证券代码：002051 证券简称：中工国际 中工国际工程股份有限公司投资者关系活动记录表 编号：2025-008 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | | | | --- | --- | --- | --- | --- | | | □媒体采访 ☑ | | | 业绩说明会 | | | □新闻发布会 □路演活动 | | | | | | □现场参观 | | | | | | □其他 | | | | | 参与单位名称 | 参与公司 年半年度业绩说明会的投资者 2025 | | | | | 时间 | 年 2025 9 2 | 月 | 日 | | | 地点 | 在"价值在线"采用网络远程方式举行 | | | | | 上市公司接待人员姓 | 董事长王博先生，独立董事辛修明先生、张黎群女士、王世宏 | | | | | 名 | 先生，财务总监康志锋先生，董事会秘书芮红女士。 | | | | | 投资者关系活动主要 | 公司和投资者就经营情况等进行了交流。 | | | | | 内容介绍 | 本次投资者活动没有发生未公开重大信息泄密的情况。 | | | | | 附件清单（如有） | 投资者关系活动记录 | ...

夏巴兹表示，祝贺中国人民抗日战争胜利80周年，中国共产党在世界反法西斯战争中发挥关键作用，拯 救了中国，也改变了世界。巴中铁杆友谊植根于2亿多巴基斯坦人民心中，每一代人都铭记中国提供的 无私帮助，没有任何力量能够撼动牢不可破的巴中友谊。在习近平主席坚强领导下，中国取得经济社会 发展巨大成就，完成脱贫攻坚，造福中国人民，并通过共建"一带一路"合作同发展中国家共享机遇，在 世界上赢得赞誉和人心。巴方坚定奉行一个中国原则，期待不断强化两国友好纽带，推进各领域合作， 让巴中关系持续向前发展。巴方将不遗余力保护在巴中国人员、项目和机构安全。习近平主席提出全球 治理倡议对世界和平发展稳定具有重大意义，巴方将全力支持并积极落实。 王毅参加会见。 习近平强调，中方支持巴基斯坦保持团结、聚焦发展、增强国力，愿同巴方共同努力，打造中巴经济走 廊"2.0升级版"和中巴自贸协定升级版，加强产业、农业、矿业等领域合作，助力提升巴方自主发展能 力。中方支持巴方打击恐怖主义，希望巴方采取切实有效举措保障中方在巴人员、项目和机构安全，为 两国合作营造安全环境。双方要加强战略沟通，落实好全球发展倡议、全球安全倡议、全球文明倡议、 全球治理倡议 ...

Group 1 - The core viewpoint emphasizes the strong partnership between China and Turkmenistan, built on mutual respect and win-win cooperation, with a focus on deepening collaboration and building a shared future [1][2] - China supports Turkmenistan's permanent neutrality policy and aims to expand cooperation in natural gas and non-resource sectors, enhancing connectivity and cultural exchanges [1][2] - Both countries signed multiple bilateral cooperation documents in areas such as intellectual property, media, and education, indicating a commitment to strengthening ties [3] Group 2 - Turkmenistan expresses its willingness to enhance cooperation in energy, infrastructure, education, and culture, aligning its "Revival of the Silk Road" strategy with China's Belt and Road Initiative [2] - The Shanghai Cooperation Organization is highlighted as a platform with significant potential for cooperation in trade, investment, security, and cultural exchanges, contributing to a more just and balanced world order [2] - Turkmenistan fully supports China's vision of building a community with a shared future for mankind and global governance initiatives, indicating a commitment to collaborative international relations [2]

Core Viewpoint - TBEA has been awarded a significant contract by Saudi Electricity Company for the localization procurement of ultra-high voltage and high voltage transformers and reactors, with an estimated total order value of 16.4 billion RMB, potentially reaching 11.5 billion RMB based on a minimum execution rate of 70% [1][2] Group 1: Contract Details - The contract includes the supply of 179 ultra-high voltage transformers, 108 ultra-high and high voltage reactors, and 391 high voltage transformers, with a minimum execution requirement of 70% [2] - TBEA plans to establish a manufacturing facility in Saudi Arabia for transformers and reactors to enable local production and supply, initially supplying from its Chinese factory until the local facility is operational [2][3] Group 2: Market Context - The demand for power equipment in the Middle East is robust, attracting global energy companies to participate in bidding [3] - TBEA has previously secured multiple orders in Saudi Arabia and the Middle East, enhancing its strategic value and supply capacity in the region [3] Group 3: Financial Performance - TBEA reported a revenue of 48.35 billion RMB in the first half of 2025, a year-on-year increase of 1.11%, with a profit total of 4.42 billion RMB, up 15.62% [4] - The company signed contracts worth over 1.12 billion USD in the first half of the year, reflecting a 65.91% increase compared to the same period last year [4] Group 4: Industry Outlook - The global power grid investment is expected to rise significantly, with projections of reaching 775 billion USD annually by 2030 and exceeding 870 billion USD annually by 2040 [4] - The export of transformer products from China reached 3.65 billion USD in the first half of the year, indicating a growing market share for TBEA in regions like the Middle East and West Africa [4][5]

