Investment Rating - The report maintains a "Buy" rating for China Communications Construction Company (CCCC) [5][7] Core Views - The company's performance in 2024 met expectations, with total revenue of 771.9 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 23.4 billion, a decrease of 2% [1][2] - The company experienced significant cash flow improvement, with operating cash flow net inflow of 12.5 billion, an increase of 0.4 billion year-on-year, and a substantial increase in Q4 cash flow [3] - New contract signings showed robust growth, with a total of 1.8812 trillion in new contracts, a 7% increase year-on-year, particularly strong in emerging sectors like water conservancy and energy [4] Summary by Sections Financial Performance - In 2024, CCCC achieved total revenue of 771.9 billion, with a quarterly breakdown showing Q4 revenue growth of 12% year-on-year, while the annual net profit was 23.4 billion, down 2% [1][2] - The comprehensive gross margin for 2024 was 12.29%, a decrease of 0.3 percentage points year-on-year, primarily due to declining profitability in projects outside mainland China [2] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 12.5 billion, with Q4 showing a significant inflow of 89.5 billion, indicating improved cash flow management [3] - Investment cash outflow was reduced to 29.6 billion, a decrease of 26.3 billion year-on-year, reflecting a controlled approach to investment projects [3] Order Book and Future Outlook - CCCC's new contract value reached 1.8812 trillion, with domestic and international contracts growing by 6% and 13% respectively [4] - The company has a substantial backlog of contracts amounting to 34.868 trillion, which is 4.5 times its 2024 revenue, indicating strong future revenue potential [4] Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 25.5 billion, 25.9 billion, and 26.5 billion respectively, with corresponding EPS of 1.56, 1.59, and 1.63 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved a total revenue of 771.9 billion, a year-on-year increase of 1.7%, and a net profit attributable to shareholders of 23.4 billion, a decrease of 2% [1][6]. - The company experienced significant cash flow improvement, with operating cash flow net inflow of 12.5 billion, an increase of 0.4 billion year-on-year, and a substantial increase in Q4 cash flow [3][6]. - New contract signing remained robust, with a total of 1.8812 trillion in new contracts, a year-on-year increase of 7%, driven by strong growth in emerging sectors such as water conservancy and energy [4][6]. Summary by Sections Financial Performance - The company reported a comprehensive gross margin of 12.29%, a year-on-year decrease of 0.3 percentage points, primarily due to declining profitability in projects outside mainland China [2]. - The annual expense ratio was 6.01%, a decrease of 0.26 percentage points, with management expenses benefiting from ongoing cost control efforts [2][6]. Cash Flow and Investment - The company achieved a net inflow of 89.5 billion in Q4, a year-on-year increase of 27.1 billion, indicating significant cash flow improvement [3]. - The total contract amount for infrastructure investment projects was 129.4 billion, a substantial decrease of 38% year-on-year, suggesting reduced capital expenditure pressure in the future [3]. Order Book and Future Outlook - The company’s order backlog at the end of 2024 was 34.868 trillion, which is 4.5 times the revenue for 2024, indicating a strong pipeline of work [4]. - The projected net profit for 2025-2027 is expected to be 25.5 billion, 25.9 billion, and 26.5 billion respectively, with corresponding EPS of 1.56, 1.59, and 1.63 [5][6].

中国交通建设股份有限公司 内部控制审计报告 二零二四年十二月三十一日 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计意 见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制审计报告 安永华明（2025）专字第70028071_A01号 中国交通建设股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审计 了中国交通建设股份有限公司2024年12月31日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是企业董事会的责 任。 二、注册会计师的责任 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况的变 化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内部控制审 计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，中国交通建设股份有限公司于2024年12月31日按照《企业内部控制基本 规范》和相关规定在所 ...

