中工国际(002051) - 2025 Q2 - 季度财报

Part I Important Notice, Table of Contents, and Definitions Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no plans for cash dividends, bonus shares, or capital increase from capital reserves - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4] - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment by the company to investors, who should be aware of investment risks[3] Table of Contents This report's clear table of contents lists nine main chapters covering important notices, company profile, management discussion and analysis, corporate governance, significant events, share changes, bond information, financial reports, and other submitted data for investor convenience Report Chapter Directory | Chapter | Title | Page | | :--- | :--- | :--- | | Part I | Important Notice, Table of Contents, and Definitions | 2 | | Part II | Company Profile and Key Financial Indicators | 6 | | Part III | Management Discussion and Analysis | 9 | | Part IV | Corporate Governance, Environment, and Society | 32 | | Part V | Significant Events | 34 | | Part VI | Share Changes and Shareholder Information | 43 | | Part VII | Bond-Related Information | 47 | | Part VIII | Financial Report | 48 | | Part IX | Other Submitted Data | 144 | Reference Documents Directory The company's reference documents include the semi-annual report signed by the legal representative, financial statements signed and sealed by the person in charge, chief accountant, and head of the accounting department, and originals of all publicly disclosed company documents and announcements during the reporting period, all available for inspection at the company's board of directors office - Reference documents include the semi-annual report text signed by the legal representative, financial statements signed and sealed by the company's person in charge, chief accountant, and head of the accounting department, and originals of all company documents and announcements publicly disclosed during the reporting period[8][9][10] Definitions This section provides definitions for common terms used in the report, including company names, major shareholders, subsidiaries, and professional terms in engineering contracting such as EPC, BOT, and TOT, ensuring accurate understanding of the report's content Partial Definitions | Term | Refers to | Definition | | :--- | :--- | :--- | | Company, This Company, CAMCE | Refers to | CAMCE Engineering Co., Ltd | | SASAC | Refers to | State-owned Assets Supervision and Administration Commission of the State Council | | EPC | Refers to | Engineering Procurement Construction, which refers to contracting the entire process or several stages of an engineering construction project, including design, procurement, construction, and trial operation, as entrusted by the owner and agreed upon in the contract, usually under a lump-sum contract, and being responsible for the quality, safety, cost, and schedule of the contracted project | | BOT | Refers to | Build-Operate-Transfer, which refers to a business model where the government grants an enterprise a specific scope and term of concession, allowing it to invest in, build, and operate a project and obtain revenue, and at the expiration of the concession term, the project assets are transferred to the government without compensation | | TOT | Refers to | Transfer-Operate-Transfer, which refers to a financing method where government departments or state-owned enterprises transfer the property rights or operating rights of an already built project for a certain period to an investor for consideration; the investor operates and obtains revenue within the agreed period, and after the contract period expires, the investor returns the project to the government department or the original enterprise | Part II Company Profile and Key Financial Indicators I. Company Profile This section provides the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative, clarifying the company's identity Company Basic Information | Stock Abbreviation | CAMCE | Stock Code | 002051 | | :--- | :--- | :--- | :--- | | Stock Exchange | Shenzhen Stock Exchange | | | | Company's Chinese Name | CAMCE Engineering Co., Ltd | | | | Company's Legal Representative | Wang Bo | | | II. Contact Person and Contact Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating communication and inquiries for investors Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Rui Hong | Zhou Hui | | Phone | 010-82688606 | 010-82688120 | | Email | 002051@camce.cn | 002051@camce.cn | III. Other Information During the reporting period, there were no changes to the company's registered address, office address, postal code, website, email, information disclosure website and media name and URL, or the location where the semi-annual report is kept, with specific information available in the 2024 annual report - The company's registered address, office address, postal code, website, email, etc., remained unchanged during the reporting period, as detailed in the 2024 annual report[17] - The company's securities exchange website and media name and URL for semi-annual report disclosure, as well as the location where the semi-annual report is kept, remained unchanged during the reporting period, as detailed in the 2024 annual report[18] IV. Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue and net profit attributable to shareholders decreased year-on-year, but net cash flow from operating activities significantly improved, while total assets and net assets attributable to shareholders increased compared to the end of the previous year Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Reporting Period | Prior Year Period | Change from Prior Year Period | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 4,787,737,964.11 | 5,499,780,393.02 | -12.95% | | Net Profit Attributable to Listed Company Shareholders (yuan) | 177,012,247.14 | 271,744,037.72 | -34.86% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses (yuan) | 170,282,108.23 | 191,763,528.87 | -11.20% | | Net Cash Flow from Operating Activities (yuan) | 797,182,368.75 | -1,343,487,447.06 | 159.34% | | Basic Earnings Per Share (yuan/share) | 0.14 | 0.22 | -36.36% | | Diluted Earnings Per Share (yuan/share) | 0.14 | 0.22 | -36.36% | | Weighted Average Return on Net Assets | 1.53% | 2.39% | -0.86% | Key Accounting Data and Financial Indicators (Period-End) | Indicator | End of Current Reporting Period | End of Prior Year | Change from End of Prior Year | | :--- | :--- | :--- | :--- | | Total