Core Viewpoint - The company reported a revenue increase of 8.08% year-on-year, reaching 13.969 billion RMB, and a net profit increase of 21.55%, amounting to 1.109 billion RMB for the first half of 2025 [1] Revenue and Profit Summary - The company's operating revenue for the period was 13.969 billion RMB, reflecting an 8.08% increase compared to the previous year [1] - The net profit attributable to shareholders was 1.109 billion RMB, which is a 21.55% increase year-on-year [1] - Basic earnings per share were reported at 0.1565 RMB [1] Passenger Volume and Revenue Analysis - There was a decline in passenger volume, attributed to the opening of new high-speed rail lines such as the Meilong and Guangshan railways, which led to adjustments in the railway operation schedule and a decrease in the number of trains operated [1] - Despite the decrease in passenger volume, the company adapted to market demand by increasing services such as the direct train from Guangzhou East to Hong Kong West Kowloon, resulting in significant revenue growth from direct and long-distance cross-line trains [1] - Overall, the company managed to achieve growth in passenger revenue despite the challenges faced in the traditional routes [1]

Core Viewpoint - Guangshen Railway Company reported a revenue of 13.969 billion yuan for the first half of 2025, reflecting an 8.08% year-on-year increase, while net profit attributable to shareholders rose by 21.55% to 1.109 billion yuan, with basic earnings per share at 0.1565 yuan [1] Revenue Analysis - The increase in overall passenger revenue was attributed to the company's proactive response to market demand changes, despite a decline in passenger volume [1] - The company organized additional services such as direct trains from Guangzhou East to Hong Kong West Kowloon and cross-line trains, which significantly boosted revenue from these routes [1] Passenger Volume and Operations - The decline in passenger volume was primarily due to the opening of new high-speed rail lines, which led to adjustments in train schedules and a reduction in the number of certain services [1] - The company experienced a decrease in passenger numbers and revenue from existing services like the Guangzhou (East) to Shenzhen intercity trains and long-distance trains, as their occupancy rates fell [1]

Core Viewpoint - Guangshen Railway Co., Ltd. reported a revenue increase of 8.08% year-on-year, reaching RMB 13.969 billion for the six months ending June 30, 2025, indicating strong operational performance [1] Financial Performance - The net profit attributable to shareholders increased by 21.55% year-on-year, amounting to RMB 1.109 billion [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 17.44% year-on-year, totaling RMB 1.058 billion [1] - Basic earnings per share were reported at RMB 0.1565 [1]

（三）会议于 2025 年 8 月 28 日 9:30 分在本公司以现场加通讯的方式召开。 （四）会议由董事长蒋辉先生主持，会议应出席的董事人数为 8 名，实际出 席会议的董事为 8 名，监事和高管列席了会议。 二、董事会会议审议情况 证券代码：601333 证券简称：广深铁路 公告编号：2025-012 广深铁路股份有限公司 第十届董事会第十五次会议决议公告 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、准确性和完整性法律责任。 一、董事会会议召开情况 （一）会议的召开符合《中华人民共和国公司法》、本公司《章程》的规定。 （二）会议通知和材料于 2025 年 8 月 13 日以书面文件形式发出。 本公司对所拥有的京广铁路大朗站至棠溪站南场部分既有房屋建构筑物、铁路线 路和设施设备资产予以处置。有关详情可查阅与本公告同日披露在上海证券交易 所（http://www.sse.com.cn）及香港联交所披露易（http://www.hkexnews.hk/）网 站上的《关于京广铁路大朗站至棠溪站南场部分资产处置的公告》。 特此公告。 广深铁路股份有限公司董事 ...

公司代码：601333(A 股)/00525(H 股) 公司简称：广深铁路 广深铁路股份有限公司2025 年半年度报告 重要提示 广深铁路股份有限公司 Guangshen Railway Company Limited （于中华人民共和国注册成立之股份有限公司） 2025 年半年度报告 2025 年 8 月 28 日 一、 本公司董事会（「董事会」）、监事会及董事、监事、高级管理人员保证本半年度报告内容的真 实性、准确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席审议本半年度报告的董事会会议。 三、 本半年度报告中的财务报告按照中国企业会计准则编制，并且未经审计。 四、 公司董事长蒋辉、总经理陈少宏、总会计师罗新鹏及财务部长邓宇晖声明：保证本半年度报告 中财务报告的真实、准确、完整。 五、 公司董事会决定本报告期不进行现金分红，也不进行利润分配或公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告中如有涉及未来计划、发展战略等前瞻性描述，均不构成公司对投资者的实质承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计 ...