中国交通建设股份有限公司 | | 页次 | | --- | --- | | 审计报告 | 1-5 | | 已审财务报表 | | | 合并资产负债表 | 6-8 | | 合并利润表 | 9-10 | | 合并股东权益变动表 | 11-12 | | 合并现金流量表 | 13-14 | | 公司资产负债表 | 15-17 | | 公司利润表 | 18 | | 公司股东权益变动表 | 19-20 | | 公司现金流量表 | 21-22 | | 财务报表附注 | 23-284 | | 补充资料 | | | 一、非经常性损益明细表 | 1 | | 二、净资产收益率及每股收益 | 2 | | 三、中国企业会计准则与国际财务报告会计准则财务报表编报差异调节表 | 3 | 目录 已审财务报表 2024 年度 中国交通建设股份有限公司 审计报告 安永华明（2025）审字第70028071_A01号 中国交通建设股份有限公司 中国交通建设股份有限公司全体股东： 一、审计意见 我们审计了中国交通建设股份有限公司的财务报表，包括2024年12月31日的合并及公司 资产负债表、2024年度的合并及公司利润表、股东权益变动表和现金流量表以 ...

中国交通建设股份有限公司 2024 年度 独立董事述职报告 刘辉 根据中国证券监督管理委员会《上市公司独立董事管理 办法》以及中国交通建设股份有限公司（以下简称"中国交 建"或"公司"）股票上市地监管机构或证券交易所相关业 务规则等要求，本人作为公司的独立董事在 2024 年度的工 作中恪尽职守、忠诚履职，在公司董事会中充分发挥参与决 策、监督制衡、专业咨询的作用，切实维护公司整体利益及 中小股东合法权益。现将本人 2024 年度履行独立董事职责 情况报告如下。 一、基本情况 经公司 2022 年第一次临时股东大会选举，本人于 2022 年 2 月起担任公司第五届董事会独立非执行董事；现同时担 任公司第五届董事会薪酬与考核委员会主席以及审计与内 控委员会、战略与投资及 ESG 委员会委员。经自查，本人独 立董事任职符合相关规章要求，报告期内本人不存在影响独 立董事独立性的情况。 二、独立董事年度履职概况 （一）出席董事会会议情况。 2024 年，公司第五届董事会共召开董事会会议 14 次（定 期会议 4 次，临时会议 10 次），共计审议议案 65 项（通过 65 项）。本人出席公司董事会会议次数、方式及投票 ...

中国交通建设股份有限公司 2024 年度 独立董事述职报告 周孝文 根据中国证券监督管理委员会《上市公司独立董事管理 办法》以及中国交通建设股份有限公司（以下简称"中国交 建"或"公司"）股票上市地监管机构或证券交易所相关业 务规则等要求，本人作为公司的独立董事在 2024 年度的工 作中恪尽职守、忠诚履职，在公司董事会中充分发挥参与决 策、监督制衡、专业咨询的作用，切实维护公司整体利益及 中小股东合法权益。现将本人 2024 年度履行独立董事职责 情况报告如下。 一、基本情况 经公司 2022 年第一次临时股东大会选举，本人于 2022 年 2 月起担任公司第五届董事会独立非执行董事；现同时担 任公司第五届董事会提名委员会、薪酬与考核委员会、审计 与内控委员会、战略与投资及 ESG 委员会委员。经自查，本 人独立董事任职符合相关规章要求，报告期内本人不存在影 响独立董事独立性的情况。 二、独立董事年度履职情况 （一）出席董事会会议情况。 2024 年，公司第五届董事会共召开董事会会议 14 次（定 期会议 4 次，临时会议 10 次），共计审议议案 65 项（通过 65 项）。本人出席公司董事会会议次数、方 ...

根据中国证券监督管理委员会《上市公司独立董事管理 办法》以及中国交通建设股份有限公司（以下简称"中国交 建"或"公司"）股票上市地监管机构或证券交易所相关业 务规则等要求，本人作为公司的独立董事在 2024 年度的工 作中恪尽职守、忠诚履职，在公司董事会中充分发挥参与决 策、监督制衡、专业咨询的作用，切实维护公司整体利益及 中小股东合法权益。现将本人 2024 年度履行独立董事职责 情况报告如下。 一、基本情况 报告期内，本人担任公司第五届董事会独立非执行董事， 以及公司第五届董事会提名委员会、审计与内控委员会、战 略与投资及 ESG 委员会、薪酬与考核委员会委员。本人独立 董事及专委会委员任职符合相关规章要求，报告期内不存在 影响独立性的情况。 二、独立董事年度履职情况 中国交通建设股份有限公司 2024 年度 独立董事述职报告 武广齐 （一）出席董事会会议情况。 2024 年，公司第五届董事会共召开董事会会议 14 次（定 期会议 4 次，临时会议 10 次），共计审议议案 65 项（通过 65 项）。本人出席公司董事会会议次数、方式及投票情况如 下表所示： 1 | | | 亲自出席 | | 参加 | 委 ...

