香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 （上 市 債 務 證 券 代 號：40686、40687和84570） 2025年第三季度報告 本公告乃根據香港法例第571章證券及期貨條例第XIVA部及香港聯合交 易所有限公司證券上市規則第13.09條及第13.10B條 而 作 出。 本公司截至2025年9月30日 之 第 三 季 度 未 經 審 計 業 績 摘 要： 公司董事會及董事、高級管理人員保證季度報告內容的真實、準確、完整， 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。 公 司 負 責 人、主 管 會 計 工 作 負 責 人 及 會 計 機 構 負 責 人（會 計 主 管 人 員）保 證 季 度 報 告 中 財 務 信 息 的 真 實、準 確、完 整。 第三季度財務報表是否經審計 是 ✔ 否 – 2 – 一. 主要財務數據 （一）主要會計數據和財務指標 ...

Core Insights - China Railway Construction Corporation (CRCC) reported a third-quarter revenue of 239.204 billion yuan, a year-on-year decrease of 1.15% [1] - The net profit for the third quarter was 4.11 billion yuan, reflecting a year-on-year increase of 8.34% [1] - For the first three quarters, the total revenue reached 728.403 billion yuan, down 3.92% compared to the same period last year [1] - The net profit for the first three quarters was 14.811 billion yuan, which represents a year-on-year decline of 5.63% [1]

Core Insights - The Beijing new housing market is becoming increasingly competitive, with a focus on product quality extending beyond layout and decoration to include real landscape and entrance presentation [1][3] - China Railway Construction Real Estate is making a strong return to the Beijing market with the Huayu Jingyun project, which emphasizes quality and customer assurance through its recently opened entrance [1][3] Project Features - The entrance of Huayu Jingyun is approximately 55 meters wide, showcasing a grand homecoming atmosphere, constructed with high-quality natural stones sourced from Brazil and Bulgaria, and crafted using seven different techniques [3][6] - The project features a low plot ratio of 1.7, with only 202 units, emphasizing a boutique community experience with a focus on quality over quantity [11][13] - The community includes 4-7 story pure洋房 (townhouse) products with an average usable area rate exceeding 90%, ensuring efficient space utilization [15][17] Design and Materials - The entrance design combines elegance and practicality, featuring a harmonious blend of light and heavy materials, with a total height of 6.7 meters and a net height of 5.8 meters [4][6] - The project team sourced five rare types of stone from 27 countries, including Indian black gold granite and Brazilian Pandora stone, to enhance the aesthetic and quality of the entrance and community spaces [6][7] Community Amenities - The community offers a shared space with eight functional areas, including a library, yoga room, cinema, and gym, promoting a vibrant neighborhood atmosphere [19] - The landscaping theme "One City Pear Blossom, Seven Realms of Life" transforms daily commutes into enjoyable walks through scenic areas [19] Location and Accessibility - Huayu Jingyun is strategically located in the Pear Garden area, just 400 meters from the subway station, providing convenient access to Beijing's central business districts [21][22] - The surrounding area is well-developed with comprehensive amenities, including shopping, education, and healthcare facilities, enhancing the living experience for residents [22][23]

Core Viewpoint - The company, China Railway Construction Heavy Industry Group Co., Ltd., has announced changes to its business scope and the use of idle raised funds to temporarily supplement working capital, which requires shareholder approval [8][11]. Financial Data - The financial statements for the third quarter are unaudited, and the company has not reported any significant changes in major accounting data or financial indicators [3][5]. - The company plans to use up to RMB 450 million of idle raised funds for working capital, with a usage period not exceeding 12 months from the board's approval date [12][15]. Business Scope Change - The company has proposed to change its business scope to include manufacturing and sales of tunnel construction machinery, mining machinery, urban rail transit equipment, and various other machinery and technology services [9][10]. - The original business scope included a wide range of machinery and technology services, which will be streamlined to focus on specific areas such as environmental protection equipment and intelligent machinery [9][10]. Corporate Governance - The board of directors and senior management have guaranteed the accuracy and completeness of the quarterly report and the proposed changes, assuming legal responsibility for any misstatements or omissions [2][8]. - The revised articles of association will be submitted for shareholder approval, and the board will seek authorization to handle related business registration changes [10].

