中工国际 20250825 2025 年上半年，中国国际在国际工程承包领域新签合同额 1.26 亿美元，保持 历史高位水平，生效合同额 9.73 亿美元，同比增长 36.66%。公司精准把握 海外医疗市场需求，在圭亚那、伊拉克、尼加拉瓜等国家签约了 6 个海外医疗 项目，总金额超过 4 亿美元。同时，公司在重点区域实现滚动开发，包括哈萨 克斯坦纯碱厂二期、土耳其楚库三期及尼加拉瓜蓬塔韦特机场配套道路建设等 一系列项目。 中国国际在国内工程承包和设计咨询领域的表现如何？ 2025 年上半年，公司在国内工程承包新签合同额 22.75 亿元，设计咨询新签 合同额 9.47 亿元。国内业务主要专注于优势领域，如医疗建筑设计、新基建 和数据中心等。例如，新签佛山市中医院及广州机场航站楼行李系统设计服务 等标志性项目，并承接民生银行郑州战略研发中心基地项目。这些布局进一步 优化了公司的业务结构。 装备制造板块有哪些亮点？ 在装备制造板块，中国国际的索道业务与日本广野株式会社签署战略合作协议， 并成功拓展日本市场，同时还签约了香山公园索道和广东长隆索道等优质项目。 在起重运输板块，公司依托智能化技术，签约泰国 4 个垃圾吊 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to adverse weather conditions and the ongoing costs associated with new projects that have not yet become profitable [5][4][3]. Financial Performance - The company achieved total operating revenue of 377.70 million yuan, a decrease of 1.85% compared to the same period last year [5]. - The net profit attributable to shareholders was 94.50 million yuan, down 15.86% year-on-year [5]. - The decline in revenue and profit was attributed to increased downtime of cable cars due to bad weather and the trial operation of the Lugu Lake Indigo Hotel, which has not yet turned a profit [5]. Business Segments - The company’s three cable cars received a total of 3.09 million visitors, a decrease of 148,400 visitors or 4.58% year-on-year [5]. - The Impression Lijiang show attracted 707,000 visitors, down 15.48% year-on-year [5]. - The hotel business, including various properties, generated revenue of 61.64 million yuan, an increase of 5.48% year-on-year [5]. - The Diquing Shangri-La Tourism Investment Company reported revenue of 14.56 million yuan, a year-on-year increase of 25.08% [5]. Corporate Governance - All board members attended the meeting to review the report [2]. - The board approved the half-year report without any cash dividends or stock bonuses [3]. - The company’s controlling shareholder and actual controller did not change during the reporting period [5]. Related Party Transactions - The company plans to engage in daily related party transactions with Lijiang Tourism Investment Group in 2025, which were approved by the board [14][21]. - The transactions are deemed necessary for the company's operations and are conducted at fair market prices [19][16].

Group 1: Company Strategy and Development - Company emphasizes the importance of low-altitude economy and is exploring a "low-altitude + technology + tourism" development model to enhance visitor experience and management efficiency [1] - Company plans to increase market expansion efforts based on market demand, aiming to establish new performance support points and promote diversified development [2] - Company intends to deepen its presence in the cultural tourism market by scientifically planning tourism elements and enhancing brand recognition and reputation [2] Group 2: Market Trends and Consumer Behavior - The domestic tourism market is experiencing a downward trend and demand upgrade, with lower-tier cities and rural areas becoming significant new growth points for tourism [1] - The tourism industry is entering a new era characterized by diversified, personalized, and quality consumption, with a focus on local and short-distance travel [1] - There is a growing interest in senior tourism, health and wellness travel, and educational and family trips [1] Group 3: International Market Expansion - Company is actively working to expand the inbound tourism market through various strategies, including promoting in regions like Hong Kong and Thailand, and hosting discussions with local government on inbound tourism policies [3] - Company is leveraging visa exemption policies to attract more inbound tourists [3]

Core Viewpoint - The report highlights the financial performance of SanTe Cableway, indicating a decline in revenue but an increase in net profit, showcasing the company's resilience in a challenging market environment [2][3]. Financial Performance - In 2024, SanTe Cableway achieved a total revenue of approximately 6.92 billion yuan, a year-on-year decrease of 3.69% [2]. - The net profit attributable to shareholders was about 1.42 billion yuan, reflecting a year-on-year increase of 11.34% [2]. - The net cash flow from operating activities was 2.85 billion yuan, down 13.76% compared to the previous year [2]. - The company decided to increase its dividend payout, distributing 2.5 yuan per 10 shares, totaling 44.32 million yuan [2]. Business Segmentation - The cableway business is the dominant segment, accounting for 79.6% of total revenue with an income of 5.5 billion yuan in 2024 [3]. - The cableway segment demonstrated strong profitability with a gross margin of 70.98%, although it decreased by 0.36% year-on-year [3]. Project Performance - The Guizhou Fanjing Mountain project received 1.77 million visitors in 2024, a 1.99% increase, generating revenue of 237 million yuan, up 1.01% [4]. - The Huashan Cableway project also saw growth, with 1.99 million visitors, revenue of 136 million yuan, and net profit of 46.37 million yuan, reflecting increases of 9.65%, 6.54%, and 8.64% respectively [4]. - However, four out of eleven core scenic projects reported losses, with a total net loss of 57.29 million yuan, primarily due to adverse weather conditions affecting visitor numbers [4]. Industry Context - The cableway business is often referred to as the "cash cow" of the tourism industry due to its high gross margins, with some projects achieving margins above 80% [5][6]. - The industry faces challenges such as dependency on scenic areas and the trend towards lower ticket prices, which could impact revenue [5]. - Companies are exploring new growth avenues, such as themed cable cars and high-altitude viewing experiences, to adapt to market changes [5].