MCC(SH:601618) 第一财经·2026-01-19 09:55Core Viewpoint - The performance of China Metallurgical Group Corporation (China MCC) is under pressure due to the sluggish real estate sector and slowing infrastructure investment, with a projected net profit decline of over 50% for 2025 compared to the previous year [2][3]. Financial Performance - China MCC's net profit attributable to shareholders has been declining annually, with figures of 10.276 billion yuan in 2022, 8.670 billion yuan in 2023, and an estimated 6.746 billion yuan in 2024, expected to drop to around 3.3 billion yuan in 2025 [2]. - For the first three quarters of 2025, China MCC reported an operating income of 335 billion yuan, a year-on-year decrease of 18.78%, and a net profit of 3.97 billion yuan, down 41.88% [3]. - The total new contracts signed by China MCC in 2025 were 1.1136 trillion yuan, a decrease of 10.8% year-on-year, with overseas contracts amounting to 94.88 billion yuan, a slight increase of 1.9% [3]. Strategic Moves - To seek breakthroughs, China MCC announced the sale of 100% equity in China MCC Real Estate and other related assets to China Minmetals and China Minmetals Development for a total of 60.676 billion yuan [3][4]. - Post-transaction, China MCC aims to clarify its positioning as a core platform focused on engineering contracting and emerging industries, expecting to alleviate losses from its real estate business by 2026 [4]. Industry Context - The slowdown in performance is not unique to China MCC; among the top eight state-owned construction enterprises, only China Power Construction, China Energy Engineering, and China Chemical achieved revenue growth in 2025 [4]. - The construction industry as a whole saw a revenue decline of 5.14% year-on-year, with net profits down 9.76% due to slowing fixed asset investment and local government debt pressures [4]. - China State Construction reported a total new contract amount of 4.5458 trillion yuan in 2025, a slight increase of 1.0%, while its real estate contract sales decreased by 6.4% [4]. Future Outlook - Looking ahead to 2026, the construction industry is expected to benefit from urban renewal trends and major infrastructure projects, as well as initiatives under the "14th Five-Year Plan" aimed at high-quality development [5].