报告期内，公司实施"出海"与"下沉"战略，旗下江河幕墙、承达集团、港源装饰等单位逆势而上，中标 了包括全球第一座超过1000米的高层建筑沙特JEDDAH TOWER（"吉达塔"或"王国塔"，折合人民币约 20.12亿元）在内的诸多地标性工程，进一步彰显了公司在全球市场的影响力。 本报讯 （记者向炎涛）8月26日晚，江河创建集团股份有限公司（以下简称"江河集团"）发布2025年半 年度报告。上半年，公司实现营业收入约93.39亿元；实现归属于上市公司股东的净利润3.28亿元，同比 增长1.69%；实现归属于上市公司股东的扣除非经常性损益净利润3.34亿元，同比增长21.43%。 与此同时，公司拟实施2025年中期现金分红方案，拟向公司全体股东每10股派发现金红利1.5元（含 税），共计派发现金红利1.7亿元（含税）。 报告期内，公司建筑装饰板块订单整体实现稳步增长。2025年上半年累计中标金额约137亿元，同比增 长6.29%。其中，幕墙与光伏建筑业务中标额实现约91亿元，同比增长9.84%；室内装饰与设计业务中 标额实现约46亿元，同比持平。 在上半年订单中，海外订单增长强劲，中标额实现约为52亿元，占总订单 ...

Investment Rating - The report recommends a "Buy" rating for Jianghe Group, a leading global high-end curtain wall company [5]. Core Viewpoints - The high-end curtain wall industry is experiencing significant supply optimization, with Jianghe Group establishing a leading position globally. The competitive landscape has improved, reducing malicious competition and leading to a clearer industry structure [1][10]. - Domestic market share is increasingly concentrated among leading companies, while overseas demand remains robust, particularly in regions like the Middle East and Southeast Asia [2][4]. - Jianghe Group is expanding rapidly overseas while maintaining stable high-quality operations domestically, with a strong focus on product platformization as a new growth driver [3][4]. Summary by Sections Supply Side - The global high-end curtain wall supply has been significantly optimized, with Jianghe Group and others solidifying their leadership positions. The report notes that many smaller companies have been merged or acquired, leading to a reduction in competition [1][10]. - Jianghe Group has maintained its position as the top curtain wall company in China for seven consecutive years, showcasing its strong brand and operational advantages [11]. Demand Side - In 2022, China's total curtain wall output was 478.8 billion yuan, a decrease of 8.5%. The industry is expected to contract due to various factors, including public health events and economic pressures. However, leading companies are likely to increase their market share [2]. - Overseas, demand is expected to remain strong, particularly in Saudi Arabia and the UAE, driven by local investment plans and favorable residency policies. The estimated curtain wall market size for Saudi Arabia and the UAE in 2023 is approximately 50.6 billion yuan and 33.6 billion yuan, respectively [2]. Jianghe Group - Jianghe Group is positioned as a global leader in the curtain wall industry, with significant advantages in technology, manufacturing, and brand recognition. The company has expanded its overseas operations significantly, with a projected 57% increase in overseas orders for 2024 [3][4]. - The company is expected to achieve a net profit of 6.9 billion yuan in 2025, with a minimum dividend payout ratio of 80% planned for 2025-2027, indicating strong cash flow and shareholder returns [4][5]. Investment Recommendations - The report emphasizes Jianghe Group as a core investment opportunity, predicting a market capitalization increase of 29% to 48% from 2025 to 2027 based on projected earnings and dividend yields [4][5]. - Other leading companies in the curtain wall industry, such as China State Construction Industry, Yuanda China, and Yasha Group, are also recommended for consideration due to their potential benefits from supply optimization and overseas demand [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced a shareholder return plan for the next three years (2025-2027), committing to distribute no less than 80% of the annual net profit attributable to shareholders or a minimum of 0.45 CNY per share (including tax), whichever is higher [2][4]. - The company's overseas business is rapidly expanding, with a recent contract for a project in Saudi Arabia valued at approximately 2.012 billion CNY, expected to contribute 8.98% to the 2024 revenue [9]. - The company is focusing on global sales of customized curtain wall products and photovoltaic components, with significant orders signed in Australia and other regions [9]. - The high dividend value is highlighted, with a projected dividend payout ratio of 80% leading to estimated dividend yields of 6.5%, 7.0%, and 7.6% for the years 2025, 2026, and 2027 respectively [9]. Summary by Sections Shareholder Return Plan - The company plans to distribute at least 80% of the annual net profit attributable to shareholders or a minimum of 0.45 CNY per share (including tax) for the years 2025-2027 [2][4]. Overseas Business Expansion - The company secured a significant project in Saudi Arabia, contributing to a 57% year-on-year increase in overseas orders, which now account for 28% of total orders [9]. - The company is expanding its presence in markets such as Saudi Arabia, Dubai, Thailand, and Vietnam [9]. Product Development - The company is actively selling customized curtain wall products and photovoltaic components globally, with notable orders in Australia and other regions [9]. Dividend Policy - The company emphasizes shareholder returns, with a high dividend payout ratio and a commitment to maintaining a minimum dividend per share, enhancing the certainty of dividend payments [9].