21世纪经济报道记者邓浩 编者按：全球产业链重构与绿数 "双转型" 的浪潮中，中国企业的全球化竞争已从"规模扩张" 迈入"价值 深耕"阶段。真正的出海突围，从来不止于地理边界的突破，更在于对本地化运营、供应链韧性与跨文 化协同的系统性掌控。 近日，21世纪经济报道携同埃克森美孚（中国）投资有限公司对出海业务的先行企业进行了系列调研。 埃克森美孚是全球能源巨头，近年来加大了对中国企业出海供应链服务的布局。在埃克森美孚看来，可 持续的国际化本质是"全球资源与本地发展的双向赋能"，而非单项的产品输出。这一特征在矿山开发等 资源密集型行业尤为凸显。 以绿电和AI算力中心为代表的新经济，正在持续拉动铜需求的爆发增长。 A股矿服龙头金诚信，自2019年起逐步延伸至资源开发领域，加速出海扩张，大力收购优质铜矿，成为 这一波新兴经济需求的获益者。 其中的逻辑在于，矿产开发的长期性与复杂性，决定了设备可靠性、全生命周期服务、生态保护责任等 系统性能力，是项目落地的关键支撑。 以金诚信为例，其代表的中国矿服核心企业，凭借"矿服+资源"双轮驱动战略转型，精准卡位全球铜资 源供需紧平衡格局，更以商业化实践诠释了中国高端制造与工程技术 ...

Core Viewpoint - The article highlights the significant contributions of China Railway 14th Bureau (CR14) in infrastructure development across various countries under the Belt and Road Initiative, emphasizing the positive impact on local communities and economies [1][3][15]. Infrastructure Development - CR14 has undertaken over 50 key projects in more than 20 countries during the 14th Five-Year Plan, with five projects recognized as excellent foreign aid projects by the Chinese government [1]. - In Algeria, the completion of the 84-kilometer eastern section of the East-West Highway was celebrated by local communities, marking a major milestone in regional connectivity [5]. - The Guinea-Dassault Railway, the first modern railway in nearly half a century, has been constructed to enhance economic circulation in the region [5]. Technological Innovation - CR14 has focused on technological innovation to overcome geological challenges in infrastructure projects, such as the use of "scatter paving" construction methods in Kazakhstan's first driverless light rail project [6]. - The company has achieved significant milestones in various projects, including the successful trial run of the first train on the Guinea-Dassault Railway [5][6]. Social Impact - CR14 emphasizes the importance of social welfare in its overseas projects, contributing to healthcare, education, and sports facilities [7][10]. - The construction of the largest medical project in Cape Verde, the Mindelo Hospital, aims to improve health services for women and children [7][8]. - Educational projects in Algeria and Malawi are designed to enhance local skills and employment opportunities, with local officials praising the impact on youth [10]. Economic Empowerment - CR14 is expanding its cooperation into new sectors, such as mining and energy, to support local industrial development [12]. - In Ghana, CR14 has initiated the first overseas mining operation and maintenance project, enhancing local production capabilities [12][14]. - The company is also involved in the Mirador copper mine in Ecuador, contributing to the industrialization of local mining operations [14]. Commitment to Cooperation - CR14's leadership emphasizes the commitment to building high-quality projects and expanding cooperation under the Belt and Road Initiative, aiming to foster a community with a shared future [15].

Group 1 - The company held a half-year performance briefing on September 5, 2025, to discuss its operational results and financial status with investors [1] - Key executives, including the chairman and financial director, participated in the meeting to address investor inquiries [1] Group 2 - The company aims for sustainable development in its dividend policy, considering factors such as operational performance, future profitability, cash flow, and external financing environment [2] - The company reported its best half-year performance since inception, with stock prices reaching new highs [2] Group 3 - The Lubambe copper mine's technical transformation and production operations are generally aligned with the company's goals, although there are challenges with low capacity utilization and management issues [3][4] - The company has signed and renewed contracts worth approximately 71 billion for the first half of 2025, continuing to pursue a strategy focused on large markets and projects [4] Group 4 - The company has received approval from the regulatory authority for its convertible bonds, which are expected to improve financial efficiency and reduce overall debt levels [3][5] - The company maintains a suitable level of interest-bearing debt to support normal operations and future projects [5] Group 5 - The company emphasizes the importance of cash dividends as a means of returning value to investors and is committed to adhering to its profit distribution policy [6]

Investment Rating - The report maintains a "Recommended" rating for the company [2][11]. Core Views - The company's mining resource development business has shown explosive growth, with revenue from this segment increasing by 238.03% year-on-year to 29.12 billion yuan, accounting for 46.11% of total revenue [3][9]. - The company achieved a net profit of 11.11 billion yuan, a year-on-year increase of 81.29%, with basic earnings per share rising by 78% to 1.78 yuan [3][11]. - The mining service business remains stable, with a revenue of 33.22 billion yuan, maintaining a high-quality development despite a slight decline in gross profit due to various operational challenges [4][10]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 63.16 billion yuan, a year-on-year growth of 47.82% [3]. - The gross profit from the resource development segment reached 13.88 billion yuan, with a gross margin of 48%, up from 43% in the previous year [9]. - The company’s copper metal production increased by 198% to 39,400 tons, while sales rose by 248% to 43,900 tons [9]. Business Development - The company is involved in 33 large-scale mining engineering and operation management projects, with significant achievements in both domestic and international markets [4]. - New contracts worth 7.1 billion yuan were signed in the first half of the year, including projects in Zambia and Botswana, marking a breakthrough in the African market [4]. - The company is progressing with expansion projects, expecting to significantly increase copper and phosphate production capacities in the coming years [9][10]. Market Outlook - The report anticipates continued strong growth in mining capital expenditure, benefiting the company’s main mining service projects and its expanding market share in overseas markets [10]. - The company is projected to achieve revenues of 141.65 billion yuan, 162.94 billion yuan, and 185.35 billion yuan for the years 2025, 2026, and 2027, respectively [11].

Investment Announcements - Jincheng intends to invest approximately $231 million in the Alacran copper-gold-silver mine project, following the acquisition of a 5% stake in CMH Colombia S.A.S., which will allow it to hold a 55% stake and control the project development [3] - Huasheng Technology's subsidiary plans to sell a 5.4019% stake in Shanghai Lingkai Technology Co., Ltd. for 200 million yuan, resulting in the subsidiary no longer holding shares in the company [4] - China Merchants Bank plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will enhance its integrated operations and service capabilities [5] Performance Reports - Huahong's Q1 revenue reached 3.913 billion yuan, a year-on-year increase of 18.66%, while net profit dropped by 89.73% to 22.76 million yuan, indicating challenges in the semiconductor industry due to international and policy changes [7] - King Long Automobile reported a production of 4,361 buses in April, a decrease of 5.79% year-on-year, with sales of 3,611 buses, down 3.91% [8] - Zhengbang Technology's April pig sales reached 609,800 heads, with revenue of 738 million yuan, showing a significant year-on-year increase of 174.29% [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [11] - *ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42% [12] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [14] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future performance [15] - Dongfang Tower won a procurement project from the State Grid worth about 100 million yuan, accounting for 2.39% of its 2024 revenue [16] - Jiaojian Co. won a construction project worth approximately 704 million yuan, with a project duration of 870 days, representing 8.43% of its 2024 revenue [17] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [19] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [20] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [22] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth between 50 million and 70 million yuan, with a maximum repurchase price of 10.07 yuan per share [24]