中钢国际（000928）11月13日披露投资者关系活动记录表，公司于11月12日召开电话会议，国泰海通、 建信养老、尚诚资产等机构参会。 "公司积极落实国家'走出去'战略，保持国际化战略定力，在海外冶金市场的影响力和美誉度不断提 升。近期，西芒杜项目投产启动仪式在几内亚马瑞巴亚港隆重举行，作为中国宝武旗下的核心工程技术 公司，项目部以科学管理和丰富经验，为该项目顺利投产贡献了关键力量。公司将持续推动更多中国装 备、技术与方案落地'一带一路'共建国家，为全球冶金业可持续发展注入坚实中国力量。"中钢国际表 示。 谈及公司"十五五"期间战略发展方向时，中钢国际介绍，"十五五"时期，公司将把科技创新作为推动新 质生产力和高质量发展的重要动力，重点围绕绿色低碳方向，力争早日将科技成果落地转化，逐步提升 公司的科技含量，不断增强核心功能，打造核心竞争力，为中国宝武绿色低碳冶金及相关产业发展提供 专业化工业工程技术服务，努力成为世界一流的冶金工程技术公司。 中钢国际在电话会议上介绍，今年以来，公司面对国内钢铁行业"减量调结构"的趋势，主动发挥核心专 业技术优势，抓住产业整合、产线升级、工艺低碳化的机遇，重点开展差异化竞争。 ...

证券代码：000928 证券简称：中钢国际 截至 9 月底，公司新签合同共计 106.49 亿，其中国内 40.54 亿元，海外 65.95 亿元。全年展望，国内市场预计较去年有所突破；海外市场外需韧性犹存，但风 险突出，随着全球贸易保护主义持续加剧，海外项目落地的时间较预期有所增加。 目前公司在手合同量充足，正在执行项目的预计总收入约为 294.55 亿元，为公 司稳健发展奠定坚实基础。 3. 宝武沙特 S 项目的最新进展情况？公司未来是否会更多的参与宝武的国 际化经营？ 中钢国际工程技术股份有限公司投资者关系活动记录表 编号：2025-9 投资者关系活动 类别 □ 特定对象调研 ☑ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他（） 参与单位名称及 人员姓名 国泰海通、建信养老、尚诚资产、锐天投资、尚正基金、招商基金、 美市科技、远信（珠海）、新华养老、民生加银、富兰克林 时间 2025 年 11 月 12 日 15:30-16:30 地点 电话会议 上市公司接待 人员姓名 副总经理、财务总监、董事会秘书 袁陆生 董办主任 戚欣 投资者关系活动 主要内容介绍 ...

Investment Rating - The investment rating for the company is upgraded to "Outperform" [6] Core Insights - The company's Q1-Q3 2025 net profit decreased by 13.2% year-on-year, slightly below market expectations, with total revenue of 9.175 billion, down 27.2% year-on-year [6] - The company benefits significantly from the "Belt and Road" initiative and low-carbon policies, being a pioneer in the metallurgical engineering sector [6] - The profit forecast for 2025-2027 has been revised downwards due to slower-than-expected project revenue recognition, with projected net profits of 700 million, 797 million, and 899 million respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 12.973 billion, with a year-on-year decline of 26.5% [5] - The gross profit margin for Q1-Q3 2025 is reported at 15.3%, an increase of 2.87 percentage points year-on-year [6] - The return on equity (ROE) for Q1-Q3 2025 is 6.6%, down from 10.0% in the previous year [5][6]

注：上文内容部分来源网络。由于文章推送未能及时联系原作者，若涉及版权问题，请原作者留言联系我们。 高引学者智库 聚焦全球各个国家的主要科学组织，硬核解读，追踪重大科学突破，挖掘组织背后故事与趣闻。为科学家、科研机构及创新企业提供全链条科技申报与成 果管理服务。感谢您的关注和支持，欢迎评论区留言、分享，相互交流。 学会历史英国材料、矿物与采矿学会 (Institute of Materials, Minerals and Mining，简称 IOM3) 是具有世界性影响力的英国工程类学会，也是英国王室特许 学会。该学会历史可追溯到 1869 年建立并于 1899 年和 1975 年获得英国皇家特许的钢铁学会 (The Iron and Steel Institute)。2002 年 6 月，英国材料学会 (The Institute of Materials) 与英国采矿和冶金学会 (The Institution of Mining and Metallurgy) 合并为英国材料、矿物与采矿学会。IOM3 的宗旨是促进材料科 学与工程、地质学、采矿学以及相关技术的发展，是全球材料和矿业界的权威机构。作为英国王 ...

