Investment Rating - The report assigns a "Buy" rating to Jianghe Group (601886.SH) with a current price of 8.00 CNY and a fair value of 9.10 CNY [5]. Core Insights - Jianghe Group reported a significant increase in non-recurring net profit by 42.06% year-on-year, despite a slight decline in net profit attributable to shareholders by 4.31% [5]. - The company maintains a strong cash flow and a high dividend payout ratio of 93%, resulting in a dividend yield of approximately 6.6% [5]. - The overseas orders have shown robust growth, with a total bid amount of 28.54 billion CNY, marking a year-on-year increase of 5.51% [5]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2024A, 2025A, 2026E, 2027E, and 2028E are 22,406 million CNY, 21,845 million CNY, 23,133 million CNY, 24,498 million CNY, and 25,943 million CNY, respectively, with a growth rate of 6.9% in 2024 and a decline of 2.5% in 2025 [4]. - **Net Profit**: Forecasted net profits for the same years are 638 million CNY, 610 million CNY, 690 million CNY, 765 million CNY, and 837 million CNY, with a growth rate of -5.1% in 2024 and -4.3% in 2025 [4]. - **Earnings Per Share (EPS)**: EPS is projected to be 0.56 CNY, 0.54 CNY, 0.61 CNY, 0.68 CNY, and 0.74 CNY for the years 2024A to 2028E [4]. Order and Market Dynamics - The company has adopted a dual-driven business model of "EPC + platformization" for its overseas operations, achieving a significant increase in overseas orders, which accounted for 35% of total orders [5]. - The company secured new supply orders for curtain wall products worth 648 million CNY, reflecting a year-on-year growth of 897% [5].

Core Viewpoint - Jianghe Group announced that the cumulative winning bid amount for the construction decoration sector in 2025 is approximately RMB 28.539 billion, representing a year-on-year increase of 5.51% [1] Group 1: Winning Bid Amount - The cumulative winning bid amount for the curtain wall and photovoltaic construction is RMB 19.185 billion, showing a year-on-year increase of 11.51% [1] - The winning bid amount for indoor decoration and design is RMB 9.354 billion, reflecting a year-on-year decrease of 4.98% [1] Group 2: Number of Winning Bids - The total number of winning bids is 882, which is a year-on-year decrease of 3.61% [1] - The number of winning bids for curtain wall and photovoltaic construction is 293, indicating a year-on-year increase of 26.29% [1] - The number of winning bids for indoor decoration and design is 589, showing a year-on-year decrease of 13.76% [1] Group 3: Major Projects - The company has no signed but unexecuted major projects for the year 2025 [1]

| 业务分类 | | 2025 年 | 1-6 月 | | | --- | --- | --- | --- | --- | | | 中标额 | 中标额同比 | 中标数量 | 中标数量同比 | | | （亿元） | 涨跌幅（%） | （个） | 涨幅（%） | | 幕墙与光伏 建筑 | 90.73 | 9.84 | 114 | 20.00 | | 室内装饰与 设计 | 46.21 | -0.06 | 294 | -19.89 | | 合计 | 136.94 | 6.29 | 408 | -11.69 | 公司 2025 年半年度无已签订尚未执行的重大项目。 上述数据为阶段性统计数据，仅供投资者参考,敬请投资者注意投资风险。 股票代码：601886 股票简称：江河集团 公告编号：临2025-028 江河创建集团股份有限公司 关于 2025 年半年度主要经营数据的公告 本公司及董事会全体成员保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 江河创建集团股份有限公司(下称"公司")建筑装饰板块 2025 年半年度累 计中标金额约为人民币 136.94 亿元, ...