Core Viewpoint - The company reported a decrease in revenue and profit for the first half of the fiscal year ending June 30, 2025, indicating potential challenges in its operational performance [1]. Financial Performance - The company achieved revenue of HKD 2.874 billion, representing a year-on-year decrease of 11.98% [1]. - The profit attributable to shareholders was HKD 80.8 million, which is a year-on-year decrease of 1.94% [1]. - Basic earnings per share were reported at HKD 0.06 [1]. Dividend Announcement - The company proposed an interim dividend of HKD 0.026 per share [1].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 6.15 [6][7]. Core Views - The company reported a turnaround in profitability in Q2 2025, achieving a revenue of CNY 466.4 billion, a year-on-year increase of 0.4%, and a net profit of CNY 18.8 billion, compared to a loss of CNY 6.7 billion in the same period last year [1][6]. - The company is expected to continue its high-quality growth, particularly in the basic building materials sector, amidst a competitive environment, while the special fiber cloth segment is anticipated to drive growth in the new materials sector [1][6]. Summary by Sections Basic Building Materials Division - In the first half of 2025, the revenue from the basic building materials division was CNY 372.0 billion, a decrease of 8.8% year-on-year, but the profit turned positive with a total profit of CNY 1.6 billion, reflecting a gross margin increase of 7.3 percentage points to 16.1% [2]. - The sales volume of cement and clinker was 97.78 million tons, down 14.1% year-on-year, which is significantly higher than the national average decline of 4.3% [2]. - The average price of cement and clinker was CNY 249.8 per ton, up 3.6% year-on-year, indicating a slight decrease compared to the average price of CNY 250.6 per ton in 2024 [2]. New Materials Division - The new materials division achieved a revenue of CNY 267.6 billion in the first half of 2025, a year-on-year increase of 13.6%, with a gross margin of 23.3%, down 0.4 percentage points [3]. - Sales volumes for fiberglass, wind turbine blades, lithium battery separators, and carbon fiber increased by 1.1%, 102.9%, 59.6%, and 51.2% respectively, while their average prices saw changes of +12.3%, -9.7%, -23.7%, and -16.6% [3]. Engineering Services Division - The engineering services division reported a revenue of CNY 213.1 billion in the first half of 2025, a year-on-year increase of 3.6%, but the overall gross margin decreased by 2.6 percentage points to 16.0% [4]. - The core subsidiary, China National Materials International, signed new orders worth CNY 41.2 billion, an increase of 11% year-on-year, with overseas orders growing by 19% [4]. Profit Forecast and Valuation - The company maintains a profit forecast of CNY 42 billion, CNY 51 billion, and CNY 61 billion for the years 2025 to 2027, respectively, with corresponding EPS of CNY 0.55, CNY 0.68, and CNY 0.80 [5]. - The target price has been raised by 28% to HKD 6.15, based on a P/E ratio of 10.2x for 2025, which is a 15% premium over the historical average [5].

Core Viewpoint - Company reported strong performance in new contract signings and revenue growth, particularly in engineering construction and urban renewal sectors, while also expanding its overseas business in Southeast Asia [2][4][10]. Group 1: Financial Performance - In the first half of 2025, the company signed new contracts worth 50.5 billion yuan, a year-on-year increase of 48% [2]. - The company's main revenue reached 33.93 billion yuan, up 7.67% year-on-year, with a net profit attributable to shareholders of 450.45 million yuan, reflecting a 32.33% increase [10]. - The second quarter of 2025 saw a significant rise in revenue to 18.53 billion yuan, a 21.81% increase year-on-year, and a net profit of 248.38 million yuan, up 112.51% [10]. Group 2: Business Segments - Engineering construction business showed remarkable growth with new contracts amounting to 45.93 billion yuan, a 56% increase year-on-year, driven by the expansion of land reserves by the controlling shareholder [2]. - The urban renewal segment achieved new contracts worth 1.79 billion yuan in the first half of 2025, surpassing the total for the previous year, with over 1 billion yuan specifically for urban renewal projects [4][5]. Group 3: Overseas Expansion - The company is focusing on the Southeast Asian market, establishing a local team in Thailand and securing its first major project, the construction of a solar photovoltaic industrial park road, valued at over 10 million yuan [3][6][7]. - Future plans include expanding business opportunities with state-owned enterprises in Southeast Asia and exploring sustainable overseas business development models [7]. Group 4: Technological Advancements - The company is enhancing its digital capabilities through the "Heceng Smart Cloud" platform, which integrates various services for lifecycle management of engineering projects [8]. - Innovations include the use of drones for inspections, significantly improving efficiency in disaster assessments and maintenance operations [8]. Group 5: Strategic Planning - The company aims to strengthen strategic partnerships with local investment and transportation companies, focusing on urban renewal projects in key cities like Hangzhou, Chengdu, and Wuhan [6]. - The company is actively seeking investment and acquisition opportunities in the engineering industry, particularly in new materials and technologies [9].

