Core Viewpoint - The article highlights the strong growth in new contracts for China National Materials International (中材国际) driven by robust overseas demand, with a focus on expanding its global market presence and enhancing shareholder returns through increased dividends [3][4]. Group 1: Contract Growth and Market Expansion - In the first half of 2025, China National Materials International signed new contracts worth 41.16 billion yuan, representing an 11% year-on-year increase, with overseas contracts accounting for 68% of the total [3]. - The overseas market has become a major source of orders for the company, with new overseas contracts growing by 19% year-on-year, while domestic contracts saw a decline of 2% [3]. - The demand for infrastructure in regions like the Middle East and Southeast Asia is increasing due to economic diversification and growth, providing opportunities for Chinese companies in the construction sector [3]. Group 2: Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing this ratio, targeting a cash distribution of at least 40% of distributable profits, with annual increases of no less than 10% from 2024 to 2026 [4]. - As of July 11, 2025, the company's dividend yield is approximately 4.97%, which is competitive compared to the average yield of major state-owned banks at 3.88% [4]. Group 3: Business Structure and Operational Stability - China National Materials International is optimizing its business structure with steady progress in its three main segments: engineering, operation and maintenance, and equipment [5]. - The company is actively expanding its overseas market presence while maintaining a solid domestic engineering business, which enhances its overall operational stability and profitability [5]. - The diversified business structure and geographical expansion improve the company's resilience against risks [5].

证券代码：601618 证券简称：中国中冶 公告编号：2025-036 中国冶金科工股份有限公司 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 A股 2025/7/18 － 2025/7/21 2025/7/21 ? 差异化分红送转：否 一、通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 6 月 30 日召开的2024年度股东周年大会审 议通过。2024 年度股东周年大会决议公告刊登在 2025 年 7 月 1 日的《中国证券 报 》、《 上 海 证 券 报 》、《 证 券 时 报 》、《 证 券 日 报 》 及 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上。 中国冶金科工股份有限公司（以下简称"公司"、"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。 重要内容提示： ? 每股分配比例 A 股每股现金红利人民币0.056元（含税） ? 相关日期 本次利润分配以方案实施前的公司总股本20,723,619,170股为基数，每股派 发现金红利0.056元（含税）， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown strong growth in new contracts, particularly in overseas markets, with a total of 41.16 billion yuan in new contracts signed in the first half of 2025, representing an 11% year-on-year increase [1] - The company is committed to increasing its dividend payout ratio, with a current dividend yield of approximately 5%, which is competitive compared to major state-owned banks [2] - The company's business structure is continuously optimizing, with steady operations across its three main business segments: engineering, maintenance, and equipment [3] Summary by Sections New Contracts and Market Expansion - In the first half of 2025, the company signed new contracts worth 41.16 billion yuan, with domestic and international contracts at 13.33 billion yuan and 27.84 billion yuan respectively, showing a year-on-year growth of -2% and +19% [1] - The overseas market has become a major source of orders, driven by infrastructure demand in regions like the Middle East and Southeast Asia [1] Dividend Policy - The company has maintained a high dividend payout ratio over the past three years and plans to continue increasing it, targeting a cash distribution of at least 44%, 48.40%, and 53.24% of the distributable profits for the years 2024 to 2026 [2] Business Structure and Financial Performance - The company is actively expanding its overseas market presence while optimizing its business structure, which has led to improved profitability [3] - The forecasted net profit for the years 2025 to 2027 is 3.26 billion, 3.40 billion, and 3.52 billion yuan respectively, indicating a steady growth trajectory [4]

Group 1 - China Power Construction announced a contract worth approximately 5.063 billion RMB for the KEBO bauxite mining and transportation project in Guinea, covering an area of 204.37 square kilometers with an estimated mining volume of 28 million tons over a project duration of 72 months [1] - The company reported a revenue of 142.56 billion RMB in Q1, a year-on-year increase of 1.61%, while the net profit attributable to shareholders decreased by 12.03% to 2.636 billion RMB [1] - China Power Construction's international business contracts signed in 2024 reached 223.96 billion RMB, a year-on-year increase of 4.08%, accounting for 17.62% of total new contracts [2] Group 2 - The company has been optimizing its business structure, achieving significant progress in strategic emerging industries, with new contracts in 2024 for new energy storage projects amounting to 22.664 billion RMB and soil remediation projects totaling 20.782 billion RMB [2] - The management emphasized a commitment to high-quality development, aiming to build a world-class enterprise and promote global green low-carbon industry development [3] - The strategic focus includes major infrastructure, with an emphasis on water, energy, urban development, and digital integration, aligning with national strategies for coordinated regional development [3]

