Core Viewpoint - Shenzhen's Housing Construction Bureau has issued the "Shenzhen Modular Building Development Action Plan (2026-2028)", aiming to implement a cumulative area of no less than 3 million square meters of modular building projects by the end of 2028, promoting the integration of three major industrial clusters in modular construction [1][2] Group 1 - The plan focuses on "one key point, two drivers, and three systems" to create a Shenzhen model for modular buildings and promote high-quality development in the construction industry [2] - Key tasks include promoting modular building applications in residential projects such as commercial housing, affordable housing, and dormitories, as well as encouraging the use of modular technology for the renovation of old neighborhoods [2] - The plan emphasizes the role of quality enterprises in driving industrial upgrades and aims to cultivate a group of enterprises that master core modular construction technologies [2] Group 2 - The plan aims to precisely layout advantageous industrial clusters to promote collaborative development, focusing on R&D, design services, and production [2] - It highlights the need for innovative management systems and strengthened product regulation to align with modular construction [2] - The plan supports the development of a technical system for modular construction, including the establishment of relevant standards and norms [2] Group 3 - Shenzhen has been continuously promoting modular building development through policy guidance, standard support, project demonstration, and industrial cultivation, resulting in over 1.6 million square meters of implemented modular construction area to date [3]

Group 1 - The "Guangdong-Hong Kong Modular Construction Industry Development Week" was inaugurated in Hong Kong, marking the establishment of the Guangdong-Hong Kong-Macao Modular Construction Industry Development Alliance [1] - The development week includes various activities such as an international conference on modular construction, design workshops, and a press conference for the "Guangdong-Hong Kong Modular Construction Cross-Border Trade Guide" [1][2] - The alliance aims to integrate resources from upstream and downstream enterprises in the industry chain, promoting collaboration and complementary advantages among the Guangdong-Hong Kong-Macao regions [1][3] Group 2 - Guangdong's modular construction products are diverse, with a complete technological pathway and a comprehensive supply chain, contributing positively to Hong Kong's urban construction and livelihood [2] - The Guangdong provincial government plans to promote pilot cities for modular construction and develop a policy standard system, technological pathways, industry structure, and application scenarios unique to Guangdong [2] - The Hong Kong Development Bureau emphasizes the importance of collaboration between Guangdong and Hong Kong to establish the Greater Bay Area as a center for modular construction technology [2][3] Group 3 - The alliance is initiated by the Guangdong Provincial Housing and Urban-Rural Development Department and the Hong Kong Development Bureau, involving various enterprises, universities, research institutions, and industry associations [3] - The alliance aims to create a long-term mechanism for collaborative research on common key technologies and accelerate the transformation and application of technological achievements [3] - The first batch of "Modular Construction Manufacturer Recognition Program" certificates was awarded to eight manufacturers, enhancing the quality of modular construction products and services [3]

Group 1: Business Performance - The offshore engineering segment achieved a revenue growth of 58% year-on-year, reaching 16.6 billion RMB, with a net profit of 224 million RMB in 2024 [3] - As of Q1 2025, the offshore engineering segment holds orders valued at 6.3 billion USD, with oil and gas business accounting for two-thirds of this [3] - CIMC Anrui's Q1 2025 revenue grew by 24.2% year-on-year to 5.765 billion RMB, with a significant increase in clean energy segment revenue by 33.4% to 4.342 billion RMB [4] Group 2: Strategic Developments - The company is focusing on high-end offshore engineering and aims to tackle high-tech challenges to maintain its global market leadership [3] - CIMC Anrui's core project in green methanol, a 50,000-ton facility in Zhanjiang, is on track for production in Q4 2025, with a second phase of 200,000 tons also in progress [5] - The company plans to optimize its asset structure by eliminating inefficient assets and focusing on core industries with national needs and industry pain points [7] Group 3: Market Opportunities and Challenges - The recent US-China tariff agreement may lead to a "rush to export," positively impacting the container industry by reducing inventory and generating short-term orders [3] - The modular construction business faces challenges such as financial support delays and labor resistance, but it remains a core direction for future development due to its efficiency and cost advantages [6][7] - The global shipping industry's net-zero emissions regulations, effective from 2027, are expected to positively influence the green methanol market [5] Group 4: Financial Management - The company has successfully restructured its debt, eliminating foreign USD debt and replacing it with RMB and HKD debt, resulting in a significant reduction in overall debt costs [8] - As of the end of 2024, the company's interest-bearing debt was reduced to 39 billion RMB from over 46 billion RMB in mid-2024 [8] - The company aims to further improve its debt management through coordinated control of debt scale and structure [8]

