来源：瑞恩资本RyanbenCapital 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 倪真先生， 1971年7月出生，正高级工程师，工学博士。 现任中国能源建设集团有限公司党委书记、董事长，本公司党委书记、董事长。倪真先生历任中铁建设 集团有限公司副总经理，中铁城建集团有限公司总经理、党委副书记，中铁房地产集团总经理、党委副 书记，中铁建发展集团有限公司董事长，中国铁建(01186.HK，601186.SH)副总裁、党委副书记、执行 董事，中国铁道建筑集团有限公司党委副书记，中国能源建设集团有限公司党委副书记、董事、总经 理，本公司党委副书记、副董事长、总经理。 倪真，毕业于北京工业大学，获土木工程专业工学博士学位。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 中国能源建设(03996.HK)董事会宣布，选举副董事长倪真先生为董事长，任期自董事会批准 ...

人民财讯11月21日电，近日，中国能源建设集团有限公司召开干部大会，国务院国资委有关负责同志出 席会议并讲话，会议宣布了国资委党委关于中国能源建设集团有限公司主要领导人员职务调整的决定： 倪真同志任中国能源建设集团有限公司党委书记、董事长，不再担任中国能源建设集团有限公司总经理 职务。相关职务任免按有关法律和章程规定办理。 ...

此外，倪真先生已获委任为公司的授权代表，自2025年11月21日起生效。 智通财经APP讯，中国能源建设(03996)发布公告，选举副董事长倪真先生为董事长，任期自董事会批准 之日起至公司第三届董事会任期届满止;根据工作安排，倪真先生不再担任公司总经理职务。 董事会宣布，同意对公司董事会战略委员会成员进行调整，调整后成员如下：主任：倪真先生;委员： 程念高先生、司欣波先生。调整后的战略委员会成员任期自董事会批准之日起至公司第三届董事会任期 届满止。 ...

Core Viewpoint - China Energy Construction Co., Ltd. has announced its third-quarter report for 2025 and plans to hold a performance briefing on November 26, 2025, to address investor concerns [1] Group 1 - The company released its third-quarter report for 2025 on October 31, 2025 [1] - A performance briefing is scheduled for November 26, 2025, from 15:00 to 16:00 [1] - The briefing aims to facilitate communication regarding issues of interest to investors [1]

Core Insights - China Energy Construction Co., Ltd. experienced a decline of 0.82% in stock price on November 14, with a trading volume of 482 million yuan [1] - The company reported a financing net buy of -74.45 million yuan on the same day, indicating a higher level of financing repayment compared to new purchases [1] - As of September 30, 2025, the company achieved a revenue of 323.54 billion yuan, reflecting a year-on-year growth of 9.62%, while net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] Financing and Trading Activity - On November 14, the financing buy amount for China Energy was 87.96 million yuan, while the financing repayment was 162 million yuan, leading to a net financing outflow [1] - The total financing and securities balance reached 1.294 billion yuan, with the financing balance accounting for 1.64% of the circulating market value, indicating a relatively high level compared to the past year [1] - The short selling activity on the same day included a repayment of 200 shares and a sale of 3,400 shares, with a total short selling amount of 8,262 yuan [1] Company Overview - China Energy Construction Co., Ltd. was established on December 19, 2014, and went public on September 28, 2021, primarily engaged in construction contracting [2] - The company operates through five business segments, with construction services contributing 81.18% to total revenue, followed by industrial manufacturing at 7.42%, and investment operations at 6.80% [2] - As of September 30, 2025, the number of shareholders increased to 473,000, reflecting a growth of 41.21% [2] Dividend and Shareholding Structure - Since its A-share listing, China Energy has distributed a total of 4.686 billion yuan in dividends, with 3.748 billion yuan distributed over the past three years [3] - Among the top ten circulating shareholders, China Securities Finance Corporation holds 613 million shares, while Hong Kong Central Clearing Limited reduced its holdings by 368 million shares [3]

Core Insights - China Energy Construction Co., Ltd. experienced a slight decline of 0.41% in stock price on November 11, with a trading volume of 522 million yuan [1] - The company reported a net financing outflow of 20.54 million yuan on the same day, with total financing and securities lending balance reaching 1.403 billion yuan [1] Financing Overview - On November 11, the financing buy-in amount was 94.27 million yuan, while the financing repayment was 115 million yuan, resulting in a net financing buy-in of -20.54 million yuan [1] - The current financing balance stands at 1.399 billion yuan, accounting for 1.76% of the circulating market value, which is above the 80th percentile of the past year [1] Securities Lending Overview - On the same day, the company repaid 983,200 shares in securities lending and sold 77,300 shares, with the selling amount calculated at 189,400 yuan [1] - The remaining securities lending volume is 1.6964 million shares, with a balance of 4.1562 million yuan, which is below the 50th percentile of the past year [1] Company Profile - China Energy Construction Co., Ltd. was established on December 19, 2014, and listed on September 28, 2021, with its main business focused on construction contracts [2] - The company operates through five business segments, with construction services contributing 81.18% to revenue, followed by industrial manufacturing at 7.42%, investment operations at 6.80%, design and consulting at 4.07%, and other businesses at 0.53% [2] Financial Performance - For the period from January to September 2025, the company achieved a revenue of 323.544 billion yuan, reflecting a year-on-year growth of 9.62%, while the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] Dividend Distribution - Since its A-share listing, the company has distributed a total of 4.686 billion yuan in dividends, with 3.748 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, the company had 473,000 shareholders, an increase of 41.21% from the previous period [2] - Major shareholders include China Securities Finance Corporation, holding 613 million shares, and Hong Kong Central Clearing Limited, which reduced its holdings by 368 million shares [3]

