Group 1: Business Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end markets and differentiated development in sectors like prefabricated steel structures for hospitals and schools [1] - The company aims to become the leading brand in domestic green low-carbon prefabricated steel structure construction, emphasizing brand and high-end development while actively undertaking national major scientific projects [1] - The company will enhance risk control by strengthening credit assessments of clients during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Green Development - The company will respond to national "dual carbon" goals by developing new energy businesses, utilizing a construction model of "prefabricated + EPC + BIPV" to expand into the green low-carbon energy market [2] - The company plans to explore comprehensive energy businesses, including BIPV, BAPV, centralized photovoltaic, and energy storage [2] - The company will leverage the "Belt and Road" initiative to expand its international business, focusing on green infrastructure and innovative building materials in regions like South America and Southeast Asia [2] Group 3: Accounts Receivable Management - The company emphasizes the importance of accounts receivable collection, implementing measures such as credit assessments and linking sales staff performance to collection outcomes [3] - The primary clients are government entities and large state-owned enterprises, with national debt reduction measures expected to enhance local governments' financial capabilities, aiding in faster accounts receivable recovery [3] Group 4: Photovoltaic Business Development - The company is actively developing photovoltaic projects, with a focus on integrating green energy with modern agriculture through initiatives like the 110MW agricultural photovoltaic power station project [4] - The project is expected to improve the company's photovoltaic capacity and revenue, creating new profit growth points in the renewable energy sector [4] - Recent national policies promoting "anti-involution" are seen as beneficial for maintaining a fair market environment and improving production efficiency [4]

Business Performance Summary - The company signed a total of 191 contracts with a cumulative contract amount of 6.37 billion yuan, representing a year-on-year increase of 3.7% [1] - Structural sales reached 450,000 tons, showing a significant year-on-year growth of 63.6% [1] Specific Business Development - The total project amount for professional subcontracting integration was 6.37 billion yuan, down 16.5% year-on-year, while the project amount for industrial buildings was 5.11 billion yuan, down 3.6% year-on-year [1] - Public building projects amounted to 1.26 billion yuan, reflecting a substantial decline of 45.8% year-on-year [1] - Emerging business projects totaled 2.4 billion yuan, with a year-on-year decrease of 10.0%, but the project amount for the first half of the year increased by 48.7% [1] - The company’s EPC and prefabricated business saw a decline of 35.8% year-on-year, with a project amount of 1.4 billion yuan [1] - The industrial chain and strategic franchise business experienced remarkable growth, with new signed orders of 920 million yuan, up 161.5% year-on-year [1] - The BIPV segment reported a decrease of 42.9%, with a project amount of 80 million yuan [1] - Other business segments showed an increase of 28.1%, totaling 90 million yuan [1] International Business Expansion - The company has accelerated its international business development, with new signed orders in overseas markets reaching 3.66 billion yuan, a year-on-year increase of 94.1% [2] - Cumulative new signed orders for the first half of the year have already surpassed the total overseas business orders for the entire year of 2024, which was 3 billion yuan [2] - The international market serves as an extension of the domestic market, helping to mitigate the impact of intense competition in the domestic construction market [2] Industrial Chain and Strategic Franchise Growth - The industrial chain and strategic franchise business continued to grow rapidly, with new signed orders of 920 million yuan, reflecting a year-on-year increase of 161.5% [2] - Cumulative new signed orders for the first half of the year have exceeded the total order amount for the entire year of 2024, which was 850 million yuan [2]

Core Viewpoint - Hangxiao Steel Structure (600477) has signed a cooperation framework agreement with Hangzhou Xiaoshan Economic and Technological Development Zone State-owned Capital Holding Group Co., Ltd. and its wholly-owned subsidiary Wanjun Green Building Technology Co., Ltd. for land storage and development [1] Group 1 - The agreement involves land storage and development, with a compensation standard not exceeding 3 million yuan per mu [1] - The project is planned to be developed in phases, with the first phase covering approximately 250 mu [1] - The agreement includes a plan to establish an industrial investment fund, in which Hangxiao Steel Structure will invest 35% of its land compensation amount [1] - The cooperation framework agreement has uncertainties, and the company will fulfill its information disclosure obligations based on progress [1]

Group 1 - The board of directors of Hangxiao Steel Structure Co., Ltd. held its 42nd meeting on June 17, 2025, via telecommunication, with all 7 directors present [1] - The board approved a proposal regarding the land acquisition and storage by its subsidiary, Hangxiao Steel Structure (Hebei) Construction Co., Ltd. [2] - The land in question is located near the Guoyuefu residential area, covering an area of 49,733.44 square meters, and the acquisition will be conducted in accordance with local regulations [2]

