Core Viewpoint - China Energy Engineering Corporation (China Energy) reported a total of 10,740 new projects signed in Q2 2025, with a new contract amount of 386.46 billion yuan, reflecting a year-on-year growth of 4.98% [1] Summary by Category Project and Contract Overview - The number of new projects in the engineering construction business was 2,355, with a new contract amount of 352.987 billion yuan [1] - The surveying, design, and consulting business signed 3,809 new projects, amounting to 10.883 billion yuan [1] Domestic and International Performance - The new contract amount within China reached 575.877 billion yuan, showing a year-on-year increase of 2.25% [1] - The overseas new contract amount was 199.479 billion yuan, which represents a year-on-year growth of 13.74% [1]

临 2025-042 A 股代码：601868 A 股简称：中国能建 公告编号： 中国能源建设股份有限公司 一、审议通过《关于调整董事会专门委员会成员的议案》 同意对公司董事会提名委员会成员进行调整，调整后成员如 下： 第三届董事会第四十九次会议决议公告 主任：倪 真 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和 完整性承担法律责任。 中国能源建设股份有限公司（以下简称公司）第三届董事会 第四十九次会议于 2025 年 7 月 11 日以书面形式发出会议通知， 全体董事一致同意豁免提前通知的时限要求，会议于 2025 年 7 月 14 日以通讯表决方式召开。会议应参与表决董事 7 名，实际 参与表决董事 7 名。会议召开符合有关法律法规和《公司章程》 的规定。 经过有效表决，会议形成以下决议： H 股代码:03996 H 股简称:中国能源建设 委员：牛向春、裴振江 中国能源建设股份有限公司董事会 陈勇先生简历 陈勇先生，1971 年 3 月出生，高级会计师，工商管理硕士。 现任中国能源建设集团有限公司党委常委。陈先生历任南车资阳 机车有限公司董 ...

Core Viewpoint - China Energy Engineering Corporation (601868) announced the resignation of Chairman Song Hailiang due to job relocation, with no disagreements among the board members [1] Group 1 - Song Hailiang has resigned from multiple positions including Chairman of the Third Board, Executive Director, and Chairman of the Board's Strategic and Nomination Committees [1] - Vice Chairman Ni Zhen will temporarily assume the responsibilities of Chairman and legal representative until a new chairman is elected [1] - Song Hailiang confirmed that his resignation will not affect the company's daily operations [1]

Company Announcements - Weir Shares will change its stock name to Haowei Group starting June 20, 2025, while the stock code "603501" remains unchanged [3] - Dafu Technology plans to transfer 27% of its subsidiary Peitian Intelligent Manufacturing's shares to Dayu Industrial Investment Group for approximately RMB 192.21 million, retaining a 63.49% stake post-transaction [4] - Aojing Medical announced the passing of its founder and actual controller, Cui Fuzhai, who held 4.62% of the company's shares directly and 0.26% indirectly; the company stated that his death will not impact operations [6] - Zhongji Oil and Gas confirmed normal operations and no undisclosed significant matters affecting stock fluctuations [7] Performance Metrics - China Eastern Airlines reported a 15.43% year-on-year increase in passenger turnover for May 2025, with a capacity increase of 9.27% and a seat occupancy rate of 85.39% [9] - China Coal Energy's coal sales in May 2025 were 21.79 million tons, a decrease of 4.9% year-on-year, while coal production increased by 1.9% to 11.90 million tons [10] - Shenzhen Airport recorded a passenger throughput of 5.54 million in May 2025, up 15.67% year-on-year, with a cumulative throughput of 27.41 million for the year [11] Major Contracts - Baina Qiancheng signed a proprietary licensing cooperation agreement with Mango Films, with a total contract value of RMB 372 million, representing 50.65% of the company's audited revenue for 2024 [15] - China Energy Construction won a bid for the Jiangyin Sulong Project with a contract value of approximately RMB 5.00508 billion, involving the construction of two 660MW coal-fired power units [16]

Core Viewpoint - China Energy Engineering Group (601868.SH) has recently won significant engineering contracts, indicating strong market performance and growth potential in the energy construction sector [2][4][7]. Group 1: Recent Contracts and Financial Performance - China Energy Engineering Group's subsidiary led a consortium that won the EPC contract for the new coal power project at the Bingtuan Park, with a contract value of approximately 14.586 billion yuan [2][4]. - In the past two months, the company has secured three major contracts totaling approximately 29.304 billion yuan [7]. - As of the end of March, the company's contract liabilities stood at approximately 91.128 billion yuan, reflecting a year-on-year increase of 20.99% [8]. Group 2: Business Segments and Strategic Focus - The company operates across five main business segments: surveying and design, engineering construction, industrial manufacturing, clean energy and environmental water services, and investment [2]. - China Energy Engineering Group is actively pursuing transformation in four key areas: innovation-driven, green and low-carbon, digital intelligence, and shared integration [2][9]. - The company has established a comprehensive industrial chain that includes planning, consulting, evaluation, and design, positioning itself as a technology-driven and integrated energy and infrastructure service provider [9]. Group 3: Research and Development Investment - The company plans to invest over 14.118 billion yuan in research and development in 2024, continuing a trend of increasing R&D expenditures [3][10]. - From 2022 to 2024, the company's R&D investments are projected to be 10.454 billion yuan, 13.041 billion yuan, and 14.118 billion yuan, respectively [10]. Group 4: Growth in New Energy Sector - In 2024, the new energy and integrated smart energy business is expected to achieve a new contract amount of 559.739 billion yuan, accounting for 39.73% of the total new contracts [10]. - The installed capacity of new energy projects is projected to reach 15.1955 million kilowatts by the end of 2024, representing a year-on-year growth of 59.7% [10].

