2024(H股) 年度報告 年度報告 2024 (H 股 ) 中國交通建設股份有限公司 | 目 錄 | | | --- | --- | | 公司簡介 | 2 | | 業績概要 | 4 | | 董事長致辭 | 6 | | 業務概覽 | 10 | | 管理層的討論與分析 | 40 | | 董事會報告 | 56 | | 監事會報告 | 96 | | 企業管治報告 | 100 | | 董事、監事及高級管理人員簡歷 | 112 | | 投資者關係 | 117 | | 獨立核數師報告 | 125 | | 合併損益表 | 129 | | 合併綜合收益表 | 130 | | 合併財務狀況表 | 131 | | 合併權益變動表 | 133 | | 合併現金流量表 | 135 | | 財務報表附註 | 137 | | 詞滙及技術術語表 | 265 | | 公司信息 | 267 | 公司簡介 公司成立於2006年10月8日，是 經 國 務 院 批 准，由 中 交 集 團（國 務 院 國 資 委 監 管 的 中 央 企 業）整 體 重 組 改 制 並 獨 家 發 起 設 立 的 股 份 有 限 公 司。2006年12月15日，首 次 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 2025年第一季度報告 中 國 交 通 建 設 股 份 有 限 公 司（「公 司」，「本公司」或「中國交建」，連 同 其 子 公 司 「本集團」）依 照 中 國 證 券 監 督 管 理 委 員 會（「中國證監會」）關 於 上 市 公 司 季 度 報 告信息披露的有關規定編製本季度報告。 本季度報告載列之全部財務資料均未經審計並按照中國企業會計準則編製。 本季度報告中，本報告期或本期指2025年1月 至3月。 本公告乃根據證券及期貨條例第XIVA部 項 下 內 幕 消 息 條 文（定 義 見 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」））及 上 市 規 則 第13.09(2)條之要求 撰 寫。本 季 度 報 告 與 於 上 海 證 券 交 易 所 刊 發 之 公 告 內 容 一 致。本 公 告 於 國 內 及海外同時刊發。 – 1 – 中國交通建設股份有限公司 CHI ...

Group 1 - The meeting between the leaders of Guangxi and China Communications Construction Group (CCCC) emphasizes the importance of Guangxi as a strategic gateway for cooperation with ASEAN and the Belt and Road Initiative [1] - Guangxi is experiencing significant development opportunities supported by the central government, focusing on innovation, openness, and high-level infrastructure projects [1] - CCCC expresses commitment to leveraging its strengths in transportation and infrastructure to support Guangxi's economic development, particularly in areas like the Pinglu Canal Economic Belt and port construction [2] Group 2 - CCCC acknowledges Guangxi's unique geographical advantages and development potential, aiming to enhance collaboration in various sectors including transportation infrastructure and water resource management [2] - The meeting highlights the mutual benefits of deepening cooperation between CCCC and Guangxi, with a focus on high-quality project execution and strategic partnerships [1][2]

Financial Performance - In 2024, the company's revenue was 768.243 billion yuan, an increase of 12.556 billion yuan or 1.7% compared to 2023[3]. - Operating profit for 2024 was 39.307 billion yuan, up 0.9% from 38.974 billion yuan in 2023[4]. - Net profit attributable to shareholders for 2024 was 23.854 billion yuan, a decrease of 8.85 billion yuan or 3.6% from 24.739 billion yuan in 2023[4]. - The company reported a basic earnings per share of 1.40 yuan in 2024, down from 1.45 yuan in 2023[5]. - The gross profit for 2024 was 92.603 billion CNY, a decrease of 2.1% from 94.549 billion CNY in 2023[121]. - The net profit for the year was RMB 30,819 million, slightly lower than RMB 31,153 million in 2023, reflecting a decline of approximately 1.1%[194]. - The total comprehensive income for the year was RMB 34,922 million, compared to RMB 29,054 million in 2023, showing an increase of approximately 20.1%[196]. Contract and Project Management - The new contract amount signed in 2024 reached 1,881.185 billion yuan, an increase of 7.3% compared to 1,753.215 billion yuan in 2023[5]. - As of December 31, 2024, the amount of uncompleted contracts was 3,486.773 billion yuan[6]. - The company signed new contracts worth CNY 129.047 billion during the year, a decrease of 33.8% year-on-year, effectively controlling the investment scale[19]. - The company achieved new overseas contract value of 359.73 billion yuan, representing a year-on-year growth of 12.5%[22]. - The company signed new contracts worth CNY 1,881.185 billion, representing a year-on-year increase of 7.3%[54]. - New contracts from overseas regions amounted to CNY 359.726 billion (approximately USD 51.033 billion), a year-on-year increase of 12.5%, accounting for 19% of total new contracts[54]. Strategic Focus and Development - The company plans to focus on high-quality