Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2025 net profit attributable to shareholders decreased by 17.9% year-on-year, which is in line with expectations. The total operating revenue for 2025 is projected to be 1.09 trillion yuan, a decline of 5.76% year-on-year [6] - The company plans to distribute a cash dividend of 0.168 yuan per share (before tax) for 2025, resulting in a dividend payout ratio of 18.10%, which is an increase of 2.31 percentage points compared to 2024 [6] - The report indicates a downward adjustment in profit forecasts for 2026 and 2027, with expected net profits of 21.6 billion yuan and 21.5 billion yuan respectively, reflecting a decline in growth rates [6] Financial Data and Profit Forecast - Total operating revenue projections for the years 2024 to 2028 are as follows: 1,160,311 million yuan (2024), 1,093,494 million yuan (2025), 1,082,061 million yuan (2026E), 1,080,013 million yuan (2027E), and 1,095,253 million yuan (2028E) [5][8] - The net profit attributable to shareholders is forecasted to be 27,887 million yuan (2024), 22,892 million yuan (2025), 21,573 million yuan (2026E), 21,520 million yuan (2027E), and 22,277 million yuan (2028E) [8] - The company's return on equity (ROE) is projected to decline from 7.9% in 2024 to 5.3% in 2028 [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2026年3月31日在上海證券交易所網站刊登的「中國中鐵 股份有限公司關於股份回購進展公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 中國 • 北京 2026年3月31日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 A 股代码：601390 A 股简称：中国中铁 公告编号：临 2026-021 H 股代码：00390 H 股简称：中国中铁 中国中铁股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、回购股份的基本情况 中国中铁股份有限公 ...

| | | 上述股份回购符合法律法规的规定及公司回购方案的要求。 中国中铁股份有限公司（以下简称"本公司"或"公司"）2025 年 6 月 20 日召开 2024 年年度股东大会、2025 年第一次 A 股类别股东会议、 重要内容提示： 回购方案首次披露日 2025 年 4 月 30 日 回购方案实施期限 2025 年 6 月 20 日至 2026 年 6 月 19 日 回购股份种类 公司发行的人民币普通股（A 股）股票 回购股份方式 集中竞价交易方式 预计回购金额 人民币 8 亿元-16 亿元 回购资金来源 自有资金和股票回购专项贷款 回购价格上限 不超过人民币 8.50 元/股 回购用途 减少注册资本 累计已回购股份数量 28,812,000 股 累计已回购股数占总股本比例 0.1167% 累计已回购金额 160,018,146.00 元 实际回购价格区间 5.42 元/股-5.75 元/股 2025 年第一次 H 股类别股东会议，审议通过了《关于<中国中铁回购公司 部分 A 股股份方案>的议案》，同意公司使用自有资金和股票回购专项贷款， 以集中竞价交易方式回购公司已发行的部分人民币普通股（A 股）股票， ...

中国中铁股份有限公司 关于中铁财务有限责任公司2025年风险持续 评估的报告 根据国家金融监督管理总局以及上海证券交易所的相关 要求，中国中铁股份有限公司(以下简称"中国中铁")通过 查验中铁财务有限责任公司(以下简称"财务公司")的《营 业执照》与《金融许可证》等资料，并审阅包括资产负债表、 利润表、现金流量表等在内的财务公司的定期财务报告，对 其经营资质、业务和风险状况进行了持续评估。具体情况报 告如下： 一、财务公司基本情况 二、公司内部控制的基本情况 (一)工商登记情况 名称：中铁财务有限责任公司 企业性质：其他有限责任公司 注册地址：北京市海淀区复兴路69号6号中国中铁大厦 C座5层 法定代表人：杨育林 注册资本：人民币90亿元 统一社会信用代码：91110000717838206Y (二)经营范围 吸收成员单位存款；办理成员单位贷款；办理成员单位票 据贴现；办理成员单位资金结算与收付；提供成员单位委托 贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨 1 询代理业务；从事同业拆借；办理成员单位票据承兑；办理 成员单位产品买方信贷；从事固定收益类有价证券投资。 (一)控制环境 财务公司已按照《中 ...

