美联钢结构建筑系统(上海)股份有限公司于2025年2月14日向港交所递交的招股书满6个月，于2025年8 月14日失效，递表时申万宏源(香港)为独家保荐人。 ...

Group 1 - The stock of OneG opened with an increase of 8.18%, reaching $6.28 per share, with a total market capitalization of $81.64 million as of 21:30 [1] - For the fiscal year ending September 30, 2024, OneG reported total revenue of $28.736 million, a year-on-year decrease of 8.18%, and a net profit attributable to shareholders of $1.242 million, down 22.71% year-on-year [1] - OneG Group Limited is a foreign holding company registered in the Cayman Islands, with its subsidiary being a steel structure contractor based in Hong Kong, specializing in the procurement and installation of steel structures for construction projects in Hong Kong [1] Group 2 - The company has been operating as a subcontractor for steel structure projects since its establishment in 2021, conducting all business activities in Hong Kong, with all clients and suppliers located in the region [1] - Steel structures are essential components in the initial construction phase of commercial, residential buildings, and infrastructure, involving the assembly of columns and beams through riveting, bolting, or welding [1] - The main responsibilities of the operating subsidiary in construction projects include site preparation, detailed scheduling and work allocation, site engineering, and safety supervision and quality management [1]

Group 1: Business Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end markets and differentiated development in sectors like prefabricated steel structures for hospitals and schools [1] - The company aims to become the leading brand in domestic green low-carbon prefabricated steel structure construction, emphasizing brand and high-end development while actively undertaking national major scientific projects [1] - The company will enhance risk control by strengthening credit assessments of clients during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Green Development - The company will respond to national "dual carbon" goals by developing new energy businesses, utilizing a construction model of "prefabricated + EPC + BIPV" to expand into the green low-carbon energy market [2] - The company plans to explore comprehensive energy businesses, including BIPV, BAPV, centralized photovoltaic, and energy storage [2] - The company will leverage the "Belt and Road" initiative to expand its international business, focusing on green infrastructure and innovative building materials in regions like South America and Southeast Asia [2] Group 3: Accounts Receivable Management - The company emphasizes the importance of accounts receivable collection, implementing measures such as credit assessments and linking sales staff performance to collection outcomes [3] - The primary clients are government entities and large state-owned enterprises, with national debt reduction measures expected to enhance local governments' financial capabilities, aiding in faster accounts receivable recovery [3] Group 4: Photovoltaic Business Development - The company is actively developing photovoltaic projects, with a focus on integrating green energy with modern agriculture through initiatives like the 110MW agricultural photovoltaic power station project [4] - The project is expected to improve the company's photovoltaic capacity and revenue, creating new profit growth points in the renewable energy sector [4] - Recent national policies promoting "anti-involution" are seen as beneficial for maintaining a fair market environment and improving production efficiency [4]

Business Performance Summary - The company signed a total of 191 contracts with a cumulative contract amount of 6.37 billion yuan, representing a year-on-year increase of 3.7% [1] - Structural sales reached 450,000 tons, showing a significant year-on-year growth of 63.6% [1] Specific Business Development - The total project amount for professional subcontracting integration was 6.37 billion yuan, down 16.5% year-on-year, while the project amount for industrial buildings was 5.11 billion yuan, down 3.6% year-on-year [1] - Public building projects amounted to 1.26 billion yuan, reflecting a substantial decline of 45.8% year-on-year [1] - Emerging business projects totaled 2.4 billion yuan, with a year-on-year decrease of 10.0%, but the project amount for the first half of the year increased by 48.7% [1] - The company’s EPC and prefabricated business saw a decline of 35.8% year-on-year, with a project amount of 1.4 billion yuan [1] - The industrial chain and strategic franchise business experienced remarkable growth, with new signed orders of 920 million yuan, up 161.5% year-on-year [1] - The BIPV segment reported a decrease of 42.9%, with a project amount of 80 million yuan [1] - Other business segments showed an increase of 28.1%, totaling 90 million yuan [1] International Business Expansion - The company has accelerated its international business development, with new signed orders in overseas markets reaching 3.66 billion yuan, a year-on-year increase of 94.1% [2] - Cumulative new signed orders for the first half of the year have already surpassed the total overseas business orders for the entire year of 2024, which was 3 billion yuan [2] - The international market serves as an extension of the domestic market, helping to mitigate the impact of intense competition in the domestic construction market [2] Industrial Chain and Strategic Franchise Growth - The industrial chain and strategic franchise business continued to grow rapidly, with new signed orders of 920 million yuan, reflecting a year-on-year increase of 161.5% [2] - Cumulative new signed orders for the first half of the year have exceeded the total order amount for the entire year of 2024, which was 850 million yuan [2]

