Financial Performance - The company's operating revenue for the first half of 2022 was RMB 9.49 billion, a decrease of 1.83% compared to RMB 9.67 billion in the same period last year [23]. - The net loss attributable to shareholders was RMB 765.32 million, a significant decline from a net profit of RMB 4.28 million in the previous year, representing a change of 18,000.12% [18]. - The company's operating costs increased by 8.90% to RMB 10.41 billion, compared to RMB 9.56 billion in the same period last year [24]. - The net cash flow from operating activities was RMB (695.49) million, a decrease of 323.88% from RMB 310.65 million in the previous year [24]. - The total assets at the end of the reporting period were RMB 37.05 billion, a decrease of 0.94% from RMB 37.40 billion at the end of the previous year [18]. - The net assets attributable to shareholders decreased by 2.56% to RMB 26.54 billion from RMB 27.24 billion at the end of the previous year [18]. - The basic earnings per share were RMB (0.1080), a decline of 18,100.00% compared to RMB 0.0006 in the previous year [19]. - The company reported a significant increase in other income, which rose by 273.89% to RMB 30.43 million from RMB 8.14 million in the previous year [24]. Operational Metrics - The company experienced a 42.34% decrease in passenger volume, with 787 million passengers transported in the first half of 2022 [21]. - Passenger revenue for the first half of 2022 was RMB 312,831 million, an increase of 6.37% compared to RMB 294,094 million in the same period last year [26]. - The number of passengers sent decreased by 37.72% to 13,258,856 from 21,287,807 due to strict pandemic control measures [26]. - Freight revenue decreased by 16.72% to RMB 83,024 million from RMB 99,694 million, with freight volume down by 14.87% to 7,828,336 tons [27]. - Revenue from network clearing and other transportation services was RMB 509,641 million, a decrease of 2.98% compared to RMB 525,304 million last year [28]. - Other business income fell by 8.54% to RMB 436 million from RMB 477 million, primarily due to reduced workload from the pandemic [29]. Corporate Governance and Compliance - The company has established a nomination committee to optimize the structure of the board of directors and improve corporate governance, which was approved at the annual general meeting on June 16, 2022 [49]. - The audit committee, composed of three independent non-executive directors, is responsible for reviewing the financial performance of the company and ensuring compliance with regulations [47]. - The company has adopted the corporate governance code and has complied with the relevant rules and regulations during the reporting period [49]. - The company has a comprehensive information disclosure policy to ensure transparency and timely communication with investors and regulatory bodies [53]. - The company has confirmed that all directors, supervisors, and senior management complied with the securities trading rules during the reporting period [51]. Risk Management - The company has detailed the potential risks it may face in the future within the "Board Report (including Management Discussion and Analysis)" section [6]. - The company is facing macroeconomic risks that could adversely affect its operating performance and financial condition [38]. - The company has established a financial risk management program to minimize potential adverse impacts from various financial risks [39]. - The company has set aside provisions for bad debts based on assessments of expected credit losses, ensuring that the current accounts receivable balance does not pose significant credit risk [157]. Employee and Training Information - The total number of employees at the end of the reporting period was 39,637, a decrease of 979 from the previous year due to natural attrition from retirements [59]. - The total salary and benefits paid to employees during the reporting period amounted to approximately RMB 3.255 billion [60]. - A total of 508,290 person-times participated in various vocational training, completing 50% of the annual training plan, with training expenses around RMB 8.3274 million [62]. - The training expenditure for the reporting period was approximately RMB 8.3274 million, reflecting the company's commitment to employee development [62]. Shareholder Information - The total number of ordinary shareholders reached 186,771 by the end of the reporting period [70]. - The largest shareholder, China Railway Guangzhou Bureau Group Co., Ltd., holds 37.12% of the issued shares, totaling 2,629,451,300 shares [71]. - HKSCC NOMINEES LIMITED holds 1,417,238,299 shares, representing a significant portion of foreign investment in the company [72]. - The company has no significant litigation or arbitration matters during the reporting period [66]. - The company has not engaged in any significant related party transactions during the reporting period [67]. Financial Position and Assets - Cash and cash equivalents decreased by 30.78% to RMB 1,079,418,656 from RMB 1,559,462,301 due to reduced bank deposits [33]. - Long-term borrowings increased to RMB 500,000,000, marking a 100% increase as the company secured bank credit loans [33]. - The company's asset-liability ratio was 28.46% at the end of the reporting period [40]. - The total balance of accounts receivable from land reserve payments is CNY 128,902,764, accounting for 37% of other receivables [182]. - The total fixed assets as of June 30, 2022, amounted to approximately CNY 40.73 billion, with a net increase of CNY 886.76 million during the period [193]. Future Plans and Strategies - The company is focused on expanding its railway operations and improving service efficiency to adapt to the evolving transportation needs in China [22]. - The company plans to adapt to market needs by increasing railway freight volume and innovating "road-rail combined transport" products [37]. - The company plans to enhance its market expansion strategies and invest in new technologies to improve future performance [93]. - The company is focusing on optimizing its operational efficiency to recover from the current cash flow challenges [94].