Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,895,682,446, representing a 4.47% increase compared to CNY 6,600,382,306 in the same period last year[5] - Net profit attributable to shareholders decreased by 14.40% to CNY 468,184,864 from CNY 546,940,436 year-on-year[5] - The net profit after deducting non-recurring gains and losses fell by 23.02% to CNY 416,187,540 compared to CNY 540,658,598 in the previous year[5] - Basic and diluted earnings per share decreased by 14.29% to CNY 0.066 from CNY 0.077 year-on-year[5] - Net profit for Q1 2025 was CNY 469,320,847, down 14.26% from CNY 547,495,690 in Q1 2024[17] - The company reported a basic earnings per share of CNY 0.066 for Q1 2025, down from CNY 0.077 in Q1 2024[19] Cash Flow and Assets - The net cash flow from operating activities was CNY 849,822,972, down 5.58% from CNY 900,003,348 in the same period last year[5] - Cash and cash equivalents at the end of Q1 2025 were CNY 2,335,160,601, down from CNY 2,617,982,772 in Q1 2024[21] - Operating cash flow for Q1 2025 was CNY 849,822,972, a decrease from CNY 900,003,348 in Q1 2024[21] - Total assets at the end of the reporting period were CNY 36,189,454,267, a decrease of 1.03% from CNY 36,567,255,729 at the end of the previous year[5] - Total assets as of March 31, 2025, amounted to CNY 36,189,454,267, a decrease from CNY 36,567,255,729 at the end of 2024[15] Shareholder Equity - Shareholders' equity attributable to shareholders increased by 1.95% to CNY 27,638,428,357 from CNY 27,109,235,057 at the end of the previous year[5] - The total equity attributable to shareholders increased to CNY 27,638,428,357 from CNY 27,109,235,057[15] Liabilities - Total liabilities decreased to CNY 8,589,904,968 from CNY 9,498,035,713, reflecting a reduction of 9.57%[15] Government Support - The company received government subsidies amounting to CNY 79,842,279, which positively impacted the financial results[7] Future Outlook - The company plans to continue focusing on operational efficiency and cost management to improve profitability in the upcoming quarters[22]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,895,682,446, representing a 4.47% increase compared to CNY 6,600,382,306 in the same period last year[7]. - Net profit attributable to shareholders decreased by 14.40% to CNY 468,184,864 from CNY 546,940,436 year-on-year[7]. - The net profit after deducting non-recurring gains and losses fell by 23.02% to CNY 416,187,540 compared to CNY 540,658,598 in the previous year[7]. - Basic and diluted earnings per share decreased by 14.29% to CNY 0.066 from CNY 0.077 year-on-year[7]. - The company reported a total profit of RMB 655,371,080 for Q1 2025, compared to RMB 761,655,302 in Q1 2024, reflecting a decline of 13.9%[24]. - Net profit for Q1 2025 was RMB 469,320,847, a decrease of 14.3% from RMB 547,495,690 in Q1 2024[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 849,822,972, down 5.58% from CNY 900,003,348 in the same period last year[7]. - Cash flow from operating activities for Q1 2025 was RMB 849,822,972, a decrease from RMB 900,003,348 in Q1 2024[28]. - Cash and cash equivalents increased to RMB 2,335,160,601 from RMB 1,934,900,900, representing a growth of about 20.73%[16]. - Cash and cash equivalents at the end of Q1 2025 totaled RMB 2,335,160,601, down from RMB 2,617,982,772 at the end of Q1 2024[30]. - The company did not report any cash inflow from new borrowings in Q1 2025, compared to RMB 400,000,000 in Q1 2024[30]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,189,454,267, a decrease of 1.03% from CNY 36,567,255,729 at the end of the previous year[7]. - Total liabilities decreased to RMB 8,589,904,968 from RMB 9,498,035,713, reflecting a reduction of approximately 9.59%[22]. - Total non-current assets decreased to RMB 26,475,524,036 from RMB 26,912,857,550, a decline of about 1.62%[18]. - The company reported a total asset value of RMB 36,189,454,267 as of March 31, 2025, down from RMB 36,567,255,729 as of December 31, 2024, a decrease of approximately 1.04%[22]. - Short-term borrowings were eliminated, down from RMB 300,176,917 as of December 31, 2024[20]. - Accounts payable decreased to RMB 2,118,949,676 from RMB 2,650,474,072, a decline of approximately 20.00%[20]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 159,867[12]. - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 37.12% of the shares, totaling 2,629,451,300 shares[12]. - Equity attributable to shareholders increased by 1.95% to CNY 27,638,428,357 from CNY 27,109,235,057 year-on-year[7]. - Total equity attributable to shareholders increased to RMB 27,638,428,357 from RMB 27,109,235,057, marking a growth of about 1.94%[22]. Operating Costs and Expenses - Total operating costs increased to RMB 6,319,182,431 in Q1 2025, up 7.8% from RMB 5,860,611,391 in Q1 2024[24]. - Financial expenses increased significantly to RMB 16,767,277 in Q1 2025 from RMB 5,337,768 in Q1 2024[24]. - The company recorded other income of RMB 79,842,278 in Q1 2025, a substantial increase from RMB 18,952,508 in Q1 2024[24]. Return on Equity - The weighted average return on equity was 1.71%, a decrease of 0.34 percentage points from 2.05% in the previous year[7].

