Section I Definitions [Definitions of Common Terms](index=5&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This chapter defines key terms and timeframes used throughout the report to ensure consistent understanding - The Company, Parent Company, Company: refers to China Railway Construction Corporation Limited[11](index=11&type=chunk) - The Group, China Railway Construction: refers to China Railway Construction Corporation Limited and its wholly-owned and controlled subsidiaries[11](index=11&type=chunk) - Reporting Period: refers to January to June 2025[11](index=11&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the basic registration details of China Railway Construction Corporation Limited, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is China Railway Construction Corporation Limited, abbreviated as China Railway Construction[13](index=13&type=chunk) - The company's legal representative is Dai Hegen[13](index=13&type=chunk) [II. Contact Person and Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact details for the company's Board Secretary, Joint Company Secretary, and Securities Affairs Representative, including name, address, telephone, fax, and email - The Board Secretary and Joint Company Secretary is Jing Jing, with contact number 010-52688600 and email ir@crcc.cn[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines the company's basic information, such as registered address, office address, website, and email, noting no changes during the reporting period - The company's registered and office address is East Courtyard, No. 40 Fuxing Road, Haidian District, Beijing[15](index=15&type=chunk) - No changes occurred in the company's basic information during the reporting period[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=6&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section discloses the company's selected newspapers for information disclosure, website addresses for semi-annual reports, and document custody locations, confirming no changes during the reporting period - The company's selected newspapers for information disclosure include China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[16](index=16&type=chunk) - The website addresses for publishing semi-annual reports are the Shanghai Stock Exchange (www.sse.com.cn) and the HKEX (www.hkex.com.hk)[16](index=16&type=chunk) - No changes occurred in the company's information disclosure and document custody locations during the reporting period[16](index=16&type=chunk) [V. Summary of Company Shares](index=7&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides an overview of the company's A-shares and H-shares, including their listing exchanges, stock abbreviations, and stock codes - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation China Railway Construction and code 601186[17](index=17&type=chunk) - The company's H-shares are listed on the HKEX, with stock abbreviation China Rail Cons and code 1186[17](index=17&type=chunk) [VI. Other Relevant Information](index=7&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section provides information on the accounting firm, legal advisors, and share registrar appointed by the company - The accounting firm appointed by the company is Ernst & Young Hua Ming LLP[18](index=18&type=chunk) - The company's Chinese legal advisor is DeHeng Law Offices, and its Hong Kong legal advisor is Baker McKenzie[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=7&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the first half of 2025, including operating revenue, total profit, net profit, and earnings per share, compared to the prior period Key Accounting Data (January-June 2025 vs. Prior Period) | Key Accounting Data | Current Period (Jan-Jun) (Thousand Yuan) | Prior Period (Thousand Yuan) | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | | Total Profit | 15,353,454 | 17,861,036 | -14.04 | | Net Profit Attributable to Shareholders of the Listed Company | 10,701,474 | 11,902,158 | -10.09 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 9,879,419 | 11,150,727 | -11.40 | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | Not Applicable | Key Financial Indicators (January-June 2025 vs. Prior Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.70 | 0.79 | -11.39 | | Diluted Earnings Per Share (CNY/share) | 0.70 | 0.79 | -11.39 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.64 | 0.73 | -12.33 | | Weighted Average Return on Net Assets (%) | 3.55 | 4.19 | Decrease of 0.64 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.24 | 3.89 | Decrease of 0.65 percentage points | - As of the end of the reporting period, net assets attributable to shareholders of the listed company were **341,139,978 Thousand Yuan**, an increase of **3.93%** year-on-year[23](index=23&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section lists the specific items and amounts of non-recurring gains and losses during the reporting period, totaling 822,055 Thousand Yuan Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (Thousand Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 12,032 | | Government grants recognized in current profit or loss | 252,075 