中国中铁（601390）(00390)发布公告，中国中铁股份有限公司2023年面向专业投资者公开发行科技创 新可续期公司债券(第五期)(品种一)(以下简称"本期债券")，将于2025年9月15日开始支付自2024年9月14 日至2025年9月13日期间的利息。债券简称：铁工KY09，发行总额：人民币25亿元，本期债券票面利率 为3.25%，采用单利按年计息，不计复利。 ...

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。 董事長 2025年9月8日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；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。 䇱ࡨԓ⸱˖601390.SH/0390.HK 䇱ࡨㆰ〠˖ѝഭѝ䫱 ٪ࡨԓ⸱˖241629.SH ٪ࡨㆰ〠˖24 䫱ᐕ K5 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2025年9月8日在上海證券交易所網站刊登的「中國中鐵股 份有限公司2024年面向專業投資者公開發行科技創新公司債券（第三期）（品種一）2025年 付息公告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 ѝഭѝ䫱㛑ԭᴹ䲀ޜਨ 2024 ᒤ䶒ੁуъᣅ䍴㘵ޜᔰਁ㹼、ᢰࡋ ᯠޜਨ٪ࡨ)ㅜйᵏ)(૱а)2025 ᒤԈޜ ᵜޜਨޘփ㪓һᡆާᴹ਼ㅹ㙼䍓ⲴӪઈ؍䇱ᵜޜᇩнᆈ൘ԫօ㲊ۇٴ䇠 ...

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。 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。 茲載列中國中鐵股份有限公司於2025年9月8日在上海證券交易所網站刊登的「中國中鐵股 份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第五期）（品種二） 2025年付息公告」，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 2025年9月8日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：115979.SH 债券简称：铁工KY10 中国中铁股份有限公司2023年面向专业投资者公开发行科技创新 可续期公司债券(第五期)(品种二)2025年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在任 ...

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2025年9月8日在上海證券交易所網站刊登的「中國中鐵股 份有限公司2023年面向專業投資者公開發行科技創新可續期公司債券（第五期）（品種一） 2025年付息公告」，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 2025年9月8日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；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。 证券代码：601390.SH/0390.HK 证券简称：中国中铁 债券代码：115978.SH 债券简称：铁工KY09 中国中铁股份有限公司2023年面向专业投资者公开发行科技创新 可续期公司债券(第五期)(品种一)2025年付息公告 本公司全体董事或具有同等职责的人员保证本公告内容不存在任 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company experienced a slight decline in revenue and net profit in the first half of the year, with total revenue of 511.09 billion yuan, down 5.93% year-on-year, and a net profit attributable to shareholders of 11.83 billion yuan, down 17.17% year-on-year [2][6] - Despite the overall decline, the company achieved stable growth in overseas contracts, with new contracts signed amounting to 1,108.69 billion yuan, a year-on-year increase of 2.8%, and overseas business contracts reaching 124.87 billion yuan, up 51.6% year-on-year [12] - The company is focusing on improving operational quality and is optimistic about the revaluation of its mineral resources, having established five modern mines that are operating well [12] Summary by Sections Financial Performance - The company reported a total revenue of 511.09 billion yuan, a decrease of 5.93% year-on-year, primarily due to a decline in infrastructure construction, which accounted for 436.25 billion yuan, down 7.78% [12] - The gross profit margin slightly decreased to 8.73%, with the infrastructure construction margin at 7.37%, down 0.53 percentage points [12] - The net profit margin decreased to 2.31%, down 0.31 percentage points year-on-year, with a non-recurring net profit margin of 2.01%, down 0.40 percentage points [12] Operational Highlights - The cash collection ratio improved to 88.47%, up 0.36 percentage points year-on-year, although the net cash outflow from operating activities was 79.63 billion yuan, an increase of 10.30 billion yuan year-on-year [12] - The company has a total of 5 modern mines in operation, producing various metals including copper, cobalt, molybdenum, lead, zinc, and silver, with stable production levels [12] Market Position - The company’s overseas revenue showed resilience, with a year-on-year growth of 8.34% in foreign markets, contrasting with a 6.83% decline in domestic revenue [12] - The company is well-positioned to capitalize on the growing demand for mineral resources and is actively expanding its international footprint [12]

