Investment Rating - The report maintains a "Buy" rating for Sinopec Engineering (02386.HK) [4][3] Core Views - In 2025, the company achieved a revenue of 70.074 billion yuan, a year-on-year increase of 9.15%, while gross profit was 5.177 billion yuan, down 2.98%, and net profit attributable to shareholders was 1.798 billion yuan, down 27.09% [1][4] - The company experienced significant growth in engineering contracting and overseas revenue, with a robust order backlog [1] - The gross margin decreased to 7.39%, primarily due to the impact of certain construction projects, while the net profit margin fell to 2.58% [2] Financial Summary - Revenue by business segment in 2025: Design consulting and technology licensing (3.95 billion yuan, -5.1%), Engineering general contracting (46.21 billion yuan, +21.6%), Construction (24.58 billion yuan, -9.9%), Equipment manufacturing (0.73 billion yuan, -1.6%) [1] - Revenue by industry: Refining (11.94 billion yuan, +3.9%), Petrochemical (44.70 billion yuan, +11.0%), New coal chemical (4.41 billion yuan, +308.8%), Storage and transportation (9.03 billion yuan, -20.6%) [1] - Revenue by region: China (51.57 billion yuan, -3.5%), Overseas (18.50 billion yuan, +71.9%) [1] - Revenue from internal and external clients: Internal (25.20 billion yuan, +4.0%), External (44.87 billion yuan, +12.3%) [1] - New orders signed in 2025 amounted to 101.248 billion yuan, a year-on-year increase of 0.6%, with an uncompleted order backlog of 203.85 billion yuan, 2.9 times the revenue of 2025, up 18.1% year-on-year [1] Profitability and Cash Flow - The company's operating cash flow improved significantly, with a net cash flow of 8.186 billion yuan in 2025, a substantial recovery from a net outflow of 2.211 billion yuan in 2024 [2] - The company plans to distribute a final dividend of 0.104 yuan per share and an additional special dividend of 0.094 yuan per share, maintaining a total dividend of 0.358 yuan per share, with a payout ratio of 87.62%, up 24.12% year-on-year [2]

Group 1 - The core viewpoint of the news is that China Ruilin has shown a positive stock performance with a 1.51% increase in share price and a trading volume of 53.33 million yuan on February 9 [1] - On February 9, China Ruilin had a financing buy-in amount of 7.50 million yuan and a net financing buy-in of 0.86 million yuan, with a total financing and securities balance of 135 million yuan [1] - The company’s financing balance of 135 million yuan accounts for 9.39% of its circulating market value [1] Group 2 - As of September 30, the number of shareholders for China Ruilin increased by 5.26% to 23,700, while the average circulating shares per person decreased by 5.00% to 1,027 shares [2] - For the period from January to September 2025, China Ruilin reported an operating income of 1.238 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to shareholders increased by 18.87% to 88.32 million yuan [2] - Since its A-share listing, China Ruilin has distributed a total of 60 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that China Ruilin's stock performance and financial metrics indicate a mixed outlook, with a slight increase in stock price but a decline in revenue [1][2] - On February 6, China Ruilin's stock rose by 0.55%, with a trading volume of 45.26 million yuan, and a net financing buy of -0.98 million yuan [1] - As of February 6, the total margin balance for China Ruilin was 134 million yuan, accounting for 9.47% of its market capitalization [1] Group 2 - As of September 30, the number of shareholders for China Ruilin increased by 5.26% to 23,700, while the average circulating shares per person decreased by 5.00% to 1,027 shares [2] - For the period from January to September 2025, China Ruilin reported a revenue of 1.238 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to shareholders increased by 18.87% to 88.32 million yuan [2] - Since its A-share listing, China Ruilin has distributed a total of 60 million yuan in dividends [3]

