Group 1 - The company reported a revenue of 1.598 billion yuan for the first half of 2025, representing a year-on-year decrease of 25.10% [1] - The net profit for the same period was 17.2896 million yuan, showing a significant year-on-year decline of 85.20% [1] - The company announced plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

证券日报网讯海南发展（002163）8月18日在互动平台回答投资者提问时表示，截至2025年上半年度， 公司建筑幕墙业务累计新签订单金额5.67亿元，中标未签订单金额5.6亿元，累计已签约未完工订单金额 34.22亿元。 ...

Core Viewpoint - Yuan Da China (02789) has seen a significant stock price increase of nearly 25%, currently trading at 0.191 HKD, with a transaction volume of 10.4792 million HKD. The company is set to hold a board meeting on August 29 to approve its mid-year performance, with expected net profits between 150 million to 210 million CNY, a substantial increase from 6 million CNY in the same period last year. The growth in net profit is attributed to the successful implementation of the company's internationalization strategy and significant contributions from overseas market orders, as well as increased foreign exchange gains compared to the same period in 2024 [1]. Group 1 - Yuan Da China is an independent listed company primarily engaged in curtain wall construction, recognized as one of the first companies in China to obtain Grade A design and Grade 1 construction qualifications for building curtain walls. It is also designated as a key enterprise for building curtain walls by the Ministry of Construction of China, positioning itself as a leading global player in the curtain wall industry [1]. - The company provides comprehensive one-stop curtain wall solutions to clients, with its business operations widely distributed globally. In 2024, the company's revenue from China reached 1.02 billion CNY, accounting for 46% of total revenue. The United States and the United Kingdom followed, each contributing approximately 240 million CNY, representing around 11% of total revenue. Qatar generated 200 million CNY, accounting for 9% of total revenue [1].

Core Viewpoint - Yuan Da China (02789) has seen a significant stock price increase of approximately 25%, currently trading at 0.191 HKD, with a transaction volume of 10.48 million HKD. The company is set to hold a board meeting on August 29 to approve its mid-year performance, with expected net profits between 150 million to 210 million CNY, a substantial increase from 6 million CNY in the same period last year. This growth is attributed to the successful implementation of the company's internationalization strategy and increased contributions from overseas market orders, as well as foreign exchange gains compared to the same period in 2024 [1]. Group 1 - The company anticipates a net profit of approximately 150 million to 210 million CNY for the first half of the year, compared to 6 million CNY in the same period last year [1]. - The increase in net profit is primarily due to the progress of the company's internationalization strategy and significant contributions from overseas market orders [1]. - The company reported an increase in revenue and foreign exchange gains compared to the same period in 2024 [1]. Group 2 - Yuan Da China is recognized as a leading global enterprise in the construction curtain wall industry, being one of the first independent listed companies in China approved for Grade A design and Grade 1 construction of curtain walls [1]. - The company's business model provides comprehensive curtain wall solutions to clients, with operations spread globally [1]. - In 2024, the company's revenue from China was 1.02 billion CNY, accounting for 46% of total revenue, followed by the United States and the United Kingdom, each contributing approximately 240 million CNY, or 11% [1].

国盛证券此前发布研报称，沈阳远大(远大中国)是以幕墙为主营的独立上市公司，是中国首批获准的建 筑幕墙甲级设计和壹级施工企业、国家建设部命名的建筑幕墙定点企业，是全球建筑幕墙的领军企业。 公司业务为向客户提供一站式综合幕墙解决方案，业务广泛分布全球。2024年公司中国营收10.2亿元， 占比46%，是公司业务占比最大区域；其次为美国和英国，营收均约2.4亿元，占比均约11%；卡塔尔营 收2.0亿元，占比9%。 消息面上，远大中国将于8月29日召开董事会会议以审批中期业绩。公司此前预期上半年取得净利润约 1.5亿至2.1亿元，去年同期为600万元。净利增长主要原因是期间内集团国际化战略取得良好进展，海外 市场订单贡献突出，使得集团该期间的收入规模较2024同期取得增长，及该期间集团汇兑收益较2024年 同期取得增长。 智通财经APP获悉，远大中国(02789)再涨近25%，截至发稿，涨24.84%，报0.191港元，成交额1047.92 万港元。 ...

Core Viewpoint - Far East China Holdings Limited (远大中国) experienced a significant stock price increase of 49.4% on August 15, reaching HKD 0.124 per share, with a trading volume of HKD 2.7212 million [1] Company Overview - Far East China is a leading global enterprise in the construction curtain wall industry, providing high-quality curtain wall products and services [1] - The company has completed over 3,100 engineering projects and has installed more than 65 million square meters of curtain walls [1] - It operates 1,150 sets of advanced automated processing equipment, capable of meeting an annual demand of 13 million square meters [1] - The company has established R&D institutions in 12 regions worldwide, employing over 1,500 technical personnel [1] - R&D expenditure accounts for 2.3% to 3.6% of revenue, resulting in the continuous development of new products and the acquisition of 831 patents [1] Financial Performance - As of the 2024 annual report, the company reported total revenue of RMB 2.212 billion and a net loss of RMB 354 million [1] - On August 14, the company projected a significant increase in mid-2025 interim performance, with estimated profits ranging from RMB 150 million to RMB 210 million, representing a year-on-year growth of 2,400% to 3,400% [1]