Core Viewpoint - Changyuan Group has announced significant changes including a one-day stock suspension, a change in stock name to "ST Changyuan," and the resignation of its president, amid financial difficulties and internal control issues [1][4][7]. Financial Performance - For the fiscal year 2024, Changyuan Group reported a revenue of 7.874 billion yuan, a decrease of 7.22% year-on-year, and a net loss attributable to shareholders of 978 million yuan, a decline of 1216.44% [9][10]. - In Q1 2025, the company recorded a revenue of 1.397 billion yuan, down 15.3% year-on-year, with a net loss of 91.4 million yuan, a decrease of 650.55% [10][12]. - The company did not distribute any cash dividends or bonus shares for 2024, reflecting its financial strain [9]. Internal Control Issues - The annual audit revealed significant internal control deficiencies, particularly regarding the misuse of funds by a related party, Zhuhai Yuntaili Holdings, which had occupied 294 million yuan and 264 million yuan of company funds as of the end of 2023 and 2024, respectively [4][7]. - The company has acknowledged these deficiencies and plans to enhance its internal audit functions to mitigate future risks [7]. Management Changes - The president, Wu Qiquan, has resigned for personal reasons, and Qiao Wenjian has been appointed as the new president [7][9]. Market Reaction - As of April 28, 2025, Changyuan Group's stock price was 3.62 yuan per share, with a decline of 2.16% on that day, resulting in a total market capitalization of 4.8 billion yuan [13].

Financial Performance - The company's operating revenue for 2024 reached ¥27,090,074,926, representing a 3.42% increase compared to ¥26,194,897,332 in 2023[19]. - Net profit attributable to shareholders for 2024 was ¥1,060,161,237, a slight increase of 0.18% from ¥1,058,289,071 in 2023[19]. - The net profit after deducting non-recurring gains and losses was ¥1,022,942,988, showing a significant increase of 9.49% from ¥934,311,708 in 2023[19]. - The net cash flow from operating activities surged to ¥2,710,300,274, a remarkable increase of 142.78% compared to ¥1,116,364,342 in 2023[19]. - The total assets at the end of 2024 were ¥36,567,255,729, reflecting a decrease of 1.79% from ¥37,234,946,966 at the end of 2023[19]. - The net assets attributable to shareholders increased to ¥27,109,235,057, a growth of 2.73% from ¥26,389,885,558 in 2023[19]. - Basic earnings per share for 2024 were ¥0.1497, a slight increase of 0.20% from ¥0.1494 in 2023[22]. - The weighted average return on net assets for 2024 was 3.96%, a decrease of 0.13 percentage points from 4.09% in 2023[22]. Dividend Distribution - The board proposed a cash dividend of RMB 0.07 per share, totaling RMB 495,847,590 based on a total share capital of 7,083,537,000 shares as of December 31, 2024[4]. - The company distributed a cash dividend of RMB 0.07 per share, totaling approximately RMB 496 million for the 2023 fiscal year[31]. - The company has maintained a cumulative cash dividend distribution of approximately RMB 12.8 billion since its listing, with a payout ratio of 64.31%[31]. - The cash dividend for the current fiscal year represents 46.77% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which was RMB 1.06 billion[155]. - Cumulative cash dividends over the last three fiscal years amounted to RMB 991.7 million, with an average annual net profit of RMB 41.3 million, resulting in a cash dividend ratio of 2,403.43%[157]. Operational Highlights - The total passenger volume reached 69.11 million, representing a year-on-year growth of 16.51%[29]. - The total cargo volume was 14.10 million tons, showing a year-on-year decline of 12.05%[29]. - Passenger transport revenue was RMB 10.99 billion, a 2.50% increase from RMB 10.73 billion in 2023, with passenger volume rising by 16.51% to 69.11 million[39]. - Freight revenue decreased to RMB 1.62 billion, down 11.23% from RMB 1.83 billion, with freight volume dropping by 12.05% to 14.10 million tons[42]. - The company has expanded its railway