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 4,998,622,697, representing a 13.25% increase compared to CNY 4,413,764,612 in the same period last year[3] - The net profit attributable to shareholders of the listed company was a loss of CNY 398,371,025, compared to a loss of CNY 93,372,207 in the previous year, indicating a significant decline in profitability[3] - Total operating revenue for Q1 2022 was RMB 4,998,622,697, an increase of 13.2% compared to RMB 4,413,764,612 in Q1 2021[12] - Net profit for Q1 2022 was a loss of RMB 398,142,815, compared to a loss of RMB 93,064,495 in Q1 2021, indicating a significant decline in profitability[12] Cash Flow - The net cash flow from operating activities was a negative CNY 202,546,932, an improvement from a negative CNY 250,538,278 in the same period last year[3] - In Q1 2022, the total cash inflow from operating activities was CNY 3,100,690,902, a decrease of 6.1% compared to CNY 3,302,670,543 in Q1 2021[13] - The cash flow from investing activities resulted in a net outflow of CNY (103,306,932), slightly better than CNY (103,615,679) in Q1 2021[13] - The total cash outflow from financing activities was CNY 15,754,717, with no cash inflow reported in Q1 2021[13] - The company reported a net decrease in cash and cash equivalents of CNY (321,608,581) in Q1 2022, compared to CNY (354,153,957) in Q1 2021[13] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,728,169,181, down 1.81% from CNY 37,403,422,526 at the end of the previous year[3] - Current assets totaled RMB 6,376,171,867, a decrease of 5.3% from RMB 6,735,513,535 at the end of 2021[11] - Total liabilities decreased to RMB 9,887,831,239 from RMB 10,198,985,923, a reduction of 3.0%[11] - The equity attributable to shareholders of the listed company decreased by 1.34% to CNY 26,877,622,904 from CNY 27,241,949,775 at the end of the previous year[3] - The equity attributable to shareholders decreased to RMB 26,877,622,904 from RMB 27,241,949,775, a decline of 1.3%[11] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 188,258, with the largest shareholder being China Railway Guangzhou Group Co., Ltd., holding 37.12% of shares[7] Operational Challenges - The company faced challenges due to the COVID-19 pandemic, which limited revenue growth and resulted in higher operating costs[6] Other Financial Metrics - The basic and diluted earnings per share were both negative CNY 0.056, compared to negative CNY 0.013 in the same period last year[3] - Non-operating income and expenses included a government subsidy of CNY 22,660,749, while total non-recurring losses amounted to CNY 14,416,513 after tax effects[4] - The company reported a significant increase in accounts receivable, totaling RMB 4,433,316,947, compared to RMB 4,396,173,803 at the end of 2021[11] - Cash and cash equivalents decreased to RMB 1,237,853,720 from RMB 1,559,462,301, reflecting a decline of 20.5%[11] - The company reported an increase in long-term investments, totaling RMB 230,049,409, compared to RMB 225,337,683 at the end of 2021[11] - The cash inflow from the disposal of fixed assets and other long-term assets was CNY 12,639,334, significantly lower than CNY 93,802,016 in Q1 2021[13] - The total cash outflow for the acquisition of fixed assets and other long-term assets was CNY 115,946,266, down from CNY 197,417,695 in the previous year[13] Product Development and Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[8]

Financial Performance - Total operating revenue for 2021 was RMB 20,206,157 thousand, an increase of 23.59% compared to RMB 16,349,366 thousand in 2020[22] - Total operating expenses for 2021 were RMB 21,574,642 thousand, up 18.63% from RMB 18,186,790 thousand in 2020[22] - The company reported an operating loss of RMB 1,193,154 thousand in 2021, which is an increase of 82.93% from the loss of RMB 652,262 thousand in 2020[22] - The net loss attributable to shareholders was RMB 973 million, an increase of 74.43% compared to RMB 558 million in the previous year[38] - Basic loss per share for 2021 was RMB 0.14, representing a 75.00% increase from RMB 0.08 in 2020[22] - The net cash flow from operating activities was RMB 1.00 billion, a decrease of 24.97% compared to RMB 1.34 billion in the previous year[39] - Operating cash flow for 2021 was RMB 1,002,468 thousand, a decrease of 24.97% compared to RMB 1,336,173 thousand in 2020, primarily due to increased cash outflows exceeding cash inflows[51] Assets and Liabilities - The total assets at the end of 2021 were RMB 37,403,422 thousand, a slight increase of 1.69% from RMB 36,780,453 thousand at the end of 2020[23] - Total liabilities increased by 18.26% to RMB 10,198,986 thousand at the end of 2021, compared to RMB 8,624,284 thousand at the end of 2020[23] - Shareholders' equity (excluding minority interests) decreased by 3.37% to RMB 27,241,949 thousand at the end of 2021 from RMB 28,192,838 thousand at the end of 2020[23] - The company's asset-liability ratio stands at 27.27%, indicating a stable financial position with no outstanding loans as of the reporting period[75] Revenue Breakdown - Passenger revenue for 2021 reached RMB 616,911 million, a 49.94% increase compared to RMB 411,452 million in 2020[40] - Freight revenue increased by 19.83% to RMB 203,544 million in 2021 from RMB 169,858 million in 2020, with freight volume rising by 15.75% to 18,836,519 tons[42] - Revenue from network clearing and other transportation services grew by 12.98% to RMB 1,081,459 million in 2021, driven by increased service volume for other railway companies[43] - The company reported a significant increase in other business revenue, which rose by 23.14% to RMB 1,187 million in 2021, attributed to higher sales from