Group 1 - Southbound funds increased their holdings in China State Construction International (03311.HK) by 1.66 million shares on November 20, 2025, representing a change of 0.34% [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 9.50 million shares [1] - In the last 20 trading days, there have been 18 days of net increases, totaling 25.24 million shares [1] Group 2 - As of now, southbound funds hold 487 million shares of China State Construction International, accounting for 9.21% of the company's total issued ordinary shares [1] - The company primarily engages in construction business, infrastructure project investment, toll road operations, project supervision services, and exterior wall engineering [2] - Additionally, the company is involved in the renovation of industrial plants, providing project supervision services, selling construction materials, and leasing machinery and investment properties [2]

董事会认为，本期间预期亏损较去年相应期间增加，主要由于集团的建筑业务于本期间录得亏损约740 万港元，而去年相应期间则录得亏损约70万港元。业绩下滑主要源于相应期间完成若干毛利率较高的建 筑项目，而本期间持续进行的项目普遍毛利率较低。上述不利影响因确认一笔约350万港元的一次性收 益而部分抵销，该收益产生自透过注入无形资产(即专利技术)向一间联营公司注资所产生。 格隆汇11月18日丨创业集团控股(02221.HK)公告，基于对集团截至2025年9月30日止六个月(「本期间」) 的未经审核综合管理账目所作的最新初步审阅及评估，集团预期于本期间录得归属于公司拥有人之净亏 损不超过2100万港元，而截至2024年9月30日止六个月(「相应期间」)之归属于公司拥有人之净亏损则 约为1485万港元。 ...

Core Viewpoint - The company expects a net loss attributable to shareholders not exceeding HKD 21 million for the six months ending September 30, with a projected net loss of approximately HKD 14.85 million for the six months ending September 30, 2024 [1] Financial Performance - The anticipated increase in losses is primarily due to the construction business, which is expected to incur a loss of about HKD 7.4 million during the current period, compared to a loss of approximately HKD 0.7 million in the same period last year [1] - The decline in performance is attributed to the completion of several high-margin construction projects in the previous period, while ongoing projects in the current period generally have lower profit margins [1] One-time Gains - The adverse impact of the losses is partially offset by a one-time gain of approximately HKD 3.5 million, which arose from injecting intangible assets (i.e., patented technology) into an associated company [1]

Core Viewpoint - The company expects a net loss attributable to shareholders not exceeding HKD 21 million for the six months ending September 30, with a projected net loss of approximately HKD 14.85 million for the six months ending September 30, 2024 [1] Financial Performance - The anticipated increase in losses is primarily due to the construction business, which is expected to incur a loss of approximately HKD 7.4 million during the current period, compared to a loss of about HKD 0.7 million in the same period last year [1] - The decline in performance is attributed to the completion of several high-margin construction projects in the previous period, while ongoing projects in the current period generally have lower profit margins [1] One-time Gains - The adverse impact on financial performance is partially offset by a one-time gain of approximately HKD 3.5 million, which arose from injecting intangible assets (i.e., patented technology) into an associated company [1]

Group 1 - Southbound funds increased their holdings in China State Construction International (03311.HK) by 1.926 million shares on November 17, 2025 [1] - Over the past 5 trading days, southbound funds have increased their holdings for 5 days, with a total net increase of 11.456 million shares [1] - In the last 20 trading days, there have been 17 days of increased holdings by southbound funds, totaling a net increase of 21.552 million shares [1] Group 2 - As of now, southbound funds hold 482 million shares of China State Construction International, accounting for 9.11% of the company's issued ordinary shares [1] - The total number of shares held on November 17, 2025, was 482 million, reflecting a change of 0.40% [2] - The company is primarily engaged in construction business, infrastructure project investment, toll road operations, project supervision services, and exterior wall engineering [2]

