in the "特色地产" segment was 13.25 billion yuan, a decrease of 63.3% year-on-year, with a sales area of 950,000 square meters, down 59%[41]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,004,571,635, an increase of 9.57% from CNY 1,829,439,189 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were CNY 335,686,622, an increase of 0.95% from CNY 332,533,508 at the end of the previous year[25]. - The total assets under management increased from CNY 46,998,083 thousand at the beginning of the period to CNY 50,808,433 thousand at the end of the period, representing a growth of 8.5%[30]. - The company’s equity attributable to shareholders at the end of the period was CNY 335,686,622 thousand, slightly up from CNY 332,533,508 thousand at the beginning of the period[28]. - The company’s foreign assets totaled 96.67 billion RMB, representing 4.82% of total assets[79]. - The company has a total external guarantee balance of CNY 12.42 billion as of June 30, 2024, excluding mortgage loan guarantees[178]. Investment and Capital Expenditure - The company’s investment in fixed assets reached CNY 245,391 billion, with a year-on-year increase of 3.9%[32]. - The company’s railway fixed asset investment was CNY 3,373 billion, showing a historical high with a growth of 10.6% year-on-year[32]. - The company is focusing on emerging businesses, including water conservancy, clean energy, and ecological protection, to enhance brand influence and market scale[48]. - The company invested 12 billion yuan in a 2,000-ton self-elevating offshore wind power installation platform, which is now operational[48]. - The company has established a nationwide operational service network for resource utilization, significantly enhancing its resource acquisition and procurement negotiation capabilities[47]. Research and Development - R&D expenses were CNY 92.25 billion, a decrease of 10.36% compared to the previous year, with an R&D expense ratio of 1.69%[71]. - The company plans to focus R&D on high-speed railway construction technology, bridge design, and smart construction technologies in 2024[73]. - The company has established three national laboratories and 52 provincial-level R&D centers, representing the most advanced technology levels in railway, bridge, tunnel, and rail transit construction in China[35]. - The company has accumulated 41,220 patents and has won 132 national science and technology progress and invention awards[52]. Market and Competitive Position - The company is focusing on expanding its market presence in over 100 countries and regions, enhancing its competitive edge in the construction industry[34]. - The company is a key player in the "Belt and Road" initiative, being the main contractor for significant projects such as the Laos-China Railway and the Indonesia Jakarta-Bandung High-Speed Railway[35]. - The company is positioned as a backbone enterprise in the design consulting service industry, playing a crucial role in formulating construction standards and quality acceptance criteria in the railway sector[37]. - The company has received a total of 154 national-level excellent engineering survey and design awards and 110 national-level excellent engineering consulting achievement awards[37]. Risk Management - The company faces risks including real estate investment risk, cash flow risk, international operation risk, and infrastructure investment risk[96]. - The cash flow risk is attributed to increased cash outflows and slower cash inflows, potentially leading to financing pressures[97]. - The company has established a risk management and internal control system to assess and monitor major risks[97]. - The company emphasizes the importance of process control and post-evaluation to manage risks effectively[97]. Governance and Shareholder Relations - The company held the 2023 Annual General Meeting on June 28, 2024, where resolutions regarding the 2023 Board of Directors' work report and profit distribution plan were approved[98]. - The company announced no distribution or capital reserve increase for shareholders, with no bonus shares or dividends declared for every 10 shares[104]. - The company’s board of directors underwent several changes, including the appointment of new executives and the retirement of key personnel[100]. - The company has built a platform for shared governance with employees, enhancing their sense of gain, happiness, and security[55]. Environmental and Social Responsibility - The company is committed to enhancing its ecological and environmental protection efforts, implementing 15 key measures to promote green transformation and pollution prevention[115]. - The company has developed a carbon peak action plan to strengthen energy conservation and environmental protection measures[116]. - The company is committed to promoting green technology and has submitted two technologies for national-level green technology recognition[117]. - The company completed the installation of solar street lights in three village groups and constructed three elderly care kitchens in Guandong County[119]. Bond Issuance and Financial Strategy - The company issued bonds with a total balance of 20 billion RMB at an interest rate of 3.37%[154]. - The company has issued a total of 11 billion RMB in bonds at an interest rate of 2.90%[155]. - The company has a total of 21.2 billion yuan in outstanding bonds as of the latest report, with various maturities extending to 2026[157]. - The company continues to expand its bond issuance strategy to support ongoing projects and operational needs[156].