登录新浪财经APP 搜索【信披】查看更多考评等级 A股代码：601390 A股简称：中国中铁 公告编号：临2025-024 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召开2025年第一季度业绩说明会的公告 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 的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025年4月30日(星期三) 15:00-16:00 会议召开地点：上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于2025年4月23日(星期三) 至4月29日(星期二)16:00前登录上证路演中心网站首页点击"提问预 征集"栏目或通过公司邮箱ir@crecg.com进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 中国中铁股份有限公司（以下简称"公司"）将于2025年4月30日发布公司2025年第一季度报告，为便于 广大投资者更全面深入地了解公司2025年第一季度经营成果、财务状况，公司计划于2025年4月30日 （ ...

Financial Performance - Total revenue for 2024 is RMB 1,160.3 billion, a decrease of 8.2% compared to 2023[23] - Net profit attributable to shareholders for 2024 is RMB 27.9 billion, down 16.7% from 2023[23] - Basic earnings per share for 2024 is RMB 1.085, reflecting a decrease of 16.2% year-on-year[23] - The company’s gross profit for 2024 is RMB 110.2 billion, a decline of 10.2% from the previous year[23] - The company’s operating profit before tax decreased by 14.6% to RMB 40.6 billion in 2024[23] - The net profit for 2024 was CNY 30.76 billion, down 18.3% year-on-year, with profit attributable to shareholders decreasing by 16.7% to CNY 27.89 billion[117][134] - The company's gross profit for 2024 was CNY 110.23 billion, representing a gross margin of 9.5%, down from 9.7% in 2023[120] - The EBITDA of the group was 72.29 billion yuan, down 5.5% year-on-year[78] Assets and Liabilities - Total assets increased by 23.3% to RMB 2,256.3 billion in 2024 compared to 2023[24] - Total liabilities rose by 27.5% to RMB 1,746.3 billion in 2024 compared to 2023[24] - The company’s current assets increased by 25.7% to RMB 1,264.1 billion in 2024[24] - The company’s non-current assets grew by 20.5% to RMB 992.2 billion in 2024[24] Shareholder Information - The total number of shares decreased from 24,752,195,983 to 24,741,865,118 due to the repurchase and cancellation of restricted stocks[34] - The largest shareholder, China Railway Corporation, holds 11,623,119,890 shares, representing 46.98% of total shares[46] - The total number of common stock shareholders as of the end of the reporting period is 464,569[45] - The company has seen a decrease of 28,017,126 shares held by Hong Kong Central Clearing Limited during the reporting period[46] Business Strategy and Development - The company aims to enhance its core competitiveness and contribute to national strategies amidst a complex external environment[27] - The company aims to anchor its strategy on "efficiency improvement and value creation" for 2025, focusing on technological innovation and modern industrial system development[32] - The company is focusing on high-quality development and has made significant progress in key projects such as the Salt-Yi and Tong-Su-Jia-Ning railways[80] - The company is expanding its research into future industries, with five projects underway in areas such as deep-sea tunnels and human living environments[31] Market and Industry Trends - In 2024, the total output value of the construction industry in China is projected to reach RMB 32,650.11 billion, with a year-on-year growth of 3.85%[68] - The new signed contract amount for the construction industry in 2024 is expected to be RMB 33,750.05 billion, a decrease of 5.29% year-on-year[68] - The new signed contract amount for overseas engineering projects is projected to be USD 267.3 billion in 2024, with a year-on-year growth of 1.1%[69] Innovation and Technology - The company has achieved significant progress in innovation, with 12 management innovation results recognized as national modern enterprise management innovations[31] - The company is focusing on technological advancements and the application of new technologies such as AI and big data in the design consulting sector, which is expected to open new business opportunities[70] - The group has developed key technologies in various fields, achieving international leading standards in 51 projects[106] Social Responsibility and Environmental Commitment - The company has been awarded first prize in 10 projects for green construction technology by the China Construction Industry Association, highlighting its commitment to energy conservation and environmental protection[32] - The company has engaged in significant social responsibility efforts, including participation in wetland restoration and disaster relief operations, receiving praise from various governmental and social entities[32] Financial Management and Risks - The company faces various business risks, including