Core Viewpoint - Company signed a significant contract worth $337 million with Kazakhstan Soda Company for a soda ash plant project, which will contribute approximately 19.83% to its 2024 revenue [1] Group 1: Contract and Project Details - The contract involves the construction of a soda ash production facility with an annual capacity of 500,000 tons, located in Zhanatas, Kazakhstan [1] - The project includes various components such as production area, brine extraction area, limestone mining area, and residential facilities, with a contract duration of no more than 1262 days [1] Group 2: Financial Performance - In Q1 2025, the company achieved a new contract amount of $699 million in international engineering contracting, a year-on-year increase of 30.65% [2] - The company's total revenue for 2024 was approximately 12.21 billion yuan, a slight decrease of 1.27% year-on-year, while net profit increased by 0.22% to 361 million yuan [2] - By Q1 2025, the company's revenue and net profit were 2.183 billion yuan and 131 million yuan, reflecting year-on-year changes of -7.61% and 12.17%, respectively [2] Group 3: International Market Contribution - The contribution of overseas markets to the company's revenue has significantly increased, with overseas revenue reaching 8.263 billion yuan in 2024, accounting for 67.69% of total revenue [2] - The company's contract liabilities reached 4.083 billion yuan by the end of Q1 2025, a year-on-year increase of 17.24% [2] Group 4: Research and Development - The company has emphasized technological innovation, with R&D expenses totaling 1.482 billion yuan from 2022 to 2024 [3] - In 2024, the company applied for 119 patents, including 35 invention patents, and registered 20 software copyrights [3]

Group 1: Core Insights - Company signed a business contract for the second phase of a 500,000-ton soda ash plant project in Kazakhstan, totaling $337 million, equivalent to approximately 2.421 billion RMB, marking a significant milestone in deepening its presence in Central Asia [1] - The project aligns with the summit's core themes of "economic diversification" and "building a community of shared future," showcasing the company's commitment to supporting modernization in Central Asia [1][2] - The company has undertaken various projects in Central Asia, including a PVC production complex in Uzbekistan, which has been operational for six years, producing 100,000 tons of PVC and 300,000 tons of methanol annually, creating over 900 jobs [4] Group 2: Economic Diversification Efforts - The company is implementing multiple projects across industrial, oil and gas, and civil construction sectors to address the challenges of single industrial structures and weak industrial foundations in Central Asian countries [2] - The soda ash plant will end Kazakhstan's reliance on imported soda ash, becoming the largest fine chemical production facility in the country and contributing to the industrial chain [2] Group 3: Technological and Environmental Initiatives - The company is leading regional green transformation through innovative technologies, with two waste-to-energy projects in Uzbekistan expected to generate 840 million kWh annually, reducing coal consumption by over 90,000 tons [5] - The nitric acid project in Uzbekistan, producing 500,000 tons of 98% concentrated nitric acid annually, addresses local production shortages and creates job opportunities [7] Group 4: Cultural and Collaborative Projects - The company is involved in significant projects that symbolize friendship and cooperation, such as the government office building in Tajikistan, which integrates local architectural styles with Chinese technology [8] - The Olympic City project in Uzbekistan, the largest sports complex in Central Asia, is nearing completion and represents a major collaboration between China and Uzbekistan [8][10] Group 5: Future Prospects - The company’s comprehensive advantages in the entire industry chain are expected to find broader development opportunities in Central Asia following the China-Central Asia Summit [10] - The company continues to uphold its mission of creating value in Chinese engineering and contributing to the well-being of local communities through high-standard, sustainable projects [10]

Core Insights - Company signed a business contract with Kazakhstan Soda LLC for the second phase of a 500,000 tons per year soda ash plant project in Kazakhstan, with a total contract value of $337 million, equivalent to approximately 2.421 billion RMB [1] - The project includes the construction of a soda ash production facility and associated infrastructure, with a contract duration not exceeding 1262 days [1][2] - The project is part of the company's strategy to expand its presence in Central Asia and aligns with its "14th Five-Year Plan" to enhance third-party market cooperation [3] Financial Performance - The company reported a 7.4% year-on-year increase in new overseas contracts, totaling $3.39 billion for 2024, with international engineering contracting new contracts amounting to $2.411 billion, a 4.42% increase [2] - In Q1 2025, the company achieved a 30.65% year-on-year growth in new international engineering contracting contracts, amounting to $699 million [2] - The contract value of $337 million represents 19.83% of the company's projected total revenue for 2024, indicating a significant positive impact on future operating performance [3] Market Strategy - The company is focusing on key markets in the Middle East, Central Asia, Southeast Asia, and Latin America, with ongoing project development in countries like Guyana and Nicaragua [2] - The execution of the second phase of the soda ash plant project will strengthen the company's professional advantages in industrial engineering within the Central Asian region [3]

