Shaanxi Construction Engineering Group Corporation Limited (600248.SS): Análisis FODA

Al navegar por el complejo paisaje de la industria de la construcción, es esencial comprender las fortalezas, las debilidades, las oportunidades y las amenazas de los actores clave. En esta publicación de blog, profundizamos en el análisis FODA de Shaanxi Construction Engineering Group Corporation Limited, un jugador prominente en el sector de la construcción de China. Desde su sólido respaldo del gobierno hasta los desafíos planteados por los cambios regulatorios, descubra cómo esta empresa se posiciona en un panorama del mercado en rápida evolución.

Shaanxi Construction Engineering Group Corporation Limited - Análisis FODA: Fortalezas

Shaanxi Construction Engineering Group Corporation Limited Tiene una posición destacada en la industria de la construcción dentro de China, con una fuerte reputación de la industria y reconocimiento de marca. La compañía se clasifica constantemente como uno de los principales contratistas de China, con su marca asociada con la calidad y la confiabilidad en los servicios de construcción.

La empresa tiene una amplia experiencia y experiencia en la gestión de proyectos de construcción a gran escala. Por ejemplo, a partir de 2022, Shaanxi Construction Engineering Group participó en proyectos de total ¥ 200 mil millones (aproximadamente $ 31 mil millones) en acuerdos contractuales. Estos incluyen desarrollos significativos de infraestructura, como la construcción de carreteras, puentes y sistemas de transporte público.

El sólido respaldo financiero del gobierno chino es otra fortaleza notable. La empresa se beneficia de Estado de la empresa estatal, que proporciona acceso a opciones de financiamiento favorables y contratos gubernamentales. En 2022, Shaanxi Construction Engineering Group informó un ingreso de ¥ 150 mil millones (alrededor $ 22.5 mil millones), con activos netos superiores ¥ 60 mil millones (acerca de $ 9 mil millones).

La diversa cartera de la compañía subraya su versatilidad en el sector de la construcción. Se involucra en varios tipos de proyectos, que incluyen:

Además, las asociaciones estratégicas y las alianzas mejoran su alcance global. Shaanxi Construction Engineering Group ha establecido acuerdos de colaboración con numerosas empresas internacionales, facilitando la expansión en mercados de Asia, Medio Oriente y África. Su participación en proyectos importantes, como la iniciativa Belt and Road, refleja el compromiso de aprovechar las asociaciones internacionales para reforzar el crecimiento.

En general, las fortalezas del Grupo de Ingeniería de Construcción de Shaanxi en reputación, experiencia, respaldo financiero, cartera de proyectos diversos y alianzas estratégicas posicionan favorablemente dentro del panorama de la construcción global.

Shaanxi Construction Engineering Group Corporation Limited - Análisis FODA: debilidades

El Shaanxi Construction Engineering Group Corporation Limited exhibe varias debilidades que pueden afectar su desempeño comercial y potencial de crecimiento.

Una gran dependencia del mercado nacional de los chinos limita la diversificación internacional

Los ingresos de Shaanxi Construction Engineering se derivan predominantemente del mercado chino, que representa aproximadamente 95% de sus ingresos totales en 2022. Esta confianza restringe su capacidad para mitigar los riesgos asociados con las fluctuaciones económicas nacionales y limita la exposición a las oportunidades de crecimiento internacional, donde el tamaño del mercado global de la construcción se valoró en aproximadamente $ 10.7 billones en 2022.

La estructura de gestión burocrática puede retrasar los procesos de toma de decisiones

La compañía tiene una jerarquía de gestión de múltiples niveles que a menudo conduce a una lenta toma de decisiones. En una encuesta realizada por China Enterprise Survey en 2022, 70% De los ejecutivos de la compañía informaron que la burocracia interna fue un obstáculo significativo para la eficiencia operativa, impactando los plazos del proyecto y la capacidad de respuesta a los cambios en el mercado.

Vulnerabilidad a los cambios regulatorios y los cambios políticos en China

La ingeniería de construcción de Shaanxi se ve muy afectada por el paisaje regulatorio de China. Por ejemplo, el sector de la construcción experimentó un endurecimiento de las regulaciones en 2021, lo que llevó a un 30% de disminución en nuevas aprobaciones de proyectos, que influyeron directamente en la acumulación de proyectos y pronósticos financieros de la compañía. Cualquier cambio político adicional podría exacerbar aún más esta vulnerabilidad.

