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。 中國中鐵股份有限公司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390） 截至2024年9月30日止第三季度業績公告 中國中鐵股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司截至 2024年9月30日止第三季度根據中國企業會計準則編製的未經審計業績（「第三季 度業績」）。本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條作出及 證券及期貨條例（香港法例第571章）第XIVA部內幕消息條文作出。 1 重要提示 1.1 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 1.2 公司負責人陳雲、主管會計工作負責人孫璀及會計機構負責人（會計主 管人員）于來新保證季度報告中財務信息的真實、準確、完整。 1.3 本公司第 ...

中國中鐵股份有限公司 CHINA RAILWAY GROUP LIMITED ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號：390 2024 中 期 報 告 本书记的民歌 ALTER CHEVROY -41 9 8 2 7 10 5 4 6 3 1 1. 深中跨海大橋 2. 福建漳浦六鰲海上風電場二期項目 3. 剛果（金）布桑加水電站 4. 南極秦嶺站 5. 鹿鳴礦業採礦場 6. 2,000噸自升式海上風電安裝平台－「大橋海風」號 7. 京蔚高速軍莊互通立交 8. 貴州龍裡河大橋 9. 貴陽花溪管網污水處理廠 10. 成達萬高速鐵路軌枕廠 目錄 | --- | --- | |-------|----------------------------| | | | | 2 | 中報速覽 公司簡介 | | 3 4 | 財務摘要 | | 6 | 股份變動及股東情況 | | 12 | 董事、監事及高級管理人員 | | 15 | 管理層討論與分析 | | 32 | 重要事項 | | 53 | 環境與社會責任 | | 55 | 詞彙及技術術語表 | | 56 | 公司信息 | | 58 | 簡明綜合財務報表的審 ...

