China State Construction Engineering (601668) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was ¥2,082.1 billion, down 4.8% year-over-year; net profit attributable to shareholders was ¥39.07 billion, down 15.4%.

• New contract value reached ¥4.55 trillion, up 1.0% year-over-year; operating cash flow remained positive for the sixth consecutive year.

• The company maintained its position in the Fortune Global 500 (16th) and China 500 (4th), and continued to be included in major indices.

• Dividend payout ratio was 28.75% of net profit, with a proposed cash dividend of ¥2.718 per 10 shares.

Financial highlights

• Gross profit was ¥206.0 billion, gross margin at 9.9%, flat year-over-year.

• Operating cash flow was ¥20.54 billion, up 29.8% year-over-year.

• Total assets at year-end were ¥3,560.7 billion, up 11.6%; total liabilities were ¥2,738.2 billion, asset-liability ratio 76.9%.

• Basic and diluted EPS were both ¥0.94, down from ¥1.11 last year.

• Adjusted net profit (excluding non-recurring items) was ¥41.58 billion, down 23.2%.

Outlook and guidance

• 2026 targets: new contract value of ¥4.6 trillion, revenue of ¥2.1 trillion.

• Focus on high-quality growth, urban renewal, green and digital transformation, and international expansion.

• Continued emphasis on risk management, cash flow, and cost control amid market uncertainties.