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，概不會就本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年三月三十日在中華人民共和國上海證券交易所網站刊登之2025 年度經審計的財務報告，僅供參閱。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年三月三十日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 * 僅供識別 北京金隅集团股份有限公司 财务报表及审计报告 二零二五年十二月三十一日止年度 北京金隅集团股份有限公司 财务报表及审计报告 | 内容 | 页码 | | | --- | --- | ...

Core Viewpoint - Beijing Jinyu Group Co., Ltd. is initiating a procurement project for the financial report and internal control audit services for the fiscal years 2026-2027, with funding sourced from the company's own resources [2]. Group 1: Project Overview - The project is named "Financial Report and Internal Control Audit Project for Beijing Jinyu Group Co., Ltd. for the Fiscal Years 2026-2027" [3]. - The service period is set for the fiscal years 2026-2027, starting from the contract signing date [3]. - The procurement scope includes audit services for Jinyu Group's consolidated and parent company financial reports, internal control audit reports, and special reports as required by relevant regulations [3][4][5]. Group 2: Supplier Requirements - Suppliers must be legally registered independent entities in China with the ability to assume civil liability and possess a valid business license [10]. - Suppliers are required to have qualifications to issue annual audit reports for A-shares and H-shares listed companies [11]. - Suppliers must not have any independence issues or conflicts of interest and should provide a commitment letter [12]. Group 3: Budget and Fees - The project budget is capped at 24 million yuan per year, including tax [10]. - The bid document fee is set at 600 yuan, non-refundable [16]. Group 4: Submission Details - Interested suppliers can obtain the competitive negotiation documents from March 26, 2026, to March 30, 2026, via the Jinyu Group's procurement platform [16]. - The deadline for submitting response documents is April 2, 2026, at 13:30 [16].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **real estate industry** in China, focusing on the performance and trends observed in early 2026, particularly in January and February [1][2]. Core Insights and Arguments 1. **Sales Trends**: Real estate sales are accelerating downward, with both new and second-hand home markets showing weakness. However, first-tier cities like Beijing and Shanghai are experiencing a slight rebound in prices, indicating a potential stabilization [1][4]. 2. **Policy Shift**: The transition from the "14th Five-Year Plan" to the "15th Five-Year Plan" marks a significant change in real estate policy, moving from "housing is for living, not for speculation" to a focus on "high-quality development" and "stabilizing the real estate market" [3]. 3. **Investment Dynamics**: Real estate investment has seen a slight narrowing of decline, attributed to local governments' efforts to release quality land parcels to support the market. This is expected to improve developer sentiment [2][6]. 4. **Infrastructure Investment**: Infrastructure investment has outperformed expectations, growing by 11% year-on-year, driven by government initiatives and fiscal policies aimed at stimulating the economy [6]. 5. **Emerging Investment Themes**: New investment themes include **computing power systems** and **hydrogen energy**, with significant growth expected in these sectors by 2030. Companies like China Power Construction and China Energy Construction are highlighted as key players [7][8]. Additional Important Content 1. **Second-Hand Market Performance**: The second-hand housing market is performing better than the new housing market, driven by favorable policies such as increased coverage of public housing loans for lower-priced assets [2][5]. 2. **Investment Strategy**: The investment strategy emphasizes focusing on large leading companies due to market concentration and improved supply dynamics. The issuance of REITs is expected to enhance cash flow and asset valuation for companies with substantial existing assets [5]. 3. **Material Costs and Pricing**: The construction materials sector is benefiting from rising oil prices, allowing companies to increase prices. Key companies in this sector include Oriental Yuhong and China Liansu [10][11]. 4. **Cement Industry Outlook**: The cement industry saw a 6.8% increase in shipment volume in early 2026, although this may not be indicative of a strong trend due to calendar effects. A more comprehensive view will be available after the first quarter [9]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the real estate and related industries in China.