Core Viewpoint - Hangxiao Steel Structure (600477) has signed a cooperation framework agreement with Hangzhou Xiaoshan Economic and Technological Development Zone State-owned Capital Holding Group Co., Ltd. and its wholly-owned subsidiary Wanjun Green Building Technology Co., Ltd. for land storage and development [1] Group 1 - The agreement involves land storage and development, with a compensation standard not exceeding 3 million yuan per mu [1] - The project is planned to be developed in phases, with the first phase covering approximately 250 mu [1] - The agreement includes a plan to establish an industrial investment fund, in which Hangxiao Steel Structure will invest 35% of its land compensation amount [1] - The cooperation framework agreement has uncertainties, and the company will fulfill its information disclosure obligations based on progress [1]

Group 1 - The board of directors of Hangxiao Steel Structure Co., Ltd. held its 42nd meeting on June 17, 2025, via telecommunication, with all 7 directors present [1] - The board approved a proposal regarding the land acquisition and storage by its subsidiary, Hangxiao Steel Structure (Hebei) Construction Co., Ltd. [2] - The land in question is located near the Guoyuefu residential area, covering an area of 49,733.44 square meters, and the acquisition will be conducted in accordance with local regulations [2]

Core Viewpoint - The company has established a "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan for 2025, focusing on long-term healthy development and enhancing shareholder returns through robust governance and operational efficiency [1][2]. Group 1: Business Focus and Quality Improvement - The company aims to become a world-class green building integrated service provider, emphasizing sustainable development and value creation for customers, employees, shareholders, and society [1]. - The company will concentrate on its main business areas, including bridge steel structure, while actively expanding into markets along the "Belt and Road" initiative [2]. - There will be an increased focus on technological research and innovation, leveraging partnerships with academic institutions to maintain a leading position in the industry [2]. - Cost and cash flow management will be prioritized to reduce production, procurement, outsourcing, and financial costs [2]. - The company plans to enhance digitalization and smart applications, exploring AI+ scenarios to improve efficiency [2]. Group 2: Shareholder Returns - The company is committed to providing long-term returns to shareholders, having implemented 20 cash dividend distributions since its listing in 2003, totaling approximately 1.63 billion yuan [2]. - In the last three fiscal years, the cumulative cash dividend amounted to 365.65 million yuan, with a cash dividend ratio of 150.18% [2]. - The company will continue to respond to regulatory encouragement for multiple dividends within a year, planning to implement mid-year cash dividends in 2024 [2]. Group 3: Information Disclosure and Investor Communication - The company will adhere to information disclosure regulations, enhancing the quality of periodic reports and announcements to meet investor needs [3]. - Various channels will be utilized for investor interaction, including performance briefings and shareholder meetings, to improve understanding of the company's operations [3]. Group 4: Corporate Governance - The company has established a robust governance structure, complying with relevant laws and regulations to enhance decision-making and risk management [4]. - Continuous improvement of governance capabilities and internal controls will be prioritized to ensure operational compliance and scientific decision-making [4]. Group 5: Responsibility of Key Personnel - The company emphasizes the importance of the "key minority" (controlling shareholders, directors, supervisors, and senior management) in maintaining high-quality operations [5]. - Training programs will be organized for key personnel to enhance compliance awareness and responsibility [5].