Financial Performance - Revenue decreased by 7.8% year-on-year to RMB 544.522 billion, with infrastructure construction revenue down 7.9% to RMB 484.838 billion[5] - Gross profit declined by 8.2% to RMB 46.757 billion, and profit before tax dropped 14.9% to RMB 19.560 billion[5] - Net profit attributable to the company's owners fell 12.1% to RMB 14.279 billion, with basic earnings per share also down 12.1% to RMB 0.532[5] - Revenue for the first half of 2024 was 544.522 billion yuan, a decrease of 7.8% compared to the same period last year[58] - Gross profit for the first half of 2024 was 46.757 billion yuan, a decrease of 8.2% year-on-year, with a gross margin of 8.6%[59] - Revenue for the six months ended June 30, 2024, was RMB 544,522 million, a decrease of 7.8% compared to RMB 590,766 million in the same period in 2023[146] - Gross profit for the six months ended June 30, 2024, was RMB 46,757 million, down 8.2% from RMB 50,906 million in the same period in 2023[146] - Operating profit for the six months ended June 30, 2024, was RMB 19,401 million, a decrease of 14.4% compared to RMB 22,655 million in the same period in 2023[146] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 14,279 million, down 12.1% from RMB 16,239 million in the same period in 2023[146] Assets and Liabilities - Total assets increased by 9.6% compared to the end of 2023, reaching RMB 2.004424 trillion, while total liabilities rose by 11.9% to RMB 1.533147 trillion[6] - Non-current assets grew by 12.8% to RMB 1.134794 trillion compared to the end of 2023, and non-current liabilities increased by 13.1% to RMB 1.142802 trillion[6] - Equity attributable to the company's owners increased by 2.5% to RMB 471.277 billion compared to the end of 2023[6] - Total assets as of June 30, 2024, were RMB 2,004,424 million, an increase of 9.6% compared to RMB 1,829,290 million as of December 31, 2023[148] - Total liabilities as of June 30, 2024, were RMB 1,533,147 million, up 11.9% from RMB 1,369,536 million as of December 31, 2023[150] - Total equity attributable to the company's owners as of June 30, 2024, was RMB 335,539 million, up 1.0% from RMB 332,386 million as of December 31, 2023[150] Revenue Breakdown - Real estate development revenue saw a significant decline of 29.9% to RMB 14.843 billion[5] - Equipment manufacturing revenue decreased by 5.3% to RMB 16.586 billion[5] - Design consulting revenue dropped 2.8% to RMB 9.351 billion[5] - Other business revenue fell by 11.2% to RMB 48.881 billion[5] - Revenue from property sales decreased to RMB 14.481 billion in 2024 from RMB 20.919 billion in 2023[161] - Revenue from equipment manufacturing and sales was RMB 12.024 billion in 2024, compared to RMB 13.312 billion in 2023[161] - Revenue from services provided was RMB 12.361 billion in 2024, slightly down from RMB 12.544 billion in 2023[161] Shareholder and Share Information - The total number of restricted shares decreased by 57,477,004 shares, from 181,266,700 shares to 123,789,696 shares, representing a reduction from 0.73% to 0.50% of total shares[9] - 55,910,838 restricted shares were released for trading on February 23, 2024, as part of the company's 2021 restricted stock incentive plan[10] - 1,566,166 restricted shares were repurchased and canceled due to various reasons, including employee resignations and performance issues, reducing the total shares from 24,752,195,983 to 24,750,629,817[10] - The total number of ordinary shareholders at the end of the reporting period was 475,528[12] - China Railway Engineering Group Co., Ltd. remains the largest shareholder with 11,623,119,890 shares, representing 46.96% of total shares[13] - HKSCC Nominees Limited holds 4,010,711,746 shares, accounting for 16.20% of total shares[13] - Guoxin Development Investment Management Co., Ltd. increased its holdings by 285,858,404 shares, now holding 742,605,892 shares or 3.00% of total shares[13] - China Securities Finance Corporation holds 619,264,325 shares, representing 2.50% of total shares[13] - Hong Kong Securities Clearing Company Limited holds 582,163,110 shares, accounting for 2.35% of total shares[13] - Central Huijin Asset Management Co., Ltd. holds 230,435,700 shares, representing 0.93% of total shares[13] Contracts and Projects - The company signed a major contract for the construction of the new Nantong to Ningbo high-speed railway, with a contract value of 1,606,686 million RMB and a duration of 1,267 calendar days[125] - Another significant contract is for the construction of the Shenzhen to Jiangmen railway, with a contract value of 724,385 million RMB and a duration of 1,238 calendar days[125] - The company has also secured a contract for the construction of the Hefei to Wuhan high-speed railway (Hubei section), with a contract value of 687,574 million RMB and a duration of 54 months[126] - The company secured a contract worth 275,951 million yuan for the Shenyang-Haikou National Expressway expansion project, with a construction period of 54 months[127] - A contract worth 218,380 million yuan was signed for the Wuhan Metropolitan Ring Expressway project, with a duration of 1,248 calendar days[127] - The company signed a contract worth 193,000 million yuan for the Sujiatun Yingchun Street Cultural and Creative Vitality Zone urban renewal project, with a duration of 1,095 calendar days[127] - A contract worth 143,622 million yuan was secured for the Jinan Metro Line 4 and Line 8 system integration project, with a duration of 2 years[128] - The company signed a contract worth 27,755 million yuan for the steel structure manufacturing of the Dangyang-Zhijiang-Songzi Expressway project, with a duration of 24 months[130] - A contract worth 21,881 million yuan was secured for the TBM equipment procurement for the Yangtze River Diversion Project, with a duration until April 30, 2025[131] Real Estate Development - Real estate development sales amounted to 13.25 billion yuan, a year-on-year decrease of 63.3%[48] - Real estate development sales area amounted to 950,000 square meters, a year-on-year decrease of 59%[48] - Real estate development new land reserves amounted to 161,000 square meters, a year-on-year decrease of 39.5%[48] - Real estate development land reserves amounted to 1,194,820,000 square meters[48] Cash Flow and Financing - Net cash outflow from operating activities increased to RMB 69.332 billion in the first half of 2024, up from RMB 29.967 billion in the same period of 2023, primarily due to delayed payments from project owners and timely payments to suppliers[74] - Net cash outflow from investing activities decreased to RMB 22.062 billion in the first half of 2024, down from RMB 34.491 billion in the same period of 2023, mainly due to increased investment recoveries and reduced long-term asset investments[74] - Net cash inflow from financing activities increased to RMB 50.809 billion in the first half of 2024, up from RMB 32.650 billion in the same period of 2023, driven by increased borrowing due to delayed payments from project owners[74] - Capital expenditures decreased by 3.7% to RMB 25.309 billion in the first half of 2024, compared to RMB 26.270 billion in the same period of 2023, with RMB 15.828 billion spent on intangible assets and RMB 8.731 billion on fixed assets[75] - Inventory balance increased by 41.7% to RMB 80.962 billion as of June 30, 2024, compared to RMB 57.153 billion at the end of 2023, driven by increased construction material reserves to ensure project progress and respond to rising raw material prices[76] - Trade receivables and bills increased by 41.3% to RMB 273.608 billion as of June 30, 2024, compared to RMB 193.674 billion at the end of 2023, primarily due to business expansion and delayed payments from project owners[77] - Trade payables and bills increased by 12.3% to RMB 661.228 billion as of June 30, 2024, compared to RMB 588.737 billion at the end of 2023, driven by business expansion