Group 1 - The core viewpoint of the news is that Shanshui Bide has shown significant trading activity, with a notable increase in financing buy-ins and a high financing balance relative to its market capitalization [1][2]. - On January 29, Shanshui Bide's stock price increased by 2.06%, with a trading volume of 77.21 million yuan. The financing buy-in amount for the day was 8.85 million yuan, while the financing repayment was 7.14 million yuan, resulting in a net financing buy-in of 1.71 million yuan [1]. - As of January 29, the total financing and securities lending balance for Shanshui Bide was 193 million yuan, which represents 4.80% of its circulating market value, indicating a high level of financing activity compared to the past year [1]. Group 2 - As of January 9, the number of shareholders for Shanshui Bide was 6,005, a decrease of 11.91% from the previous period. The average circulating shares per person increased by 13.52% to 14,994 shares [2]. - For the period from January to September 2025, Shanshui Bide reported an operating income of 303 million yuan, reflecting a year-on-year growth of 5.52%. However, the net profit attributable to the parent company was -37.53 million yuan, a significant decrease of 281.43% compared to the previous year [2].

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号—行业信 息披露》的规定，现将公司 2025 年第四季度的建筑业经营情况公 布如下，供投资者参考。 以上数据仅为阶段性统计，最终以定期报告披露的数据为准。 特此公告。 深圳市天健（集团）股份有限公司 2025 年第四季度建筑业经营情况简报 证券代码：000090 证券简称：天健集团 公告编号：2026-8 序 号 业务模式 2025 年 10-12 月 新签订单 截至 2025 年 12 月 31 日 累计已签约未完工订单 剩余金额 已中标未签约订单 数量 （个） 金额 （万元） 数量 （个） 金额 （万元） 数量 （个） 金额 （万元） 1 施工承包 29 204,086.71 183 1,542,316.58 19 80,745.57 2 工程总承包 4 149,502.63 22 386,130.44 1 52,500.00 3 道路日常养护 22 7,948.50 19 11,375.99 7 4,321.57 小计 55 361,537.84 224 1 ...

Group 1 - The core viewpoint of the news is that China Ruilin has seen a stock price increase of 5.89%, reaching 63.51 yuan per share, with a total market capitalization of 7.621 billion yuan [1] - China Ruilin Engineering Technology Co., Ltd. is based in Nanchang, Jiangxi Province, and was established on July 14, 1986, with its listing date on April 8, 2025 [1] - The company's main business involves providing engineering technical services across the entire industrial chain of non-ferrous metal mining, selection, smelting, and processing, as well as extending into environmental protection and municipal sectors [1] Group 2 - The fund "Fuguo SSE Sci-Tech Innovation Board 50 ETF Linked A" holds a small stake in China Ruilin, with 73 shares representing 0.0002% of the circulating shares, ranking as the sixth largest holding [2] - The fund has a total scale of 33.2785 million yuan and has achieved a year-to-date return of 9.84%, ranking 838 out of 5542 in its category [2] - The fund manager, Jin Zeyu, has been in position for 3 years and 180 days, with the fund's total asset scale at 17.865 billion yuan and a best return of 77.19% during his tenure [3]

Group 1 - The core viewpoint of the news is that China Ruilin has shown a mixed performance in terms of stock trading and financial results, with a slight increase in stock price and a notable change in financing activities [1][2]. Group 2 - On January 19, China Ruilin's stock price increased by 0.38%, with a trading volume of 68.45 million yuan [1]. - The financing buy-in amount on the same day was 11.57 million yuan, while the financing repayment was 8.24 million yuan, resulting in a net financing buy of 3.33 million yuan [1]. - As of January 19, the total financing and securities lending balance for China Ruilin was 15.4 million yuan, with the financing balance accounting for 10.23% of the circulating market value [1]. Group 3 - As of September 30, the number of shareholders for China Ruilin was 23,700, an increase of 5.26% compared to the previous period [2]. - The average circulating shares per person decreased by 5.00% to 1,027 shares [2]. - For the period from January to September 2025, China Ruilin reported an operating income of 1.238 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to shareholders increased by 18.87% to 88.32 million yuan [2]. Group 4 - Since its A-share listing, China Ruilin has distributed a total of 60 million yuan in dividends [3].