development and aims to enhance its role in national strategies, including major projects like the Belt and Road Initiative[8]. - The company aims to strengthen its core business areas, including infrastructure construction, design, and dredging, while providing comprehensive solutions for various stages of infrastructure projects[14]. - The company is focusing on low-carbon, innovative, and integrated development in modern infrastructure construction, with significant investment opportunities in ports and inland water transport[45]. - The company is focusing on strategic emerging industries and future industries to increase their revenue and value contribution[38]. - The company is committed to improving its capital management system to enhance investment value and protect investor rights[37]. Investment and Financial Management - The company has achieved a cash flow balance in project investments, effectively controlling cash flow and improving investment quality[19]. - The company is focusing on enhancing its asset management capabilities by optimizing its asset and debt structure, targeting non-operating and inefficient assets for improvement[40]. - The company plans to implement a mid-term dividend policy to boost market confidence and investor satisfaction, with a proposal approved on November 29[39]. - The company is actively pursuing mergers and acquisitions to integrate high-quality assets and improve its core competitiveness[36]. - The company has established a diversified investment portfolio to manage risks related to fluctuations in securities market prices[191]. Research and Development - R&D expenditure for the reporting period was 26.393 billion yuan, accounting for 3% of operating revenue, with significant progress in tackling "bottleneck" technologies[32]. - The company has accumulated 43 National Science and Technology Progress Awards and 5 National Technology Invention Awards[31]. - The company is focusing on increasing R&D investment in key areas such as deep-sea technology, AI, and industrial software to drive innovation and industry leadership[33]. Market and Competitive Position - The company's construction and dredging businesses maintain a market share of over 60% in the coastal market, with the road business continuing to strengthen its position as the "King of Highways"[17]. - The company has a total of 34 wholly-owned and holding subsidiaries, with operations spanning all provinces, cities, and regions in China, as well as 139 countries and regions worldwide[17]. - The company is actively expanding its presence in land-based renewable energy, particularly in desert and coal mining subsidence areas, leveraging existing partnerships to develop new energy bases[51]. - The company is enhancing its competitive strength in municipal services, focusing on new infrastructure and urban comprehensive transportation projects[72]. Risk Management and Compliance - The company emphasizes risk management and compliance with national regulatory requirements to avoid regional and systemic risks[105]. - The group operates in over 130 countries, facing various international risks including political, economic, and regulatory challenges[180]. - The company is actively optimizing and enhancing its network security systems to mitigate risks associated with increasing cyber threats as it expands into international markets[193]. International Expansion - The company is implementing the "Company Internationalization" deepening reform plan (2023-2025) to optimize overseas operational structures[21]. - The company aims to enhance its international influence and expand both domestic and overseas markets while adjusting its business structure[47]. - The company is focusing on major projects in key regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta, indicating broad market opportunities[66].