Investment Performance - The gold stock portfolio for February achieved a return of +2.07%, with a cumulative annual return of +17.8% as of February 28, 2026, outperforming the Shanghai Composite Index and CSI 300 Index by 1.98 percentage points and 1.48 percentage points respectively [1] - The top-performing sectors in the Shenwan first-level industry classification were comprehensive (+18%), steel (+10%), and building materials (+8%) [1] March Investment Strategy Outlook - The A-share market is expected to remain volatile due to valuation levels in certain sectors and external geopolitical influences, with a notable focus on value assets represented by free cash flow indices [2] - The upcoming National People's Congress is anticipated to increase thematic investment opportunities, making macro narratives a key driver for market direction [2] - It is recommended to select stocks with solid fundamentals and low implied expectations in their current valuations, while maintaining a balanced portfolio to avoid overexposure to any single sector [2] Recommended Gold Stocks for March - Utilities: Guiguan Electric Power (600236.SH), Power Equipment: Dongfang Electric (600875.SH) [3] - Electronics: Helin Micro-Nano (688661.SH), Media: Kaiying Network (002517.SZ) [3] - Chemicals: Sanyou Chemical (600409.SH), Xin Fengming (603225.SH) [3] - New Materials: Huafeng Aluminum (601702.SH), Building Materials: China Jushi (600176.SH) [3] - Construction: Honglu Steel Structure (002541.SZ), Transportation: China Merchants Energy Shipping (601872.SH) [3] Company-Specific Insights Guiguan Electric Power (600236.SH) - Plans to acquire a group company in Tibet for 2 billion yuan at 1.1 times PB, gaining access to hydropower resources expected to be operational by 2026-2027 [4] - The company is positioned to support the group's mission in Tibet and is expected to benefit from the national clean energy demonstration base [4] Dongfang Electric (600875.SH) - Increased global electricity demand driven by AI capital investment is expected to boost demand for gas turbines and other power equipment [5] - The company is well-positioned in nuclear power, pumped storage, solar thermal, and hydrogen energy sectors, with leading technology capabilities [5] Helin Micro-Nano (688661.SH) - The chip testing industry is entering a "volume and price rise" cycle due to increased complexity and testing duration [7] - The company is expected to gain market share as supply chain constraints affect competitors, leading to improved performance [8] Kaiying Network (002517.SZ) - The company has secured exclusive licensing for popular games, with a daily active user count nearing 500,000, indicating strong community engagement [10] - AI initiatives are progressing, with new interactive applications expected to launch in early 2026 [10] Sanyou Chemical (600409.SH) - Cotton price increases are expected to drive up demand and prices for viscose, with significant reductions in cotton planting area impacting supply [12] - The company is currently trading at a historical low PB of 1.2 times, indicating a high safety margin [13] Xin Fengming (603225.SH) - The polyester filament market is entering an upcycle, with low inventory levels and expected demand recovery post-holiday [15] - Anticipated profitability improvements in the PTA sector due to limited new capacity and stable downstream demand [15] Huafeng Aluminum (601702.SH) - The company is positioned to benefit from the growing demand for aluminum thermal materials in the electric vehicle sector [18] - The trend of "aluminum replacing copper" is expected to accelerate, opening new market opportunities [18] China Jushi (600176.SH) - The company is at a potential market turning point for electronic fabrics, with prices expected to rise significantly [19] - High-end electronic fabric certifications are progressing faster than anticipated, indicating strong future demand [19] Honglu Steel Structure (002541.SZ) - The company is expected to achieve a production volume of 5.021 million tons in 2025, with a utilization rate of approximately 96.55% [20] - The integration of advanced automation and project management systems is expected to enhance production efficiency [20] China Merchants Energy Shipping (601872.SH) - The oil shipping market is expected to perform strongly due to favorable fundamentals and geopolitical factors [21] - The company is the world's largest owner of VLCCs, positioning it well to benefit from the improving oil and dry bulk shipping markets [21]

Core Viewpoint - The Southern Power Grid Yunnan Lincang Fengqing Power Supply Bureau is actively supporting rural industrial development by ensuring stable and safe electricity supply for local enterprises, particularly focusing on a brick factory that plays a crucial role in the local economy [1][2]. Group 1: Company Initiatives - The power supply bureau organized a service team to conduct safety inspections and technical guidance for Huixun Industrial Co., Ltd., a brick factory in Lushi Village, to ensure reliable electricity for rural economic development [1]. - The brick factory has been operational for 13 years, with an annual production cycle of 9 months and an annual output value of nearly 4 million yuan, serving as a key supplier for local construction and infrastructure [1]. - The bureau emphasizes a tailored service approach, implementing "one factory, one policy" strategies to optimize the business environment for electricity use [1]. Group 2: Future Plans - The bureau plans to continue focusing on the electricity needs of rural specialty industries, aiming to provide high-quality, efficient, and considerate power services to support the stable development of the "brick economy" [2]. - The goal is to enhance rural industry vitality, strengthen rural development, and improve the quality of life for residents, contributing to rural revitalization efforts [2].

