Key Points - The company reported a contract amount of 428 million USD for various projects, including a soda ash plant in Kazakhstan and a hospital project in Ethiopia [1] - In the first half of 2025, the company signed 10 significant international engineering contracts with a total contract value of 1.126 billion USD, and the effective contract amount for international engineering contracting reached 973 million USD, representing a year-on-year increase of 36.66% [1] - As of June 30, 2025, the company had 39 ongoing international engineering projects with a total contract balance of 9.545 billion USD [1] - The domestic engineering contracting business signed contracts worth 2.275 billion CNY, while the consulting and design business signed contracts worth 949 million CNY in the first half of 2025 [1] - The company has ongoing domestic projects with a signed but uncompleted contract amount of 4.596 billion CNY and additional projects that are won but not yet signed amounting to 73 million CNY [1] - The equipment manufacturing business secured contracts worth 593 million CNY in the first half of 2025 [2] - The company signed a business contract for the soda ash plant project in Kazakhstan during the China-Central Asia Summit, with a contract amount of approximately 337.5 million USD [2] - As of June 30, 2025, the company is executing two major projects: the expansion of Punta Huete International Airport in Nicaragua with a total contract amount of 3.593 billion CNY and the soda ash plant project in Kazakhstan [3]

Core Viewpoint - 中工国际 has signed a significant overseas contract worth $337 million for a soda ash plant project in Kazakhstan, reflecting its strategic expansion in emerging markets and strong performance in international engineering contracting [1][2][3]. Group 1: Contract Details - The contract signed with Kazakhstan Soda LLC is for the second phase of a soda ash plant project in the Zhambyl region, with a total value of $337 million, approximately 242.1 million yuan [1][2]. - The project is part of a broader strategy to enhance the company's presence in Central Asia, where it has multiple ongoing projects [3]. Group 2: Financial Performance - In 2024, the company's overseas revenue reached 8.263 billion yuan, a year-on-year increase of 17.53%, accounting for 67.69% of total revenue [4]. - The company reported a slight decline in domestic revenue, which fell by 25.69% to 3.944 billion yuan, making up 32.31% of total revenue [4]. - For the first quarter of 2025, the company achieved a revenue of 2.183 billion yuan, a decrease of 7.61% year-on-year, while net profit increased by 12.17% to 131 million yuan [4]. Group 3: Market Expansion - 中工国际 has been actively expanding into new markets along the Belt and Road Initiative, securing contracts in Iraq, Nicaragua, and Kazakhstan, which have contributed to its revenue growth [5]. - The company has signed a total of $3.39 billion in new contracts in 2024, marking a 7.4% increase year-on-year, with international engineering contracts amounting to $2.411 billion, up 4.42% [5].

Core Viewpoint - Company signed a significant contract worth $337 million with Kazakhstan Soda Company for a soda ash plant project, which will contribute approximately 19.83% to its 2024 revenue [1] Group 1: Contract and Project Details - The contract involves the construction of a soda ash production facility with an annual capacity of 500,000 tons, located in Zhanatas, Kazakhstan [1] - The project includes various components such as production area, brine extraction area, limestone mining area, and residential facilities, with a contract duration of no more than 1262 days [1] Group 2: Financial Performance - In Q1 2025, the company achieved a new contract amount of $699 million in international engineering contracting, a year-on-year increase of 30.65% [2] - The company's total revenue for 2024 was approximately 12.21 billion yuan, a slight decrease of 1.27% year-on-year, while net profit increased by 0.22% to 361 million yuan [2] - By Q1 2025, the company's revenue and net profit were 2.183 billion yuan and 131 million yuan, reflecting year-on-year changes of -7.61% and 12.17%, respectively [2] Group 3: International Market Contribution - The contribution of overseas markets to the company's revenue has significantly increased, with overseas revenue reaching 8.263 billion yuan in 2024, accounting for 67.69% of total revenue [2] - The company's contract liabilities reached 4.083 billion yuan by the end of Q1 2025, a year-on-year increase of 17.24% [2] Group 4: Research and Development - The company has emphasized technological innovation, with R&D expenses totaling 1.482 billion yuan from 2022 to 2024 [3] - In 2024, the company applied for 119 patents, including 35 invention patents, and registered 20 software copyrights [3]

Group 1: Core Insights - Company signed a business contract for the second phase of a 500,000-ton soda ash plant project in Kazakhstan, totaling $337 million, equivalent to approximately 2.421 billion RMB, marking a significant milestone in deepening its presence in Central Asia [1] - The project aligns with the summit's core themes of "economic diversification" and "building a community of shared future," showcasing the company's commitment to supporting modernization in Central Asia [1][2] - The company has undertaken various projects in Central Asia, including a PVC production complex in Uzbekistan, which has been operational for six years, producing 100,000 tons of PVC and 300,000 tons of methanol annually, creating over 900 jobs [4] Group 2: Economic Diversification Efforts - The company is implementing multiple projects across industrial, oil and gas, and civil construction sectors to address the challenges of single industrial structures and weak industrial foundations in Central Asian countries [2] - The soda ash plant will end Kazakhstan's reliance on imported soda ash, becoming the largest fine chemical production facility in the country and contributing to the industrial chain [2] Group 3: Technological and Environmental Initiatives - The company is leading regional green transformation through innovative technologies, with two waste-to-energy projects in Uzbekistan expected to generate 840 million kWh annually, reducing coal consumption by over 90,000 tons [5] - The nitric acid project in Uzbekistan, producing 500,000 tons of 98% concentrated nitric acid annually, addresses local production shortages and creates job opportunities [7] Group 4: Cultural and Collaborative Projects - The company is involved in significant projects that symbolize friendship and cooperation, such as the government office building in Tajikistan, which integrates local architectural styles with Chinese technology [8] - The Olympic City project in Uzbekistan, the largest sports complex in Central Asia, is nearing completion and represents a major collaboration between China and Uzbekistan [8][10] Group 5: Future Prospects - The company’s comprehensive advantages in the entire industry chain are expected to find broader development opportunities in Central Asia following the China-Central Asia Summit [10] - The company continues to uphold its mission of creating value in Chinese engineering and contributing to the well-being of local communities through high-standard, sustainable projects [10]

Core Insights - Company signed a business contract with Kazakhstan Soda LLC for the second phase of a 500,000 tons per year soda ash plant project in Kazakhstan, with a total contract value of $337 million, equivalent to approximately 2.421 billion RMB [1] - The project includes the construction of a soda ash production facility and associated infrastructure, with a contract duration not exceeding 1262 days [1][2] - The project is part of the company's strategy to expand its presence in Central Asia and aligns with its "14th Five-Year Plan" to enhance third-party market cooperation [3] Financial Performance - The company reported a 7.4% year-on-year increase in new overseas contracts, totaling $3.39 billion for 2024, with international engineering contracting new contracts amounting to $2.411 billion, a 4.42% increase [2] - In Q1 2025, the company achieved a 30.65% year-on-year growth in new international engineering contracting contracts, amounting to $699 million [2] - The contract value of $337 million represents 19.83% of the company's projected total revenue for 2024, indicating a significant positive impact on future operating performance [3] Market Strategy - The company is focusing on key markets in the Middle East, Central Asia, Southeast Asia, and Latin America, with ongoing project development in countries like Guyana and Nicaragua [2] - The execution of the second phase of the soda ash plant project will strengthen the company's professional advantages in industrial engineering within the Central Asian region [3]