maintenance and supply services[43] Operational Highlights - The company has established a competitive advantage in long-distance freight transportation within China's inland regions[20] - The company is expanding its railway operation services, which have become a new growth point since 2009, with plans to cover a broader area as new high-speed railways are completed[20] - The company operates a significant passenger transport business, with the Guangzhou-Shenzhen intercity trains running every 10 minutes during peak hours[18] - In 2021, the company achieved a total passenger volume of 40.78 million, a year-on-year decrease of 4.84%, while the cargo volume reached 18.84 million tons, an increase of 15.75%[29] Corporate Governance - The company has established a comprehensive internal control system in accordance with international standards and regulatory requirements, focusing on various management areas including financial reporting and risk management[140] - The internal control audit conducted by PwC resulted in a standard unqualified opinion, confirming the effectiveness of the financial reporting internal control system[144] - The company has not identified any issues in its corporate governance during the self-inspection of the years 2018 to 2020, complying with the requirements set by the China Securities Regulatory Commission[146] - The company has a clear policy for the appointment and remuneration of its directors and supervisors, which is subject to shareholder approval[110] Risk Management - The company has established a financial risk management program to minimize potential adverse effects from various financial risks, including foreign exchange and liquidity risks[65] - The company is closely monitoring macroeconomic conditions that could impact its financial performance and is prepared to adjust its development strategy accordingly[63] - The company anticipates that the ongoing COVID-19 pandemic will continue to adversely affect its operations, and it is taking measures to mitigate these impacts[66] Shareholder Relations - The company has maintained a cash dividend policy since its listing in 1996, with a cumulative cash dividend distribution of approximately RMB 12.3 billion and a payout ratio of about 57.77% from 1996 to 2019[134] - The company plans to distribute cash dividends annually, with a minimum payout ratio of 30% of distributable profits, and has not proposed a profit distribution plan for 2021[136] - The independent directors unanimously agree that the profit distribution proposal aligns with regulatory rules and the company's actual situation, supporting sustainable development without harming minority shareholders' interests[136] Board and Management Changes - The company experienced changes in its board members, including the election of Hu Dan as a non-executive director and Zhou Shangde as an executive director[111] - The company has seen changes in its supervisory board, with Lei Chunliang elected as the chairman of the supervisory board[111] - The company’s current management team includes experienced professionals with backgrounds in finance and engineering[105] Related Party Transactions - The company has engaged in related party transactions with China Railway, which is the actual controller of the largest shareholder, Guangshen Railway Group, holding 37.12% of the issued share capital[195] - The company has a comprehensive service framework agreement with China Railway, approved by independent shareholders, which is valid for three years starting from December 23, 2019[195] - The total transaction amount with China Railway and its subsidiaries reached 3,323,844 thousand RMB for train services[199] Employee and Training Initiatives - The total number of employees is 40,616, with 18,283 in passenger and freight operations[127] - The company paid a total of approximately RMB 41.51 million for employee training, completing 100% of the annual training plan with 1,219,418 training sessions attended[131] - The employee compensation policy links salaries closely to economic benefits and individual performance, ensuring alignment with company performance[129]

Financial Performance - The company's operating revenue for 2021 was CNY 20,206,156,783, representing a 23.59% increase compared to CNY 16,349,365,706 in 2020[18]. - The net profit attributable to shareholders for 2021 was a loss of CNY 973,119,082, which is a 74.43% increase in loss compared to a loss of CNY 557,875,873 in 2020[18]. - The net cash flow from operating activities for 2021 was CNY 1,002,468,547, down 24.97% from CNY 1,336,173,449 in 2020[19]. - The total assets at the end of 2021 were CNY 37,403,422,526, an increase of 1.69% from CNY 36,780,451,862 at the end of 2020[19]. - The basic earnings per share for 2021 was (CNY 0.14), a 75.00% increase in loss compared to (CNY 0.08) in 2020[20]. - The company reported a decrease in net assets attributable to shareholders, which was CNY 27,241,949,775 at the end of 2021, down 3.37% from CNY 28,192,839,252 at the end of 2020[19]. - The company reported a significant increase in operating costs, which rose by 18.92% to RMB 21.261 billion, compared to RMB 17.878 billion in the previous year[31]. - The company reported a significant increase in credit impairment losses, totaling RMB 40,612,916, compared to RMB 358,384 in 2020[190]. - The total operating costs increased to RMB 21,614,986,429, up 18.5% from RMB 18,212,838,473 in the previous year[190]. - The company reported a total revenue of CNY 16,510,960,708 from sales, up from CNY 13,273,524,914 in 2020, reflecting a growth of 24.5%[195]. Corporate Governance - The board of directors proposed not to distribute profits for the year 2021, nor to increase capital reserves by issuing new shares[3]. - The company has continuously improved its corporate governance structure since its listing in 1996, ensuring compliance with regulatory requirements[73]. - The board of directors