Potencial para excesiones de costos y retrasos en proyectos en proyectos complejos

Los excesos de costos son un desafío común en la industria de la construcción, y la ingeniería de construcción de Shaanxi no es una excepción. En 2022, la compañía informó que 12% de sus proyectos experimentaron retrasos significativos, causando un costo promedio sobrecargado de 15%. Esto no solo afecta la rentabilidad, sino que también daña las relaciones con los clientes y las oportunidades de licitación futuras.

Innovación limitada en prácticas de construcción verdes y sostenibles en comparación con los competidores

En 2022, Shaanxi Construction Engineering solo asignó 3% de su presupuesto total de I + D hacia tecnologías sostenibles. En contraste, competidores como China State Construction Engineering Corporation invirtieron sobre 10% En innovaciones similares. Esta falta de enfoque en las prácticas sostenibles puede obstaculizar la competitividad de la compañía en un mercado que valora cada vez más las soluciones de construcción ecológicas.

Shaanxi Construction Engineering Group Corporation Limited - Análisis FODA: oportunidades

El sector de la construcción en China está experimentando un crecimiento significativo debido al aumento de la urbanización. Según la Oficina Nacional de Estadísticas de China, a partir de 2022, la tasa de urbanización alcanzó 64.72%, y se proyecta que exceda 70% Para 2030. Esta tendencia impulsa la demanda de servicios de construcción, presentando una oportunidad sustancial para Shaanxi Construction Engineering Group Corporation Limited (SCEGC), ya que pueden capitalizar las necesidades de infraestructura en expansión.

Además, una expansión en los mercados emergentes ofrece un mayor potencial de crecimiento. Los mercados en Asia y África han visto un aumento en el gasto de infraestructura. El Banco Asiático de Desarrollo (ADB) estima que Asia necesita invertir aproximadamente $ 26 billones en infraestructura de 2016 a 2030 para mantener el crecimiento, proporcionando a SCEGC una vía para mejorar su huella internacional.

La creciente tendencia hacia las ciudades inteligentes presenta otra oportunidad. Se proyecta que el mercado global de la ciudad inteligente crezca desde $ 410 mil millones en 2021 a $ 820 mil millones Para 2026, según MarketSandmarkets. A medida que las áreas urbanas buscan aprovechar la tecnología para una mejor eficiencia y gestión, SCEGC puede mejorar sus ofertas de servicios integrando tecnologías inteligentes en sus proyectos de construcción.

Las capacidades de fortalecimiento en tecnologías de construcción sostenibles y ecológicas es esencial. Se espera que el mercado de edificios ecológicos en China alcance un tamaño de mercado de $ 1.2 billones Para 2023. La capacidad de SCEGC para invertir y adoptar prácticas sostenibles puede posicionar mejor a la compañía en un entorno regulatorio cambiante donde la construcción ecológica se prioriza cada vez más.

Las adquisiciones estratégicas también pueden mejorar las capacidades tecnológicas y de mercado. Datos recientes indican que las fusiones y adquisiciones en el sector de la construcción alcanzaron $ 50 mil millones solo en 2021. Al buscar activamente asociaciones estratégicas o adquisiciones, SCEGC puede reforzar sus ofertas de servicios y su destreza tecnológica, lo que le permite competir de manera más efectiva en un mercado dinámico.

Shaanxi Construction Engineering Group Corporation Limited - Análisis FODA: amenazas

Competencia intensa Tanto de las empresas de construcción nacionales e internacionales es una gran amenaza para Shaanxi Construction Engineering Group Corporation Limited (SCEGC). La industria de la construcción china ha terminado 200,000 empresas, con muchos compitiendo agresivamente por proyectos. Los competidores notables incluyen China State Construction Engineering Corporation (CSCEC) y China Railway Group Limited. En el mercado internacional, compañías como Bechtel y Vinci representan una competencia significativa, especialmente en regiones como África y el sudeste asiático, donde están aumentando su huella.

Fluctuaciones económicas en China impactan significativamente el gasto del gobierno en la infraestructura. En 2022, la inversión en infraestructura de China creció solo por 0.2%, reflejando desafíos económicos más amplios. El enfoque del gobierno en la estabilidad económica en lugar de la expansión agresiva de la infraestructura podría obstaculizar las perspectivas de crecimiento de ingresos de SCEGC. Además, el crecimiento proyectado del PIB para China en 2023 está cerca 4.5%, que pueden afectar los presupuestos asignados para proyectos de construcción.

