Core Viewpoint - China Energy Construction Co., Ltd. reported a new contract amount of 992.775 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 0.4% [1]. Summary by Category Contract Amounts - The engineering construction contract amount reached 916.476 billion yuan, with a year-on-year increase of 3.7% [1]. - Surveying, design, and consulting contracts amounted to 21.704 billion yuan, showing a significant growth of 38.01% [1]. - Industrial manufacturing contracts totaled 29.072 billion yuan [1]. Project Numbers - In the third quarter of 2025, the number of new engineering construction projects was 1,791, with a total contract amount of 199.435 billion yuan [5]. - The number of new energy and integrated smart energy projects was 363, with a contract amount of 81.944 billion yuan, reflecting a year-on-year growth of 5.15% [5]. - The number of new contracts in the surveying, design, and consulting sector was 2,871, with a total contract amount of 4.304 billion yuan [5]. Regional Distribution - The new contract amount in the domestic market was 7,280.98 billion yuan, a decrease of 3.43% year-on-year [8]. - The overseas new contract amount was 2,646.78 billion yuan, showing a growth of 12.67% [8]. - Overall, the total new contract amount was 9,927.75 billion yuan, with a slight increase of 0.4% [8]. Performance Highlights - The renewable energy and integrated smart energy projects saw a significant increase, with a total signing amount of 330.172 billion yuan in the first half of the year, up 12.57% year-on-year [10]. - The surveying, design, and consulting business experienced a growth of 38.01% in the first three quarters [10]. - The overseas market for renewable energy projects performed well, with some contracts achieving double-digit growth [10].

A 股代码：601868 A 股简称：中国能建 公告编号：临 2025-052 H 股代码:03996 H 股简称:中国能源建设 中国能源建设股份有限公司 2025 年第三季度主要经营数据公告 1 单位：亿元 币种：人民币 业务类型 2025 年 7-9 月 年度累计 新签项目 数量（个） 新签合同额 新签项目 数量（个） 新签合同额 同比 增减 工程建设 1,791 1,994.35 6,013 9,164.76 3.70% 其 中 传统能源 1,087 571.09 3,697 2,402.09 -3.40% 新能源及综 合智慧能源 363 819.44 1,281 4,121.15 5.15% 城市建设 107 143.90 362 1,353.54 5.85% 综合交通 60 229.19 177 350.61 75.39% 其他 174 230.72 496 937.37 -1.69% 勘测设计及咨询 2,871 43.00 10,397 217.04 38.01% 其 中 传统能源 / 32.84 / 121.56 5.62% 新能源及综 合智慧能源 / 10.15 / 32.52 -2.77% ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6][17] Core Views - The company achieved a revenue of 2120.91 billion yuan in H1 2025, representing a year-on-year increase of 9.18%, with a net profit attributable to shareholders of 28.02 billion yuan, up 0.72% year-on-year [1] - The company continues to strengthen its core business in energy and power while rapidly developing its strategic emerging industries, with expected net profits for 2025-2027 projected at 87.9 billion, 94.1 billion, and 101.7 billion yuan respectively [1][3] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 2120.91 billion yuan, with a quarterly revenue of 1117.21 billion yuan in Q2, showing a 15.35% increase year-on-year [1][2] - The comprehensive gross margin for H1 2025 was 11.29%, a decrease of 0.91 percentage points year-on-year [2] - The company’s net profit margin was 2.26%, down 0.08 percentage points year-on-year [2] Business Segments - Revenue from surveying, design, and consulting, engineering construction, industrial manufacturing, and investment operations for H1 2025 was 90.98 billion, 1819.96 billion, 162.48 billion, and 151.8 billion yuan respectively, with year-on-year growth rates of 16.46%, 10.31%, 10.96%, and 15.52% [2] - The strategic emerging industries saw a revenue increase of 14.6% in H1 2025, accounting for 37.3% of total revenue [3] Contracts and Projects - The company signed new contracts worth 7753.57 billion yuan in H1 2025, a year-on-year increase of 4.98%, with significant growth in engineering construction and surveying design contracts [3] - Major projects include the Yarlung Tsangpo River downstream hydropower project and the Jilin Songyuan hydrogen energy industrial park, which is set to produce 32,400 tons of hydrogen annually [3]

Core Viewpoint - China Energy Construction (03996) reported a revenue of 212.09 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 9.18% and a net profit attributable to shareholders of 2.802 billion RMB, up 0.72% [1] Group 1: Business Segments - The surveying, design, and consulting business generated revenue primarily from providing surveying and design services for domestic and international thermal, hydropower, nuclear, wind, and solar power projects, as well as consulting services related to power industry policies and project testing, evaluation, and supervision. This segment achieved a revenue of 9.098 billion RMB, reflecting a year-on-year growth of 16.46% [1] - The engineering construction business's revenue mainly comes from providing construction services for projects in China and overseas. During the first half of 2025, several key projects were at their peak construction phase, resulting in a revenue of 181.996 billion RMB, which is a year-on-year increase of 10.31% [1]

Core Insights - China Energy Engineering Corporation (03996) reported a revenue of 212.09 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 9.18% [1] - The net profit attributable to shareholders was 2.802 billion RMB, reflecting a slight increase of 0.72% year-on-year [1] - Basic earnings per share stood at 0.063 RMB [1] Business Segments - The surveying, design, and consulting business generated revenue of 9.098 billion RMB, marking a year-on-year growth of 16.46%. This revenue primarily comes from providing design services for various power generation projects and consulting services related to power industry policies and project evaluations [1] - The engineering construction business achieved revenue of 181.996 billion RMB, with a year-on-year increase of 10.31%. This segment's revenue is mainly derived from construction services for projects in China and overseas, with several key projects at peak construction during the reporting period [1]