长江商报消息 ●长江商报记者 张璐 建筑央企中国中铁（601390.SH、00390.HK）持续经营稳健。 9月25日，中国中铁公告称，近期公司中标多个重大工程，包括铁路工程、公路工程和市政及其他工 程，中标价合计约502.15亿元。 作为全球领先的综合建设集团，中国中铁市场地位稳固。2025年上半年，公司实现营收5125亿元，净利 润118.3亿元；新签合同额11086.9亿元，同比增长2.8%。 强劲的经营表现背后，中国中铁持续将研发投入转化为显著的技术优势，在高速铁路、大跨度桥梁、长 大隧道等领域攻克了一系列技术难题。近三个年度，中国中铁年均研发投入约282亿元。 中标多个重大工程项目 高强度研发巩固领先地位 公开资料显示，中国中铁成立于2007年，并于2007年在沪港两地同步上市，依托深厚的行业积淀和央企 平台优势，逐步发展成为全球基建领域的领军企业。自成立以来，公司始终保持稳健发展态势，即便面 临行业周期波动，仍展现出较强的经营韧性。 从近年业绩数据来看，2023年是中国中铁业绩的阶段性高点，当年实现新签合同额3.1万亿元，实现营 业收入、净利润分别为1.26万亿元，334.8亿元，各项核心指标均处 ...

中国中铁公告，近期公司中标多个重大项目，包括铁路工程、公路工程及市政及其他工程。中标金额总 计约502.15亿元，约占公司2024年营业收入的4.34%。具体中标项目包括中铁一局、中铁二局、中铁三 局等多个单位参与的多个工程，工期从841日历天到1826日历天不等。 ...

Core Viewpoint - The document outlines the issuance of a securities underwriting letter by CITIC Construction Investment Securities Co., Ltd. for the specific stock issuance of Xinjiang Beixin Road and Bridge Group Co., Ltd. in 2023, detailing the underwriting process and compliance with relevant regulations [1][2][3]. Group 1: Issuer Information - The issuer is Xinjiang Beixin Road and Bridge Group Co., Ltd., established on August 7, 2001, and listed on November 11, 2009, with a registered capital of 1,268,291,582 RMB [8][9]. - The main business activities include construction of public transportation infrastructure such as highways, bridges, tunnels, and municipal traffic engineering [22]. Group 2: Securities Issuance Details - The current issuance involves a specific stock offering to targeted investors, with the potential issuance quantity estimated at 30% of the total share capital prior to the issuance, amounting to approximately 380,487,474 shares [9]. - The shareholding structure before and after the issuance indicates a significant increase in the total shares from 1,268,291,582 to 1,648,779,056 shares post-issuance [9]. Group 3: Financial Performance - The company reported revenues of 1,165,806.87 million RMB in 2022, 848,655.44 million RMB in 2023, and 1,021,514.50 million RMB in the first half of 2024, with a net profit attributable to shareholders of 4,631.80 million RMB, 3,222.71 million RMB, and a loss of 42,290.85 million RMB respectively [22][23]. - The financial difficulties in 2024 were attributed to increased financial costs and credit impairment losses, primarily due to the operational phase of the Guangping Expressway [23]. Group 4: Underwriting and Compliance - CITIC Construction Investment Securities Co., Ltd. has conducted due diligence and internal review processes, confirming compliance with the Company Law and Securities Law, and has issued a positive underwriting opinion for the stock issuance [12][17]. - The underwriting team includes experienced representatives who have adhered to relevant regulations and maintained a good record in their underwriting practices [3][5].

Group 1 - The core point of the news is that Meili Ecology (000010) will have 50 million restricted shares released on August 13, accounting for 4.35% of the total share capital, with a total of 219 million shares released in the past year, representing 19.03% of the total share capital [1] - After this release, there will still be 368 million restricted shares, which is 32.02% of the total share capital [1] Group 2 - The details of the shareholders involved in the release include Cao Liting with 10 million shares worth 51 million yuan and Li Binbin with 40 million shares worth 204 million yuan, both classified as restricted shares under the equity division system [2] Group 3 - Meili Ecology's financial data shows a main revenue of 93.496 million yuan in Q1 2025, a year-on-year increase of 76.2%, while the net profit attributable to shareholders was -5.7953 million yuan, also up by 76.47% year-on-year [3] - The company has a debt ratio of 87.92%, financial expenses of 15.1373 million yuan, and a gross profit margin of 18.12% [3] - The main business of Meili Ecology focuses on municipal engineering, highway engineering, and new energy storage and power generation in the construction industry [3]

