Group 1 - The meeting between Liu Hongjian, the Secretary of the Municipal Party Committee, and Ni Zhen, the Deputy Secretary of the Party Committee and General Manager of China Energy Construction Group, highlights the importance of collaboration for economic development in Kunming [3]. - Liu expressed gratitude for China Energy's support in Kunming's economic and social development and emphasized the city's rich green energy resources and solid industrial foundation, indicating broad cooperation potential [3]. - Ni Zhen acknowledged the promising development prospects of Kunming and stated that China Energy would leverage its full industry chain advantages in energy and power infrastructure to deepen practical cooperation across multiple levels and fields, contributing to high-quality economic development in Kunming [3].

量升价降，Q2 工程建设、投资运营额业务毛利率均有承压。公司上半年综合毛利率11.29%，同比下降 0.91pct。费用率方面，公司上半年期间费用率7.63%，同比下降0.59pct。综合来看，公司上半年归属净 利率1.32%，同比下降0.11pct。2025H，公司毛利率承压主要系工程建设、投资运营业务毛利率下降较 快。费用率方面，公司上半年期间费用率7.63%，同比下降0.59pct，其中，销售、管理、研发和财务费 用率分别同比变动-0.01、-0.39、0.04、-0.23pct 至0.51%、3.26%、2.52%和1.34%。最终，公司2025Q2 实现持续经营净利润21.89 亿，同比基本持平。 新能源新签占比持续提升，境外业务景气显著。2025 年上半年，公司新签合同额7753.57亿元，同比增 长4.98%。分境内外来看，公司境内新签5758.8 亿元，同比增长2.25%；境外新签1994.8 亿元，同比增 长13.74%。其中：公司境外聚焦能源电力基础设施建设，新签合同额快速增长，特别是"风光氢储"等新 能源业务增幅较大，上半年签约同比增长78.6%。分业务类型看：工程建设中：新能源/传统能 ...