Core Viewpoint - The company has established a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, focusing on long-term healthy development and enhancing shareholder returns through robust governance and operational efficiency [1][2]. Group 1: Business Focus and Quality Improvement - The company aims to become a world-class green building integrated service provider, emphasizing sustainable development and value creation for customers, employees, shareholders, and society [1]. - The company will concentrate on its main business areas, including bridge steel structure, while actively expanding into markets along the "Belt and Road" initiative [2]. - There will be an increased focus on technological research and innovation, leveraging partnerships with academic institutions to maintain a leading position in the industry [2]. - Cost and cash flow management will be prioritized to reduce production, procurement, outsourcing, and financial costs [2]. - The company plans to enhance digitalization and smart applications, exploring AI+ scenarios to improve efficiency [2]. Group 2: Shareholder Returns - The company is committed to providing long-term returns to shareholders, having implemented 20 cash dividend distributions since its listing in 2003, totaling approximately 1.63 billion yuan [2]. - In the last three fiscal years, the cumulative cash dividend amounted to 365.65 million yuan, with a cash dividend ratio of 150.18% [2]. - The company will continue to respond to regulatory encouragement for multiple dividends within a year, planning to implement mid-year cash dividends in 2024 [2]. Group 3: Information Disclosure and Investor Communication - The company will adhere to information disclosure regulations, enhancing the quality of periodic reports and announcements to meet investor needs [3]. - Various channels will be utilized for investor interaction, including performance briefings and shareholder meetings, to improve understanding of the company's operations [3]. Group 4: Corporate Governance - The company has established a robust governance structure, complying with relevant laws and regulations to enhance decision-making and risk management [4]. - Continuous improvement of governance capabilities and internal controls will be prioritized to ensure operational compliance and scientific decision-making [4]. Group 5: Responsibility of Key Personnel - The company emphasizes the importance of the "key minority" (controlling shareholders, directors, supervisors, and senior management) in maintaining high-quality operations [5]. - Training programs will be organized for key personnel to enhance compliance awareness and responsibility [5].

Group 1: Business Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end, precision, and challenging market positioning [1] - The company aims to become the leading brand in green low-carbon prefabricated steel structures in China, targeting differentiated development in the Yangtze River Delta and Pearl River Delta regions [1] - The company will enhance risk control by strengthening credit assessments during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Sustainability Initiatives - The company will actively develop new energy businesses in response to national "dual carbon" goals, utilizing a construction model of "prefabricated + EPC + BIPV" [2] - The company plans to expand its comprehensive energy business, including BIPV, BAPV, centralized photovoltaic, and supporting energy storage [2] - The company is committed to integrating green energy with modern agriculture through the construction of a 110MW agricultural photovoltaic power station project, which is expected to enhance its photovoltaic generation capacity and revenue [5] Group 3: International Expansion and Market Opportunities - In 2024, the company signed overseas orders worth 1.23 billion RMB, accounting for 14.68% of the total new contracts signed that year [3] - The company will leverage the "Belt and Road" initiative to expand its business in core regions, focusing on green infrastructure, innovative building materials, and new energy [2] Group 4: Production Capacity and Order Status - The company currently has a steel structure production capacity of approximately 600,000 tons, with plans to increase it to 700,000 tons in the future [6] - In Q1 2025, the company signed new orders totaling 2.468 billion RMB, representing a year-on-year growth of 1.48% [7] Group 5: Research and Development Investments - The company emphasizes technological innovation and has developed ten core technologies in various fields, including prefabricated steel structures and digital construction, which are at the advanced level globally [8] Group 6: Fund Utilization from Convertible Bonds - As of the end of 2024, the company has invested 1.458 billion RMB from convertible bond fundraising into ongoing projects, which are progressing as scheduled [9]

Core Viewpoint - The credit rating of Changjiang Jinggong Steel Structure (Group) Co., Ltd. is maintained at AA with a stable outlook, reflecting its strong market competitiveness and support from national policies in the steel structure sector [1][2]. Company Overview - Changjiang Jinggong Steel Structure (Group) Co., Ltd. primarily engages in steel structure business, with a focus on energy-efficient and environmentally friendly construction [1][2]. - The company has a registered capital of 2.01 billion yuan, with major shareholders being Jinggong Holding Group Co., Ltd. and Jinggong Holding Group (Zhejiang) Investment Co., Ltd. [9][10]. Financial Performance - Total assets increased from 221.03 billion yuan in 2022 to 256.14 billion yuan in 2024, while total liabilities rose from 69.00 billion yuan to 73.82 billion yuan during the same period [2][3]. - Operating revenue grew from 157.15 billion yuan in 2022 to 184.92 billion yuan in 2024, although net profit decreased from 7.06 billion yuan to 5.27 billion yuan [2][3]. - The gross profit margin slightly declined from 14.06% in 2022 to 12.66% in 2024, indicating increased cost pressures [2][3]. Debt and Financing - The company has a total interest-bearing debt of 73.82 billion yuan, with a debt-to-asset ratio of 64.96% as of 2024 [2][3]. - The "Jinggong Convertible Bonds" have a total issuance of 20 billion yuan, with the funds primarily used for the Liu'an Technician College Comprehensive Industrial Park project and to supplement working capital [7][8]. Industry Environment - The steel structure industry is supported by national policies promoting green building practices, with a target for steel structure usage to reach 15% of new construction by 2025 [16][17]. - The market for steel structures is expected to grow due to increasing demand from infrastructure, real estate, and manufacturing sectors, with government initiatives aimed at stabilizing investment in these areas [18][19][20]. Competitive Landscape - The steel structure market is characterized by intense competition, with major players including state-owned enterprises and private firms like Changjiang Jinggong [21][22]. - The industry is gradually consolidating, with larger firms expected to gain market share as regulatory pressures increase on smaller competitors [21][22].

