Group 1 - China Railway Group announced a plan to repurchase part of its A-shares at a board meeting scheduled for April 29, 2025 [1] - The top ten unrestricted shareholders hold approximately 184 billion shares, accounting for 74.35% of the total shares [1] - The largest shareholder is China Railway Engineering Group, holding about 116.23 billion shares, which is 46.98% of the total [1] Group 2 - For the year 2024, the revenue composition of China Railway Group is as follows: infrastructure construction 85.57%, real estate development 4.16%, engineering equipment and parts manufacturing 2.14%, surveying design and consulting services 1.5%, and resource utilization 0.7% [2] - As of the latest report, the market capitalization of China Railway Group is 138.8 billion yuan [2]

（公告编号：2025-030）。根据《上市公司股份回购规则》《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》等有关规定，现将公 司披露董事会公告回购股份决议的前一个交易日（2025 年 4 月 29 日） 登记在册的前十大股东和前十大无限售条件股东的名称、持股数量及持股 比例情况公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 中国铁路工程集团有限公司 | 11,623,119,890 | 46.98% | | 2 | HKSCC Nominees Limited | 4,011,292,801 | 16.21% | | 3 | 国新发展投资管理有限公司 | 742,605,892 | 3.00% | 一、前十名股东持股情况 | A股代码：601390 | A | 股简称：中国中铁 | 公告编号：临2025-033 | | --- | --- | --- | --- | | H股代码：00390 | H | 股简称：中国中铁 | | 中国中铁股份有限公司 关于回购股份事项前十大股东和前十大无限售条件股东 持股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11] Core Views - The company reported a revenue of 248.564 billion yuan, a year-on-year decrease of 6.21%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.46% year-on-year [2][8] - The company's mineral resources business is developing steadily, with significant growth in overseas contracts despite a decline in new domestic contracts [8] Financial Performance - The company's Q1 revenue breakdown shows infrastructure construction, design consulting, equipment manufacturing, and real estate development revenues of 216.796 billion, 4.67 billion, 6.246 billion, and 6.671 billion yuan respectively, with real estate development seeing a notable increase of 59.48% year-on-year [8] - The overall gross margin for Q1 was 8.46%, a decrease of 0.13 percentage points year-on-year, with specific margins for different segments also declining [8] - The net profit margin for Q1 was 2.42%, down 0.40 percentage points year-on-year, while the net profit margin after deducting non-recurring items was 2.23%, down 0.47 percentage points year-on-year [8] Contract and Cash Flow Analysis - New contracts signed in Q1 totaled 560.1 billion yuan, a decrease of 9.9% year-on-year, with domestic contracts down 13.6% and overseas contracts up 33.4% [8] - The company experienced a net cash outflow from operating activities of 77.399 billion yuan in Q1, an increase of 9.334 billion yuan year-on-year, with a cash collection ratio of 91.02%, down 7.51 percentage points year-on-year [8] Mineral Resources Development - The company operates five modern mines, producing significant quantities of various metals, including 288,252 tons of copper and 5,629 tons of cobalt, indicating a robust operational status [8]