transportation services, including entrusted transportation services, which have become a new growth point for the business[18]. - Future expansion plans include enhancing railway entrusted transportation services in the Guangdong-Hong Kong-Macao Greater Bay Area as new high-speed railways and intercity railways are completed[18]. Risk Management - The company has outlined potential risks in the annual report, which should be reviewed in the "Board Report" section[4]. - The company is aware of macroeconomic risks that could negatively impact its financial performance and will adjust strategies accordingly[70]. - The company has established a financial risk management program to minimize the potential adverse effects of various financial risks, including foreign exchange, interest rate, credit, and liquidity risks[73]. - The company has a risk management internal control system aimed at managing risks associated with achieving business objectives[193]. Governance and Compliance - The company reported a standard unqualified audit opinion from Deloitte Huayong Accounting Firm, ensuring the accuracy and completeness of the financial report[5]. - The company completed its internal control self-assessment and audit for the 2023 fiscal year, enhancing governance and internal control systems[100]. - The governance structure has been continuously improved since the company’s listing in 1996, ensuring compliance with regulatory requirements[100]. - The company has established a comprehensive internal control system that includes investment management, information disclosure, budget management, and financial reporting since 2006[162]. - The board of directors has a total of 9 members, including 3 independent non-executive directors, meeting the requirement of at least one-third independence[172]. - The company conducts annual reviews of its governance practices and has not found any major deviations from the corporate governance code[167]. Management and Personnel - The company is led by experienced executives with backgrounds in various sectors, including transportation and finance[109][110]. - The company has appointed new executives, including a new chairman and general manager, indicating potential leadership changes[108]. - The total number of directors and supervisors who did not receive remuneration during the reporting period indicates a focus on cost management[120]. - The company has undergone several personnel changes, including the resignation of Wei Hao and Luo Jiancheng due to retirement and other reasons[122]. - The company has a performance-based compensation policy, linking employee salaries closely to economic and labor efficiency, with total employee compensation tied to company performance[148]. Audit and Internal Control - The audit committee, composed of three independent non-executive directors, has been formed to review financial performance and oversee internal control compliance[197]. - The audit committee held 8 meetings during the reporting period, focusing on internal control related to financial reporting and recommending external auditors[198]. - Independent auditors are engaged to evaluate the effectiveness of internal controls related to financial reporting, providing objective assessments and recommendations[194]. - Deloitte Huayong CPA provided an unqualified audit opinion on the effectiveness of the internal control system related to financial reporting[164]. Future Outlook - The company plans to deepen reforms and enhance service capabilities in the railway sector as part of its 2025 strategy[32]. - The company plans to achieve a passenger volume of 71.3 million and a cargo volume of 14.8 million tons by March 2025[69]. - Future strategies include diversifying product lines to mitigate market risks, with an expected investment of 300 million yuan[115]. - The management emphasized the importance of enhancing operational efficiency, targeting a 5% reduction in operational costs[115]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 12% to 15%[115].