Assets (yuan) | 24,871,040,864.87 | 24,076,796,444.65 | 3.30% | | Net Assets Attributable to Listed Company Shareholders (yuan) | 11,656,849,473.09 | 11,424,945,996.42 | 2.03% | V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards During the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards, overseas accounting standards, and Chinese Accounting Standards - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[22] VI. Non-recurring Gains and Losses and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to 6,730,138.91 yuan, primarily from disposal gains/losses of non-current assets, government subsidies, fair value changes of financial assets, and other non-operating income/expenses Non-recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | 756,036.34 | | | Government subsidies recognized in current profit or loss | 2,882,471.91 | Primarily research project subsidies obtained by China IPPR International Engineering Corporation | | Fair value changes and disposal gains and losses of financial assets and financial liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 2,591,917.14 | Primarily fair value change gains from held stocks | | Other non-operating income and expenses apart from the above | 2,405,853.97 | Primarily technology awards obtained by Beijing Materials Handling Research Institute | | Less: Income tax impact | 1,804,438.17 | | | Minority interest impact (after tax) | 101,702.28 | | | Total | 6,730,138.91 | | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[25] Part III Management Discussion and Analysis I. Main Businesses Engaged in During the Reporting Period During the reporting period, the company continued to deepen its "one body, two wings" new development pattern, building three major business segments: "design consulting and engineering contracting," "advanced engineering technology and equipment development and application," and "engineering investment and operation," strengthening technology leadership and synergistic integration to promote strategic transformation and high-quality development - The company, in accordance with its "14th Five-Year Plan" strategic plan, continues to deepen the "one body, two wings" new development pattern, focusing on building three major business segments: "design consulting and engineering contracting," "advanced engineering technology and equipment development and application," and "engineering investment and operation"[27] - The company continuously strengthens technology leadership and synergistic integration, optimizes resource allocation, and promotes strategic, business, and business model transformations to achieve high-quality resilient development[27] Company's Main Business Overview The company's three major business segments cover international and domestic engineering contracting, design consulting, trade and services, as well as R&D and manufacturing of key core equipment such as passenger ropeways, automated logistics warehousing, hoisting machinery, and environmental protection equipment, while actively investing in and operating environmental engineering, ropeway engineering, and clean energy projects - The company has established over 70 overseas offices, with business operations spanning Asia, Africa, the Americas, and Eastern Europe, covering "Belt and Road" infrastructure construction, industrial engineering, and livelihood projects[29] - The company's equipment manufacturing segment primarily includes passenger ropeways, automated logistics warehousing, hoisting machinery, and environmental protection equipment, with its passenger ropeway business maintaining the largest market share in China for many years[31] - The company's engineering investment and operation business has achieved "multi-point blossoming," with full coverage across its three strategic directions, including the Uzbekistan municipal solid waste incineration power generation project and the Xinjiang Artux Tianmen Ropeway project[32] Industry Development and Market Position The international engineering contracting market faces severe challenges but maintains steady growth, with the company's ranking rising under the "Belt and Road" initiative; the domestic construction industry experiences slow growth, with the company focusing on high-quality development; the design consulting industry is affected by economic structural adjustments, with the company maintaining a leading position in medical architecture; and the equipment manufacturing industry benefits from the ice and snow economy and logistics development, with the company holding a leading position in niche markets such as ropeways and hoisting machinery - In 2024, China's overseas contracted engineering business completed an operating revenue of 1,181.99 billion yuan, a year-on-year increase of 4.2%; new contracts signed amounted to 1,903.63 billion yuan, a year-on-year increase of 2.1%[33] - CAMCE ranked 13th in the 2024 China Enterprise Overseas Large-scale Complete Equipment Engineering Project Signing Amount list and rose to 32nd in the Top 100 Chinese Overseas Contracted Engineering Enterprises[34][35] - China IPPR International Engineering Corporation, a subsidiary of the company, was ranked 42nd in the "Top 60 Chinese Engineering Design Enterprises" list for the 21st consecutive year and holds a prominent market position in the medical architecture sector[39] - Beijing Materials Handling Research Institute, a subsidiary of the company, had its "Passenger Detachable Aerial Ropeway" selected for the Ministry of Industry and Information Technology's Seventh Batch of Manufacturing Single Champion Products list, with its medical warehousing and environmental hoisting machinery businesses in a leading industry position[41] Business Model The company's engineering contracting business primarily adopts the EPC model, design consulting emphasizes full-process quality control, key core equipment R&D and manufacturing uses a project-based "turnkey project" model, and engineering investment and operation mainly follows an investment-construction-operation model, with each business having clear pricing mechanisms, payment arrangements, and funding sources - The company's engineering contracting business primarily adopts the EPC model, with the business value chain including project development, financing, design, procurement, and construction, and some projects also provide operation services[42] - Design consulting business, from acceptance and organization of production to delivery of results, generally involves multiple stages