中国交通建设股份有限公司 2024 年度 独立董事述职报告 陈永德 根据中国证券监督管理委员会《上市公司独立董事管理 办法》以及中国交通建设股份有限公司（以下简称"中国交 建"或"公司"）股票上市地监管机构或证券交易所相关业 务规则等要求，本人作为公司的独立董事在 2024 年度的工 作中恪尽职守、忠诚履职，在公司董事会中充分发挥参与决 策、监督制衡、专业咨询的作用，切实维护公司整体利益及 中小股东合法权益。现将本人 2024 年度履行独立董事职责 情况报告如下。 一、基本情况 本人于 2022 年 2 月起担任公司第五届董事会独立非执 行董事、公司第五届董事会审计与内控委员会主席，以及提 名委员会、薪酬与考核委员会委员。本人具备金融、证券、 财务专业经验，且惯常居住地位于香港，符合香港联交所、 上交所关于董事任职资格的相关要求。报告期内，经自查， 本人独立董事任职符合相关规章要求，报告期内本人不存在 影响独立董事独立性的情况。 二、独立董事年度履职情况 （三）出席董事会专门委员会情况。 2024 年，公司董事会共召开审计与内控委员会 9 次，审 议通过议案 28 项；提名委员会 2 次，审议通过议案 2 项 ...

