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。 (於中華人民共和國註冊成立之股份有限公司) （股份代號：00525） 持續關連交易 綜合服務框架協議 本公司與中國鐵路於二零二五年九月二十五日（交易時間後）訂立綜合服務框架協 議，為本集團與中國鐵路集團之間互相提供服務訂下框架。綜合服務框架協議的主 要條款及服務詳情載於「綜合服務框架協議」一節。 根據綜合服務框架協議： 1 • 於截至二零二八年十二月三十一日止三個財政年度各年，中國鐵路集團向本集 團提供的鐵路運輸服務的建議全年上限將分別為人民幣 10,601.21 百萬元、人民 幣 11,708.82 百萬元及人民幣 12,920.13 百萬元； • 於截至二零二八年十二月三十一日止三個財政年度各年，中國鐵路集團向本集 團提供的鐵路相關服務的建議全年上限將分別為人民幣 2,146.04 百萬元、人民幣 2,297.58 百萬元及人民幣 2,507.23 百萬元； • 於截至二零二八年十二月三十一日止三個 ...

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。 (於中華人民共和國註冊成立之股份有限公司) （股份代號：00525） 建議委任非執行董事 廣深鐵路股份有限公司（「本公司」）接獲持有本公司已發行股本約37.12%之控股股 東中國鐵路廣州局集團有限公司（「廣鐵集團」）的書面通知，其擬推薦鈡寧女士 （「鈡女士」）擔任本公司第十屆董事會（「董事會」）的非執行董事。董事會提名 委員會對上述推薦人選進行了審查，並向董事會提出了建議。根據董事會提名委員會 的提名建議，董事會決議建議委任鈡女士為第十屆董事會非執行董事。 根據本公司公司章程的規定，上述建議委任須待股東於本公司臨時股東大會（「股東 大會」）上批准後方可生效。倘獲委任後，鈡女士將與本公司訂立服務合約，其任期 至現屆董事會期限屆滿。 鈡女士的個人簡歷如下： 鈡寧女士，一九七二年四月出生，大學本科學歷，高級會計師。鐘女士曾任廣州鐵路 （集團）公司（廣鐵集團前身）財務處副處長兼資金結算中心副主任、三茂鐵路股份 ...

Core Viewpoint - Guangshen Railway's stock price has experienced fluctuations, with a recent decline of 2.10% and a total market capitalization of 23.163 billion yuan, indicating potential investment opportunities and risks in the transportation sector [1]. Company Overview - Guangshen Railway Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on March 6, 1996. It was listed on December 22, 2006. The company primarily engages in passenger and freight transportation services between Guangzhou and Shenzhen, and collaborates with the Hong Kong Kowloon-Canton Railway Company for passenger services between Guangzhou and Hong Kong [1]. - The company's revenue composition includes: passenger transport revenue 40.59%, entrusted transportation service revenue 29.62%, network clearing and other transportation services 17.21%, other (supplementary) 6.59%, and freight revenue 5.99% [1]. Financial Performance - For the first half of 2025, Guangshen Railway achieved operating revenue of 13.969 billion yuan, representing a year-on-year growth of 8.08%. The net profit attributable to the parent company was 1.109 billion yuan, reflecting a year-on-year increase of 21.55% [2]. - Since its A-share listing, Guangshen Railway has distributed a total of 8.642 billion yuan in dividends, with 0.992 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Guangshen Railway was 158,200, a decrease of 1.05% from the previous period. The average circulating shares per person remained at 0 shares [2]. - The top ten circulating shareholders include various mutual funds, with notable changes in holdings among them, such as Dazhong Rui Xiang Mixed A increasing its holdings by 4.9891 million shares [3].

Group 1 - The company ST Changyuan (600525.SH) announced that its chairman, Wu Qiquan, submitted a written resignation report on September 12, 2025, due to personal reasons [1] - Wu Qiquan will resign from all positions within the company and its subsidiaries, including his role as a member of the board's strategic committee [1] - After his departure, Wu Qiquan will not hold any positions in the company or its subsidiaries [1]

Market Overview - On September 12, the railway and highway sector declined by 0.38%, with Guangshen Railway leading the drop [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Sanxia Tourism (002627) with a closing price of 7.02, up 10.03% on a trading volume of 511,000 shares and a turnover of 352 million yuan [1] - Haikou Group (603069) closed at 21.77, up 4.36% with a trading volume of 180,500 shares and a turnover of 396 million yuan [1] - Major decliners included: - Guangshen Railway (601333) closed at 3.46, down 1.70% with a trading volume of 507,100 shares and a turnover of 176 million yuan [2] - Anhui Expressway (600012) closed at 13.47, down 1.61% with a trading volume of 117,000 shares and a turnover of 159 million yuan [2] Capital Flow - The railway and highway sector saw a net inflow of 33.66 million yuan from institutional investors, while retail investors experienced a net inflow of 10.20 million yuan [2] - Notable capital flows for specific stocks included: - Sanxia Tourism (002627) had a net inflow of 12.30 million yuan from institutional investors, but a net outflow of 52.18 million yuan from retail investors [3] - Haikou Group (603069) saw a net inflow of 46.70 million yuan from institutional investors, with a net outflow of 19.98 million yuan from retail investors [3]