Group 1 - The core transaction of China Metallurgical Group Corporation (China MCC) on October 9 involved a block trade of 300,000 shares at a transaction value of 1.242 million yuan, with a trading price of 4.14 yuan per share [2][3] - The buyer of the block trade was China International Capital Corporation (CICC) from its Fuzhou branch, while the seller was China International Financial Co., Ltd. from its Beijing branch [2][3] - On the same day, China MCC's closing price was 4.14 yuan, reflecting a 7.53% increase, with a turnover rate of 4.98% and a total trading volume of 3.67 billion yuan, indicating a net inflow of 223 million yuan in main funds [2][3] Group 2 - The latest margin financing balance for China MCC is 927 million yuan, which has increased by 15.83 million yuan over the past five days, representing a growth rate of 1.74% [3] - China MCC was established on December 1, 2008, with a registered capital of approximately 20.72 billion yuan [3]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) experienced a stock price increase of over 8% following the release of its interim results, despite a decline in revenue and profit [1] Financial Performance - The company reported a revenue of 237.53 billion RMB, a year-on-year decrease of 20.52% [1] - Shareholder profit was 3.10 billion RMB, down 25.31% year-on-year [1] - Quarterly analysis shows Q1 and Q2 revenues decreased by 18% and 23% respectively, while net profit attributable to shareholders saw a decline of 40% in Q1 but a slight increase of 1% in Q2 [1] Operational Highlights - In the first half of the year, three operational mines generated a total revenue of 2.8 billion RMB, an increase of 3% year-on-year [1] - The attributable profit from these mines was 550 million RMB, up 29% year-on-year, accounting for 18% of the company's net profit [1] - Specific contributions from individual mines include 230 million RMB from Ruimu Nickel-Cobalt Mine, 150 million RMB from Shandake Copper-Gold Mine, and 170 million RMB from Duda Lead-Zinc Mine [1] Future Prospects - The approval process for the Sia Dike Copper Mine project in Pakistan has been fully applied for and is largely approved [1] - The Aynak Copper Mine in Afghanistan is accelerating preliminary preparations, including feasibility studies and access road construction [1] - The commencement of production at these two mines is expected to significantly enhance the performance contribution from the resource sector, indicating considerable potential for value reassessment [1]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.8 CNY, compared to the current stock price of 6.55 CNY [4]. Core Insights - The company reported a significant improvement in gross and net profit margins, despite a decline in domestic revenue due to pressure in the metallurgical industry. The overseas market showed steady growth [2][3]. - In the first half of 2025, the company achieved operating revenue of 6.745 billion CNY, a year-on-year decrease of 25.66%, while net profit attributable to shareholders was 424 million CNY, a year-on-year increase of 1.11% [1][2]. - The gross profit margin for the first half of 2025 was 15.12%, an increase of 3.66 percentage points year-on-year, indicating improved profitability [3]. Revenue Breakdown - Domestic revenue for the first half of 2025 was 1.760 billion CNY, down 59.88% year-on-year, accounting for 26.09% of total revenue, a decrease of 22.25 percentage points [2]. - Overseas revenue reached 4.985 billion CNY, up 6.36% year-on-year, making up 73.91% of total revenue, an increase of 22.25 percentage points [2]. Profitability Metrics - The company’s sales net profit margin for the first half of 2025 was 6.54%, an increase of 1.70 percentage points year-on-year, although the increase was less than that of the gross profit margin due to higher expense ratios [3]. - The operating cash flow showed a net outflow of 2.912 billion CNY, which was an increase in outflow by 1.355 billion CNY year-on-year [3]. International Expansion - The company signed new contracts worth 6.308 billion CNY in the first half of 2025, with domestic projects accounting for 2.444 billion CNY (up 53.81% year-on-year) and international projects at 3.864 billion CNY (down 52.36% year-on-year) [4]. - The company is actively expanding its international market presence, with notable contracts in Indonesia and ongoing projects in Azerbaijan and Saudi Arabia [4][8]. Financial Forecast - The company’s projected revenues for 2025-2027 are 14.810 billion CNY, 15.829 billion CNY, and 16.821 billion CNY, with year-on-year growth rates of -16.08%, 6.88%, and 6.27% respectively [8]. - Net profit forecasts for the same period are 865 million CNY, 932 million CNY, and 1.004 billion CNY, with year-on-year growth rates of 3.55%, 7.77%, and 7.75% respectively [8].

