智通财经APP讯，骏杰集团控股(08188)发布公告，于2025年12月及直至本公布日期，本公司的间接全资 附属公司骏杰工程有限公司获授四份北部都会区基建工程建造合约，合约总额约一亿二千三百万港元; 及一份新界西基建工程建造合约，合约金额约二千五百万港元(统称"建造工程")。因此，建造工程的合 约总额约为一亿四千八百万港元。建造工程已开工，并预期于其各自的开工日期起计约三个月至两年内 完成。 ...

Group 1 - The core viewpoint of the report is that China Railway (00390) is rated as "Buy" with expectations of stable infrastructure investment in 2026, supported by local government debt reduction and central government projects [1][2] - The new signed orders show marginal improvement, with a year-on-year growth of 3.7% in the first three quarters of 2025, indicating a robust order backlog that ensures long-term stable growth [1][3] - The resource sector continues to perform well, with mineral resource business revenue reaching 6.223 billion in the first half of 2025, reflecting an 8.04% year-on-year increase, enhancing profitability and cyclical resilience [1][4] Group 2 - The fixed asset investment growth has slowed down this year, but the outlook for 2026 suggests stabilization due to orderly local government debt reduction and the implementation of central government projects [2] - The company has a substantial order backlog of 75.4 billion, which is expected to support long-term growth, despite some pressure on traditional infrastructure due to industry impacts [3] - The company’s resource utilization business is primarily focused on mining operations, with leading reserves of copper, cobalt, and molybdenum among domestic peers, contributing to its profitability [4] Group 3 - The company has implemented a "Valuation Enhancement Plan" to improve quality and increase investor returns, with H-shares trading at a significant discount compared to A-shares [5] - The dividend distribution from 2021 to 2024 shows a consistent payout, with the H-share dividend yield at 5.1%, making it attractive for investors [5]

Group 1 - The company Zhonghuan Environmental Protection announced a stock issuance to a specific party, which is the actual controller Liu Yang, approved by the board of directors [1] - The number of shares to be issued is not more than approximately 43.8 million shares, accounting for 9.51% of the total share capital before the issuance [1] - The issuance price is set at 6.85 yuan per share, with a total fundraising target of no more than 300 million yuan, which will be used to supplement working capital and repay bank loans [1] Group 2 - For the year 2024, the company's revenue composition is as follows: water treatment industry accounts for 50.27%, environmental comprehensive governance business accounts for 30.75%, engineering construction industry accounts for 18.93%, and other businesses account for 0.05% [1] - As of the report date, the market capitalization of Zhonghuan Environmental Protection is 4.1 billion yuan [1]

Group 1 - The company Zhonghuan Environmental Protection (SZ 300692) announced that its fourth board meeting will be held on December 10, 2025, to discuss the proposal for the third extraordinary general meeting of shareholders in 2025 [1] - For the year 2024, the company's revenue composition is as follows: water treatment industry accounts for 50.27%, environmental comprehensive governance business for 30.75%, engineering construction industry for 18.93%, and other businesses for 0.05% [1] - As of the report date, the market capitalization of Zhonghuan Environmental Protection is 4.1 billion yuan [1] Group 2 - The price of Feitian Moutai has dropped by 43% over the past two years, raising concerns about the sustainability of profits for distributors [1]

每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 （记者 张明双） 每经AI快讯，中环环保（SZ 300692，收盘价：8.26元）12月4日晚间发布公告称，公司第四届第十二次 董事会会议于2025年12月4日在公司会议室以现场方式召开。会议审议了《关于聘任公司董事会秘书的 议案》等文件。 2024年1至12月份，中环环保的营业收入构成为：水处理行业占比50.27%，环境综合治理业务占比 30.75%，工程建造行业占比18.93%，其他业务占比0.05%。 截至发稿，中环环保市值为38亿元。 ...

截至发稿，中环环保市值为38亿元。 每经头条（nbdtoutiao）——让"铁疙瘩"从数万米高空精准"踩刹车"，中国商业航天"降本复用"只差"最 后一公里"！朱雀之后，同行排队接力 2024年1至12月份，中环环保的营业收入构成为：水处理行业占比50.27%，环境综合治理业务占比 30.75%，工程建造行业占比18.93%，其他业务占比0.05%。 每经AI快讯，中环环保（SZ 300692，收盘价：8.26元）12月4日晚间发布公告称，因公司控制权变更而 涉董事会改组及工作之需，钱华先生、王锋先生提请辞去公司副总经理职务，王炜先生提请辞去公司财 务总监职务，江琼女士提请辞去公司副总经理、董事会秘书职务。钱华先生、王锋先生、王炜先生、江 琼女士离任后将继续在公司担任其他职务。 公司董事会同意聘任侯铁成先生为公司联席总经理，任期自公司第四届董事会第十二次会议通过之日起 至第四届董事会届满之日止。公司董事会同意聘任侯铁成先生为公司财务总监，任期自公司第四届董事 会第十二次会议通过之日起至第四届董事会届满之日止。公司董事会同意聘任赵盼盼女士为公司董事会 秘书，任期自公司第四届董事会第十二次会议通过之日起至第四届董事 ...