Core Viewpoint - Guangshen Railway's stock price has shown fluctuations, with a recent decline of 2.27% and a total market capitalization of 24.367 billion yuan, indicating potential volatility in the stock market [1]. Financial Performance - For the first half of 2025, Guangshen Railway achieved operating revenue of 13.969 billion yuan, representing a year-on-year growth of 8.08%, and a net profit attributable to shareholders of 1.109 billion yuan, reflecting a growth of 21.55% [2]. - The company has distributed a total of 8.642 billion yuan in dividends since its A-share listing, with 0.992 billion yuan distributed in the last three years [3]. Stock Performance - Year-to-date, Guangshen Railway's stock price has increased by 2.38%, with a 5-day increase of 2.69%, a 20-day increase of 18.21%, and a 60-day increase of 21.55% [2]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Guangshen Railway was 158,200, a decrease of 1.05% from the previous period, with an average of 0 circulating shares per person [2]. - The top ten circulating shareholders include various mutual funds, with notable changes in holdings among them, such as Dazhong Rui Xiang Mixed A increasing its holdings by 4.9891 million shares [3].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company reported its 2025 semi-annual results, achieving operating revenue of 13.97 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 1.11 billion yuan, a year-on-year increase of 21.6% [5][13] - In Q2 2025, the company achieved operating revenue of 7.07 billion yuan, a year-on-year increase of 11.8%, and a net profit of 640 million yuan, a year-on-year increase of 75.4% [5][13] - The growth in both passenger and freight transport businesses contributed to the overall performance [5][13] Summary by Sections Financial Performance - In H1 2025, passenger transport revenue reached 5.616 billion yuan, a year-on-year increase of 2.77% [13] - The number of passengers transported by various services showed mixed results, with intercity trains and long-distance trains experiencing a decline in passenger numbers [13] - Freight transport volume increased by 17.07% to 7.6436 million tons, with freight revenue reaching 842 million yuan, a year-on-year increase of 6.60% [14] Future Outlook - The company expects further growth in passenger and freight transport businesses, along with asset value reassessment due to the planned upgrade of Guangzhou East Station [15][16] - Revenue projections for 2025-2027 are 28.248 billion yuan, 29.209 billion yuan, and 30.204 billion yuan, with corresponding year-on-year growth rates of 4.28%, 3.40%, and 3.41% [16] - Net profit forecasts for the same period are 1.315 billion yuan, 1.381 billion yuan, and 1.462 billion yuan, with growth rates of 24.00%, 5.04%, and 5.87% respectively [16] Valuation Metrics - The company’s earnings per share (EPS) are projected to be 0.19 yuan for 2025 and 0.21 yuan for 2027 [16] - The price-to-earnings (P/E) ratio is expected to decrease from 23.3 in 2023 to 16.9 in 2027 [17] - The price-to-book (P/B) ratio is projected to remain stable around 0.9 to 0.8 over the forecast period [17]

Market Performance - On September 8, the railway and highway sector rose by 0.33% compared to the previous trading day, with Guangshen Railway leading the gains [1] - The Shanghai Composite Index closed at 3826.84, up 0.38%, while the Shenzhen Component Index closed at 12666.84, up 0.61% [1] Individual Stock Performance - Guangshen Railway (601333) closed at 3.48, up 3.88% with a trading volume of 1.4253 million shares and a turnover of 492 million yuan [1] - Other notable gainers included Hunan Investment (000548) up 1.86%, and Jinjiang Online (600650) up 1.83% [1] - Conversely, Chongqing Road and Bridge (600106) fell by 1.29%, and Longjiang Transportation (601188) decreased by 1.09% [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 271 million yuan from institutional investors, while retail investors saw a net inflow of 150 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Beijing-Shanghai High-Speed Railway (601816) saw a net inflow of 17.1768 million yuan from institutional investors, while retail investors contributed a net inflow of 15.2714 million yuan [3] - Jinjiang Online (600650) had a net inflow of 8.8103 million yuan from institutional investors, but faced a net outflow from retail investors [3] - Notably, West China Entrepreneurship (000557) had a significant net outflow from both institutional and retail investors, indicating potential concerns among investors [3]

华泰证券指出，公司上半年盈利同比高增，主因：货运路网清算服务单价提高；在大湾区互联互通需求 驱动下，公司增开过港高铁班次；期内录得与政府开车需求相关的补助0.8亿元。 广深铁路股份此前发布中期业绩，上半年营业收入139.69亿元人民币，同比增加8.08%；归属于上市公 司股东的净利润11.09亿元，同比增加21.55%。 责任编辑：栎树 广深铁路股份早盘涨超8%，绩后累计涨幅已超30%。截至发稿，股价上涨8.33%，现报2.60港元，成交 额6939.29万港元。 ...

Core Viewpoint - Guangshen Railway Co., Ltd. (00525) has seen its stock price increase by over 30% following the release of its interim results, with a current price of HKD 2.58 and a trading volume of HKD 61.12 million [1] Financial Performance - The company reported a revenue of RMB 13.969 billion for the first half of the year, representing an increase of 8.08% year-on-year [1] - Net profit attributable to shareholders reached RMB 1.109 billion, marking a year-on-year increase of 21.55% [1] Key Growth Drivers - The significant profit growth is attributed to higher unit prices for freight network settlement services and increased high-speed rail services driven by demand in the Greater Bay Area [1] - The company received government subsidies related to operational demands amounting to RMB 80 million during the period [1] Strategic Developments - The increase in revenue from long-distance high-speed rail services is driven by the addition of routes with higher ticket prices [1] - The company plans to launch a new high-speed rail service from Zhangjiajie to Hong Kong West Kowloon in the second half of 2024 and another service from Wuhan to Hong Kong West Kowloon in 2025 [1] Market Trends - Recent adjustments to real estate policies in Shenzhen are expected to strengthen the trend of Hong Kong residents purchasing properties in the Greater Bay Area, driven by the benefits of living and working in the region [1]