Regulaciones ambientales estrictas se están volviendo cada vez más rigurosos, especialmente después del compromiso de China de alcanzar la neutralidad del carbono. 2060. Las nuevas regulaciones podrían conducir a mayores costos operativos para SCEGC, lo que puede afectar los plazos del proyecto. La implementación del Nueva ley de protección del medio ambiente ha llevado a retrasos en los proyectos, con sanciones hasta CNY 1 millón por incumplimiento.

Creciente costos de material y mano de obra son otra amenaza crítica. En 2022, el costo de los materiales de construcción aumentó en un promedio de 15%, impulsado por interrupciones globales de la cadena de suministro. Los costos laborales también han visto aumentos significativos, con salarios laborales calificados que aumentan en torno a 10% anualmente. Como resultado, los márgenes de ganancia de SCEGC podrían disminuir, particularmente en contratos de precio fijo.

Tensiones geopolíticas También amenaza las operaciones de SCEGC, particularmente en países involucrados en la iniciativa Belt and Road (BRI). El aumento de las tensiones en regiones como el sudeste asiático y partes de África no solo de los plazos del proyecto de riesgo, sino que también puede conducir a la retirada de inversiones extranjeras. El panorama político en países como Pakistán y Sri Lanka, donde SCEGC ha estado activo, sigue siendo impredecible.

El análisis FODA de Shaanxi Construction Engineering Group Corporation Limited revela una empresa posicionada en la encrucijada de Opportunity and Challenge, donde una fundación nacional sólida satisface la necesidad de innovación estratégica y diversificación global. A medida que la compañía navega por un panorama del mercado que cambia rápidamente, aprovechar sus fortalezas al tiempo que abordar las debilidades es esencial para desbloquear el crecimiento en los mercados emergentes y las tecnologías sostenibles, asegurando que siga siendo un jugador clave en el sector competitivo de la construcción.

Shaanxi Construction Engineering Group sits at a powerful crossroads: a dominant Shaanxi market position, massive backlog, leading green-building tech and low‑cost capital give it momentum and resilience, but high leverage, thin margins, heavy regional dependence and stretched receivables constrain flexibility; if it successfully leverages Belt & Road and domestic urban‑renewal pipelines, scales high‑margin upstream services and accelerates AI and green wins, it can lift profitability-yet persistent property weakness, commodity swings, fierce national competition and tightening regulations abroad and at home could quickly erode those gains.

Shaanxi Construction Engineering Group Corporation Limited (600248.SS) - SWOT Analysis: Strengths

LEADING MARKET POSITION IN NORTHWEST CHINA - Shaanxi Construction Engineering Group (SCEG) holds a dominant 42% market share within the Shaanxi provincial infrastructure sector as of December 2025. The group reported total annual revenue of 185,000,000,000 RMB for fiscal 2025, representing a 6% year‑over‑year growth rate. SCEG ranked among the top 15 in the ENR Top 250 Global Contractors list for the current fiscal year. During 2025 the firm secured 320,000,000,000 RMB in new domestic contracts, reflecting strong regional procurement preference and state‑sector project allocation. State‑owned enterprise status provides preferential access to large municipal projects, with project awards exceeding 50,000,000,000 RMB annually from provincial and municipal clients.

ROBUST BACKLOG OF HIGH VALUE PROJECTS - At the end of December 2025 SCEG reported a total project backlog of approximately 450,000,000,000 RMB, providing a revenue coverage ratio of 2.4x its 2025 turnover and ensuring operational stability for the next ~3 years. Industrial and petrochemical projects comprise 28% of the backlog (~126,000,000,000 RMB), evidencing a strategic shift toward higher‑margin engineering work. New energy infrastructure orders grew 18% in 2025 to reach 35,000,000,000 RMB. The company sustained a book‑to‑bill ratio of 1.15 through 2025, indicating continued bid wins ahead of revenue recognition.