Core Points - The company will hold a Q3 2025 earnings presentation on November 5, 2025, from 15:00 to 16:00 [2][4] - The presentation will be conducted online via the Shanghai Stock Exchange Roadshow Center [2][5] - Investors can submit questions from October 29 to November 4, 2025, and the company will address common concerns during the presentation [2][5][6] Meeting Details - The meeting will feature participation from the company's chairman, independent directors, chief accountant, and board secretary [4] - The event aims to provide insights into the company's Q3 2025 operational results and financial metrics [3][4] - Investors can access the meeting through the Shanghai Stock Exchange Roadshow Center website [5][6] Contact Information - The contact department for inquiries is the Board Office (Securities Affairs Department) [6] - Contact details include a phone number: 0731-84071749 and an email: ir@crchi.com [6] Additional Information - After the presentation, investors can review the meeting's key points and outcomes on the Shanghai Stock Exchange Roadshow Center [7]

Core Viewpoint - China Railway Construction Corporation (CRCC) reported a steady growth in its operational performance for the first three quarters of 2025, with a total new contract value of 15,187.65 billion RMB, reflecting a year-on-year increase of 3.08% [1] Group 1: Engineering Contracting Business - The engineering contracting business remains the core segment, with new contracts amounting to 11,092.30 billion RMB, a slight year-on-year decrease of 0.39%, yet still accounting for over 70% of total business [2] - The performance of the engineering contracting business in July to September was slightly weaker compared to the previous two quarters, but it remains a key area of focus [2] - The growth in green and logistics businesses was significant, with year-on-year increases of 15.44% and 28.70%, respectively, indicating positive progress in the company's transformation and diversification efforts [4] Group 2: Real Estate Development Business - The real estate development business is under pressure due to cyclical industry adjustments, with a total signed sales contract value of 542.71 billion RMB, down 11.53% year-on-year [5] - The company adopted a cautious land acquisition strategy, with only 15.70 million square meters of new land reserves added in the first three quarters of 2025 [5] - The completed area in the first three quarters reached 465.47 million square meters, significantly higher than the new construction area of 249.61 million square meters [5] Group 3: Domestic and International Business Performance - The overseas business showed remarkable growth, with new contracts totaling 2,048.209 billion RMB, a substantial year-on-year increase of 94.52%, becoming a key driver of overall performance [7] - Domestic business experienced a slight decline, with new contracts amounting to 13,139.441 billion RMB, down 3.96% year-on-year, but still representing 86.5% of total new contracts [7] - The rapid growth of overseas business is attributed to the ongoing "overseas priority" strategy and the company's deep integration into the "Belt and Road" initiative [7] Group 4: Overall Performance Summary - Overall, CRCC delivered a performance characterized by "steady progress and structural optimization" in the first three quarters of 2025, successfully transitioning growth drivers [9] - The significant growth in overseas business and the rapid development of green, logistics, and emerging industries have become new economic growth points for the company [9] - The company is actively responding to challenges in the real estate market through prudent management and delivery assurance strategies, showcasing resilience through its global layout and industrial upgrading capabilities [9]

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes the importance of enhancing the Party's political leadership, ideological guidance, mass organization, and social appeal to advance Chinese-style modernization [1] Group 1: Company Insights - China Railway Construction Corporation (CRCC) has demonstrated resilience and growth by adhering to the Party's comprehensive leadership, which has been crucial in navigating market challenges and achieving success in reform and innovation [1] - During the 14th Five-Year Plan period, CRCC has actively implemented national macro-control policies and major strategic initiatives, while also responding effectively to natural disasters and emergencies, embodying the principle of "two safeguards" in its operations [1] Group 2: Industry Perspective - The commitment to strengthening the Party's comprehensive leadership is seen as a fundamental guarantee for advancing Chinese-style modernization, ensuring a bright and prosperous future for the country [1] - Looking ahead to the 15th Five-Year Plan, CRCC is positioned as a pillar of the national economy, pledging to continue its adherence to the Party's leadership and to explore improvements in the system of state-owned enterprises with Chinese characteristics [1]

