China State Construction Engineering (601668) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months was RMB 1,558.2 billion, down 4.2% year-over-year; net profit attributable to shareholders was RMB 38.18 billion, down 3.8% year-over-year.

• New contract value reached RMB 3.29 trillion, up 1.4% year-over-year, with notable growth in industrial and infrastructure segments.

• The company maintained a stable development trend, focusing on high-quality growth, market expansion, and operational efficiency.

Financial highlights

• Operating income for Q3 was RMB 449.9 billion, down 6.6% compared to the same quarter last year.

• Net profit for Q3 was RMB 9.07 billion, down 24.1% year-over-year; basic EPS for Q3 was RMB 0.19, down 24%.

• Gross margin remained stable year-over-year despite revenue decline.

• Cash flow from operating activities improved to -RMB 69.48 billion for the first nine months, compared to -RMB 77.01 billion last year.

Outlook and guidance

• The company continues to focus on high-quality development, market segmentation, and strategic transformation, with an emphasis on new business areas and digital innovation.

• Management expects continued challenges from the real estate market and slower infrastructure investment growth.