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to weak coking coal prices and trade volumes, but maintains a positive outlook on its transformation and future profitability potential [1][2][4]. Financial Performance - In H1 2025, the company's revenue was 6.7 billion yuan, down 35% year-over-year (yoy), with a net profit attributable to shareholders of 310 million yuan, down 43% yoy [1]. - For Q2 2025, revenue, net profit, and net profit excluding non-recurring items were 3.1 billion yuan, 130 million yuan, and 130 million yuan, respectively, reflecting yoy declines of 43%, 52%, and 51% [1]. Revenue Breakdown - The company's coking coal sales volume in H1 2025 was 2.22 million tons, compared to 3.16 million tons in H1 2024, indicating a significant decrease [2]. - Revenue from engineering, resource equipment supply chain, and power operations in H1 2025 decreased by 25%, 51%, and increased by 55% to 3.1 billion yuan, 2.66 billion yuan, and 330 million yuan, respectively [2]. - The increase in power operations revenue is attributed to better performance from the Croatia wind power project, with generation volumes increasing by 21% yoy [2]. Profitability Metrics - The company's overall gross margin improved by 3.1 percentage points to 13.1% in H1 2025, with specific margins for engineering, resource equipment supply chain, and power operations at 17.4%, 0.7%, and 70.5%, respectively [3]. - The increase in gross margin is linked to changes in revenue structure and improved profitability of certain projects, such as the Croatia wind power project [3]. - However, the net profit margin decreased by 0.6 percentage points to 4.6% in H1 2025 due to rising fixed costs and reduced foreign exchange contributions [3]. Future Outlook - The company expects revenues of 20.8 billion yuan, 22.7 billion yuan, and 24.7 billion yuan for 2025, 2026, and 2027, respectively, with a consistent growth rate of 9% yoy [4]. - Net profits are projected to be 1.2 billion yuan, 1.3 billion yuan, and 1.41 billion yuan for the same years, reflecting growth rates of 14%, 9%, and 8% yoy [4]. - The company is advancing its integrated investment and operation model, with key projects in Mongolia and Croatia serving as benchmarks for its transformation [4]. - Recent improvements in coking coal prices since H2 2025 may provide better profit elasticity, supporting a "buy" rating with a projected PE of 10x for 2025 [4].