such as developing a work program, formulating and optimizing solutions, reviewing design solutions, preparing outcome documents, and auditing and approving outcomes[43] - Key core equipment R&D and manufacturing business operates on a project-based "turnkey project" model, where after signing a contract based on customer needs, the company handles R&D, design, procurement, manufacturing, installation, and commissioning, ultimately delivering to the customer[44] - Engineering investment and operation business primarily adopts an investment-construction-operation model, generating operating revenue within the agreed operating period[45] II. Core Competitiveness Analysis The company's core competitiveness lies in its strong SINOMACH Group shareholder background, clear "14th Five-Year Plan" strategic layout, extensive network of high-quality partners, diversified financing capabilities, professional project management team, technical and brand advantages in niche areas, and a comprehensive ESG management system - The company's controlling shareholder, SINOMACH Group, is a state-owned backbone enterprise directly managed by the central government, providing strong scientific research capabilities and industrial support to help the company offer comprehensive, multi-level, full-chain solutions[46] - The company successfully completed the compilation of its "14th Five-Year Plan" strategic plan, clarifying three major strategic main lines: "transformation development, integrated development, and high-quality development," and building a "one body, two wings" synergistic business layout[47] - The company has established good partnerships with hundreds of design institutes, equipment manufacturers, and construction enterprises, and has signed strategic cooperation agreements with numerous local governments and financial institutions, possessing efficient resource integration capabilities[48] - The company has excellent asset conditions, a low asset-liability ratio, strong bank credit granting ability, abundant financing channels and resources, and has developed "CAMCE characteristics" in all categories of financing methods[49] - The company has established a mature full lifecycle management system for engineering contracting projects, introduced advanced project schedule management software, and actively conducted personnel training to build an experienced professional project manager team[50][51] - The company holds a leading position in medical architecture, ropeways, and solid waste hoisting, with prominent brand influence, and possesses multiple technical qualifications including comprehensive Class A engineering design[52] - The company adheres to the ESG vision of "becoming an internationally competitive leader in green engineering," driven by the "four greens" concept, building a comprehensive ESG management system, and ranking among the top in the industry[53] III. Main Business Analysis In the first half of 2025, the company's operating revenue was 4.788 billion yuan, a year-on-year decrease of 12.95%; net profit attributable to shareholders was 177 million yuan, a year-on-year decrease of 34.86%, mainly due to project completion, new project initiation, and increased asset impairment; net cash flow from operating activities significantly improved to 797 million yuan, and new contracts signed totaled 2.139 billion USD, a year-on-year increase of 33% 2025 First Half Key Financial Data | Indicator | Amount (billion yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 4.788 | -12.95% | | Net Profit Attributable to Listed Company Shareholders | 0.177 | -34.86% | | Net Cash Flow from Operating Activities | 0.797 | 159.34% | | Total New Contracts Signed | 2.139 billion USD | 33% | - The decrease in operating revenue and net profit was primarily due to several projects reaching their execution peak and now being completed or nearing completion in the prior year, while important projects such as the Nicaragua Punta Huete International Airport and Uzbekistan Waste-to-Energy projects just started in the current reporting period, as well as an increase in asset impairment provisions year-on-year[54] Company's Operating Momentum Continues to Improve The company's international engineering business signed new contracts worth 1.126 billion USD, with effective contracts increasing by 36.66% year-on-year, and an order backlog of 9.545 billion USD; domestic engineering general contracting and design consulting businesses signed new contracts totaling 2.275 billion yuan and 947 million yuan, respectively; equipment manufacturing business signed new contracts worth 590 million yuan, and the engineering investment and operation segment signed new contracts worth 475 million USD, achieving new breakthroughs in clean energy, ropeway engineering, and environmental engineering; the company actively deploys strategic emerging industries to support new industrialization Design Consulting and Engineering Contracting Business Data | Business Type | New Contracts Signed | | :--- | :--- | | International Engineering Business | 1.126 billion USD | | Domestic Engineering Contracting Business | 2.275 billion yuan | | Domestic Design Consulting Business | 947 million yuan | - As of the end of June 2025, the company's international engineering business had an order backlog of 9.545 billion USD[55] - The company's international engineering contracting business signed six projects in the overseas medical market (Guyana, Iraq, Nicaragua, etc.), totaling over 400 million USD, and successfully signed the Kazakhstan Soda Ash Plant Phase II and Turkey Natural Gas Storage Phase III projects[56] - The equipment manufacturing business accumulated new contracts worth 590 million yuan, with the ropeway business obtaining a Japanese "Type" test license overseas and signing domestic projects such as the Beijing Xiangshan Park Ropeway renovation[69] - The engineering investment and operation segment signed new contracts worth 475 million USD, successfully signing the Uzbekistan Tashkent and Andijan municipal solid waste incineration power generation investment, construction, and operation projects, with a total investment of 475 million USD[73] - The company jointly established the "Alliance for Innovation in Large Scientific Engineering and Advanced Industrial Design," focusing on data centers, biological laboratories, medical and elderly care design, intelligent automated warehouses, and other fields to promote the R&D and application of digital technologies[78] Deepening Scientific and