Contract Performance - The new contract amount signed by the company in 2024 reached RMB 1,881.185 billion, representing a year-on-year growth of 7.30% and achieving 95% of the annual target[5]. - In the fourth quarter of 2024, the total new contracts signed amounted to RMB 600.729 billion, compared to RMB 575.321 billion in the same period last year, reflecting a growth of 7.30%[11]. - Major contracts signed in the fourth quarter included the Yunnan G5615 Tianhou Expressway project worth RMB 8.997 billion and the Fujian F2 and F3 line construction project valued at RMB 2.130 billion[14]. - The company has no major signed contracts that are yet to be executed, indicating a streamlined project pipeline[15]. Overseas and Emerging Markets - The new contracts from overseas regions amounted to RMB 359.726 billion (approximately USD 51.033 billion), a year-on-year increase of 12.50%, accounting for 19% of the total new contracts signed[7]. - The new contracts from emerging business sectors totaled RMB 705.347 billion, showing a significant year-on-year growth of 46.43%[7]. Sector-Specific Growth - The new contract amount from water conservancy projects was RMB 76.409 billion, up 109.75% year-on-year; energy engineering projects saw RMB 81.384 billion, a 146.41% increase; and agricultural engineering projects reached RMB 8.505 billion, growing by 248.26%[8].

Financial Performance - Operating revenue for the third quarter was RMB 179.19 billion, a decrease of 1.73% year-on-year[3] - Net profit attributable to shareholders was RMB 4.88 billion, down 0.65% compared to the same period last year[3] - Net profit excluding non-recurring gains and losses was RMB 2.90 billion, a significant decrease of 32.86% year-on-year[3] - The company reported a net profit of RMB 20.99 billion for the period, reflecting a year-on-year increase of 0.63%[6] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 16.27 billion, down from CNY 16.37 billion in the same period of 2023, indicating a decrease of 0.6%[23] - The company reported a total comprehensive income of CNY 20.02 billion attributable to shareholders for the first three quarters of 2024, compared to CNY 15.88 billion in the same period of 2023, indicating a significant increase of 26.8%[24] Assets and Liabilities - Total assets at the end of the period reached RMB 1.90 trillion, an increase of 12.94% from the previous year[4] - The company's equity attributable to shareholders increased by 4.54% to RMB 315.45 billion compared to the previous year[4] - Total liabilities increased to CNY 1.43 trillion as of September 30, 2024, compared to CNY 1.23 trillion as of December 31, 2023, representing a growth of 16.8%[20] - Current liabilities totaled CNY 894.70 billion, up from CNY 762.25 billion, marking an increase of 17.4%[20] - Non-current liabilities rose to CNY 535.60 billion, compared to CNY 462.96 billion, reflecting a growth of 15.7%[20] Cash Flow - Cash flow from operating activities showed a net outflow of RMB 2.87 billion[3] - Cash flow from operating activities showed a net outflow of ¥77,028,344,565, worsening from a net outflow of ¥50,372,213,567 in the previous year[9] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 77.03 billion, a decline from -CNY 50.37 billion in 2023, indicating a worsening cash flow situation[26] - The net cash flow from investment activities improved to -CNY 22.09 billion in 2024, compared to -CNY 50.28 billion in 2023, showing a reduction in cash outflow[27] - Cash inflow from financing activities for the first three quarters of 2024 was approximately 95.45 billion, an increase from 83.95 billion in the same period of 2023[35] Contracts and New Business - The company signed new contracts worth RMB 1.28 trillion, representing a year-on-year growth of 9.28%[6] - The new contract amount for the reporting period reached RMB 1,280.456 billion, representing a year-on-year increase of 9.28%, achieving 64% of the annual target of RMB 1,753.215 billion[13] - The new contracts signed from overseas regions amounted to RMB 265.162 billion (approximately USD 37.624 billion), a year-on-year growth of 24.66%, accounting for 21% of the total new contracts[14] - The emerging business sectors achieved new contracts worth RMB 390 billion in the first three quarters, reflecting a year-on-year increase of 27%[13] Shareholder Information - The total number of shares outstanding is 16,278,611,425, with A-shares accounting for 72.86% and H-shares for 27.14%[10] - The top shareholder, China Communications Construction Group, holds 57.59% of the total shares, amounting to 9,374,616,604 shares[10] - The total number of common shareholders at the end of the reporting period was 158,151, with 146,345 being