CSCEC(SH:601668) Chang Jiang Shang Bao·2026-01-18 23:52Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has achieved a record high in new contract signing for 2025, totaling 45,458 billion yuan, marking a 1% year-on-year increase [1][2]. Group 1: Contract Signing and Business Performance - In 2025, CSCEC's new contracts in the construction sector reached 41,510 billion yuan, reflecting a 1.7% increase year-on-year [1][3]. - The infrastructure business contributed 14,728 billion yuan, with a growth of 4.1%, while the housing construction business saw a slight increase of 0.5% to 26,654 billion yuan [3]. - The company reported a total of 39,253 billion yuan in domestic contracts, up 1.4%, and 2,257 billion yuan in overseas contracts, which grew by 6.9% [3]. Group 2: Research and Development - CSCEC has invested approximately 2,053 billion yuan in R&D over the past five years, ranking first among A-share listed companies [1][9]. - The company holds 70,887 valid patents, including 11,976 invention patents, showcasing its commitment to innovation [1][9]. Group 3: Strategic Focus and Market Expansion - CSCEC is prioritizing the expansion of its overseas business, aiming to enhance its effectiveness and adaptability in new markets [1][5]. - The company has recently secured significant projects totaling 320.9 billion yuan, including various infrastructure and housing projects [4]. Group 4: Financial Performance - In 2022, CSCEC's revenue surpassed 2 trillion yuan for the first time, reaching 2.06 trillion yuan, a year-on-year increase of 8.58% [7]. - However, in the first three quarters of 2025, the company reported a revenue decline of 4.20% year-on-year, totaling 1.56 trillion yuan, with a net profit of 381.82 billion yuan, down 3.83% [7][8].