consists of 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors[72]. - The company has established specialized committees, including an audit committee and a compensation committee, to oversee critical governance functions[100]. - The independent directors have expressed their independent opinions on various matters, including the fairness of a capital increase plan and the profit distribution proposal for 2020, ensuring compliance with regulations and protection of minority shareholders' interests[98]. - The company has a structured approach to its audit process, with recommendations made to ensure timely completion and quality of the annual report audit[101]. - The company has established a board diversity policy, considering various factors such as gender, cultural background, and professional experience in selecting board members[121]. - The company has not faced any administrative penalties due to environmental issues during the reporting period, indicating compliance with environmental regulations[140]. Risk Management - The company has detailed potential risks in the "Board Report" section of the annual report[5]. - The company faces risks related to macroeconomic conditions, regulatory changes, and market competition, which may impact its performance[53]. - The company has implemented a robust internal control and risk management framework to ensure accurate financial reporting and compliance with regulations[137]. - The company has actively trained employees on risk management and internal control systems to enhance overall awareness and compliance[138]. - The company has a comprehensive internal control system that includes risk management measures across various operational aspects since 2006, in compliance with international standards and regulations[138]. Future Plans and Strategies - The company plans to expand its railway operation services, which have become a new growth point since 2009, as more high-speed railways are completed in the Guangdong-Hong Kong-Macao Greater Bay Area[17]. - The company plans to focus on high-quality development and enhance service capabilities while navigating the uncertainties in the economic environment for 2022[26]. - The company aims to enhance service quality and innovate management and technology to become a leading railway transport service provider[51]. - The company plans to achieve a passenger volume of 51 million and a cargo volume of 21.15 million tons in 2022[52]. - The company intends to implement structural reforms in freight transport, increasing the frequency of domestic and international freight trains[52]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 2 billion RMB earmarked for potential deals[80]. - The company plans to expand its service network by adding 200 kilometers of new railway lines in the next fiscal year[83]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 193,087[160]. - Public shareholding amounts to 4,454,085,700 shares, which is 62.88% of the total share capital, with a market value of approximately RMB 9.977 billion based on a closing price of RMB 2.24 per A share[168]. - The largest shareholder, China Railway Guangzhou Group Co., Ltd., holds 2,629,451,300 shares, accounting for 37.12% of total shares[161]. - HKSCC NOMINEES LIMITED holds 1,467,668,629 shares, representing 20.72% of total shares, with 50,612,330 A shares and 1,417,056,299 H shares[161]. Audit and Compliance - The company reported a standard unqualified audit opinion from PwC Zhongtian[2]. - The financial statements have been audited and fairly reflect the company's financial position as of December 31, 2021[174]. - The audit committee held six meetings during the reporting period, with all members achieving a 100% attendance rate[126]. - The company has maintained a continuous service of 14 years for domestic auditors and 19 years for international auditors, complying with regulatory requirements for auditor rotation[129]. - The company has not made any changes to accounting policies or estimates, nor has it corrected any significant accounting errors during the reporting period[152]. Employee and Compensation Information - The total pre-tax compensation for the executives during the reporting period amounted to 414.80 million yuan[79]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 4.148 million[89]. - The company has a total of 161 employees with a postgraduate degree and 5,192 with a bachelor's degree, indicating a diverse educational background among its workforce[104]. - The company's compensation policy links employee salaries closely to economic performance and individual performance, with total salary and benefits paid to employees detailed in the financial statements[105].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 5,279,474,277, representing a year-on-year increase of 29.03%[3] - The net profit attributable to shareholders of the listed company for Q3 2021 was a loss of CNY 260,456,104, with a year-to-date loss of CNY 255,283,646[3] - The basic and diluted earnings per share for Q3 2021 were both CNY (0.037)[3] - Total operating revenue for the first three quarters of 2021 reached RMB 14,947,451,817, an increase from RMB 11,548,681,016 in the same period of 2020, representing a growth of approximately 29.5%[15] - The net profit for the first three quarters of 2021 was a loss of RMB 256,120,876, an improvement from a loss of RMB 1,115,879,796 in the same period of 2020[15] - The company experienced an increase in operating revenue and net profit due to a greater growth rate in revenue compared to operating costs during the reporting period[7] Assets and Liabilities - The total assets at the end of Q3 2021 were CNY 37,467,765,557, an increase of 1.87% compared to the end of the previous year[3] - The total liabilities increased to RMB 9,489,170,617 as of September 30, 2021, from RMB 8,624,281,337 at the end of 2020, indicating a rise of approximately 10.0%[13] - The total equity