[Important Notice](index=2&type=section&id=Important%20Notice) This semi-annual report contains forward-looking statements that do not constitute substantive commitments, and investors should be aware of risks [Overview](index=2&type=section&id=Important%20Notice-Overview) This semi-annual report contains forward-looking statements, does not constitute substantive commitments, and investors should be aware of risks; the board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; financial statements are prepared under Chinese accounting standards and are unaudited; the board decided against cash dividends, profit distribution, or capitalization issue for this period - Forward-looking statements in this semi-annual report do not constitute substantive commitments by the company to investors, who should maintain risk awareness[5](index=5&type=chunk) - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[6](index=6&type=chunk) - The financial report in this semi-annual report is prepared in accordance with Chinese Enterprise Accounting Standards and is unaudited[6](index=6&type=chunk) - The company's Board of Directors decided not to distribute cash dividends, profit, or convert capital reserves into share capital for the current reporting period[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, ensuring consistent understanding for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including company names, reporting periods, stock types, and regulatory bodies, to ensure consistent understanding - The reporting period refers to the six months from January 1 to June 30, **2025**, and the prior corresponding period refers to the six months from January 1 to June 30, **2024**[8](index=8&type=chunk) - The company's controlling shareholder is China Railway Guangzhou Group Co., Ltd. (Guangzhou Railway Group), and the actual controller is China State Railway Group Co., Ltd. (China Railway Group)[8](index=8&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance metrics [I. Company Information](index=5&type=section&id=I.%20Company%20Information) Guangshen Railway Company Limited is a joint-stock company established in China, with Jiang Hui as its legal representative - The company's Chinese name is Guangshen Railway Company Limited, and its legal representative is Jiang Hui[10](index=10&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) Company Secretary Tang Xiangdong and Securities Affairs Representative Deng Yanxia manage investor relations, with disclosed contact address, phone, and email - The Board Secretary is Tang Xiangdong, and the Securities Affairs Representative is Deng Yanxia, with contact phone and email disclosed[11](index=11&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remain unchanged at No. 1052 Heping Road, Luohu District, Shenzhen, Guangdong Province - The company's registered and office addresses have not changed historically[12](index=12&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates several newspapers and websites for information disclosure, with no changes in disclosure or storage locations during the reporting period - The company designates multiple newspapers and websites for information disclosure, with no changes in information disclosure or document storage locations during the reporting period[13](index=13&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange (stock code 601333), and H-shares are listed on the Hong Kong Stock Exchange (stock code 00525) Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-shares | SSE | Guangshen Railway | 601333 | | H-shares | HKEX | Guangshen Railway Shares | 00525 | [VI. Other Relevant Information](index=7&type=section&id=VI.%20Other%20Relevant%20Information) The company has appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as its accounting firm and Haiwen Law Firm as its legal counsel - The company has appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as its accounting firm, with Huang Tianyi and Chen Wanlin as signing accountants[14](index=14&type=chunk) - The company has appointed Beijing Haiwen (Shenzhen) Law Firm as its Chinese legal counsel and Haiwen Law Firm (Limited Liability Partnership) as its Hong Kong legal counsel[14](index=14&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 **2025**, the company's operating revenue increased by **8.08%** to **13.97 billion yuan**, and net profit attributable to shareholders increased by **21.55%** to **1.11 billion yuan** Key Accounting Data (H1 2025 vs. Prior Corresponding Period) | Key Accounting Data | Current Period (Jan-Jun) (RMB yuan) | Prior Corresponding Period (RMB yuan) | Change from Prior Corresponding Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,968,981,131 | 12,924,720,330 | 8.08 | | Total Profit | 1,388,551,911 | 1,273,716,090 | 9.02 | | Net Profit Attributable to Shareholders of the Listed Company | 1,108,915,456 | 912,281,244 | 21.55 | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | 1,058,194,826 | 901,055,681 | 17.44 | | Net Cash Flow from Operating Activities | 1,822,525,971 | 1,110,360,142 | 64.14 | Key Financial Indicators (H1 2025 vs. Prior Corresponding Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Corresponding Period | Change from Prior Corresponding Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1565 | 0.1288 | 21.51 | | Diluted Earnings Per Share (yuan/share) | 0.1565 | 0.1288 | 21.51 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.1494 | 0.1272 | 17.45 | | Weighted Average Return on Net Assets (%) | 4.03 | 3.43 | Increased by 0.60 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.85 | 3.39 | Increased by 0.46 percentage points | [VIII. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=10&type=section&id=VIII.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reports no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[18](index=18&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to **50.72 million yuan**, primarily from government grants and disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 3,475,656 | | Government grants recognized in current profit or loss | 70,947,967 | | Other non-operating income and expenses | (4,621,668) | | Less: Income tax impact | 19,060,063 | | Impact on minority interests (after tax) | 21,262 | | Total | 50,720,630 | [Section III Board of Directors' Report (Including Management Discussion and Analysis)](index=11&type=section&id=Section%20III%20Board%20of%20Directors'%20Report%20%28Including%20Management%20Discussion%20and%20Analysis%29) This section provides a comprehensive discussion and analysis of the company's industry, main business, operating performance, financial position, and future outlook [I. Description of the Company's Industry and Main Business During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The railway industry, a national economic artery, saw growth in both passenger and freight volumes in H1 **2025**, with the company primarily operating railway passenger and freight transport services [(I) Industry Overview](index=11&type