Financial Performance - The total revenue for 2024 reached 771.9 billion yuan, representing a year-on-year growth of 1.74%[7]. - The net profit attributable to shareholders for 2024 was 234 billion yuan, showing a year-on-year decline of 1.81%[7]. - The company reported an operating profit of 36.4 billion yuan, with a slight year-on-year increase of 0.09%[7]. - The company's operating revenue for 2024 reached CNY 771.94 billion, representing a 1.74% increase compared to 2023[28]. - The net profit attributable to shareholders for 2024 was CNY 23.38 billion, a decrease of 1.81% from the previous year[28]. - The net profit after deducting non-recurring gains and losses was CNY 19.81 billion, down 8.44% year-on-year[28]. - The total profit was CNY 36.38 billion, showing a minimal growth of 0.01%[152]. - The overall gross profit was 948.42 billion RMB, a slight decrease of 0.74% year-on-year, with the gross profit margin at 12.29%, down 0.31 percentage points[174]. Dividend Distribution - The company plans to distribute a cash dividend of approximately 49.11 billion yuan, which is 21% of the net profit attributable to shareholders of 233.84 billion yuan, with a per-share dividend of 0.30166 yuan[3]. - The cash dividend payout ratio increased by 1 percentage point compared to the previous year, reaching 21%[7]. - The proposed dividend distribution plan for 2024 suggests a payout ratio increase of 1 percentage point, resulting in a total cash dividend of approximately CNY 4.911 billion, with a per-share dividend of CNY 0.30166[9]. - The company has cumulatively distributed approximately 53 billion yuan in dividends since its listing[7]. - The company has implemented a mid-term profit distribution plan for 2024, distributing approximately CNY 2.280 billion in cash dividends to all shareholders[9]. Contract and Project Achievements - The company achieved a new contract signing amount of 705.3 billion yuan, with a year-on-year increase of 7.30%[7]. - The overseas new contract amount reached 181.2 billion yuan, reflecting a year-on-year growth of 109.8%[7]. - The company secured new contracts worth USD 38.46 billion in countries participating in the "Belt and Road" initiative, accounting for 75% of the new contracts signed in overseas regions[9]. - The company achieved a new contract signing amount of CNY 705.347 billion in strategic emerging industries, representing a year-on-year growth of 46.43%[11]. - The total new contract value reached 1,881.185 billion RMB, representing a year-on-year growth of 7.30%[53]. - The company signed new contracts worth 359.726 billion RMB from overseas markets, accounting for 19% of the total new contracts, with a year-on-year growth of 12.50%[45]. - The company’s new contracts in water conservancy projects reached 76.409 billion RMB, reflecting a year-on-year growth of 109.75%[47]. Research and Development - The company has established a total of 177 innovation platforms, including 16 national-level and 127 provincial-level platforms, enhancing its research and development capabilities[18]. - The company has received 43 National Science and Technology Progress Awards and 5 National Technology Invention Awards, showcasing its commitment to innovation[19]. - R&D expenditure for the reporting period was 26.393 billion yuan, accounting for 3.42% of total revenue, with significant progress in overcoming key "bottleneck" technologies[82]. - The total amount of R&D investment was 26.393 billion CNY, with 25.998 billion CNY being expensed and 395.73 million CNY capitalized[184]. Strategic Focus and Future Plans - The company aims for a new contract signing target of at least 7.1% year-on-year growth and a revenue target of at least 5.0% year-on-year growth for 2025[9]. - The company is focusing on eight key areas and 25 sub-sectors in strategic emerging industries, including offshore wind power and Beidou technology applications[11]. - The company plans to enhance investment in new industries and accelerate overseas investment, focusing on countries with significant infrastructure demand and favorable investment environments[126]. - The company aims to enhance its global competitiveness by focusing on technology, management, and quality in its operations[19]. - The company is committed to high-quality, sustainable overseas business development, focusing on infrastructure projects that benefit local communities[97]. Operational Efficiency and Management - The operating cash collection rate improved to 102.27%, an increase of 4.15 percentage points year-on-year[7]. - The company is implementing a comprehensive risk management system to ensure safety and compliance across all levels of operation[57]. - The company is focused on optimizing its governance structure and enhancing the role of the board of directors to ensure effective decision-making[57]. - The company is actively optimizing its asset structure and reducing non-operating and inefficient assets to improve cash flow[88]. - The company is committed to strengthening regulatory oversight and enhancing project execution through digital transformation and intelligent technology[126]. Market Presence and International Operations - The company has a strong presence in 139 countries and regions, demonstrating its extensive international reach[17]. - The company is focusing on expanding its presence in emerging markets, particularly in Southeast Asia and Africa, while enhancing its capabilities in international operations[146]. - The company is actively pursuing new business opportunities in water conservancy, renewable energy, and integrated ecological restoration projects[145]. - The company is enhancing its overseas competitiveness by extending its global industrial chain layout and addressing operational risks[70]. Investment and Financial Management - The company has established a multi-level REITs system, enhancing its experience in asset revitalization through financial innovation[90]. - The company is expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds targeting strategic emerging industries[91]. - The company is prioritizing investment in smart infrastructure and digital transformation to align with national strategies and enhance operational efficiency[140]. - The company is focusing on major projects, winning bids for key projects such as Xiaodeng, Meishan Port, and Huanghua Port, and achieving breakthroughs in lake and river dredging, and water conservancy projects[117].

1 二、财务公司内部控制基本情况 （一）组织架构及运行情况 根据现代公司治理结构要求，财务公司按照"三会分设、 三权分开、有效制约、协调发展"的原则，设立股东会、董 事会、监事会和公司管理层。财务公司贯彻国资委及公司要 求，落实党组织研究讨论董事会、经理层决策重大问题的前 置程序。财务公司股东会、董事会、监事会和管理层依照相 关议事规则和管理制度行使决策权、监督权、管理权，并承 担相应的义务和责任，形成决策系统、执行系统、监督反馈 系统互相制衡的公司组织结构。 2024 年度中国交通建设股份有限公司 关于中交财务有限公司的风险持续评估报告 一、财务公司基本情况 中交财务有限公司（以下简称"财务公司"）是经中国 银行业监督管理委员会批准，于 2013 年 7 月成立的非银行 金融机构。财务公司金融许可证机构编码 L0071H211000001， 营业执照统一社会信用代码 91110000071677369E。 财务公司由中国交通建设集团有限公司及中国交通建 设股份有限公司共同出资设立，成立之初注册资本金 35 亿 元人民币。2021 年 10 月，注册资本金增加至 70 亿元人民币， 其中中国交通建设集团有限公 ...