Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Report's Core View - The "Belt and Road" initiative provides clear policy support and long - term direction for the international engineering industry. In the context of "dual carbon", green and intelligent development will be new requirements for project management and engineering construction. Engineering companies with full - life - cycle comprehensive service capabilities will have more market opportunities [36]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Northern International, belonging to the engineering construction industry. The reception time was on August 26, 2025. The listed company's reception personnel included the company's chairman and Party secretary Ji Wei, director, general manager and deputy Party secretary Shan Jun, independent director Song Dongsheng, and board secretary and chief financial officer Ni Jing [17]. 3.2. Detailed Research Institutions - The reception objects included investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided in the given content. 3.4. Main Content Data - **Project Progress**: For questions about the progress of major projects such as the Egypt Alexandria Abu Qir subway vehicle project, Abu Dhabi KENT camp project, Bangladesh coal - fired power station EPC project, and Bosnia and Herzegovina Komarnje Mountain photovoltaic project, the company referred investors to the "Section III Management Discussion and Analysis - III. Main Business Analysis" of the 2025 semi - annual report [24]. - **Stock Offering**: On July 3, 2025, the company's application for issuing stocks to specific objects was accepted by the Shenzhen Stock Exchange. On August 7, 2025, the company replied to the review inquiry letter from the Shenzhen Stock Exchange. The matter still needs to pass the review of the Shenzhen Stock Exchange and be approved by the CSRC. The stock - offering plan has been reviewed and approved by the board of directors and the general meeting of shareholders and cannot be changed at will. The pricing benchmark date cannot be adjusted to the announcement date of the board of directors' resolution or the general meeting of shareholders' resolution [25][26]. - **Stock Price**: The company's stock price is affected by multiple factors such as the macro - environment, industry trends, and market sentiment. The company's operation is generally stable, and the board of directors and management will continue to operate in compliance and develop steadily to enhance the company's long - term value [26]. - **Post - war Reconstruction**: As an important practitioner of the "Belt and Road" initiative, the company has rich experience in international engineering contracting and clean energy, with full - chain capabilities in overseas project development, engineering construction, and local operation. It is actively evaluating potential cooperation opportunities [27]. - **Performance**: The company's performance declined in the first half of the year mainly due to factors such as coking coal price fluctuations. The company's overall operation is stable, and the management will continue to promote the expansion of overseas key markets [29]. - **Project Performance**: The Croatia Seni wind power project generated 215 million kWh of electricity in the first half of the year, a 28% increase compared to the same period last year. The Bosnia and Herzegovina photovoltaic project has an after - tax internal rate of return on total investment of 9.68%, an internal rate of return on project capital of 17.74%, and an investment payback period of 8.85 years [32][33]. - **Key Markets**: The company focuses on market development in resource - rich countries in Asia - Pacific, Central and Eastern Europe, the Middle East, and Central Asia, such as Indonesia, Croatia, Bosnia and Herzegovina, Uzbekistan, the UAE, and Egypt [34][35].

Core Viewpoint - The company held an investor relations meeting to address key questions regarding project progress, stock issuance, and performance amidst market fluctuations [2][3]. Group 1: Project Progress - Investors inquired about the status of major projects including the Egypt Alexandria Abu Qir Metro, Abu Dhabi KENT Camp, Bangladesh coal-fired power plant EPC, and Bosnia Komany Mountain photovoltaic project, with the company directing them to the latest half-year report for detailed updates [2]. - The company confirmed that it has not received any notifications from the controlling shareholder regarding participation in the China North Industries Group restructuring [4]. Group 2: Stock Issuance - The company reported that it submitted the application for a targeted stock issuance on July 3, 2025, and received an inquiry letter from the Shenzhen Stock Exchange on July 14, 2025, indicating that the process is still subject to approval [2]. - The stock issuance plan has been approved by the board and shareholders, and changes to the pricing model are not permissible under current circumstances [2]. Group 3: Stock Performance and Market Conditions - The company's stock has experienced a decline for seven consecutive trading days since August 18, 2025, despite a robust market environment with a trading volume of 3.14 trillion yuan on August 25, 2025 [3]. - The company emphasized that short-term stock price fluctuations do not reflect its long-term value, attributing the decline to macroeconomic factors, industry trends, and market sentiment [3]. Group 4: Financial Performance - The company reported a decline in performance for the first half of the year, primarily due to fluctuations in coking coal prices impacting profits [3]. - The company remains optimistic about its operations for the third quarter and the full year, committing to transparent information disclosure [3]. Group 5: Strategic Focus - The company is focusing on post-conflict reconstruction opportunities related to the Russia-Ukraine conflict, leveraging its international engineering contracting and clean energy experience [3]. - The company is targeting markets rich in resources and potential synergies, including Asia-Pacific, Central and Eastern Europe, and the Middle East [4]. - The international engineering industry is trending towards green and intelligent solutions, with companies capable of providing comprehensive lifecycle services expected to gain more opportunities [4].

Project Progress and Risks - The company is currently involved in several major projects, including the Alexandria Abu Qir Metro Vehicle Project in Egypt and the EPC project for a coal-fired power plant in Bangladesh. The progress and potential risks of these projects were discussed during the investor meeting [1]. - The company provided updates on ongoing projects in the 2025 semi-annual report, specifically in the section on management discussion and analysis [1]. Stock Issuance and Market Performance - The company submitted its application for a targeted stock issuance to the Shenzhen Stock Exchange on July 3, 2025, which was accepted. However, the approval process remains uncertain and requires both the exchange's review and the China Securities Regulatory Commission's consent [2]. - The stock price has been affected by macroeconomic factors and market sentiment, with a noted decline over seven consecutive trading days despite a robust A-share market [2]. Financial Performance - The company reported a year-on-year decline in performance for the first half of 2025, primarily due to fluctuations in coking coal prices, which exerted short-term pressure on profits [4]. - The internal rate of return for the Bosnia photovoltaic project is 9.68%, with a capital return rate of 17.74% and a payback period of 8.85 years [4]. Market Development and Strategic Focus - The company is focusing on resource-rich markets in the Asia-Pacific, Central and Eastern Europe, and the Middle East, including countries like Indonesia, Croatia, and Egypt [5]. - The "Belt and Road" initiative is seen as a significant driver for the international engineering sector, emphasizing the need for green and intelligent project management [7]. Future Outlook - The company aims to enhance operational quality and profitability while adhering to compliance and transparency in information disclosure [4]. - The management is preparing to respond to potential opportunities arising from post-conflict reconstruction efforts, particularly in the context of the Russia-Ukraine conflict [3].

北方国际合作股份有限公司 2025 年第二季度工程业务经营情况公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据《深圳证券交易所股票上市规则》、《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》等相关规定，北方国际合作股份有限公司（以下 简称"公司"）将 2025 年第二季度经营情况披露如下： | 项 目 | 数量 | 金额(万美元) | | --- | --- | --- | | 2025年第二季度新签项目合同 | 5 | 38,651.15 | | 截至2025年6月30日累计已签约未完工项目合同 | 78 | 1,367,727.20 | | 其中： | | | | 已签约尚未生效项目合同 | 25 | 771,522.97 | | 已生效正在执行项目合同 | 53 | 596,204.22 | | 已中标尚未签约项目合同 | 0 | 0 | 一、公司合同总体情况 股票简称：北方国际 股票代码：000065 公告编号：2025-072 2025 年第二季度工程业务经营情况公告 二、重大项目情况 1、2025 年第二季度新签重要工程 ...