Financial Performance - The company reported its audited financial results for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange listing rules[3]. - The company's operating revenue for 2024 reached ¥27,090,074,926, representing a 3.42% increase compared to ¥26,194,897,332 in 2023[21]. - Net profit attributable to shareholders for 2024 was ¥1,060,161,237, a slight increase of 0.18% from ¥1,058,289,071 in 2023[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,022,942,988, showing a significant increase of 9.49% from ¥934,311,708 in 2023[21]. - The net cash flow from operating activities for 2024 was ¥2,710,300,274, a substantial increase of 142.78% compared to ¥1,116,364,342 in 2023[21]. - The total assets at the end of 2024 were ¥36,567,255,729, a decrease of 1.79% from ¥37,234,946,966 at the end of 2023[21]. - The net assets attributable to shareholders at the end of 2024 were ¥27,109,235,057, reflecting a 2.73% increase from ¥26,389,885,558 at the end of 2023[21]. - The basic earnings per share for 2024 was RMB 0.15, consistent with the previous year[31]. - The total passenger volume reached 69.11 million, marking a year-on-year growth of 16.51%[31]. - The total cargo volume was 14.10 million tons, showing a year-on-year decline of 12.05%[31]. Dividend and Shareholder Information - The board proposed a cash dividend of RMB 0.07 per share, totaling RMB 495,847,590 based on a total share capital of 7,083,537,000 shares as of December 31, 2024[6]. - The company distributed a cash dividend of RMB 0.07 per share, totaling approximately RMB 496 million, with a cumulative payout of RMB 12.8 billion since its listing[33]. - The cash dividend amount for the current reporting period accounts for 46.77% of the net profit attributable to ordinary shareholders in the consolidated financial statements, which is RMB 1.06 billion[157]. - The cumulative cash dividend amount over the last three accounting years is RMB 991.70 million, with a cash dividend ratio of 2,403.43% based on the average annual net profit of RMB 41.26 million[159]. Governance and Compliance - The company has continuously improved its corporate governance structure since its listing in 1996, aligning with regulatory requirements[102]. - The board consists of 9 members, including 3 independent non-executive directors, ensuring compliance with relevant regulations[174]. - The company conducts annual reviews of its governance practices and reports to shareholders on the board's performance[174]. - The company has adhered to the corporate governance code and has not encountered any significant deviations or violations[169]. - The company has established a robust governance structure with independent directors overseeing key committees[113]. - The company has not faced any penalties from securities regulatory authorities in the past three years[127]. Risk Management - The company has established a financial risk management program to minimize potential adverse impacts on financial performance from various financial risks, including foreign exchange and liquidity risks[75]. - The company recognizes macroeconomic risks that could adversely affect its financial performance and will adjust strategies accordingly[72]. - The company emphasizes the importance of safety management and risk prevention in its operational strategy[73]. - The company has a risk management internal control system aimed at managing risks associated with achieving business objectives[195]. Operational Efficiency and Strategy - The company is focusing on enhancing operational efficiency and addressing structural challenges in the railway network to align with economic development needs[36]. - The company plans to focus on deepening reforms and enhancing service quality in the railway sector for 2025[34]. - The company aims to enhance service quality through continuous management, service, and technological innovations[70]. - The company is committed to modernizing its market-oriented management approach to improve operational quality and efficiency[73]. - The company is exploring opportunities for market expansion and potential mergers or acquisitions[110]. Audit and Internal Control - The company received a standard unqualified audit opinion from Deloitte Hua Yong Certified Public Accountants[7]. - Deloitte provided an unqualified audit opinion on the effectiveness of the internal control system related to financial reporting[166]. - The company has implemented a three-line defense mechanism for internal control, including self-assessment by business departments, independent evaluation by the internal audit department, and external audits by accounting firms[165]. - The audit committee consists of three independent non-executive directors, all possessing relevant qualifications and financial management skills[199]. - The audit committee held 8 meetings during the reporting period, focusing on internal controls related to financial reporting and external auditor recommendations[200]. Employee and Management Information - The company has a total of 36,565 employees, with a gender distribution of 76.18% male (27,857) and 23.82% female (8,708) as of the end of the reporting period[180]. - The company has a diverse workforce, with 5,320 employees holding bachelor's degrees and 168 with postgraduate degrees[149]. - The total compensation for directors, supervisors, and senior management during the reporting period amounted to RMB 5,139,170[110]. - The company has appointed new executives, including a vice general manager and a chief accountant, to strengthen its leadership team[110]. Future Outlook - The company plans to achieve a passenger volume of 71.3 million and a cargo volume of 14.8 million tons by March 27, 2025[71]. - The company is considering strategic acquisitions to bolster its service offerings, with a budget of 2 billion yuan allocated for potential deals[117]. - New product launches are anticipated to contribute an additional 1 billion yuan in revenue over the next fiscal year[117]. - The company provided guidance for the next quarter, expecting revenue to grow by 12% to 11.2 billion yuan[117].