Core Viewpoint - Tongyu Communication (002792) is actively engaging in satellite communication commercialization, overseas market expansion, and emerging business layouts, as evidenced by recent discussions with 83 institutional investors [2][3]. Group 1: Financial Performance - In the first half of the year, Tongyu Communication achieved a main business revenue of 533 million yuan, with a net profit attributable to shareholders of 21.786 million yuan [2]. - The traditional business showed steady growth, with base station antennas and RF device revenue reaching 372 million yuan, accounting for 71.14% of total revenue [2]. - The microwave antenna segment saw significant growth, with product revenue of 119 million yuan, a year-on-year increase of 84.36% [2]. Group 2: Overseas Business Growth - The company's overseas revenue reached 266 million yuan in the first half of the year, marking a significant year-on-year growth of 47.77% [3]. - The gross profit margin for overseas revenue was 28.56%, which is 8.95 percentage points higher than that of domestic revenue [3]. - Tongyu Communication attributes this success to its expansion efforts in countries involved in the Belt and Road Initiative, Southeast Asia, and the Middle East [3]. Group 3: Satellite Communication Strategy - The company is focusing on low-orbit broadband satellite internet, aligning with national strategic initiatives, and has established partnerships with major operators [3]. - Satellite communication products cover three application scenarios: "star-ground-end," and the company has made substantial progress in multiple satellite constellation projects [3]. - By the first half of 2025, the satellite communication business is expected to generate revenue of 26.08 million yuan, with ground station products already in small-scale delivery [3]. Group 4: Emerging Business Developments - Tongyu Communication is developing customized products for special scenarios, such as wall-mounted antennas for bridges and high-speed trains, and satellite terminals for deep-sea fishing vessels [4]. - The MacroWiFi product, designed to address outdoor communication challenges, features a high-gain dual-beam antenna array capable of 2 km transmission and supporting over 200 concurrent users [4]. - The company has successfully tested these products in several countries, including Indonesia, UAE, Myanmar, Kazakhstan, Cameroon, Nigeria, and Russia, and has begun small-scale orders [4]. Group 5: Institutional Investor Sentiment - Institutional investors are optimistic about Tongyu Communication based on three dimensions: the transition of satellite communication from "technical layout" to "scale commercialization," the establishment of a differentiated competitive advantage in overseas markets, and the synergy between traditional and emerging businesses [4].

9月2日，中金公司作为牵头全球协调人及交割行，成功协助哈萨克斯坦开发银行（Development Bank of Kazakhstan JSC，"DBK"）完成20亿元3年期离岸人民币债券的发行和上市，票息3.35%。本次发行创下 多项市场首单纪录，既是哈萨克斯坦发行人在全球公开发行及上市的首单人民币债券、中亚地区发行人 首单公开发行的人民币债券，也是中亚地区发行人首笔在香港交易所挂牌的人民币债券。在 2025 年上 海合作组织峰会召开背景下，本次债券发行为"一带一路"倡议下的中哈产能合作项目提供了跨境融资的 创新模式，也为高质量共建"一带一路"背景下的跨国金融合作与产能协同树立了新标杆。 本次债券发行受到全球投资者的广泛关注，账簿峰值高达50亿元人民币。债券以最终价格3.35%定价， 较初始价格指引大幅收窄40个基点，为中亚企业发行离岸人民币债券树立了标杆。本次发行吸引了包括 超主权基金、商业银行、保险及资产管理机构等多元化国际投资者踊跃认购，充分体现了市场对人民币 资产及中哈两国合作前景的高度认可。 本次点心债成功发行，不仅彰显了哈萨克斯坦开发银行对离岸人民币资本市场的认可，也是中哈两国在 深化金融合作、 ...

中金公司透露，本次债券发行受到全球投资者广泛关注，账簿峰值高达50亿元人民币。债券以最终价格 3.35%定价，较初始价格指引大幅收窄40个基点，为中亚企业发行离岸人民币债券树立了标杆。 本次发行吸引了包括超主权基金、商业银行、保险及资产管理机构等多元化国际投资者踊跃认购。(完) 据悉，本次发行既是哈萨克斯坦发行人在全球公开发行及上市的首笔人民币债券、中亚地区发行人首笔 公开发行的人民币债券，也是中亚地区发行人首笔在香港交易所挂牌的人民币债券。 业内认为，在上合组织天津峰会举行的背景下，本次债券发行为"一带一路"倡议下的中哈产能合作项目 提供了跨境融资的创新模式，也为高质量共建"一带一路"背景下的跨国金融合作与产能协同树立了新标 杆。 中新社天津9月2日电 (记者 夏宾)记者2日从中金公司获悉，该公司作为牵头全球协调人及交割行，协助 哈萨克斯坦开发银行完成20亿元人民币3年期离岸人民币债券的发行和上市，票息3.35%。 ...