real estate investment risk, international operation risk, infrastructure investment risk, and cash flow risk[166] - The company reported floating-rate borrowings of RMB 302.796 billion in 2024, compared to RMB 253.718 billion in 2023[160] - The company's debt-to-asset ratio was 77.4% as of December 31, 2024, an increase of 2.5 percentage points from 74.9% in 2023[164] Leadership and Governance - 任鸿鹏 has held various leadership positions within the company, including Vice President and Party Committee Member since November 2023[198] - The company emphasizes the importance of party leadership in its corporate governance structure[198] - The company is committed to enhancing its market position through strategic leadership and management practices[200]

本期债券品种一票面利率簿记建档区间为1.60%-2.60%，本期债券品种二票面利率簿记建档区间为 1.80%-2.80%。本期债券票面利率将根据网下询价簿记结果，由发行人与主承销商按照国家有关规定在 利率询价区间以内以簿记建档方式确定。 本期债券品种一简称为"25铁YK03"，债券代码为"242841.SH";本期债券品种二简称为"25铁YK04"，债 券代码为"242842.SH"。 中国中铁（601390）(00390)发布公告，中国中铁股份有限公司面向专业投资者公开发行面值总额不超 过500亿元的公司债券(以下简称"本次债券")已于2025年4月3日获得中国证券监督管理委员会(以下简 称"证监会")注册批复(证监许可〔2025〕693号)。发行人批文有效期截止日为2027年4月3日，本期债券 缴款结束日不晚于批文到期日。 本次债券采取分期发行的方式，其中中国中铁股份有限公司2025年面向专业投资者公开发行科技创新可 续期公司债券(第二期)(以下简称"本期债券")为注册文件项下第1期发行，本期债券发行规模为不超过人 民币25亿元(含25亿元)。每张面值为100元，发行价格为100元/张。本期债券分为两个品 ...

Group 1 - A batch of A-share listed companies announced share buybacks and increases in holdings, with companies accelerating their actions [1] - GoerTek's controlling shareholder completed the share increase plan, with a total expenditure of approximately 1 billion yuan [2] - Daqin Railway received a stake increase from CITIC Financial Assets, reaching a holding ratio of 5% [2] Group 2 - New Fengming plans to increase its shareholding by 200 million to 300 million yuan [1] - Baotai shares plans to increase its shareholding by 150 million to 300 million yuan [1] - Junsheng Electronics plans to increase its shareholding by 50 million to 100 million yuan [1] Group 3 - China Railway proposed a share buyback of 800 million to 1.6 billion yuan to reduce registered capital [1] - Sichuan Jiuzhou proposed a share buyback of 100 million to 200 million yuan for the same purpose [1] - Energy National Zhen proposed a share buyback of 50 million to 100 million yuan [1]

Core Viewpoint - In the context of a cooling "infrastructure boom," both China Railway Construction Corporation (CRCC) and China Railway Group Limited (CRG) reported a double-digit decline in new contract amounts for their domestic businesses in 2024 [3] Group 1: Contract Performance - CRCC's total new contract amount for 2024 was 3,036.968 billion yuan, a year-on-year decrease of 7.8%, with domestic and overseas new contracts growing at rates of -10.39% and 23.39% respectively [3] - CRG's new contract amount for 2024 was 2,715.18 billion yuan, down 12.4%, with domestic and overseas new contracts growing at rates of -14.0% and 10.6% respectively [3] - The decline in domestic new contracts was attributed to reduced investment project orders and a decrease in the real estate sector's new contracts [3] Group 2: Strategic Responses - The company has implemented high-quality operational guidelines and assessment methods, focusing on key indicators such as budgeted return rates and the proportion of high-quality contracts, resulting in improved contract conversion rates and profitability [4] - CRCC anticipates that its new contract amount will remain stable in 2025 [4] - The overseas business for both companies saw double-digit growth, driven by a commitment to an "overseas priority" strategy and participation in significant projects like the Jeddah Sports Stadium in Saudi Arabia [4] Group 3: Sector Performance - In CRCC's eight business segments, all except for green environmental protection, industrial manufacturing, and emerging industries saw significant declines, with the real estate development segment down 21.02% [4] - Infrastructure construction projects, including railways, highways, urban rail, municipal works, water conservancy, and airport engineering, experienced declines of 17.03%, 40.84%, 36.48%, 31.45%, 24.02%, and 31.77% respectively [5] - In CRG, all business segments except for emerging businesses saw declines, with the specialty real estate segment down 37.6% [5] Group 4: Financial Performance - CRCC reported 2024 revenue of 1,067.171 billion yuan, a decrease of 6.22%, and a net profit attributable to shareholders of 22.215 billion yuan, down 14.87% [6] - CRG's 2024 revenue was 1,157.439 billion yuan, a decline of 8.20%, with a net profit attributable to shareholders of 27.887 billion yuan, down 16.71% [6]

