Core Viewpoint - China Aluminum International (中铝国际) experienced a stock price increase of over 6% during trading, with a current increase of 4.56% to HKD 2.75, and a trading volume of HKD 82.83 million [1] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of RMB 15.219 billion, a year-on-year decrease of 5.72% [1] - The net profit attributable to shareholders was RMB 119 million, reflecting a significant year-on-year decline of 52.68% [1] - Basic earnings per share were reported at RMB 0.0078 [1] Contractual Developments - The total value of new contracts signed by the company for the first three quarters of 2025 reached RMB 21.460 billion, representing a year-on-year increase of 21.68% [1] - New industrial contracts amounted to RMB 20.511 billion, accounting for 95.58% of the total new contracts, with a year-on-year increase of 32.96% [1] - New EPC (Engineering, Procurement, and Construction) contracts totaled RMB 18.247 billion, marking a year-on-year increase of 29.92% [1] - New overseas contracts reached RMB 5.020 billion, showing a substantial year-on-year increase of 115.91% [1]

Group 1 - The State Administration of Foreign Exchange (SAFE) has introduced a series of nine new policies to facilitate foreign exchange settlement for foreign trade enterprises, aiming to enhance the efficiency and convenience of cross-border trade [1] - The pilot program for cross-border trade has been expanded to 11 regions, with a total of approximately $1.7 trillion in transactions processed under the pilot, which is expected to significantly reduce operational costs for companies [2] - The new policies will allow for the offsetting of service fees related to goods trade, such as freight and insurance, with payment for goods, thereby improving the efficiency of trade settlements [2] Group 2 - Cross-border e-commerce has become a vital support for foreign trade, with imports and exports reaching approximately 2.06 trillion yuan, a growth of 6.4% in the first three quarters of the year [3] - Banks are encouraged to adapt to the high-frequency and online nature of cross-border e-commerce transactions by automating the processing of payments based on electronic orders and logistics information [5] - The new policies will enhance the efficiency of service trade, which has seen rapid growth, with service trade imports and exports totaling $509.1 billion in the first half of 2025, a year-on-year increase of 6% [6] Group 3 - The new regulations allow construction companies to manage and allocate overseas funds across different projects and countries, addressing the issue of uneven distribution of overseas funds [7] - The implementation of these policies is expected to reduce foreign exchange losses by approximately 30 million yuan annually for companies, thereby enhancing their competitiveness in overseas markets [9] - The policies also simplify the procedures for handling service trade advance payments, allowing for more efficient processing of related financial transactions [9]

