Summary of the Construction Industry Conference Call Industry Overview - The construction industry is entering a plateau phase, with a projected decline in corporate revenue for the first time in 2024, leading to an increase in receivables and weaker cash flow and profitability [1][2] - Infrastructure investment growth is expected to stabilize at 5-6% in 2025, supported by accelerated government bond issuance, although much of the new funding will be used for debt resolution rather than actual construction [1][5] Key Investment Directions - Future investments should focus on two main areas: external demand transformation and high dividend yields, along with quality business models [1][2] - Significant attention should be given to major national strategies and safety-related projects, such as special government bonds supporting dual construction initiatives, desertification control in Northeast China, and coal chemical projects in Xinjiang [1][7] Company Performance and Recommendations - In 2024, only China Energy Engineering and China Chemical Engineering are expected to achieve revenue growth, with similar expectations for 2025 [1][14] - Recommended stocks include: - **China Construction**: Strong dividend stability with an expected yield of 4-5% in 2025 [3][16] - **China Chemical**: Fast order growth and positive corporate improvement outlook [3][16] - **Sichuan Road & Bridge**: Notable for its high dividend yield and strong order backlog [17] Structural Opportunities - The construction industry is at a crossroads of transformation, with many small-cap companies in sectors like landscaping and decoration presenting merger and acquisition opportunities [4][31] - The manufacturing sector is outperforming infrastructure and real estate investments, with specific focus on power, water conservancy, and water transport investments [8] Economic Environment Impact - The overall economic environment is stable, with Q1 GDP at 5.4% and expectations for Q2 to exceed 5% [5] - Government bond issuance is robust, with special bonds increasing from 1 trillion in 2024 to 1.3 trillion in 2025, primarily for dual construction projects [7] Market Performance - In the first half of 2025, the construction industry ranked 28th in market performance, down 2.1%, with traditional state-owned enterprises underperforming [11] - Small-cap transformation companies have shown better performance compared to large state-owned enterprises [11] Industry Characteristics and Stock Selection - The construction industry is characterized by light assets, high debt, labor intensity, and a lack of significant scale advantages [12] - Stock selection should prioritize manufacturing, followed by new economy sectors, specialized engineering, and quality regional enterprises [12] Future Trends and Risks - Traditional state-owned enterprises face pressure from aging infrastructure projects, necessitating a focus on emerging fields and specialized markets [13] - The overall industry is expected to face significant pressure in 2025, with conservative performance expectations for most companies [14] Conclusion - The construction industry is currently in a transitional phase, with a need for strategic focus on high dividend stocks, emerging sectors, and structural opportunities through mergers and acquisitions. The economic environment remains stable, but the industry faces challenges that require careful navigation and selection of investment opportunities.

齐鲁晚报·齐鲁壹点记者于军队采购网了解到，7月4日，河南省中亿建设集团有限公司（下称"中亿建设集团"）上榜军队采购失信名单，处理部门为空军后 勤部采购和资产管理局。 中亿建设集团官方网站介绍，公司年产值超过10亿，业务涉及工程总承包、专业承包及劳务分包；压力容器设计、生产及安装；项目融资担保贷款；特种涂 料研发、生产、销售及施工；铁精粉、铁矿石、煤、耐火材料、钢材及焦炭采购和销售等。 此外，在官网"诚信宣言"栏中，中亿建设集团表示，其视信用为企业的生命和根本，依照国家法律法规、市场规则和商业道德规范，建立企业与合作伙伴、 投资者、员工、政府之间良好的信用关系，实行诚信互动、服务互动，塑造"信用中亿"的良好形象。 | | | 失信处理公告显示，中亿建设集团具体违规情形是"出借资质"。处理部门根据军队供应商管理相关规定，终身禁止其参加空军范围物资工程服务采购活动。 在禁止期内，法定代表人韩国忠控股或管理的其他企业禁止参加上述范围军队采购活动，授权代表李保红禁止代理其他供应商参加上述范围军队采购活动。 违规处理信息显示，中亿建设集团处罚生效范围是空军，处罚生效范围为全品种。处理编号：SX2025116408；违规处 ...

Core Viewpoint - The company, Hengli Industrial Development Group Co., Ltd., is facing legal challenges related to construction contract disputes, which may impact its financial performance in the future [1][4]. Summary by Sections 1. Basic Information of the Lawsuit - The company and its wholly-owned subsidiary, Yueyang Hengli Auto Parts Co., Ltd., were sued by Hunan Fangyuan Architectural Engineering Design Co., Ltd. and Hunan Pioneer Construction Engineering Co., Ltd. due to construction contract disputes [1]. 2. Judgment Details - **Case One**: The court ordered the subsidiary to pay design fees of 459,246.15 yuan and overdue payment penalties based on the Loan Prime Rate (LPR) from September 27, 2024, until payment is made. The subsidiary must also pay engineering fees totaling 37,645,448.5 yuan, with the design company having priority in claims against the project [1][2]. - **Case Two**: The company is required to refund a deposit of 5,500,000 yuan and associated costs, with interest calculated at an annual rate of 12% from December 16, 2021, until actual payment is made [2][3]. 3. Financial Implications - The company acknowledges that the ongoing litigation may have uncertain impacts on its current and future profits, pending the outcome of the appeals process [4]. 4. Other Legal Matters - As of the announcement date, there are no undisclosed litigation or arbitration matters involving the company or its subsidiary [3]. 5. Stock Market Status - The company's stock entered a delisting preparation period on June 25, 2025, with the last trading date expected to be July 15, 2025, after which the stock will be delisted [4].

