Group 1: International Engineering Business - In Q4 2025, the company signed 4 significant contracts in its international engineering business, totaling $219 million, including projects in Iraq, Guyana, Indonesia, and Kenya [1] - For the entire year of 2025, the company signed 17 important contracts in international engineering, with a cumulative contract value of $2.106 billion; the effective contract amount for international engineering contracting reached $1.880 billion, representing a year-on-year increase of 62.91% [1] - By the end of 2025, the company had 39 ongoing projects in international engineering, with a backlog of contracts amounting to $10.277 billion [1] Group 2: Domestic Engineering and Consulting Business - In Q4 2025, the company signed new domestic engineering contracts worth 816 million yuan, including projects in Luzhou and Jinhua; the consulting design business signed contracts worth 433 million yuan, including projects in Xiamen and Hangzhou [2] - For the full year of 2025, the cumulative contract value for domestic engineering was 3.286 billion yuan, while the consulting design business reached 1.76 billion yuan [2] - As of the end of 2025, the company had 4.493 billion yuan in signed but uncompleted domestic engineering projects and 1.127 billion yuan in projects that were won but not yet signed; the consulting design business had 4.646 billion yuan in signed but uncompleted projects and 74 million yuan in projects that were won but not yet signed [2] Group 3: Equipment Manufacturing Business - In Q4 2025, the company signed new contracts in its equipment manufacturing business worth 678 million yuan, including projects related to the Winter Sports Games and ski resorts [2] - The cumulative contract value for the equipment manufacturing business in 2025 was 1.641 billion yuan, reflecting a year-on-year growth of 9.99% [2] - By the end of 2025, the total contract amount for signed but uncompleted projects in the equipment manufacturing business was 3.790 billion yuan [2] Group 4: Engineering Investment and Operation Business - In Q4 2025, there were no new contracts signed in the engineering investment and operation business; the cumulative contract value for the year was $475 million, with 315 million yuan in projects that were won but not yet signed [3] Group 5: Overall Contract Performance - The total contract value signed by the company in 2025 amounted to $3.532 billion, representing a year-on-year increase of 4.19% [4] Group 6: Major Ongoing Projects - The company is currently executing two major projects: the expansion of Punta Huete International Airport in Nicaragua, with a total contract value of 3.593 billion yuan, and a soda ash plant project in Kazakhstan, valued at $337 million [5] - The Punta Huete project has progressed to the main structure construction phase, while the Kazakhstan project has completed the core structure and is now in the secondary structure and equipment installation phase [5]

—1— 同额为 4.33 亿元，包括：厦门市马銮湾新城北部智慧科技产业园项 目、杭州市千岛湖智慧渔谷项目等。2025 年，公司国内工程承包业 务新签合同额累计为 32.86 亿元，咨询设计业务新签合同额累计为 17.6 亿元。截至 2025 年末，公司国内工程承包业务已签约未完工项 目合同金额 44.93 亿元，已中标尚未签约项目合同金额 11.27 亿元； 咨询设计业务已签约未完工项目合同金额 46.46 亿元，已中标尚未签 约项目合同金额 0.74 亿元。 证券代码：002051 证券简称：中工国际 公告编号：2026－002 中工国际工程股份有限公司 2025 年第四季度经营情况简报 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。 中工国际工程股份有限公司（以下简称"公司"）2025 年第四季 度主要经营情况如下： 一、主要经营数据 2025 年第四季度，公司国际工程业务新签重要合同 4 个，新签 合同额为 2.19 亿美元，包括：伊拉克迪瓦尼耶省阿尔巴迪尔市 100 床医院项目、圭亚那巴蒂卡医院项目、印尼东爪哇液化天然气项目、 肯尼亚拖拉机机械化中心项 ...