初次在办公室见面，杨琪毅敏锐地发现了覃业驰简历中的短板——缺少实习经历。"去项目现场吧，看 看图纸上的线条是怎样长成桥梁和道路的，最重要的是要了解专业实际对口的工作内容是什么，自己能 否接受，这会影响未来规划。" "妈，我签约了。"覃业驰的声音难掩激动。 收到录用通知，这个从湖南省常德市石门县大山里走出的土家族小伙，将成为助理工程师，终于能承担 起家里更多的责任。 "我家有病人，负担重，必须要找到一份安稳工作。"参加职业生涯唤醒课、职业规划探索课，报名学 校"宏志助航计划"训练营……长沙理工大学土木与环境工程学院2021级本科生覃业驰，早早锚定了努力 的方向。 "业驰，方便时来我这聊聊。"大三下学期，一对一帮扶老师、学院就业专干杨琪毅拨通了覃业驰的电 话。 抱着试试看的态度，覃业驰向学长学姐们发送了应聘时的困惑。一名学长很快便回复了一段详细解答， 另一名学长更是将自己制作简历、面试应答等经验倾囊相授。 "不断告诉自己，不要气馁。"一遍遍打磨简历、一次次模拟面试、一场场线下应聘，直至那份三方协议 放在自己面前，覃业驰落笔成约。 在杨琪毅的鼓励下，2024年春招末期，覃业驰一头扎进项目工地。脚踩泥浆、浸润汗水度过 ...

General Information - The company is named Metallurgical Corporation of China Ltd., established as a joint-stock company in accordance with the Company Law and Securities Law of the People's Republic of China [1][2] - The company was approved by the State-owned Assets Supervision and Administration Commission and registered on December 1, 2008, with a unified social credit code [1][2] Company Structure - The company is represented by a legal representative, typically the chairman or president, elected by the board of directors [2] - Shareholders are liable for the company's debts only to the extent of their subscribed shares, while the company is liable for its debts with all its assets [2][3] Business Objectives and Scope - The company's business objectives include compliance with laws, enhancing asset value, and achieving economic and social benefits [4] - The business scope includes engineering consulting, design, equipment leasing, and the development and sale of metallurgical equipment and materials [4][5] Share Capital and Stock Issuance - The company issues shares in the form of stocks with a nominal value of RMB 1 per share [12] - The total number of ordinary shares authorized for issuance is 13 billion, with the founding shareholders holding 12.87 billion shares [7] - The company completed its initial public offering of 3.5 billion shares in September 2009, raising its registered capital to RMB 16.5 billion [7][8] Shareholder Rights and Obligations - Shareholders have the right to receive dividends, attend shareholder meetings, and supervise company operations [17][41] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as permitted by law [41][42] Governance and Decision-Making - The company’s board of directors is responsible for major decisions, including capital increases, profit distribution, and mergers [47][48] - Shareholder meetings can be called by the board or by shareholders holding at least 10% of the shares [51][56] Legal Compliance and Responsibilities - The company must adhere to legal requirements regarding external guarantees and cannot engage in transactions that exceed specified limits without shareholder approval [48][24] - Directors and senior management are accountable for their actions and can be held liable for damages caused to the company [19][20]