公司在会上介绍了基本情况、2025上半年业务开展情况以及接下来的业务发展规划，并对2025年半年度 财务数据进行了解读。2025年上半年，微波天线业务收入约为1.19亿元，同比增长84%左右，毛利率为 33%，占营业收入的22%，是主营业务中毛利最高的板块。光模块业务营收同比增长98%，目前营收占 比为0.67%。卫星通信业务收入同比上涨2.59%，收入达2600万元 。 投资者互动交流要点卫星通信业务增长预期：公司围绕国家战略推动的低轨宽带卫星互联网布局，与主 要运营商合作，产品覆盖"星 - 地 - 端"场景，参与多个星座计划，进入垣信供应链体系。虽2025年上半 年商业卫星发展进度放缓，但公司对业务前景乐观，将其视为第二增长曲线，并在相关产业链上下游投 资布局。海外市场拓展计划：公司海外销售占比接近总营收一半，增长动力源于"一带一路"国家4G建 设及部分国家5G网络升级。公司在东南亚建立了销售网络，计划加强非洲和中东市场开发。其产品 MACRO WIFI在多个国家测试良好，已开始小批量交付，公司将抓住"一带一路"国家4G/5G升级机遇， 扩大MACRO WIFI销售渠道，关注高端市场网络升级机会，并应对部 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a revenue of 46.3 billion yuan in Q2, a slight decrease of 0.2% year-on-year, while the net profit attributable to shareholders was 14.4 billion yuan, an increase of 8.6% year-on-year [4][9]. - The container segment continues to show strong performance with both volume and price increases, while dry bulk cargo is expected to improve further [9]. - The outlook for the company remains positive due to the resilience in exports, particularly to "Belt and Road" countries and the EU, which offsets concerns from US-China trade tensions [9]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 94.3 billion yuan, up 4.0% year-on-year, and a net profit of 28.4 billion yuan, up 7.6% year-on-year [4]. - For Q2 specifically, the revenue was 46.3 billion yuan, with a net profit of 14.4 billion yuan [4][9]. Container Segment - The container throughput for the first half reached 822,000 TEU and 881,000 TEU in Q1 and Q2 respectively, reflecting year-on-year increases of 7.2% and 8.1% [9]. - The average revenue per container increased by 22.0% year-on-year, contributing to a net profit of 13.7 billion yuan from the container handling and related services, a rise of 43.9% [9]. Dry Bulk and Liquid Cargo - Dry bulk cargo performance improved, particularly in iron ore imports, which showed a sequential recovery [9]. - The company handled 1.27 billion tons of dry bulk cargo in the first half, a slight decrease of 1.7% year-on-year, while the liquid bulk segment faced challenges with a throughput of 0.49 billion tons, down 10.1% year-on-year [9]. Future Outlook - The company expects continued growth in container throughput driven by stable domestic iron ore production and favorable overseas shipping plans [9]. - Projected net profits for 2025-2027 are estimated at 55.8 billion, 59.6 billion, and 64.0 billion yuan respectively, with corresponding PE ratios of 9.9, 9.3, and 8.6 [9].

Core Viewpoint - The article emphasizes the significance of the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, highlighting China's historical role and its commitment to peace and development for humanity [1][5][17]. Historical Echoes - The article outlines the historical context of China's resistance against Japanese aggression, starting from the September 18 Incident in 1931, marking the beginning of the global anti-fascist struggle [2][3]. - It details the collective effort of the Chinese people during the 14-year war, which resulted in over 35 million casualties, showcasing their resilience and unity against foreign invasion [3][4]. Justice and Responsibility - The narrative stresses China's transformation from a nation that suffered colonial oppression to a responsible global player advocating for peace and justice, as articulated by international experts [5][6]. - It highlights China's active role in the establishment of the United Nations and its commitment to the principles of peace and democracy [6][7]. Development Engine - The article presents China's economic growth as a significant contributor to global development, with its GDP increasing from 367.9 billion in 1978 to over 130 trillion by 2024, marking a growth of over 300 times [9][10]. - It emphasizes China's transition from being the "world's factory" to a leader in high-value manufacturing and technological innovation, reshaping global industrial dynamics [10][11]. Global Cooperation - The article discusses China's initiatives like the Belt and Road Initiative, which aims to foster development and cooperation with other developing countries, enhancing global connectivity and economic growth [12][16]. - It notes China's commitment to poverty alleviation, having reduced nearly 800 million people from poverty since the reform and opening up, contributing significantly to global poverty reduction efforts [11][12]. Call of the Times - The article concludes with China's vision of building a community with a shared future for mankind, addressing contemporary global challenges through cooperation and mutual development [15][17]. - It reiterates China's enduring values of peace, development, justice, and the aspiration for a harmonious world, which remain central to its international relations strategy [17][18].