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 3,606.5 billion yuan for the first ten months of 2025, reflecting a year-on-year growth of 1.0% [1] Group 1: Business Performance - In the construction business, the new contract value reached 3,319.4 billion yuan, with a year-on-year increase of 2.0% [1] - The housing construction segment contributed 2,199.1 billion yuan, growing by 1.5% year-on-year, while the infrastructure segment achieved 1,110.3 billion yuan, marking a 3.1% increase [1] - Domestic contracts totaled 3,150.2 billion yuan, up 1.9% year-on-year, and international contracts amounted to 169.1 billion yuan, with a growth of 3.2% [1] - The physical indicators included a construction area of 1,588.11 million square meters, new construction area of 211.78 million square meters, and completed area of 15.82 million square meters [1] Group 2: Real Estate Business - For the real estate segment, the contract sales amounted to 287.1 billion yuan, with a sales area of 10.7 million square meters [1] - The company acquired land reserves of 7.32 million square meters, bringing total land reserves to 74.82 million square meters by the end of the reporting period [1] Group 3: Recent Major Projects - CSCEC disclosed recent major project wins totaling 9.85 billion yuan, including two housing projects focused on the high-performance lithium battery base in Xiamen, Fujian, and the Xi'an Summer Center projects [2] - Additionally, one infrastructure project was highlighted, centered on the EPC project for quartz mining and processing in Guangyuan, Sichuan [2]

智通财经APP讯，中国建筑(601668.SH)发布1-10月经营情况简报，1-10月建筑业务累计新签合同额3.32 万亿元，同比增长2.0%。 ...

中国建筑公告称，2025年1-10月，公司新签合同总额36065亿元，同比增长1.0%。其中，建筑业务新签 合同额33194亿元，同比增长2.0%，房屋建筑、基础设施、勘察设计业务分别为21991亿元、11103亿 元、100亿元；境内、境外业务分别为31502亿元、1691亿元。房屋建筑施工、新开工、竣工面积分别为 158811万m²、21178万m²、15820万m²。地产业务合约销售额2871亿元，同比降9.5%；合约销售面积 1070万m²，同比降4.8%。 ...

Core Viewpoint - Southbound funds have significantly increased their holdings in China State Construction International (03311.HK), indicating growing investor confidence in the company [1] Group 1: Shareholding Changes - On November 12, 2025, southbound funds increased their holdings by 3.312 million shares, representing a 0.70% change [2] - Over the past five trading days, there have been five days of net increases, totaling 7.69 million shares [1] - In the last twenty trading days, there were 17 days of net increases, amounting to 16.706 million shares [1] Group 2: Current Holdings - As of now, southbound funds hold a total of 474 million shares of China State Construction International, which accounts for 8.97% of the company's total issued ordinary shares [1]

Core Viewpoint - The company experienced a decline in revenue and net profit in the first three quarters due to ongoing adjustments in the real estate market and a slowdown in infrastructure investment growth [2][4]. Financial Performance - The company reported a total revenue of 1,558.22 billion yuan in the first three quarters, a year-on-year decrease of 4.20% [1][2]. - The net profit attributable to shareholders was 38.18 billion yuan, down 3.83% year-on-year, while the net profit after deducting non-recurring items was 35.20 billion yuan, a decrease of 4.92% [1][2]. - In the third quarter alone, the company achieved a revenue of 449.91 billion yuan, a decline of 6.64% year-on-year, and a net profit of 7.78 billion yuan, down 24.14% [2]. Profitability Metrics - The overall gross margin for the first three quarters was 8.72%, a decrease of 0.11 percentage points year-on-year, while the gross margin for the third quarter was 6.98%, down 0.38 percentage points [3]. - The net profit margin for the first three quarters was 2.45%, an increase of 0.01 percentage points year-on-year, but the net profit margin for the third quarter fell to 1.73%, down 0.40 percentage points [3]. Cash Flow and Financial Health - The cash collection ratio improved to 98.96%, an increase of 2.30 percentage points year-on-year, with a net cash outflow from operating activities of 69.48 billion yuan, which was a reduction in outflow by 7.53 billion yuan [4]. - The asset-liability ratio decreased by 0.10 percentage points to 76.07%, while the accounts receivable turnover days increased by 11.97 days to 63.27 days [4]. Contracting and Growth - The company signed new contracts worth 3,038.3 billion yuan in the construction business, a year-on-year increase of 1.7%, with specific segments like industrial plants and educational facilities showing significant growth [4][5]. - The infrastructure business also saw new contracts amounting to 1,014.4 billion yuan, reflecting a year-on-year growth of 3.9% [5].