香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國冶金科工股份有限公司（「本公司」）於 二零二六年 三 月 三 十 日 在 上 海 證 券 交 易 所 網 站 刊 發 的 資 料 全 文，僅 供 提 供 信 息 之 用。 承董事會命 中國冶金科工股份有限公司 常 琦 聯席公司秘書 北 京，中 國 二零二六年三月 三 十 日 於 本 公 告 日 期，本 公 司 董 事 會 包 括 執 行 董 事：陳 建 光 先 生 及 白 小 虎 先 生； 非 執 行 董 事：郎 加 先 生 及 閆 愛 中 先 生（職工代表董事）；以 及 獨 立 非 執 行 董 事：劉力先生、吳 嘉 寧 先 生 及 周 國 萍 女 士。 * 僅供識別 中国冶金科工股份有限公司 2025 年年度报告 公司代码：601618 公 ...

Summary of Conference Call for Zhonggong International Company Overview - **Company**: Zhonggong International - **Date**: March 27, 2025 Key Points Industry and Company Performance - **Cash Flow Improvement**: Significant improvement in cash flow with outstanding collections from domestic and international projects in 2025, including early payments from the Iraq oil package project [2][3] - **New Contracts**: New contract value increased by 4.2% in 2025, with effective contracts remaining high due to quality terms and financing innovations such as accounts receivable ABS [2][3] - **Project Execution**: Focus on projects in Central Asia and the Middle East; geopolitical conflicts have limited direct impacts on existing projects, but potential project bidding has slowed due to strait blockades [2][4] Strategic Planning - **"15th Five-Year Plan"**: The plan emphasizes a transition to a technology-driven and specialized company, increasing investment in technology innovation and establishing an innovation platform to promote AI applications [2][5] - **EPC Business Strategy**: The strategy includes a "front-end and back-end" approach, enhancing design consulting capabilities and expanding operational and maintenance services post-project delivery [5][8] Technological Development - **R&D Investments**: R&D fund has expanded to over 70 million RMB, focusing on projects in healthcare cleanroom technology and potential applications in chip manufacturing [2][7] - **AI and Digitalization**: The company is following guidelines for digitalization and intelligence, with plans to establish an innovation platform to drive technology application and development [6][7] Market Expansion - **Internationalization Goals**: The company aims to double the international revenue of its subsidiary, Beiqi Institute, during the "15th Five-Year Plan" period, focusing on expanding into warehousing logistics and environmental lifting markets [2][8] - **Geopolitical Impact**: Current geopolitical tensions have limited direct impacts on operations, but prolonged conflicts could hinder business opportunities; however, there is optimism for recovery and reconstruction opportunities post-conflict [4][8] Financial Management - **Value Management**: The company commits to a cash dividend of no less than 40% of distributable profits and has initiated a share buyback program to enhance shareholder value [2][11] - **M&A Strategy**: Mergers and acquisitions will be a primary method for growth during the "15th Five-Year Plan," with ongoing internal resource optimization and potential external acquisitions [11][12] Operational Efficiency - **Project Returns**: All projects, whether engineering contracts or investment projects, have met financial targets set during project approval, with notable early revenue generation from projects like the Tianmen cableway [9][10] Conclusion - **Future Outlook**: The company is positioned to leverage its long-term presence in the Middle East and its local teams to capitalize on reconstruction opportunities, while maintaining a focus on high-quality project execution and technological innovation [4][5][8]