Group 1 - The company reported a total revenue of 1,160.31 billion RMB for the fiscal year 2024, representing a year-on-year decrease of 8.2% [1] - Shareholder profit attributable to the company was 27.89 billion RMB, down 16.7% year-on-year, with basic earnings per share at 1.085 RMB and a proposed final dividend of 0.178 RMB per share [1] - The new contract amount signed by the group in 2024 was 2,715.18 billion RMB, a decline of 12.4% compared to the previous year, with domestic contracts decreasing by 14.0% and international contracts increasing by 10.6% [1] Group 2 - The group secured new contracts worth 1.87 trillion RMB in various sectors including railways, highways, urban rail, municipal projects, and housing construction, maintaining a leading market share in the railway and urban rail sectors [2] - Significant progress was made on key projects such as the Salt-Yi and Tong-Su-Jia-Ning railways, and the Huangshan Tourism T1 line, among others, contributing to the "Second Curve" business expansion [2] - The "Second Curve" business saw new contracts amounting to 425.7 billion RMB, an increase of 11% year-on-year, focusing on water conservancy, clean energy, and ecological protection markets [2] Group 3 - The company has deeply integrated into the high-quality co-construction of the "Belt and Road" initiative, enhancing its global brand influence and overseas operational capabilities [3] - In 2024, the new contract amount for overseas business was 220.9 billion RMB, accounting for 8% of the total new contracts, with a year-on-year growth of 10.6% [3] - Major international projects such as the Hungary-Serbia railway and the Peru Chancay tunnel are progressing steadily, showcasing the company's strength on the international stage [3]

Financial Performance - The total revenue for 2024 was RMB 1,160,311 million, a decrease of 8.2% compared to 2023[6]. - The profit before tax for 2024 was RMB 40,613 million, down 14.6% from the previous year[6]. - The net profit attributable to shareholders for 2024 was RMB 27,887 million, representing a decline of 16.7% year-on-year[6]. - Basic earnings per share for 2024 were RMB 1.085, a decrease of 16.2% compared to 2023[6]. - The company’s profit for 2024 was RMB 7,513 billion, reflecting a year-on-year decline of 9.8%[49]. - The net profit for 2024 was CNY 30.76 billion, down 18.3% year-on-year, with profit attributable to shareholders decreasing by 16.7% to CNY 27.89 billion[95][110]. - The gross profit for 2024 was CNY 110.23 billion, representing a gross margin of 9.5%, down from 9.7% in 2023[98]. - The effective tax rate for 2024 was 20.0%, an increase of 2.3 percentage points compared to the previous year[109]. Assets and Liabilities - Total assets increased by 23.3% to RMB 2,256,266 million in 2024[7]. - Current assets rose by 25.7% to RMB 1,264,093 million[7]. - Total liabilities increased by 27.5% to RMB 1,746,274 million[7]. - The total equity attributable to shareholders was RMB 354,567 million according to IFRS[8]. - Long-term borrowings reached RMB 373.736 billion, an increase of 18.0% compared to the end of 2023, while short-term borrowings rose by 27.3% to RMB 144.231 billion[128]. - The debt-to-asset ratio increased to 77.4% in 2024 from 74.9% in 2023, reflecting a 2.5 percentage point rise[134]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 464,569, a decrease from 466,293 at the end of the previous month[21]. - The company’s total outstanding shares and shareholder structure have undergone changes, but specific details are not applicable for disclosure[20]. - China Railway Engineering Group holds 46.98% of shares, totaling 11,623,119,890 shares[23]. - The company has no other shareholders holding more than 10% of the shares, aside from HKSCC Nominees Limited[43]. - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 5,197,632,261.57, which accounts for 15.52% of the net profit attributable to shareholders in 2023[143]. Business Operations and Strategy - The company plans to continue its focus on infrastructure construction and expand its market presence[6]. - The company is actively involved in national strategic projects, contributing to regional economic development and infrastructure improvements[45]. - The company is focusing on enhancing efficiency and value creation, aiming to accelerate the construction of a high-quality modern industrial system by 2025[47]. - The company is committed to enhancing its technological innovation capabilities and expanding its market presence in new energy and infrastructure