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for showcasing quality products and advanced technologies, while also facilitating dialogue among participants about the opportunities presented during the "14th Five-Year Plan" period [1] Group 1: Market Opportunities - Multinational companies are leveraging the CIIE to expand their brand influence, with many expressing optimism about the long-term prospects of the Chinese consumer market during the "14th Five-Year Plan" [2] - The CEO of Thai Tencel Group highlighted that the company has invested 4.36 billion yuan in China over the past five years, enhancing its local operations and aligning its strategy with China's development goals [2] - The growing middle-income group in China is driving demand for high-quality products, prompting companies like Bunge to focus on providing diverse and reliable solutions to meet market needs [3] Group 2: Foreign Investment and Cooperation - The CIIE has facilitated numerous agreements between Chinese and foreign enterprises, with a notable signing amount of 1.828 billion USD during the event [5] - KPMG emphasized that China's commitment to high-level opening-up will create new advantages for attracting foreign investment, ensuring a transparent and stable environment for foreign businesses [4] - The China Energy Engineering Group has actively participated in international capacity cooperation, signing contracts exceeding 600 billion yuan in Belt and Road Initiative countries over the past five years [5] Group 3: High-Quality Development - The "14th Five-Year Plan" emphasizes high-quality development, with companies like Johnson Controls showcasing green technologies and digital applications that align with China's goals for sustainable development [7] - Rockwell Automation plans to apply digital and green technologies in emerging industries, supporting high-quality development in sectors such as new energy and advanced manufacturing [8] - Varian Medical is committed to enhancing healthcare services in China, focusing on technological innovation to improve medical capabilities and outcomes during the "14th Five-Year Plan" [8]

Core Insights - China Energy Construction Co., Ltd. (China Energy) experienced a stock price increase of 1.23% on November 6, with a trading volume of 1.142 billion yuan. The net financing buy was negative at 68.87 million yuan, indicating more selling than buying in the financing market [1] - The company reported a revenue of 323.544 billion yuan for the first nine months of 2025, reflecting a year-on-year growth of 9.62%, while the net profit attributable to shareholders decreased by 12.43% to 3.156 billion yuan [2] - China Energy has distributed a total of 4.686 billion yuan in dividends since its A-share listing, with 3.748 billion yuan distributed in the last three years [3] Financing and Trading Activity - On November 6, China Energy had a financing buy of 221 million yuan, with a total financing balance of 14.22 billion yuan, accounting for 1.78% of its market capitalization. This financing balance is above the 80th percentile of the past year, indicating a high level of activity [1] - In terms of securities lending, the company repaid 10,500 shares and sold 352,400 shares on November 6, with a total selling amount of 866,900 yuan. The remaining securities lending balance was 2.7569 million shares, with a balance of 6.782 million yuan, also above the 70th percentile of the past year [1] Shareholder Structure - As of September 30, 2025, the number of shareholders for China Energy reached 473,000, an increase of 41.21% from the previous period. The average circulating shares per person remained at zero [2] - The top ten circulating shareholders include China Securities Finance Corporation, holding 613 million shares, and Hong Kong Central Clearing Limited, holding 488 million shares, which saw a significant decrease of 368 million shares compared to the previous period [3]

Core Viewpoint - The announcements detail the resolutions passed by the supervisory board and board of directors of China Energy Construction Co., Ltd., including the approval of the Q3 2025 report and the extension of the non-competition commitment by the controlling shareholder until December 31, 2028 [2][6][19][23]. Group 1: Supervisory Board Meeting Resolutions - The supervisory board approved the Q3 2025 report with a unanimous vote of 3 in favor [4][3]. - The board also approved the extension of the controlling shareholder's non-competition commitment for an additional 3 years [6][7]. Group 2: Controlling Shareholder's Non-Competition Commitment - The non-competition commitment's deadline has been extended from December 31, 2025, to December 31, 2028, to address business overlaps between the company and its controlling shareholder [10][14]. - The company and its controlling shareholder have been exploring various solutions to resolve business overlaps, including equity transfers and business adjustments, but have faced challenges due to multiple factors [12][13]. Group 3: Impact on the Company - The extension of the non-competition commitment is not expected to adversely affect the company's current or future operations, nor will it harm the interests of shareholders, particularly minority shareholders [17][36]. - The company has also adjusted its 2025 investment plan, reducing the total planned investment from 135.4 billion to 131.1 billion [27]. Group 4: Related Transactions - The company plans to sign a framework agreement for commercial factoring services with Beijing Nengjian Guohua Commercial Factoring Co., Ltd., allowing for a maximum of 2 billion in non-recourse factoring services and 800 million in recourse factoring services for 2026 [30][34]. - This agreement aims to enhance supply chain financial management and improve the overall efficiency of the company's financial operations [31][36].

Core Insights - China Gold Group and China Energy Construction Group are exploring collaboration opportunities in business synergy and future development directions [1][3][5] Group 1: Company Overview - China Gold Group has a rich historical background and has developed a complete gold industry chain, playing a crucial role in ensuring the security of strategic mineral resources and promoting high-quality industry development [3] - China Energy Construction Group is recognized as a leading enterprise in national energy and infrastructure construction, having created numerous world-class benchmark projects [3][5] Group 2: Strategic Cooperation - Both companies share a common mission in serving national strategies such as "Energy Strong Nation" and "Resource Security," indicating significant potential for collaboration [3][5] - There is an emphasis on leveraging each other's strengths in areas such as overseas project collaboration, deepening reforms, technological innovation, and supporting mining construction and development [3][5] Group 3: Future Directions - China Energy Construction Group is focusing on strengthening technological innovation and optimizing its business layout to better serve the construction of an energy strong nation [5] - The two companies aim to deepen cooperation in fields such as civil explosives, ecological protection, zero-carbon industrial parks, and overseas business [5]