attributable to shareholders of the parent company was RMB 28,016,100,897 as of September 30, 2021, down from RMB 28,192,839,252 at the end of 2020[14] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 301,893,875, reflecting a decrease of 71.60% compared to the same period last year[3] - In the first three quarters of 2021, the cash inflow from operating activities was CNY 11,967,998,414, an increase of 31.0% compared to CNY 9,092,577,397 in the same period of 2020[17] - The net cash flow from operating activities for the first three quarters of 2021 was CNY 301,893,875, a decrease of 71.6% from CNY 1,063,060,722 in 2020[17] - The cash inflow from sales of goods and services in the first three quarters of 2021 was CNY 11,854,204,007, representing a significant increase from CNY 8,893,639,316 in 2020[17] - The cash and cash equivalents at the end of Q3 2021 amounted to CNY 1,690,410,316, compared to CNY 1,504,928,013 at the end of Q3 2020, reflecting a year-over-year increase of 12.3%[18] Shareholder Information - The company reported a total of 193,859 common shareholders at the end of the reporting period[8] - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 2,629,451,300 shares, accounting for 37.12% of the total shares[8] Operating Costs - Total operating costs for the first three quarters of 2021 were RMB 15,318,144,339, compared to RMB 12,985,021,964 in 2020, reflecting an increase of about 18.0%[15] - The company’s financial expenses for the first three quarters of 2021 were RMB 29,986,913, an increase from RMB 22,205,283 in the same period of 2020[15] Non-Operating Income - Non-operating income for Q3 2021 included government subsidies amounting to CNY 2,650,248[4] Cash Flow from Investment Activities - The cash inflow from investment activities in the first three quarters of 2021 was CNY 103,608,567, down 26.0% from CNY 139,869,324 in 2020[17] - The net cash flow from investment activities was (CNY 316,715,602) in 2021, an improvement from (CNY 808,838,610) in 2020[17] Dividends and Financing Activities - The company did not distribute dividends or pay interest in the first three quarters of 2021, contrasting with CNY 266,065,203 in the same period of 2020[18] - The total cash outflow from financing activities was CNY 311,627,703 in 2020, with no cash outflow reported in 2021[18]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15% compared to the same period in 2020[5]. - The net profit attributable to shareholders for the first half of 2021 was RMB 300 million, up 20% from RMB 250 million in the same period last year[5]. - The company's operating revenue for the first half of 2021 was RMB 9.67 billion, an increase of 29.65% compared to RMB 7.46 billion in the same period last year[14]. - The net profit attributable to shareholders was RMB 4.28 million, a turnaround from a loss of RMB 613.98 million in the previous year[14]. - Passenger transport revenue reached RMB 2.94 billion, a year-on-year increase of 70.13%[24]. - The company reported a net cash flow from operating activities of RMB 310.65 million, a decrease of 40.93% from RMB 525.86 million in the previous year[14]. - The company's total assets at the end of the reporting period were RMB 36.68 billion, a slight decrease of 0.27% from RMB 36.78 billion at the end of the previous year[14]. - The weighted average return on net assets was 0.02%, recovering from a negative 2.13% in the previous year[15]. - The company reported a total profit of CNY 31,804,000 for the first half of 2021, compared to a total loss of CNY 785,720,290 in the first half of 2020[88]. - Cash flow from operating activities for the first half of 2021 was CNY 310,646,836, down from CNY 525,857,963 in the same period of 2020[92]. Passenger and Freight Operations - Passenger traffic volume increased by 10% year-on-year, reaching 15 million passengers in the first half of 2021[5]. - The total number of passengers sent was 21,287,807, representing a 19.10% increase compared to 17,873,745 in the previous year[24]. - Freight revenue increased to RMB 996.94 million, a 35.47% year-over-year growth, with freight volume reaching 9,195,730 tons, up 31.76%[25]. - The company aims to strengthen its freight transport organization and implement strategies to increase freight volume, responding to a significant rise in freight transport demand[23]. Operational Strategies and Future Plans - The company plans to expand its service routes by 5% in the next fiscal year, focusing on enhancing connectivity in the Guangdong-Hong Kong-Macau Greater Bay Area[5]. - New technology initiatives include the implementation of a smart ticketing system expected to reduce operational costs by 8%[5]. - The company aims to achieve its annual operational goals by focusing on pandemic prevention, transportation safety, and effective management strategies in the second half of 2021[35]. - The company plans to implement a "cargo supplementing passenger" strategy to increase transportation product supply and meet the growing demand from freight owners[35]. Financial Management and Governance - The company has no plans for profit distribution or capital reserve transfer to share capital for the reporting period[2]. - The board of directors confirmed that all members attended the meeting to review the half-year report, ensuring accountability for its accuracy[2]. - The financial report for the first half of 2021 was prepared in accordance with Chinese accounting standards and remains unaudited[2]. - The company has established a financial risk management program to minimize potential adverse effects from various financial risks[38]. - The company has complied with the corporate governance code, except for the establishment of a nomination committee, which is currently not in place[47]. Employee and Training Information - The company reported a total employee count of 40,543, a decrease of 743 from the previous year due to natural attrition from retirements[59]. - The