Financial Performance - The company's operating revenue for 2024 reached CNY 27,090,074,926, representing a 3.42% increase compared to CNY 26,194,897,332 in 2023[30]. - The net profit attributable to shareholders for 2024 was CNY 1,060,161,237, a slight increase of 0.18% from CNY 1,058,289,071 in the previous year[30]. - The net cash flow from operating activities significantly improved to CNY 2,710,300,274, a 142.78% increase from CNY 1,116,364,342 in 2023[30]. - The basic earnings per share for 2024 was CNY 0.1497, a 0.20% increase from CNY 0.1494 in 2023[31]. - The company reported a total asset value of CNY 36,567,255,729 at the end of 2024, a decrease of 1.79% from CNY 37,234,946,966 in 2023[30]. - The company reported a significant increase in tax expenses by 90.04%, amounting to RMB 918 million compared to RMB 483 million in the previous year[47]. - The company distributed a cash dividend of RMB 0.07 per share in 2024, totaling approximately RMB 496 million, with a cumulative dividend payout of about RMB 12.8 billion since its listing, achieving a payout ratio of 64.31%[40]. Audit and Compliance - The company received a standard unqualified audit report from Deloitte Huayong Certified Public Accountants[8]. - The company’s financial report is guaranteed for authenticity and completeness by the chairman, general manager, chief accountant, and financial manager[8]. - The company completed the 2023 internal control self-assessment and audit work as required by domestic and foreign securities regulatory agencies[107]. - Deloitte Huayong CPA provided an unqualified audit opinion on the effectiveness of the internal control system regarding financial reporting[156]. - The company has not faced any penalties from securities regulatory authorities in the past three years, reflecting compliance with regulations[123]. Governance and Management - The board of directors proposed a cash dividend of RMB 0.07 per share, totaling RMB 495,847,590 based on a total share capital of 7,083,537,000 shares as of December 31, 2024[9]. - The company has established a multi-level governance structure centered around the board of directors, ensuring effective management and oversight of operations[159]. - The company has a stable governance structure with no major changes in shareholding or equity interests among directors and supervisors[123]. - The board consists of 9 directors, with 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, ensuring diversity in experience and skills[161]. - The company has established a clear separation of responsibilities between the Chairman and the General Manager, ensuring balanced power distribution[171]. Operational Efficiency and Strategy - The company is committed to expanding its market presence and improving operational efficiency in response to the evolving transportation landscape in China[42]. - The company plans to deepen reforms and enhance service quality in 2025, aligning with the national "14th Five-Year Plan" and focusing on high-quality sustainable development[41]. - The company intends to optimize its operational structure and improve transportation efficiency by addressing bottlenecks and enhancing scheduling[76]. - The company is actively participating in the formulation and improvement of industry policies and regulations to mitigate uncertainties[79]. - The company is considering strategic acquisitions to enhance its service offerings, with a budget of 300 million allocated for this purpose[113]. Employee and Training Initiatives - The total number of employees at the company and its major subsidiaries is 36,565[139]. - The company paid a total of approximately RMB 74.44 million for employee training during the reporting period, with 811,485 person-times participating in various vocational training[143]. - The company has a performance-based salary distribution policy, linking employee compensation closely to economic benefits and individual performance[141]. - The company has a basic pension insurance plan in place, with contributions made based on the average monthly income of employees[142]. Environmental Responsibility - The company invested 1.076 million yuan in environmental protection during the reporting period[196]. - The company has established mechanisms for environmental protection and is committed to fulfilling its environmental responsibilities[196]. - The Guangzhou locomotive section is listed as a key pollutant discharge unit by the Guangzhou Ecological Environment Bureau for 2024[197]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[199]. Future Outlook - The company provided a future outlook with a revenue guidance of 12 billion for the next quarter, indicating a growth of 20%[113]. - The company plans to achieve a passenger volume of 71.3 million and a cargo volume of 14.8 million tons by March 2025[75]. - The company aims to enhance customer engagement through new digital platforms, targeting a 30% increase in user interaction[113]. - The company is investing 500 million in new technology research and development initiatives[113].

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1500 | 0.1500 | 0 | -0.2800 | | 每股净资产（元） | 0 | 3.73 | -100 | 3.57 | | 每股公积金(元) | 1.64 | 1.63 | 0.61 | 1.63 | | 每股未分配利润(元) | 0.67 | 0.60 | 11.67 | 0.47 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 270.9 | 261.95 | 3.42 | 199.43 | | 净利润(亿元) | 10.6 | 10.58 | 0.19 | -19.95 | | 净资产收益率(%) | | 4.09 | -100 | -7.60 | 三、分红送配方案情况 10派0.70元(含税) 前十大流通股东累计持有： 454322.6万股，累计占流通股比： 64.13%，较上期变化： -4213.81万股。 | 名 ...

