Core Viewpoint - The company has demonstrated significant growth in its international operations, with a strong focus on transforming its overseas engineering contracting model towards an integrated "investment, construction, and operation" approach, particularly in the fields of environmental protection, cable cars, and clean energy [1][4]. Group 1: International Operations - In the first half of the year, the company's international engineering contracting business achieved a contract amount of $973 million, representing a substantial year-on-year increase of 36.66%. This amount already accounts for 84.31% of the total contract amount for the entire year of 2024, which is $1.154 billion [2]. - The company has established over 60 branches in more than 100 countries and regions, reinforcing its presence in traditional areas such as Southeast Asia, South Asia, and the Middle East, while actively exploring new markets like Guyana and Nicaragua [2]. - The company has successfully developed key projects in Central Asia, West Asia, and Latin America, including a soda ash plant in Kazakhstan and a waste-to-energy plant in Uzbekistan [2][3]. Group 2: Strategic Transformation - The company is advancing its "investment, construction, and operation" strategy, with new contracts in engineering investment and operation amounting to $475 million in the second quarter of 2025, marking a significant breakthrough in its strategic transformation [4]. - The management emphasizes that this strategy focuses on environmental protection, cable cars, and clean energy, aiming to stabilize revenue through high-quality operational assets [4]. - The company has developed a portfolio of assets in the environmental sector, including two solid waste treatment projects and eight wastewater treatment projects, while also making progress in the cable car sector with the construction of a cable car project in Xinjiang [4]. Group 3: Market Outlook - Analysts note that the company's strong international capabilities and its transformation towards the "investment, construction, and operation" model are creating a dual driving force for growth, which helps mitigate the volatility risks associated with traditional engineering contracting [5]. - The ongoing "Belt and Road" initiative presents strategic opportunities for the company, positioning it to continuously create long-term value for investors [5].

Key Points - The company reported a contract amount of 428 million USD for various projects, including a soda ash plant in Kazakhstan and a hospital project in Ethiopia [1] - In the first half of 2025, the company signed 10 significant international engineering contracts with a total contract value of 1.126 billion USD, and the effective contract amount for international engineering contracting reached 973 million USD, representing a year-on-year increase of 36.66% [1] - As of June 30, 2025, the company had 39 ongoing international engineering projects with a total contract balance of 9.545 billion USD [1] - The domestic engineering contracting business signed contracts worth 2.275 billion CNY, while the consulting and design business signed contracts worth 949 million CNY in the first half of 2025 [1] - The company has ongoing domestic projects with a signed but uncompleted contract amount of 4.596 billion CNY and additional projects that are won but not yet signed amounting to 73 million CNY [1] - The equipment manufacturing business secured contracts worth 593 million CNY in the first half of 2025 [2] - The company signed a business contract for the soda ash plant project in Kazakhstan during the China-Central Asia Summit, with a contract amount of approximately 337.5 million USD [2] - As of June 30, 2025, the company is executing two major projects: the expansion of Punta Huete International Airport in Nicaragua with a total contract amount of 3.593 billion CNY and the soda ash plant project in Kazakhstan [3]

Summary of Northern International's Conference Call Company Overview - Northern International has improved its ranking to 66th among the top 250 contractors, indicating enhanced industry status [2][3] - The company adopts an integrated investment, construction, and operation strategy, diversifying its business into goods trade, engineering construction and services, metal packaging containers, and power generation [2][3] Financial Performance - In 2024, revenue contributions from various segments are as follows: goods trade (44%), engineering construction and services (37%), metal packaging containers (2%), and power generation (3%) [4] - Gross profit contributions are: goods trade (44%), engineering construction and services (37%), metal packaging containers (7%), and power generation (11%), with a significant increase in gross profit from goods trade [4] - Cash flow remains strong, with net inflow levels between 650 million to 740 million from 2022 to 2024, although net inflow decreased by 50 million year-on-year in 2024 [5][4] - Total cash dividends for 2024 amount to 160 million, with a dividend payout ratio of 25% [5] Coal Trade Impact - Mongolian coal trade is a crucial revenue source for Northern International, with a 14% year-on-year increase in export volume to 78 million tons in 2024 [2][6] - The company has initiated comprehensive projects in Mongolia, including a 370 million USD heavy-load road project, which is expected to significantly boost coal export volumes [6] - The acquisition of a 60% stake in Inner Mongolia Mandula Mining facilitates the integration of Mongolian coal trade [6] Power Operations Progress - Northern International is transitioning towards an integrated investment and operation model, with multiple power projects in countries along the Belt and Road Initiative [7] - Key projects include: - Laos Sanbai Hydropower (investment of 210 million USD, stable revenue) - Croatia Saini Wind Power (revenue decreased in 2024 due to lower electricity prices) - Bangladesh Rocket Project (expected to commence operations in the first half of 2024, with a total investment of 2.5 billion USD) - Bosnia Herzegovina Komanyesh Mountain Solar Project (investment started in 2024) [7][9] Future Profit Forecast - The engineering construction sector is expected to maintain steady growth, while trade business is projected to achieve higher growth rates [8] - Overall profit is anticipated to grow at around 10% annually, with a forecasted growth rate of 4% for 2025 and over 15% for the following two years [8] - The current valuation is approximately 10 times earnings, making the company an attractive investment opportunity given the progress of the Belt and Road Initiative [8]

