NORINCO International(SZ:000065) Sou Hu Cai Jing·2025-11-05 01:21Core Viewpoint - The company, North International (000065), is actively engaging with institutional investors to enhance communication and improve its operational quality, focusing on its role in international engineering and capacity cooperation, particularly in relation to the Belt and Road Initiative [2][3]. Group 1: Company Positioning and Strategy - The company is positioned as a key player in supporting national strategies, particularly in the context of the Belt and Road Initiative, aiming to strengthen its international operations in civilian products [2]. - North International leverages its Norinco brand and overseas investment network to establish a strong presence in key markets, especially along the Belt and Road, focusing on energy, resource, and industrial engineering projects [3]. - The company emphasizes a market-oriented approach to resource integration, maintaining close partnerships with leading global enterprises to enhance its operational capabilities [4]. Group 2: Competitive Advantages - The company has implemented an investment-driven transformation, integrating investment, construction, and operation to enhance its management capabilities and achieve good returns on investment projects [5]. - A high-quality, professional talent pool familiar with international operations supports the company's ability to manage overseas projects effectively [6]. - The company adopts a localized operational strategy, establishing a comprehensive management system to support its international business across various countries [7]. Group 3: Financial Performance - In the first three quarters of 2025, the company reported a main revenue of 9.915 billion, a year-on-year decrease of 29.79%, and a net profit of 485 million, down 36.02% [12]. - The company’s electricity operation segment showed stable performance, with significant growth in generation and revenue, particularly from projects in Croatia and Laos [8][9]. - The company plans to continue expanding its overseas electricity asset portfolio and explore new revenue channels, enhancing the profitability and strategic value of its electricity operations [9]. Group 4: Future Outlook and Shareholder Returns - The company has a long-standing commitment to stable shareholder returns, with a cash dividend ratio of 15% for 2024, an increase of 5 percentage points from the previous year, amounting to 158 million, a 72.55% increase year-on-year [11]. - Future dividend policies will balance operational funding needs with shareholder returns, aiming to gradually enhance dividend levels [11].