Group 1 - The stock of Bosheng Co., Ltd. (601133) increased by 3.65% with a turnover rate of 53.95% and a trading volume of 1.068 billion yuan, showing a fluctuation of 10.08% [2] - The stock was listed on the Shanghai Stock Exchange due to its turnover rate reaching 53.95%, with a net purchase of 14.3361 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 152 million yuan, with a buying amount of 74.3933 million yuan and a selling amount of 77.9097 million yuan, resulting in a net selling of 3.5165 million yuan [2] Group 2 - The main capital inflow for the stock today was 32.8854 million yuan, with a large single net inflow of 83.5563 million yuan and a large single net outflow of 50.6708 million yuan, while the net inflow over the past five days was 172 million yuan [2] - The company's Q1 report indicated a revenue of 1.037 billion yuan, a year-on-year decrease of 9.41%, and a net profit of 44.1974 million yuan, a year-on-year decrease of 20.61% [2]

Group 1 - The global construction market is witnessing a green revolution, with an estimated market opportunity of $1.8 trillion by 2030 according to a report by the World Economic Forum and Boston Consulting Group [3] - The partnership between French companies, Yachti Group and Chabanne Architecture, aims to address challenges in urbanization and ecological transformation in China, leveraging local practices and French engineering experience [1][3] - Yachti Group has committed to ensuring that all projects meet green building standards by 2032, showcasing their focus on sustainability [3] Group 2 - The collaboration between Yachti Group and Chabanne Architecture is seen as a complementary partnership, combining strengths in urban design, zero-carbon buildings, and ecological resilience [3][4] - The concept of "accessibility" is emphasized as a key factor in urban vitality, replacing traditional transportation concepts, which aligns with Shanghai's "15-minute community life circle" initiative [4] - Shanghai's urban development must balance modernity and preservation of historical context, ensuring that both aspects progress simultaneously [5]

Core Insights - China Chemical's business expansion aligns with expectations, with a total contract amount of approximately 150.8 billion yuan signed in the first five months of the year [2][3] - The company has a strong presence in over 80 countries and regions globally, with foreign market revenue accounting for about 20% in both 2023 and 2024 [2] - The company has invested over 18 billion yuan in R&D over the past three years, resulting in 5,730 authorized patents by the end of 2024 [2][14] Contract Details - In the first five months, China Chemical signed 1,829 contracts totaling 150.83 billion yuan, with 1,162 construction contracts amounting to 145.33 billion yuan, representing 63.53% and 96.36% of the total respectively [4][5] - The core chemical engineering business accounted for 1,169 billion yuan of the new contracts, making up 77.51% of the total contract amount [4][5] - Domestic and foreign market contracts amounted to 1,310.24 billion yuan and 198.01 billion yuan, respectively, with shares of 86.87% and 13.13% [5] Financial Performance - From 2018 to 2024, the company has achieved continuous growth in revenue and net profit for seven consecutive years [10][11] - In Q1 of this year, the company reported a net profit attributable to shareholders of 1.445 billion yuan, an increase of over 18% year-on-year [2][11] - The company’s total revenue for 2024 is projected to reach 186.61 billion yuan, with a year-on-year growth of 6.89% in the chemical engineering business [5][7] R&D and Innovation - The company emphasizes R&D as a driver for steady growth, with a total R&D investment of 183.56 billion yuan from 2022 to 2024 [14] - The company has developed key technologies in green environmental protection and hydrogen utilization, addressing critical technology bottlenecks [13][14] - The workforce includes 5,824 R&D personnel, accounting for 11.42% of the total staff [14]

Group 1 - The event "Sichuan-Hong Kong Infrastructure Investment Cooperation Enterprise Seminar" was held in Chengdu, focusing on promoting Hong Kong's infrastructure projects to Sichuan's construction sector [1] - The Hong Kong government has significantly increased infrastructure investment in recent years, with an average annual expenditure expected to rise to approximately HKD 120 billion [1] - Hong Kong is advancing numerous infrastructure projects, including the Northern Metropolis, artificial islands, public housing, hospitals, urban redevelopment, and transportation infrastructure [1] Group 2 - Hong Kong serves as a crucial gateway for mainland enterprises to expand their international presence, with increasing numbers of Sichuan companies leveraging the Hong Kong market for global development [2] - The number of western region enterprises participating in Hong Kong's infrastructure projects has been rising, with Sichuan companies leading in participation [2] - Engaging in Hong Kong projects allows mainland enterprises to showcase their technical capabilities and attract more global clients [2]