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group - **Period**: First three quarters of 2025 Key Financial Performance - **Total Revenue**: 7,760 billion, down 5.4% year-on-year [2][3] - **New Contracts Signed**: 15,849 billion, up 3.7% year-on-year [3] - Domestic contracts: 14,180 billion, up 1% [3] - Overseas contracts: 1,666 billion, up 35% [3] - **Net Profit**: 237.34 billion, down 12.83% year-on-year [3] - **Operating Cash Flow**: Net outflow of 728.83 billion, an increase of 16 billion year-on-year [3] Revenue Breakdown - **Infrastructure Sector**: Contributed 85% of total revenue, approximately 6,600 billion [2][4] - **Equipment Manufacturing**: Revenue of 215.67 billion, up 8.7% year-on-year [2][4] - **Emerging Businesses**: New contracts in water conservancy and clean energy grew by 4.3%, exceeding 2,202 billion [4][17] Sector Performance - **Engineering Construction**: - Railway contracts: 2,500 billion, up nearly 50% [2][8] - Road contracts: 750 billion, down 18% [8] - Municipal and urban rail: both down approximately 5% [8] - Real estate: 5,000 billion, down 14% [8] Strategic Initiatives - **PPP Business**: Current scale around 5,000 billion, with a focus on asset revitalization and stricter project yield requirements [6][7] - **Dividends and Share Buybacks**: Mid-term dividends introduced, with plans to gradually increase the payout ratio despite cash flow constraints [11][12] - **Overseas Expansion**: Significant growth in overseas orders, particularly in railway and engineering contracting, with a focus on sustainability [13][14] Profitability Insights - **Gross Margin**: Overall gross margin for the infrastructure sector is about 8.85%, with engineering construction at 7.6% and railway at 4.7% [15] - **Mineral Resources**: Contributed approximately 40 billion in net profit, with ongoing efforts to expand resource reserves [16] Challenges and Risks - **Accounts Receivable**: Approximately 2,957 billion, with 65-70% from local government platforms, indicating potential cash flow risks [24][25] - **Credit Impairment**: Impairment losses of about 35 billion, primarily due to increased accounts receivable [20] Future Outlook - **Fifteen-Five Plan**: Discussions ongoing regarding the strategic direction for the next five-year plan [21][22] - **Urban Renewal Projects**: Engaging in urban renewal agreements with major cities, assessing profitability potential [23] Conclusion China Railway Group is navigating a challenging environment with declining revenues but is focusing on strategic growth areas such as overseas contracts and emerging businesses. The company is also addressing cash flow issues and planning for future growth through careful management of its assets and liabilities.

Group 1 - The company Zhonghuan Environmental Protection (SZ 300692) held its 11th meeting of the 4th board of directors on November 17, 2025, to review the proposal for amending the company's articles of association [1] - For the year 2024, the revenue composition of Zhonghuan Environmental Protection is as follows: water treatment industry accounts for 50.27%, environmental comprehensive governance business accounts for 30.75%, engineering construction industry accounts for 18.93%, and other businesses account for 0.05% [1] - As of the report date, the market capitalization of Zhonghuan Environmental Protection is 4 billion yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公佈的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公 佈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。 本公司謹此澄清，香港國際機場、沙田及東涌東的三份基建工程建造合約的合約 總額約為9千萬港元。北部都會區的五份基建工程建造合約的合約總額約為1億2千 3百萬港元。因此，上述八份建造合約的合約總額約為2億1千3百萬港元。 董事會謹此聲明，本集團並無就獲授上述合約作出溢利預告或預測。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 駿傑集團控股有限公司 主席兼執行董事 （於開曼群島註冊成立之有限公司） （股份代號：8188） 有關業務最新發展的澄清公佈 茲提述駿傑集團控股有限公司（「本公司」）日期為二零二五年十一月七日的公佈（「該 公佈」）。除另有所指外，本公佈所用詞彙與該公佈所界定者具有相同涵義。 莊峻岳 香港，二零二五年十一月九日 1 於本公佈日期，執行董事為莊峻岳先生及莊偉駒先生；非執行董事為莊柔嘉女士； 以及獨立非執行董事為林文彬先生、劉俊輝先生及吳惠明工程師。 本公佈 ...

Core Viewpoint - Junjie Group Holdings (08188.HK) announced the awarding of multiple construction contracts, indicating a positive development in its infrastructure segment [1] Group 1: Contract Details - The company's wholly-owned subsidiary, Junjie Engineering Co., Ltd., has been awarded five construction contracts located in the Northern Metropolis area, with a total contract value of approximately HKD 123 million [1] - Additionally, three construction contracts have been awarded for projects at Hong Kong International Airport, Sha Tin, and Tung Chung East, with a total contract value of approximately HKD 213 million [1] - Construction work has commenced and is expected to be completed within four years from the start date [1] Group 2: Financial Outlook - The board of directors has stated that the group has not made any profit forecasts or predictions regarding the awarded construction contracts [1]