Investment Rating - The investment rating for China Railway (601390) is "Buy" (maintained) [1] Core Views - The report indicates that revenue and profit continue to be under pressure, but overseas new contracts remain strong [7] - The macroeconomic environment is facing downward pressure, but there are expectations for increased fiscal support and improved financing conditions, which may benefit infrastructure investment [7] - The company is expected to see a recovery in valuation due to its status as a leading state-owned enterprise in infrastructure [7] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 249.283 billion yuan, a year-on-year decrease of 6.2%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.5% year-on-year [7] - The revenue breakdown by business for Q1 shows infrastructure construction at 216.8 billion yuan (-8.0% YoY), design consulting at 4.7 billion yuan (-2.2% YoY), equipment manufacturing at 6.2 billion yuan (-5.8% YoY), real estate development at 6.7 billion yuan (+59.5% YoY), and other businesses at 14.9 billion yuan (+3.2% YoY) [7] - The overall gross margin remained stable at 8.5%, with slight declines in traditional business margins offset by higher margins in design consulting and real estate [7] Order and Contract Summary - The company signed new contracts worth 560.1 billion yuan in Q1, a decrease of 9.9% year-on-year, with significant contributions from overseas contracts, which increased by 33.4% [7] - As of the end of Q1, the company had a backlog of orders amounting to 7,234.1 billion yuan, an increase of 16.0% year-on-year [7] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2026 is 28.0 billion yuan and 28.5 billion yuan, respectively, with a new estimate for 2027 at 29.1 billion yuan [7] - The report emphasizes that the company’s valuation remains at historical lows, suggesting potential for recovery [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to face pressure on revenue and profit, with a notable decline in domestic business, while overseas new contracts remain strong [7] - The report highlights that the company achieved a total revenue of 249.283 billion yuan in Q1 2025, a year-on-year decrease of 6.2%, and a net profit attributable to shareholders of 6.025 billion yuan, down 19.5% year-on-year [7] - The report anticipates that fiscal policy support and improvements in financing will gradually manifest in investment and physical volume, with expectations for increased infrastructure investment and policy support in key regions [7] Summary by Sections Financial Performance - For Q1 2025, the company reported a total revenue of 249.283 billion yuan, down 6.2% year-on-year, and a net profit of 6.025 billion yuan, down 19.5% year-on-year [7] - The gross margin remained stable at 8.5%, with a slight year-on-year decline of 0.1 percentage points [7] - The company’s financial expense ratio increased to 4.9%, primarily due to a rise in financial expenses [7] Business Segments - Revenue from various business segments in Q1 included: infrastructure construction (216.8 billion yuan, -8.0% YoY), design consulting (4.7 billion yuan, -2.2% YoY), equipment manufacturing (6.2 billion yuan, -5.8% YoY), real estate development (6.7 billion yuan, +59.5% YoY), and other businesses (14.9 billion yuan, +3.2% YoY) [7] - The report indicates that traditional infrastructure business is under pressure, but the share of higher-margin design consulting and real estate development has increased [7] Order Book and Future Outlook - The company signed new contracts worth 560.1 billion yuan in Q1, a decrease of 9.9% year-on-year, with significant contributions from overseas contracts [7] - The backlog of orders stood at 7,234.1 billion yuan at the end of Q1, reflecting a year-on-year increase of 16.0% [7] - The report projects net profits for 2025-2026 to be 28.0 billion yuan and 28.5 billion yuan respectively, with a new forecast for 2027 at 29.1 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway (601390.SH/0390.HK) with current prices at 5.52 CNY and 3.38 HKD respectively [1]. Core Views - The company is experiencing operational pressure, with a significant decline in revenue and net profit for 2024, but new emerging businesses are growing rapidly [1][5]. - The company aims to improve cash flow and plans to increase mid-term dividends in 2025 [7][8]. Financial Performance - For 2024, the company reported operating revenue of 115.74 billion CNY, a decrease of 8.2% year-on-year, and a net profit attributable to shareholders of 27.89 billion CNY, down 16.7% [4][5]. - In Q1 2025, the company achieved operating revenue of 24.86 billion CNY, a decline of 6.2% year-on-year, with net profit down 19.5% [4][5]. Business Segments - The main business segments, including infrastructure, design consulting, equipment manufacturing, real estate development, and resource utilization, saw revenue declines ranging from 2.5% to 13.1% in 2024 [5]. - The company’s overseas business revenue increased by 10.3% while domestic revenue decreased by 9.1% [5][6]. Emerging Business Growth - New contracts signed in 2024 totaled 2715.18 billion CNY, a decrease of 12.4% year-on-year, with domestic contracts down 14.0% and international contracts up 10.6% [6]. - Emerging business contracts grew by 11.3%, particularly in water conservancy and clean energy sectors, which saw increases of 50% and 22.6% respectively [6]. Cost Management and Dividends - The company effectively managed overall expenses in 2024, despite increased financial costs due to delayed payments from project owners [7]. - A proposed dividend of 1.78 CNY per 10 shares for 2024 reflects a payout ratio of 15.79%, an increase of 0.27 percentage points from the previous year [7]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted downwards, with net profit estimates of 28.22 billion CNY and 28.64 billion CNY respectively, reflecting a decrease of 10% and 13% [8]. - The report maintains a "Buy" rating based on the rapid growth of emerging industries and overseas orders [8].