and adjustments in payment methods[78] - Long-term borrowings increased by 10.2% to RMB 349.012 billion as of June 30, 2024, compared to RMB 316.647 billion at the end of 2023, while short-term borrowings increased by 35.4% to RMB 153.463 billion, mainly to meet liquidity needs[80] - The average financing cost rate decreased by 0.13 percentage points to 3.46% in the first half of 2024, compared to the same period in 2023[82] - Secured borrowings amounted to RMB 128.484 billion as of June 30, 2024, with collateral assets valued at RMB 208.809 billion, including property, plant, equipment, intangible assets, and trade receivables[84] - Unused bank credit facilities totaled approximately RMB 1,968.016 billion as of June 30, 2024, compared to RMB 2,013.219 billion as of December 31, 2023[85] - The company's debt-to-asset ratio increased to 76.5% as of June 30, 2024, up 1.6 percentage points from 74.9% at the end of 2023[85] Environmental and Social Responsibility - The company's subsidiaries received environmental penalties totaling 1.662 million CNY in the first half of 2024 for issues related to construction waste disposal, illegal land occupation, and sewage discharge[138] - The company issued the "China Railway Promotion of Beautiful China Construction Guidance" to accelerate green transformation and deepen pollution prevention and ecological protection[139] - The company launched a special campaign for ecological environmental protection in the Yangtze and Yellow River basins, focusing on illegal disposal of construction waste and soil dumping sites[140] - The company's comprehensive energy consumption per 10,000 yuan of operating income in the first half of 2024 was 0.0397 tons of standard coal per 10,000 yuan, a decrease of 3.17% year-on-year[141] - The company's carbon dioxide emissions per 10,000 yuan of operating income in the first half of 2024 were 0.1381 tons per 10,000 yuan, a decrease of 3.36% year-on-year[141] Corporate Governance and Incentive Plans - The 2023 annual shareholders' meeting was held on June 28, 2024, approving the 2023 Board of Directors Work Report and 2023 profit distribution plan[89] - No profit distribution or capital reserve conversion plan was proposed for the reporting period[91] - The company completed the repurchase and cancellation of 1,566,166 restricted shares from 7 incentive recipients on March 11, 2024[92] - The company plans to repurchase and cancel 7,384,576 restricted shares from 43 incentive recipients under the 2021 incentive plan[92] - The 2021 incentive plan aims to establish a long-term incentive mechanism, attract and retain talent, and align the interests of shareholders, the company, and management for long-term development[93] - The 2021 incentive plan targets senior management, middle management, and core employees, with a total of up to 200 million A shares granted, representing 0.89% of the company's A-share capital and 0.74% of total share capital[94] - The total grant price for restricted shares under the 2021 incentive plan is RMB 639,486,755.7, with payments made by participants by specified deadlines in 2022[96] - The grant price for restricted shares is determined based on the higher of the stock's face value or 60% of the fair market price, calculated using specific trading averages[97][98] - The 2021 incentive plan has a maximum validity period of 72 months, from February 23, 2022, to November 30, 2026[99] - In 2024, the weighted average closing price of restricted shares was RMB 5.88 per share, with a fair value of RMB 414.9 million[101] - The 2021 incentive plan involves 687 participants, with 111,867,696 restricted shares granted in the first half of 2024[101] - Restricted shares under the 2021 incentive plan are subject to lock-up periods of 24, 36, and 48 months, with one-third of shares released after each period[96] - The 2021 incentive plan does not involve the issuance of any exercisable options[95] - The company signed agreements with participants to define rights and obligations under the 2021 incentive plan[100] - The company repurchased and canceled 1,379,700 restricted shares on December 28, 2022, due to the departure or disqualification of 5 incentive recipients[102] - An additional 1,566,166 restricted shares were repurchased and canceled on March 11, 2024, for 7 incentive recipients who left the company or failed to meet performance criteria[102] - The total number of restricted shares granted under the 2021 incentive plan was 181,266,700 A shares, with the plan fully implemented by the end of 2022[103] - The fair value of the stock payment for the first grant of restricted shares on January 17, 2022, was RMB 414.9 million[105] - The fair value of the stock payment for the reserved portion of restricted shares granted on November 2, 2022, was RMB 16.3 million[105] - The weighted average closing price of the company's stock before each grant date was RMB 5.88 per share[105] - The total number of restricted shares granted under the 2021 incentive plan accounted for approximately 0.89% of the company's weighted average number of issued A shares in the first half of 2024[105] - The 2021 incentive plan does not involve granting any exercisable options[104] - Restricted shares under the 2021 incentive plan are released in three batches, with lock-up periods of 24, 36, and 48 months respectively[105] - The 2021 incentive plan was approved at the A-share and H-share class meetings on December 30, 2021, and January 12, 2022, respectively[103] Market and Economic Conditions - China's GDP in the first half of 2024 reached 61.7 trillion yuan, a year-on-year increase of 5.0%[28] - National fixed asset investment (excluding rural households) in the first half of 2024 was 245.391 trillion yuan, a year-on-year increase of 3.9%[28] - Infrastructure investment (excluding power, heat, gas, and water production and supply) increased by 5.4% year-on-year[28] - Railway fixed asset investment reached 337.3 billion yuan, a year-on-year increase of 10.6%[28] - China's foreign contracted engineering business completed a turnover of 513.34 billion yuan, a year-on-year increase of 4.7%[29] - China's manufacturing industry is accelerating towards high-end, intelligent, green, and networked development, with a focus on efficiency, advanced production capacity, and digital transformation, supported by a 300 billion yuan ultra-long-term special treasury bond for equipment updates and consumer goods replacement[31] - National real estate development investment in the first half of 2024 was 5.2529 trillion yuan, down 10.1% year-on-year, with residential investment at 3.9883 trillion yuan, down 10.4%[32] - New commercial housing sales area in the first half of 2024 was 479.16 million square meters, down 19% year-on-year, with residential sales area down 21.9%[32] - New commercial housing sales revenue in the first half of 2024 was 4.7133 trillion yuan, down 25% year-on-year, with residential sales revenue down 26.9%[32] - LME copper average price in the first half of 2024 was $9,097 per ton, up 4.56% year-on-year[34] - Molybdenum concentrate (45%-50%) average price in the first half of 2024 was 3,504 yuan per ton, down 8.15% year-on-year[34] - The National Development and Reform Commission issued a notice to promote the regular issuance of infrastructure REITs projects, providing opportunities for infrastructure companies to revitalize existing assets[33] - The energy-saving and environmental protection industry is expected to reach a scale of 15 trillion yuan by 2030, with a focus on green transportation infrastructure and building-integrated photovoltaics[36] - The government is promoting the construction of a national water network with a focus on system completeness, safety, efficiency, and green intelligence[36] - National water conservancy construction investment reached 569 billion yuan in the first half of 2024, a year-on-year increase of