total salary and welfare expenses paid to employees during the reporting period amounted to approximately RMB 3.711 billion[60]. - A total of 454,494 person-times participated in various vocational training, completing 50% of the annual training plan, with training expenses around RMB 9.6859 million[61]. Risk Management and Compliance - The company has identified potential risks related to market competition and regulatory changes in its future outlook[4]. - The company is exposed to foreign exchange risks primarily related to USD and HKD, but it does not use financial instruments to hedge these risks[41]. - The company emphasizes the importance of transportation safety and has measures in place to monitor and improve safety standards[36]. - The company will closely monitor macroeconomic conditions and adjust its development strategy accordingly to mitigate potential impacts on its operations[36]. Shareholder Information - The total number of ordinary shareholders reached 198,641 by the end of the reporting period[71]. - The largest shareholder, China Railway Guangzhou Bureau Group Co., Ltd., holds 2,629,451,300 shares, accounting for 37.12% of the total shares[72]. - The company has not repurchased, sold, or redeemed any of its listed shares during the reporting period, maintaining its current capital structure[81]. - The public float of the company meets regulatory requirements for maintaining sufficient public shareholding[81]. Asset and Liability Management - The company's asset-liability ratio is reported at 23.23%, indicating a stable financial position with no borrowings or asset pledges as of the reporting period[39]. - The company’s current liabilities exceeded current assets by 176,356,220 RMB as of June 30, 2021[102]. - The total financial liabilities and lease liabilities as of June 30, 2021, amounted to CNY 12,336,844,706, with CNY 6,443,549,706 due within one year[159]. Investments and Capital Expenditures - Significant investments included RMB 72.65 million for automatic block and computer interlocking renovations on the Guangzhou to Pingshi section of the Jingguang Line, with a project completion rate of 74%[32]. - The company has no significant investments or acquisitions during the reporting period and does not have plans for major investments or capital asset purchases[40]. - The total amount for the other projects category is CNY 370,583,294, with a balance of CNY 355,127,418 after adjustments[198]. Accounting and Financial Reporting - The company’s financial statements comply with the requirements of the accounting standards, reflecting a true and complete picture of its financial status[103]. - Cash and cash equivalents include cash on hand, deposits available for payment, and short-term, highly liquid investments[108]. - The group recognizes expected credit losses for financial assets measured at amortized cost based on reasonable and supportable information[111].

Financial Performance - The company reported a revenue of 1.2 billion RMB for the first half of 2021, representing a year-on-year increase of 15% compared to the same period in 2020[2]. - Total operating revenue for the first half of 2021 was RMB 9,667,978,000, representing a 29.65% increase compared to RMB 7,456,900,000 in the same period last year[14]. - Operating profit turned positive at RMB 50,673,000, compared to a loss of RMB 761,501,000 in the previous year[14]. - Net profit attributable to shareholders was RMB 4,277,000, a significant recovery from a loss of RMB 613,983,000 in the same period last year[14]. - Total revenue for the railway business reached RMB 9,190,928 thousand, a 29.6% increase from RMB 7,085,372 thousand in the previous year[95]. - Passenger revenue was RMB 2,940,944 thousand, up 70.3% from RMB 1,728,680 thousand year-on-year[95]. - Freight revenue increased to RMB 996,939 thousand, representing a 35.5% rise from RMB 735,930 thousand in the same period last year[95]. - The net profit attributable to the group for the six months ended June 30, 2021, was RMB 37,467,000, compared to a loss of RMB 564,336,000 for the same period in 2020[119]. Passenger and Freight Transport - The total number of passengers transported during the reporting period reached 25 million, an increase of 20% from the previous year[2]. - Passenger transport revenue was RMB 2,941,000,000, accounting for 30.42% of total revenue, while freight transport revenue was RMB 999,700,000, making up 10.31%[19]. - Passenger revenue reached RMB 294,094 million, a 70.13% increase year-on-year, driven by a recovery in railway passenger flow despite ongoing COVID-19 outbreaks[22]. - The number of passengers transported increased to 21,287,807, representing a 19.10% growth compared to the previous year[22]. - Freight revenue amounted to RMB 99,694 million, up 35.47% year-on-year, with freight volume increasing by 31.76% to 9,195,730 tons[24]. Operational Efficiency and Investments - The company is investing 200 million RMB in new technology to improve operational efficiency and customer experience[3]. - The company plans to expand its service routes by 10% in the next fiscal year to enhance market coverage[3]. - The company will focus on improving operational efficiency and cost control measures to enhance profitability[38]. - The company continues to explore opportunities for market expansion and operational efficiency improvements in its railway services[101]. Financial Position and Liquidity - The company maintains a strong liquidity position with a cash reserve of 500 million RMB as of June 30, 2021[2]. - Cash generated from operating activities was RMB 310,647,000, down 40.93% from RMB 525,857,000 in the previous year[20]. - The company's total assets at the end of the reporting period were RMB 36,679,409,000, a slight decrease of 0.27% from RMB 36,780,453,000 at the end of the previous year[13]. - The company's asset-liability ratio is 23.23%, calculated as total liabilities at the