Summary of Conference Call Notes Company Overview - The company discussed its performance and outlook for 2025 and 2026, focusing on various business segments including coal, wind, and solar energy projects in Europe and Asia. Key Points Industry and Company Performance - **2025 Profit Impact**: Profit is expected to decline due to a project breakeven impact, but the Croatian wind power project is projected to generate approximately 240 million RMB, a 30% increase year-on-year. The decline in overall profit is expected to narrow compared to the first three quarters of 2025 [2][3]. - **Mongolian Coking Coal Business**: The target sales volume for 2026 is set at 5 million tons, with long-term agreements extended to the second half of 2027. The pricing mechanism is stable, and cost adjustments lag behind sales by one quarter [2][3]. - **Croatian Wind Power Project**: Expected to benefit from rising European electricity prices (approximately 12 Euro cents/kWh, a year-on-year increase of 20%-30%) in 2026, with profits anticipated to significantly exceed 2025 levels [2][3]. - **Bangladesh Coal Power Plant**: Aiming for full-capacity commercial operation in the first half of 2026, which could contribute approximately 100 million USD in annual revenue, with the company holding a 50% stake [2][3]. - **Bosnia Solar Project**: A 125 MW solar project is expected to be completed in Q3 2026 and contribute 35-40 million RMB annually, aiding the formation of a European power operation matrix [2][3]. Management Changes - Recent executive changes are described as normal adjustments, with the new chairman previously serving as the chairman of Northern Mining, expected to enhance collaboration with Northern Mining and Zhenhua Petroleum in Africa and Southeast Asia [2][9]. Sales and Pricing Mechanism - The Mongolian coking coal project provides a full-chain investment and service model, with procurement prices adjusted quarterly based on various indices. The sales volume for 2024 was 5.3 million tons, with a projected 4.6 million tons for 2025 due to price pressures [4][5]. European Power Operations - The company views Croatia, Bosnia, Hungary, Romania, and future Ukraine as a cohesive market. The Croatian wind project began operations in 2021, with electricity prices significantly higher than initial projections due to geopolitical factors [6][7]. - The company aims to ensure an annual electricity generation of 440-500 million kWh in 2026, with expectations of increased profitability from the Croatian project compared to 2025 [6][7]. Future Projects and Opportunities - The company is focused on expanding its portfolio of small-scale renewable energy projects in Europe, including storage, waste-to-energy, wind, and solar, to create a stable revenue stream [6][7]. - The Bangladesh coal power project is expected to generate an annual revenue of approximately 100 million USD, with the company’s share contributing around 50 million USD to its financials [7][8]. Middle East Operations - The company operates in Iraq, UAE, and Egypt, primarily providing engineering services for oil fields and infrastructure projects. Current regional conflicts have not significantly impacted operations [8]. Strategic Outlook - The company is optimistic about future asset injections and collaborations with Northern Mining and Zhenhua Petroleum, focusing on enhancing operational synergies [9]. Additional Important Information - The company is monitoring the potential impacts of new government policies in Bangladesh on existing agreements, but expects minimal changes due to the established nature of similar contracts [8][9].

Group 1 - The core viewpoint of the article is that two state-owned listed companies, Zhongcheng Co. and Xiamen Port, received approval for significant restructuring on the same day, indicating a trend of ongoing mergers and acquisitions in the state-owned sector [1][9]. Group 2 - Zhongcheng Co. plans to acquire 100% of Zhongji Jiangsu Clean Energy Co. through the issuance of 13.5356 million shares and raise up to 151 million yuan in supporting funds, with the approval from the China Securities Regulatory Commission (CSRC) [2]. - The acquisition will extend Zhongcheng Co.'s business into energy storage and green energy, aligning with sustainable development goals, and is expected to improve key financial metrics such as total assets and revenue [2]. - As of February 13, Zhongcheng Co.'s stock price was 13.42 yuan per share, with a total market capitalization of 4.5 billion yuan [3]. Group 3 - Xiamen Port plans to acquire 70% of Xiamen Container Terminal Group through the issuance of 797 million shares and raise up to 3.5 billion yuan in supporting funds, also receiving approval from the CSRC [5][6]. - This restructuring aims to enhance the company's business structure by integrating high-quality port assets, thereby promoting a comprehensive modern port logistics service provider and improving competitive strength [6]. - As of February 13, Xiamen Port's stock price was 12.22 yuan per share, with a total market capitalization of 9.1 billion yuan [7]. Group 4 - The article highlights a broader trend of mergers and acquisitions among state-owned enterprises, driven by policy encouragement and aimed at enhancing industry integration and upgrading production capabilities [9][10]. - The China Securities Regulatory Commission's recent guidelines and the State-owned Assets Supervision and Administration Commission's opinions emphasize the importance of resource consolidation and strategic mergers to improve competitiveness and innovation in state-owned enterprises [10].

Core Viewpoint - China Metallurgical Group Corporation (China MCC) reported a new contract value of RMB 73.65 billion in January 2026, with overseas contracts amounting to RMB 3.21 billion [1] Group 1 - The company secured four major engineering contracts, each exceeding RMB 1 billion, in January [1]

Core Viewpoint - China Metallurgical Group Corporation (China MCC) announced a new contract signing amounting to 73.65 billion yuan in January 2026, with overseas contracts totaling 3.21 billion yuan [1] Group 1: Contract Details - The significant contracts include: - Inner Mongolia Chifeng Vanadium Titanium Energy Storage New Materials and Energy Storage Battery Integration Project (Phase I) by China Five Metallurgical Group, valued at 1.8 billion yuan [1] - Smart Oasis Intelligent Innovation Center contract, valued at 1.67 billion yuan [1] - EPC general contracting for Jingmen Leading Intelligent Technology Co., Ltd. automotive parts project by China First Metallurgical Group, valued at 1.47 billion yuan [1] - Linzhou Economic Development Food-grade High-end Ductile Iron Pipe Project (Section 1) by Shanghai Baoye Group, valued at 1.22 billion yuan [1]

