Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [7][18] Core Views - The company experienced a revenue of 22.02 billion, a year-on-year decrease of 21.5%, and a net profit attributable to shareholders of 0.73 billion, down 7.4% year-on-year. However, the non-recurring net profit slightly increased by 0.2% year-on-year [1] - The company is focusing on digital transformation by launching a traffic big model solution, integrating data and advanced algorithms to provide value-added services in the transportation sector [1][2] - The company reported a cash dividend of 0.25 billion, with a dividend payout ratio of 38% [1] Financial Performance - In the first half of 2025, the company achieved a gross margin of 15.4%, an increase of 0.45 percentage points year-on-year, while the net profit margin was 3.31%, up 0.29 percentage points year-on-year [4] - The company’s new signed orders reached 46.2 billion, a slight increase of 0.18% year-on-year, with significant growth in road engineering and other engineering sectors [3][4] Segment Performance - By industry, the construction, design services, infrastructure operation, and digital information businesses reported revenues of 18.56 billion, 0.53 billion, 1.52 billion, and 0.15 billion respectively, with varying year-on-year growth rates [2] - Regionally, the company saw rapid growth in Fujian, Jiangsu, Yunnan, and Sichuan, with year-on-year increases of 62%, 99%, 62%, and 57% respectively [2] Future Projections - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is expected to be 3.1 billion, 3.37 billion, and 3.71 billion respectively, with corresponding PE ratios of 6.5, 5.9, and 5.4 times [1][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company has shown steady growth in revenue and profit, with a significant increase in maintenance business by 88% year-on-year and an improvement in gross margin [1][4]. - Despite a slight decline in Q2 performance, the company is diversifying its business structure, focusing on transportation infrastructure while expanding into urban construction, comprehensive maintenance, and related industries [1][4]. - The company has a robust order backlog, with a total of 1,332 billion in uncompleted contracts, ensuring a stable revenue stream [2]. Financial Performance - In H1 2025, the company achieved a revenue of 186.47 billion, a year-on-year increase of 1.12%, and a net profit attributable to shareholders of 5.45 billion, up 6.43% year-on-year [1]. - The gross margin for H1 2025 was reported at 8.7%, an increase of 0.55 percentage points year-on-year, while the net profit margin rose to 2.98%, up 0.14 percentage points [3]. - The company’s cash flow from operations showed a net outflow of 28.99 billion, which is an increase in cash outflow by 1.95 billion year-on-year [3]. Business Outlook - The company is expected to see a gradual increase in net profit over the next few years, with projections of 14.27 billion, 15.59 billion, and 17.14 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 8.95%, 9.26%, and 9.90% [4]. - The company is actively expanding its market presence both domestically and internationally, with significant efforts in localizing operations in new markets [2][4].

Market Overview - On August 28, the infrastructure sector experienced a slight decline of 0.05%, with Garden Shares leading the drop [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Notable gainers in the infrastructure sector included: - Huylv Ecological (Code: 001267) with a closing price of 14.00, up 4.63% and a trading volume of 599,000 shares [1] - Hongrun Construction (Code: 002062) closed at 7.63, up 3.81% with a trading volume of 1,267,400 shares [1] - ST Jianhai (Code: 002586) closed at 3.66, up 3.68% with a trading volume of 138,200 shares [1] - Conversely, Garden Shares (Code: 605303) saw a significant decline of 9.99%, closing at 19.64 with a trading volume of 315,100 shares [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 9.51 billion yuan from institutional investors, while retail investors saw a net inflow of 8.25 billion yuan [2] - Key stocks with notable capital flows included: - Pudong Construction (Code: 600284) with a net outflow of 37.06 million yuan from institutional investors [3] - Zhejiang Transportation Science and Technology (Code: 002061) had a net inflow of 18.20 million yuan from institutional investors [3] - Xinjiang Communications Construction (Code: 002941) reported a net inflow of 5.26 million yuan from institutional investors [3]

Group 1 - The company Zhejiang Jiaokao (002061) announced the appointment of Mr. Xie Hongbo as the new deputy general manager [1]