sectors[51]. - The company achieved a total construction output value of RMB 326,501.1 billion in 2024, representing a year-on-year growth of 3.85%[49]. Contractual and Project Information - The company signed new contracts worth RMB 337,500.5 billion in 2024, a decrease of 5.29% compared to the previous year[49]. - The total uncompleted contract amount at the end of the reporting period was RMB 68,860.5 billion, an increase of 17.2% compared to the end of 2023[64]. - The company maintained a leading market share in the railway and urban rail sectors, with new contracts in these areas totaling RMB 1.87 trillion[61]. - The company secured new contracts in other business areas amounting to CNY 196.74 billion, an increase of 42.8% year-on-year[68]. Research and Development - The company has successfully implemented 35 key R&D projects under the national "14th Five-Year Plan" during the reporting period[63]. - The group received 240 provincial and ministerial-level scientific and technological progress awards and was granted 9,745 patents, including 3,385 invention patents and 296 overseas patents[82]. - The group aims to continue investing in R&D to support strategic emerging industries and key technologies, striving to overcome critical technical challenges and enhance its innovation capabilities[83]. Compliance and Governance - The company strictly complied with laws and regulations, with no instances of dishonesty reported for the period[178]. - The company has established a risk management and internal control system to mitigate various business risks, including real estate investment and cash flow risks[138]. - The company is committed to maintaining harmonious relationships with stakeholders and actively addressing their concerns through effective communication mechanisms[88]. Market Conditions - The construction industry is experiencing a slowdown, with a focus on structural adjustments and rational development, impacting the company's cash dividend levels[144]. - The government is focusing on stabilizing the real estate market and promoting the transformation of housing structures, with policies aimed at reducing restrictions and increasing the supply of affordable housing[53]. - The trust industry in 2024 faced stricter regulatory conditions, with new guidelines aimed at enhancing risk prevention and promoting high-quality development[55].

行 业 研 究 / 建 筑 装 饰 / 证 券 研 究 报 告 [Table_Title] 建筑装饰行业周报 政策稳中求进，关注低位央企和转型AI 算力等业务企业机会 1）主线一：推荐建筑央企。推荐【中国铁建】、【中国中铁】、【中国 交建】、【中国建筑】、【中国能建】、【中国电建】、【中国中冶】，关注 【中国化学】、【中材国际】、【中钢国际】、【中工国际】、【北方国际】。 2）主线二：推荐高景气赛道产业链重点企业。隧道掘进设备行业： 推荐【铁建重工】、【中铁工业】，关注【五新隧装】；民爆行业：推荐 【易普力】，【高争民爆】，关注【雅化集团】、【保利联合】等；岩土 工程行业：推荐【中岩大地】。 3）主线三：关注顺周期及布局转型 AI/机器人等新质生产力方向的优 质标的机会。推荐【罗曼股份】，关注【海南华铁】、【宁波建工】、【深 城交】、【鸿路钢构】、【深圳瑞捷】、【金诚信】。 【风险提示】 2025 年 03 月 09 日 [Table_Summary] 【投资要点】 2）3 月进入业绩披露期，关注业务布局高景气赛道、业绩表现较优的 建筑企业。本周浦东建设、安徽建工等景气区域地方国企公告经营情 况。浦东建设 2 ...

Financial Performance - For the third quarter ending September 30, 2024, the company's operating revenue was CNY 275,194,003, representing a decrease of 6.22% compared to the same period last year[4]. - The net profit attributable to shareholders was CNY 6,291,574, reflecting a decline of 19.05% year-over-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,915,572, down 19.70% from the previous year[4]. - The basic and diluted earnings per share were both CNY 0.252, a decrease of 18.18% compared to the same period last year[4]. - The total operating revenue for the first three quarters of 2024 was RMB 820.283 billion, a decline of 7.26% year-on-year, with a comprehensive gross margin of 8.95%, down 0.27 percentage points[19]. - Total revenue for the first three quarters of 2024 reached RMB 820,283,313 thousand, a decrease of 7.3% compared to RMB 884,520,479 thousand in the same period of 2023[27]. - Operating profit for the first three quarters of 2024 was RMB 27,016,771 thousand, down 15.5% from RMB 31,996,199 thousand in the first three quarters of 2023[27]. - The company reported a net profit of RMB 22,460,711 thousand for the first three quarters of 2024, down from RMB 26,319,856 thousand in the same period of 2023[27]. - Net profit for the first three quarters of 2024 is 22,460,711, a decrease of 14.5% compared to 26,319,856 in the same period of 2023[28]. - Net profit attributable to the parent company's shareholders is 20,569,710, down 14.9% from 24,011,700 in the previous year[28]. - Total comprehensive income for the first three quarters of 2024 is 23,069,028, a decline of 13.3% from 26,668,548 in 2023[29]. - Basic and diluted earnings