Investment Rating - The report maintains a "Buy" rating for both China Metallurgical Group (中国中冶) and China Railway Group (中国中铁) [5][12]. Core Insights - China Metallurgical Group has significant copper reserves, with a valuation potential of 707 billion H shares, indicating a 62% upside [16][27]. - China Railway Group benefits from rising molybdenum prices, with a valuation potential of 1,471 billion H shares, indicating a 71% upside [30][31]. Summary by Sections China Metallurgical Group - The company has three operating mines and two mines awaiting development, with copper resources totaling 1,484 thousand tons [16][23]. - In the first half of 2025, the operating mines generated a profit of 5.5 billion yuan, a 29% increase year-on-year, contributing 18% to the company's net profit [16][18]. - The potential profit from the two awaiting mines is estimated at approximately 33 billion yuan, significantly enhancing the resource segment's contribution [23][29]. - The estimated total value of the company is 876 billion yuan, with a 23% upside compared to its current market value [23][27]. China Railway Group - The company operates five modern mines with significant copper and molybdenum reserves, leading to a 27% year-on-year increase in net profit from its resource segment [30][31]. - In the first half of 2025, the company reported a net profit of 258 billion yuan, with a projected decline of 7.4% year-on-year [30][31]. - The estimated total value of the company is 1,872 billion yuan, with a 36% upside compared to its current market value [30][31]. - The company has seen a significant increase in new orders, with a 20% year-on-year growth in Q2 2025, indicating a recovery in its construction segment [33][34]. Profit Forecast and Valuation - For China Metallurgical Group, the projected net profits for 2025-2027 are 61, 65, and 70 billion yuan, respectively [29]. - For China Railway Group, the projected net profits for 2025-2027 are 258, 253, and 255 billion yuan, respectively [30][31]. - Both companies are currently trading at low price-to-earnings (PE) ratios, indicating potential for valuation recovery [29][31].

人民财讯9月4日电，企查查APP显示，近日，安徽池铁开发投资有限公司成立，注册资本1亿元，经营 范围包含：以自有资金从事投资活动；自有资金投资的资产管理服务；工程管理服务等。企查查股权穿 透显示，该公司由中国中铁（601390）全资子公司中铁三局集团有限公司等共同持股。 ...

Core Viewpoint - China Railway's net profit attributable to shareholders and net profit after deducting non-recurring gains and losses for the first half of the year were 11.827 billion and 10.268 billion yuan, respectively, representing a year-on-year decline of 17.17% and 21.59% [1] Financial Performance - Q2 net profit attributable to shareholders and net profit after deducting non-recurring gains and losses were 5.801 billion and 4.715 billion yuan, respectively, with year-on-year declines of 14.65% and 20.45% [1] - The decline in performance is primarily due to a decrease in gross profit margin and an increase in credit impairment losses [1] Revenue Breakdown - Domestic and overseas business revenues were 475.531 billion and 36.971 billion yuan, showing year-on-year changes of -6.83% and +8.34%, respectively [1] Contract Growth - New contract amounts in overseas railway, construction, municipal, design consulting, and equipment manufacturing sectors continued to grow [1] - Key projects won include the Tambor Railway, the China-Kyrgyzstan-Uzbekistan Railway, and the Senegal Kedougou Lithium Mine [1] Market Position - The company maintains a leading position in infrastructure construction, including railways, highways, and urban transit systems [1] - Continuous expansion in overseas markets and emerging businesses supports future profitability [1]

Group 1 - The establishment of Yucheng No.1 (Wenzhou) Equity Investment Center (Limited Partnership) with a capital contribution of 1.24 billion yuan [1] - The business scope includes private equity fund activities such as equity investment, investment management, and asset management, as well as venture capital [1] - The company is jointly held by Beijing Zixin Tong Machinery Leasing Co., Ltd. and China Railway's wholly-owned subsidiary, China Railway Capital Co., Ltd. [1]

Group 1 - Copper prices reached a two-month high, supported by a weaker dollar, positive economic data from China, and optimistic expectations for a U.S. interest rate cut [1][2] - The London Metal Exchange (LME) benchmark copper rose by 0.9% to $9,971 per ton, with an earlier peak of $9,984.50 per ton [2] - Chinese refined copper apparent consumption is expected to grow by approximately 10% year-on-year in the first half of 2025, according to Zijin Mining Group [2] Group 2 - Goldman Sachs analysts warned that while expectations for U.S. interest rate cuts provide support, a loose physical market and ongoing weak economic data may pressure the industry [2] - CITIC Securities reported that the domestic copper mining sector's price-to-earnings (PE) ratio has been running between 10-15x over the past three years, with continuous valuation increases this year due to declining supply growth and strong domestic demand [2] - The domestic copper mining sector is expected to see improvements in both profitability and valuation, with copper prices potentially reaching $10,500 per ton in Q3-Q4 2025 [2] Group 3 - Related companies in the copper mining sector include Luoyang Molybdenum (603993)(03993), Zijin Mining (02899), China Nonferrous Mining (01258), Minmetals Resources (01208), Jiangxi Copper (600362)(00358), and China Railway (601390)(00390) [3]