A-share holders[10] Investment and Research - Investment income for the current period reached ¥976,314,155, a significant recovery from a loss of ¥185,217,066 in the same period last year[8] - Research and development expenses for the first three quarters of 2024 were CNY 17.44 billion, slightly up from CNY 17.31 billion in the same period of 2023[22] - The company achieved investment income of CNY 6.83 billion in 2024, up from CNY 5.47 billion in 2023, reflecting strong performance in investments[32] Other Financial Metrics - The basic earnings per share for the period was RMB 0.28, unchanged from the previous year[3] - Other comprehensive income attributable to shareholders was CNY 3.75 billion for the first three quarters of 2024, compared to a loss of CNY 0.49 billion in the same period of 2023[23] - The company experienced a fair value loss of ¥144,120,809, an improvement from a loss of ¥701,513,319 in the previous year[8]

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 356.01 billion, a decrease of 2.6% compared to RMB 365.35 billion in the same period of 2023[2]. - The gross profit for the same period was RMB 41.60 billion, reflecting an increase of 4.2% from RMB 39.91 billion year-over-year[2]. - The net profit attributable to shareholders was RMB 12.02 billion, down 3.1% from RMB 12.41 billion in the previous year, resulting in a basic earnings per share of RMB 0.70, a decrease of 4.1%[2][5]. - The total assets increased by 10.7% to RMB 1,864.85 billion as of June 30, 2024, compared to RMB 1,684.38 billion at the end of 2023[2]. - Revenue from overseas markets reached RMB 69.46 billion, accounting for 19.5% of total revenue, representing a growth of 4.1% year-on-year[153]. - Operating profit for the same period was RMB 20.53 billion, up 4.0% from RMB 19.74 billion in 2023[154]. - The cost of sales was RMB 314.41 billion, a decrease of 3.4% compared to RMB 325.44 billion for the same period in 2023[159]. - Management expenses rose by 3.0% to RMB 18.910 billion, primarily due to increased R&D costs[161]. Contractual Developments - The company signed new contracts worth RMB 960.87 billion, representing an 8.4% increase from RMB 886.69 billion in the same period last year[2][5]. - The total amount of uncompleted contracts reached RMB 3,536.24 billion as of June 30, 2024, compared to RMB 3,450.66 billion at the end of 2023[2]. - The new contract amount signed during the reporting period reached CNY 960.867 billion, representing an 8.4% year-on-year increase, driven mainly by increased construction demand in overseas projects and urban development[59]. - The new contracts signed from overseas regions amounted to CNY 196.065 billion (approximately USD 27.821 billion), marking a 38.9% year-on-year increase and accounting for 20% of the total new contracts[59]. - The company achieved new contract value of 385.5 billion yuan in the "Big City" business area, representing an 18.4% year-on-year growth[35]. Strategic Initiatives - The company aims to enhance its core competitiveness through technological innovation and management improvements, focusing on high-quality development[6][11]. - The company is committed to expanding its overseas presence, actively participating in the "Belt and Road" initiative and integrating key national management mechanisms[15]. - The company emphasizes risk prevention and control, aiming to reduce interest-bearing debt and enhance compliance risk management[17]. - The company is focusing on eight key areas and 25 sub-sectors in strategic emerging industries, including offshore wind power and Beidou technology applications[37]. - The company is actively participating in the digital transformation of transportation infrastructure, enhancing its technical strength and innovation capabilities in smart transportation[40]. Technological Advancements - The company launched the "Taihu Star," a fully autonomous ecological dredging platform, enhancing its technological innovation capabilities[38]. - The company has developed the world's first ultra-large diameter hard rock vertical excavation machine, showcasing its advancements in equipment manufacturing[41]. - The company is establishing a green and smart future transportation R&D center to drive research in green and smart transportation technologies[40]. - The company has accumulated 43 National Science and Technology Progress Awards, 5 National Technology Invention Awards, and 130 Luban Awards[47]. - The company has 34,343 authorized patents, participating in the formulation of 168 national standards and 537 industry standards[47]. Market Position and Competitiveness - The company is recognized as the world's largest design and construction firm for ports, roads, and