Group 1: Business Performance - In Q1 2025, the company achieved revenue of CNY 2,437,451,945.75, a decrease of 18.94% year-on-year [7] - The net profit attributable to shareholders was CNY 46,902,034.90, down 47.44% compared to the same period last year [7] - New signed orders from January to March 2025 totaled 36 projects, with a contract amount of CNY 246,811.38 million, representing a year-on-year growth of 1.48% [5] Group 2: Renewable Energy Initiatives - In 2024, the company generated a total electricity output of 42 million kWh from photovoltaic projects, with revenue from electricity sales amounting to CNY 27.32 million [1][10] - The company plans to expand its photovoltaic projects beyond Zhejiang, with operations in Guangzhou, Guangxi, and Jiangsu [1] - The company is implementing a construction model of "prefabricated + EPC + BIPV" and an integrated operation model of "investment, construction, and operation" [10] Group 3: International Expansion - The company has implemented an international strategy featuring four alliances: partner, industry, brand, and credibility alliances, focusing on regions like South America, North America, the Middle East, and Southeast Asia [2][4] - In 2024, the total contract amount for overseas orders reached CNY 1,230.06 million, accounting for 14.68% of the total new signed orders [4] Group 4: Shareholder Returns and Stock Buyback - The company has repurchased a total of 50,049,946 shares, with a total repurchase amount of CNY 280,050,830.69 [3] - For 2024, the total cash dividend distribution is expected to be CNY 78,086,149.82, with a total stock buyback amount of CNY 144,554,717.47, together accounting for 116.90% of the net profit attributable to shareholders [12] Group 5: Financial Management and Risk Mitigation - The company emphasizes the collection of accounts receivable, primarily from government and large state-owned enterprises, with low risk of bad debts [6][12] - The company is actively managing cash flow and has increased debt financing to enhance overall fund utilization efficiency [9][12] Group 6: Future Development Plans - The company plans to implement the "EPC general contracting + No. 1 project" dual-engine development strategy in 2025, focusing on high-end and specialized market segments [6] - The company aims to explore suitable merger and acquisition targets in line with its valuation enhancement plan [6]

Summary of Jinggong Steel Structure Conference Call Company Overview - **Company**: Jinggong Steel Structure - **Year**: 2024 Key Financial Performance - **Revenue Growth**: Revenue increased by 12% year-on-year to 18.5 billion [2] - **Net Profit**: Net profit decreased by 6.7% year-on-year to 500 million [2] - **Operating Cash Flow**: Operating cash flow surged by 63.9% to 770 million, indicating strong cash management [1][2] International Business Expansion - **Overseas Orders**: Overseas orders grew by 202.9% year-on-year to 3 billion, becoming a new growth engine for the company [1][3] - **Market Advantage**: The overseas market offers less competition and better payment terms, enhancing project quality and profitability [3][4] New Business Models and Technological Advancements - **EPC and Prefabricated Construction**: EPC and prefabricated construction grew by 44%, while industrial chain and strategic franchise businesses grew by 94% and BIPV (Building Integrated Photovoltaics) by 48% [1][5] - **Future Growth Potential**: These new business segments are expected to optimize product structure and improve profitability [5] Shift Towards Industrial Construction - **Project Composition**: The company has increased the proportion of industrial construction projects to 70%, reducing reliance on government projects and mitigating associated risks [1][6] - **Market Demand**: The shift aligns with China's industrial structure adjustment and the growing demand for new productive forces [7][8] Management Strategies - **Process Management**: The company has implemented comprehensive process management inspired by Huawei to enhance organizational efficiency and market responsiveness [9] - **Accounts Receivable Management**: Efforts to reduce long-term accounts receivable have been successful, decreasing the proportion of receivables over three years from 20% to 15% [9] Challenges and Responses - **Economic Environment**: The company faces challenges such as labor shortages and funding pressures, prompting a shift towards industrialization and innovation [20] - **Cost Management**: The decline in steel prices is beneficial for cost management, potentially improving competitiveness in steel structure construction [26] Future Outlook - **International Business Goals**: The company aims to increase the share of overseas business to 50% by 2025, leveraging its first-mover advantage and addressing domestic capacity transfer needs [17] - **EPC Business Model**: The company aspires to transition entirely to the EPC model, which is expected to enhance profitability and cash flow management [18][19] Additional Insights - **Profitability Trends**: The slight decline in gross margin is attributed to intense domestic competition, but the company expects to stabilize or improve margins through overseas expansion and cost efficiency [27][28] - **Project Involvement**: The company is involved in significant projects like the Jeddah Tower, which is expected to enhance its international business profile [30][31] Conclusion - **Overall Performance**: The company has demonstrated resilience and growth potential despite economic challenges, with a strong focus on international expansion and innovative business models [36]