Summary of China Energy Construction Group Conference Call Company Overview - **Company**: China Energy Construction Group (中国能建) - **Industry**: Energy Construction - **Key Achievements**: - New contract value has remained above 1 trillion yuan for three consecutive years - 2024 new contract value is approximately 1.4 trillion yuan [2][3] - Strong growth in revenue and profit in Q1 2025, ranking among the top in state-owned construction enterprises [2][3] Core Insights and Arguments - **Technological Innovations**: - Launched the world's first 660 MW compressed air energy storage system solution [2][5] - Achieved full capacity grid connection of a 300 MW compressed air energy storage project in Hubei, with world-leading metrics in scale and efficiency [2][5] - **Digital Integration**: - Actively participating in the national "East Data West Computing" initiative, contributing to the construction of eight major data center nodes [2][6] - The new industry revenue proportion has reached 40% [2][6] - **Traditional Energy Growth**: - Rapid growth in traditional energy orders, particularly in thermal power, benefiting from three 80 million mechanisms [2][7] - Despite the focus on renewable energy, thermal power remains crucial for energy system security [2][7] - **Renewable Energy Initiatives**: - Continuous advancement in energy storage, with multiple compressed air storage projects and green hydrogen initiatives [2][8] - Solar power accounts for nearly 70% of the company's renewable energy portfolio [2][10] Additional Important Content - **Financial Performance**: - Operating cash flow improved significantly, reaching 11.027 billion yuan in 2024, exceeding net profit attributable to shareholders [4][12] - The company has implemented five major financial initiatives to enhance cash flow and project oversight [4][12] - **Market Position**: - The company has completed over 90% of China's power planning consulting and a significant portion of major power projects [3][28] - The company is well-positioned to capture opportunities in large hydropower projects due to its historical performance [25][28] - **Future Outlook**: - The company aims to maintain a strong focus on both traditional and renewable energy sectors during the 14th Five-Year Plan [26][28] - Plans to invest over 900 billion yuan in new industries, with a significant portion allocated to hydrogen and energy storage projects [11][15][24] - **International Expansion**: - Overseas projects accounted for a 10.47% increase in new orders, primarily in energy projects across Asia, Africa, and South America [16][28] - **Challenges and Adjustments**: - The company acknowledges the impact of regulatory changes on the renewable energy sector, particularly solar power [9][10] - The competitive landscape in the computing power business is evolving, with significant investments planned for data centers [14][15] This summary encapsulates the key points from the conference call, highlighting the company's strategic initiatives, financial performance, and market positioning within the energy construction industry.

Core Viewpoint - China Energy Engineering Group announced that its subsidiary, Northwest Electric Power Design Institute, has won a bid for the construction of a new coal power project with a total contract value of approximately 14.586 billion yuan [2][4]. Group 1: Project Details - The project involves the construction of six 660 MW ultra-supercritical coal-fired generating units, along with the installation of desulfurization, denitrification, and dust removal facilities [2][4]. - The total investment for the project is estimated at 17.3 billion yuan, covering an area of 114 hectares, with an expected annual power generation capacity of 20 billion kWh upon completion [4]. Group 2: Recent Contracts - In 2025, China Energy has secured multiple significant contracts, including the Weihai Thermal Power project worth approximately 5.118 billion yuan and the Yunnan Hengshan Power Plant project valued at about 6.255 billion yuan [4]. - Additionally, a contract for a water supply project in Astana, Kazakhstan, worth around 9.6 billion yuan was also awarded [4]. Group 3: Financial Performance - In Q1 2025, China Energy reported a record high in core operating indicators, with new contract signings reaching 388.896 billion yuan, a year-on-year increase of 5.75% [5]. - The company achieved a revenue of 100.371 billion yuan, up 3.05% year-on-year, and a net profit attributable to shareholders of 1.612 billion yuan, reflecting an 8.83% increase [5]. - The domestic new contract amount was 287.46 billion yuan, growing by 4.18%, while the overseas new contract amount was 101.441 billion yuan, with a significant increase of 10.47%, particularly in renewable energy projects which surged by 53.7% [5]. Group 4: Company Overview - China Energy was established in December 2014 and is a state-owned enterprise under the supervision of the State-owned Assets Supervision and Administration Commission [6]. - The company went public in December 2015 on the Hong Kong Stock Exchange and later listed on the Shanghai Stock Exchange in September 2021 [6]. - As of May 28, the company's stock price was 2.22 yuan per share, with a total market capitalization of 92.55 billion yuan [6].