Technological Innovation, Research Achievements Blossom The company continuously optimizes its scientific research system and mechanisms, builds innovation collaboration platforms, and successfully obtained approval for multiple important platforms such as the Beijing Enterprise Technology Center; breakthroughs were made in key research projects such as light-duty short-station ropeways and intelligent heavy-duty ropeways, and scientific research achievements were deepened with industry standard construction, completing 44 patent applications and 38 authorized patents - The company successfully obtained approval for multiple important platforms such as the Beijing Enterprise Technology Center and the Mechanical Industry Ropeway Technology Engineering Research Center, and officially unveiled the "Alliance for Innovation in Large Scientific Engineering and Advanced Industrial Design"[81] - The "Light-duty Short-station Eight-person Detachable Gondola Ropeway (C8-MINI)" achievement appraisal meeting was successfully held, solving the challenges of short stations, long spans, and large transport capacities[84] - During the reporting period, the company completed 44 patent applications (16 invention patents) and obtained 38 authorized patents (9 invention patents)[87] Comprehensive Improvement of Management Level and Efficiency The company actively implements the state-owned enterprise reform deepening and upgrading action, comprehensively improving strategic management, corporate governance, deepening reform, business synergy, talent selection and training, and digital intelligence empowerment; CAMCE and its subsidiary China IPPR International Engineering Corporation were both rated as "benchmarks" in the SASAC's "Double Hundred Enterprises" reform effectiveness evaluation - The company scientifically plans the "15th Five-Year Plan" strategic compilation work and strictly adheres to listed company regulatory rules to enhance the board of directors' decision-making level[88] - CAMCE and its subsidiary China IPPR International Engineering Corporation were both rated as "benchmarks" in the 2024 SASAC "Double Hundred Enterprises" reform effectiveness evaluation[88][93] - The company's first AI network security research project was successfully approved, and its subsidiary China IPPR International Engineering Corporation launched digital intelligence platforms such as the "IPPR Digital Asset Platform" and "IPPR AI Intelligent Assistant"[88] Year-on-Year Changes in Key Financial Data During the reporting period, the company's operating revenue, operating costs, income tax expenses, and R&D investment all decreased year-on-year, while selling expenses and administrative expenses increased; financial expenses significantly decreased due to exchange gains from the appreciation of the Euro; net cash flow from operating activities and net increase in cash and cash equivalents both significantly increased Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,787,737,964.11 | 5,499,780,393.02 | -12.95% | | | Operating Costs | 3,897,310,853.27 | 4,564,810,329.95 | -14.62% | | | Selling Expenses | 139,324,396.81 | 122,043,565.16 | 14.16% | | | Administrative Expenses | 251,674,381.59 | 232,053,051.62 | 8.46% | | | Financial Expenses | -60,624,098.03 | 23,967,021.83 | -352.95% | Primarily due to exchange gains from Euro appreciation during the reporting period | | Income Tax Expenses | 50,380,182.83 | 91,511,749.26 | -44.95% | Primarily due to significant income tax amounts from overseas projects in the prior year | | R&D Investment | 229,238,287.57 | 248,769,283.34 | -7.85% | | | Net Cash Flow from Operating Activities | 797,182,368.75 | -1,343,487,447.06 | 159.34% | Primarily due to important projects becoming effective and smooth collection of payments from ongoing projects, leading to higher cash inflows during the reporting period | | Net Cash Flow from Investing Activities | -9,527,891.77 | -58,481,066.00 | 83.71% | Primarily due to higher cash inflows from investment recovery during the reporting period | | Net Cash Flow from Financing Activities | -541,833,686.28 | -385,266,985.36 | -40.64% | Primarily due to larger cash outflows from loan repayments during the reporting period | | Net Increase in Cash and Cash Equivalents | 257,958,973.49 | -1,782,376,229.26 | 114.47% | Primarily due to important projects becoming effective and smooth collection of payments from ongoing projects, leading to higher cash inflows during the reporting period | Composition of Operating Revenue In the first half of 2025, the company's total operating revenue was 4.788 billion yuan, a year-on-year decrease of 12.95%; international engineering contracting remained the main source of revenue, accounting for 66.97%, but decreased by 11.28% year-on-year; revenue from key core equipment R&D and manufacturing, and engineering investment and operation businesses achieved growth, with engineering investment and operation increasing by 48.04% year-on-year; domestic business revenue decreased by 15.18% year-on-year, but gross profit margin increased by 6.16 percentage points Composition of Operating Revenue (by Industry) | Industry | Amount in Current Reporting Period (yuan) | Proportion of Operating Revenue | Amount in Prior Year Period (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | International Engineering Contracting | 3,206,579,772.22 | 66.97% | 3,614,177,439.90 | 65.71% | -11.28% | | Key Core Equipment R&D and Manufacturing | 717,190,374.53 | 14.98% | 660,748,386.11 | 12.01% | 8.54% | | Consulting and Design | 581,745,231.13 | 12.15% | 585,040,970.66 | 10.64% | -0.56% | | Domestic Engineering General Contracting | 175,325,969.70 | 3.66% | 551,976,848.62 | 10.04% | -68.24% | | Engineering Investment and Operation | 69,043,792.19 | 1.44% | 46,638,789.23 | 0.85% | 48.04% | | Trade and Other Services | 37,852,824.34 | 0.79% | 41,197,958.50 | 0.75% | -8.12% | Composition of Operating Revenue (by Region) | Region | Amount in Current Reporting Period (yuan) | Proportion of Operating Revenue | Amount in Prior Year Period (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Outside China | 3,218,290,838.61 | 67.22% | 3,649,407,516.05 | 66.36% | -11.81% | | Inside China | 1,569,447,125.50 | 32.78% | 1,850,372,876.97 | 33.64% | -15.18% | - Domestic engineering general contracting revenue decreased by 68.24% year-on-year, primarily due to the company adjusting its business layout to focus on advantageous areas, but new contracts signed during the reporting period have significantly