Core Viewpoint - Chongqing Fupu New Materials Technology Co., Ltd. has initiated the listing guidance for A-share IPO with the support of Zheshang Securities, marking a significant step in its growth strategy [1] Company Overview - Fupu New Materials was established in 2016 with a registered capital of 430 million yuan [1] - The company specializes in the production and sales of ready-mixed ordinary and special concrete, prefabricated building components, autoclaved aerated concrete panels and blocks, building mortar, cement, and additives, positioning itself as a comprehensive green building materials manufacturer [1] Financial Performance - In 2022, Fupu New Materials achieved a revenue of 2.85864 billion yuan, ranking 81st among the top 100 private enterprises in Chongqing in 2023 [1] Partnerships - The company collaborates with major state-owned enterprises and real estate firms, including China Merchants Shekou, China National Nuclear Corporation, China Railway Construction Corporation, China Hydropower, Longfor, Vanke, and Jinmao Group [1]

Core Viewpoint - The event aimed to enhance financial services for private enterprises in Guangdong, focusing on the needs of Jiangxi merchants, by establishing a strategic cooperation between Bank of China Guangdong Branch and Jiangxi Chamber of Commerce in Guangdong [1][3][11] Group 1: Event Overview - The signing ceremony and financing matchmaking event attracted over 100 representatives from various chambers of commerce, aiming to connect financial services with the needs of private enterprises [1][3] - The event was guided by the Guangdong Provincial Federation of Industry and Commerce and the Jiangxi Provincial Government Office in Guangdong [1][3] Group 2: Financial Services and Initiatives - Bank of China Guangdong Branch introduced the "GanShang Loan" financing service specifically for Jiangxi Chamber of Commerce member enterprises and their supply chains, with a total credit amount of nearly 17 billion yuan provided to around 300 member enterprises [3][7] - The bank plans to increase its support to 100 billion yuan during the 14th Five-Year Plan period, focusing on technological innovation and transformation for Jiangxi merchants in Guangdong [3][4] Group 3: Strategic Cooperation - A strategic cooperation agreement was signed between Bank of China and Jiangxi Chamber of Commerce, establishing a multi-level cooperation mechanism across 19 cities in Guangdong [4][6] - The cooperation aims to provide comprehensive services including financing, cross-border finance, personal finance, financial consulting, and resource sharing [6][10] Group 4: Addressing Financial Needs - The event featured a one-on-one consultation approach, where financial service teams addressed specific financial needs and challenges faced by Jiangxi merchants [10][11] - Bank of China emphasized its commitment to creating a favorable financing environment for private enterprises through continuous engagement and tailored service offerings [11]

Summary of Conference Call Records Industry: Real Estate Key Points - The real estate industry has undergone a deep cleansing of its fundamentals, with positive policy signals expected to gradually restore holdings, leading to valuation elasticity. In January, the second-hand housing market in core cities showed signs of recovery, with increased transaction volumes and decreased listing volumes, optimizing supply-demand relationships and narrowing price declines [1][2][3] - Multiple authoritative media outlets have released positive signals regarding the financial asset attributes of real estate and the cancellation of restrictive measures. Many real estate companies are no longer required to report the "three red lines" indicators monthly, indicating a period of intensive policy implementation, which enhances the investment value of the real estate sector [3] - The investment strategy for the building materials industry chain should focus on balance and early layout of related opportunities. Global expansion of balance sheets and marginally increasing liquidity in the A-share market support potential excess return opportunities in the building materials sector [1][4] - The A-share market's IPO financing is expected to be at historical average levels, but the second half of the year may see quarterly financing amounts exceeding expectations, which could signal a warning for the technology sector as relative returns may decrease [5] - The current economy is at the end of a Kondratiev wave depression, with non-ferrous metals and commodities being favorable investment options. The adjustment in the real estate market is nearing its end, with potential investment opportunities expected to emerge [6] Additional Insights - The real estate sector is currently in a core configuration window with high win rates and odds. As of Q4 2025, the sector's holdings accounted for approximately 0.43% of stock investment value, indicating a significant underweight that has persisted for 24 quarters [2] - The recovery of the Hong Kong real estate sector serves as a reference for the mainland market, with historical data suggesting that the adjustment in actual housing prices in China has been sufficient, leading to an increase in the sector's win rate [2] - The building materials sector's investment strategy emphasizes early positioning in response to market changes, with a focus on companies with low valuations and strong resource reserves, such as China Trade and Greentown China [4] - The cement industry is highlighted for its potential, with profitability closely tied to capacity utilization rates. Companies like Conch Cement are expected to see significant profit increases if prices rise [10] - The home appliance sector is anticipated to recover as real estate data stabilizes, which will directly boost demand for white goods and kitchen appliances [13] Industry: Building Materials Key Points - The investment strategy for the building materials industry should focus on both expansion and balance, with an emphasis on early positioning in real estate-related opportunities [4] - Companies with low valuations and strong resource reserves, such as China Trade and Greentown China, are recommended for investment [4] - The cement industry is expected to enter a new recovery cycle, with significant profit potential linked to price increases [10] Industry: Home Appliances Key Points - The home appliance sector is nearing the end of its darkest period, with potential investment opportunities arising as real estate data stabilizes and consumer demand is expected to recover [13] - The sector's current low valuations present opportunities for growth, particularly in white goods and kitchen appliances, which are closely tied to real estate performance [13] Additional Insights - Companies like Midea, Haier, and Gree are highlighted for their strong dividend yields, making them attractive investment options [13] - Newer companies in the market, such as Roborock and Ecovacs, are also noted for their competitive positioning and potential for valuation recovery [13]