Group 1 - Youyou Food achieved a net profit of 108 million yuan in the first half of 2025, a year-on-year increase of 42.47%, with a revenue of 771 million yuan, up 45.59% [1] - Keda achieved a net profit of 255 million yuan, a year-on-year increase of 16.49%, with a revenue of 2.163 billion yuan, up 14.35% [1] - North Navigation turned a profit with a net profit of 116 million yuan, achieving a revenue of 1.703 billion yuan, a year-on-year increase of 481.19% [1][2] Group 2 - China Satellite Communication reported a net profit of 181 million yuan, a year-on-year decrease of 55.59%, with a revenue of 1.221 billion yuan, up 6.33% [3] - Huqin Technology achieved a net profit of 1.889 billion yuan, a year-on-year increase of 46.3%, with a revenue of 83.939 billion yuan, up 113.06% [4] - Huasen Lithium reported a net loss of 72.739 million yuan, with a revenue of 350 million yuan, up 72.02% [4] Group 3 - Putailai achieved a net profit of 1.055 billion yuan, a year-on-year increase of 23.03%, with a revenue of 7.088 billion yuan, up 11.95% [5] - Suochen Technology reported a net loss of 45.698 million yuan, with a revenue of 57.351 million yuan, up 10.82% [5] - Canqin Technology achieved a net profit of 51.912 million yuan, a year-on-year increase of 51.94%, with a revenue of 287 million yuan, up 52.76% [6] Group 4 - Hengtong achieved a net profit of 99.3648 million yuan, a year-on-year increase of 38.86%, with a revenue of 669 million yuan, down 44.66% [6] - Sanan Optoelectronics reported a net profit of 176 million yuan, a year-on-year decrease of 4.24%, with a revenue of 8.987 billion yuan, up 17.03% [7] - New Dairy achieved a net profit of 397 million yuan, a year-on-year increase of 33.76%, with a revenue of 5.526 billion yuan, up 3.01% [8] Group 5 - Yiling Pharmaceutical achieved a net profit of 669 million yuan, a year-on-year increase of 26.03%, with a revenue of 4.040 billion yuan, down 12.26% [10] - Baosteel achieved a net profit of 4.879 billion yuan, a year-on-year increase of 7.36%, with a revenue of 151.372 billion yuan, down 7.28% [12] - Feikai Materials achieved a net profit of 217 million yuan, a year-on-year increase of 80.45%, with a revenue of 1.462 billion yuan, up 3.8% [13] Group 6 - Lier Chemical achieved a net profit of 271 million yuan, a year-on-year increase of 191.21%, with a revenue of 4.507 billion yuan, up 35.36% [15] - Shaanxi Coal achieved a net profit of 7.638 billion yuan, a year-on-year decrease of 31.18%, with a revenue of 779.83 billion yuan, down 14.19% [16] - Dongfang Materials reported a net profit of 654,400 yuan, a year-on-year decrease of 88.48%, with a revenue of 174 million yuan, down 5.06% [18] Group 7 - Blue Sky Bio achieved a net profit of 26.7163 million yuan, a year-on-year decrease of 8.98%, with a revenue of 652 million yuan, up 7.05% [19] - Shanghai Jiubai achieved a net profit of 23.7897 million yuan, a year-on-year increase of 0.24%, with a revenue of 45.0535 million yuan, down 1.09% [20] - Two Sides Needle reported a net loss of 5.0842 million yuan, with a revenue of 522 million yuan, up 1.02% [21] Group 8 - Shanghai Yashi achieved a net profit of 20.3263 million yuan, a year-on-year increase of 42.56%, with a revenue of 2.044 billion yuan, up 56.75% [23] - Bayi Steel reported a net loss of 697 million yuan, with a revenue of 8.733 billion yuan, down 6.73% [25] - Hongrun Construction plans to repurchase shares worth between 150 million and 300 million yuan [27] Group 9 - Kaile achieved a net profit of 10.9193 million yuan, a year-on-year increase of 280.42%, with a revenue of 137 million yuan, down 17.89% [28] - Jingda achieved a net profit of 306 million yuan, a year-on-year increase of 6.03%, with a revenue of 11.856 billion yuan, up 14.28% [29] - Blue Light Marker reported a net profit of 96.4427 million yuan, a year-on-year decrease of 47.33%, with a revenue of 32.36 billion yuan, up 4.87% [30] Group 10 - KOTAI Power achieved a net profit of 23.994 million yuan, a year-on-year increase of 35.52%, with a revenue of 711 million yuan, up 49.51% [33] - Bo Rui Data reported a net loss of 26.1918 million yuan, with a revenue of 70.1997 million yuan, up 5.19% [34] - Jiuzhoutong achieved a net profit of 1.446 billion yuan, a year-on-year increase of 19.7%, with a revenue of 81.106 billion yuan, up 5.10% [37] Group 11 - Aier Eye Hospital achieved a net profit of 2.051 billion yuan, a year-on-year increase of 0.05%, with a revenue of 11.507 billion yuan, up 9.12% [39] - Nandu Property achieved a net profit of 130 million yuan, a year-on-year increase of 532.87%, with a revenue of 914 million yuan, up 2.75% [41] - Weiyuan reported a net loss of 168 million yuan, with a revenue of 4.601 billion yuan, up 1.82% [42] Group 12 - Zhongke Chuangda achieved a net profit of 158 million yuan, a year-on-year increase of 51.84%, with a revenue of 3.299 billion yuan, up 37.44% [43] - Zhongjuxin reported a net profit of 8.1377 million yuan, a year-on-year decrease of 64.57%, with a revenue of 567 million yuan, up 20.40% [44] - Inspur Information achieved a net profit of 799 million yuan, a year-on-year increase of 34.87%, with a revenue of 80.192 billion yuan, up 90.05% [45] Group 13 - Shenghong Technology achieved a net profit of 2.143 billion yuan, a year-on-year increase of 366.89%, with a revenue of 9.031 billion yuan, up 86.00% [46] - Cambrian achieved a net profit of 1.038 billion yuan, turning a profit, with a revenue of 2.881 billion yuan, up 4347.82% [48] - Longteng Optoelectronics reported a net loss of 121 million yuan, with a revenue of 1.289 billion yuan, down 27.91% [49]