General Provisions - Tibet Tianlu Co., Ltd. is established as a joint-stock company in accordance with the Company Law and other relevant regulations [2] - The company was approved by the Tibet Autonomous Region People's Government and registered with the local administration [2][3] - The registered capital of the company is RMB 1,323,334,858 [3] Business Objectives and Scope - The company's business objective is to meet market demand, pursue intensive operations, and raise necessary development funds through capital markets [6] - The company aims to expand its main business in highway engineering while gradually diversifying into a large comprehensive enterprise [6] - The approved business scope includes construction engineering, international road freight transport, and various other construction-related activities [7] Shares - The company's shares are issued in the form of stocks, with all shares being ordinary shares [8] - The total number of shares is 1,323,334,858, and the issuance follows principles of openness, fairness, and justice [8][20] - The company does not provide financial assistance for the purchase of its shares [8] Shareholder Rights and Obligations - Shareholders have rights to dividends, attend meetings, supervise the company, and transfer their shares [13] - Shareholders must comply with laws and the company's articles of association, and they cannot withdraw their capital except as legally permitted [16] - Major shareholders (over 5%) must report any pledging of their shares to the company [39] Shareholder Meetings - The company holds annual and extraordinary shareholder meetings, with the annual meeting occurring within six months after the end of the fiscal year [43] - Shareholder meetings can be convened by the board of directors or at the request of shareholders holding more than 10% of the shares [27] - Decisions at shareholder meetings require a simple majority for ordinary resolutions and a two-thirds majority for special resolutions [76][78] Voting and Decision-Making - Voting at shareholder meetings is based on the number of shares held, with each share representing one vote [79] - Related party shareholders must abstain from voting on transactions involving their interests [45] - The company must disclose the voting results and ensure transparency in the decision-making process [45]

Core Viewpoint - The article discusses the increasing complexity and diversity of tax policies globally, particularly focusing on the BEPS 2.0 initiative aimed at ensuring fair tax distribution for multinational corporations based on their economic activities [1][2]. Group 1: BEPS 2.0 Overview - BEPS 2.0, under the G20 framework, aims to establish a global minimum tax rate of 15% for multinational corporations, ensuring that their effective tax rates do not fall below this threshold [1]. - Over 140 countries and regions have joined the implementation of the "Pillar Two" of BEPS 2.0, with recent announcements from Singapore, Japan, Hong Kong, Malaysia, and Thailand regarding its implementation [1][2]. Group 2: Impact on Chinese Enterprises - Chinese enterprises are increasingly investing abroad, with a total foreign investment amount reaching $147.9 billion in 2023, reflecting a compound annual growth rate of 8% over the past five years [3]. - The number of Chinese enterprises investing overseas has surged to approximately 600,000 in 2023, with a compound annual growth rate of 65% over the past five years [3]. Group 3: Tax Compliance and Challenges - Chinese companies must comply with local tax regulations in foreign markets, as failure to register could lead to penalties, especially under the requirements of "Pillar Two" [3]. - The complexity of "Pillar Two" presents challenges for Chinese enterprises, necessitating a thorough understanding of its implications on their international operations [3][4]. Group 4: Industry-Specific Insights - The implementation of "Pillar Two" is expected to have a limited impact on construction companies, as many small countries have not joined the initiative, and investments in these regions are minimal [4]. - Hong Kong is committed to implementing the GloBE rules under BEPS 2.0, which will require multinational groups with significant revenue to pay at least 15% tax in each jurisdiction they operate [4].

Group 1 - Beijing Jingyuntong Technology Co., Ltd. and its wholly-owned subsidiary Wuhai Jingyuntong New Materials Technology Co., Ltd. have been sued by Wuhai Haibowan Urban Construction Investment Co., Ltd. due to a contract dispute [1] - The lawsuit involves a claim for funds occupied interest amounting to 22,416,041.67 yuan calculated at an annual interest rate of 4.75% from June 1, 2019, to August 19, 2019, and thereafter at the loan market quoted interest rate until the actual payment date [1] - The company has corrected previously disclosed information regarding other cumulative litigation and arbitration cases, specifically changing the defendant in a construction engineering dispute from Shanxi Hongtu Construction Group to Wuhai Jingyuntong New Materials Technology Co., Ltd. [2]