Group 1: Market Overview - The Hang Seng Index experienced a decline of 580 points or 2.08%, closing at 27,387 points, following a seven-day rise that saw an increase of 1,480 points [3] - The index's performance for the week showed a net gain of 637 points or 2.38%, while January recorded an increase of 1,756 points or 6.85% [3] - The trading volume for the day was 301.61 billion [3] Group 2: Company-Specific News - China National Building Material (03323) issued a profit warning, expecting a loss of approximately 2.3 billion to 4 billion RMB for the fiscal year ending December 2025, primarily due to impairment provisions and a decline in cement sales [10] - Xtep International (01368) proposed to issue 500 million RMB zero-coupon convertible bonds due in 2029, with a conversion price of 6.37 RMB per share, representing a premium of 23.93% over the last closing price [11] - SF Express (09699) anticipates a significant increase in net profit of no less than 238 million RMB for the previous year, reflecting a growth of at least 80% due to increased demand in real-time delivery services [12] Group 3: Industry Dynamics - Several major state-owned banks, including ICBC and ABC, have adjusted their gold investment businesses in response to significant fluctuations in gold prices, advising investors to maintain a rational investment mindset [7] - OPEC+ has agreed to continue its production freeze in March, following a similar decision in January, as part of their strategy to maintain market stability [8]

Macro Insights - In January, both manufacturing and non-manufacturing sectors fell into contraction territory, influenced by seasonal factors such as colder weather and pre-Spring Festival personnel returns, leading to a slowdown in economic activity [2] - The end of the overseas stocking season has resulted in a decline in export sentiment, putting pressure on the equipment manufacturing sector [2] - There is an increasing divergence between old and new growth drivers, with high-tech manufacturing continuing to expand while consumer goods manufacturing has entered a contraction phase [2] - Raw material prices have risen significantly faster than finished product prices, impacting profits for some companies [2] Fiscal Insights - In December 2025, both revenue and expenditure of the general public budget fell short of initial budget targets, primarily due to a sluggish real estate market and pressures on revenue growth in certain industries [3] - Special bonds and remaining limits continue to supplement local government financial capacity, with government fund expenditures showing improvement compared to historical averages [3] - High growth in spending on urban renewal and water conservancy projects in December 2025 is expected to support infrastructure investment [3] - The issuance of new local bonds at the beginning of 2026 is faster than in previous years, indicating a strong push for fiscal front-loading [3] Policy Insights - Kevin Warsh's nomination as the new Federal Reserve Chair suggests a policy path that may include further interest rate cuts while being cautious about balance sheet expansion, indicating a potential "dovish-hawkish" policy mix [4] - Market reactions have shown a notable pullback in gold and U.S. equities, reflecting concerns over Warsh's opposition to balance sheet expansion [4] - It is anticipated that the pace of balance sheet reduction will not accelerate quickly under Warsh, with interest rate cuts likely occurring before any balance sheet contraction [4] Investment Strategy - The upcoming spring market is expected to be promising, with potential positive news on both policy and fundamentals in the coming months [5] - A brief period of market correction may occur before the Spring Festival, but investors are advised to hold onto stocks as trading activity is expected to pick up post-holiday [5] Bond Market Insights - The convertible bond market is experiencing a downturn, with a recommendation for careful selection of bonds based on their terms and underlying stock performance [10] - The overall issuance of credit bonds has increased, with a total of 445 bonds issued this week, amounting to 470.374 billion yuan, a 21.90% increase from the previous week [7] - Credit spreads across various industries are mixed, with the automotive sector seeing the largest increase in AAA credit spreads, up 3.6 basis points [7] Industry Insights - The recent policy on capacity pricing for the power generation sector is expected to promote orderly and fair competition in the energy storage industry, benefiting the sector overall [11] - Uranium prices have risen to $98 per pound, a 29% increase since December 2025, driven by strong demand and tight supply conditions [12] - The global uranium supply is concentrated, with the U.S. and China being the largest demand countries, which may further support price increases [12] Company Insights - The report on Keda Manufacturing indicates a significant asset restructuring plan to acquire a 51.55% stake in Tef International, which is expected to substantially enhance the company's net profit [13] - Tesla's valuation has shifted towards an AI-driven model, with adjusted profit forecasts for 2026 and 2027, reflecting the company's focus on AI infrastructure and technology advancements [14] - Microsoft's cloud business shows robust growth, with projected net profits for FY2026 to FY2028 indicating a strong long-term growth outlook [15] - TAL Education's revenue for FY26Q3 reached $770.2 million, a 27% year-on-year increase, with net profit significantly improving, leading to upward revisions in profit forecasts [16]