Group 1: International Engineering Business - In Q4 2025, the company signed 4 significant contracts in its international engineering business, totaling $219 million, including projects in Iraq, Guyana, Indonesia, and Kenya [1] - For the entire year of 2025, the company signed 17 important contracts in international engineering, with a cumulative contract value of $2.106 billion; the effective contract amount for international engineering contracting reached $1.880 billion, representing a year-on-year increase of 62.91% [1] - By the end of 2025, the company had 39 ongoing projects in international engineering, with a backlog of contracts amounting to $10.277 billion [1] Group 2: Domestic Engineering and Consulting Business - In Q4 2025, the company signed new domestic engineering contracts worth 816 million yuan, including projects in Luzhou and Jinhua; the consulting and design business signed contracts worth 433 million yuan, including projects in Xiamen and Hangzhou [2] - For the full year of 2025, the cumulative contract value for domestic engineering was 3.286 billion yuan, while the consulting and design business reached 1.76 billion yuan [2] - As of the end of 2025, the company had 4.493 billion yuan in signed but uncompleted domestic engineering projects and 1.127 billion yuan in projects that were won but not yet signed; the consulting and design business had 4.646 billion yuan in signed but uncompleted projects and 74 million yuan in won but unsigned projects [2] Group 3: Equipment Manufacturing Business - In Q4 2025, the company signed new contracts in its equipment manufacturing business worth 678 million yuan, including projects related to the Winter Sports Games and ski resorts [2] - The total contract value for the equipment manufacturing business in 2025 was 1.641 billion yuan, reflecting a year-on-year growth of 9.99% [2] - By the end of 2025, the cumulative contract amount for signed but uncompleted projects in the equipment manufacturing business was 3.790 billion yuan [2] Group 4: Engineering Investment and Operation Business - In Q4 2025, there were no new contracts signed in the engineering investment and operation business; the total contract value for the year was $475 million, with 315 million yuan in projects that were won but not yet signed [3] Group 5: Overall Contract Performance - The total contract value signed by the company in 2025 amounted to $3.532 billion, representing a year-on-year increase of 4.19% [4] Group 6: Major Ongoing Projects - The company is currently executing two major projects: the expansion of Punta Huete International Airport in Nicaragua, with a total contract value of 3.593 billion yuan, and a soda ash plant project in Kazakhstan, valued at $337 million [5] - The Punta Huete project has progressed to the main structure construction phase, while the Kazakhstan project has completed the core structure and is now in the secondary structure and equipment installation phase [5]

Core Viewpoint - The company, Zhonggong International, is facing challenges due to rising raw material prices but is implementing effective cost control measures to maintain profit margins [1]. Group 1: Financial Performance - As of December 30, 2025, Zhonggong International's stock closed at 9.03 yuan, down 2.06%, with a turnover rate of 1.29%, a trading volume of 159,100 shares, and a transaction value of 144 million yuan [1]. - The company's comprehensive gross profit margin for the first three quarters of 2025 was 18.57%, which is considered high within the industry [1]. Group 2: Market Activity - On December 30, 2025, the main funds experienced a net outflow of 3.50 million yuan, while retail investors saw a net inflow of 4.09 million yuan [1][3]. Group 3: Corporate Announcements - Zhonggong International's wholly-owned subsidiary, Zhonggong Jiangsu, is initiating an asset-backed special plan for accounts receivable not exceeding 800 million yuan, using overseas engineering project receivables as the underlying assets [1]. - As of December 26, 2025, the special plan had received subscription funds of 756 million yuan and officially commenced on December 29, 2025, starting to accrue interest [1]. - This special plan is notable as it is the first asset-backed security entirely composed of overseas receivables from a state-owned enterprise-controlled listed company, aimed at improving the company's asset-liability structure and operational cash flow [1].

Core Viewpoint - The company acknowledges that rising raw material prices have impacted project costs, but it leverages extensive experience in project cost control to mitigate these effects and maintain profitability [2] Group 1: Company Performance - The company has been operating internationally for over 40 years and has completed more than 100 turnkey projects, showcasing its extensive experience in project management [2] - The company's comprehensive gross profit margin for the first three quarters of 2025 stands at 18.57%, which is considered high within the industry [2] Group 2: Cost Management Strategies - During the project budgeting phase, the company takes into account the potential impact of material cost fluctuations [2] - In the execution phase, the company continuously enhances its project management capabilities to ensure the realization of expected profits [2]