Core Viewpoint - North International has received approval from the State-owned Assets Supervision and Administration Commission for a non-public issuance of A-shares, aiming to raise up to 960 million yuan for the construction of a photovoltaic project in Bosnia and Herzegovina and to supplement working capital [1][2]. Group 1: Fundraising and Project Details - The company plans to issue no more than 105 million A-shares, with total fundraising not exceeding 960 million yuan, of which approximately 724 million yuan (75.45% of total funds) will be allocated to the 125MWp photovoltaic project in Bosnia [2][3]. - The project has a total investment of about 755 million yuan and is expected to be completed within 12 months [2]. Group 2: Business Transformation and Performance - North International is actively transforming its business model towards an integrated investment and construction operation, which has led to significant achievements in recent years [1][4]. - The company's revenue has grown from 1.66 billion yuan in 2012 to 19.08 billion yuan in 2024, while net profit increased from 120 million yuan to 1.05 billion yuan during the same period [4]. Group 3: Financial Health and Cost Management - The company's asset-liability ratio has decreased from 65.56% in 2020 to 57.23% in the first quarter of 2025, indicating improved financial health [5]. - In the first quarter of 2025, North International reported a revenue of 3.6496 billion yuan, a decrease of 27.22% year-on-year, but managed to reduce operating costs significantly, resulting in a gross profit margin of 13.03%, up from 9.62% in the previous year [5].

摊薄即期回报与采取填补措施及相关主体承诺（修订稿）的公告 股票简称：北方国际 股票代码：000065 公告编号：2025-062 北方国际合作股份有限公司 （一）假设条件 关于 2024 年度向特定对象发行 A 股股票 摊薄即期回报与采取填补措施及相关主体承诺（修订稿）的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 以下关于北方国际合作股份有限公司（以下简称"公司""本公司"或"北 方国际"）本次向特定对象发行 A 股股票（以下简称"本次向特定对象发行股 票""本次向特定对象发行"或"本次发行"）后其主要财务指标的分析、描述 均不构成公司的盈利预测，投资者不应仅依据该等分析、描述进行投资决策，如 投资者据此进行投资决策而造成任何损失的，公司不承担任何责任。 公司向特定对象发行A股股票的相关议案已经公司九届四次董事会、九届十 次董事会、九届三次监事会、九届六次监事会审议通过，尚需获得有权国资监管 单位批准及股东大会审议通过，由深圳证券交易所（以下简称"深交所"）审核 通过并经中国证券监督管理委员会（以下简称"中国证监会"）作出予以注册决 定后 ...

Core Insights - The core viewpoint of the news is the successful implementation of the Guyana Hospital Group project by China State Construction Engineering Corporation (CSCEC), which aims to significantly enhance local healthcare standards and infrastructure in Guyana, marking a strategic entry into the South American market [2][3][6]. Project Overview - The Guyana Hospital Group project includes the construction of six hospitals with a total contract value of €170 million, signed in 2022, representing CSCEC's first project in Guyana [3]. - The project is designed to elevate local medical standards to levels comparable to major cities in China, addressing the long-standing deficiencies in healthcare infrastructure in Guyana [2][3]. Challenges and Solutions - The project faced significant logistical challenges due to the distance from China (over 10,000 kilometers) and the lengthy shipping times (45 to 60 days), compounded by unpredictable weather and other factors [4]. - CSCEC implemented multiple feasible transportation plans and coordinated domestic production to ensure timely delivery of materials and equipment [5][7]. Innovative Approaches - The project utilized innovative strategies such as the "Task Force" approach, which allowed for rapid resource mobilization and decision-making, breaking down traditional departmental barriers [6][7]. - CSCEC's organizational reform in 2021 provided greater autonomy to its divisions, facilitating quicker responses to project demands and enhancing operational efficiency [3][6]. Economic Impact - The project is expected to boost the export of Chinese medical equipment and construction materials, contributing to the local economy [8]. - It positions CSCEC as a key player in the healthcare infrastructure sector in Guyana and the broader Caribbean region, aligning with China's Belt and Road Initiative [8][9]. Future Prospects - Following the completion of the hospital group, CSCEC plans to assist the Guyanese government in future healthcare system planning and development, aiming to establish Guyana as a medical service hub in the Caribbean [9]. - The company has already signed a contract for the West Demerara Hospital project, indicating a trend towards more specialized overseas projects in the healthcare sector [9].

编号：2025-003 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 活动参与人员 | 岗 华创证券 马金龙、刘 | | | 银河证券阎予露 | | | 中信证券云小虎 | | | 涛 深圳市前海国金资产管理有限公司王 | | | 国泽基金刘继勇 | | | 华新金控资产管理有限公司陈泓西 | | | 中财融商资本管理有限公司王文华 | | | 中乾景隆股权投资基金管理有限公司蒙钟书 | | | 金泰资本 张丽红 | | | 上市公司接待人员： | | | 董事会秘书 朱国祥 | | | 证券事务代表 赵旸 | | 时间 | 2025 年 5 月 19 日 | | 地点 | 中色股份 层会议室 16 | | 形式 | 线下交流 | | | 参观公司展厅，介绍公司基本情况。 1. | | | 中色股份成立于 1983 年，于 1997 年在深交所上市。经过四 | | | 十余年的持续探索，公司从单一的对外工程承包企业逐 ...

