香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國交通建設股份有限公司 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：1800） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以 下 為 中 國 交 通 建 設 股 份 有 限 公 司 於 上 海 證 券 交 易 所 網 站 刊 發 的《中 國 交 通 建 設 股份有限公司2025年 半 年 度 報 告 摘 要》。 承董事會命 中國交通建設股份有限公司 劉正昶 俞京京 董事會秘書 公司秘書 中國北京，2025年8月29日 於本公告日期，本公司董事為宋海良、張炳南、劉翔、劉輝 # 、陳永德 # 、武廣齊 # 及 周孝文 # 。 # 獨立非執行董事 中国交通建设股份有限公司2025 年半年度报告摘要 公司代码：601800 公司简称：中国交建 中国交通建设 ...

Core Viewpoint - The company has established a cash dividend plan for the years 2025-2027 to enhance transparency and maintain investor expectations while ensuring sustainable development and shareholder returns [1][2]. Group 1: Cash Dividend Planning - The cash dividend plan aims to ensure consistency, rationality, and stability in dividend distribution, with a focus on maximizing company value and shareholder interests [1]. - The company plans to distribute cash dividends twice a year, provided that the annual profit and accumulated undistributed profits are positive, and there are no significant investment plans or cash expenditures [2]. - The minimum cash dividend distribution will be 60% of the net profit attributable to shareholders, with a commitment to supplement dividends from accumulated undistributed profits if necessary [2]. Group 2: Decision-Making and Execution - The cash dividend proposal will be drafted by the board of directors based on the company's operational status and relevant regulations, requiring a majority vote from the board before being submitted to the shareholders' meeting [2][3]. - Independent directors are tasked with providing clear opinions on the profit distribution proposal and may gather opinions from minority shareholders to present to the board [2][3]. Group 3: Communication and Approval - Prior to the shareholders' meeting, the company will actively communicate with shareholders, especially minority shareholders, to gather their opinions and address their concerns [3]. - The profit distribution proposal must be approved by more than half of the voting rights held by attending shareholders at the meeting [3]. Group 4: Policy Adjustment - The company is required to adhere to the cash dividend policy established in its articles of association and approved by the shareholders' meeting, with any necessary adjustments subject to specific conditions and requiring a two-thirds majority vote from attending shareholders [3][4]. Group 5: Implementation and Review - The company will review its cash dividend plan every three years, ensuring it aligns with operational conditions and external environments [3][4].

Core Viewpoint - Company reported a decline in revenue and net profit for the first half of 2025, but the performance met expectations, with a notable recovery in Q2 net profit despite lower sales [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 24.992 billion yuan, a year-on-year decrease of 21.88%, and a net profit attributable to shareholders of 2.761 billion yuan, down 2.81% year-on-year [1] - Q2 2025 revenue was 11.988 billion yuan, down 33.90% year-on-year and 7.82% quarter-on-quarter, while net profit attributable to shareholders was 1.472 billion yuan, up 6.52% year-on-year and 14.15% quarter-on-quarter [1] Product Performance - The production volumes for key products in H1 2025 were as follows: phosphate fertilizer (2.4341 million tons, -2.03%), urea (1.5343 million tons, +13.79%), compound fertilizer (1.0183 million tons, +4.52%), and others [2] - Sales volumes showed a mixed trend, with phosphate fertilizer down 6.67%, urea up 2.83%, and compound fertilizer down 0.47% [2] Price and Margin Trends - Average market prices for key products in H1 2025 showed fluctuations, with phosphate ammonium down 6.69% and urea down 19.39% year-on-year [2] - Gross profit margins for products like phosphate and urea experienced significant declines, indicating pressure on profitability [2][3] Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 45% of cumulative distributable profits over three years, enhancing investor confidence [4] - For H1 2025, the company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling approximately 364.6 million yuan [4] Future Outlook - The company is expected to maintain stable operations and profitability due to its rich phosphate rock resources, despite potential challenges from product price fluctuations [3][5] - Revenue projections for 2025-2027 are estimated at 51.714 billion, 51.873 billion, and 52.133 billion yuan, with net profits of 5.490 billion, 6.029 billion, and 6.208 billion yuan respectively [5]

