China State Construction Engineering (601668) Q3 2026 earnings summary

Executive summary

• 9M 2026 revenue was RMB 13,357亿元, down 14.3% YoY; net profit attributable to shareholders was RMB 287.1亿元, down 24.8% YoY.

• New contracts totaled RMB 32,890亿元, down 0.1% YoY; overseas revenue and new contracts grew 17.5% and 66.9%, respectively.

Financial highlights

• 9M revenue was RMB 1,335,711,672 thousand versus RMB 1,558,355,844 thousand YoY; total profit fell 17.1% to RMB 51,024,484 thousand.

• 9M net profit was RMB 37,789,317 thousand, down 23.4%; attributable net profit was RMB 28,714,343 thousand, down 24.8%.

• Q3 revenue was RMB 359,874,389 thousand, down 20.0% YoY; attributable net profit was RMB 5,714,066 thousand, down 26.7%.

• 9M basic and diluted EPS were RMB 0.69, down 24.9% YoY; operating cash flow was negative RMB 45,393,152 thousand, versus negative RMB 69,591,487 thousand.

Segment performance

• Building construction 9M revenue was RMB 7,868亿元, down 20.4%; gross profit was RMB 627亿元, down 10.4%.

• Infrastructure revenue was RMB 3,303亿元, down 10.8%; gross profit was RMB 349亿元, down 1.0%.

• Property development revenue was RMB 1,973亿元, up 11.4%; gross profit was RMB 264亿元, up 4.7%; contracted sales fell 6.5% to RMB 2,386亿元.

• Overseas business revenue grew 17.5% to RMB 1,079亿元; new contracts rose 66.9% to RMB 2,811亿元.

• New contracts rose in industrial plants (+23.0%), data and computing centers (+105.0%), and warehousing/logistics (+30.3%); infrastructure contracts fell 5.8%.