Core Viewpoint - The company has shown steady growth in revenue and performance, with a positive outlook on the infrastructure boom in the Midwest region, expecting further enhancement in profitability due to project implementation and market share increase [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 924 million, a year-on-year increase of 2.64%, and a net profit attributable to shareholders of 133 million, up 5.29% year-on-year [1]. - The second quarter alone saw revenue of 511 million, representing an 8.86% year-on-year growth, with a net profit of 78 million, increasing by 6.33% year-on-year [1]. - The company’s comprehensive gross margin for H1 2025 was 42.5%, an increase of 2.39 percentage points year-on-year, with Q2 gross margin rising to 42.92% [2]. Group 2: Business Segmentation - Revenue from various business segments in H1 2025 included: surveying and design (460 million, -2.07% YoY), engineering supervision (150 million, -1.21% YoY), technical services (114 million, +9.97% YoY), and other services (132 million, +52.74% YoY) [2]. - The gross margins for these segments were 48.19%, 38.22%, 40.91%, and 27.65%, respectively, with the surveying and design segment showing an improvement [2]. Group 3: Cost Management - The company maintained a good level of expense control, with a total expense ratio of 16.26%, down 1.63 percentage points year-on-year [3]. - The net profit margin for H1 2025 was 14.42%, an increase of 0.34 percentage points year-on-year, while the second quarter net profit margin was 15.29%, a decrease of 0.38 percentage points year-on-year [3]. - The company reported asset and credit impairment losses of 88 million, an increase of 30 million compared to the same period last year, primarily due to increased receivables impairment [3].

Group 1: Company Insights - Dongxing Fund recently conducted research on four listed companies, including China Steel International, AVIC High-Tech, Tianfu Communication, and Prilite [1] - China Steel International reported stable project execution in the first half of the year, with significant progress in international projects, including the completion of the Bolivia Mutun Steel Plant and the acceptance of the Algeria Electric Furnace Project [1] - AVIC High-Tech is focusing on low-altitude economy strategies and has invested 917 million in composite materials for large aircraft, with plans for significant improvements in revenue collection in the second half of the year [2] - Tianfu Communication achieved a revenue of 2.456 billion, a year-on-year increase of 57.84%, driven by the demand for high-speed active products and expansion into new markets [3] - Prilite's revenue in the first half of 2025 saw substantial growth, particularly in modified materials and new energy sectors, with a 21.32% increase in revenue from the new energy segment [4] Group 2: Industry Trends - The steel industry is facing challenges with a 3.0% year-on-year decline in crude steel production, but overall performance is better than expected [1] - The aerospace sector is seeing increased collaboration and investment in composite materials, indicating a growing focus on innovation and market expansion [2] - The telecommunications industry is experiencing strong demand for high-speed products, with companies like Tianfu Communication adapting to customer needs and expanding production capabilities [3] - The new energy sector is benefiting from increased demand for sodium-ion batteries and solid-state batteries, reflecting a shift towards sustainable energy solutions [4]

Group 1 - The stock price of COFCO Technology is reported at 12.08 yuan, down 1.23% from the previous trading day [1] - On August 26, COFCO Technology announced a change in the continuous supervision sponsor representative, with Xu Feifei and Yang He taking over [1] - The main business of COFCO Technology includes research, design, manufacturing, and engineering services for grain and oil food processing technology and equipment [1] Group 2 - The company experienced a net outflow of main funds amounting to 12.21 million yuan on August 26, accounting for 0.2% of the circulating market value [1] - Over the past five days, the net outflow of main funds reached 66.43 million yuan, representing 1.07% of the circulating market value [1]

