SOE‑Controlled Listed Infrastructure Firms See Big Jump in New Infrastructure Contracts in First Three Quarters

SOE‑Controlled Listed Infrastructure Firms See Big Jump in New Infrastructure Contracts in First Three Quarters

Key Points

PowerChina (Zhongguo Dianjian 中国电建): signed ¥904,527,000,000 RMB in Jan–Sep 2025, with ¥213,754,000,000 RMB overseas (~23.6% of total); growth led by pumped storage, new‑type energy storage and digitalization/data‑center projects.
MCC (中国中冶) & CSCEC (中国建筑): MCC posted ¥760,670,000,000 RMB (overseas new contracts up 10.1%); CSCEC reported ¥3,293,600,000,000 RMB (+1.4% YoY) driven in part by data‑center and AI industrial‑park projects.
Major new‑energy and Saudi wins: China Energy Engineering (Zhongguo Nengjian 中国能建) consortium secured ~$2.745bn / ¥19,554,000,000 RMB in new‑energy EPCs; PowerChina wins in Saudi (Afif 1 & 2 PV) total ~¥11,719,000,000 RMB.
Strategic shift and risks: SOE infrastructure groups are pivoting to “new infrastructure” (PV, storage, data centers, AI) for revenue diversification, but investors should monitor execution timelines, local partner management and margin pressures on large overseas projects.

New infrastructure contracts are driving significant contract growth at China’s central SOE infrastructure groups in 2025.

Overview

Several infrastructure central‑state‑owned enterprise (SOE) controlled listed companies reported January–September 2025 contract data.

These include PowerChina (Zhongguo Dianjian 中国电建), China State Construction (CSCEC Zhongguo Jianzhu 中国建筑), China Metallurgical Group (MCC Zhongguo Zhongye 中国中冶) and China Energy Engineering (Zhongguo Nengjian 中国能建).

Across these firms, newly signed projects tied to “new infrastructure” — digitalization, data centers, advanced computing/AI facilities, new‑energy and energy‑storage projects — have become major growth drivers.

Several companies also reported double‑digit year‑over‑year growth in newly signed overseas contracts.

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PowerChina (Zhongguo Dianjian 中国电建): broad gains led by pumped storage, new storage and digital projects

PowerChina reported that from January through September 2025 it signed new contracts totaling ¥904,527,000,000 RMB ($126.94 billion USD).

New overseas contracts amounted to ¥213,754,000,000 RMB ($30.02 billion USD), up strongly year‑over‑year.

Key growth areas included pumped storage, new‑type energy storage and digitalization businesses.

Pumped‑storage projects: 407 projects awarded with new contracts totaling ¥65,386,000,000 RMB ($9.18 billion USD), up ~15.3% year‑over‑year.
New‑type energy storage: 142 newly signed projects totaling ¥36,698,000,000 RMB ($5.15 billion USD).
Digitalization businesses (including intelligent computing and data center work): 290 newly signed projects totaling ¥12,333,000,000 RMB ($1.73 billion USD).

From a regional perspective, PowerChina’s international strategy is producing results.

Overseas new contracts accounted for roughly 23.6% of its total new contract value for the period.

Notably, the company and its consortium partners won two Saudi PV contracts — “Saudi Afif 1 PV” and “Saudi Afif 2 PV” — with combined contract value approximately ¥11,719,000,000 RMB ($1.64 billion USD).

The Saudi scope includes construction of 2,000 MW of PV park area, 33/132 kV boost substations and 132 kV export lines.

China Metallurgical Group (MCC Zhongguo Zhongye 中国中冶): overseas growth and large mining/processing contracts

MCC reported new signed contracts of ¥760,670,000,000 RMB ($106.77 billion USD) in the first three quarters of 2025.

New overseas contract value reached ¥66,900,000,000 RMB ($9.39 billion USD), up about 10.1% year‑over‑year.

Representative newly signed projects included:

Oman Sohar concentrator EPCM for Jinnan Middle East Mining Co. — ¥2,280,000,000 RMB ($320.0 million USD).
Kazakhstan Qarmet No.8&9 coking supply contract — ¥1,270,000,000 RMB ($178.2 million USD).
Mongolia tin mining & processing plant project (mining, sales, and processing plant construction and operation) — ¥1,350,000,000 RMB ($189.5 million USD).

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China State Construction (CSCEC Zhongguo Jianzhu 中国建筑): new infrastructure data‑center and AI projects lift infrastructure contracting

China State Construction reported January–September new contract signings of ¥3,293,600,000,000 RMB ($462.34 billion USD), an increase of about 1.4% year‑over‑year.

Infrastructure sector new contracts rose approximately 3.9% and were an important contributor to growth.

CSCEC has signed multiple projects tied to data centers and artificial intelligence (AI) industrial parks in 2025.

Guangzhou China AI (Guangzhou) Industrial Park — general construction contract ¥2,910,000,000 RMB ($408.5 million USD).
Jiangsu Huai’an Yuan Guolian Suhuai Smart Manufacturing Industrial Park — ¥2,060,000,000 RMB ($289.2 million USD).

China Energy Engineering (Zhongguo Nengjian 中国能建): major overseas new‑energy EPC wins

China Energy Engineering announced that a consortium it leads signed three new‑energy EPC contracts with a Saudi project company formed by Saudi International Power & Water, the Public Investment Fund and Aramco Power.

The combined contract value is reported as approximately $2.745 billion USD (¥19,554,000,000 RMB).

What this suggests

Strategic shift: Central SOE infrastructure groups are increasingly pursuing strategic emerging sectors — new‑energy (PV, storage), pumped storage, and digital infrastructure (data centers, AI/compute facilities).
Internationalization: Several firms reported double‑digit growth in overseas contract signings, underlining continued globalization of SOE engineering and construction capacity.
Investment implications: The mix shift toward “new infrastructure” could support medium‑term revenue diversification for large engineering contractors.
Execution watchlist: Execution timelines, local partner management and margin pressures on large overseas projects remain critical monitoring points for investors and operators.

Quick takeaways for investors, founders, techies and marketers

New infrastructure momentum: Digitalization and energy‑storage work are now material contributors to contract pipelines across SOE contractors.
Regional play: The Saudi and broader Middle East wins show clear demand for large PV and power‑transmission capacity, which benefits firms with EPC and consortium experience.
Product/market fit: Data centers and AI industrial parks represent an on‑ramp for construction firms to capture long‑cycle high‑value projects in the cloud and AI stack buildout.
Risk versus reward: Revenue diversification is attractive, but investors should track contract mix, backlog timing and overseas execution risk.

Note on currency conversions: RMB→USD conversions in this article are approximate and use an exchange rate of 1 USD ≈ 7.124 RMB for consistency with company disclosure equivalences reported in October 2025.

All USD figures are rounded to two decimal places where shown.

Linking opportunities

Link to company pages: PowerChina, CSCEC, MCC and China Energy Engineering corporate homepages.
Link to sector research: Reports on data center buildouts, PV project pipelines, and global energy‑storage demand.
Link to deal coverage: News stories on Saudi PIF, Aramco Power and major Middle East energy tenders.

New infrastructure contracts are becoming a defining growth vector for China’s central SOE infrastructure groups in 2025.