increased year-on-year[99] - Engineering investment and operation business revenue increased by 48.04% year-on-year, primarily due to the wastewater treatment plant environmental investment, construction, and operation project entering a stable operation period, leading to increased revenue[100] - The gross profit margin of key core equipment R&D and manufacturing business increased by 4.58 percentage points, and the gross profit margin of domestic business increased by 6.16 percentage points, primarily due to the company improving its refined management level and focusing on advantageous projects with higher gross profit margins[100] IV. Non-Main Business Analysis During the reporting period, the company had no situations requiring non-main business analysis - The company had no non-main business analysis during the reporting period[101] V. Analysis of Assets and Liabilities At the end of the reporting period, the company's total assets were 24.871 billion yuan, an increase of 3.30% from the end of the previous year; construction in progress significantly increased year-on-year, mainly due to the subsidiary CAMCE Environmental Technology (Gujiao) project company being in the construction phase; short-term borrowings decreased year-on-year, mainly due to the company repaying short-term borrowings; the company holds multiple overseas assets and has some restricted assets Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 24,871,040,864.87 | | 24,076,796,444.65 | | 3.30% | | | Construction in Progress | 191,119,985.71 | 0.77% | 77,325,472.41 | 0.32% | 0.45% | Primarily due to the subsidiary CAMCE Environmental Technology (Gujiao) project company being in the construction phase, leading to a year-on-year increase in construction in progress | | Short-term Borrowings | 419,727,095.78 | 1.69% | 889,003,357.94 | 3.69% | -2.00% | Primarily due to the company repaying short-term borrowings during the reporting period | - The company's main overseas assets include development products from the Vientiane Riverside Integrated Development Project in Laos, investment properties, land reserves, and the Dongchang Hotel in Laos, with diverse operating models and good or no direct revenue status[102] - As of the end of the reporting period, the company's restricted monetary funds amounted to 236,371,207.37 yuan, primarily used for bank acceptance bill deposits, letter of guarantee deposits, funds frozen due to litigation preservation procedures, and special accounts for fiscal projects[105] - The company's subsidiaries have borrowings secured by wastewater treatment service fee collection rights, project construction land use rights, and movable and immovable properties[106][107] VI. Investment Analysis During the reporting period, the company's investment amounted to 55.0647 million yuan, a year-on-year decrease of 58.53%; major equity investments included capital increases in CAMCE Environmental Technology (Gujiao) Water Co., Ltd. and Beijing Materials Handling Research Institute Tianmen Xinjiang Ropeway Co., Ltd.; the company holds domestic and overseas stocks and other financial assets, and conducts forward foreign exchange settlement and sales to hedge against exchange rate risks, with no speculative derivative investments or use of raised funds during the reporting period Investment Amount During Reporting Period | Investment Amount in Current Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | | 55,064,652.67 | 132,775,695.00 | -58.53% | - During the reporting period, the company increased capital in CAMCE Environmental Technology (Gujiao) Water Co., Ltd. by 38.3279 million yuan and in Beijing Materials Handling Research Institute Tianmen Xinjiang Ropeway Co., Ltd. by 14.75 million yuan[111] Securities Investment Status | Security Type | Book Value at Period-End (yuan) | Fair Value Change Gain/Loss in Current Period (yuan) | | :--- | :--- | :--- | | Domestic and Overseas Stocks | 102,742,829.08 | 2,230,657.92 | Derivative Investment Status (Forward Foreign Exchange Settlement and Sales) | Derivative Investment Type | Amount at Period-End (10,000 yuan) | Fair Value Change Gain/Loss in Current Period (10,000 yuan) | | :--- | :--- | :--- | | Forward Foreign Exchange Settlement and Sales | 757.61 | -1.05 | - The company conducts foreign exchange derivative hedging business with the purpose of hedging and preventing exchange rate or interest rate risks, prohibiting any speculative risk-taking behavior[117] VII. Major Asset and Equity Sales During the reporting period, the company did not undertake any major asset sales or major equity sales - The company did not sell major assets during the reporting period[121] - The company did not sell major equity during the reporting period[122] VIII. Analysis of Major Holding and Participating Companies The company's major holding subsidiaries include China IPPR International Engineering Corporation, Beijing Materials Handling Research Institute Co., Ltd., and CAMCE Environmental Technology Co., Ltd., which play important roles in engineering survey and design, specialized hoisting machinery manufacturing, and wastewater treatment; during the reporting period, CAMCE International Holdings (Canada) Co., Ltd. absorbed and merged with Procon Holdings Inc. to strengthen subsidiary management Major Subsidiary Financial Data | Company Name | Company Type | Main Business | Registered Capital (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | | China IPPR International Engineering Corporation | Subsidiary | Engineering Survey and Design | 620,000,000.00 | 44,329,599.15 | | Beijing Materials Handling Research Institute Co., Ltd. | Subsidiary | Manufacturing of Specialized Hoisting Machinery | 300,000,000.00 | 67,652,328.04 | | CAMCE Environmental Technology Co., Ltd. | Subsidiary | Wastewater Treatment and Reuse | 500,000,000.00 | 9,413,549.39 | - During the reporting period, CAMCE International Holdings (Canada) Co., Ltd. absorbed and merged with Procon Holdings Inc., with the merged company's name changed to Procon Holdings Inc., to strengthen the management of its subsidiaries[124] IX. Information on Structured Entities Controlled by the Company During the reporting period, the company had no structured entities under its control - The company had no structured entities under its control during the reporting period[126] X. Risks Faced by the Company and Countermeasures The company faces multiple risks including international operations, business models, customer credit, exchange rates, and safety, environmental, and