Core Points - The company has prepared the 2024 annual report, which has been approved by the board and is submitted for shareholder review [1] - The 2024 board work report emphasizes the board's role in strategy formulation, decision-making, and risk prevention, highlighting governance improvements and future work plans [2] - The company aims to enhance its governance structure and operational efficiency while focusing on strategic development and risk management [4][6] Group 1: Annual Reports and Proposals - The 2024 annual report has been compiled and approved, awaiting shareholder meeting review [1] - The board's work report outlines strategic governance improvements and future objectives for 2025 [2] - The independent directors' report for 2024 has been approved and is also submitted for shareholder review [29] Group 2: Governance and Risk Management - The board emphasizes the integration of party leadership and corporate governance, enhancing the governance framework [4] - The company has implemented a comprehensive risk management system, focusing on major risk assessments and preventive measures [15] - The board has conducted extensive evaluations of significant risks, ensuring effective monitoring and control [15] Group 3: Financial Performance and Strategic Initiatives - The company reported a 9.75% increase in new contracts and a 7.56% rise in revenue year-on-year [10] - The board is committed to advancing strategic initiatives, including significant energy projects and technological innovations [10][11] - The company has allocated 139.82 billion yuan for R&D, achieving notable advancements in technology and innovation [10] Group 4: Shareholder Engagement and Market Value - The company has introduced a mid-term dividend plan, increasing the cash dividend ratio by 30% compared to the previous year [23] - The board has actively engaged with investors, conducting multiple roadshows and enhancing communication channels [26] - The company has received various accolades for its governance and market performance, reflecting its commitment to quality and transparency [27] Group 5: Future Work Plans - The board plans to enhance the governance structure and improve the efficiency of subsidiary boards [28] - The company aims to strengthen its market value management and investor relations strategies [28] - Future initiatives will focus on optimizing governance systems and ensuring compliance with regulatory requirements [28]

Financial Performance - The company reported a basic earnings per share of 0.0370 yuan for Q1 2025, an increase of 8.82% compared to 0.0340 yuan in Q1 2024 and up from 0.0250 yuan in Q1 2023 [1] - The total revenue for Q1 2025 was 100.37 billion yuan, reflecting a growth of 3.05% from 97.40 billion yuan in Q1 2024 and an increase from 88.52 billion yuan in Q1 2023 [1] - Net profit for Q1 2025 reached 1.612 billion yuan, which is an 8.85% increase from 1.481 billion yuan in Q1 2024 and significantly higher than 1.124 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 1.43% in Q1 2025, up from 1.37% in Q1 2024 and 1.12% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 3,156,322.39 million shares, accounting for 75.72% of the circulating shares, with a decrease of 45.65 million shares compared to the previous period [1] - China Energy Engineering Group Co., Ltd. is the largest shareholder, holding 1,878,164.15 million shares, which represents 45.05% of the total share capital, with an increase of 71.19 million shares [2] - HKSCC Nominees Limited holds 843,801.36 million shares, accounting for 20.24% of the total, with a slight decrease of 0.62 million shares [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Group 1 - The Chinese government emphasizes the importance of green transformation as a new engine for economic and social development, aiming for carbon peak and carbon neutrality as part of ecological civilization construction [1][3] - The national carbon market is expanding, now including steel, cement, and aluminum industries, covering over 60% of national CO2 emissions [1][2] - Various regions and companies are actively implementing green finance policies and projects to support green industries, such as Gansu's 30+ policies for green finance and the 700 million yuan green credit support for a recycling company in Fujian [2][11] Group 2 - Companies like Yili Group and Moutai are adopting comprehensive carbon footprint tracking and reduction measures across their entire production lifecycle, aiming for significant reductions in carbon emissions by 2024 and 2030 [2][10] - The energy sector is undergoing a transformation with projects like the zero-carbon smart energy center in Yulin and the world's first 300 MW compressed air energy storage project [4][5] - The establishment of a green low-carbon circular production system is being pursued by companies such as Yangtze River Pharmaceutical Group and Haier, focusing on energy efficiency and sustainable practices [8][10] Group 3 - The agricultural and financial sectors are also contributing to green initiatives, with Agricultural Bank of China increasing its green credit balance significantly and launching various green insurance products [11][12] - The overall goal is to create a harmonious relationship between humans and nature, promoting high-quality development while ensuring ecological protection [9][12]