bridges, with operations in 139 countries and regions[23]. - The company has a competitive edge in the infrastructure investment sector, focusing on value investment principles to adapt to market changes[21]. - The company is the largest dredging enterprise globally, holding a dominant position in China's coastal dredging market, with strong competitive advantages in core equipment and technology[27]. - The company has established a comprehensive project management system covering all contract procedures, ensuring effective project execution and delivery[20]. - The company is enhancing its market influence in railway infrastructure design, having entered this market during the "11th Five-Year Plan" period and is currently in a growth phase[25]. Urban Development and Sustainability - The company is actively participating in urban renewal and development projects, focusing on new urbanization and affordable housing initiatives[34]. - The company is committed to high-quality, sustainable development in overseas markets, focusing on infrastructure that benefits local communities[67]. - The company is focusing on optimizing its urban business layout, focusing on high-end design and urban operation services[34]. - The company is actively advancing major projects such as the Ma Dong Railway and Bogota Metro, with significant progress in the Saudi Arabian market[66]. - The company is involved in various public service projects, including old community renovations and collective rental housing, responding to increasing market demands[87]. Investment and Financial Management - The company aims to enhance its value creation capabilities through improved capital management and strategic investments[51]. - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds targeting traditional infrastructure projects and emerging industries[56]. - The company is continuously optimizing asset funding and implementing a plan to enhance asset value, focusing on the disposal of financial assets within reasonable price ranges[55]. - The company has implemented several policies to stabilize and expand private investment, focusing on high-quality development and effective risk prevention[134]. - The company has adjusted its market development and operational strategies in response to macroeconomic policy changes, emphasizing value investment and improving investment quality[137].

Financial Performance - For the six months ending June 30, 2024, the group's revenue was CNY 356.01 billion, a decrease of CNY 9.33 billion or 2.6% compared to CNY 365.35 billion in the same period of 2023[2]. - The gross profit for the same period was CNY 41.60 billion, an increase of CNY 1.69 billion or 4.2% from CNY 39.91 billion in 2023[2]. - Operating profit for the six months was CNY 20.53 billion, up CNY 0.78 billion or 4.0% from CNY 19.75 billion in 2023[2]. - The profit attributable to the owners of the parent company was CNY 12.02 billion, a decrease of CNY 0.39 billion or 3.1% from CNY 12.41 billion in the same period of 2023[2]. - Revenue from overseas markets was 69.46 billion yuan, accounting for 19.5% of total revenue, representing a growth of 4.1% year-on-year[75]. - The cost of sales decreased by 3.4% to 314.41 billion yuan compared to 325.44 billion yuan in the same period of 2023[77]. - Management expenses increased by 3.0% to 18.91 billion yuan, primarily due to increased R&D expenses[78]. - The operating profit margin improved from 5.4% in 2023 to 5.8% in 2024[79]. - The total revenue for the company for the six months ended June 30, 2024, was RMB 356.010 billion, a decrease from RMB 365.345 billion in the same period of 2023[86]. - The overall gross profit margin for the company increased from 10.9% in 2023 to 11.7% in 2024[86]. Contractual and Project Developments - The new contracts signed during the six months amounted to CNY 960.87 billion, an increase of 8.4% compared to CNY 886.69 billion in 2023[2]. - As of June 30, 2024, the group held an uncompleted contract amount of CNY 3,536.24 billion[2]. - The company signed new contracts worth $20.729 billion in countries participating in the "Belt and Road" initiative during the reporting period[18]. - The Middle East region accounted for new contracts totaling $4.803 billion[18]. - The cumulative new contract value since the "Belt and Road" initiative was proposed reached $255.487 billion[18]. - The company signed new contracts for urban construction projects in China totaling CNY 472.429 billion, an increase of 21.8% year-on-year, representing 55% of the infrastructure construction business[44]. - The company signed new overseas engineering contracts worth 191.39 billion yuan (approximately 27.15 billion USD), representing a year-on-year