4月10日晚间，飞鹿股份(300665)发布公告称，公司顺利完成董事会人员补选及增选工作，章健嘉正式 当选为新任董事长。此次人事调整标志着这家老牌企业正式开启代际传承，迈入全新发展阶段。 公告显示，新任董事长章健嘉为公司实际控制人章卫国之子。据了解，章健嘉此前因外部单位离职手续 问题未能在2月董事会换届时进入董事会，现相关手续已全部办理完毕。原董事长李珍香女士将继续留 任公司，专注于其擅长的人事行政管理工作。 分析人士指出，此次人事调整体现了飞鹿股份管理层的平稳过渡。作为新一代企业领导者，章健嘉的接 任将为公司带来新的发展思路。公开资料显示，章健嘉在企业管理、市场开拓等方面具有丰富经验，其 接任董事长一职有望为公司注入新的活力。 在就任后的首次公开表态中，章健嘉表示,深感责任重大，将带领公司实现高质量发展。针对近期市场 关注的关税政策影响，其回应称公司业务主要集中于国内市场，目前政策变化对公司影响有限。 对于未来发展，章健嘉提出了三大重点方向：一是持续优化公司现代化治理结构，确保公司治理平稳、 规范；二是努力推动传统产业转型升级和拓展新赛道，持续提高企业核心竞争力；三是加强资本市场沟 通运作机制，提升公司内外 ...

Summary of China Railway Construction Corporation (CRCC) Conference Call Industry Overview - The conference call primarily discusses the construction industry in China, focusing on the impact of national policies on infrastructure projects and the company's strategic direction for 2025. Key Points and Arguments - **Economic Policy Impact**: The company anticipates that the national policies announced during the Two Sessions will significantly support infrastructure projects in 2025, aligning with earlier expectations. The new signed order scale and revenue are expected to at least match 2020 levels, indicating a stable outlook for future development [3][4][5]. - **Fiscal Measures**: The fiscal deficit rate for 2025 is set at approximately 4%, with new special bond arrangements totaling 4.4 trillion yuan. This includes accelerated project approvals in water management and railway sectors, creating new order opportunities for the company [3][4]. - **Improved Cash Flow**: Since the implementation of the debt issuance policy in Q4 2024, the company has seen an increase in payments from local governments, leading to an improved cash collection speed in Q1 2025. The expectation is that cash flow in 2025 will be significantly better than in 2020 [3][7]. - **Strategic Focus**: The company is advancing its "1,256" strategy aimed at building a world-class modern enterprise. This includes upgrading traditional industries and developing new sectors such as new infrastructure, new equipment, new materials, new energy, and new services [3][8][9]. - **PPP Project Management**: The company has ceased signing new Public-Private Partnership (PPP) projects since November 2023 due to quality and risk concerns. Existing projects are being reviewed to minimize financial exposure [10]. - **Real Estate Business**: The company plans to continue developing its real estate business in 2025, focusing on reasonable investments and quick turnover to enhance profitability. The strategy will be adjusted based on market conditions [13][14]. - **Inventory Management**: Despite industry-wide inventory devaluation pressures, the company maintains a relatively low risk due to its rapid turnover strategy and focus on first-tier cities, which helps mitigate excess inventory issues [15]. - **Debt Management**: The company's debt-to-asset ratio will be managed according to state-owned asset supervision requirements, with expectations for improved cash flow and payment conditions in 2025 [16]. - **Dividend Policy**: While the dividend plan for the previous year has not been announced, the management indicates a stable dividend ratio with potential for improvement based on operational success and payment conditions [17]. Additional Important Information - **Research and Development**: The establishment of the China Railway Construction Research Institute in Shenzhen aims to enhance R&D capabilities and facilitate the transformation of scientific achievements into products and industries [8]. - **Financial Health**: The company has a cautious approach towards hidden debts, primarily relying on government fiscal expenditures for receivables, which are not classified as hidden debts [11]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial expectations, and industry context for 2025.