近日，中工国际工程股份有限公司参与了一场重要的投资者交流活动。 点击查看公告原文>> 责任编辑：小浪快报 在活动中，公司就多个业务要点进行了介绍与解答： -海外工程承包业务："十四五"以来，公司在海外 业务开拓成绩显著。在新赛道上，签约伊拉克九区油气中央处理设施项目，进入海外油气工程市场，创 造了伊拉克同类项目最短工期和连续1800万安全工时的纪录，获伊拉克总理授予"卓越承包商"奖状，并 实现了在伊拉克和中亚地区的油气工程市场滚动开发。同时，公司聚焦海外工业化建设，签约多个海外 工业化项目。在新国别市场方面，公司重点发力中东、中亚等地区，成功进入圭亚那、伊拉克等新市 场，并构建可持续开发模式。 -投建营业务："工程投资与运营"是公司"十四五"重点发展板块，聚焦环 境工程、索道工程和清洁能源工程且已全面突破。清洁能源工程方面，乌兹别克斯坦两个垃圾焚烧发电 项目启动，总投资约4.75亿美元，预期税后内部收益率不低于8%。索道工程方面，天门脱挂索道项目 已通过国家索检中心检验。未来，公司将持续跟踪"一带一路"沿线优质国家及国内相关地区，持有优良 运营资产。 -海外项目融资：融资创新是公司核心竞争优势之一。公司资产状 ...

证券代码：002051 证券简称：中工国际 中工国际工程股份有限公司投资者关系活动记录表 编号：2025-009 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | □√ 其他：中国机械工业集团有限公司 2025 年上市公司集体投 | | | | | 资者交流活动 | | | | 参与单位名称 | 中信证券、国泰海通证券、财通证券、东方财富证券、华泰 | | | | | 证券、长江证券、中信建投证券、东吴证券、国盛证券、国 | | | | | 联民生证券、天风证券、兴业证券、华福证券 | | | | 时间 | 年 月 2025 5 | 9 | 日 | | 地点 | 广东省广州市 | | | | 上市公司接待人员姓 | 董事长王博、董事会秘书芮红、人力资源部兼董事会办公室 | | | | 名 | 总经理徐倩、财务部总经理朱昌伟、证券事务代表周辉 | | | | | 公司参加了公司控股股东中国机械工业集团有限公司（ ...

Core Insights - Bishkek contributes 44.6% of the national GDP, indicating its significant role in the country's economy [1] Economic Performance - The industrial output of Bishkek reached 61.3 billion som (approximately 700 million USD) [1] - Fixed asset investments totaled 29.45 billion som (approximately 340 million USD) [1] - The construction sector's total output increased by 1.6 times [1] - The average nominal wage in the city reached 53,139 som (approximately 610 USD), reflecting a year-on-year increase of 24.7% [1] - A total of 21,181 new jobs were created during the period [1] Budgetary Performance - Local budget revenue amounted to 12.7 billion som (approximately 150 million USD), with tax revenue contributing 9.4 billion som (approximately 110 million USD) [1] - Tax revenue exceeded the planned target by 7.7% and showed a year-on-year growth of 22.4% [1] - Budget expenditures reached 7.6 billion som (approximately 87 million USD), marking a year-on-year increase of 28.8% [1] Investment Projects - The city government actively promoted investment, successfully implementing large projects such as a waste-to-energy project (95 million USD) and a comprehensive building project at the Ak-Kula racetrack site (300 million USD) [1]

Core Viewpoint - Zhonggong International is actively involved in waste-to-energy projects in Uzbekistan, with significant investments and government approvals, indicating a strategic focus on international expansion and sustainable energy solutions [1][2][3] Group 1: Investment Projects - The company has invested in two waste incineration power generation projects in Tashkent and Andijan, Uzbekistan, with total investments of approximately $4.75 billion [1][2] - The Tashkent project is designed to process 2,500 tons of waste daily with a total investment of $2.97 billion, while the Andijan project will process 1,500 tons daily with a total investment of $1.78 billion [2][3] - Both projects have received approval from the National Development and Reform Commission and the Ministry of Commerce, confirming compliance with regulations [2][3] Group 2: Market Performance - As of July 22, Zhonggong International's stock closed at 9.1 yuan, reflecting a 3.41% increase, with a trading volume of 699,100 shares and a turnover of 625 million yuan [1] - The capital flow on the same day showed a net outflow of 123.06 thousand yuan from institutional investors and 1,266.51 thousand yuan from speculative investors, while retail investors had a net inflow of 1,389.57 thousand yuan [1][3]

