截至发稿，中国建筑市值为2178亿元。 每经头条（nbdtoutiao）——688496，被证监会立案！刚上市业绩就变脸，亏损超1亿元；核心产品受重 创：第一大客户"自产自用"，减少采购 每经AI快讯，中国建筑（SH 601668，收盘价：5.27元）11月25日晚间发布公告称，公司第四届第二十 五次董事会会议于2025年11月25日在北京中建财富国际中心3908会议室召开。会议审议了《关于取消监 事会并修订 <中国建筑股份有限公司章程> 的议案》等文件。 2025年1至6月份，中国建筑的营业收入构成为：房屋建筑工程占比62.83%，基础设施建设与投资占比 24.67%，房地产开发与投资占比11.9%，其他行业占比1.78%，设计勘察占比0.45%。 （记者 胡玲） ...

Group 1 - China State Construction Engineering Corporation (CSCEC) experienced a stock price increase of 1.25% on September 17, with a trading volume of 1.532 billion yuan [1] - On the same day, CSCEC had a financing buy-in amount of 147 million yuan and a financing repayment of 190 million yuan, resulting in a net financing outflow of 43.54 million yuan [1] - As of September 17, the total margin balance for CSCEC was 4.292 billion yuan, with the financing balance accounting for 1.83% of the circulating market value, indicating a low level compared to the past year [1] Group 2 - CSCEC's main business includes construction and installation of public and civil buildings, infrastructure project investment and construction, and real estate investment and development, with revenue composition being 62.83% from building construction, 24.67% from infrastructure, and 11.90% from real estate [2] - As of June 30, 2025, CSCEC reported a total revenue of 1,108.307 billion yuan, a year-on-year decrease of 3.17%, while the net profit attributable to shareholders was 30.404 billion yuan, reflecting a year-on-year increase of 3.24% [2] Group 3 - CSCEC has distributed a total of 1,040.48 billion yuan in dividends since its A-share listing, with 331.13 billion yuan distributed in the last three years [3] - As of June 30, 2025, the largest shareholders included Hong Kong Central Clearing Limited with 1.604 billion shares, an increase of 359 million shares from the previous period, and several ETFs also increased their holdings significantly [3]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) announced the resignation of its Vice President and General Counsel, Wu Bingqi, during its board meeting held on September 12, 2025. The company reported its revenue composition for the first half of 2025, highlighting its reliance on various sectors. [1] Group 1: Company Announcement - CSCEC held its 21st meeting of the fourth board of directors on September 12, 2025, via written voting [1] - The meeting reviewed the proposal regarding Wu Bingqi's resignation from the positions of Vice President and General Counsel [1] Group 2: Revenue Composition - For the first half of 2025, CSCEC's revenue composition was as follows: - Housing construction projects accounted for 62.83% - Infrastructure construction and investment made up 24.67% - Real estate development and investment represented 11.9% - Other industries contributed 1.78% - Design and surveying accounted for 0.45% [1] Group 3: Market Capitalization - As of the report, CSCEC's market capitalization stood at 230.2 billion yuan [1]

Investment Rating - The report maintains a rating of "Buy" for China State Construction Engineering Corporation (601668) [3][8]. Core Views - The report highlights that the company's net profit attributable to shareholders increased by 3.2% in H1 2025, with a notable 5.9% growth in Q2 [2][4]. - The company is considered undervalued in the market, with a dividend yield of 4.88% and a projected PE ratio of 6.2x for 2025, leading to a target price of 7.42 CNY [3][6]. Financial Performance Summary - In H1 2025, the company's revenue was 1.11 trillion CNY, a decrease of 3.2% year-on-year, with Q2 showing a decline of 7.1% [4]. - The gross profit margin for H1 2025 was 9.43%, with a slight increase in Q2 to 11.01% [4]. - The net profit attributable to shareholders for H1 2025 was 30.4 billion CNY, reflecting a 3.2% increase, while the net profit margin improved to 2.74% [4][5]. Cash Flow and New Contracts - The operating cash flow showed a net outflow of 82.83 billion CNY in H1 2025, an improvement from 108.77 billion CNY in the same period of 2024 [5]. - New contracts signed in H1 2025 totaled 2.501 trillion CNY, a year-on-year increase of 0.9%, with significant growth in infrastructure projects [5][19]. Market Position and Valuation - China State Construction is recognized as one of the largest investment and construction groups globally and is included in major indices such as CSI 50 and MSCI China A50 [6]. - The company aims to achieve new contract signings exceeding 4.6 trillion CNY in 2025, with 54.4% of this target already completed by H1 2025 [6][19].