growth of 44.2% and accounting for 22% of its infrastructure construction business[46]. Technological Innovation and Development - The company aims to enhance core competitiveness through technological innovation and management innovation, focusing on expanding market share and optimizing service levels[6]. - The company is accelerating the development of key core technologies and aims to achieve significant original innovative results in the field of transportation infrastructure and marine engineering technology[8]. - The company is focused on technological innovation and the cultivation of leading technology enterprises to transform technological advantages into competitive advantages[9]. - The company launched the world's first fully autonomous ecological dredging intelligent platform ship, "Taihu Star," enhancing its technological innovation capabilities[22]. - The company has developed several groundbreaking tunneling machines, including the world's first ultra-large diameter hard rock vertical excavation machine, showcasing its advancements in equipment manufacturing[24]. Financial Management and Investment - The company is committed to improving asset management and reducing leverage, with a focus on optimizing existing assets and enhancing financial capabilities[7]. - The company is implementing a specialized work plan for optimizing and enhancing asset financing, focusing on the disposal of financial assets within a reasonable price range to supplement working capital[32]. - The company is actively expanding its diversified fund business, collaborating with banks and insurance institutions to establish funds aimed at supporting infrastructure development and the transformation of emerging industries[32]. - The company is committed to enhancing its market value management system in line with national policies and guidelines to improve the quality of listed companies[32]. - The company is enhancing its investment management and risk control to promote high-quality investment development[67]. Market Expansion and Internationalization - The company is committed to deepening overseas expansion and solidifying its high-quality development advantages, actively participating in the Belt and Road Initiative[10]. - The company is enhancing its internationalization strategy by integrating key national management mechanisms and completing the establishment of overseas organizations[10]. - The company aims to enhance its market influence in railway construction, having successfully entered markets in Africa, Asia, South America, and Oceania[16]. - The company is focusing on major projects in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao[40]. Risk Management and Compliance - The company emphasizes risk prevention and compliance as a priority for business operations, aiming to reduce interest-bearing debt and enhance financial risk warning systems[11]. - The group faces significant market risks due to macroeconomic fluctuations, particularly in infrastructure design and construction, which are sensitive to fixed asset investment and urbanization trends[115]. - The group operates in over 130 countries, facing various international risks including political, economic, and regulatory challenges, which may impact compliance and project execution[116]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.4005 per 10 shares (including tax) for the 2024 interim dividend[4]. - The company is actively implementing a mid-term dividend plan for 2024 to enhance dividend predictability and investor satisfaction[31]. - The proposed dividend for the year ending December 31, 2023, is RMB 0.29256 per share, totaling RMB 4.762 billion, approved by shareholders on June 17, 2024[170]. Research and Development - R&D expenditure for the reporting period was 9.905 billion yuan, accounting for 2.8% of operating revenue, an increase of 0.2 percentage points year-on-year[27]. - The company has established 27 post-doctoral research stations and is focused on cultivating a high-level innovative talent team[26]. - The company has been recognized as the only construction central enterprise with two National Engineering Research Centers, leading infrastructure construction to new heights[26]. Asset Management and Financial Position - The total assets as of June 30, 2024, reached RMB 40.781 billion, an increase from RMB 37.6605 billion as of December 31, 2023[181]. - The company's net assets increased to RMB 469,699 million, compared to RMB 459,170 million at the end of 2023, marking a growth of 2.3%[136]. - The total liabilities amounted to RMB 1,395,151 million, with current liabilities at RMB 879,009 million, reflecting an increase of 15.3% from RMB 762,254 million[134].

