Key Points - The core viewpoint of the article highlights the financial performance and contract acquisition of Zhonggong International, indicating a slight decline in stock price and a positive growth in new contracts for 2025 [1] Group 1: Trading Information - On January 15, the stock price of Zhonggong International closed at 8.54 yuan, down by 0.47%, with a turnover rate of 1.04% and a trading volume of 128,900 shares, amounting to a transaction value of 110 million yuan [1] - On the same day, the net inflow of main funds was 8.46 million yuan, while the net inflow of speculative funds was 7.96 million yuan, contrasting with a net outflow of retail funds amounting to 16.42 million yuan [2] Group 2: Company Announcement Summary - In the fourth quarter of 2025, Zhonggong International reported new contract values of 219 million USD for international engineering, 816 million yuan for domestic engineering contracting, and 678 million yuan for equipment manufacturing [1] - The total new contract value for the year 2025 reached 3.532 billion USD, representing a year-on-year growth of 4.19% [2] - As of the end of 2025, the backlog of contracts in international engineering stood at 10.277 billion USD [2] - During the reporting period, there were no new major projects signed, with ongoing significant projects including the expansion of the Punta Huete International Airport in Nicaragua and a soda ash plant project in Kazakhstan with an annual production capacity of 500,000 tons [1]

Group 1: International Engineering Business - In Q4 2025, the company signed 4 significant contracts in its international engineering business, totaling $219 million, including projects in Iraq, Guyana, Indonesia, and Kenya [1] - For the entire year of 2025, the company signed 17 important contracts in international engineering, with a cumulative contract value of $2.106 billion; the effective contract amount for international engineering contracting reached $1.880 billion, representing a year-on-year increase of 62.91% [1] - By the end of 2025, the company had 39 ongoing projects in international engineering, with a backlog of contracts amounting to $10.277 billion [1] Group 2: Domestic Engineering and Consulting Business - In Q4 2025, the company signed new domestic engineering contracts worth 816 million yuan, including projects in Luzhou and Jinhua; the consulting and design business signed contracts worth 433 million yuan, including projects in Xiamen and Hangzhou [2] - For the full year of 2025, the cumulative contract value for domestic engineering was 3.286 billion yuan, while the consulting and design business reached 1.76 billion yuan [2] - As of the end of 2025, the company had 4.493 billion yuan in signed but uncompleted domestic engineering projects and 1.127 billion yuan in projects that were won but not yet signed; the consulting and design business had 4.646 billion yuan in signed but uncompleted projects and 74 million yuan in won but unsigned projects [2] Group 3: Equipment Manufacturing Business - In Q4 2025, the company signed new contracts in its equipment manufacturing business worth 678 million yuan, including projects related to the Winter Sports Games and ski resorts [2] - The total contract value for the equipment manufacturing business in 2025 was 1.641 billion yuan, reflecting a year-on-year growth of 9.99% [2] - By the end of 2025, the cumulative contract amount for signed but uncompleted projects in the equipment manufacturing business was 3.790 billion yuan [2] Group 4: Engineering Investment and Operation Business - In Q4 2025, there were no new contracts signed in the engineering investment and operation business; the total contract value for the year was $475 million, with 315 million yuan in projects that were won but not yet signed [3] Group 5: Overall Contract Performance - The total contract value signed by the company in 2025 amounted to $3.532 billion, representing a year-on-year increase of 4.19% [4] Group 6: Major Ongoing Projects - The company is currently executing two major projects: the expansion of Punta Huete International Airport in Nicaragua, with a total contract value of 3.593 billion yuan, and a soda ash plant project in Kazakhstan, valued at $337 million [5] - The Punta Huete project has progressed to the main structure construction phase, while the Kazakhstan project has completed the core structure and is now in the secondary structure and equipment installation phase [5]