证券代码：002723 证券简称：小崧股份 公告编号：2025-069 广东小崧科技股份有限公司 关于 2025 年第二季度工程施工业务经营情况的公告 第二季度新中标订单 截至第二季度末累计已签约 未完工订单 截至第二季度末累计已中 标未签约订单 数量（个） 金额（万 元） 数量（个） 金额（万 元） 数量 （个） 金额（万 元） 7 16,007 52 26,968 - - 一、2025 年第二季度订单情况 广东小崧科技股份有限公司董事会 2025 年 7 月 29 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东小崧科技股份有限公司（以下简称公司或本公司）控股子公司国海建设 有限公司（以下简称国海建设）主营业务为市政公用工程、房屋建筑工程、公路 工程、水利水电工程、环保工程为主的工程施工，且国海建设营业收入占公司最 近一个会计年度经审计营业总收入 30%以上。根据《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的相关规定，现将国海建设 2025 年第二季 度经营情况公告如下： 二、特别提示 1、上述数据仅为公司财务部门统计的阶段性数 ...

Core Viewpoint - The company, Chongqing Construction Engineering, focuses on construction projects including building engineering, municipal engineering, and highway engineering, while also expanding its operations into external markets such as Tibet [1] Group 1: Business Operations - The company's main business areas include construction engineering, municipal engineering, and highway engineering [1] - It has several subsidiaries that possess qualifications for various construction contracts, including hydropower, municipal public works, and demolition operations [1] Group 2: Market Expansion - In recent years, the company has actively expanded its market presence outside its home region [1] - Projects in Tibet involve both building engineering and infrastructure engineering [1]

验收阶段严格落实"零尾工"要求，主体与附属工程同步验收。陕西对存在严重质量问题的项目实 行"一票否决"，取消评优资格，同时加强消防、环保等专项验收的协同监管，确保工程项目依法合规投 入运营。 通过构建全链条质量安全监管体系，陕西公路工程质量安全形势持续稳定向好。"下一步，我们将 持续深化质量安全监管改革，加快推进智慧监管平台建设，着力打造更多平安工程、品质工程，为全省 经济社会高质量发展提供坚实的交通保障。"省交通运输厅相关负责人表示。（记者：刘印 见习记者： 刘正龙） 在施工过程监管环节，陕西制定出台《陕西省交通基础设施建设全链条质量监管能力提升暨质量管 理突出问题专项整治实施方案》，聚焦路基路面、桥梁隧道等七大重点领域，部署开展21项专项整治工 作，针对隐蔽工程质量管控难题，创新实施《陕西省高速公路建设项目隐蔽工程影像资料采集留存管理 办法》，建立完整的质量追溯体系。目前，全省在建高速公路项目隐蔽工程影像资料采集率达100%。 以大巴山隧道等重大工程为载体，陕西推动隧道工程与智慧感知技术深度融合，开展隧道承载状态 智能监测等关键技术研究。安康至岚皋（陕渝界）高速公路岚皋至陕渝界段、西安外环高速公路南段被 ...

Core Viewpoint - The company, Xinjiang Beixin Road and Bridge Group Co., Ltd., is issuing shares to specific investors to raise funds for infrastructure projects, particularly in the public transportation sector, amidst a challenging financial landscape marked by recent losses and high debt levels [1][2]. Group 1: Company Overview - Company Name: Xinjiang Beixin Road and Bridge Group Co., Ltd. [2] - Established: August 7, 2001 [2] - Listed on: Shenzhen Stock Exchange since November 11, 2009 [2] - Registered Capital: 1,268,291,582 RMB [2] - Main Business: Engaged in the construction of public transportation infrastructure, including highway, bridge, tunnel, and municipal traffic engineering [3][5]. Group 2: Financial Performance - Total Assets as of December 31, 2024: 5,639,262.35 million RMB [5] - Total Liabilities as of December 31, 2024: 5,120,226.98 million RMB [5] - Net Profit for 2024: -46,413.49 million RMB, indicating a significant loss compared to previous years [5][11]. - Revenue for 2024: 1,021,514.50 million RMB, a decrease from 1,165,806.87 million RMB in 2022 [5][11]. Group 3: Business Risks - High debt levels with interest-bearing debt increasing to 3,567,256.82 million RMB by the end of 2024, leading to a debt-to-asset ratio of 90.80% [8][11]. - The company faces risks related to the impairment of highway operating rights, which accounted for 367.83 billion RMB or 65.23% of total assets as of the end of 2024 [9]. - The construction of highways and related projects is capital-intensive, with significant upfront investments required, increasing financial pressure [12]. Group 4: Future Outlook - Upcoming projects, such as the Suzhou to Guizhou Highway expected to open in early 2026, may improve revenue but are subject to economic conditions and market demand [7]. - The company is transitioning from traditional construction to a full-service model, including BOT and PPP projects, which may enhance profitability if managed effectively [12].