Investment Rating - The investment rating for Guodian Power (600795.SH) is "Outperform the Market" [5][3][26] Core Views - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 56.12% in the first half of 2025, despite a decline in operating revenue [1][9] - The company has announced a cash dividend plan for the next three years, aiming to distribute at least 60% of the annual net profit attributable to shareholders in cash [2][26] - Due to the impact of declining electricity prices, the profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 70.50 billion, 78.95 billion, and 87.17 billion respectively [3][26] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 776.55 billion, a decrease of 9.52% year-on-year, while the net profit attributable to shareholders was 36.87 billion, down 27.39% [1][9] - The average on-grid electricity price was 409.70 yuan/MWh, a decrease of 29.51 yuan/MWh, or 6.7% year-on-year [1][9] - The company’s non-recurring net profit increased significantly due to the absence of last year's non-recurring losses [1][9] Capital Expenditure and Capacity Growth - The company invested 211.91 billion in capital expenditures in the first half of 2025, with 72.24 billion allocated to renewable energy projects [2][25] - The total installed capacity increased by 8.46 million kW, with significant contributions from coal, wind, and solar power [2][25] Dividend Policy - The company plans to distribute cash dividends of at least 0.22 yuan per share (including tax) annually from 2025 to 2027, with a proposed dividend of 1.00 yuan per 10 shares for the first half of 2025 [2][26] Profit Forecast - The revised profit forecasts for 2025-2027 are 70.50 billion, 78.95 billion, and 87.17 billion respectively, reflecting a year-on-year decline of 28.3% in 2025 [3][26] - The expected earnings per share (EPS) for the same period are 0.40, 0.44, and 0.49 yuan [3][26]

Investment Rating - The investment rating for Guodian Power (600795.SH) is "Outperform the Market" [5][3][26] Core Views - The company reported a significant increase in non-recurring net profit, with a year-on-year growth of 56.12% in the first half of 2025, despite a decline in operating revenue [1][9] - The company has announced a cash dividend plan for the next three years, aiming to distribute at least 60% of the annual net profit attributable to shareholders in cash [2][26] - Due to the impact of declining electricity prices, the profit forecast for 2025-2027 has been adjusted downwards, with expected net profits of 70.50 billion, 78.95 billion, and 87.17 billion respectively [3][26] Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 776.55 billion, a decrease of 9.52% year-on-year, while the net profit attributable to shareholders was 36.87 billion, down 27.39% [1][9] - The average on-grid electricity price was 409.70 yuan/MWh, a decrease of 29.51 yuan/MWh, or 6.7% year-on-year [1][9] - The company’s non-recurring net profit increased significantly due to the absence of last year's non-recurring losses [1][9] Capital Expenditure and Capacity Expansion - The company invested 211.91 billion in capital expenditures in the first half of 2025, with 72.24 billion allocated to renewable energy projects [2][25] - The total installed capacity increased by 8.46 million kW, with significant contributions from coal, wind, and solar power [2][25] Dividend Policy - The company plans to distribute cash dividends of at least 0.22 yuan per share (including tax) annually from 2025 to 2027, with a proposed dividend of 1.00 yuan per 10 shares for the first half of 2025 [2][26] Profit Forecast - The adjusted profit forecasts for 2025-2027 are 70.50 billion, 78.95 billion, and 87.17 billion respectively, reflecting a year-on-year decline of 28.3% in 2025 [3][26] - The expected earnings per share (EPS) for the same period are 0.40, 0.44, and 0.49 yuan [3][26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 77.655 billion yuan for the first half of 2025, a year-on-year decrease of 9.52%, and a net profit attributable to shareholders of 3.687 billion yuan, down 45.11% [7] - The company has announced a three-year cash dividend plan for 2025-2027, committing to distribute at least 60% of the annual net profit as cash dividends, with a minimum of 0.22 yuan per share [7] - The decline in coal power generation was offset by a significant reduction in costs, leading to improved profitability per unit of electricity generated [7] - The company expects an increase in hydropower generation due to new projects coming online in the second half of 2025, which will enhance revenue [7] - The company has accelerated its renewable energy installations, although profit margins have been pressured by declining electricity prices [7] - The profit forecast for 2025-2027 has been adjusted to 7.332 billion, 8.277 billion, and 9.248 billion yuan respectively, with corresponding PE ratios of 11, 10, and 9 [7] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 173.973 billion yuan, with a year-on-year growth rate of -2.9% [6] - The net profit attributable to the parent company for 2025 is projected to be 7.332 billion yuan, reflecting a decrease of 25.4% year-on-year [6] - The company’s average gross profit margin is expected to improve from 16.3% in 2025H1 to 18.4% by 2027 [6] - The company’s return on equity (ROE) is projected to increase from 6.4% in 2025H1 to 13.1% by 2027 [6]

