Financial Performance - Total revenue for 2024 reached RMB 300.39 billion, a decrease of 1.39% compared to the previous year[4] - Net profit attributable to shareholders increased by 41.50% to RMB 2.21 billion, driven by gains from asset disposals and fair value changes[4][8] - Basic earnings per share rose by 58.33% to RMB 0.19, reflecting the increase in net profit[4][8] - The company faced a 42.48% decline in net profit after deducting non-recurring gains, attributed to market competition and reduced gross margins[8] Assets and Equity - Total assets at the end of the reporting period were RMB 389.04 billion, up 1.82% from the beginning of the period[4] - Shareholder equity increased by 12.92% to RMB 46.35 billion, indicating strong financial health[4] Business Segments - The construction segment secured new contracts worth RMB 324.9 billion, enhancing its foundational role[8] - The design consulting segment completed new contracts totaling RMB 19 billion, contributing to the overall growth[8] - New emerging businesses generated nearly RMB 100 billion in new contracts, with rapid growth in urban renewal and new infrastructure sectors[8] Strategic Commitment - The company is committed to high-quality development and actively participates in national strategic initiatives[7]

Summary of Shanghai Construction Group Conference Call Company Overview - Shanghai Construction Group is a leading comprehensive engineering contractor in China, with construction business accounting for the largest share at 30% [2][3] - The company is involved in various sectors including municipal landscaping, public buildings, commercial real estate, and residential projects, with competitive advantages in high-rise buildings and underground space development [2][3] Core Business and Industry Position - The company operates across five main segments: construction, design consulting, construction-related materials, real estate development, and urban infrastructure investment [3] - Shanghai Construction Group ranks among the strongest engineering contractors in the industry, second only to a few state-owned enterprises [3] Strategic Initiatives - The company is focusing on urban renewal, soil and water environment remediation, and industrialized construction, while also expanding into new infrastructure sectors [2][4] - It aims to cultivate a second growth curve by exploring emerging niche markets and identifying seed projects [2][4] Government Policies and Market Opportunities - National policies, such as the energy-saving and carbon reduction plan from the National Development and Reform Commission and the Ministry of Housing and Urban-Rural Development, are expected to drive demand in the construction sector [5] - The Shanghai government plans to approve 186 major engineering projects in 2025, with a total investment of 240 billion yuan, the highest level in recent years [6][7] Major Projects - The company is engaged in significant projects including the expansion of Pudong International Airport and the expansion of the Hushang Railway, with substantial contract amounts [10][11] - Involvement in high-end manufacturing and new energy vehicle capacity construction, with contracts in the integrated circuit sector reaching nearly 10 billion yuan [11] Emerging Business Areas - The company is enhancing its presence in smart city and smart transportation sectors, participating in the design of universal airports and researching vehicle-road collaboration technologies [12] - Collaborations with the Chinese Academy of Sciences for geological exploration projects are also underway [12] Financial Insights - The company benefited from debt relief funds, with approximately 3 billion yuan entering the company last year, and expects stronger debt replacement efforts this year [2][18] - New contracts in urban renewal are valued in the hundreds of billions, indicating significant future growth potential [22] Market Trends and Challenges - The construction industry is experiencing a downturn in demand, particularly in residential building, due to reduced land sales in first-tier cities [26] - The company is adjusting its market strategy to focus on quality over quantity, particularly in the Yangtze River Delta region [26] Future Growth Areas - New infrastructure and industrialized construction are anticipated to be the fastest-growing sectors, with urban renewal being the largest among the six emerging business areas [27]

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-007 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于提供担保的进展公告 本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法律责任。 重要内容提示： （二）本次担保事项履行的内部决策程序 公司于 2024 年 4 月 22 日召开第八届董事会第四十一次会议，于 2024 年 5 月 13 日召开 2023 年年度股东大会，审议通过了《上海建工 2024 年度担保额度预计 及提请股东大会授权的议案》，详见公司公告：2024-020、2024-025 和 2024-028。 二、被担保人基本情况 2024 年度 ...

上海建工集团股份有限公司 | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-006 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 关于提供担保的进展公告 本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法律责任。 重要内容提示： 一、担保情况概述 （一）2025 年 1 月，因申请各类贷款、银行承兑汇票、预付款保函、履约保 函和农民工工资保函等，上海建工集团股份有限公司（以下简称"公司"）为资产 负债率高于 70%的 17 家子公司提供 32.91 亿元担保，为资产负债率低于 70%的 2 家子公司提供 0.13 亿元担保。合计担保金额 33.04 亿元，详情如下： | 担保人 | 被 ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-005 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 股东集中竞价减持股份计划公告 本公司董事会、全体董事及相关股东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法律责任。 重要内容提示： 上述减持主体无一致行动人。 1 (一)相关股东是否有其他安排 □是 √否 (二)大股东及董监高此前对持股比例、持股数量、持股期限、减持方式、减持数 量、减持价格等是否作出承诺 √是 □否 2015 年 7 月，公司控股股东上海建工控股集团有限公司根据上海国资国企改 革的整体部署，将持有的 1,723,532,128 股公司股份无偿划转予国盛集团 ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-004 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于参与股权投资基金的公告 根据约定，建工投资作为有限合伙人 LP 投资 1 亿元于深圳市达晨创程私募 股权投资基金企业（有限合伙）（简称"达晨创程基金"），占基金认缴出资总 额的 1.99%。 上述投资事项纳入公司 2025 年度投资计划额度，不属于关联交易和重大资 产重组事项。 二、基金及合作方的基本情况 1、深圳市达晨创程私募股权投资基金企业（有限合伙）概况 1 投资的基金名称：深圳市达晨创程私募股权投资基金企业（有限合伙） 投资金额：1 亿元 本项投资不属于关联交易和重大资产重组事项 特别提示风险：上述基金的投资收益存在 ...