quality issues; countermeasures include strengthening market analysis, enhancing overseas compliance management, optimizing business layout, closely tracking country-specific underwriting policies, conducting forward foreign exchange settlement and sales, and establishing an emergency early warning system to enhance risk response capabilities and ensure smooth project execution - The company's international operations face various factors such as political, economic, social, fiscal, and legal influences in project host countries, and will strengthen market analysis and research on host country policies and laws, as well as enhance overseas compliance management[126] - Most of the company's overseas engineering contracting projects are lump-sum contracts, facing risks such as raw material price increases, exchange rate fluctuations, and owner design changes; the company will optimize its industry layout and strengthen specialized capabilities in advantageous areas[127] - Fiscal difficulties in some countries lead to customer credit risk; the company will regularly assess regional risks, closely track country-specific underwriting policies, and incorporate accounts receivable reduction into the business department's performance appraisal system[127] - The company's business is mainly concentrated overseas, with most contracts denominated in USD, facing exchange rate fluctuation risks; it has reduced losses by conducting forward foreign exchange settlement and sales and will continue to closely monitor exchange rate fluctuations[128] - The situation in some countries is tense, and the security situation is complex and severe; the company has established an emergency early warning system, formulated comprehensive emergency evacuation plans, and strengthened localized management and project security measures[129] XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has formulated a "Market Value Management System," clarifying the essence of market value management, its organization and responsibilities, specific methods (such as M&A, equity incentives, cash dividends, investor relations management, information disclosure, share repurchases), and a market value monitoring and early warning mechanism with response measures, aiming to enhance the company's investment value and shareholder returns - The company has formulated a "Market Value Management System," clarifying that the essence of market value management is to enhance the company's investment value and shareholder returns based on improving company quality[130] - Market value management is led by the board of directors, involves the operating management team, is overseen by the board secretary, spearheaded by the board office, and coordinated by various departments[130] - Market value management methods include fostering a shareholder return awareness, improving operational performance, and can comprehensively utilize various approaches such as M&A, equity incentives, cash dividends, investor relations management, information disclosure, and share repurchases[130] - The company has established a market value monitoring and early warning mechanism with response measures, continuously monitoring key market value-related indicators and activating the early warning mechanism when thresholds are triggered[130] XII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company continues to advance its "Quality and Return Dual Enhancement" action plan, focusing on its main business for high-quality development, formulating the "Shareholder Return Plan (2024-2026)" which stipulates a cash dividend ratio of no less than 40%, and implementing the 2024 equity distribution plan in July 2025; concurrently, the company strengthens investor relations management through performance briefings, roadshows, and other means to enhance market recognition - The company deeply implements the "14th Five-Year Plan" strategic plan, promotes high-quality development through comprehensive deepening of reforms, strengthens technology leadership and synergistic integration, and continuously performs well in project execution and market development[131] - The company formulated the "Shareholder Return Plan (2024-2026)," clarifying that the future cash dividend ratio will be no less than 40% of the distributable profit of the parent company for the year[132] - On July 9, 2025, the company implemented its 2024 equity distribution plan, distributing a cash dividend of 1.25 yuan per 10 shares (including tax) to all shareholders, totaling 155 million yuan, accounting for 42.81% of the annual net profit attributable to shareholders[132] - The company adopts various methods such as performance briefings, roadshows, and reverse roadshows to strengthen communication with investors, enhance market recognition, and successfully held the "Exploring Ropeway Technology, Discussing New Chapters of Development" investor reverse roadshow event in June 2025[132] Part IV Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management of the Company During the reporting period, there was a change in the company's director, Zhao Lizhi, due to election Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zhao Lizhi | Director | Elected | March 17, 2025 | Election | II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[136] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the reporting period, the company did not implement any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[137] IV. Environmental Information Disclosure The company and its three major subsidiaries (CAMCE Environmental Technology (Pizhou) Water Treatment Co., Ltd., Pizhou CAMCE Water Co., Ltd., and Lanzhou CAMCE Environmental High-tech Water Co., Ltd.) have been included in the list of enterprises required to disclose environmental information by law and have publicly disclosed relevant reports - Among the listed company and its major subsidiaries, 3 enterprises are included in the list of enterprises required to disclose environmental information by law[138] Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law | No. | Enterprise Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | CAMCE Environmental Technology (Pizhou) Water Treatment Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 2 | Pizhou CAMCE Water Co., Ltd. | http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/viewRunner.html?viewId=http://ywxt.sthjt.jiangsu.gov.cn:18181/spsarchive-webapp/web/sps/views/yfpl/views/yfplHomeNew/index.js | | 3 | Lanzhou CAMCE Environmental High-tech Water