Core Viewpoint - 中工国际 is actively expanding its presence in the oil and gas engineering sector, particularly in the Middle East, with significant project achievements and strategic plans for growth [1]. Group 1: Company Developments - 中工国际 reported a closing price of 8.47 yuan on July 4, 2025, with a decrease of 1.28% and a trading volume of 156,800 shares, amounting to a transaction value of 133 million yuan [1]. - The company has made significant strides in the oil and gas sector, particularly with the successful launch of the oil and gas central processing facility project in Iraq, valued at approximately 1 billion USD, which set records for the shortest construction period and achieved 18 million consecutive safe working hours [1]. - In 2024, 中工国际 signed another contract for the Iraq Nine District Well Project, which was successfully launched in the first quarter of 2025, further enhancing its brand influence in the Middle Eastern oil and gas engineering industry [1]. Group 2: Financial and Trading Information - On July 4, 2025, 中工国际 experienced a net outflow of 14.81 million yuan from major funds, while speculative funds saw a net inflow of 10.74 million yuan, and retail investors contributed a net inflow of 4.06 million yuan [1].

Financial Performance - In Q1 2025, the company achieved a revenue of 2.183 billion yuan, with a net profit of 131 million yuan, reflecting a year-on-year growth of 12.17% [2] - The new contract value for international engineering contracting reached 699 million USD, a year-on-year increase of 30.65% [2] - The effective contract value for international engineering contracting was 684 million USD, up by 25.27% year-on-year [2] Project Development - The company has successfully developed key projects in Central Asia, including a 500,000 tons/year soda ash plant in Kazakhstan and waste-to-energy plants in Uzbekistan [2][4] - In the Middle East, projects include a 100-bed hospital in Iraq and the Tuz Lake gas storage project in Turkey [2] - In Latin America, the company facilitated the first sovereign commercial loan financing in RMB for the Nicaragua International Airport project [2] Financing Innovation - The company maintains a low asset-liability ratio compared to the industry average and has diverse financing channels [5] - Notable projects include the first RMB sovereign commercial loan project in Uzbekistan and the largest soda ash plant project in Central Asia, which received two awards for financing excellence [5] Engineering Investment and Operations - The company focuses on three main areas: environmental protection, cableway, and clean energy [6] - As of the end of 2024, the wastewater treatment capacity reached 280,000 tons/day, doubling from the end of 2023 [6] - The company plans to invest approximately 475 million USD in two waste-to-energy projects in Uzbekistan [6] Market Strategy - The company targets stable political regions and high-demand markets while reinforcing traditional markets [7] - Key focus areas include oil and gas, cableway, logistics, and healthcare projects along the Belt and Road Initiative [7]

Core Viewpoint - 中工国际 has signed a significant overseas contract worth $337 million for a soda ash plant project in Kazakhstan, reflecting its strategic expansion in emerging markets and strong performance in international engineering contracting [1][2][3]. Group 1: Contract Details - The contract signed with Kazakhstan Soda LLC is for the second phase of a soda ash plant project in the Zhambyl region, with a total value of $337 million, approximately 242.1 million yuan [1][2]. - The project is part of a broader strategy to enhance the company's presence in Central Asia, where it has multiple ongoing projects [3]. Group 2: Financial Performance - In 2024, the company's overseas revenue reached 8.263 billion yuan, a year-on-year increase of 17.53%, accounting for 67.69% of total revenue [4]. - The company reported a slight decline in domestic revenue, which fell by 25.69% to 3.944 billion yuan, making up 32.31% of total revenue [4]. - For the first quarter of 2025, the company achieved a revenue of 2.183 billion yuan, a decrease of 7.61% year-on-year, while net profit increased by 12.17% to 131 million yuan [4]. Group 3: Market Expansion - 中工国际 has been actively expanding into new markets along the Belt and Road Initiative, securing contracts in Iraq, Nicaragua, and Kazakhstan, which have contributed to its revenue growth [5]. - The company has signed a total of $3.39 billion in new contracts in 2024, marking a 7.4% increase year-on-year, with international engineering contracts amounting to $2.411 billion, up 4.42% [5].

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]

中工国际（002051）公告，2025年6月17日，公司与哈萨克斯坦苏打有限责任公司在第二届中国-中亚峰 会上签署了哈萨克斯坦江布尔州年产50万吨纯碱厂项目二期(一标段和二标段)商务合同。其中，一标段 合同金额为1.93亿美元，二标段合同金额为1.45亿美元，两个标段合同总金额为3.37亿美元，折合人民 币约24.21亿元。项目内容为建设一座年产50万吨的纯碱生产工厂，包括纯碱工艺生产区、盐卤采卤 区、石灰石采矿区和生活住宅区等配套设施，工作范围包括设计、采购、施工和调试服务。合同工期不 超过1262天，自开工通知发出之日起计算。合同的履行将对公司以后四年的经营业绩产生积极影响，影 响金额以经审计数据为准。 ...