Market Overview - The infrastructure sector experienced a decline of 2.03% on August 27, with the Shanghai Composite Index closing at 3800.35, down 1.76%, and the Shenzhen Component Index at 12295.07, down 1.43% [1] Key Performers in Infrastructure Sector - Hongrun Construction (002062) saw a closing price of 7.35, with an increase of 5.76% and a trading volume of 1.1164 million shares, totaling a transaction value of 8.12 billion [1] - Pudong Construction (600284) closed at 676, up 5.56%, with a trading volume of 1.1343 million shares, amounting to 10.92 billion [1] - Huylv Ecological (001267) closed at 13.38, increasing by 5.52%, with a trading volume of 654,000 shares, totaling 8.73 billion [1] Decliners in the Sector - Garden Shares (605303) led the decline with a closing price of 21.82, down 9.98%, and a trading volume of 493,600 shares, resulting in a transaction value of 1.125 billion [2] - Jinpu Garden (301098) closed at 9.29, down 6.82%, with a trading volume of 150,900 shares, totaling 145 million [2] - Hangzhou Garden (300649) closed at 17.66, down 5.26%, with a trading volume of 82,200 shares, amounting to 150 million [2] Capital Flow Analysis - The infrastructure sector saw a net outflow of 1.926 billion from institutional investors, while retail investors contributed a net inflow of 1.342 billion [2][3] - Major stocks like Hongrun Construction and Pudong Construction experienced mixed capital flows, with Hongrun seeing a net inflow of 17.4 million from institutional investors [3]

Group 1 - The stock price of China Power Construction Corporation (China Power) decreased by 2.09% on August 27, trading at 6.10 CNY per share with a total transaction volume of 1.753 billion CNY and a market capitalization of 105.08 billion CNY [1] - Year-to-date, China Power's stock price has increased by 14.38%, but it has seen a decline of 1.29% over the last five trading days and a 10.29% drop over the last 20 days, while it has risen by 31.95% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent instance on July 24, where it recorded a net buy of -545 million CNY [1] Group 2 - China Power was established on November 30, 2009, and listed on October 18, 2011. Its main business includes construction contracting, power investment and operation, real estate development, equipment manufacturing and leasing, and design for hydropower and wind power [2] - The revenue composition of China Power shows that construction contracting and design account for 90.74%, while other segments contribute 4.94% and power investment and operation account for 4.01%, with renewable energy making up 1.70% [2] - As of June 30, 2025, China Power had 320,000 shareholders, a decrease of 1.81% from the previous period, with an average of 40,848 circulating shares per shareholder, an increase of 1.84% [2] Group 3 - Since its A-share listing, China Power has distributed a total of 19.31 billion CNY in dividends, with 6.61 billion CNY distributed over the last three years [3] - As of March 31, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 384 million shares, a decrease of 53.02 million shares from the previous period [3] - Other significant shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with holdings of 141 million shares and 98.54 million shares, respectively, both showing a decrease compared to the previous period [3]