Core Viewpoint - The report highlights the financial performance and operational achievements of China National Materials International Engineering Co., Ltd. for the first half of 2025, showcasing growth in revenue and net profit, alongside strategic advancements in engineering services and technology innovation [1][2]. Financial Performance - The company reported a total revenue of 2,167.62 million RMB, representing a 3.74% increase compared to the same period last year [2]. - The total profit reached 182.08 million RMB, up by 5.88% year-on-year [2]. - The net profit attributable to shareholders was 142.10 million RMB, reflecting a 1.56% increase from the previous year [2]. - The net cash flow from operating activities showed a significant decline, with a net outflow of 607.59 million RMB, a decrease of 168.62% compared to the previous year [2]. Industry Overview - The company is recognized as the largest global provider of cement technology equipment and engineering system integration services [3]. - The global cement engineering service market is projected to grow at an annual average of approximately 39 billion RMB from 2026 to 2030, with demand concentrated in regions along the Belt and Road Initiative [3][4]. - The domestic cement market has seen a decline in demand over the past three years, but the rate of decline has slowed, with significant projects expected to drive regional growth [4]. Business Operations - The company focuses on EPC (Engineering, Procurement, and Construction) services, providing comprehensive solutions in cement and mining engineering [6]. - The company has expanded its service offerings to include green energy and diversified engineering projects, leveraging its global brand influence and project management experience [6][7]. - The company has successfully signed contracts for various international projects, including significant contracts in Iraq, South Africa, and Cambodia, indicating a strong international presence [10]. Technological Innovation - The company emphasizes technological innovation as a key driver for industry advancement, with a reported R&D expenditure of 749 million RMB, an increase of 3.52% year-on-year [12]. - The company has developed advanced green low-carbon technologies and digital solutions, enhancing its competitive edge in the market [12][13]. - The company holds a total of 3,063 valid patents, including 975 invention patents, showcasing its commitment to innovation [18]. Market Expansion - The company has achieved a 19% year-on-year increase in new contracts signed overseas, totaling 278.39 billion RMB [10]. - The internationalization index of the company reached 47.61%, reflecting a 2.78 percentage point increase since the beginning of the year [12]. - The company has established a robust overseas service network, with over 100 foreign institutions and more than 2,300 foreign employees [21]. Competitive Advantages - The company possesses a complete industrial chain in cement technology and engineering services, which is unique in the global market [18]. - The company has a strong project execution capability, having completed numerous landmark projects in the cement industry [21]. - The company maintains a good brand reputation, recognized for its quality and service, and has established long-term partnerships with major global cement companies [22].

责任编辑：小浪快报 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 8月26日，中钢国际工程技术股份有限公司在公司会议室接待了长江证券、富荣基金、光证资管等60余 家机构的特定对象调研。公司副总经理、财务总监、董事会秘书袁陆生，董事会办公室主任戚欣参与接 待。 本次调研主要围绕公司半年报相关情况展开，交流内容未涉及公司内幕信息。以下为本次调研的重要信 息： 1.半年报主要经营指标：2025年上半年，面对复杂环境与行业挑战，公司经营整体平稳。实现营业 收入67.45亿元，虽较上年同期有所下降，但海外业务营收49.85亿元，占比73.91%，较上年同期占比提 升6.36%；国内业务营收17.6亿元，占比26.09%。归母净利润4 ...

Core Viewpoint - Guosheng Securities report indicates that China Steel International achieved a net profit attributable to shareholders of 420 million yuan in H1 2025, a year-on-year increase of 1% [1] - The growth in net profit excluding non-recurring items increased by 13%, driven by a high base effect from the previous year's non-operating income which included a 60 million yuan impairment reversal [1] Financial Performance - In Q1 and Q2, the company reported revenues of 3.5 billion yuan and 3.2 billion yuan respectively, representing declines of 28% and 23% year-on-year [1] - The net profit attributable to shareholders for Q1 and Q2 was 230 million yuan and 190 million yuan, showing year-on-year changes of +8% and -6% respectively [1] - The net profit excluding non-recurring items increased by 9% in Q1 and 18% in Q2, with Q2 showing a significant acceleration in growth due to a 4 percentage point increase in quarterly gross margin [1] Regional Performance - In H1 2025, the company generated revenues of 1.8 billion yuan domestically and 5.0 billion yuan internationally, with year-on-year changes of -60% and +6% respectively [1] - Domestic orders in H1 saw a substantial increase of 54% year-on-year, indicating potential for revenue recovery as backlogged orders are gradually converted [1] Industry Outlook - The company is expected to benefit from the "anti-involution" policy, which is likely to accelerate the elimination of outdated and inefficient production capacity in the domestic steel industry [1] - This policy is anticipated to drive demand for low-carbon and efficiency-enhancing transformations in the steel sector [1] Cash Flow and Dividend - The company has maintained strong cash flow over the past three years, and its high dividend yield presents a strong attraction for investors [1] - The report maintains a "buy" rating for the company's stock [1]