Group 1 - The company achieved significant growth in new contracts, with 698 new contracts signed in 2025, totaling 24.27 billion yuan, representing a year-on-year increase of 10.5% [1] - In Q4 2025, the company signed 165 new contracts, amounting to 6.3 billion yuan, which is a year-on-year growth of 30.8% [1] - The company has committed to a shareholder return plan for 2025-2027, promising to distribute at least 70% of the annual net profit attributable to shareholders or a minimum of 400 million yuan in cash dividends, whichever is higher [1] Group 2 - The company has rapidly developed its overseas business, signing new orders worth 7.2 billion yuan in 2025, a year-on-year increase of 140.1%, with public building projects growing by 302.5% [2] - In Q4 2025, the overseas business signed new orders of 2.2 billion yuan, reflecting a remarkable year-on-year growth of 568.4% [2] - Domestic business saw a decline of 10%, primarily due to a drop in public building and EPC projects, leading the company to shift focus towards private sector investments [2] Group 3 - The company’s industrial chain and strategic franchise business, along with BIPV business, continued to grow rapidly, achieving new orders of 1.28 billion yuan and 350 million yuan in 2025, with year-on-year growth of 51.7% and 60.8% respectively [2] - The BIPV business experienced a significant year-on-year growth of 117.2% in Q4 2025 [2] - The company’s steel structure sales reached 1.726 million tons in 2025, marking a year-on-year increase of 27.6%, with Q4 sales of 547,000 tons, up 14.6% [2]

Company Update - The company announced that in Q4 2025, new signed orders amounted to 24.27 billion yuan, representing a year-on-year increase of 10.5%. Domestic new signed orders were 17.01 billion yuan, down 10.0% year-on-year, while overseas new signed orders reached 7.20 billion yuan, up 140.1% year-on-year, accounting for 29.7% of total new signed orders, an increase of 16 percentage points year-on-year. In Q4 2025, the single-quarter overseas new signed orders were 2.2 billion yuan, a year-on-year increase of 568.4% [1] Comments - The growth in overseas new signed orders exceeded expectations, further validating the company's ongoing international expansion strategy. Since 2024, the company's overseas business has accelerated, with its share of new signed orders continuously increasing. In 2025, the company signed 2.64 billion yuan in industrial construction and 4.56 billion yuan in public construction orders, representing year-on-year increases of 41.5% and 302.5%, respectively. The company is expected to benefit from increased investment intensity in emerging markets such as the Middle East and Southeast Asia, as well as stable demand from domestic manufacturing clients investing overseas [2] - The company is actively adjusting its domestic order structure, gradually reducing bids for government investment projects and shifting towards private sector investments in heavy steel projects and quality housing projects, leading to continuous optimization of the order structure. In 2025, new signed orders for industrial chain and strategic franchise businesses and BIPV business were 1.28 billion yuan and 350 million yuan, respectively, with year-on-year growth of 51.7% and 60.8% [2] Profit Forecast and Valuation - The profit forecast remains largely unchanged, with an expected net profit attributable to shareholders of 790 million yuan for 2026 and an introduction of 896 million yuan for 2027. This corresponds to a PE ratio of 10.7x for 2026 and 9.4x for 2027. Based on the company's previously announced plan for a cash dividend ratio of no less than 70% from 2025 to 2027, the current stock price corresponds to dividend yields of 6.6% and 7.4% for 2026 and 2027, respectively. The rating of "outperforming the industry" is maintained with a target price of 5.22 yuan, implying an upside potential of 23.1% based on PE ratios of 13.2x and 11.6x for 2026 and 2027, respectively [3]