Meeting Details - The eighth board meeting of Zhonggong International Engineering Co., Ltd. was held on May 12, 2025, with all eight directors present, achieving 100% attendance [1][2] - The meeting was chaired by Chairman Wang Bo, and some supervisors and senior management attended as well [1] Resolutions Passed - The board approved the proposal for the investment in the Tashkent municipal solid waste incineration power generation project in Uzbekistan [1] - The board also approved the proposal for the investment in the Andijan municipal solid waste incineration power generation project in Uzbekistan [2] Documentation - Relevant documents regarding the proposals were published in the China Securities Journal, Securities Times, and on the website of Giant Tide Information Network [2]

Core Viewpoint - China Wuyi (000797) is focusing on strengthening its cross-border e-commerce business while addressing concerns about its profitability and stock performance amid various financial challenges [2][3][6]. Group 1: Business Operations - China Wuyi's main business includes international engineering contracting and real estate development [8]. - The company aims to enhance its cross-border trade supply chain and become a globally competitive comprehensive supply chain operator [2]. Group 2: Financial Performance - In Q1 2025, the company reported a main revenue of 862 million yuan, a year-on-year decrease of 3.98% [8]. - The net profit attributable to shareholders was -45.36 million yuan, down 192.43% year-on-year, while the non-recurring net profit was -46.53 million yuan, a decline of 188.19% [8]. - The company's debt ratio stands at 75.49%, with investment income of 707,400 yuan and financial expenses of 28.67 million yuan [8][9]. Group 3: Shareholder Concerns - There are concerns regarding the company's low dividend payouts and the potential for stock price stabilization through strategic share purchases by major shareholders [4][6]. - The company is considering suggestions to engage strategic investors to regain stock pricing power [3][4].

Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [4][13]. Core Views - The company is steadily expanding its integrated investment, construction, and operation business, with performance facing temporary pressure. In Q1 2025, the company achieved revenue of 3.65 billion yuan, a year-on-year decrease of 27%, and a net profit attributable to shareholders of 180 million yuan, down 33% year-on-year [1][26]. - The Mongolian coal trade integration is progressing well, with significant certainty in trade increments. The mining volume for 2024 is projected at 50.56 million tons, with a compound annual growth rate of 304% from 2021 to 2024 [2][54]. - The overseas wind and hydropower profits are stable, while thermal power and photovoltaic sectors have potential for growth. The average electricity price in Croatia increased by 81% year-on-year, contributing positively to wind power project profitability [3][46]. - The company has a sufficient reserve of international engineering contracts, and the "Belt and Road" initiative is expected to catalyze performance improvement [3][4]. Summary by Sections Integrated Investment and Construction Development - The company is a comprehensive international construction enterprise benefiting from the "Belt and Road" initiative, with a focus on expanding its integrated business model [20]. - In Q1 2025, the company faced performance pressure, with a revenue of 3.65 billion yuan, down 27% year-on-year, and a net profit of 180 million yuan, down 33% year-on-year [1][26]. Mongolian Coal Trade Integration - The Mongolian coal trade integration is showing good progress, with a projected mining volume of 50.56 million tons for 2024, reflecting a compound annual growth rate of 304% from 2021 to 2024 [2][54]. - The coal trade is highly dependent on the Chinese market, with 96.5% of Mongolia's coal exports going to China in 2023 [2]. Overseas Power Projects - The average electricity price in Croatia increased to 130 euros per megawatt-hour in Q1 2025, up 81% year-on-year, indicating strong profitability for wind power projects [3][46]. - The company plans to invest in a 125MWp photovoltaic project in Bosnia, further deepening its market presence in the Middle East [3]. International Engineering Contracts - The company has a total of 14.17 billion USD in signed but uncompleted project contracts as of the end of 2024, a decrease of 3.9% year-on-year [3]. - The new contract amount signed in 2024 was 1.16 billion USD, down 55.8% year-on-year, but the upcoming "Belt and Road" construction work conference in December 2024 is expected to catalyze performance [3][4]. Profit Forecast and Investment Recommendations - The company is expected to achieve total revenues of 20.515 billion yuan, 22.233 billion yuan, and 23.624 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.52%, 8.37%, and 6.26% [4]. - The net profit attributable to shareholders is projected to be 1.125 billion yuan, 1.309 billion yuan, and 1.420 billion yuan for the same years, with growth rates of 7.21%, 16.32%, and 8.48% respectively [4].