Financial Performance - Operating revenue for Q3 2024 reached CNY 7,105,300,763, an increase of 4.52% compared to CNY 6,798,213,684 in the same period last year[4] - Net profit attributable to shareholders was CNY 296,938,476, a decrease of 13.04% from CNY 341,462,460 year-on-year[4] - Net profit excluding non-recurring gains and losses was CNY 292,734,945, down 13.12% from CNY 336,941,862 in the previous year[4] - Total operating revenue for the first three quarters of 2024 reached RMB 20,030,021,093, an increase of 4.46% compared to RMB 19,178,753,383 in the same period of 2023[18] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 1,209,219,720, up 18.63% from RMB 1,018,959,686 in the same period of 2023[19] - Operating profit for the first three quarters of 2024 was RMB 1,681,592,836, representing a growth of 18.54% compared to RMB 1,418,097,918 in the same period of 2023[18] - Total profit for the first three quarters of 2024 was RMB 1,682,836,229, compared to RMB 1,414,008,889 in the same period of 2023, marking an increase of 18.93%[19] - The company reported a basic earnings per share of RMB 0.171 for the first three quarters of 2024, compared to RMB 0.144 in the same period of 2023[19] Cash Flow - Cash flow from operating activities for the year-to-date reached CNY 2,163,769,507, a significant increase of 160.31% compared to CNY 831,218,939 last year[4][8] - Cash inflow from operating activities totaled RMB 13,867,933,576, compared to RMB 12,889,268,648 in the same period of 2023[20] - The company incurred a net cash outflow from investing activities of RMB 968,909,302 in the first three quarters of 2024, compared to RMB 829,228,667 in the same period of 2023[21] - Cash and cash equivalents increased to RMB 2,329,734,398 from RMB 1,482,463,336, representing a growth of 57.2%[15] - Cash and cash equivalents at the end of the first three quarters of 2024 totaled RMB 2,329,734,398, an increase from RMB 1,491,691,124 at the end of the same period in 2023[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,946,765,780, a decrease of 0.77% from CNY 37,234,946,966 at the end of the previous year[5] - As of September 30, 2024, the total current assets amounted to RMB 10,072,555,149, an increase of 14.5% from RMB 8,798,279,200 on December 31, 2023[15] - Total liabilities decreased to RMB 9,759,050,894 from RMB 10,882,951,167, a reduction of 10.3%[17] - The total assets as of September 30, 2024, were RMB 36,946,765,780, slightly down from RMB 37,234,946,966 at the end of 2023[17] - The total non-current assets decreased to RMB 26,874,210,631 from RMB 28,436,667,766, a decline of 5.5%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 154,762, with the largest shareholder holding 37.12% of the shares[10] - Shareholders' equity attributable to the parent company increased by 3.17% to CNY 27,226,221,319 from CNY 26,389,885,558 year-on-year[5] - The company's equity attributable to shareholders increased to RMB 27,226,221,319 from RMB 26,389,885,558, reflecting a growth of 3.2%[17] Inventory and Receivables - The inventory level rose to RMB 319,506,204 from RMB 289,526,749, indicating an increase of 10.3%[16] - The company reported a significant increase in accounts receivable, which rose to RMB 6,848,222,114 from RMB 6,239,551,856, a growth of 9.8%[15] Financial Ratios - The weighted average return on equity for the year-to-date was 4.51%, an increase of 0.56 percentage points compared to 3.95% last year[4] - The company's basic earnings per share for the current period was CNY 0.042, a decrease of 12.50% from CNY 0.048 in the same period last year[4] - Financial expenses for the first three quarters of 2024 amounted to RMB 45,968,944, up from RMB 35,870,462 in the same period of 2023[18]

