Group 1 - China Energy Construction Co., Ltd. (China Energy) experienced a trading volume of 5.99 billion yuan on September 24, with a financing buy-in amount of 1.28 billion yuan and a net financing buy of 2.5965 million yuan [1] - The total financing and securities balance for China Energy reached 13.37 billion yuan, with the financing balance accounting for 1.69% of the circulating market value, indicating a high level compared to the past year [1] - On the same day, China Energy's securities lending saw a repayment of 500 shares and a sell-off of 28,000 shares, with a total sell amount of 68,000 yuan, while the remaining securities lending volume was 2.4845 million shares [1] Group 2 - China Energy was established on December 19, 2014, and went public on September 28, 2021, primarily engaged in construction contract business through five operational departments [2] - The main revenue sources for China Energy include engineering construction (85.81%), with renewable energy and integrated smart energy contributing 32.38%, and other segments such as industrial manufacturing and investment operations also contributing to the revenue [2] - As of June 30, 2025, China Energy reported a revenue of 212.09 billion yuan, reflecting a year-on-year growth of 9.18%, and a net profit attributable to shareholders of 2.802 billion yuan, with a slight increase of 0.72% [3]

Core Viewpoint - The company reported its 2025 H1 financial results, showing a steady revenue growth but a decline in net profit margins, indicating mixed performance across different business segments [1][3]. Group 1: Financial Performance - In 2025 H1, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 212.1 billion, 2.8 billion, and 2.5 billion yuan, respectively, with year-on-year growth rates of +9%, +1%, and +8% [1]. - For Q2 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 111.7 billion, 1.2 billion, and 1.1 billion yuan, with year-on-year changes of +15%, -9%, and -6% [1]. Group 2: Business Segments Performance - The company experienced strong revenue growth in H1 2025 across various segments, with design consulting, engineering construction, investment operations, and industrial manufacturing showing year-on-year increases of +16%, +10%, +16%, and +11%, reaching 9.1 billion, 182.0 billion, 15.2 billion, and 16.2 billion yuan, respectively [2]. - The engineering construction and investment operations segments, particularly in new energy and integrated smart energy, saw revenue growth of +18% and +49%, outperforming other business areas [2]. - The new contract value signed in H1 2025 was 775.4 billion yuan, representing a year-on-year increase of +5%, providing a solid revenue assurance [2]. Group 3: Profitability and Debt Management - The company's overall gross margin in H1 2025 decreased by 0.9 percentage points to 11.3%, with Q2 showing a further decline of 2.3 percentage points to 11.4% [3]. - The gross margins for design consulting, engineering construction, investment operations, and industrial manufacturing were 39.3%, 6.5%, 35.1%, and 16.6%, reflecting year-on-year changes of +2.8%, -0.8%, -8.4%, and -0.7 percentage points, respectively [3]. - The company's asset-liability ratio increased by 0.3 percentage points to 77.7% by the end of H1 2025, indicating a slight rise in leverage [3]. - The turnover days for accounts receivable and inventory improved by 26 days to 259 days, while net cash flows from operating and investing activities were -13.4 billion and -25.5 billion yuan, respectively, both showing year-on-year increases of +1.1 billion [3]. Group 4: Future Outlook - The company maintains its profit forecast, expecting revenues of 475.2 billion, 517.0 billion, and 556.9 billion yuan for 2025-2027, with year-on-year growth rates of +9%, +9%, and +8% [4]. - The projected net profits attributable to shareholders for the same period are 9.2 billion, 10.0 billion, and 11.3 billion yuan, with year-on-year growth rates of +10%, +9%, and +12% [4]. - The company is positioned as a "national team" in energy infrastructure, with emerging businesses in hydrogen and energy storage showing promising growth potential [4].

Group 1 - On September 15, China Energy Construction Co., Ltd. (China Energy) saw a stock price increase of 0.41% with a trading volume of 977 million yuan [1] - The financing data for China Energy on the same day indicated a financing purchase amount of 173 million yuan and a financing repayment of 223 million yuan, resulting in a net financing outflow of approximately 50.5 million yuan [1] - As of September 15, the total balance of margin trading for China Energy was 1.364 billion yuan, with the financing balance accounting for 1.71% of the circulating market value, which is above the 80th percentile level over the past year [1] Group 2 - China Energy was established on December 19, 2014, and went public on September 28, 2021, primarily engaged in construction contract business [2] - The company operates through five business segments, with construction services contributing 85.81% to total revenue, including 32.38% from new energy and integrated smart energy [2] - Other revenue sources include industrial manufacturing (7.66%), investment operations (7.16%), and surveying, design, and consulting (4.29%) [2] Group 3 - As of June 30, the number of shareholders for China Energy was 335,000, a decrease of 2.54% from the previous period [3] - For the first half of 2025, China Energy reported a revenue of 212.09 billion yuan, representing a year-on-year growth of 9.18%, and a net profit attributable to shareholders of 2.802 billion yuan, with a growth of 0.72% [3] - The company has distributed a total of 4.686 billion yuan in dividends since its A-share listing, with 3.748 billion yuan distributed over the past three years [3]

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-043 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 2025 年第二季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性 和完整性承担法律责任。 现将本公司 2025 年第二季度主要经营情况公布如下，供投 资者参阅。 一、按业务类型统计 1 单位：亿元 币种：人民币 业务类型 2025 年 4-6 月 年度累计 新签项目 数量（个） 新签合同额 新签项目 数量（个） 新签合同额 同比 增减 工程建设 2355 3529.87 4222 7170.41 9.23% 其 中 传统能源 1561 997.56 2610 1831.00 -10.38% 新能源及综 合智慧能源 492 1621.45 918 3301.72 12.57% 城市建设 106 470.76 255 1209.63 33.15% 综合交通 56 1.98 117 121.41 1.49% 其他 140 438.12 322 706.65 26.21% 勘测设计及 ...