Market Overview - On August 26, the infrastructure sector declined by 0.27% compared to the previous trading day, with Hui Lv Ecology leading the decline [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Notable gainers in the infrastructure sector included: - Garden Shares (605303) with a closing price of 24.24, up 9.98% and a trading volume of 473,400 shares, totaling 1 billion yuan [1] - Dongzhu Ecology (603359) closed at 8.38, up 7.85% with a trading volume of 845,100 shares, totaling 704 million yuan [1] - Oriental Landscape (002310) closed at 2.38, up 3.03% with a trading volume of 2,093,000 shares, totaling 500 million yuan [1] - Major decliners included: - Hui Lv Ecology (001267) closed at 12.68, down 5.79% with a trading volume of 542,900 shares, totaling 700 million yuan [2] - Chengbang Shares (603316) closed at 9.04, down 4.14% with a trading volume of 269,300 shares, totaling 24.5 million yuan [2] - China Power Construction (601669) closed at 6.23, down 1.42% with a trading volume of 2,483,700 shares, totaling 1.55 billion yuan [2] Capital Flow - The infrastructure sector experienced a net outflow of 423 million yuan from institutional investors, while retail investors saw a net inflow of 316 million yuan [2] - Key stocks with significant capital flow included: - Dongzhu Ecology (603359) had a net inflow of 113 million yuan from institutional investors, but a net outflow of 65.55 million yuan from retail investors [3] - Sichuan Road and Bridge (600039) saw a net inflow of 67.19 million yuan from institutional investors, with outflows from both retail and speculative investors [3] - Oriental Landscape (002310) had a net inflow of 24.81 million yuan from institutional investors, but outflows from retail investors [3]

General Principles - The purpose of the external guarantee management system is to protect investors' rights, regulate the company's external guarantee behavior, prevent risks, ensure asset safety, and promote stable development [2][3] - External guarantees include guarantees, mortgages, pledges, and other guarantee matters provided by the company for others, including guarantees for controlling subsidiaries [3] Conditions for External Guarantees - The company can provide guarantees for entities with independent legal status that meet specific conditions, such as mutual guarantee units needed for business, units with important business relationships, and controlling subsidiaries [7][8] - If a non-related party that does not meet the conditions applies for a guarantee, it requires approval from two-thirds of the board members or the shareholders' meeting [8] Approval Procedures for External Guarantees - The board must assess the debtor's financial status, operational conditions, industry prospects, and credit situation before deciding on guarantees [9] - The financial department is responsible for investigating the applicant's financial and operational status and must submit a written opinion to the board [10][11] Approval Authority for External Guarantees - The highest decision-making body for external guarantees is the shareholders' meeting, while the board exercises decision-making authority based on the company's articles of association [16] - Guarantees exceeding 10% of the latest audited net assets or 50% of the total assets require shareholders' meeting approval [18][19] Management of External Guarantees - The financial department and the legal affairs department are responsible for managing external guarantees, including conducting credit investigations and monitoring the financial status of guaranteed entities [30][31] - The company must take necessary measures to recover debts if the guaranteed party fails to fulfill its obligations [35][36] Legal Responsibilities - Board members violating the external guarantee management system may be held liable for damages, and serious cases may lead to dismissal [41][42] - Any personnel involved in fraudulent activities or unauthorized signing of guarantee contracts will face termination and legal consequences [43]

北京中岩大地科技股份有限公司 防范控股股东及关联方资金占用管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为了建立防止控股股东或关联方占用北京中岩大地科技股份有限公 司（以下简称"公司"）及其控股子公司资金的长效机制，杜绝控股股东及关联 方资金占用行为的发生，根据《中华人民共和国公司法》 第四条 公司在与控股股东及关联方发生经营性资金往来时，应当严格防止 公司资金被占用。 公司不得以垫付工资、福利、保险、广告等期间费用，预付投资款等方式将 资金、资产有偿或无偿、直接或间接地提供给控股股东及关联方使用，也不得互 相代为承担成本和其他支出。 第五条 公司不得以下列方式将资金直接或间接地提供给控股股东及关联方 使用： （以下简称"《公司法》"）、 等法律、法规、规范性文件以及《北京中岩大地科技股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，制定本制度。 第二条 本制度适用于公司控股股东及关联方与公司间的资金管理。纳入公 司合并会计报表范围的子公司适用本制度。公司控股股东及关联方与纳入合并会 计报表范围的子公司之间的资金往来，参照本制度执行。 本制度所称"关联方"，是指根据《深圳证券交易所股 ...