Group 1 - The Hong Kong Legislative Council's comprehensive building expansion project, the first of its kind using modular construction methods, has been successfully completed, marking a significant milestone for public building expansion in Hong Kong [1] - The project was undertaken by CIMC Modular Building, which utilized a combination of factory prefabrication and on-site assembly, significantly shortening the construction period while enhancing building quality and safety standards [1] - The expansion added 10 floors to the triangular area of the original building and 4 additional floors on top, utilizing nearly 300 MiC modules to create various facilities for legislative functions [1] Group 2 - CIMC Modular Building aims to leverage its pioneering role in the Greater Bay Area's construction industrialization, focusing on high-end market demands and contributing to the development of a livable and workable quality life circle in the region [2] - Modular construction is recognized as the highest form of prefabricated building globally, promoted by the Hong Kong government for its efficiency, environmental benefits, energy savings, and shorter construction time [2] - Since 2020, the Hong Kong government has mandated the use of modular construction technology for specific building projects, establishing a cross-departmental committee to oversee MiC development, with CIMC Modular Building being a key participant in this strategy [2]

Group 1 - The Guangzhou International Smart Construction and Industrialized Building Expo is the first domestic event focusing on the entire industry chain of "smart construction + industrialized buildings," attracting approximately 1,300 overseas merchants from 90 countries and over 500 well-known domestic enterprises [1] - The event covers various fields including smart construction technology and equipment, industrialized building and prefabricated technology, green building materials, and low-carbon technology [1] - The mayor of Guangzhou, Sun Zhiyang, emphasized the importance of seizing opportunities from the new round of technological revolution and industrial transformation to enhance the international competitiveness of the construction industry [1][2] Group 2 - There is a focus on promoting breakthroughs in key core technologies of smart construction, such as modular buildings and integrated platforms for smart construction machines, to form a self-controllable technology system [2] - The integration of smart construction with digital economy and advanced manufacturing is encouraged to cultivate a complete industry chain that includes R&D design, production manufacturing, construction installation, and operation maintenance [2] - The initiative aims to enhance the living quality and happiness of residents by considering the needs of different groups and promoting practical construction technologies, materials, and advanced processes [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first quarter of 2025, driven by strong performance in its logistics and energy sectors, despite challenges posed by global trade uncertainties and U.S. tariff policies [11][16]. Financial Data - The company achieved operating revenue of RMB 36.026 billion, an increase of 11.04% year-on-year from RMB 32.443 billion [11]. - Net profit attributable to shareholders was RMB 544 million, a substantial increase of 550.21% compared to RMB 84 million in the same period last year [11]. - Basic earnings per share rose to RMB 0.0971, up 670.63% from RMB 0.0126 [11]. Logistics Sector Performance - The container manufacturing business benefited from a surge in demand due to U.S. tariff impacts, with dry cargo container sales reaching 531,200 TEU, a year-on-year increase of approximately 7.44% [11]. - Refrigerated container sales saw a dramatic increase to 36,400 TEU, up 291.40% from 9,300 TEU in the previous year, driven by strong demand for South American fruit exports [11]. Energy Sector Performance - The energy, chemical, and liquid food equipment business reported a revenue increase of 24.2% to RMB 5.765 billion, supported by a robust order backlog of approximately RMB 28.309 billion [16]. - The clean energy segment experienced a significant revenue growth of 33.4%, reaching RMB 4.342 billion, largely due to increased sales in offshore clean energy and high-end low-temperature equipment [16]. Innovation and New Business Development - The company is expanding its cold chain logistics and energy storage businesses, focusing on strategic layouts in pharmaceutical cold chain and industrial temperature control [20]. - The modular construction business is actively exploring domestic and international markets, achieving recognition for its innovative projects in the housing sector [20].