Core Insights - The completion of the access road for the Aynak copper mine project in Afghanistan marks a significant milestone for the investment consortium formed by China Metallurgical Group Corporation and Jiangxi Copper Corporation [1] - China Metallurgical Group, a leading player in the metallurgical construction sector, aims to enhance its core metallurgy business and improve profit margins through a diversified business model [1] - The Aynak copper mine, with a high-grade resource of 12.36 million tons, is expected to start mining operations by the end of this year, potentially leading to a revaluation of the company's mineral assets [2] Company Overview - China Metallurgical Group is a major player in the metallurgical construction industry, having been involved in the development of key steel projects in China since 1948 [1] - The company underwent a strategic restructuring in 2015, becoming part of China Minmetals, with a significant shareholding structure where the controlling shareholder holds 49.18% as of Q1 2025 [1] - The company has set a medium to long-term goal to balance its core metallurgy business with construction and municipal infrastructure, targeting a 50% share for each segment [1] Financial Performance - As of the end of 2024, the company has three operational mining projects with a combined revenue of 5.47 billion yuan and a total profit attributable to the Chinese side of 913 million yuan, representing 9.87% of the company's total profit [2] - The company anticipates a steady increase in net profit for the years 2025 to 2027, projecting figures of 6.749 billion, 7.054 billion, and 7.359 billion yuan respectively, with corresponding EPS of 0.33, 0.34, and 0.36 yuan [2]

Summary of Key Points - The company, China Metallurgical Group Corporation, has announced two guarantees provided in July 2025 as part of its approved guarantee plan for the year [2][3] - The first guarantee involves a contract with Guoxin Commercial Factoring Co., Ltd., where the company provides a joint liability guarantee for a financing contract of RMB 1.2 billion for its wholly-owned subsidiary, China Metallurgical Real Estate Group Co., Ltd. [2] - The second guarantee is for Shanghai Baoye's subsidiary in Cambodia, where a guarantee of USD 660 million (approximately RMB 47.15 million) is provided for all debts under a credit facility [2] - The total guarantee limit approved for 2025 is RMB 60.66 billion, with RMB 59.49 billion allocated for the company's subsidiaries and RMB 1.17 billion for other entities within the consolidated financial statements [2][6] - As of the end of July 2025, the total external guarantees provided by the company and its subsidiaries amount to RMB 19.495 billion, which is 12.74% of the latest audited net assets attributable to shareholders [8] - The company has not provided guarantees for its controlling shareholders or related parties, and there are no overdue guarantees [8]

Core Viewpoint - China Steel International (中钢国际) continues to demonstrate strong performance in securing new contracts and expanding its international presence, particularly in the metallurgical engineering sector, despite challenges in the domestic steel industry. Group 1: New Contracts and Financial Performance - In Q2 2025, the company signed 31 new project contracts with a total value of 2.329 billion yuan, including 1.77 billion yuan from domestic projects and 1.952 billion yuan from international projects [1][2] - As of June 2025, the company has a total of 298 signed but uncompleted orders amounting to 38.926 billion yuan, with 26.866 billion yuan currently in execution [2] - The company reported a total revenue of 17.647 billion yuan for 2024, a decrease of 33.1% year-on-year, while net profit attributable to shareholders was 0.835 billion yuan, an increase of 9.69% [4][5] Group 2: International Expansion and Strategy - China Steel International has established 15 overseas branches and operates in over 50 countries, showcasing its commitment to internationalization [1][4] - In 2024, the company achieved a total contract value of 19.67 billion yuan for new engineering projects, with overseas orders accounting for 82.7%, reflecting a year-on-year growth of 54.17% [1][4] - The company aims to maintain its international strategy focus in 2025, particularly targeting markets in the Middle East and Africa [4] Group 3: Operational Efficiency and Innovations - The company has implemented project lifecycle supervision to ensure stable execution of ongoing projects, with notable progress in projects like the Simfer and Tosyali projects [2] - Technological innovations and refined project management have helped the company solidify its market position amid domestic industry transformation pressures [3] - The company has improved its cash flow management, with a net cash flow from operating activities of 1.504 billion yuan in 2024, an increase of 9.95% [4][6]