Overview - The company plans to increase capital in its subsidiary, Wenzhou Zhisheng Construction Engineering Co., Ltd., by RMB 49 million to support its operational development and sustainable growth [1][2]. Capital Increase Details - The capital increase amount is RMB 49 million, with the company contributing RMB 44.1 million and its wholly-owned subsidiary, Hangzhou Zhongshi Media Technology Co., Ltd., contributing RMB 4.9 million [1][2]. - After the capital increase, Zhisheng Construction's registered capital will rise from RMB 1 million to RMB 50 million [1]. Board Approval - The board of directors approved the capital increase during the 20th meeting of the 9th board on July 8, 2025, and it does not require shareholder approval [2]. Subsidiary Information - Zhisheng Construction is a limited liability company established on July 1, 2020, with a registered capital of RMB 1 million and operates in various construction-related fields [2]. Financial Performance - As of June 30, 2025, Zhisheng Construction reported total assets of RMB 0 and total liabilities of RMB 0, indicating a significant change from December 31, 2024, when total assets were RMB 1.5773 million and total liabilities were RMB 1.1748 million [3][4]. - The company reported a net loss of RMB 140.25 million for the first half of 2025, compared to a net profit of RMB 5.56 million for the entire year of 2024 [4]. Impact on the Company - The capital increase is intended to meet the operational needs of Zhisheng Construction and will not change the company's control over the subsidiary, as it remains a wholly-owned entity [4][5]. - The funding source for the capital increase is the company's own funds, aligning with its strategic development goals without adversely affecting its financial condition [5].

Core Viewpoint - The company has announced a profit distribution plan that was approved at the 2024 annual shareholders' meeting held on June 26, 2025, detailing the cash dividend distribution to shareholders [1]. Distribution Plan - The cash dividend distribution is based on a total share capital of 3,739,735,286 shares, with a cash dividend of 0.09 yuan per share, totaling 336,576,175.74 yuan [3][4]. - The record date for shareholders is July 16, 2025, with the last trading day on July 17, 2025, and the ex-dividend date also on July 17, 2025 [2][3]. Implementation Method - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [2]. - For individual shareholders, the tax treatment varies based on the holding period of the shares, with specific tax rates applied according to the duration of ownership [2][3]. - For Qualified Foreign Institutional Investors (QFII), a 10% withholding tax will be applied, resulting in a net cash dividend of 0.081 yuan per share [3]. - Other institutional investors will not have taxes withheld by the company, and they are responsible for their own tax obligations [4]. Contact Information - For inquiries regarding the annual equity distribution, shareholders can contact the company's Securities Management Office at 029-87370168 [4].

安徽建工：联合体中标S27呼和浩特至鄂尔多斯高速公路（呼和浩特段）项目 总投资71.35亿元 智通财经7月8日电，安徽建工(600502.SH)公告称，公司及所属子公司收到项目中标通知书。公司（牵 头人）与中马（安徽）股权投资合伙企业（有限合伙）等联合体中标S27呼和浩特至鄂尔多斯高速公路 （呼和浩特段）项目特许经营者，项目采用BOT模式建设，估算总投资为71.35亿元，前期及建设期3 年，收费期30年。此外，安徽建工路港建设集团有限公司中标G4212合安高速公路桐城南枢纽至凉亭枢 纽段改扩建工程施工TA-01标段，中标价9.50亿元，工期28个月。 ...

Core Viewpoint - The Anhui Construction Group is transitioning from a traditional construction focus to a smart and green manufacturing model, exemplified by the launch of its Intelligent Green Manufacturing Industrial Park in Changfeng County, Hefei, which began full operations in May this year [1] Group 1: Smart Manufacturing and Automation - The core business of the industrial park includes smart traffic safety facilities, with a production capacity of nearly 300 tons of wave beam guardrails daily, supporting highway and road construction in Anhui Province [3][4] - The industrial park features automated production lines that minimize downtime, even during high temperatures, allowing for continuous operation and real-time data monitoring for production optimization [3][4] - The wave beam guardrails produced are designed for easy installation on-site, significantly reducing construction time and improving efficiency [3][4] Group 2: Prefabricated Construction Innovations - The industrial park is pioneering prefabricated construction methods, producing components in a factory setting that are then assembled on-site, which enhances construction efficiency and reduces environmental impact [7][10] - For example, a 120-square-meter two-story steel structure can be completed in about 15 days using prefabricated methods, cutting traditional construction time by over 60% and reducing carbon emissions by 80% during the construction phase [7][10] - The prefabricated buildings are designed for safety, capable of withstanding seismic activities up to an 8-magnitude earthquake, and 90% of the components can be recycled and reused, promoting sustainability [9][10] Group 3: Strategic Development and Future Goals - The Anhui Construction Group aims to integrate resources and technological innovations across various sectors, including construction, industry, and transportation, to achieve a collaborative model of design, production, construction, and operation [10] - The company is focused on driving innovation and reform to enhance its competitiveness and promote the development of specialized, intensive, and large-scale industries [10]