证券代码：603030 证券简称：全筑股份 公告编号：2026-004 上海全筑控股集团股份有限公司 2025 年第四季度经营情况简报 本公司董事会及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、准确性和完整性依法承担法律责任。 上海全筑控股集团股份有限公司 2025 年第四季度经营情况如下： | | 季末累计新签合同金额 | 新签流转中合同金额 | 截至报告期末累计已签约 未完工合同金额 | | --- | --- | --- | --- | | 设计 | 58,802,222.44 | | 136,126,700.87 | | 施工 | 866,292,695.97 | 323,308,698.58 | 1,259,945,273.70 | | 海外 | 641,480,319.88 | | 556,070,679.82 | | 其他 | 850,409.60 | | 254,254.39 | | 总计 | 1,567,425,647.89 | 323,308,698.58 | 1,952,396,908.78 | 币种：人民币 单位：元 特此公告。 上海全筑控股 ...

Investment Rating - The report assigns a "Buy" rating to Sinopec Engineering (02386.HK) with a target price of HKD 9.50 per share based on a 2026 PE of 13 times [1][5]. Core Insights - Sinopec Engineering is one of the largest energy and chemical engineering companies in China, with leading technical capabilities and strong backing from its parent company, Sinopec Group. The company is expanding its overseas business, contributing to performance growth. Additionally, it has a solid financial performance with a high dividend payout ratio, offering a stable yield of over 5% for investors [1][18]. Company Overview - Sinopec Engineering provides comprehensive services across the entire industry chain and lifecycle, focusing on refining and petrochemical engineering. It has a strong international competitive edge and a history of over 70 years [23][26]. - The company is backed by Sinopec Group, which holds a 62.52% stake, ensuring a stable business foundation [30][34]. Industry Analysis - The petrochemical industry is experiencing pressure on profits, with a slight revenue decline of 2.6% year-on-year in H1 2025, while total profits fell by 10.3%. However, the demand for petrochemical products remains, driven by the "reduce oil, increase chemicals" trend [2][17]. - Policy support for coal chemical development is evident, with significant investments planned in Xinjiang, exceeding 900 billion [2][17]. Financial Performance - For H1 2025, Sinopec Engineering reported a revenue increase of 10.14% year-on-year and a net profit increase of 4.83%. The company has maintained a dividend payout ratio above 63% over the past four years, with a current dividend yield of 5.33% [3][4]. - The company's revenue is projected to grow steadily, with estimates of 70.66 billion in 2025 and 78.10 billion in 2026, reflecting a growth rate of 10.06% and 10.53% respectively [4][18]. Growth Drivers - The company has seen a 24.35% increase in new contracts signed in Q1-Q3 2025, with a backlog of contracts amounting to 215.47 billion, which is 3.36 times the expected revenue for 2024 [3][39]. - The overseas revenue for H1 2025 increased by 92% year-on-year, indicating strong growth potential in international markets [3][39].

Core Viewpoint - Southbound funds increased their holdings in Sinopec Engineering (02386.HK) by 16,500 shares on December 9, indicating a fluctuating interest from investors in recent trading days [1] Group 1: Southbound Fund Activity - In the last 5 trading days, there were 2 days of net reductions in holdings by southbound funds, totaling a net decrease of 841,000 shares [1] - Over the past 20 trading days, there were 13 days of net increases in holdings by southbound funds, with a cumulative net increase of 2.8855 million shares [1] - Currently, southbound funds hold 385 million shares of Sinopec Engineering, representing 26.96% of the company's total issued ordinary shares [1] Group 2: Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services in China [1] - The company operates four divisions: - The Design, Consulting, and Technology Licensing division provides design, consulting, R&D, feasibility studies, and compliance certification services to the refining and chemical industries [1] - The Engineering Contracting division offers comprehensive engineering, procurement, construction, maintenance, and project management services to the refining and chemical sectors [1] - The Construction division provides new construction, renovation, expansion, repair, and maintenance services for infrastructure, oil and gas storage tanks, and transportation pipelines, as well as heavy equipment lifting and transportation services for construction projects [1] - The Equipment Manufacturing division is involved in the design, R&D, manufacturing, and sales of equipment and components required in refining and chemical facilities [1]

Group 1 - The company Tunnel Shares (SH 600820) announced on November 28 that its 10th Board of Directors held a meeting via telecommunication to review the proposal for acquiring 65% equity in Binzhou Huanghe Public Railway Bridge Investment Co., Ltd. [1] - For the first half of 2025, the revenue composition of Tunnel Shares is as follows: construction business accounts for 84.3%, operational business 6.91%, investment business 3.38%, design services 2.39%, and financing leasing 1.41% [1] - As of the report date, the market capitalization of Tunnel Shares is 19.9 billion yuan [1]

Core Viewpoint - Southbound funds have increased their holdings in Sinopec Engineering (02386.HK), indicating positive investor sentiment towards the company [1]. Group 1: Southbound Fund Activity - On November 20, southbound funds increased their holdings by 21,500 shares [1]. - Over the past five trading days, there were four days of net increases, totaling 2,307,500 shares [1]. - In the last 20 trading days, there were 13 days of net increases, amounting to 5,245,500 shares [1]. - As of now, southbound funds hold 383 million shares of Sinopec Engineering, representing 26.86% of the company's total issued ordinary shares [1]. Group 2: Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services and operates four divisions: design, consulting and technology licensing; engineering contracting; construction; and equipment manufacturing [2]. - The design, consulting, and technology licensing division provides services such as design, consulting, R&D, feasibility studies, and compliance certification to the refining and chemical industries [2]. - The engineering contracting division offers comprehensive engineering, procurement, construction, maintenance, and project management services to the refining and chemical sectors [2]. - The construction division provides new construction, renovation, expansion, repair, and maintenance services for infrastructure, oil and gas storage tanks, and transportation pipelines [2]. - The equipment manufacturing division is involved in the design, R&D, manufacturing, and sales of equipment and components required for refining and chemical facilities [2].

