中化新网讯 12月8日，中国石油管道局建设公司承建的沙特阿拉伯哈拉德GCP2改造施工项目正式打火 开焊。 该项目位于沙特东部省哈拉德在役天然气处理厂内，核心施工内容为将厂内原有6寸旧管道拆除，更换 为10寸复合管与不锈钢管，同时涉及1寸至10寸多管径施工任务，覆盖脚手架搭设、管道焊接、无损检 测、防腐、试压及注氮封存等全流程。施工管材以高性能耐蚀合金N08825及N08825CLAD为主，对焊 接精度与防腐质量要求严苛。 自项目启动筹备以来，项目部严格遵循沙特阿美作业许可管理规定，依托公司在沙特区域成熟的属地化 管理经验与核心施工技术优势，高效协同推进项目。接下来，项目部作业团队将重点攻克高压复合管焊 接、在役设施钢结构内穿管等系列技术难题，保障工程高质量推进。 ...

Core Points - The company reported a revenue of SGD 23.023 million for the six months ending September 30, 2025, representing a year-on-year decrease of 4.3% [1] - The loss attributable to shareholders was SGD 7.051 million, which is a year-on-year decrease of 26.18% [1] - The loss per share was SGD 0.0096 [1] Revenue Breakdown - Revenue from gas pipeline projects increased by approximately SGD 9.3 million [1] - Revenue from water pipeline projects decreased by approximately SGD 12.1 million [1] - Revenue from construction and engineering services increased by approximately SGD 1.8 million [1]

Financial Data and Key Metrics Changes - Revenue for the third quarter was just shy of $4 billion, representing a 22% year-over-year increase [4] - Adjusted EBITDA was $374 million, a 20% year-over-year increase, marking the highest level since Q1 2024 [4] - Adjusted earnings per share was $2.48, exceeding consensus by nearly $0.20 [4] - Backlog at quarter end was $16.8 billion, a sequential increase of approximately $325 million [4] Business Line Data and Key Metrics Changes - Communications segment revenue grew by 33% year-over-year, with EBITDA increasing by 38% [5] - Clean energy and infrastructure segment revenue increased by 20% year-over-year, with EBITDA improving by 36% [5] - Power delivery segment revenue grew by 17% year-over-year, with EBITDA increasing by 21% [5] Market Data and Key Metrics Changes - Total backlog increased by 21% year-over-year, with a book-to-bill ratio of 1.1 times [7] - Communications segment backlog totaled $5.1 billion, showing a slight sequential increase despite record quarterly revenue [18] - Power delivery backlog increased by 11% year-over-year, with expectations for continued growth [10] Company Strategy and Development Direction - The company is focused on diversifying its business to benefit from the changing landscape of power generation and delivery [6] - There is a strong outlook for continued growth driven by significant investments in infrastructure across communications, energy, and power sectors [27] - The company is actively pursuing a disciplined, return-focused capital allocation strategy, including investments in equipment and capacity expansion [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of the business across all operating segments, citing strong infrastructure investment needs [27] - The company remains optimistic about the power delivery segment, expecting double-digit growth in revenues and EBITDA for the full year 2025 [10] - Management highlighted the importance of ongoing investments in operating productivity and cost management to achieve better margins [25] Other Important Information - The company generated cash flow from operations of $89 million in Q3 and free cash flow of $36 million [26] - Total liquidity at the end of the quarter was approximately $2 billion, with net leverage of 1.95 times [27] - The company has a share repurchase authorization and will deploy capital for buybacks opportunistically [27] Q&A Session Summary Question: Can you provide guidance on pipeline backlog revenue for 2026? - Management indicated optimism about achieving double-digit growth in 2026, with substantial growth expected in 2027 and beyond based on committed projects [30][31] Question: What is the expected CapEx level for 2026? - CapEx is expected to be around $350 million, slightly above depreciation levels, reflecting growth opportunities in the pipeline segment [32][33] Question: How are permitting issues with GreenLink impacting guidance? - The change in guidance is primarily due to GreenLink, with expected revenue for 2025 now around $250 million, significantly lower than previous expectations [38][39] Question: How many large projects can the company handle simultaneously? - Management expressed confidence in handling multiple projects, emphasizing that most of the power delivery business is maintenance-driven, providing a stable revenue base [41][42] Question: Is $8 EPS still achievable for next year? - Management is comfortable with consensus estimates of over $8 EPS, supported by expected revenue and EBITDA growth [44][45] Question: What is the outlook for margins in the communications segment? - Margins in the communications segment improved to 11.3%, with expectations for continued growth driven by investments in new geographies [50][51] Question: How does the delay in GreenLink affect overall project profitability? - Management does not expect any negative impact on profitability from the GreenLink project, only a shift in timing [54][55]

Core Viewpoint - China Petroleum Pipeline Bureau Construction Company has won the bid for the EPC general contracting project of the natural gas transmission and distribution project in Huoyanghe City, Xinjiang Production and Construction Corps [1] Group 1 - The project involves the construction of a new gas station in the Huoyanghe Economic and Technological Development Zone, utilizing an integrated design, procurement, and construction (EPC) model [1] - The scope of the EPC contract includes project design, procurement and installation of equipment and materials, construction, trial operation, overall handover, document transfer, defect repair during the warranty period, maintenance during the equipment warranty period, insurance, and warranty work [1] - The company will focus on effective project organization and implementation, strictly controlling project quality and progress to ensure efficient advancement of the project [1]