2025 年第三季度经营情况的公告 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。 证券代码：000797 证券简称：中国武夷 公告编号：2025-080 中国武夷实业股份有限公司 关于国际工程承包业务 中国武夷实业股份有限公司（以下简称公司）国际工程 承包业务 2025 年第三季度主要经营情况如下： 一、主要经营数据 2025 年第三季度，国际工程业务新中标订单 1 个，订单 总金额为 30,309 万元，所在区域菲律宾。 截至 2025 年 9 月 30 日，国际工程承包业务累计已签约 未完工订单 64 个，已签约未完工订单金额 1,825,802 万元， 已签约未完成金额 948,628 万元。已中标尚未签约订单数量 1 个，合同金额 30,309 万元。 二、重大项目情况 2025 年第三季度，公司无新签重大项目。报告期内，公 司在建的重大项目 10 个，情况如下： - 1 - | 序 | 项目名称 | 合同金额 | 业务 | 开工日期 | 工期 | 履约进度 | 累计确认营业收入 | 累计结算金额 | 累计收款金额 | 合同重大变化/差异情况以及 | ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notification to further facilitate foreign exchange fund settlement and support stable development of foreign trade through nine policy measures aimed at optimizing convenience policies, supporting new trade business models, and enhancing the efficiency of fund usage for trade enterprises [1]. Group 1: Optimization of Convenience Policies - The expansion of cross-border trade high-level open pilot areas will cover more regions with genuine needs and compliant business entities, building on the success of the pilot program that has processed approximately $1.7 trillion in transactions since 2022 [3][15]. - The types of net settlement for cross-border trade will be broadened to include service fees related to transportation, warehousing, maintenance, and compensation, thereby reducing settlement costs [4][16]. - Simplification of procedures for multinational companies regarding the centralized collection and payment of current account funds will be implemented, allowing banks to facilitate foreign exchange business more efficiently [5][17]. - Enhanced convenience for quality enterprises in handling foreign employee salary payments will be provided, allowing banks to determine salary exchange amounts based on company-provided materials, significantly improving processing efficiency [6][18]. Group 2: Support for New Trade Business Models - Encouragement for more new trade business entities to be included in the convenience policy framework, leveraging reputable e-commerce platforms and foreign trade service companies to facilitate bank inclusion of small and medium-sized enterprises [7][21]. - Optimization of foreign exchange fund settlement for foreign trade service enterprises will be achieved by allowing banks to process transactions based on electronic trading information provided by these service companies, thus improving efficiency [8][22]. - Establishment of a mechanism for handling special foreign exchange business for current accounts will be directed, ensuring that banks efficiently process complex and innovative foreign exchange transactions with legitimate backgrounds [9][24]. Group 3: Enhancing Fund Usage Efficiency for Trade Enterprises - Relaxation of management for service trade advance payment business will allow domestic enterprises to directly handle payments for transportation, warehousing, and maintenance services at banks [11][26]. - Support for overseas project funding management for contracting enterprises will be provided, enabling centralized management of funds across different countries and projects, which will help reduce financial costs and enhance competitiveness [12][27]. - The new policies are expected to reduce overseas fund occupation by approximately 500 million RMB and decrease foreign exchange losses by around 30 million RMB annually, thereby strengthening the overall competitiveness of enterprises in overseas markets [13].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notification to further facilitate foreign exchange settlement and support stable development of foreign trade through nine policy measures aimed at optimizing convenience, supporting new trade business models, and enhancing the efficiency of fund usage for trade enterprises [1] Group 1: Expansion of Cross-Border Trade High-Level Open Pilot - The pilot program for high-level open cross-border trade will be expanded to more regions, with 11 areas currently covered, facilitating approximately $1.7 trillion in pilot business since 2022 [2] - The notification allows for net settlement of trade receipts between domestic and foreign subsidiaries, potentially releasing over 1 billion RMB in operational funds for companies like Yangtze Optical Fibre and Cable Joint Stock Limited Company [2] - The types of net settlement for cross-border trade will be broadened to include service fees related to transportation, warehousing, and repairs, reducing transaction costs for enterprises [3] Group 2: Simplification of Procedures for Multinational Corporations - The notification simplifies the procedures for multinational corporations to centralize the collection and payment of foreign exchange for current account transactions, integrating the benefits of existing policies [3] - It facilitates the payment of salaries for foreign employees by allowing banks to determine the amount based on salary lists provided by quality enterprises, significantly improving processing efficiency [4] Group 3: Support for New Trade Business Models - The notification encourages the inclusion of more new trade business entities, particularly small and micro enterprises, into the scope of convenience policies, leveraging e-commerce platforms for better access [5] - It optimizes foreign exchange fund settlement for comprehensive foreign trade service enterprises, allowing for online automatic processing of cross-border e-commerce transactions based on electronic trading information [6] - A special mechanism for handling complex foreign exchange transactions will be established to ensure that banks can efficiently process legitimate and compliant foreign exchange needs of enterprises [6] Group 4: Enhancing Efficiency of Service Trade Fund Usage - The notification relaxes management of service trade advance payments, allowing direct processing of related service fees between domestic and foreign entities [7] - It supports overseas engineering companies in managing funds centrally across different projects and regions, which can reduce capital pressure by approximately 500 million RMB and decrease foreign exchange losses by about 30 million RMB annually [8]

Core Viewpoint - 中色股份 reported significant growth in net profit for Q3 2025, driven by its "engineering contracting + resource development" dual strategy, with a net profit increase of over 80% year-on-year [1][2]. Financial Performance - The company achieved a net profit attributable to shareholders of 40.34 million yuan in Q3, marking an 83.37% year-on-year increase [1]. - For the year-to-date period, the net profit reached 481 million yuan, reflecting a 42.84% increase compared to the previous year, with a weighted average return on equity of 8.23%, up 2.04 percentage points [1]. Investment Gains - Investment income increased by 117.70% year-on-year, significantly contributing to profit growth [2]. - The fair value change of financial assets held by the parent company rose by 368.49% year-on-year, further boosting profitability [2]. - The company is progressing with its plan to sell stock assets, having sold part of its holdings in Shengda Resources, which is expected to provide additional cash flow [2]. Engineering Contracting Business - The engineering contracting segment continued to develop steadily, with 29 ongoing projects totaling 34.688 billion yuan and 2 signed but not yet effective projects exceeding 10.936 billion yuan [2]. - The Vietnam Duon Electrolytic Aluminum Project, which started in February 2025, is a key contributor, with a contract value of 4.196 billion yuan and 15% of the project completed as of Q3 [2]. Long-term Outlook - Analysts express optimism about 中色股份's long-term development, highlighting the robust order backlog in the engineering contracting business and the company's ability to secure future orders under the "Belt and Road" initiative [3]. - The resource segment is also gaining momentum, with significant potential from core projects like the Baiyin Noer Lead-Zinc Mine and the Dari Lead-Zinc Mine, which are expected to enhance production capacity [3]. - The dual strategy of "engineering contracting + resource development" is validated by the company's performance, with stable support from engineering orders and anticipated resource project output contributing to future growth [3].