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 177,011 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 226,917 | | Debt restructuring gains and losses | 118,301 | | Other non-operating income and expenses apart from the above | 253,861 | | Less: Income tax impact | 146,710 | | Impact on minority interests (after tax) | 71,432 | | Total | 822,055 | Section III Management Discussion and Analysis (Board Report) [I. Overview of the Company's Industry and Main Business During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the development of China Railway Construction's eight major industries in H1 2025, including engineering contracting, planning and design consulting, investment and operation, real estate development, industrial manufacturing, material logistics, green environmental protection, and industrial finance, along with the company's business models and new contract signings in each area [(I) Industry Development During the Reporting Period](index=10&type=section&id=(%E4%B8%80)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%91%E5%B1%95%E6%83%85%E5%86%B5) In H1 2025, China's construction industry saw a 0.2% increase in total output value, with engineering contracting maintaining high volume but showing differentiation in sub-sectors; planning and design consulting faced digital transformation opportunities; infrastructure investment growth slowed, but new energy and green environmental protection became new growth drivers; the real estate market was in a bottoming-out phase; industrial manufacturing faced overcapacity and transformation; material logistics was affected by declining demand but saw growth in green building material procurement; the green environmental protection industry became a significant growth pole; and industrial finance emphasized serving the real economy and digital transformation - In the first half of 2025, China's construction industry total output value was **CNY 13,674.5 billion**, a year-on-year increase of **0.2%**; the added value of the construction industry was **CNY 3,821.1 billion**, a year-on-year increase of **0.7%**[30](index=30&type=chunk) - Real estate development investment decreased by **11.2%** year-on-year, and sales area of new commercial housing decreased by **3.5%** year-on-year, indicating the market is generally in a bottoming-out phase[33](index=33&type=chunk)[34](index=34&type=chunk) - Infrastructure investment increased by **4.6%** year-on-year, with water transport industry investment growing by **21.8%**, water conservancy management industry investment by **15.4%**, and railway transport industry investment by **4.2%**[32](index=32&type=chunk) [(II) Company's Business Operations During the Reporting Period](index=11&type=section&id=(%E4%BA%8C)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) China Railway Construction's business spans eight segments: engineering contracting, planning and design consulting, investment and operation, real estate development, industrial manufacturing, material logistics, green environmental protection, and industrial finance; engineering contracting is the core business, planning and design consulting expands into emerging fields, investment and operation optimizes structure, real estate development focuses on key cities, industrial manufacturing promotes transformation and upgrading, material logistics strengthens supply chain services, green environmental protection becomes a new growth point, and industrial finance serves the main business and innovates development - Engineering contracting is the Group's core and traditional industry, covering railway, highway, urban rail transit, water conservancy and hydropower, housing construction, municipal, bridge, tunnel, airport, and port construction[39](index=39&type=chunk) - Real estate development adheres to a focused strategy, deeply expanding projects in key cities such as Beijing, Shanghai, Guangzhou, Chengdu, Xi'an, Hefei, and Hangzhou[43](index=43&type=chunk) - The industrial manufacturing sector has formed three major business systems: equipment manufacturing, material production, and concrete PC component production, vigorously developing emerging businesses like new energy equipment and high-speed railway maintenance equipment[44](index=44&type=chunk) [(III) New Contract Signings During the Reporting Period](index=13&type=section&id=(%E4%B8%89)%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%96%B0%E7%AD%BE%E5%90%88%E5%90%8C%E6%83%85%E5%86%B5) In H1 2025, China Railway Construction's total new contract value decreased by 4.04% year-on-year, with domestic business down 8.37% and overseas business up 57.43%; new contracts for engineering contracting and green environmental protection infrastructure projects accounted for 84.82% of the total, a decrease of 5.06%; railway engineering new contract value increased by 39.31%, while urban rail engineering decreased by 64.75% New Contract Value in H1 2025 (by Industry Type) | No. | Industry Type | New Contract Value (CNY Billion) | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | :--- | | 1 | Engineering Contracting | 788.4259 | -7.27 | | 2 | Green Environmental Protection | 107.3821 | 