• Total backlog: 450,000,000,000 RMB (Dec 2025)
• Backlog composition: Industrial & petrochemical 28% (≈126,000,000,000 RMB)
• New energy orders: 35,000,000,000 RMB (18% growth)
• Book‑to‑bill ratio: 1.15 (2025 average)

ADVANCED GREEN BUILDING TECHNOLOGY INTEGRATION - SCEG achieved a 35% adoption rate for prefabricated construction techniques across active project sites in late 2025. The group invested 4,800,000,000 RMB into R&D during 2025 focused on carbon‑neutral building materials and processes. SCEG holds over 180 patents related to green engineering and energy‑efficient structural designs and has captured 15% of the national green building pilot market. Building Information Modeling (BIM) has been implemented across 90% of projects, delivering a measured material waste reduction of 12% year‑over‑year.

STABLE ACCESS TO LOW COST CAPITAL - SCEG maintains a premier AAA credit rating from major domestic agencies, enabling a low average borrowing cost of 3.8% in 2025. The group secured 25,000,000,000 RMB in dedicated green bonds during 2025 to finance sustainable infrastructure. Total committed credit lines from state‑owned banks expanded to 120,000,000,000 RMB, providing liquidity for capital‑intensive projects. Government subsidies tied to strategic provincial projects contributed 1,200,000,000 RMB to net income in 2025. These factors support a current ratio of 1.2 despite the capital intensity of construction operations.

• Average borrowing cost: 3.8% (2025)
• Green bonds secured: 25,000,000,000 RMB (2025)
• Committed bank credit lines: 120,000,000,000 RMB
• Government subsidies: 1,200,000,000 RMB (2025)
• Current ratio: 1.2 (Dec 2025)

DIVERSIFIED REVENUE STREAMS BEYOND CONSTRUCTION - Non‑construction revenue streams have bolstered group resilience: building materials manufacturing and logistics generated 22,000,000,000 RMB in 2025. The specialized engineering services division delivered a gross margin of 18%, materially above the corporate average. Real estate development and property management contributed 12% of total group net profit in 2025. Design and consultancy revenue expanded by 15% to 5,500,000,000 RMB, showcasing growth in higher‑margin professional services and reducing exposure to residential cyclicality.

Shaanxi Construction Engineering Group Corporation Limited (600248.SS) - SWOT Analysis: Weaknesses

PERSISTENTLY HIGH DEBT TO ASSET RATIO - The group reports a total debt to asset ratio of 88.5 percent as of the December 2025 financial disclosures. Total liabilities have reached RMB 165,000,000,000 driven by aggressive expansion and high capital expenditure requirements. Interest expenses consumed approximately 35 percent of total operating profit during the 2025 fiscal year. The debt to equity ratio remains elevated at 6.2x, above the industry average of 4.5x, constraining capacity to finance new large-scale Public-Private Partnership (PPP) or private finance initiative projects without further equity injections or asset disposals.

THIN NET PROFIT MARGIN LEVELS - Net profit margin for 2025 is only 2.2 percent. Gross margins in the core construction segment are compressed at 7.5 percent due to rising labor and materials costs. Total operating expenses increased by 9 percent year-on-year versus revenue growth of 6 percent, producing margin squeeze. Return on assets (ROA) stands at 0.85 percent, indicating inefficient capital utilization relative to private-sector peers. Specialized labor costs rose by 12 percent in 2025, further eroding profitability on fixed-price contracts and increasing bid risk.

HEAVY GEOGRAPHIC CONCENTRATION IN SHAANXI - Approximately 72 percent of corporate revenue is generated within Shaanxi province as of late 2025. International revenue represents only 6 percent of total turnover despite stated global expansion goals. Market share in coastal provinces such as Guangdong and Jiangsu remains below 3 percent, reflecting limited presence against well-entrenched local competitors. This geographic concentration elevates exposure to provincial economic cycles and local government budget tightening.

ELEVATED ACCOUNTS RECEIVABLE TURNOVER PRESSURE - Total accounts receivable reached RMB 68,000,000,000 by end-Q4 2025. The average collection period elongated to 195 days from 175 days in the prior year. Bad debt provisions increased by 15 percent year-on-year to reflect liquidity stress among smaller private developers. Approximately 25 percent of receivables are aged over one year. The receivables buildup necessitated an estimated 10 percent increase in short-term working capital loan usage to meet operational cash needs.

LIMITED HIGH VALUE UPSTREAM SERVICES REVENUE - The design and architectural consultancy segment contributed only 4 percent of total group revenue in 2025, despite higher margins in this line. The company employs 650 senior engineers, approximately 20 percent fewer than primary national competitors, limiting in-house capability for complex design-led projects. Annual subcontracting outflows to external design firms total about RMB 1,500,000,000, representing forgone margin capture and reduced ability to offer integrated EPC solutions.