Company Milestones and Recognition - The company achieved a significant milestone by being the first large state-owned infrastructure enterprise in China to list on the Hong Kong Stock Exchange, with its H-shares debut on December 15, 2006[3]. - The company has been recognized as the largest international contractor in China and ranks 63rd in the Fortune Global 500 list[3]. - The company has received a total of 40 National Science and Technology Progress Awards and 5 National Technological Invention Awards, showcasing its commitment to innovation[6]. - The company is recognized as the world's largest design and construction firm for ports, highways, and bridges, and the largest dredging company, with operations in 139 countries and regions[21]. Financial Performance - The company's revenue for the year ended December 31, 2023, was RMB 755.646 billion, representing a 5.1% increase compared to RMB 719.084 billion in 2022[8]. - Gross profit increased by 12.9% to RMB 94.528 billion from RMB 83.692 billion year-over-year[8]. - Net profit attributable to shareholders rose by 22.3% to RMB 24.734 billion, up from RMB 20.226 billion in the previous year[8]. - The total assets of the company reached RMB 1,684.262 billion, an 11.0% increase from RMB 1,516.713 billion in 2022[9]. - The total liabilities increased by 12.5% to RMB 1,225.138 billion from RMB 1,089.221 billion[9]. Contracting and Project Management - New contracts signed in 2023 amounted to RMB 1,753.215 billion, reflecting a 13.7% growth compared to RMB 1,542.256 billion in 2022[10]. - The amount of uncompleted contracts as of December 31, 2023, was RMB 3,450.659 billion, a 1.8% increase from RMB 3,388.325 billion in 2022[11]. - The company has developed a comprehensive project management system that covers all stages of contract procedures, ensuring efficient project execution and delivery[20]. - The company has established a strong competitive advantage in the domestic market, with limited substantial competition from peers[21]. Innovation and Technology - The company has established 12 national-level innovation platforms and 87 provincial-level innovation platforms, enhancing its research and development capabilities[5]. - The company aims to enhance its core technology capabilities, focusing on smart ports, smart roads, smart water management, and smart cities, with a goal of achieving significant breakthroughs in high-end equipment and advantageous technologies[16]. - The company has developed key technologies for large-diameter tunnel boring machines, achieving domestic production and industrialization[29]. - The company is focusing on the integration of traditional industries with digital intelligence, prioritizing urban smart parking operations and smart logistics[27]. Strategic Focus and Future Plans - The company aims to achieve significant improvements in development quality and efficiency, technology innovation, and risk management in 2024[15]. - The focus for 2024 includes enhancing project management and increasing the proportion of short-term and light-asset projects[15]. - The company plans to optimize its capital structure by expanding financing channels and increasing direct financing ratios[15]. - The company is committed to high-quality development, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era[17]. International Operations and Market Expansion - The company has a strong presence in over 139 countries and regions, reflecting its extensive international business operations[3]. - The company has successfully entered multiple international railway construction markets, including Africa, Asia, South America, and Oceania, with significant projects currently operational or under construction[22]. - The company is actively expanding its international presence, with significant projects in Bogotá, Saudi Arabia, and Nigeria now underway[39]. - The company is committed to the "Overseas Priority" strategy, enhancing internationalization by focusing on key countries and regions, and improving capabilities in overseas project development[87]. Environmental Commitment and Sustainability - The company is focusing on green and low-carbon transformation, with ongoing developments in energy conservation, new energy, and new information technology sectors[4]. - The company is committed to building a green low-carbon support system and has selected 10 typical demonstration projects and 10 key technological achievements for promotion[27]. - The company is committed to green development and has initiated several key projects aimed at ecological restoration and environmental protection[54]. Shareholder and Dividend Information - The board proposed a final dividend of approximately RMB 4.762 billion, representing about 20% of the net profit attributable to ordinary shareholders for 2023, equating to RMB 0.29253 per share[146]. - The company has a dividend policy that ensures at least 10% of the annual profit available for distribution to ordinary shareholders is distributed in cash[145]. - The total issued share capital of the company is 16,280,111,425 shares, which will be used to calculate the dividend distribution[146]. Challenges and Risk Management - The company faces challenges due to reduced local government funding and ongoing adjustments in the real estate market, impacting infrastructure investment sustainability[70]. - The group emphasized the importance of macroeconomic trends and their impact on infrastructure development, particularly in light of current economic pressures[132]. - The company is actively monitoring interest rate conditions and may enter into interest rate swap agreements to mitigate floating rate borrowing risks[136].