Investment Rating - The investment rating for China Railway (601390) is maintained at "Accumulate" [2] Core Views - The company reported a revenue of 1,090.63 billion yuan for 2025, a year-on-year decrease of 5.8%, and a net profit attributable to shareholders of 22.89 billion yuan, down 17.9% year-on-year [7] - The traditional core business is under pressure, while the resource development segment shows strong performance, with revenue from this segment increasing by 9% year-on-year [7] - Financial expenses have negatively impacted profits, but cash flow has shown improvement, with a cash flow from operations of 287.7 billion yuan, an increase of 7.21 billion yuan year-on-year [7] - The company plans to distribute a cash dividend of 4.1 billion yuan for 2025, with a dividend payout ratio of 18.1%, corresponding to a dividend yield of 3.11% [7] - Forecasts for net profit attributable to shareholders for 2026-2028 are 23.2 billion, 23.7 billion, and 24.4 billion yuan respectively, with year-on-year growth rates of 1%, 2%, and 3% [7] Financial Performance Summary - Revenue projections for 2024A, 2025A, 2026E, 2027E, and 2028E are 1,157.44 billion, 1,090.63 billion, 1,013.18 billion, 1,004.01 billion, and 1,027.78 billion yuan respectively, with growth rates of -8.2%, -5.8%, -7.1%, -0.9%, and 2.4% [5] - Net profit attributable to shareholders for the same years is projected at 27.89 billion, 22.89 billion, 23.16 billion, 23.69 billion, and 24.38 billion yuan, with growth rates of -16.7%, -17.9%, 1.2%, 2.3%, and 2.9% [5] - The company's earnings per share (EPS) is expected to be 1.09, 0.85, 0.94, 0.96, and 0.99 yuan for the years 2024A to 2028E [5] - The price-to-earnings (PE) ratio is projected to be 5.9, 6.4, 5.8, 5.7, and 5.5 for the same period [5] - Return on equity (ROE) is expected to decline from 7.9% in 2024A to 5.6% in 2028E [5]

EF001 第 2 頁 共 2 頁 v 1.1.1 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；本公司的非執行董事為文利民先生及房小兵先生；本公 司的獨立非執行董事為修龍先生、孫力實女士及屠海鳴先生。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國中鐵股份有限公司 | | 股份代號 | 00390 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 二零二五年度業績公告 | | 公告日期 | 2026年3月30日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政 ...

Investment Rating - The report maintains a "Buy" rating for China Railway Group Limited (601390.SH) [6] Core Views - The company's Q4 gross margin decline has pressured its performance, with a total revenue of CNY 1,093.5 billion in 2025, down 6% year-on-year, and a net profit attributable to shareholders of CNY 22.9 billion, down 18% year-on-year, which is in line with expectations [1] - The company has shown significant improvement in profit contribution from mineral resources, with a net profit of CNY 4 billion from its subsidiary, accounting for 17% of the total net profit [4] - The company has a robust order backlog, with a total contract amount of CNY 27,509 billion in 2025, up 1% year-on-year, and an uncompleted contract amount of CNY 43,390 billion, which is four times the revenue for 2025 [3] Financial Performance - In 2025, the comprehensive gross margin was 9.3%, a decrease of 0.5 percentage points year-on-year, with significant declines in the real estate sector [2] - The company reported a net cash inflow from operating activities of CNY 28.8 billion, an increase of CNY 0.7 billion year-on-year, indicating improved free cash flow [2] - The expected net profit for 2026-2028 is projected to be CNY 21.8 billion, CNY 21.4 billion, and CNY 21.5 billion respectively, with corresponding EPS of CNY 0.88, CNY 0.87, and CNY 0.87 [4][5] Business Segments - The infrastructure and real estate segments generated revenues of CNY 925.4 billion and CNY 44.6 billion respectively in 2025, both showing declines of 7% and 8% year-on-year [1] - The company has seen a 17% year-on-year increase in overseas contract signing, contributing to the overall stability of its order scale [3] Market Position - The company holds significant mineral resources, with copper, molybdenum, and cobalt reserves of 283,000 tons, 49,000 tons, and 22,000 tons respectively, positioning it among the leaders in the domestic industry [4]

