Shaanxi Construction Engineering Group Corporation Limited (600248.SS): analyse SWOT

Lors de la navigation dans le paysage complexe de l'industrie de la construction, il est essentiel de comprendre les forces, les faiblesses, les opportunités et les menaces des acteurs clés. Dans cet article de blog, nous nous plongeons dans l'analyse SWOT de Shaanxi Construction Engineering Group Corporation Limited, un acteur de premier plan du secteur de la construction chinois. De son soutien au gouvernement robuste aux défis posés par les changements réglementaires, découvrez comment cette entreprise se positionne dans un paysage de marché en évolution rapide.

Shaanxi Construction Engineering Group Corporation Limited - Analyse SWOT: Forces

Shaanxi Construction Engineering Group Corporation Limited occupe une position de premier plan dans l'industrie de la construction au sein de la Chine, avec une forte réputation de l'industrie et une reconnaissance de la marque. La société se classe constamment comme l'un des meilleurs entrepreneurs en Chine, sa marque associée à la qualité et à la fiabilité des services de construction.

L'entreprise possède une vaste expérience et une expertise dans la gestion de projets de construction à grande échelle. Par exemple, en 2022, le Shaanxi Construction Engineering Group a été impliqué dans des projets totalisant 200 milliards de ¥ (environ 31 milliards de dollars) dans les accords contractuels. Il s'agit notamment des développements importants des infrastructures, tels que la construction d'autoroutes, de ponts et de systèmes de transport public.

Le soutien financier robuste du gouvernement chinois est une autre force notable. L'entreprise bénéficie de statut d'entreprise appartenant à l'État, qui donne accès aux options de financement favorables et aux contrats gouvernementaux. En 2022, Shaanxi Construction Engineering Group a rapporté un revenu de 150 milliards de ¥ (autour 22,5 milliards de dollars), avec des actifs nets dépassant 60 milliards de yens (à propos 9 milliards de dollars).

Le portefeuille diversifié de la société souligne sa polyvalence dans le secteur de la construction. Il s'engage dans divers types de projets, notamment:

En outre, les partenariats stratégiques et les alliances améliorent sa portée mondiale. Shaanxi Construction Engineering Group a établi des accords de collaboration avec de nombreuses entreprises internationales, facilitant l'expansion sur les marchés de l'Asie, du Moyen-Orient et de l'Afrique. Leur participation à des projets importants, tels que l'initiative Belt and Road, reflète un engagement à tirer parti des partenariats internationaux pour renforcer la croissance.

Dans l'ensemble, les forces de la réputation, l'expérience, le soutien financier, le soutien financier, le portefeuille de projet diversifié et les alliances stratégiques le positionnent favorablement dans le paysage mondial de la construction.

Shaanxi Construction Engineering Group Corporation Limited - Analyse SWOT: faiblesses

Le Shaanxi Construction Engineering Group Corporation Limited présente plusieurs faiblesses qui peuvent avoir un impact sur la performance de ses activités et son potentiel de croissance.

La forte dépendance à l'égard du marché intérieur chinois limite la diversification internationale

Les revenus de Shaanxi Construction Engineering dérivent principalement du marché chinois, qui représentait approximativement 95% de ses revenus totaux en 2022. Cette dépendance restreint sa capacité à atténuer les risques associés aux fluctuations économiques intérieures et limite l'exposition aux opportunités de croissance internationale, où la taille du marché mondial de la construction était évaluée à approximativement 10,7 billions de dollars en 2022.

La structure de gestion bureaucratique peut ralentir les processus de prise de décision

L'entreprise a une hiérarchie de gestion à plusieurs niveaux qui conduit souvent à la ralentissement de la prise de décision. Dans une enquête menée par le China Enterprise Survey en 2022, 70% Des dirigeants de l'entreprise ont indiqué que la bureaucratie interne était un obstacle significatif à l'efficacité opérationnelle, un impact sur les délais du projet et la réactivité aux changements de marché.

Vulnérabilité aux changements réglementaires et changements politiques en Chine

L'ingénierie de la construction Shaanxi est fortement touchée par le paysage réglementaire de la Chine. Par exemple, le secteur de la construction a connu un resserrement des réglementations en 2021, conduisant à un 30% de baisse Dans les nouveaux approbations de projets, qui a directement influencé l'arriéré de projets et de prévisions financières de la société. Tout autre changement politique pourrait exacerber encore cette vulnérabilité.

Potentiel de dépassements de coûts et de retards de projet dans des projets complexes

Les dépassements de coûts sont un défi commun dans l'industrie de la construction, et Shaanxi Construction Engineering ne fait pas exception. En 2022, la société a indiqué que 12% de ses projets ont connu des retards importants, provoquant un dépassement moyen des coûts de 15%. Cela affecte non seulement la rentabilité, mais aussi endommage les relations avec les clients et les opportunités d'appel d'offres futures.

Innovation limitée dans les pratiques de construction verte et durable par rapport aux concurrents

En 2022, l'ingénierie de la construction de Shaanxi n'a attribué que 3% de son budget total de R&D vers les technologies durables. En revanche, des concurrents comme China State Construction Engineering Corporation ont investi 10% dans des innovations similaires. Ce manque de concentration sur les pratiques durables peut entraver la compétitivité de l'entreprise sur un marché de plus en plus évaluer les solutions de construction respectueuses de l'environnement.