Core Viewpoint - China Nonferrous Metal Industry Co., Ltd. (中色股份) announced its 12th board meeting of the 10th session, discussing the Q3 2025 report and company performance [1] Company Summary - The board meeting took place on October 27, 2025, in Beijing, combining in-person and remote attendance [1] - For the first half of 2025, the company's revenue composition was as follows: 58.5% from contracting projects, 38.03% from nonferrous metal mining and smelting, 2.62% from equipment manufacturing, and 0.84% from other industries [1]

证券代码：002051 证券简称：中工国际 公告编号：2025－058 至 2025 年 9 月末，公司国内工程承包业务已签约未完工项目合同金 额 40.22 亿元，暂无已中标尚未签约项目合同；咨询设计业务已签约 未完工项目合同金额 46.23 亿元，已中标尚未签约项目合同金额 0.61 亿元。 2025 年第三季度，公司装备制造业务新签合同额为 3.69 亿元， 包括：哈伦阿尔山滑雪场脱挂索道、乌兹别克斯坦塔什干垃圾吊、灰 渣吊、汽机吊项目。2025 年 1-9 月，公司装备制造业务新签合同额累 计为 9.63 亿元。截至 2025 年 9 月末，公司装备制造业务累计已签约 未完工项目合同额 37.91 亿元。 2025 年第三季度，公司工程投资与运营业务无新签合同。2025 年 1-9 月，公司工程投资与运营业务新签合同额累计为 4.75 亿美元。 截至 2025 年 9 月末，已中标尚未签约项目合同金额 3.15 亿元。 中工国际工程股份有限公司 2025 年第三季度经营情况简报 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（ ...

Core Insights - The company reported significant growth in its international engineering business, with new contracts signed amounting to $755 million in Q3 2025 and a total of $1.881 billion for the first nine months of 2025, reflecting a year-on-year increase of 19.58% [1] - The effective contract amount for international engineering contracting reached $1.621 billion, showing a remarkable year-on-year growth of 93.90% [1] - Domestic engineering contracting also saw activity, with new contracts signed totaling ¥195 million in Q3 2025 and a cumulative total of ¥2.470 billion for the first nine months [1] - The consulting and design business contributed new contracts amounting to ¥1.327 billion in the first nine months of 2025 [1] - Overall, the company achieved a total new contract amount of $3.031 billion in the first three quarters of 2025, representing a year-on-year growth of 35.07% [1] International Engineering Business - In Q3 2025, the company secured 3 significant new contracts in its international engineering business, with a total contract value of $755 million [1] - For the period from January to September 2025, the company signed 13 important contracts in this sector, accumulating a total contract value of $1.881 billion [1] - The effective contract amount for international engineering contracting reached $1.621 billion, marking a substantial increase of 93.90% year-on-year [1] Domestic Engineering Business - The company reported new contract amounts of ¥195 million in Q3 2025 for its domestic engineering contracting business [1] - Cumulatively, the domestic engineering contracting business saw new contracts totaling ¥2.470 billion from January to September 2025 [1] Consulting and Design Business - The consulting and design segment generated new contracts worth ¥1.327 billion in the first nine months of 2025 [1] Overall Performance - The total new contract amount for the company reached $3.031 billion in the first three quarters of 2025, reflecting a year-on-year growth of 35.07% [1]

Core Insights - The company reported a new contract value of $755 million in international engineering business for Q3 2025, with domestic engineering contracting, consulting design, and equipment manufacturing new contracts amounting to CNY 195 million, CNY 380 million, and CNY 369 million respectively [1] - For the first nine months, the cumulative new contract value in international engineering reached $1.881 billion, representing a year-on-year increase of 19.58%, while domestic engineering contracting, consulting design, and equipment manufacturing totaled CNY 2.470 billion, CNY 1.327 billion, and CNY 963 million respectively [1] - The total new contract value for the first three quarters amounted to $3.031 billion, reflecting a year-on-year growth of 35.07%, with two major projects currently in execution [1]