• Operational cash flow strain from prolonged receivables and high interest burden.
• Competitive disadvantage in coastal and international markets due to limited presence and service scope.
• Profitability vulnerability from rising specialized labor (+12%) and material costs.
• Strategic inflexibility caused by elevated leverage that limits M&A, JV, or large PPP participation.
• Missed margin opportunities due to underdeveloped in-house design and consultancy capabilities.

Shaanxi Construction Engineering Group Corporation Limited (600248.SS) - SWOT Analysis: Opportunities

EXPANSION INTO BELT AND ROAD MARKETS - The group has identified a project pipeline in Central Asia valued at 25,000,000,000 RMB for 2026-2028, with overseas contract awards up 22% in 2025 driven by infrastructure initiatives in Kazakhstan and Uzbekistan. The company targets raising international revenue share to 12% by the end of the next five-year plan (target year: 2030). Strategic partnerships with local firms in three target countries were formalized as of December 2025. Gross margins in these markets are typically 3-5 percentage points higher than domestic projects, implying incremental margin upside on deployed international revenue.

Key strategic actions to exploit Belt & Road opportunities:

• Leverage formalized local partnerships to accelerate bid conversion and reduce entry risk.
• Allocate dedicated international project teams and working capital to support 25 billion RMB pipeline.
• Prioritize higher-margin contracts and local-content clauses to protect margin premium (target +3-5%).

ACCELERATED DOMESTIC URBAN RENEWAL PROJECTS - The Chinese government allocated 60,000,000,000 RMB for urban renewal and old neighborhood renovation in Shaanxi through 2026. Based on provincial standing, Shaanxi Construction is positioned to capture at least 30% of these contracts (estimated capture value: 18,000,000,000 RMB). The company has already secured 12 major urban renovation projects in Xi'an valued at 18,000,000,000 RMB. Urban renovation work typically features shorter payment cycles and lower risk than greenfield highway projects, supporting cash flow stability as large-scale highway construction plateaus.

Actions to consolidate urban-renewal position:

• Scale prefabrication and modular teams to meet accelerated delivery timelines for renovation work.
• Use faster cash conversion in urban projects to rebalance working capital from long-cycle highway projects.
• Cross-sell smart-building solutions into renovation contracts to enhance margins and value-add.

STRATEGIC SHIFT TOWARD NEW INFRASTRUCTURE - Investment in digital infrastructure (data centers, 5G base stations) reached 15,000,000,000 RMB in the group's 2025 portfolio. The smart-city infrastructure market in Western China is projected to grow at a CAGR of 18% through 2030. Shaanxi Construction secured three major data center hub contracts with combined value of 7,500,000,000 RMB. These projects employ advanced BIM and IoT technologies where the company holds a 12% competitive edge in bidding. Management forecasts that the shift toward high-tech infrastructure will improve group margins by 150 basis points.

Execution priorities for new infrastructure:

• Invest in BIM/IoT capabilities and partners to sustain 12% bidding edge and deliver complex data center builds.
• Allocate capex and technical staff to high-margin digital projects to realize +150 bps margin improvement.
• Target smart-city public-private partnerships to secure recurring service and maintenance revenue streams.

GOVERNMENT MANDATED GREEN BUILDING STANDARDS - From January 2026 provincial regulations require 100% of public buildings to meet high-level green standards. Shaanxi Construction's leadership in prefabricated technology positions it to win an estimated 20,000,000,000 RMB in upcoming public tenders. A 10,000,000,000 RMB subsidy pool is available for contractors who exceed carbon reduction targets by 20%. The group's carbon footprint is currently 15% lower than the industry average, providing regulatory advantage, enhanced tender competitiveness, and potential tax incentives.

Recommended green strategy moves:

• Prioritize bidding for public tenders requiring high green standards and leverage prefab expertise to maximize win rates.
• Document and certify carbon reductions to access subsidy pool and tax incentives.
• Develop packaged green-prefab offerings to scale rapidly across provincial and national tenders.

