Core Viewpoint - China Communications Construction Company (CCCC) reported a revenue of 337.055 billion yuan and a net profit of 9.568 billion yuan for the first half of 2025, indicating a stable financial performance amidst industry transformation [1][2]. Financial Performance - CCCC achieved a revenue of 337.055 billion yuan and a net profit of 9.568 billion yuan, with earnings per share at 0.56 yuan [1]. - The new contract value reached 991.054 billion yuan, a year-on-year increase of 3.14% [1][2]. - The company has distributed approximately 55.6 billion yuan in dividends to shareholders, reinforcing its commitment to shareholder returns [1]. Business Development - The company is focusing on "innovation, green, digital, integration, and sustainability" to stabilize its core business while transitioning towards a greener and more digital future [2]. - The new contract value growth is primarily driven by increased demand in port construction, urban development, overseas projects, and energy engineering [2][3]. - As of June 30, 2025, CCCC holds an unexecuted contract amount of 3,428.988 billion yuan [1][2]. International Expansion - CCCC's overseas business strategy emphasizes "One Belt, One Road" countries, with a new contract value of 200.379 billion yuan in overseas markets, reflecting a year-on-year growth of 2.20% [3]. - The company has signed contracts worth 8.67 billion USD in "One Belt, One Road" countries, accounting for 31% of its overseas contracts [3]. Technological Innovation - CCCC invested 8.891 billion yuan in R&D, representing 2.64% of its revenue, focusing on key technologies and innovative solutions [4][5]. - The company has achieved significant breakthroughs in technology, including the completion of the "1025 Special" phase II tasks, and has established a national key laboratory for coastal and estuarine research [5][6]. Future Outlook - CCCC plans to continue focusing on growth and quality development, with a commitment to achieving its annual targets and enhancing its market position [6].

5）2025 年公司新签合同额目标计划为同比增速不低于7.1%，收入目标计划为同比增速不低于5%。 费用率下行，现金流仍在改善。1）2024 年公司期间费用率为6.01%，同比下降0.26pcts，受益于公司加 强费用管控，其中销售/管理/研发/财务费用率分别为0.4%、2.33%、3.37%、-0.09%，同比分别 +0.07、-0.15、-0.23、+0.06pcts。 事项： 公司发布2024 年业绩报告，实现营收7719 亿元，同比增加1.74%；归母净利润为234 亿元，同比下降 1.81%；扣非归母净利润为198.12 亿元，同比下降8.44%。 评论： 基建建设营收同比稳步增长2.3%，其中港澳及海外地区增长16.4%。1）24 年公司实现营收7719 亿元， 同比增加1.74%；归母净利润为234 亿元，同比下降1.81%；扣非归母净利润为198.12 亿元，同比下降 8.44%。毛利率为12.29%，同比下降0.3pcts。2）分业务结构来看，基建建设、基建设计、疏浚、其他 业务分别实现营收6814、363、594、260 亿元，同比分别+2.3%、-23.3%、+11.1%、+34.7%， ...