Fundraising Overview - The company, Northern International Cooperation Co., Ltd., has received approval from the China Securities Regulatory Commission to issue 90,056,285 shares to specific investors, raising a total of approximately 960 million yuan, with net proceeds of about 957.2 million yuan after deducting underwriting fees [2][3] - The raised funds will be allocated to the 125MWp photovoltaic project in Bosnia and Herzegovina and to supplement working capital [3] Fund Management and Oversight - A special account for the raised funds has been established at CITIC Bank, with a balance of 957,199,998.10 yuan, ensuring that the funds are managed separately and used only for the specified projects [4][5] - A tripartite supervision agreement has been signed among the company, CITIC Bank, and CITIC Securities to regulate the management and usage of the raised funds, protecting the rights of small investors [4][6] Agreement Details - The agreement stipulates that the special account can only be used for the designated projects and prohibits the use of these funds for any other purposes [5][6] - The company is allowed to invest temporarily idle funds in cash management products, provided that it does not affect the planned investments and that all transactions are reported to the supervising party [6][7] - The supervising party has the right to conduct regular checks on the fund management and usage, ensuring compliance with relevant regulations [7][8] Compliance and Reporting - The agreement includes provisions for monthly reporting and accountability, requiring the bank to provide accurate account statements and notify the supervising party of any significant withdrawals [8][10] - In case of non-compliance by the bank, the company has the right to terminate the agreement and close the special account [10][12] Documentation - The tripartite supervision agreement is documented and will be kept on file for reference, ensuring transparency and accountability in the management of the raised funds [12]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) has successfully passed several key resolutions at its first extraordinary shareholders' meeting of 2025, marking a significant step in its structural adjustment and reform strategy aimed at focusing on core business and optimizing its business structure [1][2] Group 1: Shareholder Meeting Resolutions - The resolutions passed include proposals for asset sales, related party transactions, and changes in the use of funds raised from A-shares and H-shares [1] - The approval of these resolutions reflects the company's commitment to reform and aligns with the national strategy for high-quality development and professional integration of state-owned enterprises [1] Group 2: Strategic Focus and Resource Allocation - The asset sales and related transactions are aimed at systematically optimizing non-core, high-risk business areas, which will help reduce operational uncertainty and improve the company's asset structure and financial flexibility [1][2] - Following the completion of these transactions, China MCC is expected to achieve significant capital recovery, which will be directed towards strengthening its core business and supporting the development of its "one core, two main bodies, and five characteristic" business system [2] - The company plans to enhance its core metallurgy construction business and develop new industrialization and urbanization initiatives, while also fostering specialized sectors such as engineering services, new materials, high-end equipment, energy conservation, and smart applications [2]

Core Viewpoint - Zhonggong International announced the establishment of the second phase of the green asset-backed special plan by CITIC Construction Investment and Guoji Factoring, which has received a total subscription amount of 756 million yuan as of December 26, 2025. This marks the first asset-backed securities entirely composed of overseas receivables by a state-owned listed company [1] Group 1 - The special plan has met the establishment conditions and officially commenced on December 29, 2025, with the asset-backed securities starting to accrue interest on the same day [1] - The total subscription amount for this phase is 756 million yuan, equivalent to approximately 75.6 million [1] - This initiative represents a significant milestone as it is the first asset-backed securities entirely composed of overseas receivables from a state-owned enterprise [1]

Core Viewpoint - Zhonggong International (SZ 002051) announced an investor meeting scheduled for December 25, 2025, where key executives will address investor inquiries [1] Group 1: Financial Performance - For the first half of 2025, Zhonggong International's revenue composition is as follows: International engineering contracting accounts for 66.97%, key core equipment R&D and manufacturing for 14.98%, design consulting for 12.15%, domestic engineering general contracting for 3.66%, and engineering investment and operation along with other businesses for 1.44% [1] - As of the report date, Zhonggong International's market capitalization stands at 11.4 billion yuan [1]

Group 1 - The core point of the news is that China Aluminum International Engineering Corporation (中铝国际) announced that its subsidiary, Shenyang Aluminum Magnesium Design Research Institute, has formed a consortium to win a contract for the "large-to-small" upgrade project of the electrolytic cell at Qingtongxia Aluminum Industry Co., Ltd [1][2] Group 2 - The project has a designed capacity of 420,000 tons and includes the construction of power rectification systems, electrolytic production areas, raw material storage and transportation, anode assembly production areas, and necessary auxiliary systems and living facilities [2] - The total contract amount for the project is RMB 2.909 billion, with approximately RMB 2.348 billion allocated to the subsidiaries involved, accounting for about 9.78% of the company's audited revenue for 2024 [2] - Successful implementation of this project is expected to positively impact the company's current and future performance, enhancing its sustainable profitability [2]