Group 1 - The company signed a total of 698 contracts with a cumulative contract value of 24.27 billion yuan in 2025, representing a year-on-year growth of 10.5% [1] - In Q4 2025, the company signed 165 contracts with a cumulative contract value of 6.3 billion yuan, showing a year-on-year increase of 30.8% [1] - The company's steel structure sales reached 1.726 million tons in 2025, up 27.6% year-on-year, with Q4 sales of 547,000 tons, a 14.6% increase [1] Group 2 - Domestic business declined by 10% in 2025, primarily due to a decrease in public building and EPC projects, as the company shifted focus from government-funded projects to private sector investments [2] - The rapid growth of international business, with new overseas orders reaching 7.2 billion yuan in 2025, up 140.1% year-on-year, helped maintain overall business growth and offset domestic market challenges [2] - The company's industrial chain and strategic franchise business, along with BIPV business, continued to grow rapidly, achieving new orders of 1.28 billion yuan and 350 million yuan respectively, with year-on-year growth of 51.7% and 60.8% [2]

Core Viewpoint - The company has shown significant growth in new contracts and international business, despite a decline in domestic operations, indicating a strategic shift towards international markets and new business areas. Group 1: Contract and Revenue Growth - In 2025, the company signed a total of 698 new contracts with a cumulative contract value of 24.27 billion yuan, representing a year-on-year increase of 10.5% [1] - From October to December 2025, the company signed 165 new contracts with a cumulative contract value of 6.3 billion yuan, reflecting a year-on-year growth of 30.8% [1] - The company's steel structure sales reached 1.726 million tons in 2025, up 27.6% year-on-year, with sales of 547,000 tons in the fourth quarter, marking a 14.6% increase [1] Group 2: International Business Expansion - The company capitalized on opportunities in the overseas market, achieving new orders worth 7.2 billion yuan in international business, a year-on-year increase of 140.1%, with public building orders growing by 302.5% [2] - In the fourth quarter of 2025, new orders from international business amounted to 2.2 billion yuan, showing a remarkable year-on-year growth of 568.4% [1][2] Group 3: Domestic Business Challenges and Strategic Shift - Domestic business experienced a decline of 10% in 2025, primarily due to a downturn in public building and EPC projects, prompting the company to reduce bids for government-funded projects and shift focus to private sector investments [2] - The rapid growth of international business has helped maintain overall positive growth and offset challenges from increased competition and demand slowdown in the domestic market, enhancing the company's business structure and order quality [2] Group 4: Other Business Segments - The company's industrial chain and strategic franchise business, along with BIPV (Building-Integrated Photovoltaics) business, continued to grow rapidly, achieving new orders of 1.28 billion yuan and 350 million yuan respectively, with year-on-year increases of 51.7% and 60.8% [2] - The BIPV business saw a significant growth of 117.2% year-on-year in the fourth quarter [2]

Core Viewpoint - The company, Jinggong Steel Structure (600496.SH), reported a year-on-year increase in new contracts and sales volume for the first three quarters of 2025, highlighting strong growth in both domestic and international markets [1] Group 1: Contract and Revenue Growth - In the first three quarters of 2025, the company signed a total of 533 new contracts with a cumulative contract value of 17.98 billion yuan, representing a year-on-year growth of 4.8% [1] - From July to September 2025, the company signed 173 new contracts with a cumulative contract value of 5.47 billion yuan, showing an increase of 11.2% year-on-year [1] Group 2: Sales Performance - The company's steel structure sales reached 1.18 million tons in the first three quarters of 2025, marking a year-on-year increase of 34.6%, with sales of 345,000 tons from July to September, up 11.8% year-on-year [1] Group 3: International Business Expansion - The company has been actively expanding its international business, with new overseas orders amounting to 5 billion yuan, a significant year-on-year increase of 87.3%. The cumulative new orders for the first three quarters have already surpassed the total overseas orders for the entire year of 2024, which was 3 billion yuan [1] - The international market serves as a crucial extension of the domestic market, helping to mitigate the impact of intense competition in the domestic construction sector while ensuring profitability and payment conditions for the company [1] Group 4: Strategic Business Growth - The company's industrial chain and strategic franchise business, along with its BIPV (Building-Integrated Photovoltaics) business, continued to experience rapid growth, with new orders of 1.14 billion yuan and 280 million yuan respectively, reflecting year-on-year increases of 57.1% and 51.6% [1] - The cumulative new orders for the first three quarters have also exceeded the total orders for the entire year of 2024 in both the industrial chain and strategic franchise, as well as the BIPV business, which were 850 million yuan and 220 million yuan respectively [1]