15.07 | | 3 | Planning and Design Consulting | 10.0654 | -3.77 | | 4 | Industrial Manufacturing | 16.2168 | 9.90 | | 5 | Real Estate Development | 36.7834 | -11.20 | | 6 | Material Logistics | 85.4054 | 6.14 | | 7 | Industrial Finance | 4.0327 | -11.14 | | 8 | Emerging Industries | 7.8579 | 44.45 | | | Total | 1,056.1696 | -4.04 | - Overseas new contract value was **CNY 114.0944 billion**, a year-on-year increase of **57.43%**, accounting for **10.80%** of the total new contract value[49](index=49&type=chunk) - Railway engineering new contract value was **CNY 109.3025 billion**, a year-on-year increase of **39.31%**, primarily due to an increase in total railway project tenders[52](index=52&type=chunk) - Urban rail engineering new contract value was **CNY 15.8462 billion**, a year-on-year decrease of **64.75%**, primarily due to a reduction in total urban rail project tenders[52](index=52&type=chunk) [II. Discussion and Analysis of Operating Performance](index=14&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, China Railway Construction achieved positive results in market operations, cost reduction and efficiency improvement, technological innovation, and reform initiatives; the company actively aligned with national strategies, improved order quality, and accelerated overseas business development; expenses were reduced through refined management and supply chain optimization; the technological innovation system was continuously improved, with breakthroughs in major scientific and technological projects; state-owned enterprise reform was steadily advanced, and corporate governance was continuously enhanced - Overseas new contract value increased by **57.43%** year-on-year, accelerating overall overseas development[54](index=54&type=chunk) - Selling expenses decreased by **8.50%** year-on-year, and administrative expenses decreased by **9.73%** year-on-year in the first half, demonstrating solid progress in cost reduction and efficiency improvement[54](index=54&type=chunk) - The company's "1+9+N" technological innovation system was continuously improved, achieving a historic breakthrough by leading a national "Science and Technology Innovation 2030 Major Project"[55](index=55&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=15&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) China Railway Construction's core competitiveness lies in technological innovation, a complete industrial chain layout, refined management, enhanced brand value, and strengthened cultural soft power; the company maintains technological leadership in multiple engineering fields and accelerates R&D in strategic emerging industries; it possesses a complete industrial chain covering upstream and downstream of the construction industry, with operations in 150 countries and regions worldwide; refined management across all aspects improves development quality and efficiency; brand value continues to rise, and the corporate spirit of "carving roads through mountains and building bridges over water" fosters strong cultural cohesion - The Group's technological level in high-speed railways, plateau railways, high-cold railways, expressways, and urban rail transit engineering design and construction continues to maintain an industry-leading position[56](index=56&type=chunk) - The Group possesses a complete industrial chain covering the upstream and downstream of the construction industry, with operations across China and in **150** countries and regions worldwide[58](index=58&type=chunk) - The Group has undertaken **50%** of domestic ordinary and high-speed railways, **40%** of urban rail transit, and **30%** of high-grade highways[60](index=60&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=17&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section provides a detailed analysis of China Railway Construction's major operating performance in H1 2025, including changes in financial statement items, main business by segment and region, asset and liability status, working capital and capital sources, and investment status; during the reporting period, the company's operating revenue and total profit decreased year-on-year, but overseas business revenue grew significantly; the asset and liability structure remained stable, but both short-term and long-term borrowings increased; the company continued to optimize its investment structure and disclosed its securities and private equity investment status [(I) Analysis of Main Business](index=17&type=section&id=(%E4%B8%80)%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%88%86%E6%9E%90) In H1 2025, the company's operating revenue decreased by 5.22% year-on-year, mainly due to reductions in engineering contracting, planning and design consulting, real estate development, and material logistics businesses; total profit decreased by 14.04% year-on-year; selling and administrative expenses were both reduced, but financial expenses increased by 44.18% due to higher interest expenses; by segment, real estate development business saw a significant decline in revenue and total profit, while industrial manufacturing business saw an increase in revenue and total profit; overseas