Group 1 - China Railway announced a dividend of HKD 0.0899 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 23, 2025 [1] - Shanghai Pharmaceuticals declared a dividend of CNY 0.1200 per share, with no specified ex-dividend or payment dates [1] - Jacobson Pharmaceutical announced a dividend of HKD 0.0425 per share, with an ex-dividend date of December 1, 2025, and a payment date of December 18, 2025 [1] - Laopuhuang Gold declared a dividend of HKD 10.52 per share, with an ex-dividend date of November 20, 2025, and a payment date of January 15, 2026 [1] Group 2 - The CSI Central State-Owned Enterprises Dividend Index includes 50 stocks with stable dividend levels and high yields, with a one-year dividend yield of 5.67% as of November 18, higher than the 10-year government bond yield of 3.86% [2] - The Hang Seng Mainland Enterprises High Dividend Yield Index has a one-year dividend yield of 5.34% as of November 18, also higher than the 10-year government bond yield of 3.52% [2] - The largest investment vehicle tracking the CSI Central State-Owned Enterprises Dividend Index is the Hong Kong Central State-Owned Enterprises Dividend ETF [2]

Summary of China Railway Group's Conference Call Company Overview - **Company**: China Railway Group - **Period**: First three quarters of 2025 Key Financial Metrics - New contracts signed amounted to **¥1,585 billion**, a year-on-year increase of **3.7%** [3] - Domestic contracts totaled **¥1,418 billion**, up **1%** year-on-year [3] - Overseas contracts reached **¥166.6 billion**, a significant increase of **35%** [3] - Total revenue for the period was **¥776 billion**, reflecting a decline of **5%** year-on-year [3] - Profit before tax was **¥23.7 billion**, down **12.8%** year-on-year [3] Industry Insights - The construction industry is facing challenges, with infrastructure investment showing a **negative growth** for the first time in ten months [3] - Railway new contracts surged by **47%**, indicating a strong demand in the railway sector [3][5] - The company is awaiting detailed planning from the National Railway Administration and China National Railway Group regarding the **14th Five-Year Plan** for railway construction [5] International Expansion - **70%** of overseas new contracts are from the **Belt and Road Initiative** regions [6][7] - The **China-Kyrgyzstan-Uzbekistan Railway** project is highlighted as a key achievement [6] - Overseas projects have a gross profit margin comparable to domestic projects, but face risks such as political instability and currency fluctuations [8] Mining and Resource Management - Rising prices of non-ferrous metals have improved the profit margins in the mining sector [10] - The company is actively seeking new mining reserves while focusing on existing mineral types [4][14] - Plans to enhance competitiveness through the acquisition and development of mineral resources are in place [9] Strategic Focus Areas - The company is involved in **deep earth economy** projects, including underground space engineering and tunnel construction [9] - Significant growth is noted in the **water conservancy and clean energy sectors**, driven by national policies addressing water resource imbalances [11] Financial Management and Shareholder Returns - The company has not adjusted its annual operational targets and aims to narrow the revenue and profit decline [17] - A mid-term dividend has been issued, reflecting a commitment to shareholder returns [19] - Future dividend policies aim for a gradual increase to enhance investor confidence [20] Project Selection and Risk Management - The company is adopting stricter project selection criteria, focusing on profitability rather than merely increasing the number of new contracts [22][23] - The impact of debt relief policies on cash flow and project advancement is being monitored, with specific measures in place to ensure healthy cash flow management [16] Market Perception and Value Management - Despite a decline in market focus on state-owned enterprise value management, the company remains committed to improving its market value through operational improvements [24] Conclusion - China Railway Group is navigating a challenging environment with a focus on strategic growth areas, international expansion, and maintaining financial health while responding to market expectations and risks associated with project execution.

智通财经APP讯，中国中铁(00390)发布公告，该公司将于2025年12月23日派发中期股息每股0.082元。 （原标题：中国中铁(00390)将于12月23日派发中期股息每股0.082元） ...

中国中铁（601390）(00390)发布公告，该公司将于2025年12月23日派发中期股息每股0.082元。 ...

| 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 關於代扣代繳2025年度中期股息所得稅事項的公告 暫停H股股份過戶登記 | | | 公告日期 | 2025年11月18日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更新香港過戶登記處相關信息 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.082 RMB | | 股東批准日期 | 2025年6月20日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發 ...