股 票 研 究 [ FT la ab sle h_T Nitl oe] t e: China Railway Group (00390 HK) 中文版 Gary Wong 黄家玮 (852) 2509 2616 快讯： 中国中铁 (00390 HK) Chinese version gary.wong@gtjas.com.hk 21 May 2024 铜[Ta价ble上_Su涨mm和ar房y] 地产市场环境改善或引发重估，维持“买入” 快  我们重申“买入”评级，维持目标价为7.70港元。我们维持中国中铁（“公司”）2024/ 2025/ 2026年每股盈利 讯 预测人民币1.548元/ 人民币1.735元/ 人民币1.900元。我们维持目标价为7.70港元，相当于6.0倍/ 5.2倍/ 4.7 倍2024/ 2025/ 2026年EV/EBITDA。  2023年，资源利用业务收入为人民币83.7亿元（同比增11.5%），新签合同金额为人民币334.4亿元（同比增 41.7%），毛利率为59.7%（同比增4.1个百分点）。公司2023年铜产量28.38万吨，钼产量1.52万吨，均位居 国内领先之列。年初 ...

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。 中 國 中 鐵 股 份 有 限 公 司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390） 截至2024年3月31日止第一季度業績公告 中國中鐵股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司截至 2024年3月31日止第一季度（「報告期」或「本報告期」）根據中國企業會計準則編製 的未經審計業績（「第一季度業績」）。本公告乃根據香港聯合交易所有限公司證券 上市規則第13.09條作出及證券及期貨條例（香港法例第571章）第XIVA部內幕消 息條文作出。 1 重要提示 1.1 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 1.2 公司負責人陳雲、主管會計工作負責人孫璀及會計機構負責人（會計主 ...