business revenue increased by 20.29% year-on-year Analysis Table of Financial Statement Items (January-June 2025 vs. Prior Period) | Item | Current Period (Thousand Yuan) | Prior Period (Thousand Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | | Total Profit | 15,353,454 | 17,861,036 | -14.04 | | Selling Expenses | 2,712,168 | 2,964,103 | -8.50 | | Administrative Expenses | 9,239,703 | 10,235,150 | -9.73 | | Financial Expenses | 4,265,445 | 2,958,492 | 44.18 | | Research and Development Expenses | 7,516,476 | 8,610,730 | -12.71 | Main Business by Segment (January-June 2025 vs. Prior Period) | Segment | Operating Revenue (Thousand Yuan) | Year-on-Year Change in Operating Revenue (%) | Total Profit (Thousand Yuan) | Year-on-Year Change in Total Profit (%) | | :--- | :--- | :--- | :--- | :--- | | Engineering Contracting Business | 434,599,557 | -3.77 | 11,190,183 | -7.96 | | Planning and Design Consulting Business | 6,743,176 | -15.73 | 1,473,544 | -28.31 | | Industrial Manufacturing | 11,826,033 | 5.27 | 1,228,867 | 14.80 | | Real Estate Development Business | 20,755,405 | -34.21 | 1,651 | -99.87 | | Material Logistics and Other Businesses | 40,718,051 | -3.43 | 1,374,571 | 13.51 | - Overseas business operating revenue was **37,089,472 Thousand Yuan**, a year-on-year increase of **20.29%**, with gross profit margin increasing by **0.29 percentage points**[65](index=65&type=chunk) [(III) Analysis of Assets and Liabilities](index=20&type=section&id=(%E4%B8%89)%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) As of June 30, 2025, the company's total assets increased by 7.72% year-on-year, reaching 2,006,635,769 Thousand Yuan; net assets attributable to shareholders of the listed company increased by 3.93% year-on-year; short-term borrowings significantly increased by 41.05%, mainly due to supplementing working capital; notes receivable decreased by 43.48%, mainly due to a decrease in customers using commercial acceptance bills for settlement; overseas assets accounted for 4.67% of total assets Assets and Liabilities Status (June 30, 2025 vs. End of Prior Year) | Item Name | Current Period End (Thousand Yuan) | Proportion of Total Assets at Current Period End (%) | Prior Year End (Thousand Yuan) | Proportion of Total Assets at Prior Year End (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,006,635,769 | 100.00 | 1,862,842,522 | 100.00 | 7.72 | | Net Assets Attributable to Shareholders of the Listed Company | 341,139,978 | 17.00 | 328,251,080 | 17.62 | 3.93 | | Short-term Borrowings | 211,770,913 | 10.55 | 150,142,693 | 8.06 | 41.05 | | Notes Receivable | 1,823,056 | 0.09 | 3,225,444 | 0.17 | -43.48 | | Accounts Receivable | 242,072,540 | 12.06 | 204,759,238 | 10.99 | 18.22 | | Contract Assets | 360,411,209 | 17.96 | 304,749,626 | 16.36 | 18.26 | | Long-term Borrowings | 335,602,406 | 16.72 | 281,386,136 | 15.11 | 19.27 | - Overseas assets were **93,725,588 Thousand Yuan**, accounting for **4.67%** of total assets[81](index=81&type=chunk) [(IV) Working Capital and Capital Sources (Disclosed as Required by HKEX Listing Rules)](index=22&type=section&id=(%E5%9B%9B)%E6%B5%81%E5%8A%A8%E8%B5%84%E9%87%91%E5%8F%8A%E8%B5%84%E6%9C%AC%E6%9D%A5%E6%BA%90%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) In H1 2025, the company's net cash outflow from operating activities decreased, net cash outflow from investing activities increased, and net cash inflow from financing activities increased; capital expenditure increased by 6.50% year-on-year; both accounts receivable and accounts payable increased, with an increase in both accounts receivable turnover days and accounts payable turnover days; total debt and leverage ratio both increased, while the amount of commitments decreased Group Cash Flow (January-June 2025 vs. Prior Period) | Item | Reporting Period (Thousand Yuan) | Prior Period (Thousand Yuan) | Change from Prior Period (Thousand Yuan) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | 2,219,025 | | Net Cash Flow from Investing Activities | -25,987,914 | -20,978,389 | -5,009,525 | | Net Cash Flow from Financing Activities | 101,480,589 | 95,331,937 | 6,148,652 | - During the reporting period, the Group's capital expenditure was **CNY 19.6509 billion**, an increase of **CNY 1.1995 billion** or **6.50%** compared to the prior period[84](index=84&type=chunk) Accounts Receivable and Accounts Payable Turnover Days | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 90 | 68 | | Accounts Payable Turnover Days | 212 | 191 | - As of the end of the reporting period, the Group's leverage ratio was **74%** (current period end) and **71%** (prior year end)[99](index=99&type=chunk) [(V) Analysis of Investment Status](index=26&type=section&id=(%E4%BA%94)%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, the book balance of the company's long-term equity investments slightly decreased; the company held various financial assets measured at fair value, including stocks, trust products, and private equity funds, with a significant total investment in private equity funds; the company engaged in securities investment activities and disclosed the investment status of major private equity funds - At the end