Co., Ltd. | https://zwfw.sthj.gansu.gov.cn/revealPubVue//header/header_list | V. Social Responsibility The company actively fulfills its social responsibilities as a central state-owned enterprise, contributing to rural revitalization through financial assistance, planning consulting, and consumer support, with the entire system accumulating over 970,000 yuan in consumer support in the first half of the year; concurrently, the company participates in international public welfare, donating disaster relief supplies to Myanmar, and continuously improving its ESG management system, achieving an A-grade or higher rating - In the first half of 2025, the company's entire system invested 1 million yuan in assistance funds for the designated poverty alleviation area, Chaotian District, Guangyuan City, and provided comprehensive planning consulting services[139][140] - In the first half of the year, the entire system accumulated over 970,000 yuan in consumer support, actively purchasing agricultural products from assisted areas[140] - The company donated disaster relief supplies to the earthquake-affected people of Myanmar and assisted in the publication of excellent cultural books in Nicaragua, with total external donations exceeding 200,000 yuan in the first half of the year[140] - The company formulated and released specialized ESG management measures, continuously promoting the institutionalization of ESG management, and engaged third-party institutions to verify report data, with Wind, SynTao Green Finance, and China Securities Index all maintaining the company's A-grade or higher rating[142] Part V Significant Events I. Commitments Fulfilled and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the Reporting Period During the reporting period, the company had no commitments that were fulfilled or overdue and unfulfilled by the actual controller, shareholders, related parties, acquirers, or the company - The company had no commitments that were fulfilled or overdue and unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or the company during the reporting period[144] II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties of the listed company - The company had no non-operating fund occupation by the controlling shareholder and other related parties of the listed company during the reporting period[145] III. Irregular External Guarantees During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[146] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual report was not audited - The company's semi-annual report was not audited[147] V. Explanations by the Board of Directors and Supervisory Board on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period The company had no non-standard audit report for the current reporting period, thus no explanation from the board of directors or supervisory board is required - The company had no non-standard audit report during the reporting period[148] VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year The company had no non-standard audit report for the previous year, thus no explanation from the board of directors is required - The company had no non-standard audit report during the reporting period[148] VII. Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization matters - The company had no bankruptcy and reorganization matters during the reporting period[148] VIII. Litigation Matters During the reporting period, the company had no significant litigation or arbitration matters; other litigations not meeting the disclosure threshold include China IPPR International Engineering Corporation v. Tangshan Central Hospital Co., Ltd. regarding a construction project contract dispute, involving 160.3794 million yuan, which is currently under trial - The company had no significant litigation or arbitration matters in this reporting period[149] Other Litigation Matters | Basic Information of Litigation (Arbitration) | Amount Involved (10,000 yuan) | Whether Provision for Liabilities Formed | Progress of Litigation (Arbitration) | Outcome and Impact of Litigation (Arbitration) | | :--- | :--- | :--- | :--- | :--- | | China IPPR International Engineering Corporation v. Tangshan Central Hospital Co., Ltd. regarding a construction project contract dispute | 16,037.94 | No | Under trial | Judgment outcome not yet determined | | Other litigations not meeting the disclosure threshold for significant litigation | 110,770.15 | No | Under trial | Not applicable | IX. Penalties and Rectification During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[151] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, the company, its controlling shareholder, and actual controller had no integrity issues - The company had no integrity issues concerning itself, its controlling shareholder, or its actual controller during the reporting period[152] XI. Major Related Party Transactions During the reporting period, the company engaged in related party transactions related to its daily operations, primarily involving the purchase of goods/acceptance of services and sale of goods/provision of services to related parties, with transaction pricing adhering to market principles; there were financial business dealings with SINOMACH Finance Co., Ltd., including deposits, loans, and credit lines; additionally, the company accepted a entrusted loan of 285.08 million yuan from its controlling shareholder, SINOMACH Group, and renewed its financial services cooperation agreement Related Party Transactions Related to Daily Operations (Partial) | Related Party | Related Transaction Content | Amount in Current Period (10,000 yuan) | | :--- | :--- | :--- | | China-Africa Heavy Industry Investment Co., Ltd. | Purchase of Goods | 2,215.77 | | China National Machinery Industry Engineering Co., Ltd. | Acceptance of Services | 1,374.23 | | China United Engineering Co., Ltd. | Sale of Goods | 786.10 | | China National Machinery & Equipment Engineering Co., Ltd. | Provision of Services | 236.04 | Dealings with SINOMACH Finance Co., Ltd. | Business Type | Balance at Period-End (10,000 yuan) | Amount in Current Period (10,000 yuan) | | :--- | :--- | :--- | | Deposit Business | 323,837.50 | 1,089,869.92 (Deposited) | | Loan Business | 0 | 30,000.00 (Repayment) | | Credit Line Business | | 233.11 (Actual amount) | - The company accepted an entrusted loan of 285.08 million yuan from its controlling shareholder, SINOMACH Group, through SINOMACH Finance Co., Ltd., with a three-year term and an annual interest rate of 2.34%[160] - The company renewed its "Financial