证券代码：601800 证券简称：中国交建 公告编号：临2025-045 中国交通建设股份有限公司 2025年第二季度主要经营数据公告 中国交通建设股份有限公司（本公司或公司）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、 准确性和完整性承担个别及连带责任。 现将公司2025年第二季度主要经营情况公布如下，供各位投资者参阅。 各业务来自于境外地区的新签合同额为 2,003.79 亿元（约折合 281.67 亿美 元），同比增长 2.20%，约占公司新签合同额的 20%。其中，基建建设业务、基 建设计业务、疏浚业务和其他业务分别为 1,980.67 亿元、9.10 亿元、5.69 亿元 和 8.33 亿元。 单位：亿元 | 地区分布 | 2025年累计 | 2024年 同期累计 | 同比增减 | | --- | --- | --- | --- | | 境内 | 7,906.75 | 7,648.02 | 3.38% | | 境外 | 2,003.79 | 1,960.65 | 2.20% | | 合计 | 9,910.54 | 9,608.67 | 3.14% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved an operating revenue of 154.644 billion yuan in Q1 2025, a year-on-year decrease of 12.58%. The net profit attributable to shareholders was 5.467 billion yuan, down 10.98% year-on-year [2][8]. - Despite the revenue decline, the company has shown a commitment to shareholder returns by increasing the dividend payout ratio to 21%, reflecting a focus on enhancing investor returns [14]. - The company has set a target for new contract signing and revenue growth of no less than 7.1% and 5.0%, respectively, for 2025 [14]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 11.55%, a slight decrease of 0.35 percentage points year-on-year. The net profit margin increased by 0.06 percentage points to 3.54% [14]. - Operating cash flow saw a net outflow of 48.908 billion yuan, an increase of 9.273 billion yuan year-on-year, with a cash collection ratio of 94.85%, down 1.60 percentage points [14]. - The company's debt-to-asset ratio increased by 1.20 percentage points to 75.35% year-on-year [14]. New Contracts and Business Growth - The company signed new contracts worth 553.034 billion yuan in Q1 2025, a year-on-year increase of 9.02%, achieving 27% of the annual target [14]. - New contracts from overseas regions amounted to 106.877 billion yuan (approximately 15.023 billion USD), representing a year-on-year growth of 17.14% [14]. - The company is accelerating its transformation into new business areas, with new contracts in energy engineering and water conservancy projects growing by 185.36% and 29.53%, respectively [14]. Dividend Policy - The company has decided to distribute dividends amounting to approximately 4.911 billion yuan, which is 21% of the net profit attributable to shareholders, reflecting an increase in the dividend payout ratio [14].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, but new contract signings showed positive growth, indicating potential recovery in the upcoming quarters [1][2]. Financial Performance - Q1 2025 revenue was 154.6 billion, down 12.6% year-on-year, with a net profit of 5.47 billion, down 11.0% year-on-year [1]. - The gross profit margin for Q1 2025 was 11.6%, a decrease of 0.35 percentage points year-on-year, while the net profit margin increased by 0.07 percentage points to 3.54% [1][2]. - The company experienced a cash outflow of 48.9 billion in operating activities for Q1 2025, which was 9.3 billion more than the previous year, primarily due to seasonal factors [2]. Contract and Order Growth - New contract signings for Q1 2025 reached 553 billion, representing a year-on-year increase of 9.0%, laying a solid foundation for annual growth [2]. - The breakdown of new contracts includes 493.5 billion in infrastructure construction, 15.5 billion in design, and 4.1 billion in dredging, with notable growth in overseas projects [2]. Debt and Cash Flow - As of the end of Q1 2025, the company had a debt ratio of 34.3% and a liability ratio of 75.3%, both showing slight increases compared to the previous year [2]. - The cash collection ratio for Q1 2025 was 94.9%, down 1.61 percentage points year-on-year, while the cash payment ratio was 125.5%, up 3.77 percentage points year-on-year [2]. Profit Forecast and Valuation - The company maintains net profit forecasts of 24.6 billion, 25.9 billion, and 27.0 billion for 2025-2027 [3]. - The target price for A shares is set at 12.11 yuan, while the target price for H shares is adjusted to 7.33 HKD, maintaining a "buy" rating for both A and H shares [3].