Core Viewpoint - The article discusses cross-border project payment deferral financing transactions, highlighting their growth and importance for Chinese contractors in managing cash flow and financing needs in overseas projects [2][5]. Group 1: Definition and Structure - Cross-border project payment deferral financing involves Chinese contractors agreeing to delayed payments from foreign project owners, effectively providing financing for project construction [2]. - The refinancing aspect allows contractors to transfer receivables from deferred payments to other institutions, often referred to as export credit refinancing or factoring [2]. - The structure of individual deferral financing and refinancing transactions must be tailored to the specific characteristics of the parties and projects involved [2]. Group 2: Benefits and Motivations - Contractors engage in deferral financing to ensure timely receipt of contract payments, thus optimizing cash flow and financial reporting by transferring receivables to banks [9][22]. - Despite assuming additional risks, contractors benefit from improved liquidity and the ability to manage their core business more effectively [5][9]. Group 3: Contractual Considerations - Contractors should ensure that the rights under the contract are transferable to facilitate deferral financing [10]. - Clear payment arrangements in the contract are crucial to avoid disputes and ensure smooth financing processes [11]. - Risk-sharing mechanisms within the contract should be reasonable and not hinder deferral financing or refinancing [11]. Group 4: Financing Structure and Guarantees - The financing amount in deferral financing corresponds to the deferred payment amount, with repayment periods aligned with project cash flows [13]. - Contractors must assess various risks, including country, foreign exchange, and market risks, when setting up guarantees for deferral financing [13]. - Ensuring that the receivables are "clean" and free from disputes is essential for successful refinancing [18]. Group 5: Administrative Approvals and Insurance - Contractors may need to navigate administrative approvals based on the specifics of the deferral financing structure and contract terms [21]. - Choosing the right export credit insurance from China Export & Credit Insurance Corporation (Sinosure) is critical, with various products available to support deferral financing [22]. Group 6: Receivables Management and Reporting - The ability to "off-balance sheet" the transferred receivables is a significant advantage, contingent on the terms of the receivables transfer agreement [22]. - The negotiation process between banks and contractors regarding the terms of receivables transfer is crucial for achieving favorable outcomes [23]. - Contractors should also focus on managing exchange rate and interest rate risks, as well as ensuring compliance with internal authorization requirements for financing documents [24][25].

Group 1 - The core viewpoint of the article highlights the recent performance and financial metrics of Zhonggong International (002051), indicating a mixed financial outlook with both revenue decline and profit growth in specific quarters [2][3]. - As of February 11, 2026, Zhonggong International's stock closed at 8.52 yuan, with a slight increase of 0.12% and a trading volume of 94,900 hands, amounting to a total transaction value of 80.99 million yuan [1]. - The company reported a total revenue of 7.125 billion yuan for the first three quarters of 2025, reflecting a year-on-year decrease of 17.25%, while the net profit attributable to shareholders was 247 million yuan, down 23.68% year-on-year [2]. Group 2 - In the third quarter of 2025, Zhonggong International's revenue was 2.338 billion yuan, showing a significant decline of 24.85% compared to the same quarter the previous year, but the net profit attributable to shareholders increased by 35.16% to 69.82 million yuan [2]. - The company’s debt ratio stands at 53.68%, with investment income reported at 66.43 million yuan and financial expenses at -23.65 million yuan, resulting in a gross profit margin of 18.57% [2]. - Over the last 90 days, three institutions have provided ratings for the stock, with two giving a "buy" rating and one an "increase" rating [3].

Core Viewpoint - Taiji Industry (600667.SH) announced that its subsidiary, the Eleventh Design and Research Institute of Information Industry, in a joint venture with Shanghai Construction Fourth Engineering Group, has been confirmed as the winning bidder for the Huahong Hongli Semiconductor (Wuxi) Co., Ltd. FAB9B project, with a bid amount of 3.778 billion yuan [1] Group 1 - The joint venture received a bid notification confirming it as the winning unit for the project [1] - The contract work volume for the Eleventh Technology is estimated to account for 98.46% of the total, corresponding to approximately 3.719 billion yuan [1] - The amounts mentioned are preliminary estimates, with the final actual amount to be determined upon signing the formal contract [1]

Group 1 - The core viewpoint of the article is that the investor inquired about the valuation and potential disposal of the La Ronge gold mine in Canada, which has a significant exploration area and proven gold reserves [1] - The La Ronge gold mine covers an area of 870 square kilometers and has 13 gold mines with proven reserves of 1.5 million ounces of gold, leading to an estimated gross valuation of approximately $7.55 billion (around 54 billion RMB) based on current gold prices [1] - The company responded that the gold mine project held by its associate is not included in the company's consolidated financial statements, indicating that it does not have plans for mining at this time [1]