金十数据5月6日讯，瑞银的研究报告指，中国中铁(00390.HK)今年首季的收入及纯利按年跌6%及 23%，整体新合约按年跌10%，主要因为传统板块的增长潜力有限，加上房地产行业仍然触底。同时公 司亦主动转变策略，专注质量多于规模扩张。而海外新合约按年增33%属亮点，受惠于亚洲及非洲楼市 及铁路项目的增长可观。该行指，中国中铁管理层没有更改全年指引(新合约按年增3.1%及收入按年跌 2.4%)，同时管理层认为收入入账及订单在4月加快。该行下调对公司今年至2027年的每股盈利预测12% 至15%，目标价由4.8港元减12%至4.2港元，维持买入评级。 瑞银降中国中铁目标价至4.2港元 公司全年指引不变 ...

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机构评级方面，113家券商给予买入建议，40家券商给予增持建议。 7月16日，中国中铁股份有限公司发布公告，披露了其2023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）的2024年付息安排及相关重要信息。 根据公告，中国中铁30亿2023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）分为两个 品种。品种一"铁工 YK03"。 债券代码115688.SH 。发行总额10亿元人民币。发行基础期限为3年，以 每3个计息年度为1个周期，在每个周期末，发行人有权选择将本品种债券期限延长1个周期（即延长3 年），或选择在该周期末到期全额兑付本品种债券。本期债券票面利率（计息年利率） 为 2.95%，每 手本期债券面值为1000元，派发利息为29.5元（含税）。详细 >> 中国中铁一季度新签合同额6216.4亿元 中国中铁相关资讯： 国铁集团&中国中铁拿下白云地块 8月23日上午11时，广州市白云区大朗客整所地块上盖项目（包括AB1905131、AB1905132、 AB1905133三个地块）进行限时竞价，最终由国铁集团旗下的广州铁路地产置业有限公司和中国中铁旗 下的北京中铁诺德房地产开发有限公司 ...

本报记者 孙丽朝 北京报道 马永红表示，公司将锚定"效益提升、价值创造"主线，聚焦"增现金、降负债、控风险"目标任务，抓改 革、谋创新、优结构、保稳定，不断增强企业核心功能、提高核心竞争力。 中国中铁股份有限公司（601390.SH、00390.HK，以下简称"中国中铁"）4月29日晚发布2025年一季报 显示，2025年1—3月，中国中铁实现营业收入2485.64亿元，同比下降6.21%；归属于上市公司股东的扣 除非经常性损益的净利润55.53亿元，同比下降22.54%。营收和利润降幅较去年同期的2.56%和3.30%均 进一步扩大。 中国中铁是集勘察设计、施工安装、工业制造、房地产开发、资源利用、金融投资和其他新兴业务于一 体的特大型企业集团，曾长期归属原铁道部，2000年与原铁道部"脱钩"，2003年归属国务院国资委管 理。 对于公司业绩下滑的原因，中国中铁总会计师孙璀在上证路演中心4月30日召开的中国中铁一季度业绩 说明会上对《中国经营报》记者回应称，当前国内建筑行业总体承压，房地产市场持续低迷，对公司业 绩产生一定影响。 （编辑：吴婧 审核：杜丽娟 校对：颜京宁） 财报数据显示，2025年一季度，中 ...