Core Viewpoint - The company has announced its profit distribution plan for the first half of 2025, proposing a cash dividend of 1.00 yuan per 10 shares, which amounts to approximately 1.784 billion yuan, representing 48.38% of the net profit attributable to shareholders for the same period [3][40]. Group 1: Company Overview - The company is named Guodian Power Development Co., Ltd. and is listed under the stock code 600795 [5]. - The company has a total share capital of 17,835,619,082 shares as of the date of the board meeting [3][40]. Group 2: Financial Data - For the first half of 2025, the company reported a net profit attributable to shareholders of 3,686,597,723.51 yuan [40]. - The proposed cash dividend distribution is 0.10 yuan per share, with an expected total distribution of 1,783,561,908.20 yuan [38][40]. Group 3: Dividend Policy - The company plans to implement a cash dividend policy that ensures at least 60% of the net profit attributable to shareholders is distributed as cash dividends each year, with a minimum of 0.22 yuan per share [29]. - The cash dividend plan for 2025-2027 emphasizes consistency, reasonableness, and stability in shareholder returns [27][28]. Group 4: Corporate Governance - The company has decided to abolish its supervisory board, transferring its responsibilities to the audit committee, in compliance with the new Company Law [69][70]. - The company has revised its articles of association to reflect this change and to enhance governance structures [70][71]. Group 5: Upcoming Events - The company will hold its second extraordinary general meeting of 2025 on September 4, 2025, to discuss the proposed profit distribution and other matters [54][55]. - An online performance briefing is scheduled for August 26, 2025, to address investor inquiries regarding the company's financial results [48][50].

Group 1 - The company held its 38th board meeting on August 15, 2025, with 8 directors present, and all resolutions were passed unanimously [1] - The board approved a cash dividend plan for the next three years (2025-2027), which will be submitted for shareholder approval [1] - The board also approved the profit distribution plan for the first half of 2025, which will be submitted for shareholder approval [1] - The company’s half-year report and summary for 2025 were approved and will be published [1] - Amendments to the company's articles of association and related rules were approved, which will also be submitted for shareholder approval [1] - The board approved revisions to the board's authorization management measures and decision-making responsibility list [1] - A continuous risk assessment report for the National Energy Group Financial Company was approved [1] - The company announced the convening of the second extraordinary general meeting of shareholders in 2025 [1] Group 2 - The green power ETF, tracking the China Securities Green Power Index, has seen a recent increase in shares and a net inflow of funds [4] - The ETF's recent five-day performance showed a slight increase of 0.27% with a price-to-earnings ratio of 16.64 times [4]

Group 1 - The stock price of Yangtze Power as of August 15, 2025, is 27.63 yuan, down 0.03 yuan or 0.11% from the previous trading day [1] - The company operates major hydropower stations such as Gezhouba and Three Gorges, making it one of the largest publicly listed power companies in China [1] - On August 15, the company held a shareholders' meeting and approved a proposal for the investment in the Gezhouba Navigation Capacity Expansion Project, with a total investment of 26.6 billion yuan and a construction period of 91 months [1] Group 2 - The company has committed to prioritizing cash dividends and announced a dividend plan for 2026-2030, promising an annual cash dividend ratio of no less than 70% of net profit [1] - The company announced the cancellation of the supervisory board, transferring related functions to the audit committee of the board of directors [1] - On August 15, the main capital outflow for Yangtze Power was 95.8969 million yuan, with a cumulative net outflow of 344 million yuan over the past five days [1]

Group 1: Company Overview - The company achieved a total revenue of 33.352 billion CNY in 2024, with pharmaceutical wholesale contributing 29.933 billion CNY and retail contributing 3.178 billion CNY [1] - Revenue by product category includes 31.074 billion CNY from pharmaceuticals and 2.037 billion CNY from medical supplies [1] Group 2: Business Operations - The main business activities include wholesale and retail of pharmaceuticals, traditional Chinese medicine, biological products, and medical devices [1] - The operational model involves purchasing products from upstream pharmaceutical manufacturers and distributing them to downstream medical institutions, pharmacies, and directly to consumers [1] Group 3: Market Coverage - The company covers over 30,000 distribution terminals, achieving full coverage of county-level hospitals, chain pharmacies, and private hospitals above the secondary level in Zhejiang Province [1] - The company is focused on enhancing network coverage and delivery satisfaction while optimizing customer service capabilities [1] Group 4: Financial Management - The company has been actively managing its debt structure, resulting in a stable decrease in the asset-liability ratio [1] - For 2024, the company plans to distribute 200 million CNY in cash dividends, which represents 38.06% of the net profit attributable to shareholders [2] - Over the past three years (2022-2024), the cumulative cash dividend amount is approximately 422.69 million CNY, accounting for 103.39% of the average net profit [2] Group 5: Employee Incentives - The company has implemented restricted stock grants in 2021 and 2022 to motivate employees, with performance indicators including net profit growth rate and return on equity [2]