Group 1: Business Strategy and Development Plans - The company will implement the "EPC general contracting + No. 1 project" strategy to drive high-quality development in 2025, focusing on high-end, precision, and challenging market positioning [1] - The company aims to become the leading brand in green low-carbon prefabricated steel structures in China, targeting differentiated development in the Yangtze River Delta and Pearl River Delta regions [1] - The company will enhance risk control by strengthening credit assessments during contract reviews and increasing efforts to collect accounts receivable [1] Group 2: New Energy and Sustainability Initiatives - The company will actively develop new energy businesses in response to national "dual carbon" goals, utilizing a construction model of "prefabricated + EPC + BIPV" [2] - The company plans to expand its comprehensive energy business, including BIPV, BAPV, centralized photovoltaic, and supporting energy storage [2] - The company is committed to integrating green energy with modern agriculture through the construction of a 110MW agricultural photovoltaic power station project, which is expected to enhance its photovoltaic generation capacity and revenue [5] Group 3: International Expansion and Market Opportunities - In 2024, the company signed overseas orders worth 1.23 billion RMB, accounting for 14.68% of the total new contracts signed that year [3] - The company will leverage the "Belt and Road" initiative to expand its business in core regions, focusing on green infrastructure, innovative building materials, and new energy [2] Group 4: Production Capacity and Order Status - The company currently has a steel structure production capacity of approximately 600,000 tons, with plans to increase it to 700,000 tons in the future [6] - In Q1 2025, the company signed new orders totaling 2.468 billion RMB, representing a year-on-year growth of 1.48% [7] Group 5: Research and Development Investments - The company emphasizes technological innovation and has developed ten core technologies in various fields, including prefabricated steel structures and digital construction, which are at the advanced level globally [8] Group 6: Fund Utilization from Convertible Bonds - As of the end of 2024, the company has invested 1.458 billion RMB from convertible bond fundraising into ongoing projects, which are progressing as scheduled [9]

Group 1: Business Performance - In Q1 2025, the company achieved revenue of CNY 2,437,451,945.75, a decrease of 18.94% year-on-year [7] - The net profit attributable to shareholders was CNY 46,902,034.90, down 47.44% compared to the same period last year [7] - New signed orders from January to March 2025 totaled 36 projects, with a contract amount of CNY 246,811.38 million, representing a year-on-year growth of 1.48% [5] Group 2: Renewable Energy Initiatives - In 2024, the company generated a total electricity output of 42 million kWh from photovoltaic projects, with revenue from electricity sales amounting to CNY 27.32 million [1][10] - The company plans to expand its photovoltaic projects beyond Zhejiang, with operations in Guangzhou, Guangxi, and Jiangsu [1] - The company is implementing a construction model of "prefabricated + EPC + BIPV" and an integrated operation model of "investment, construction, and operation" [10] Group 3: International Expansion - The company has implemented an international strategy featuring four alliances: partner, industry, brand, and credibility alliances, focusing on regions like South America, North America, the Middle East, and Southeast Asia [2][4] - In 2024, the total contract amount for overseas orders reached CNY 1,230.06 million, accounting for 14.68% of the total new signed orders [4] Group 4: Shareholder Returns and Stock Buyback - The company has repurchased a total of 50,049,946 shares, with a total repurchase amount of CNY 280,050,830.69 [3] - For 2024, the total cash dividend distribution is expected to be CNY 78,086,149.82, with a total stock buyback amount of CNY 144,554,717.47, together accounting for 116.90% of the net profit attributable to shareholders [12] Group 5: Financial Management and Risk Mitigation - The company emphasizes the collection of accounts receivable, primarily from government and large state-owned enterprises, with low risk of bad debts [6][12] - The company is actively managing cash flow and has increased debt financing to enhance overall fund utilization efficiency [9][12] Group 6: Future Development Plans - The company plans to implement the "EPC general contracting + No. 1 project" dual-engine development strategy in 2025, focusing on high-end and specialized market segments [6] - The company aims to explore suitable merger and acquisition targets in line with its valuation enhancement plan [6]