Core Insights - Southbound funds increased their holdings in Sinopec Engineering (02386.HK) by 1.0595 million shares on November 18, 2025, marking a 0.28% increase in total shares held [1][2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 1.582 million shares [1] - In the last twenty trading days, there were thirteen days of net increases, amounting to 5.8585 million shares [1] - As of now, southbound funds hold 383 million shares of Sinopec Engineering, representing 26.87% of the company's total issued ordinary shares [1] Summary by Sections Shareholding Changes - On November 18, 2025, total shares held reached 383 million, with a change of 1.0595 million shares [2] - On November 17, 2025, total shares held were 382 million, with a change of 780,000 shares [2] - On November 14, 2025, total shares held remained at 382 million, with a change of 626,000 shares [2] - On November 13, 2025, total shares held were 381 million, with a decrease of 1.4195 million shares [2] - On November 12, 2025, total shares held were 382 million, with a change of 536,000 shares [2] Company Overview - Sinopec Engineering (Group) Co., Ltd. primarily engages in engineering contracting services in China [2] - The company operates four divisions: - Design, consulting, and technology licensing, providing services to the refining and chemical industries [2] - Engineering contracting, offering comprehensive engineering, procurement, construction, maintenance, and project management services [2] - Construction services for infrastructure, oil and gas storage tanks, and transportation pipelines [2] - Equipment manufacturing, focusing on the design, research and development, manufacturing, and sales of equipment and components needed in refining and chemical facilities [2]

Core Viewpoint - *ST Yuancheng has triggered the mandatory delisting criteria due to its stock market capitalization falling below 500 million yuan for 20 consecutive trading days, leading to a suspension of trading starting November 11, 2025 [1][3]. Group 1: Stock Performance and Market Capitalization - As of November 10, the company's stock price was 0.58 yuan, with a total market capitalization of 1.89 million yuan [5]. - The company has experienced a continuous decline, with 21 consecutive trading days of a locked-down stock price since October 13 [5]. Group 2: Regulatory Actions and Financial Issues - The company faced administrative penalties from the China Securities Regulatory Commission (CSRC) due to false reporting in its annual reports from 2020 to 2022 and fabricating significant false content in its 2022 non-public stock issuance documents, with a proposed fine of 37.45 million yuan [5]. - The Shanghai Stock Exchange has issued a notice indicating that *ST Yuancheng's stock has met the conditions for termination of listing [3]. Group 3: Company Background - Founded in 1999 and headquartered in Hangzhou, Zhejiang, *ST Yuancheng operates in project planning, design, and construction within the ecological landscape, green environmental protection, and leisure tourism sectors [5]. - As of the end of the third quarter of 2025, the company had approximately 12,600 shareholders [6].

Group 1 - Xinjiang Transportation Construction Group announced that its major shareholder, TBEA Co., Ltd., plans to reduce its stake by up to 21 million shares, representing 2.88% of the total share capital [1] - The reduction will occur through centralized bidding and block trading within a three-month period starting from November 28, 2025 [1] - The company reported that its revenue composition for the first half of 2025 was 97.29% from construction, 1.69% from trade, 0.52% from design and testing, and 0.5% from leasing and transportation [1] Group 2 - As of the report, Xinjiang Transportation Construction has a market capitalization of 13.2 billion yuan [1]

Core Viewpoint - Southbound funds increased their holdings in Sinopec Engineering (02386.HK) by 1.3625 million shares on November 4, 2025, indicating a positive sentiment towards the company [1]. Summary by Category Shareholding Changes - In the last five trading days, Southbound funds increased their holdings on three occasions, with a total net increase of 586,000 shares [1]. - Over the past 20 trading days, Southbound funds reduced their holdings on 12 days, resulting in a cumulative net reduction of 2.0735 million shares [1]. - As of now, Southbound funds hold 380 million shares of Sinopec Engineering, accounting for 26.63% of the company's total issued ordinary shares [1]. Company Overview - Sinopec Engineering Co., Ltd. primarily engages in engineering contracting services and operates through four segments: - Design, Consulting, and Technology Licensing, providing services to the refining and chemical industries [2]. - Engineering Contracting, offering comprehensive engineering, procurement, construction, maintenance, and project management services [2]. - Construction, focusing on infrastructure for the refining and chemical industries, including new construction, renovation, expansion, and maintenance services [2]. - Equipment Manufacturing, involved in the design, research and development, manufacturing, and sales of equipment and components needed in refining and chemical facilities [2].

Core Viewpoint - China Communications Construction Company (CCCC) has been actively involved in the nuclear power sector since the 14th Five-Year Plan, participating in over 100 related projects, including marine engineering design and construction for nuclear power plants [1] Group 1 - The company has engaged in marine engineering support design and construction projects for nuclear power plants [1] - Since the beginning of the 14th Five-Year Plan, the company has participated in more than 100 related projects in the nuclear power field [1]