Group 1 - China Power Engineering Consulting Group Co., Ltd. (CPECC) was established at the end of 2002 and is a wholly-owned subsidiary of China Energy Engineering Corporation, with a registered capital of 10 billion yuan [1] - CPECC specializes in planning consulting, surveying and design, engineering general contracting, and investment operation, providing high-value services across various infrastructure sectors including energy, environmental protection, smart cities, and transportation [1] - The company has an annual new contract signing amount exceeding 100 billion yuan and annual revenue exceeding 50 billion yuan [1] Group 2 - CPECC's wholly-owned subsidiary, China Power Engineering Consulting Group International Engineering Co., Ltd., is based in Shanghai with a registered capital of 3 billion yuan [1] - This subsidiary serves as an important platform for CPECC's international energy and power engineering business, focusing on thermal power, power grids, renewable energy, and integrated smart energy services [1] - The goal is to become a comprehensive international consulting service provider covering the entire project lifecycle, including investment, planning, design, construction, and operation [1] Group 3 - The company is currently hiring for various positions, including design manager, cost control manager, contract manager, EPC project manager, and financial manager, with opportunities for both domestic and overseas placements [4] - Candidates are required to have a master's degree or above, with specific qualifications and experience in relevant fields, and must be under 45 years of age [4][11] - The recruitment process includes submitting a detailed application form and relevant documentation, with a deadline for applications set for January 31, 2026 [10][11] Group 4 - Employee benefits include social insurance, corporate annuities, supplementary medical insurance, and various allowances such as communication and transportation [6] - Employees without local household registration and housing will receive housing subsidies, and those with spouses living apart will benefit from a monthly family visit policy [6] - Expatriate employees will enjoy additional benefits such as annual leave, overseas allowances, and global accident insurance [7]

Group 1 - The core viewpoint of the news is that China Ruilin's stock experienced a decline of 1.42% on January 7, with a trading volume of 153 million yuan, indicating a negative sentiment in the market [1] - On January 7, China Ruilin had a financing buy-in amount of 20.17 million yuan and a financing repayment of 22.40 million yuan, resulting in a net financing buy of -2.23 million yuan [1] - As of January 7, the total balance of margin trading for China Ruilin was 152 million yuan, with a financing balance of 151 million yuan, accounting for 9.92% of the circulating market value [1] Group 2 - As of September 30, the number of shareholders for China Ruilin increased by 5.26% to 23,700, while the average circulating shares per person decreased by 5.00% to 1,027 shares [2] - For the period from January to September 2025, China Ruilin reported an operating income of 1.238 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to the parent company was 88.32 million yuan, reflecting an 18.87% year-on-year increase [2] Group 3 - China Ruilin has distributed a total of 60 million yuan in dividends since its A-share listing [3]

Group 1 - The core viewpoint of the news is that China Ruilin's stock experienced a decline of 1.15% on December 18, with a trading volume of 43.06 million yuan, while the company saw a net financing purchase of 559,500 yuan on the same day [1] - As of December 18, the total margin balance for China Ruilin was 143 million yuan, which represents 10.28% of its market capitalization [1] - The company reported a financing purchase of 4.41 million yuan and a financing repayment of 3.85 million yuan on December 18 [1] Group 2 - As of September 30, the number of shareholders for China Ruilin increased by 5.26% to 23,700, while the average circulating shares per person decreased by 5.00% to 1,027 shares [2] - For the period from January to September 2025, China Ruilin achieved an operating income of 1.238 billion yuan, a year-on-year decrease of 11.64%, while the net profit attributable to the parent company was 88.32 million yuan, reflecting an 18.87% year-on-year increase [2] Group 3 - China Ruilin has distributed a total of 60 million yuan in dividends since its A-share listing [3]