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% ...

Group 1 - The 138th Canton Fair's first phase concluded on the 19th, with approximately 157,900 overseas buyers attending, representing a 6.3% increase from the previous event [2] - The first phase focused on "advanced manufacturing," covering an exhibition area of 520,000 square meters with over 25,000 booths and around 12,000 participating companies [2] - Key exhibition sectors included electronic appliances, industrial manufacturing, lighting and electrical, hardware tools, and vehicles, with "smart living" and "service robots" being popular areas [2] Group 2 - The second phase of the Canton Fair is scheduled from October 23 to 27, showcasing household goods, gifts and decorations, building materials, and furniture [2] - The third phase will take place from October 31 to November 4, focusing on toys and products for infants and children, home textiles, and stationery [2]

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]

Group 1 - The stock price of Construction Industry closed at 41.79 yuan on August 12, 2025, down by 1.47 yuan, a decrease of 3.40% from the previous trading day [1] - The opening price for the day was 42.92 yuan, with a highest point of 43.37 yuan and a lowest point of 41.50 yuan, with a trading volume of 571,900 hands and a transaction amount of 2.409 billion yuan [1] - The main business of Construction Industry includes the manufacturing of automotive parts, and the company is registered in Yunnan Province, indicating its involvement in multiple industrial application fields [1] Group 2 - On that day, the net outflow of main funds for Construction Industry was 234 million yuan, accounting for 1.39% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 626 million yuan, representing 3.71% of the circulating market value [1] - Notably, around 9:35 AM on the same day, the stock price experienced a rapid rebound, increasing by over 2% within five minutes, peaking at 42.86 yuan [1]