per share for the first three quarters of 2024 are both 0.784, down from 0.913 in 2023[29]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 1,925,018, indicating a significant cash outflow[4]. - Cash flow from operating activities for the first three quarters of 2024 is -71,257,347, compared to -33,723,494 in the same period of 2023[31]. - Cash inflow from operating activities in the first three quarters of 2024 was 22,417,891 thousand RMB, down from 32,404,035 thousand RMB in 2023, reflecting a decrease of about 31%[38]. - Total cash outflow from operating activities in the first three quarters of 2024 was 27,380,273 thousand RMB, compared to 34,044,600 thousand RMB in 2023, indicating a reduction of approximately 19%[38]. - The company reported a net cash outflow from investment activities of -36,811,070 for the first three quarters of 2024, compared to -50,854,097 in 2023[31]. - Cash inflow from financing activities in the first three quarters of 2024 was 62,900,000 thousand RMB, down from 65,589,000 thousand RMB in 2023, reflecting a decrease of about 4%[39]. - The net cash flow from financing activities for the first three quarters of 2024 was -4,580,359 thousand RMB, compared to -10,670,858 thousand RMB in the same period of 2023, showing an improvement of approximately 57%[39]. - Cash and cash equivalents at the end of the first three quarters of 2024 amounted to 158,232,664, down from 165,115,591 in 2023[32]. - The company's cash and cash equivalents decreased to RMB 183.882 billion from RMB 234.513 billion year-on-year[23]. - The cash and cash equivalents at the end of the first three quarters of 2024 amounted to 31,629,597 thousand RMB, an increase from 24,615,187 thousand RMB at the end of the same period in 2023, representing a growth of about 28%[39]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,128,258,300, an increase of 16.33% from the end of the previous year[4]. - Non-current assets totaled RMB 929,728,077 thousand as of September 30, 2024, an increase of 12.8% from RMB 823,744,563 thousand at the end of 2023[26]. - The company's total liabilities reached RMB 1,638,695,405 thousand, representing a 19.6% increase from RMB 1,369,537,197 thousand at the end of 2023[26]. - The total liabilities decreased to RMB 239,081,339,000 as of September 30, 2024, from RMB 248,733,465,000 at the end of 2023, representing a reduction of approximately 3.4%[35]. - Long-term borrowings increased to RMB 319,854,315 thousand as of September 30, 2024, up 14.4% from RMB 279,718,807 thousand at the end of 2023[26]. - The company's short-term borrowings rose sharply to RMB 32,900,000,000 from RMB 19,500,000,000, an increase of approximately 68.7%[35]. - The company's total assets amounted to RMB 2,128,258,300 thousand as of September 30, 2024, up 16.3% from RMB 1,829,439,189 thousand at the end of 2023[26]. - The total equity attributable to shareholders reached RMB 351,904,271 thousand, an increase of 5.8% from RMB 332,533,508 thousand at the end of 2023[26]. - The total equity of the company increased to RMB 263,711,401,000 as of September 30, 2024, up from RMB 252,034,804,000 at the end of 2023, reflecting a growth of about 4.6%[35]. Contractual Performance - The company achieved new contract signings of CNY 1,527.86 billion, a year-on-year decrease of 15.2%[15]. - Domestic business new contract signings amounted to CNY 1,404.63 billion, down 16.1% year-on-year[15]. - Overseas business new contract signings reached CNY 123.23 billion, reflecting a year-on-year decline of 3.2%[15]. - The total uncompleted contract amount as of the reporting period was CNY 6,325.26 billion, an increase of 7.6% compared to the end of 2023[15]. - The total new contracts signed in the first three quarters of 2024 amounted to RMB 15,278.6 billion, a decrease of 15.2% compared to the same period in 2023[16]. - The engineering construction segment saw new contracts of RMB 10,857.3 billion, down 19.2% year-on-year, with significant declines in railway (5.2%), highway (33.7%), and urban rail (58.0%) sectors[16]. - The emerging business segment achieved new contracts of RMB 2,110.5 billion, reflecting a growth of 23.4%, driven by water conservancy (106.2%) and clean energy (52.4%) sectors[18]. Inventory and Reserves - The company’s inventory increased to RMB 270.743 billion as of September 30, 2024, compared to RMB 219.361 billion at the end of 2023[23]. - The company’s land reserve area at the end of the reporting period was 1,197.1 million square meters, with a new land reserve of 39.8 million square meters, up 31.4%[17].