Services Cooperation Agreement" with SINOMACH Finance Co., Ltd., with a three-year validity period[160] XII. Major Contracts and Their Performance During the reporting period, the company had no trusteeship, contracting, leasing matters, or other major contracts; the company's total external guarantees amounted to 1.034 billion yuan, accounting for 8.87% of net assets; the company signed multiple new daily operation contracts, including the Nicaragua Punta Huete International Airport Expansion Project, Iraq Muthanna Province Hospital Construction Project, Uzbekistan Tashkent/Andijan Municipal Solid Waste Incineration Power Generation Project, Kazakhstan Soda Ash Plant Project Phase II, and Hebei Handan Million Layer Hen Agricultural Technology Industrial Park Full-Process Engineering Consulting Service Project - The company had no trusteeship, contracting, leasing matters, or other major contracts during the reporting period[161][162][163][168] Company's Total Guarantees | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Approved Guarantee Limit at Period-End | 154,882.91 | | Total Actual Guarantee Balance at Period-End | 103,394.29 | | Ratio of Total Actual Guarantees to Company's Net Assets | 8.87% | - The company signed commercial contracts for the Nicaragua Punta Huete International Airport Expansion Project (Sections A and B), totaling approximately 3.593 billion yuan, with financing secured and construction progressing steadily[169][170] - The company signed a commercial contract for the Iraq Muthanna Province 100-bed Hospital Construction Project, amounting to approximately 589 million yuan[170] - The company invested in and implemented the Uzbekistan Tashkent and Andijan Municipal Solid Waste Incineration Power Generation Project, with a total investment of 475 million USD, expected to process 1.34 million tons of municipal solid waste and generate 750 million kWh of electricity annually[170] - The company signed a commercial contract with Kazakhstan Soda LLC for Phase II of the Kazakhstan Jambyl Region 500,000-ton/year Soda Ash Plant Project, totaling 337.4983 million USD[171] - The company's consortium signed a full-process engineering consulting service contract for the Hebei Handan Million Layer Hen Agricultural Technology Industrial Park, amounting to 175.4403 million yuan[171] XIII. Explanation of Other Significant Matters The company comprehensively deepened its institutional and mechanism reforms, with CAMCE and its subsidiary China IPPR International Engineering Corporation both being rated as "benchmarks" in the State-owned Assets Supervision and Administration Commission's "Double Hundred Enterprises" 2024 annual special evaluation; the company also conducted non-recourse factoring business for accounts receivable totaling no more than 1.5 billion yuan, with approximately 967 million yuan occurring during the reporting period - CAMCE and its subsidiary China IPPR International Engineering Corporation were both rated as "benchmarks" in the State-owned Assets Supervision and Administration Commission's "Double Hundred Enterprises" 2024 annual special evaluation[172] - The company conducted non-recourse factoring business for accounts receivable totaling no more than 1.5 billion yuan (including equivalent foreign currency), with approximately 967 million yuan occurring during the reporting period[172] XIV. Significant Matters of Company Subsidiaries To strengthen subsidiary management, CAMCE International Holdings (Canada) Co., Ltd. absorbed and merged with Procon Holdings Inc.; Beijing Materials Handling Research Institute injected 14.75 million yuan into Beijing Materials Handling Research Institute Tianmen Xinjiang Ropeway Co., Ltd., and CAMCE Environmental Technology, China IPPR International Engineering Corporation, and CAMCE Hong Kong jointly injected 38.328 million yuan into CAMCE Environmental Technology (Gujiao) Water Co., Ltd.; in July 2025, the company deregistered Baotou CAMCE Water Co., Ltd. to optimize its asset structure - CAMCE International Holdings (Canada) Co., Ltd. absorbed and merged with Procon Holdings Inc., with the merged company's name changed to Procon Holdings Inc.[173] - Beijing Materials Handling Research Institute injected 14.75 million yuan into Beijing Materials Handling Research Institute Tianmen Xinjiang Ropeway Co., Ltd., and CAMCE Environmental Technology, China IPPR International Engineering Corporation, and CAMCE Hong Kong jointly injected 38.328 million yuan into CAMCE Environmental Technology (Gujiao) Water Co., Ltd.[173] - In July 2025, the company deregistered Baotou CAMCE Water Co., Ltd. to further optimize its asset structure[173] Part VI Share Changes and Shareholder Information I. Share Changes During the reporting period, the company's total share capital remained unchanged at 1,237,408,937 shares; restricted shares decreased by 49,560 shares, mainly due to the former employee representative supervisor, Mr. Song Zhe, leaving office upon expiration of his term, leading to the release of his restricted shares and a corresponding increase in unrestricted shares Share Changes | Share Class | Number Before Change (shares) | Increase/Decrease in Current Change (shares) | Number After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 120,780 | -49,560 | 71,220 | | Of which: Shares held by domestic natural persons | 120,780 | -49,560 | 71,220 | | II. Unrestricted Shares | 1,237,288,157 | 49,560 | 1,237,337,717 | | Of which: RMB Ordinary Shares | 1,237,288,157 | 49,560 | 1,237,337,717 | | III. Total Shares | 1,237,408,937 | 0 | 1,237,408,937 | - In April 2025, Mr. Song Zhe, the company's former employee representative supervisor, had his 49,560 restricted shares released from lock-up, as he had left office upon expiration of his term for over half a year[177] Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Restricted Shares Released in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | Date of Release | | :--- | :--- | :--- | :--- | :--- | :--- | | Song Zhe | 49,560 | 49,560 | 0 | Restricted shares for senior management | April 2025 | II. Securities Issuance and Listing During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[180] III. Company Shareholder Numbers and Shareholding Status As of the end of the reporting period, the company had a total of 54,311 ordinary shareholders; China National Machinery Industry Corporation is the controlling shareholder, holding 62.86% of shares; among the top ten shareholders, some may have related party relationships or act in conc