Investment Rating - The report maintains a "Buy" rating for China Railway Group Limited (601390.SH) [6] Core Views - The company's Q4 gross margin decline has pressured its performance, with total revenue for 2025 at 1,093.5 billion yuan, down 6% year-on-year, and net profit attributable to shareholders at 22.9 billion yuan, down 18% year-on-year, in line with expectations [1] - The contribution from mineral resources has significantly increased, with the subsidiary China Railway Resources achieving a net profit of 4 billion yuan, up 32% year-on-year, accounting for 17% of the company's net profit [4] - The company has a robust order backlog, with a total of 43,390 billion yuan in uncompleted contracts, which is four times its revenue for 2025, indicating a solid pipeline for future revenue [3] Financial Performance - In 2025, the comprehensive gross margin was 9.3%, a decrease of 0.5 percentage points year-on-year, with significant declines in the real estate sector [2] - The company reported a net cash inflow from operating activities of 28.8 billion yuan, an increase of 0.7 billion yuan year-on-year, indicating improved free cash flow [2] - The expected net profits for 2026-2028 are projected to be 21.8 billion yuan, 21.4 billion yuan, and 21.5 billion yuan respectively, with corresponding EPS of 0.88, 0.87, and 0.87 yuan per share [4] Business Segments - In 2025, the company achieved revenue of 925.4 billion yuan from infrastructure and 44.6 billion yuan from real estate, both showing declines of 7% and 8% year-on-year respectively [1] - The new contract value for 2025 was 27,509 billion yuan, a year-on-year increase of 1%, with significant growth in overseas contracts [3] - The mining sector's contribution to profits is expected to continue growing, especially with the acquisition of new silver mining exploration rights [4] Valuation Metrics - The current stock price corresponds to a P/E ratio of 6.2 for 2026, indicating a relatively low valuation compared to historical averages [4] - The report projects a dividend payout of 4.14 billion yuan for 2025, a decrease of 6% year-on-year, with a dividend rate of 18.1%, up 2.3 percentage points year-on-year [1]

Investment Rating - The report maintains a "Buy" rating for China Railway Group Limited (601390) [6] Core Views - The report highlights an improvement in operating cash flow year-on-year, driven by growth in mineral resources and equipment manufacturing, which is expected to lead to a revaluation of the company's value [5][6] - The company achieved a revenue of 1,093.5 billion yuan in 2025, a decrease of 5.8% year-on-year, with a net profit attributable to shareholders of 22.89 billion yuan, down 17.9% year-on-year [5] - The report emphasizes the growth in the equipment manufacturing and resource utilization sectors, with the latter achieving a revenue increase of 11.3% year-on-year [5] - The company has successfully expanded its overseas business, with revenue from international markets reaching 74 billion yuan, up 7.8% year-on-year, and new overseas contracts signed increasing by 16.5% to 257.4 billion yuan [5] Summary by Relevant Sections Financial Performance - In 2025, the company reported a gross margin of 9.34%, slightly down by 0.46 percentage points year-on-year, with a net profit margin of 2.09%, down 0.31 percentage points year-on-year [5][12] - The operating cash flow for 2025 was 28.77 billion yuan, showing a year-on-year increase of 0.72 billion yuan, with a cash collection ratio improving by 7.87 percentage points to 96.67% [5][12] Revenue and Profit Forecast - The forecast for 2026-2028 predicts net profits attributable to shareholders of 23.85 billion yuan, 24.80 billion yuan, and 25.74 billion yuan respectively, reflecting growth rates of 4.17%, 4.00%, and 3.77% [6][7] - Revenue is expected to grow from 1,126.20 billion yuan in 2026 to 1,196.12 billion yuan in 2028, with growth rates of 2.99%, 3.04%, and 3.07% [7][12] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 5.66 for 2026, 5.44 for 2027, and 5.25 for 2028, indicating a favorable valuation outlook [6][12] - The price-to-book (P/B) ratio is projected to decrease from 0.36 in 2025 to 0.31 in 2028, suggesting an improving valuation over time [6][12]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列中國中鐵股份有限公司於2026年3月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司關於續聘會計師事務所的公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2026年3月30日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 | H | | | --- | --- | | 股代码：00390 | 股代码：601390 | | H 股简称：中国中铁 | 股简称：中国中铁 A | | | 公告编号：临 | | | A 2026-020 | 中国中铁股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容 ...