1月21日，集团召开2025年工程建设总结及2026年任务部署专题会议。集团总裁欧阳绘宇，集团总部相 关部门及系统内各工程建设单位现场参会。会议由集团副总裁邵建平主持。 会上，集团工程管理部汇报了2025年工程建设工作情况及2026年工程建设任务目标。保定公司、北控公 司、新疆区域分公司、环保公司分别围绕精细化管理、技术创新、风险管控、设计优化等主题，分享了 各具特色的工程管理实践经验，为集团系统内的经验互鉴与管理提升提供范例。 会议指出，2025年是集团工程建设迎难而上、成果丰硕的一年。2025年，工程领域实现安全"零事故"、 质量"零事件"；重大火电、环保及新能源等项目实现高质量投产，清洁能源转型步伐坚实有力；管理效 能持续跃升，技术创新与成本管控成效显著；同步推进建设项目96个，总建设规模达1061万千瓦，创历 史新高。 四是深化精益管控与全周期优化，深挖造价效益潜力。要加快建设集团级造价管理智能平台，动态更新 造价指标并作为投资硬约束，强化结算过程督导与后评价管理，并开展环保、抽蓄等项目造价管理专项 研究。 五是强化创新引领与数智赋能，培育新业态建设能力。要加大海上风电、压缩空气储能等关键技术攻关 投 ...

Group 1: Financial Performance - The company's net profit and cash flow growth rates have diverged during the reporting period, primarily driven by the toll business's internal growth and effective cost control [1] - The company reported a stable gross margin across its main business segments, focusing on core business development and risk management to enhance overall profitability [2] Group 2: Strategic Initiatives - The "Highway+" strategy has led to significant achievements, including optimizing the financial sector and expanding environmental services related to highway operations [2] - Future focus will be on deepening the "Highway+" strategy, particularly in smart transportation and cultural tourism sectors, to build a competitive advantage across the entire industry chain [2] Group 3: Investment and Financing - The company plans to continue investing in high-quality projects related to highway operations, financial services, and industrial operations, with varying investment return cycles depending on the sector [3] - Recent bond issuances and short-term financing approvals have improved the company's capital structure, with potential for equity financing to further reduce the debt ratio [3] Group 4: Market Challenges and Risk Management - The company faces regulatory pressures in the financial sector and challenges in the environmental projects due to client payment capabilities, necessitating a robust risk management framework [4] - A three-tiered risk management system has been established to address market, operational, and credit risks, focusing on employee behavior regulation and operational efficiency [4] Group 5: Growth Engines - Core growth engines for the next three to five years include enhancing the highway business, leveraging digital finance, and expanding green energy initiatives [4] - The company aims to optimize existing resources and explore new business opportunities closely related to highway operations, including tourism and emerging industries [4] Group 6: Support from Major Shareholder - The controlling shareholder, Hunan Highway Group, is committed to supporting the company's high-quality development by exploring the injection of quality assets into the listed company [5]

Core Viewpoint - The company has demonstrated significant growth in its international operations, with a strong focus on transforming its overseas engineering contracting model towards an integrated "investment, construction, and operation" approach, particularly in the fields of environmental protection, cable cars, and clean energy [1][4]. Group 1: International Operations - In the first half of the year, the company's international engineering contracting business achieved a contract amount of $973 million, representing a substantial year-on-year increase of 36.66%. This amount already accounts for 84.31% of the total contract amount for the entire year of 2024, which is $1.154 billion [2]. - The company has established over 60 branches in more than 100 countries and regions, reinforcing its presence in traditional areas such as Southeast Asia, South Asia, and the Middle East, while actively exploring new markets like Guyana and Nicaragua [2]. - The company has successfully developed key projects in Central Asia, West Asia, and Latin America, including a soda ash plant in Kazakhstan and a waste-to-energy plant in Uzbekistan [2][3]. Group 2: Strategic Transformation - The company is advancing its "investment, construction, and operation" strategy, with new contracts in engineering investment and operation amounting to $475 million in the second quarter of 2025, marking a significant breakthrough in its strategic transformation [4]. - The management emphasizes that this strategy focuses on environmental protection, cable cars, and clean energy, aiming to stabilize revenue through high-quality operational assets [4]. - The company has developed a portfolio of assets in the environmental sector, including two solid waste treatment projects and eight wastewater treatment projects, while also making progress in the cable car sector with the construction of a cable car project in Xinjiang [4]. Group 3: Market Outlook - Analysts note that the company's strong international capabilities and its transformation towards the "investment, construction, and operation" model are creating a dual driving force for growth, which helps mitigate the volatility risks associated with traditional engineering contracting [5]. - The ongoing "Belt and Road" initiative presents strategic opportunities for the company, positioning it to continuously create long-term value for investors [5].