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group - **Industry**: Infrastructure and Construction Key Points and Arguments Financial Performance - In Q1, the new contract signing amount showed a good performance, but revenue growth did not keep pace, leading to limited actual performance contribution. The company needs to improve operational capacity and project execution efficiency [2][17] - The new signed contracts in asset management increased by 123.7% year-on-year, driven by a few large projects due to the relatively small total volume [4] - The company plans to repurchase shares worth 800 million to 1.6 billion yuan and aims for a mid-term dividend in 2025 [4][20] Strategic Focus - The company is implementing a "Big Business Management" and debt reduction initiative to cope with industry pressures, but results will take time [2][18] - The overseas emerging business grew approximately 33% in Q1, reflecting a good development momentum in overseas operations [2][3] - The company is adopting a cautious approach to investment operations, focusing on intelligent and green sectors such as water conservancy, ecological protection, and clean energy [2][6] Sector Performance - In the infrastructure sector, the railway segment remained stable with slight growth, while the road and urban rail transit sectors saw significant declines. The construction sector, although declining, still holds the largest share [2][8] - The gross profit margin for railway business increased by nearly 5%, with future potential for further improvement, while margins for road and urban rail have decreased [10][11] Mining Operations - The company owns five mines, with the Congo copper mine and Heilongjiang molybdenum mine being the main sources of income and profit. Plans are in place to expand mining operations, targeting a profit contribution of 20% from this sector within two to three years [2][13] - The mining business has a gross profit margin of about 50%, but its impact on overall performance is limited due to its smaller scale [10][11] Real Estate Strategy - The company maintains a cautious development attitude in real estate, focusing on quality locations in first-tier and core second-tier cities. The strategy is to develop projects based on sales capabilities to avoid blind expansion [9][6] Cash Flow and Debt Management - The company has been managing cash flow as a priority since last year, with measures in place to ensure positive cash flow by the end of the year [26] - The current PPP contract stock is approximately 500 to 600 billion yuan, with a more cautious approach to future investments due to recent national adjustments [7][6] Overseas Business Development - The company is focusing on traditional business areas while striving for new business shares and adopting a more aggressive policy for overseas business development. The "Overseas Two Priorities" strategy prioritizes resources for overseas markets [27][28] - The goal is for overseas business to account for about 10% of total business volume, with expectations for further growth in this area [29] Future Outlook - The overall gross profit margin is expected to stabilize around 9.9% to 10%, with potential improvements in railway business margins [11][16] - The company is optimistic about its future prospects, especially in overseas markets and mining resources, and encourages investors to pay attention to its developments [30]

广东小崧科技股份有限公司 关于 2025 年第一季度工程施工业务经营情况的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 广东小崧科技股份有限公司（以下简称公司或本公司）控股子公司国海建设 有限公司（以下简称国海建设）主营业务为市政公用工程、房屋建筑工程、公路 工程、水利水电工程、环保工程为主的工程施工，且国海建设营业收入占公司最 近一个会计年度经审计营业总收入 30%以上。根据《深圳证券交易所上市公司自 律监管指引第 3 号—行业信息披露》的相关规定，现将国海建设 2025 年第一季 度经营情况公告如下： 二、特别提示 1、上述数据仅为公司财务部门统计的阶段性数据，未经审计，与后续定期报 告披露的数据有可能存在差异，仅供投资者参考，最终以定期报告披露数据为准， 敬请注意投资风险。 证券代码：002723 证券简称：小崧股份 公告编号：2025-047 2、项目施工进展可能受天气或其他自然灾害影响，造成完成工期、质量要求 不能如约达成带来不能及时验收的风险，敬请注意投资风险。 特此公告。 第一季度新中标订单 截至第一季度末累计已签约 未完工订单 截至第一 ...