Group 1 - The core viewpoint of the articles highlights the financial support provided by the Export-Import Bank of China to Jianghe Construction Group, facilitating the company's global expansion and "going out" strategy [1][2] - Jianghe Construction Group is a leader in the domestic building curtain wall industry, maintaining the top position in the construction decoration industry for seven consecutive years, showcasing its technical strength and craftsmanship [1] - The company has actively responded to the national "going out" strategy, significantly increasing its overseas business orders and expanding its operations to countries such as Singapore, Malaysia, and Saudi Arabia [1] Group 2 - The Export-Import Bank of China has adopted a customer-centric service approach, conducting thorough due diligence to understand Jianghe Construction's development plans and funding needs, leading to efficient loan approvals [2] - The bank aims to continue supporting national strategies by providing high-quality, efficient, and diverse financial services to assist more private enterprises in expanding into international markets [2]

Summary of Jianghe Group's Conference Call Company Overview - **Company**: Jianghe Group - **Industry**: Construction and Engineering, specifically focusing on curtain wall products and integrated project management Key Points and Arguments Return to Overseas Markets - Jianghe Group is re-entering overseas markets, particularly in the Middle East and Southeast Asia, due to domestic market contraction and new opportunities abroad [2][4] - The company is adopting an integrated model for project execution, which includes design, manufacturing, and installation, to mitigate tariff and exchange rate risks [2][5] Strategic Focus in the Middle East - The company is focusing on high-margin clients with good credit ratings rather than merely pursuing scale [2][6] - In Q1 2025, Jianghe Group secured over 600 million RMB in contracts in the Middle East, including a significant project valued at nearly 2 billion RMB [2][4] Competitive Advantages - Jianghe Group's success in the Middle East is attributed to strategic decision-making, an experienced team, strong relationships with foreign employees, and a robust production system [2][7] - The company emphasizes technical capabilities, price competitiveness, financial stability, and high-level support as key competitive advantages [7][9] Historical Context of International Expansion - Jianghe Group's international strategy began in 2006, evolving through three phases: initial expansion, a focus on cash flow during economic downturns, and a renewed push into overseas markets starting in 2024 [3][4] - The company aims to achieve over 50% of its revenue from overseas markets, similar to its peak performance in the past [20][21] Financial Performance and Projections - In 2024, Jianghe Group's overseas orders grew by 57%, with a revenue growth rate of approximately 10% [19] - For 2025, the company expects overseas order growth to remain above 50%, with total orders in the Middle East and Asia-Pacific projected to reach 5-6 billion RMB [19][23] Risk Management Strategies - The company has chosen the UAE and Saudi Arabia for their stable political environments and robust legal frameworks, which provide a safer investment landscape [10][12] - Jianghe Group employs currency hedging strategies and ensures that contracts are signed in local currencies to mitigate exchange rate risks [14][15] Cash Flow and Shareholder Returns - Jianghe Group maintains a strong focus on cash flow, which has been a core performance indicator, with a dividend payout ratio close to 10% in 2024 [26][27] - The company has returned over 60% of its earnings to shareholders since its IPO, indicating a commitment to shareholder value [26][27] Market Size and Opportunities - The curtain wall market in the UAE is estimated at 32 billion RMB, with Saudi Arabia's market expected to be significantly larger [12] - Jianghe Group is strategically targeting large projects, avoiding smaller contracts below 50 million RMB [12] Additional Important Insights - The company has a solid pipeline of over 300 billion RMB in orders, which supports its growth for the next two years [24][25] - Jianghe Group's focus on high-quality projects and risk-controlled environments positions it well for future growth in both domestic and international markets [25][27]

Core Viewpoint - Jianghe Group has secured a significant contract for the Jeddah Tower project in Saudi Arabia, marking a major milestone in its overseas expansion strategy [2][4]. Group 1: Contract Details - The contract for the curtain wall project is valued at 10.52 billion Saudi Riyals, approximately 2.012 billion RMB, accounting for 8.98% of Jianghe Group's projected revenue for 2024 [4]. - The project is expected to take three years to complete and will result in the world's first building exceeding 1,000 meters in height [4]. - Jianghe Group's scope of work includes curtain wall design, product supply, installation, and maintenance [4]. Group 2: Company Background - Jianghe Group was established in 1999 and operates in two main sectors: building decoration and healthcare, with a presence in over 20 countries [5]. - The company is a leader in the fields of curtain walls, interior decoration and design, and photovoltaic buildings [5]. Group 3: Overseas Expansion Strategy - In early 2024, Jianghe Group is intensifying its "going global" strategy, establishing organizational structures for its curtain wall and photovoltaic businesses in various regions, including Saudi Arabia and Dubai [8]. - The company reported a 57% year-on-year increase in new overseas orders, totaling 7.63 billion RMB, with curtain wall orders reaching approximately 3.7 billion RMB, a 56% increase [8]. Group 4: Financial Performance - In the first quarter of 2025, Jianghe Group reported a revenue of 4.203 billion RMB, a year-on-year increase of 2.87%, while net profit attributable to shareholders decreased by 20.53% to 144 million RMB [8].

Core Viewpoint - Jianghe Group's wholly-owned subsidiary in Saudi Arabia has signed a subcontract for the JEDDAH TOWER curtain wall project, marking a significant contract in the construction sector [1] Group 1: Contract Details - The contract amount is 10.52 billion Saudi Riyals, approximately 2.012 billion RMB, which accounts for 8.98% of the company's projected revenue for 2024 [1] - The project is expected to take three years to complete [1] - The JEDDAH TOWER will be the world's first building exceeding 1,000 meters in height [1] Group 2: Scope of Work - The scope of work includes curtain wall design, product production and supply, construction installation, and testing and maintenance [1] - The contract encompasses the previously signed design service contract, which will not be executed separately [1]