Financial Performance - Total revenue for the first half of 2024 was RMB 544.522 billion, a decrease of 7.8% compared to RMB 590.766 billion in the same period of 2023[7]. - Gross profit for the first half of 2024 was RMB 46.757 billion, down 8.2% from RMB 50.906 billion in the previous year[7]. - Profit before tax decreased by 14.9% to RMB 19.560 billion compared to RMB 22.972 billion in the same period last year[7]. - Net profit attributable to shareholders was RMB 14.279 billion, a decrease of 12.1% from RMB 16.239 billion in the first half of 2023[7]. - The company reported a total comprehensive income of RMB 15,594 million for the period, down from RMB 18,646 million, a decrease of 16.0%[162]. - The company reported a total of RMB 1,533,147 million in total liabilities as of June 30, 2024, compared to RMB 1,369,536 million as of December 31, 2023[179]. - The profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 14,279 million, compared to RMB 15,669 million for the same period in 2023, showing a decrease of 8.9%[166]. Revenue Breakdown - Infrastructure construction revenue decreased by 7.9% to RMB 484.838 billion from RMB 526.649 billion year-on-year[7]. - Real estate development revenue saw a significant decline of 29.9%, dropping to RMB 14.843 billion from RMB 21.187 billion[7]. - Infrastructure construction contributed 84.4% of total revenue, with revenue of RMB 484.838 billion, a decrease of 7.9% year-on-year[74]. - Revenue from infrastructure construction contracts was RMB 473,047 million, while equipment manufacturing and sales generated RMB 12,024 million for the same period[180]. Assets and Liabilities - Total assets increased by 9.6% to RMB 2,004.424 billion as of June 30, 2024, compared to RMB 1,829.290 billion at the end of 2023[8]. - Current assets rose by 12.8% to RMB 1,134.794 billion from RMB 1,005.695 billion at the end of 2023[8]. - Total liabilities increased by 11.9% to RMB 1,533.147 billion compared to RMB 1,369.536 billion at the end of 2023[8]. - The company's total assets as of June 30, 2024, included a significant portion of property, plant, and equipment, which is crucial for its operational capacity and future growth strategies[198]. Shareholder Information - The total number of shares before the recent change was 24,752,195,983, which decreased to 24,750,629,817 after the change, reflecting a reduction of 1,566,166 shares[10]. - The total number of shareholders as of the end of the reporting period was 475,528[13]. - The largest shareholder, China Railway Engineering Corporation, holds 11,623,119,890 shares, representing 46.96% of total shares[14]. - The total number of unrestricted circulating shares increased from 24,570,929,283 to 24,626,840,121, reflecting an increase of 55,910,838 shares[10]. Employee and Labor Costs - The group's labor cost expenditure for the six months ended June 30, 2024, was RMB 27.654 billion[32]. - As of June 30, 2024, the total number of employees in the group was 293,192[32]. - The breakdown of employees by professional composition includes 29,732 production personnel, 12,654 sales personnel, and 190,622 technical personnel[33]. Investment and Capital Expenditures - Capital expenditures for the first half of 2024 totaled RMB 25.309 billion, a decrease of 3.7% from RMB 26.270 billion in the same period last year[80]. - The company invested CNY 1.2 billion in the development of a 2,000-ton self-elevating offshore wind power installation platform, which is now operational and has international leading installation capabilities[58]. Market and Economic Conditions - In the first half of 2024, China's GDP reached 61.7 trillion RMB, growing by 5.0% year-on-year, while fixed asset investment increased by 3.9% to 24.54 trillion RMB[36]. - The domestic real estate development investment in the first half of 2024 was 525.29 billion RMB, down 10.1% year-on-year, with residential investment decreasing by 10.4% to 398.83 billion RMB[40]. Environmental and Social Responsibility - The company aims to enhance its ecological environment protection efforts and has implemented 15 key measures to promote green low-carbon development[147]. - The company reported a 3.17% decrease in comprehensive energy consumption per RMB 10,000 of operating revenue compared to the same period last year[149]. - The company provided over 1,500 training sessions for grassroots cadres and trained more than 650 rural revitalization leaders in the first half of 2024[150]. Corporate Governance and Compliance - The company has appointed Deloitte Huayong as the auditor for the 2024 financial statements and internal control audit[115]. - The company strictly adheres to its commitments and has no undisclosed legal violations or penalties during the reporting period[118]. - The company has complied with all legal and regulatory requirements during the reporting period[118].