| 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2025-003 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 第九届董事会第六次会议决议公告 1 本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法律责任。 表决结果：7 票同意，0 票弃权，0 票反对，1 票回避（关联董事叶卫东回避 表决）。 特此公告。 上海建工集团股份有限公司董事会 2025 年 1 月 25 日 上海建工集团股份有限公司（以下简称"上海建工"或"公司"）第九届董 事会第六次会议于 2024 年 1 月 24 日以现场结合通讯表决的方式召开。会议应参 会董事 8 名，实参会董事 8 名，公司监事会 ...

Investment Rating - The report assigns a reasonable value of 3.28 yuan to the company, with a current price of 2.72 yuan, indicating potential upside [44]. Core Insights - The company is positioned to benefit from accelerated investments in water conservancy and urban renewal projects, particularly in the Yangtze River Delta region, which has a lower fiscal pressure and greater potential for investment expansion [48]. - The company has secured significant contracts in water conservancy projects, with a total bid amount of 3.59 billion yuan in the first half of 2024, representing 1.7% of all new contracts signed [24][28]. - The company is actively expanding its renewable energy initiatives, focusing on photovoltaic and energy storage projects, with a notable increase in installed capacity in Shanghai [17][29]. Summary by Sections Water Conservancy and Management - The company is expanding its water conservancy and management business, focusing on various projects such as flood control, sewage treatment, and smart water management [3][4]. - In 2023, the total investment in water conservancy reached 1.1996 trillion yuan, a year-on-year increase of 10.1%, while water supply fixed asset investment was 281.7 billion yuan, up 4.3% [19][20]. Renewable Energy - The photovoltaic sector is experiencing robust growth, with a nationwide increase in installed capacity of 206.3 GW in 2024, a year-on-year increase of 25.88% [14][15]. - The company has invested in multiple distributed photovoltaic projects, achieving a total installed capacity of approximately 18 MW and generating over 10,861 MWh of electricity, which has led to significant carbon emissions reductions [17][18]. Nuclear Power - The company is entering the advanced nuclear power sector, focusing on thorium molten salt reactor technology, with a projected global market size of 4.155 billion USD by 2030 [6][11]. - The company has signed agreements for the installation and operation of thorium molten salt reactors, indicating a strategic move into this emerging energy sector [11][12]. Financial Performance - The company's revenue for 2023 was 30.4628 billion yuan, with a projected decline of 5.1% in 2024, followed by a recovery in subsequent years [45]. - The net profit attributable to shareholders is expected to grow steadily, reaching 1.793 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of 7.1% [45].

Group 1 - A new company, Sanya Municipal Engineering Design Research Co., Ltd., has been established with a registered capital of 5 million yuan [1] - The legal representative of the company is Xu Shiliang, and its business scope includes construction engineering surveying, design, labor subcontracting, construction, environmental consulting, planning design management, energy management services, and soil erosion prevention services [1] - The company is jointly held by Shanghai Municipal Engineering Design Research Institute (Group) Co., Ltd. and Sanya Urban Investment Construction Group Co., Ltd. [1]

二、主要规划指标 | 证券代码：600170 | 证券简称：上海建工 | | | 公告编号：2024-064 | | --- | --- | --- | --- | --- | | 债券代码：240782 | 债券简称：24 | 沪建 | Y1 | | | 债券代码：240783 | 债券简称：24 | 沪建 | Y2 | | | 债券代码：241305 | 债券简称：24 | 沪建 | Y3 | | | 债券代码：241857 | 债券简称：24 | 沪建 | Y4 | | 上海建工集团股份有限公司 关于竞得土地使用权的公告 本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法律责任。 2024 年 12 月 27 日，上海建工集团股份有限公司（简称"上海建工"或"公 司"）与深圳市农产品集团股份有限公司、上海浦东商业发展集团有限公司及上 海惠于南商业发展有限公司组建联合体，竞得浦东新区惠南镇东城区北单元 （PDS3-0202）04-02 地块（简称"本地块"）的国有建设用地使用权，并签订土 地出让合同。上海建工在联合体的投资比例约为 4 ...