Core Viewpoint - Feima International (002210) has faced significant operational challenges and declining revenue since its restructuring, raising concerns among investors about its future prospects and valuation [2][3][5]. Group 1: Financial Performance - Feima International's revenue plummeted by 99.24% from 410.5 billion to 3.14 billion in 2019, struggling to maintain revenue between 2-3 billion over the past six years [3]. - The company's net profit has shown extreme volatility, with figures of 0.9 million, 0.2 million, and 0.3 million in recent years, reflecting changes of 1697.45%, -81.45%, and 72.82% respectively [3]. - As of 2024, the company reported cash reserves of 1.06 million and a debt-to-asset ratio of 72.8%, with total debt at 3.23 million, all of which is short-term [3][4]. Group 2: Operational Challenges - The company's original project in Yuanping has effectively stalled due to funding shortages, with reports of construction sites being abandoned and contractors withdrawing due to unpaid bills [4]. - Feima International's attempts to pivot towards the environmental and supply chain sectors have not yielded significant results, with low gross margins and high accounts receivable posing risks [3][5]. Group 3: Shareholder Concerns - The major shareholder's promises of asset injections and performance compensation have not materialized, with the company failing to meet its profit commitments of 5.7 million for 2022-2024, resulting in a shortfall of 4.37 million [5][6]. - Despite the lack of asset injections over three years, the company has relied on previous debt write-offs and investor compensation to slightly improve its net assets [6]. Group 4: Market Valuation Issues - Feima International's rolling P/E ratio stands at 309.99, significantly higher than the industry average of 48.69, indicating a potential overvaluation [7]. - The company's market capitalization has remained between 6-10 billion, which is inconsistent with its financial performance and the reasonable valuation range of 1-2 billion for its industry peers [7][8].

Core Viewpoint - The company, Feima International, has failed to achieve its operational turnaround despite four years of restructuring, leading to continuous revenue decline and operational challenges, raising concerns about its high market valuation [1][2][5]. Group 1: Revenue and Financial Performance - Feima International's revenue plummeted by 99.24% in 2019, from 41.05 billion to 314 million, and has struggled to maintain revenue between 200 million to 300 million for the past six years [2]. - The company's net profit for the last three annual reports was 90 million, 20 million, and 30 million, showing extreme fluctuations of 1697.45%, -81.45%, and 72.82% respectively [2]. - The company has a cash balance of 10.6 million and a debt ratio of 72.8%, with total debt at 32.3 million, all of which is short-term debt [2]. Group 2: Transformation and Business Challenges - Feima International's attempt to pivot towards the environmental industry and supply chain has not yielded significant results, facing fierce competition and insufficient technical reserves [2]. - The environmental segment's gross margin is significantly lower than peers, and the high proportion of accounts receivable poses a bad debt risk [2]. Group 3: Project and Credit Issues - The company's original Ping project, with a planned investment of 400 million, has effectively stalled due to funding shortages, leading to construction abandonment [3][4]. - The credit crisis has worsened as multiple financial institutions have downgraded the company's ratings due to the stalled project [4]. Group 4: Shareholder Commitments and Market Valuation - The major shareholder's commitment to asset injection and performance compensation has not materialized, with the company failing to meet the promised net profit targets [5][6]. - Despite the poor fundamentals, Feima International's rolling P/E ratio stands at 309.99, significantly higher than the industry average of 48.69, indicating a distorted market valuation [7]. - The company's market capitalization remains artificially inflated between 6 billion to 10 billion, contrasting sharply with the reasonable valuation range of 1 billion to 2 billion for its peers [7][8].

在会议现场，越南兴安省与中国天楹签订了可再生能源项目和环保项目备忘录。这是继去年四季度 中国天楹与当地公司合作，在属地投建千吨级垃圾焚烧发电项目之后，双方进一步深入合作的新里程 碑，也是中国先进环保技术赋能越南地方发展转型的又一典型案例。 相关资料显示，作为国际领先的环境综合服务商，中国天楹此前已通过多个绿色环保项目深入到越 南经济社会之中，包括越南河内市日处理规模4000吨垃圾焚烧发电项目作为行业内的标杆项目，被誉 为"中越合作的成功典范"。同时，中国天楹清化省、富寿省垃圾焚烧发电项目也在按照最高标准稳步建 设中。此次与越南兴安省合作的投资项目，将进一步做强公司越南板块，形成区域协同效应，推升公司 在越南乃至东南亚垃圾焚烧发电行业的先发优势，扩增其在越南的业务版图；不仅可以拉动整体利润率 和业绩增长动力，更有助于在垃圾焚烧发电项目的基础上，推动城市环境服务等轻资产项目的运营和管 理业务出海。 越南党中央委员、兴安省委书记阮友义，越南兴安省人委会副主席阮雄男，兴安省多个经济管理部 门官员，当地企业高管出席了本次越南兴安省投资促进会议。中国机电产品进出口商会领导出席并发 言。在会上，越方领导与中国天楹副总裁李爱 ...