Group 1: Core Business Performance - In the first 11 months of 2025, China State Construction achieved a total new contract amount of 40,408 billion yuan, representing a year-on-year growth of 0.9%, indicating stable growth in overall order scale [1] - The construction business saw a new contract amount of 37,162 billion yuan, with the housing construction business contributing 24,622 billion yuan, up 3.1% year-on-year, and infrastructure business accounting for 12,429 billion yuan [1] - The company reported a new construction area of 23,699 million square meters and a completed area of 18,261 million square meters, reflecting a year-on-year growth of 11.4% [1] Group 2: Regional Performance - Domestic business amounted to 35,303 billion yuan, showing a year-on-year increase of 1.8%, while overseas business reached 1,858 billion yuan, up 4.4%, indicating collaborative growth in both domestic and international markets [1] Group 3: Real Estate Business - For the same period, the contract sales amount in the real estate sector was 3,246 billion yuan, with a contract sales area of 1,215 million square meters [1] - The company acquired land totaling 831 million square meters, with a year-end land reserve of 7,190 million square meters [1] Group 4: Recent Major Projects - China State Construction recently disclosed the acquisition of significant projects totaling 10.67 billion yuan, including two housing construction projects focused on infrastructure development in Sichuan and Guangdong, and one infrastructure project for the Dalian Jinzhou Bay International Airport [2]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) has shown stable growth in new contract signings and operational performance for the first eleven months of 2025, supported by favorable macroeconomic policies from the central government [1][2]. Group 1: Operational Performance - In the first eleven months of 2025, CSCEC achieved a total new contract amount of 40,408 billion yuan, representing a year-on-year increase of 0.9% [1]. - The construction business contributed 37,162 billion yuan in new contracts, with a year-on-year growth of 1.9%. This includes 24,622 billion yuan from housing construction (up 3.1%) and 12,429 billion yuan from infrastructure [1]. - Domestic business accounted for 35,303 billion yuan (up 1.8%), while overseas business reached 1,858 billion yuan (up 4.4%), indicating a dual growth in domestic and international operations [1]. - Physical indicators show a construction area of 161,439 million square meters, new construction area of 23,699 million square meters, and completed area of 18,261 million square meters, with the latter up 11.4% year-on-year [1]. Group 2: Real Estate Business - CSCEC reported a contract sales amount of 3,246 billion yuan and a contract sales area of 1,215 million square meters for the same period [1]. - The company acquired 831 million square meters of land, with a total land reserve of 7,190 million square meters at the end of the reporting period [1]. Group 3: Recent Projects and Policy Support - CSCEC recently secured significant projects totaling 10.67 billion yuan, including two housing projects focused on infrastructure construction in Sichuan and Guangdong, and one infrastructure project for the Dalian Jinzhou Bay International Airport [2]. - The recent Central Economic Work Conference has provided clear support signals for the construction and real estate sectors, emphasizing investment stabilization, urban renewal, and the promotion of quality housing [2]. - With its comprehensive strength and alignment with national strategies, CSCEC is positioned to play a crucial role in stabilizing the market and leading the modernization of the construction industry [2].

