精工钢构(600496.SH)：2025年共新签合同698项，累计合同金额242.7亿元，同比增长10.5%

Core Viewpoint - The company has shown significant growth in new contracts and international business, despite a decline in domestic operations, indicating a strategic shift towards international markets and new business areas. Group 1: Contract and Revenue Growth - In 2025, the company signed a total of 698 new contracts with a cumulative contract value of 24.27 billion yuan, representing a year-on-year increase of 10.5% [1] - From October to December 2025, the company signed 165 new contracts with a cumulative contract value of 6.3 billion yuan, reflecting a year-on-year growth of 30.8% [1] - The company's steel structure sales reached 1.726 million tons in 2025, up 27.6% year-on-year, with sales of 547,000 tons in the fourth quarter, marking a 14.6% increase [1] Group 2: International Business Expansion - The company capitalized on opportunities in the overseas market, achieving new orders worth 7.2 billion yuan in international business, a year-on-year increase of 140.1%, with public building orders growing by 302.5% [2] - In the fourth quarter of 2025, new orders from international business amounted to 2.2 billion yuan, showing a remarkable year-on-year growth of 568.4% [1][2] Group 3: Domestic Business Challenges and Strategic Shift - Domestic business experienced a decline of 10% in 2025, primarily due to a downturn in public building and EPC projects, prompting the company to reduce bids for government-funded projects and shift focus to private sector investments [2] - The rapid growth of international business has helped maintain overall positive growth and offset challenges from increased competition and demand slowdown in the domestic market, enhancing the company's business structure and order quality [2] Group 4: Other Business Segments - The company's industrial chain and strategic franchise business, along with BIPV (Building-Integrated Photovoltaics) business, continued to grow rapidly, achieving new orders of 1.28 billion yuan and 350 million yuan respectively, with year-on-year increases of 51.7% and 60.8% [2] - The BIPV business saw a significant growth of 117.2% year-on-year in the fourth quarter [2]