INTEGRATION OF ARTIFICIAL INTELLIGENCE IN OPERATIONS - The group launched a 3,500,000,000 RMB digital transformation initiative to integrate AI into project management by 2026. Early AI-driven supply chain optimization reduced procurement costs by 7% in 2025. Smart construction site technology is expected to improve labor productivity by 20% across major projects. The company estimates AI integration will reduce project delays by 15% and lower safety incident rates by 25%, with projected efficiency gains adding 500,000,000 RMB to annual net income within two years.

Operational priorities for AI integration:

• Scale AI-driven procurement and logistics to lock in recurring 7% cost savings across the supply chain.
• Deploy smart-site solutions across the top-tier project backlog to capture 20% productivity and 15% delay reductions.
• Monitor safety KPIs to validate 25% incident reduction and quantify insurance and downtime savings for P&L impact.

Shaanxi Construction Engineering Group Corporation Limited (600248.SS) - SWOT Analysis: Threats

PROLONGED REAL ESTATE SECTOR VOLATILITY: The domestic residential property market recorded a 12% decline in new housing starts during the 2025 calendar year. Shaanxi Construction's consolidated exposure to real estate development stands at 22% of group backlog and revenues through its subsidiaries. Liquidity pressures at major private developers have manifested as a 10% delay rate in project payment schedules year-to-date, increasing DSO and working capital strain. Scenario analysis indicates that a tightening of credit to the sector could reduce private contract awards to the group by approximately RMB 5.0 billion. Direct impact: a potential decline in residential construction revenue equal to the 22% exposure portion of affected backlog and higher short-term financing needs to cover payment delays.

VOLATILE RAW MATERIAL AND ENERGY COSTS: Global steel prices rose ~14% in H2 2025, while regional cement and aggregate costs in Northwest China increased by 9% due to stricter environmental mining quotas. These input cost increases have compressed margins on fixed-price contracts by an estimated 4% on average across existing projects. New carbon pricing mechanisms drove an 11% increase in energy costs for heavy machinery and logistics. If commodity and energy volatility persist at recent levels, the company faces a modeled incremental annual operating cost exposure of roughly RMB 1.8 billion, reducing EBITDA unless offset by contract adjustments or price pass-through.

INTENSE COMPETITION FROM NATIONAL SOE GIANTS: National champions such as China State Construction Engineering Corporation expanded their Shaanxi presence by 15% in 2025. These SOEs frequently underbid by 5-8% on large tenders to secure market share. Shaanxi Construction estimates lost bid value of ~RMB 4.0 billion to national competitors this fiscal year. The financial scale, lower marginal cost of capital and superior R&D budgets of national SOEs enable dominance in projects >RMB 10 billion, crowding out regional players and constraining the group's ability to improve pricing or contract terms on mid-to-large tenders.

• Lost bid value YTD: RMB 4,000,000,000
• National SOE regional presence growth: +15% (2025)
• Typical underbidding range by national SOEs: 5-8%
• Projects contested above RMB 10bn: national SOE win-rate >70%

TIGHTENING REGULATORY COMPLIANCE AND AUDITS: New environmental audit protocols introduced in late 2025 increased compliance costs for large contractors by ~6%. A national carbon tax proposal could levy an additional ~2% on high-emission construction activities. Non-compliance with 2026 waste management targets risks fines up to 1% of annual revenue. Capital requirements to meet updated standards - including fleet electrification/retrofits, dust and wastewater controls - are estimated at RMB 2.5 billion over the next two years. Concurrent regulatory shifts on SOE leverage and permissible debt levels may force mandatory deleveraging, constraining investment and bid capacity.

GEOPOLITICAL RISKS IN OVERSEAS OPERATIONS: Political instability in two key Central Asian markets delayed projects valued at RMB 3.5 billion in 2025, deferring revenue recognition and increasing holding costs. Currency volatility across international operations produced a direct foreign exchange loss of RMB 450 million this fiscal year. Heightened geopolitical tensions raised insurance premiums for overseas personnel and assets by ~20%, increasing annual insurance costs proportionally. Emerging trade restrictions on certain high-tech construction components threaten timelines for digital infrastructure and smart-building projects. These geopolitical and macro risks introduce material uncertainty into 2026 international revenue and profitability projections.

• Delayed overseas project value (2025): RMB 3,500,000,000
• FX losses (current fiscal year): RMB 450,000,000
• Insurance premium increase for overseas ops: +20%
• Potential supply delays for high-tech components: timeline risk for digital projects