Financial Performance - The company's operating revenue for Q1 2024 reached RMB 176.90 billion, representing a year-on-year increase of 0.18%[4] - Net profit attributable to shareholders was RMB 6.14 billion, reflecting a growth of 10.00% compared to the same period last year[4] - The basic earnings per share (EPS) was RMB 0.36, which is a 12.50% increase year-on-year[4] - Operating profit for the quarter was RMB 9.33 billion, showing a year-on-year growth of 10.10%[8] - Total operating revenue for Q1 2024 was RMB 176.90 billion, a slight increase from RMB 176.59 billion in Q1 2023, representing a growth of 0.18%[21] - Net profit for Q1 2024 reached RMB 7.53 billion, up from RMB 6.94 billion in Q1 2023, reflecting an increase of 8.43%[22] - Basic and diluted earnings per share for Q1 2024 were both RMB 0.36, compared to RMB 0.32 in Q1 2023, indicating a growth of 12.50%[23] - Total comprehensive income attributable to the parent company for Q1 2024 was RMB 7.60 billion, significantly higher than RMB 5.13 billion in Q1 2023, showing an increase of 48.29%[23] Contracts and New Business - New contracts signed amounted to RMB 507.30 billion, marking a 10.81% increase year-on-year[8] - The new contract amount signed by the company from January to March 2024 is RMB 507.298 billion, representing a year-on-year growth of 10.81% and achieving 25.49% of the annual target[14] - The new contracts from overseas regions amount to RMB 91.235 billion (approximately USD 12.943 billion), which is a year-on-year increase of 9.37%, accounting for 18% of the total new contracts signed[14] - The infrastructure investment project contract amount recognized based on the company's equity is RMB 26.734 billion, with an expected construction contract amount of RMB 21.503 billion[14] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,818.36 billion, up 7.96% from the end of the previous year[5] - The total liabilities increased to RMB 1,348.34 billion, compared to RMB 1,225.14 billion at the end of 2023[20] - The company's total equity as of March 31, 2024, was CNY 142.89 billion, an increase from CNY 142.32 billion at the end of 2023, reflecting a growth of 0.4%[28] - The company's retained earnings reached RMB 187.42 billion, up from RMB 181.29 billion at the end of 2023[20] Cash Flow and Financing - The net cash flow from operating activities was a negative RMB 39.63 billion, indicating a significant outflow due to business scale growth[10] - Total cash flow from operating activities in Q1 2024 was RMB -39.63 billion, worsening from RMB -25.63 billion in Q1 2023[24] - In Q1 2024, the net cash flow from financing activities was CNY 89.55 billion, an increase of 20.2% compared to CNY 74.47 billion in Q1 2023[25] - The cash inflow from financing activities in Q1 2024 was CNY 148.92 billion, up from CNY 116.62 billion in Q1 2023, representing a growth of 27.7%[25] - The company raised RMB 40,745,387,073 through borrowings in Q1 2024, significantly higher than RMB 16,698,185,002 in Q1 2023[32] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 161,518, with the largest shareholder, China Communications Construction Group, holding 9,374,616,604 shares, accounting for 57.58%[11] - The top ten shareholders include HKSCC Nominees Limited with 4,378,023,252 shares, representing 26.89% of the total shares[12] - The total number of A-share ordinary shareholders is 149,547, while H-share shareholders total 11,971[12] - The company has not reported any changes in the top ten shareholders due to securities lending or borrowing reasons[13] Costs and Expenses - The company experienced a 31.37% increase in tax and surcharges, primarily due to land value-added tax payments by certain subsidiaries[9] - Financial expenses rose by 37.43%, attributed to the operational phase of certain investment projects[9] - Total operating costs for Q1 2024 were RMB 167.70 billion, slightly up from RMB 167.35 billion in Q1 2023, reflecting a growth of 0.21%[21] - Research and development expenses for Q1 2024 were RMB 4.69 billion, down from RMB 5.04 billion in Q1 2023, indicating a decrease of 6.93%[21] - The company incurred financial expenses of RMB 273,170,833 in Q1 2024, up from RMB 131,833,389 in Q1 2023, with interest expenses increasing to RMB 559,324,115[29] Revenue Segmentation - The infrastructure construction business generated RMB 4,644.26 million, a 15.75% increase from RMB 4,012.20 million year-on-year[15] - The urban construction segment saw significant growth, with revenue of RMB 2,706.00 million, up 60.18% from RMB 1,689.39 million in the previous year[15] - The overseas engineering segment reported revenue of RMB 872.83 million, a year-on-year increase of 15.38%[15]