(於中華人民共和國註冊成立的股份有限公司) 股份代號：390 2023 年度報告 封面圖例 2 3 1. 成都市火車南站斜拉橋 2. 南昌至贛州鐵路萬安隧道 4 3. 成雅高鐵 1 4. 盾構機組裝調試 ...

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。 中 國 中 鐵 股 份 有 限 公 司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390） 二零二三年度業績公告 中國中鐵股份有限公司（「本公司」或「公司」或「中國中鐵」）董事會（「董事會」）欣 然宣佈本公司及其子公司（「本集團」）截至2023年12月31日止經審計的年度業績。 1 公司信息 基本信息 股票名稱： 中國中鐵（A股） 中國中鐵（H股） 股票代碼： 601390 390 股票上市交易所： 上海證券交易所 香港聯合交易所有限公司 註冊地址： 中國北京市豐台區南四環西路128號院1號樓918 郵政編碼： 100070 網址： www.crec.cn ...

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。 中國中鐵股份有限公司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390） 截至2023年9月30日止第三季度業績公告 中國中鐵股份有限公司（「本公司」或「公司」）董事會宣佈本公司及其附屬公司截至 2023年9月30日止第三季度根據中國企業會計準則編製的未經審計業績（「第三季 度業績」）。本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條作出及 證券及期貨條例（香港法例第571章）第XIVA部內幕消息條文作出。 1 重要提示 1.1 公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 1.2 公司負責人陳雲、主管會計工作負責人孫璀及會計機構負責人（會計主 管人員）馬永紅保證季度報告中財務信息的真實、準確、完整。 1.3 本公司第 ...

( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號：390 2023 中期報告 © W © @ Ø 1．汕汕鐵路雷嶺河特大橋 2. 貴港市生活垃圾焚發電廠二期工程 3. 滁寧城際鐵路 4. 平潭外海海上風電項目 5. 海南環島旅遊公路風車海岸路段 目錄 2 中報速覽 3 公司簡介 4 財務摘要 31 重要事項 56 公司信息 6 股份變動及股東情況 11 董事、監事及高級管理人員 14 管理層討論與分析 51 環境與社會責任 55 詞彙及技術術語表 58 中期財務資料的審閱報告 59 中期財務資料 中報速覽 新簽訂單 （億元） 12,737.5 12,119.4 10,336.7 2021H1 2022H1 2023H1 收入 4,982.35,605.9 5,907.7 2021H1 2022H1 2023H1 毛利率 （億元） % 8.4 8.3 8.6 2021H1 2022H1 2023H1 同比增長 0.3個百分點 同比增長 5.4% 同比增長 5.1% 息稅折舊攤銷前利潤 （億元） 淨利潤 （億元） 143.5 168.1 182.6 267.4 318.6 345.7 131.0 151. ...

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。 中 國 中 鐵 股 份 有 限 公 司 CHINA RAILWAY GROUP LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代號：390) 二零二三年中期業績公告 中國中鐵股份有限公司（「本公司」或「公司」或「中國中鐵」）董事會欣然宣佈本公 司及其子公司（「本集團」）截至2023年6月30日止6個月期間未經審計中期業績。 本公司董事會及董事會審計與風險管理委員會已審閱並確認未經審計中期業績。 1 公司基本情況簡介 1.1 基本情況簡介 股票名稱： 中國中鐵（A股） 中國中鐵（H股） 股票代碼： 601390 390 股票上市交易所： 上海證券交易所 香港聯合交易所有限公司 註冊地址： 中國北京市豐台區南四環 西路128號院1號樓918 ...