CJJG(SH:600496) Chang Jiang Shang Bao·2025-10-14 23:36Core Viewpoint - The company Jinggong Steel Structure (600496.SH) demonstrates steady operational performance with significant growth in both domestic and international markets, particularly in steel structure sales and international orders [2][4][5]. Group 1: Financial Performance - In the first nine months of 2025, the company signed 533 contracts with a total contract value of 17.98 billion yuan, representing a year-on-year increase of 4.8% [3]. - The company achieved a steel structure sales volume of 1.18 million tons, up 34.6% year-on-year [4]. - For the first half of 2025, the company reported operating revenue of 9.911 billion yuan, a 29.48% increase, and a net profit attributable to shareholders of 350 million yuan, up 28.06% [8]. Group 2: International Business Growth - The company signed international orders worth 5 billion yuan in the first nine months of 2025, marking an impressive year-on-year growth of 87.3% [4][5]. - The international industrial building segment generated 2.52 billion yuan, a 64.3% increase, while the international public building segment reached 2.47 billion yuan, soaring 118.4% [4]. Group 3: Domestic Business Performance - The industrial building sector showed strong performance with project amounts reaching 7.42 billion yuan, a 9.1% increase year-on-year [6]. - The company faced challenges in the domestic public building and EPC sectors, with project amounts declining by 35.5% and 44.6% respectively [6]. Group 4: Innovation and Efficiency - The company is actively transforming its EPC business model and enhancing its service offerings, including integrated photovoltaic building solutions [7]. - Research and development expenses increased by 7.75% to 345 million yuan in the first half of 2025, reflecting the company's commitment to innovation [8]. Group 5: Cash Flow and Financial Health - As of June 30, 2025, the company reported cash and cash equivalents of 5.152 billion yuan, a 5.71% increase, with net cash flow from operating activities reaching 420 million yuan, up 90.8% [9].