end of the period divided by total assets at the end of the period[42]. - The company has no borrowings or contingent liabilities as of the end of the reporting period[42][44]. Corporate Governance and Compliance - The company has continuously improved its corporate governance structure since its listings in 1996 and 2006, ensuring compliance with regulatory requirements and enhancing internal management systems[45]. - The board of directors consists of nine members, including three independent non-executive directors, ensuring a diverse background and experience in the railway industry[47]. - The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing financial performance and overseeing internal controls[49]. - The company has adhered to the corporate governance code, with no significant deviations from the listing rules, and has opted not to establish a nomination committee at this time[51]. Employee and Training Information - As of the end of the reporting period, the total number of employees was 40,543, a decrease of 743 from the previous year, primarily due to natural attrition from retirement[61]. - The total salary and benefits paid to employees during the reporting period amounted to approximately RMB 3.711 billion[62]. - A total of 454,494 person-times participated in various vocational training programs, completing 50% of the annual training plan, with training expenses of approximately RMB 9.6859 million[63]. Related Party Transactions - Significant transactions with related companies included revenue from transportation services amounting to RMB 2,576,407,000 for the six months ended June 30, 2021, compared to RMB 1,838,460,000 in the previous year, indicating a growth of approximately 40.2%[138]. - Revenue from services provided to China Railway Group reached RMB 4,024,713,000 for the six months ended June 30, 2021, compared to RMB 2,171,289,000 in the same period of 2020, representing an increase of approximately 85.3%[148]. - Accounts receivable from related companies amounted to RMB 2,519,794,000 as of June 30, 2021, up from RMB 1,853,846,000 as of December 31, 2020, indicating a growth of about 35.8%[143].

Financial Performance - Operating revenue for the first quarter was CNY 4.41 billion, representing a year-on-year increase of 17.15%[4] - Net profit attributable to shareholders was a loss of CNY 93.37 million, an improvement from a loss of CNY 462.07 million in the same period last year[4] - The company's net profit margin for Q1 2021 was impacted by increased operating costs, with a net loss reported[15] - Net profit for Q1 2021 was a loss of CNY 93,064,495, compared to a loss of CNY 461,261,102 in Q1 2020, showing a significant reduction in losses[16] - Total comprehensive income for Q1 2021 was a loss of CNY 93,064,495, compared to a loss of CNY 461,261,102 in Q1 2020[18] Cash Flow - Net cash flow from operating activities was a negative CNY 328.59 million, a decrease of 183.71% compared to the previous year[4] - Cash flow from operating activities for Q1 2021 was a net outflow of CNY 328,591,924, compared to an inflow of CNY 392,515,633 in Q1 2020[19] - Cash flow from investing activities showed a net outflow of CNY (103,615,679), an improvement from CNY (352,228,216) in Q1 2020[20] - Cash flow from financing activities recorded an inflow of CNY 844,949,826, with no inflow reported in Q1 2020[20] - The net decrease in cash and cash equivalents for Q1 2021 was CNY (354,123,728), compared to an increase of CNY 40,288,735 in Q1 2020[20] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 36.87 billion, an increase of 0.24% compared to the end of the previous year[4] - Total liabilities increased to RMB 8,778,961,551 from RMB 8,624,281,337, marking a rise of 1.8%[12] - The total non-current assets decreased to RMB 30,179,426,733 from RMB 30,521,615,149, a decline of 1.1%[11] - The company's cash and cash equivalents decreased to RMB 1,191,078,086 from RMB 1,545,232,043, a decline of 22.9%[11] - Accounts receivable increased to RMB 4,491,509,847 from RMB 3,721,676,955, representing a growth of 20.7%[11] Shareholder Information - The number of shareholders at the end of the reporting period was 202,110[6] - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 2.63 billion shares, accounting for 37.12% of total shares[7] Operational Strategy - The company plans to continue improving operational efficiency and expanding its market presence in response to the recovery in passenger and freight volumes[9] - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming quarters[15] Credit and Impairment - The company reported a credit impairment loss of CNY 42.50 million, reflecting a 100% increase due to recalculating the expected credit loss rate[9] - The company incurred credit impairment losses of CNY 42,504,173 in Q1 2021, with no such losses reported in Q1 2020[17] Operating Costs - Total operating costs for Q1 2021 were RMB 4,577,882,895, up from RMB 4,239,712,129 in Q1 2020, reflecting a rise of 8%[15] - Total cash outflow for operating activities was CNY 4,289,852,300, significantly higher than CNY 2,358,587,152 in Q1 2020, indicating increased operational costs[20] Other Financial Metrics - The weighted average return on equity was -0.33%, down from -1.60% in the previous year[4] - The company reported an operating profit loss of CNY 135,436,504 for Q1 2021, compared to a loss of CNY 441,249,093 in Q1 2020[17] - Interest expenses for Q1 2021 were CNY 16,875,271, an increase from CNY 14,411,213 in Q1 2020[17] - The company reported a decrease in management expenses to CNY 53,094,863 in Q1 2021 from CNY 68,618,356 in Q1 2020[17] - The total investment income for Q1 2021 was a loss of CNY 565,696, compared to a profit of CNY 1,730,891 in Q1 2020[16] Cash Inflows and Outflows - Total cash inflow from sales and services was CNY 3,146,238,980, compared to CNY 2,682,817,984 in the previous year, marking a growth of 17.3%[20] - Cash received from other operating activities was CNY 48,155,445, down from CNY 68,286,119 in Q1 2020, reflecting a decrease of 29.4%[20]

