Chang Jiang Shang Bao·2025-07-27 23:51Core Viewpoint - China Communications Construction Company (CCCC) maintains stable operating orders, with new contract value for the first half of 2025 reaching CNY 991.05 billion, a year-on-year increase of 3.14%, achieving 49% of the annual target [2][3] Group 1: New Contracts - In the first half of 2025, CCCC's new contracts in infrastructure construction amounted to CNY 897.70 billion, up 3.98% year-on-year; design contracts were CNY 24.36 billion, down 25.39%; dredging contracts were CNY 63.08 billion, up 5.69%; and other contracts were CNY 5.91 billion, up 3.86% [4] - The overseas new contract value was CNY 200.38 billion (approximately USD 28.17 billion), representing 20% of total new contracts, with a year-on-year growth of 2.20% [4] - CCCC signed a significant overseas project in Saudi Arabia, valued at CNY 10.91 billion [4] Group 2: Research and Development Investment - CCCC has consistently invested heavily in R&D, with expenditures from 2020 to 2024 being CNY 20.09 billion, CNY 22.59 billion, CNY 23.48 billion, CNY 27.32 billion, and CNY 25.99 billion, totaling CNY 119.47 billion over five years [6] Group 3: Financing and Capital Market Performance - CCCC successfully issued CNY 3 billion in corporate bonds, with a 2+N year term at a record low interest rate of 1.74% and a 3+N year term at 1.80%, indicating strong market demand [7] - Since its listing, CCCC has distributed dividends 15 times, totaling CNY 48.76 billion, with CNY 35.44 billion from A-shares and CNY 13.31 billion from H-shares [7]