CCCC(601800) 证券之星·2025-03-27 16:56Core Viewpoint - The financial statements of China Communications Construction Company Limited (CCCC) for the year ending December 31, 2024, have been audited and are deemed to fairly reflect the company's financial position and operational results in accordance with accounting standards [2][17]. Group 1: Audit Opinion - The audit opinion confirms that the financial statements are prepared in accordance with accounting standards and fairly represent the financial condition and results of operations for the year [2][17]. - The audit was conducted following the standards set by Chinese Certified Public Accountants, ensuring independence and adherence to ethical responsibilities [2][3]. Group 2: Key Audit Matters - Revenue recognition from construction contracts is a critical audit matter, involving significant judgments regarding estimated revenues and costs [3][4]. - The assessment of expected credit losses for contract assets, receivables, and long-term receivables is another key area, requiring management's evaluation of historical collection data and future economic conditions [3][5]. - Impairment testing of concession rights is also highlighted, where management estimates recoverable amounts based on discounted cash flows, involving significant assumptions about future traffic and operational conditions [5][6]. Group 3: Company Overview - CCCC is a state-owned enterprise established by the China Communications Construction Group, focusing on infrastructure construction, including ports, roads, railways, and dredging services [11][12]. - The company was officially registered on October 8, 2006, with a registered capital of RMB 10.8 billion, which has increased over the years due to various capital raising activities [12][13][15]. - CCCC's operational scope includes international engineering contracting, with a significant emphasis on infrastructure projects [15][17].