Core Insights - Ningbo Construction reported a revenue of 9.174 billion yuan and a net profit of 130 million yuan for the first half of 2025, demonstrating resilience in a complex market environment [1] Group 1: Business Performance - The company achieved a business undertaking amount of 12.286 billion yuan, a significant year-on-year increase of 23.37%, with key contributions from housing construction and municipal landscaping sectors [2] - The housing construction business accounted for 4.842 billion yuan, representing 39.42% of total undertakings, while municipal landscaping contributed 5.906 billion yuan, making up 48.07% [2] - The company maintained a strong local market presence, securing 8.537 billion yuan from Ningbo, which is 69.49% of total undertakings, while also expanding into other regions [2] Group 2: Project Highlights - Major projects include the successful bid for the Ningbo hub urban integration project, with a cooperation scale exceeding 10 billion yuan, enhancing transportation convenience in the region [2] - Other significant projects include a 324 million yuan school construction and various EPC projects totaling 784 million yuan [2] Group 3: Multi-Sector Collaboration - In the field of industrialized construction, the company undertook 578 million yuan in business, leveraging its brand and site layout advantages [3] - The surveying and design sector also performed well, with 139 million yuan in undertakings, contributing to urban renewal projects in Ningbo [3] Group 4: Innovation and Recognition - The company obtained 19 new invention patents and 66 utility model and design patents, along with 13 provincial-level construction methods, enhancing its technological capabilities [4] - The company has established 11 high-tech enterprises and multiple technology centers, providing a solid foundation for business upgrades [4] - The brand received various accolades, including recognition as an advanced unit in cultural tourism project construction, reflecting its industry standing [4]

Group 1 - The company signed a total of 55 projects in Q2 2025, with a new contract amount of RMB 1,068.70 million, representing a 37.50% decrease in the number of new projects compared to the same period last year, while the contract amount increased by 33.48% [1] - The company is focusing on optimizing its order structure and adjusting its business layout, leading to a decrease in new project numbers but an increase in contract amounts due to higher project quality and efficiency [1] - The company has continued its strategic adjustment in business layout, reducing its focus on real estate and actively promoting urban "three major projects" construction, which includes "urban renewal" and "urban supporting" projects [2] Group 2 - The new contract amount for "urban renewal" projects is approximately RMB 702.71 million, while "urban supporting" projects amount to approximately RMB 1,137.06 million, together accounting for 76.79% of the total new contract amount in the first half of the year [2] - As of the end of Q2 2025, the company has no major signed projects that have not yet been executed, indicating a strong project pipeline [2]

证券代码：605287 证券简称：德才股份 公告编号：2025-055 德才装饰股份有限公司 2025 年上半年，公司持续开拓"城市更新"与"城市配套"两类项目，新 签"城市更新"类项目金额约为 70,271 万元，新签"城市配套"类项目金额约 为 113,706 万元，上述两类项目约占上半年新签项目总金额的 76.79%。 截至 2025 年第二季度末，公司不存在已签订但尚未执行的重大项目情况。 以上数据仅为阶段性数据且未经审计，可能与定期报告披露的数据存在差异，仅 供投资者参阅。 特此公告。 德才装饰股份有限公司董事会 本公司及董事会全体董事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，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年第二季度，德才装饰股份有限公司（以下简称"公司"）及子公司新 签项目数量总计 55 个，新签项目金额为人民币 106,870 万元，新签项目数量较 上年同期减少 37.50%，新签项目金额较上年同期增加 33.48%，按业务类型细分， 具体情况如下： | 经营数据 | 装饰装修 业务 | 房屋建筑 业务 | 市政业务 | 其他 | 总计 | | - ...

证券代码：605287 证券简称：德才股份 公告编号：2025-039 德才装饰股份有限公司 关于 2025 年第一季度主要经营数据情况的公告 本公司及董事会全体董事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，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年第一季度，德才装饰股份有限公司（以下简称"公司"）及子公司新 签项目数量总计 62 个，新签项目金额为人民币 132,710 万元，新签项目数量较 上年同期减少 38.00%，新签项目金额较上年同期减少 21.80%，按业务类型细分， 具体情况如下： | 经营数据 | 装饰装修 业务 | 房屋建筑 业务 | 市政业务 | 其他 | 总计 | | --- | --- | --- | --- | --- | --- | | 2025年第一季度新签 项目数量（个） | 26 | 3 | 2 | 31 | 62 | | 2025年第一季度新签 项目总金额（万元） | 100,224 | 25,936 | 3,810 | 2,740 | 132,710 | | 2025年累计新签项目 数量（个） | 26 | 3 | 2 | 31 | ...