Core Viewpoint - The company continues to demonstrate resilience and adaptability in a challenging market environment, focusing on high-quality development and strategic growth across various sectors, including construction, real estate, and infrastructure [11][12][18]. Company Overview and Key Financial Indicators - The company ranks 16th in the 2025 Fortune Global 500 and 4th in the China 500 list, maintaining its position as a leading global construction contractor [11][12]. - Key financial metrics for the first half of 2025 include: - New contract value: CNY 2.5 trillion, up 0.9% year-on-year - Revenue: CNY 1.1 trillion, down 3.2% year-on-year - Net profit attributable to shareholders: CNY 30.4 billion, up 3.2% year-on-year [11][12][18]. Business Segments Performance - **Housing Construction**: - New contracts: CNY 1.496 trillion, down 2.3% - Revenue: CNY 696.4 billion, down 7.1% [11][12]. - **Infrastructure Construction and Investment**: - New contracts: CNY 823.7 billion, up 10.0% - Revenue: CNY 273.4 billion, up 1.5% [11][12]. - **Real Estate Development and Investment**: - Contract sales: CNY 174.5 billion, down 8.9% - Revenue: CNY 131.9 billion, up 13.3% [11][12]. - **Survey and Design**: - New contracts: CNY 6.4 billion, down 11.1% - Revenue: CNY 4.9 billion, down 9.0% [11][12]. - **Overseas Business**: - New contracts: CNY 125.4 billion, down 2.9% - Revenue: CNY 59.8 billion, up 5.8% [11][12]. Industry Context - The construction and real estate sectors are crucial to China's economic stability, with GDP growth of 5.3% and fixed asset investment growth of 2.8% in the first half of 2025 [6][7]. - Urban renewal policies are driving demand in the existing market, while new urbanization strategies are expected to increase the urbanization rate to nearly 70% by 2030, further expanding the construction sector [6][7]. - Infrastructure investment remains robust, with a 4.6% increase in national infrastructure investment in the first half of 2025, particularly in water transport and railway sectors [7][8]. Strategic Initiatives - The company is focusing on integrating its operations across planning, design, investment, construction, and real estate to provide comprehensive services for urban development [12][18]. - The "Good House" construction system aims to address housing quality and safety, aligning with national standards and consumer needs [14][16]. - The company is actively participating in the Belt and Road Initiative, enhancing its international presence and project portfolio [12][17].

Group 1 - The core point of the article is that China State Construction (SH 601668) held its 20th meeting of the 4th board of directors on August 28, 2025, where it reviewed the internal audit report for the first half of 2025 [1] - The revenue composition for China State Construction in 2024 is as follows: 60.43% from housing construction projects, 25.19% from infrastructure construction and investment, 14.0% from real estate development and investment, 1.55% from other industries, and 0.49% from design and surveying [1]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) continues to demonstrate stable growth in its operations, with a significant increase in new contracts and steady revenue and profit figures in the first quarter of 2024 [1][3][7]. Financial Performance - In the first four months of 2024, CSCEC signed new contracts totaling approximately 1.52 trillion yuan, a year-on-year increase of 2.8%, with the construction business accounting for over 90% of this total [1][7]. - For Q1 2024, CSCEC reported revenue of approximately 555.3 billion yuan, a 1.10% increase year-on-year, and a net profit attributable to shareholders of about 15 billion yuan, up 0.61% [1][3]. - The company’s revenue and net profit figures for Q1 2024 were 549.3 billion yuan and 14.9 billion yuan, respectively, showing a year-on-year growth of 4.67% and 1.20% [4][6]. Contract Acquisition - CSCEC's new contracts in the construction sector reached approximately 1.42 trillion yuan in the first four months, reflecting a 3.7% increase year-on-year, while the housing construction segment saw a decline of 4.8% [7][8]. - The company aims to achieve a total new contract value of 4.5 trillion yuan for the entire year of 2024, successfully meeting its initial target [8]. Research and Development - CSCEC is committed to technological innovation, with a planned R&D investment of approximately 45.5 billion yuan in 2024, ranking second among A-share companies [1][9]. - The company has invested a total of 181.2 billion yuan in R&D from 2021 to 2024, with a focus on enhancing its competitive edge through technology [10]. Market Position - CSCEC ranks 14th on the 2024 Fortune Global 500 list and is recognized as the largest engineering contractor globally, with a strong presence in various construction sectors [2][9]. - The company maintains a leading position in the industry, supported by a comprehensive construction product supply chain and a high credit rating from major international rating agencies [9][10].