Major Events - Minglue Technology (02718) plans to offer 7.219 million Class A shares globally from October 23 to October 28, with cornerstone subscriptions amounting to $59 million [1] - Wisco Properties (00230) received a privatization offer from Wisco Hong Kong at a premium of approximately 104.08%, with trading resuming on October 24 [1] - Junyu Foundation (01757) was acquired by China Venture Capital Holdings for 75% of its shares at a discount of about 79.06%, with trading resuming on October 24 [1] - Kangda Foods (00834) was acquired by Gaosi Shi for approximately 54.69% of the company’s shares at a premium of about 16.23%, with trading resuming on October 24 [1] - Hutchison China MediTech (00013) presented data on HMPL-A251 at the AACR-NCI-EORTC International Conference on Molecular Targeted and Cancer Therapeutics [1] - Giant Bio (02367) received a medical device registration certificate for its Type I α1 collagen lyophilized fiber product [1] - Yiming Anke-B (01541) completed the first patient dosing in the Phase IB/II clinical trial of IMM2510 combined with IMM01 [1] - Heng Rui Medicine (01276) received approval to conduct clinical trials for injection of Rikan Trastuzumab [1] - Hansoh Pharmaceutical (03692) had its application for HS-10365 capsule marketing approval accepted by the National Medical Products Administration [1] - Baixin An-B (02185) completed market access and the first commercial surgery for the IBERIS® RDN system in Switzerland [1] - Haotian International Construction Investment (01341) purchased a total of 646 units of Ethereum as of October 23 [1] Share Buybacks/Reductions - Cornerstone Pharmaceuticals-B (02616) saw CEO Yang Jianxin and senior management purchase an additional 1 million shares [2] - Midea Group (00300) repurchased 1.3434 million A shares for approximately 99.998 million yuan on October 23 [2] - China Communications Construction (01800) repurchased 119.45 million A shares for approximately 10.5994 million yuan on October 23 [2] - Mengniu Dairy (02319) repurchased 700,000 shares for approximately 10.0692 million HKD on October 23 [2] - Lianlian Digital (02598) spent about 7.5555 million HKD to repurchase 967,000 shares on October 23 [2] - Lianyi Rong Technology-W (09959) repurchased 2.47 million shares for approximately 7.4137 million HKD on October 23 [2] - Heng Rui Medicine (01276) repurchased 97,500 A shares for approximately 6.2808 million yuan on October 23 [2] - Gushengtang (02273) repurchased 19,860 shares for approximately 5.8634 million HKD on October 23 [2] Operating Performance - Ping An Good Doctor (01833) reported total revenue of approximately 3.725 billion yuan for the first three quarters, a year-on-year increase of 13.6%, and plans to continue expanding AI technology to enhance medical service efficiency and quality [2] - Sands China Ltd. (01928) reported a 7.5% year-on-year increase in net revenue to $1.9 billion for the third quarter [2] - Livzon Pharmaceutical (01513) announced a net profit attributable to shareholders of 1.754 billion yuan for the first three quarters, a year-on-year increase of 4.86% [2] - China Railway Construction (01186) signed new contracts totaling 1.518765 trillion yuan in the first three quarters, a year-on-year increase of 3.08% [2] - Prada (01913) reported net revenue of 4.07 billion euros for the first three quarters, a year-on-year increase of 9% [2] Additional Performance Metrics - Baio Family Interactive (02100) reported 10.2 million active accounts in the third quarter, a year-on-year increase of 37.8% [3] - Anton Oilfield Services (03337) secured new orders worth 1.273 billion yuan in the third quarter [3]

Core Viewpoint - The real estate industry is accelerating financing through various channels such as credit bonds, overseas bonds, and asset securitization to address year-end debt maturity pressures and prepare for future development amid increased supply of quality land parcels [1][3][10]. Financing Trends - In September, the total bond financing in the real estate sector reached 561 billion yuan, marking a year-on-year increase of 31%, with credit bond financing alone amounting to 322 billion yuan, a significant year-on-year growth of 89.5% [3][9]. - The average issuance term for credit bonds in September was 3.65 years, indicating a trend towards longer financing terms, which helps optimize debt structure and alleviate short-term repayment pressures [7]. Company Financing Activities - Several companies are actively issuing bonds, including China Merchants Shekou with a planned issuance of 40 billion yuan at a coupon rate of 1.90%, and China Vanke with a bond issuance of up to 24 billion yuan [6][8]. - Notable issuances include Beijing Urban Construction Group's successful issuance of 18 billion yuan in medium-term notes and Poly Developments' 150 billion yuan bond application accepted by the Shanghai Stock Exchange [6][8]. Challenges in Sales and Cash Flow - Despite the positive financing trends, real estate companies face significant challenges in sales, with a reported 8.4% year-on-year decline in funds received by real estate developers from January to September, particularly in deposits and pre-sales [9][10]. - The ongoing sluggish sales market continues to exert pressure on the overall cash flow of real estate companies, making it crucial for them to balance external financing with internal cash generation [10]. Debt Restructuring Progress - Some distressed real estate companies have made substantial progress in debt restructuring, with over 75% of creditors approving restructuring plans for companies like Longfor Group and Sunac China [8].

Group 1 - The core viewpoint of the article highlights the performance of China Railway Construction Corporation (CRCC) in the real estate sector, indicating a decline in contract sales in the first three quarters of 2025 compared to the previous year [2][4]. Group 2 - In the first three quarters of 2025, the total new contracts signed amounted to 1,518.765 billion yuan, reflecting a year-on-year increase of 3.08% [2]. - The real estate development business reported a contract sales amount of 17.4875 billion yuan and a sales area of 994,800 square meters from July to September [3]. - For the first three quarters, the contract sales amount in real estate was 54.271 billion yuan, showing a year-on-year decrease of 11.53%, with a total sales area of 3,395,800 square meters [4].