广深铁路股份有限公司 市值管理办法 第二条 市值管理是指公司以提升质量为基础，通过战 略管理行为增强投资价值与股东回报能力，促进市值合理反 映内在价值，投资价值合理反映公司质量。 第三条 公司需坚守诚实守信、规范运作、专注主业、 稳健经营理念，提升经营质量。同时做好投资者关系管理与 信息披露，必要时采取措施提振投资者信心，推动市值管理 工作扎实有序开展。 第四条 公司开展市值管理的基本原则： （一）依法合规原则：严格遵守法律法规、监管规定及 公司章程，确保市值管理行为合法合规。 （二）价值创造原则：聚焦高质量发展，通过市场拓展、 改革创新、管理优化等实现可持续发展，夯实市值基础。 （三）科学合理原则：尊重市场规律，运用科学方法监 测评估市值，动态调整管理策略。 （四）诚实守信原则：如实披露信息，切实履行承诺， 维护健康市场生态，赢得投资者信任。 第二章 职责分工 （2025 年 8 月 28 日第十届董事会第十五次会议审议通过） 第一章 总则 第一条 为加强广深铁路股份有限公司（以下简称"公 司"）市值管理，提升投资价值与股东回报，依据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司监 管指引第 ...

广深铁路公告，2025年上半年营业收入139.69亿元，同比增长8.08%。净利润11.09亿元，同比增长 21.55%。公司董事会决定本报告期不进行现金分红，也不进行利润分配或公积金转增股本。 ...

Core Viewpoint - ST Changyuan (600525) reported a decline in revenue and a significant increase in net loss for the first half of 2025, indicating financial distress and rising short-term debt pressure [1]. Financial Performance Summary - Total revenue for H1 2025 was 3.47 billion yuan, a decrease of 0.89% year-on-year [1]. - Net profit attributable to shareholders was -344 million yuan, a decline of 774.65% year-on-year [1]. - In Q2 2025, total revenue was 2.07 billion yuan, an increase of 11.95% year-on-year, while net profit was -252 million yuan, a decrease of 351.46% year-on-year [1]. - The gross margin was 32.94%, up 0.16% year-on-year, while the net margin was -10.64%, down 514.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 817 million yuan, accounting for 23.54% of revenue, a slight decrease of 0.38% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) was -0.26 yuan, a decrease of 772.24% year-on-year [1]. - Net asset value per share was 2.83 yuan, down 26.78% year-on-year [1]. - Operating cash flow per share was -0.17 yuan, an increase of 4.4% year-on-year [1]. Significant Changes in Financial Items - Cash and cash equivalents increased by 23.63% to 4.31 billion yuan, primarily due to increased bank acceptance bills and loan guarantees [1]. - Long-term equity investments decreased by 50.03% due to the transfer of 25% equity in Changyuan Electronics, resulting in a reduction of 622 million yuan [1]. - Construction in progress increased by 36.38% due to investments in new material parks and upgrades [1]. - Accounts payable increased by 79.51% due to increased bill issuance [1]. - The current ratio was 0.97, indicating rising short-term debt pressure [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.91% over the past decade and a low of -10.83% in 2021 [4]. - The business model relies heavily on research and marketing, necessitating careful examination of the underlying drivers [4]. - Recommendations include monitoring cash flow status and debt levels, as the liquidity ratio is only 44.45% and the current ratio is 0.97 [4].

Core Viewpoint - ST Changyuan (600525.SH) reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 3.47 billion yuan, a decrease of 31.14 million yuan or 0.89% compared to the same period last year [1]. - The net profit attributable to shareholders was -344 million yuan, down 305 million yuan from the previous year [1]. - Operating cash flow showed a net inflow of -226 million yuan, which is an increase of 9.69 million yuan year-on-year, marking two consecutive years of improvement [1]. Key Financial Ratios - The latest debt-to-asset ratio stood at 77.13%, an increase of 0.27 percentage points from the previous quarter and up 9.21 percentage points from the same period last year [3]. - The gross profit margin was 32.94%, down 1.00 percentage points from the previous quarter and down 2.19 percentage points year-on-year [3]. - Return on equity (ROE) was -9.20%, a decrease of 8.43 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were -0.26 yuan, a decrease of 0.23 yuan from the previous year [3]. - The total asset turnover ratio was 0.21 times, down 0.01 times year-on-year, reflecting a decline of 2.64% [3]. - The inventory turnover ratio was 0.80 times, a decrease of 0.04 times compared to the previous year, representing a decline of 4.57% [3]. Shareholder Structure - The number of shareholders was 33,600, with the top ten shareholders holding 533 million shares, accounting for 40.43% of the total share capital [3]. - The largest shareholder is Zhuhai Gree Financial Investment Management Co., Ltd., holding 12.9% of the shares [3].