北方国际分析师会议-20250826

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The "Belt and Road" initiative provides clear policy support and long - term direction for the international engineering industry. In the context of "dual carbon", green and intelligent development will be new requirements for project management and engineering construction. Engineering companies with full - life - cycle comprehensive service capabilities will have more market opportunities [36]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Northern International, belonging to the engineering construction industry. The reception time was on August 26, 2025. The listed company's reception personnel included the company's chairman and Party secretary Ji Wei, director, general manager and deputy Party secretary Shan Jun, independent director Song Dongsheng, and board secretary and chief financial officer Ni Jing [17]. 3.2. Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided in the given content. 3.4. Main Content Data - Project Progress: For questions about the progress of major projects such as the Egypt Alexandria Abu Qir subway vehicle project, Abu Dhabi KENT camp project, Bangladesh coal - fired power station EPC project, and Bosnia and Herzegovina Komarnje Mountain photovoltaic project, the company referred investors to the "Section III Management Discussion and Analysis - III. Main Business Analysis" of the 2025 semi - annual report [24]. - Stock Offering: On July 3, 2025, the company's application for issuing stocks to specific objects was accepted by the Shenzhen Stock Exchange. On August 7, 2025, the company replied to the review inquiry letter from the Shenzhen Stock Exchange. The matter still needs to pass the review of the Shenzhen Stock Exchange and be approved by the CSRC. The stock - offering plan has been reviewed and approved by the board of directors and the general meeting of shareholders and cannot be changed at will. The pricing benchmark date cannot be adjusted to the announcement date of the board of directors' resolution or the general meeting of shareholders' resolution [25][26]. - Stock Price: The company's stock price is affected by multiple factors such as the macro - environment, industry trends, and market sentiment. The company's operation is generally stable, and the board of directors and management will continue to operate in compliance and develop steadily to enhance the company's long - term value [26]. - Post - war Reconstruction: As an important practitioner of the "Belt and Road" initiative, the company has rich experience in international engineering contracting and clean energy, with full - chain capabilities in overseas project development, engineering construction, and local operation. It is actively evaluating potential cooperation opportunities [27]. - Performance: The company's performance declined in the first half of the year mainly due to factors such as coking coal price fluctuations. The company's overall operation is stable, and the management will continue to promote the expansion of overseas key markets [29]. - Project Performance: The Croatia Seni wind power project generated 215 million kWh of electricity in the first half of the year, a 28% increase compared to the same period last year. The Bosnia and Herzegovina photovoltaic project has an after - tax internal rate of return on total investment of 9.68%, an internal rate of return on project capital of 17.74%, and an investment payback period of 8.85 years [32][33]. - Key Markets: The company focuses on market development in resource - rich countries in Asia - Pacific, Central and Eastern Europe, the Middle East, and Central Asia, such as Indonesia, Croatia, Bosnia and Herzegovina, Uzbekistan, the UAE, and Egypt [34][35].