Financial Performance - The company's operating revenue for Q3 2024 was CNY 7,105,300,763, representing a 4.52% increase compared to CNY 6,798,213,684 in the same period last year[1] - Net profit attributable to shareholders for Q3 2024 was CNY 296,938,476, a decrease of 13.04% from CNY 341,462,460 in the previous year[1] - The net profit after deducting non-recurring gains and losses was CNY 292,734,945, down 13.12% from CNY 336,941,862 year-on-year[1] - Basic earnings per share for Q3 2024 were CNY 0.042, a decrease of 12.50% from CNY 0.048 in the same period last year[1] - Operating profit for the first three quarters of 2024 was RMB 1,681,592,836, compared to RMB 1,418,097,918 in 2023, marking an increase of 18.52%[10] - The company reported a net profit of RMB 1,681,592,836 for the first three quarters, compared to RMB 1,418,097,918 in the previous year, indicating a year-over-year increase of 18.52%[10] - Net profit attributable to shareholders of the parent company was ¥1,209,219,720, up from ¥1,018,959,686, reflecting a year-over-year increase of about 18.6%[11] - Basic and diluted earnings per share increased to ¥0.171 from ¥0.144, marking a rise of approximately 18.8%[11] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period (January to September 2024) was CNY 2,163,769,507, an increase of 160.31% compared to CNY 831,218,939 in the same period last year[4] - Cash flow from operating activities generated a net amount of ¥2,163,769,507, significantly higher than ¥831,218,939 in the previous year, indicating a growth of about 160%[12] - Total cash inflow from operating activities was ¥13,867,933,576, compared to ¥12,889,268,648 in the same period last year, showing an increase of approximately 7.6%[12] - Cash and cash equivalents stood at RMB 2,329,734,398, up from RMB 1,482,463,336, indicating a significant increase of 57.16%[8] - Cash and cash equivalents at the end of the period amounted to ¥2,329,734,398, up from ¥1,491,691,124, representing a substantial increase of about 56%[13] - The company experienced a net increase in cash and cash equivalents of ¥847,271,062, contrasting with a decrease of ¥29,852,314 in the previous year[13] - The company received ¥426,881,006 in cash related to other operating activities, which is a significant increase from ¥176,834,519 in the same period last year, reflecting a growth of approximately 141%[12] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,946,765,780, a decrease of 0.77% from CNY 37,234,946,966 at the end of the previous year[1] - The company's total assets as of September 30, 2024, amounted to RMB 36,946,765,780, a slight decrease from RMB 37,234,946,966 at the end of 2023[9] - Current assets totaled RMB 10,072,555,149, an increase from RMB 8,798,279,200 at the end of 2023, representing a growth of 14.49%[8] - Total liabilities decreased to RMB 9,759,050,894 from RMB 10,882,951,167, reflecting a reduction of 10.31%[9] - The equity attributable to shareholders increased to RMB 27,226,221,319 from RMB 26,389,885,558, showing a growth of 3.18%[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 154,762[5] - The largest shareholder, China Railway Guangzhou Group Co., Ltd., held 2,629,451,300 shares, accounting for 37.12% of the total shares[5] Non-Operating Income and Expenses - The company reported non-operating income and expenses, with a net amount of CNY (2,533,947) for the current period[3] Overall Profitability - The total profit for the first three quarters of 2024 reached ¥1,682,836,229, an increase from ¥1,414,008,889 in the same period of 2023, representing a growth of approximately 18.9%[11]

INTERIM REPORT 2024 半年度報告 [股份代號：00525] (111 N n/0000 n 重要提示 一 、 本公司董事會（「董事會」）、監事會及董事 、監事 、高級管理人員保證本半年度報告內容的真實性 、準確 性、完整性，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二 、 公司全體董事出席審議本半年度報告的董事會會議。 三 、 本半年度報告中的財務報告按照中國企業會計準則編製，並且未經審計。 四 、 公司董事長韋皓、總經理陳少宏、總會計師羅新鵬及財務部長劉啟義聲明：保證本半年度報告中財務報 告的真實、準確、完整。 五 、 公司董事會決定本報告期不進行利潤分配或公積金轉增股本。 六 、 前瞻性陳述的風險聲明 ✓適用 □不適用 本半年度報告中如有涉及未來計劃、發展戰略等前瞻性描述，均不構成公司對投資者的實質承諾，投資 者及相關人士均應當對此保持足夠的風險認識，並且應當理解計劃、預測與承諾之間的差異。 七 、 是否存在被控股股東及其他關聯方非經營性佔用資金情況 否 八 、 是否存在違反規定決策程序對外提供擔保的情況 否 九 、 是否存在半數以上董事無法保證公司所披露半年度 ...