Group 1 - The project involves the construction of a coal pipeline crossing the Yellow River, which is crucial for energy transportation and has ecological significance due to its location in a sensitive area [1] - The initial mud sample had a sand content of 35%, significantly exceeding the safety threshold of 4%, prompting the team to implement systematic analysis and adjustments to control the sand content [2] - The team successfully stabilized the sand content below 4% through a rigorous cycle of measurement, analysis, optimization, and verification [2] Group 2 - The company introduced a JDZ1000 electric-driven drilling rig, which is reported to save 40% to 50% energy compared to hydraulic rigs and reduce carbon emissions by 25% compared to traditional diesel engines [2] - The electric-driven drilling rig features automatic intelligent control, energy efficiency, and minimal environmental impact, while also reducing labor costs and improving working conditions for personnel [3] - The site is equipped with an electric mud pump that allows for remote monitoring and control, enhancing operational efficiency and safety [3]

Group 1 - The underground pipeline concept sector rose by 4.05%, ranking 6th among concept sectors, with 79 stocks increasing, including 20% limit-up stocks like Guanlong Energy and Deepwater Institute [1][2] - Notable gainers in the sector included Feilu Co., Huawi Design, and Energy Iron Han, which rose by 13.32%, 9.09%, and 7.66% respectively [1] - The sector saw a net inflow of 875 million yuan from main funds, with 51 stocks receiving net inflows, and 10 stocks exceeding 50 million yuan in net inflow [2][3] Group 2 - The top net inflow stocks included Zhonghua Rock and Qinglong Pipeline, with net inflows of 195 million yuan and 182 million yuan respectively [2][3] - The highest net inflow ratio was observed in *ST Zhengping at 68.96%, followed by Zhonghua Rock at 44.30% and China Railway Industry at 36.82% [3][5] - The underground pipeline concept sector's performance was supported by significant trading volumes, with several stocks showing high turnover rates [4][5]

Financial Data and Key Metrics Changes - Fourth quarter revenue was $3.4 billion, with adjusted EBITDA of $271 million, representing a 20% year-over-year increase [10][11] - Full year 2024 revenue reached $12.3 billion, with adjusted EBITDA of $1.6 billion, also a nearly 20% year-over-year increase [11][38] - Fourth quarter adjusted EPS was $1.44, more than double last year's fourth quarter [10][38] - Cash flow from operations for the full year was $1.1 billion, with net debt reduced by over $700 million [11][39] Business Line Data and Key Metrics Changes - **Communications Segment**: Fourth quarter revenues increased by 28% year-over-year to $975 million, with EBITDA up 67% [18][42] - **Power Delivery Segment**: Fourth quarter revenues rose by 16% year-over-year, with expectations for double-digit growth in 2025 [21][52] - **Pipeline Segment**: Fourth quarter revenue was $430 million, with a forecasted decline in 2025 due to the completion of the Mountain Valley Pipeline [24][49] - **Clean Energy and Infrastructure Segment**: Fourth quarter revenue was the highest in the segment's history, up 18% year-over-year, with EBITDA more than doubling [26][45] Market Data and Key Metrics Changes - Backlog at year-end totaled $14.3 billion, an increase of over $400 million sequentially and nearly $2 billion year-over-year [40] - Non-pipeline revenue increased by 21% year-over-year in the fourth quarter, with non-pipeline EBITDA improving by 57% [12][11] - The company expects 2025 non-pipeline revenues to increase by 14% and EBITDA to grow over 25% [14][55] Company Strategy and Development Direction - The company is focused on organic growth, with potential tuck-in acquisitions to accelerate goals [63] - There is a strong emphasis on improving margins across all segments, with a goal of reaching $15 billion in revenue with double-digit margins [109] - The company is well-positioned to capitalize on significant opportunities in communication, power delivery, and clean energy sectors [29][124] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the unprecedented demand for services across all segments, driven by fundamental needs rather than short-term trends [16][15] - The company anticipates continued backlog growth in all segments throughout 2025, despite potential lumpiness in project awards [81][80] - There is optimism regarding the pipeline business, with expectations for revenue in 2026 to exceed 2024 levels [61][155] Other Important Information - The company has successfully reduced days sales outstanding (DSO) to 60 days, down from 68 days in the previous quarter [39] - The company is preparing for future workforce needs with over 30 dedicated trading facilities across the country [17] Q&A Session Summary Question: Pipeline business revenue expectations for 2026 - Management confirmed expectations for 2026 revenues in the Pipeline segment to exceed 2024 levels, citing increased optimism among customers [61][62] Question: Clean Energy margins and execution - Margins were driven by execution, with management indicating potential for exceeding guidance in 2025 [66][68] Question: Backlog growth in all segments - Management expressed confidence in backlog growth across all segments in 2025, despite historical lumpiness [81][80] Question: Communications segment growth profile - Management indicated that growth in the Communications segment is driven by new contracts and existing customer demand, with limited reliance on BEADs funding [82][84] Question: Margin improvement confidence - Management attributed margin improvement to a combination of factors, including increased revenue and operational efficiency [105][109] Question: Capacity for large transmission projects - Management stated readiness to take on additional large projects, with expectations for awards in 2025 [129][130] Question: Renewable business backlog and timing - Management confirmed strong backlog in renewables with no significant delays expected due to policy uncertainty [156]