Shaanxi Construction Engineering Group Corporation Limited - Analyse SWOT: Opportunités

Le secteur de la construction en Chine connaît une croissance significative en raison de l'augmentation de l'urbanisation. Selon le Bureau national des statistiques de la Chine, en 2022, le taux d'urbanisation a atteint 64.72%, et il devrait dépasser 70% D'ici 2030. Cette tendance stimule la demande de services de construction, présentant une opportunité substantielle pour Shaanxi Construction Engineering Group Corporation Limited (SCEGC), car ils peuvent capitaliser sur les besoins en expansion de l'infrastructure.

De plus, une expansion dans les marchés émergents offre un potentiel de croissance supplémentaire. Les marchés en Asie et en Afrique ont connu une augmentation des dépenses des infrastructures. La Banque asiatique de développement (BAD) estime que l'Asie doit investir à peu près 26 billions de dollars Dans les infrastructures de 2016 à 2030 pour maintenir la croissance, offrant à la SCEGC une voie pour améliorer son empreinte internationale.

La tendance croissante vers les villes intelligentes présente une autre opportunité. Le marché mondial des villes intelligentes devrait se développer à partir de 410 milliards de dollars en 2021 à 820 milliards de dollars D'ici 2026, selon les Marketsandmarket. Alors que les zones urbaines cherchent à tirer parti de la technologie pour une meilleure efficacité et une meilleure gestion, SCEGC peut améliorer ses offres de services en intégrant Smart Technologies dans ses projets de construction.

Le renforcement des capacités des technologies de construction durables et respectueuses de l'environnement est essentielle. Le marché des bâtiments verts en Chine devrait atteindre une taille de marché de 1,2 billion de dollars D'ici 2023. La capacité de la SCEGC à investir et à adopter des pratiques durables peut mieux positionner l'entreprise dans un environnement réglementaire changeant où la construction écologique est de plus en plus hiérarchisée.

Les acquisitions stratégiques peuvent également améliorer les capacités technologiques et boursières. Des données récentes indiquent que les fusions et acquisitions dans le secteur de la construction ont atteint 50 milliards de dollars en 2021 seulement. En poursuivant activement des partenariats stratégiques ou des acquisitions, SCEGC peut renforcer ses offres de services et ses prouesses technologiques, ce qui lui permet de concurrencer plus efficacement dans un marché dynamique.

Shaanxi Construction Engineering Group Corporation Limited - Analyse SWOT: menaces

Concurrence intense Des entreprises de construction nationales et internationales sont une menace majeure pour Shaanxi Construction Engineering Group Corporation Limited (SCEGC). L'industrie chinoise de la construction a terminé 200 000 entreprises, avec beaucoup de compétitions agressivement pour les projets. Les concurrents notables incluent la China State Construction Engineering Corporation (CSCEC) et China Railway Group Limited. Sur le marché international, des entreprises comme Bechtel et Vinci présentent une concurrence importante, en particulier dans des régions comme l'Afrique et l'Asie du Sud-Est, où elles augmentent leur empreinte.

Fluctuations économiques En Chine, un impact significatif sur les dépenses publiques en infrastructure. En 2022, l'investissement en infrastructure chinois a augmenté 0.2%, reflétant des défis économiques plus larges. L’accent mis par le gouvernement sur la stabilité économique plutôt que sur l’extension agressive des infrastructures pourrait entraver les perspectives de croissance des revenus du SCEGC. De plus, la croissance du PIB projetée pour la Chine en 2023 est là 4.5%, ce qui peut affecter les budgets alloués aux projets de construction.

Règlements environnementales strictes deviennent de plus en plus rigoureux, en particulier après l'engagement de la Chine à atteindre la neutralité du carbone par 2060. Les nouvelles réglementations pourraient entraîner une augmentation des coûts opérationnels du SCEGC, ce qui concerne potentiellement les délais du projet. La mise en œuvre du Nouvelle loi sur la protection de l'environnement a conduit à des retards de projet, les pénalités atteignant CNY 1 million pour la non-conformité.

Hausse des coûts de matériel et de main-d'œuvre sont une autre menace critique. En 2022, le coût des matériaux de construction a augmenté d'une moyenne de 15%, tiré par les perturbations mondiales de la chaîne d'approvisionnement. Les coûts de main-d'œuvre ont également connu des augmentations significatives, avec des salaires de main-d'œuvre qualifiés 10% annuellement. En conséquence, les marges bénéficiaires du SCEGC pourraient diminuer, en particulier sur les contrats à prix fixe.

Tensions géopolitiques menace également les opérations du SCEGC, en particulier dans les pays impliqués dans l'initiative Belt and Road (BRI). Des tensions accrues dans des régions comme l'Asie du Sud-Est et certaines parties de l'Afrique risquent non seulement les délais du projet, mais peuvent également conduire au retrait des investissements étrangers. Le paysage politique dans des pays comme le Pakistan et le Sri Lanka, où le SCEGC a été actif, continue d'être imprévisible.

L'analyse SWOT de Shaanxi Construction Engineering Group Corporation Limited révèle une entreprise positionnée au carrefour des opportunités et du défi, où une solide fondation nationale répond à l'innovation stratégique et à la diversification mondiale. Alors que l'entreprise navigue dans un paysage de marché en évolution rapide, tirant parti de ses forces tout en abordant les faiblesses est essentiel pour débloquer la croissance des marchés émergents et des technologies durables, garantissant qu'elle reste un acteur clé dans le secteur de la construction compétitif.

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