關於代扣代繳2025年度中期股息所得稅事項的公告 暫停H股股份過戶登記 茲提述中國中鐵股份有限公司（「本公司」）(i)於2025年3月28日刊發之2025年度業績公告； (ii)於2025年6月20日刊發之關於2024年年度股東大會之投票表決結果公告；及(iii)於2025 年10月30日刊發之關於2025年中期分紅計劃（「2025年中期分紅計劃」）公告。本公司董事 會（「董事會」）謹此宣佈如下有關派發2025年度中期股息的進一步信息。 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。 2025年度中期股息 本公司2025年中期分紅計劃於本公司2024年年度股東大會上獲得批准，本公司將向2025 年12月9日（星期二）（「股權登記日」）當日營業時間結束時登記在本公司H股股東（「H股股 東」）名冊的股東以港幣派付2025年度中期股息每股人民幣0.082元（含稅）（「2025年度中期 股息」）。根據本公司章程的規定，以除人民幣之外的外幣支付現金股息的，匯率 ...

Core Viewpoint - The "China Railway Nord Holding Real Estate Asset-Backed Special Plan" marks the first such project launched by China Railway, aimed at promoting financial supply-side structural reform and enhancing the synergy between industry and finance [1] Group 1: Project Overview - The special plan is the first asset-backed securities (ABS) project of its kind for China Railway, highlighting the company's commitment to revitalizing its existing assets [1] - The initiative is part of a broader strategy to create a closed-loop system encompassing investment, financing, management, and exit [1]

Investment Rating - The report maintains a rating for the company [3] Core Insights - The company is projected to experience a slight revenue decline in 2024, with total revenue expected to be 1,160,311 million, a decrease of 8.2% from the previous year. However, a gradual recovery is anticipated, with revenue growth of 1.3% in 2026 and 2.1% in 2027 [8][9] - The company's net profit is forecasted to decrease to 30,758 million in 2024, with a further decline to 29,463 million in 2025, before recovering to 30,607 million in 2026 and 31,522 million in 2027 [8][9] - The gross margin is expected to remain stable at around 9.8% to 9.9% over the forecast period, indicating consistent operational efficiency [8] Financial Projections - The balance sheet shows total assets of 2,256,414 million in 2024, with a projected decrease to 2,117,710 million in 2025, followed by a recovery to 2,202,455 million in 2026 and 2,293,484 million in 2027 [8] - The company’s cash flow from operating activities is expected to improve significantly, rising from 28,051 million in 2024 to 89,684 million in 2027 [8] - The report highlights a projected EBITDA of 73,624 million in 2024, increasing to 80,367 million in 2025, indicating a positive trend in earnings before interest, taxes, depreciation, and amortization [8] Key Ratios - The report indicates a projected return on equity (ROE) of 7.9% in 2024, declining to 6.8% by 2026, reflecting potential challenges in generating shareholder returns [8] - The debt-to-equity ratio is forecasted to be 342.3% in 2024, indicating a high level of leverage, which may pose risks in terms of financial stability [8] - The current ratio is projected to be 0.99 in 2024, suggesting that the company may face liquidity challenges in meeting short-term obligations [8]

Core Viewpoint - On November 13, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for Shenghong Technology, China Railway, and Jiantou Energy, indicating strong market interest in these sectors [1] Group 1: Target Price Increases - Shenghong Technology has a target price increase of 35.50%, indicating significant growth potential in the components sector [1] - China Railway's target price increased by 31.12%, reflecting optimism in the infrastructure industry [1] - Jiantou Energy's target price rose by 26.00%, showcasing positive sentiment in the power sector [1] Group 2: Brokerage Recommendations - A total of 57 listed companies received brokerage recommendations on November 13, highlighting active market engagement [1] - Notable companies such as Foton Motor, China General Nuclear Power, and Beijing-Shanghai High-Speed Railway each received one brokerage recommendation [1] - Shanxi Securities upgraded the rating of Yiyuan Communication from "Hold" to "Buy," indicating increased confidence in the company's prospects [1]

智通财经APP讯，中国中铁(00390)发布公告，于2025年11月12日斥资1999.975万元回购350.29万股A 股。 ...