[HK]中国铁建(01186):海外监管公告 - 2026年面向专业投资者公开发行科技创新公司债券（第一期）信用评级报告
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FFO????????? ?????????????????????????????????????????? ????????? ?7?????????????????? 2023 2024 2025 ???? 1,897.70 2,699.78 2,997.53 ??? 4,619.66 6,241.26 7,680.71 ????/???(%) 41.08 43.26 39.03 ???/EBITDA(X) 6.88 9.50 11.41 EBITDA??????(X) 4.00 3.54 3.19 FFO/???(X) 0.11 0.08 -0.03 ??????????????????? ?? 2025?????????仍? 30,868.68?????? 12,467.39????????????????? 13.21??? ???亯亯 ?? 2025?????н?????↓?????????????????????仍? 14.99 ???н?????ъ?????????????????ъ??????????????? ???????????仍? 212.66????????????????????????? ?????????????????????????????????????????? ?????????ъ??????2023?~2026? 3??????????????????? ??????????????????? 2 ??ф人? ??? üü???ъ???????л?亴? 2026?????????仍????? üü亴? 2026?????????学???学???????а???? 2 ??????????亴????????????????????????????а???亩亴????????????????о??????????????????????亴?????亩?????????亩????????亴???????????????üü2026???????????????????亩?????????????????? ??????????????? 人人?? ?8?亴???? ???? 2024???? 2025???? 2026??亴? ??????(%) 64.71 69.33 65.00~69.00 ???/EBITDA(X) 8.00~11.00 9.50 11.41 ??????????亴? ??亯 ????? ???????θ?????????θ??ж????????????????? 2025????????????????↓?ф????????????仍??????????χ????????θ???????2026???θс??????????θ?????????? ??????????????θ????ESG????θ?????????伄???????? ???????????学?ъ?亩??????????????仈??ケ???????? ???????2025????????????????????????????????? 4 ?????????????????2026??????????????????????? ?????????????? ?????????????????????ф??っ???儈????????????? ????????????????????????? ??????????????????????????儈??????????????? ??????????2025??????????????????о仾?????????? ???????????儈????????????↓?????????????????? ???????????????????????н?????????????????? ??????????????ъ?????????????н???а????????? ????????亩????????????????????????????亩???? 3 ?????? 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