Financial Performance - The company's operating revenue for 2020 was CNY 16,349,365,706, a decrease of 22.80% compared to 2019[19]. - The net profit attributable to shareholders for 2020 was a loss of CNY 557,875,873, representing a decline of 174.54% year-over-year[19]. - The net cash flow from operating activities for 2020 was CNY 1,336,173,449, down 44.22% from the previous year[19]. - The basic earnings per share for 2020 was (CNY 0.08), a decrease of 172.73% compared to CNY 0.11 in 2019[21]. - The total assets at the end of 2020 were CNY 36,780,451,862, a slight decrease of 0.31% from 2019[19]. - The company reported a significant non-recurring gain of CNY 863,737,984 in 2020, primarily from land compensation[23]. - In 2020, the company achieved a total revenue of RMB 16.35 billion, a decrease of 22.80% compared to RMB 21.18 billion in the previous year[33]. - The passenger volume for the year was 42.85 million, down 49.66% year-on-year, while the freight volume increased slightly by 0.21% to 16.27 million tons[30]. - The company reported an operating loss of RMB 593 million, a significant decrease from an operating profit of RMB 1.08 billion in the previous year[33]. - The company’s other income increased by 174.10% to RMB 63.30 million, while investment income surged by 397,528.10% to RMB 29.90 million[34]. Operational Challenges - The company faced substantial operational challenges, leading to a comprehensive assessment of its current business situation and funding needs[3]. - The board of directors proposed no profit distribution for the year 2020 due to significant operational and financial pressure from the COVID-19 pandemic[3]. - The company plans to enhance operational efficiency and service quality while implementing cost control measures in response to the ongoing uncertainties in the market[32]. - The company is focused on reducing operational costs by controlling temporary labor and indirect management expenses[59]. - The company implemented various cost-saving measures, including reductions in wages and material costs, due to the impact of the COVID-19 pandemic[42]. Future Outlook and Strategic Initiatives - The company plans to expand its railway operation services as new high-speed railways and intercity railways are completed in the Guangdong-Hong Kong-Macao Greater Bay Area[18]. - The company aims to continue its focus on freight growth and passenger service improvement as part of its strategic initiatives for 2021[32]. - The company plans to achieve a passenger volume of 57.1 million and a cargo volume of 17.18 million tons in 2021[56]. - The company aims to optimize its passenger service quality by implementing a dual focus on traditional and smart services[56]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service offerings[113]. Shareholder and Governance Matters - The board of directors and senior management confirmed the authenticity, accuracy, and completeness of the annual report[2]. - The company has maintained a cash dividend payout ratio of at least 30% in previous years, with a cumulative cash distribution of no less than 30% of the average distributable profit over three consecutive years[75]. - The company has established a governance structure that complies with regulatory requirements since its listings in 1996 and 2006[132]. - The company has distributed a total of approximately RMB 12.3 billion in cash dividends since its listing, maintaining a consistent annual cash dividend payout for 24 years[165]. - The company emphasizes investor relations and has established guidelines for information disclosure and communication with investors[163]. Risk Management and Internal Controls - The company has established a financial risk management program to mitigate potential adverse impacts from foreign exchange and interest rate risks[62]. - The company has established a systematic process for identifying, managing, and reporting significant risks to achieve its strategic objectives[175]. - The board of directors confirmed the effectiveness and sufficiency of the company's risk management and internal control systems[175]. - The audit report indicates that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2020[177]. - The company has a dedicated audit department that operates independently to evaluate the effectiveness of internal controls and risk management practices[171]. Share Capital and Ownership Structure - The company’s stock is listed on the Shanghai Stock Exchange under the code 601333 and on the Hong Kong Stock Exchange under the code 00525[14]. - The largest shareholder, China Railway Guangzhou Bureau Group Co., Ltd., holds 2,629,451,300 shares, accounting for 37.12% of the total shares[95]. - Public shareholding amounts to 4,454,085,700 shares, representing 62.88% of the total share capital, with a market value of approximately RMB 9.888 billion based on a closing price of RMB 2.22 per A share[105]. - The company has no outstanding borrowings or contingent liabilities as of the reporting date[67]. - The company has not made any significant investments or acquisitions during the reporting period[66]. Employee and Management Information - The company employed a total of 41,286 staff, with 19,214 in passenger and freight operations, and 5,491 in mechanical operations[126]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to RMB 3.696 million[121]. - A total of 844,189 person-times participated in various vocational training programs, achieving 100% completion of the annual training plan[129]. - The company has provided a series of insurance and welfare plans for employees, including housing provident fund and various types of social insurance[130]. - The remuneration standards for directors and supervisors are based on the salary levels in Shenzhen and the company's operational performance[121].