of the reporting period, the Group's long-term equity investment book balance was **CNY 153.6609 billion**, a decrease of **CNY 0.4380 billion** or **0.28%** from the end of the prior year, mainly due to reduced investments in joint ventures and associates during the reporting period[104](index=104&type=chunk) Financial Assets Measured at Fair Value (Partial) | Security Type | Security Abbreviation | Book Value at Period End (Thousand Yuan) | Accounting Classification | | :--- | :--- | :--- | :--- | | Stock | China Tcom | 73,640 | Financial assets held for trading | | Stock | China Nonferrous Mining | 244,463 | Other non-current financial assets | | Stock | Bank of Communications | 320,554 | Other equity instrument investments | | Fund | Boshi Yulong Mixed | 59,601 | Financial assets held for trading | | Trust Product | CCB Trust TieJian LanHai Collective Fund Trust Plan (No. 28) | 1,000 | Financial assets held for trading | Private Equity Fund Investment Status (Partial) | Name of Investee | Initial Investment Amount (Thousand Yuan) | Book Value at Period End (Thousand Yuan) | Profit/Loss for Reporting Period (Thousand Yuan) | Accounting Classification | | :--- | :--- | :--- | :--- | :--- | | Jinan Jiayue Transportation Investment Development Partnership (Limited Partnership) | 3,538,790 | 3,538,790 | 100,420 | Other non-current financial assets | | Guangxi Jiaotou Twenty-One Phase Transportation Construction Investment Fund Partnership (Limited Partnership) | 1,036,142 | 1,036,142 | - | Other non-current financial assets | | Qingdao Metro Line 4 Investment Fund (Limited Partnership) | 917,000 | 894,000 | 37,201 | Other non-current financial assets | [(VII) Analysis of Major Holding and Participating Companies](index=32&type=section&id=(%E4%B8%83)%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the registered capital, main business, industry, and key financial indicators as of June 30, 2025, for China Railway Construction's major subsidiaries, including total assets, net assets, and net profit; these subsidiaries cover various fields such as construction, planning and design consulting, real estate development, industrial manufacturing, material procurement and sales, financial services, and project investment Major Subsidiary Information (Partial) | Company Name | Registered Capital (Thousand Yuan) | Main Business | Industry | Total Assets (Thousand Yuan) | Net Assets (Thousand Yuan) | Net Profit (Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Civil Engineering Construction Corporation | 3,000,000 | Construction | Construction | 37,569,531 | 10,496,590 | 589,402 | | China Railway No. 11 Bureau Group Co., Ltd. | 6,162,382 | Construction | Construction | 102,093,955 | 18,769,946 | 1,027,268 | | China Railway Construction Real Estate Group Co., Ltd. | 7,000,000 | Real Estate Development, Operation | Real Estate | 222,850,706 | 49,424,368 | 90,774 | | China Railway Construction Heavy Industry Group Co., Ltd. | 5,333,497 | Industrial Manufacturing | Industrial | 27,055,426 | 17,861,184 | 735,498 | | China Railway Construction Investment Group Co., Ltd. | 12,067,086 | Project Investment | Investment | 219,705,084 | 38,683,625 | 434,619 | [V. Other Disclosure Matters](index=34&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses the major risks the company may face, including investment risks, project operation and management risks, debt capital risks, international operation risks, and safety risks, and outlines corresponding countermeasures; additionally, the company details the progress of its "Quality Improvement, Efficiency Enhancement, and High Returns" special action, covering aspects such as improving economic operation quality, strengthening market value management, enhancing investor relations management, and improving corporate governance [(II) Potential Risks](index=34&type=section&id=(%E4%BA%8C)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) China Railway Construction faces investment risks, project operation and management risks, debt capital risks, international operation risks, and safety risks; the company addresses these risks by optimizing investment structure, strengthening full-process control, enhancing budget guidance, strictly controlling financing scale, optimizing overseas operation and management systems, improving overseas risk control systems, and diligently carrying out safety production fundamental improvement actions - The Group's major potential risks primarily include investment risks, project operation and management risks, debt capital risks, international operation risks, and safety risks[6](index=6&type=chunk)[118](index=118&type=chunk) - To address investment risks, the company strengthens situation analysis, optimizes the medium- and long-term investment business structure towards strategic emerging industries, and strictly implements a negative list for investment projects[118](index=118&type=chunk) - To address debt capital risks, the company strengthens budget guidance, enhances assessment and control, and strictly controls financing scale and asset-liability ratio[119](index=119&type=chunk) [(III) Other Disclosure Matters](index=35&type=section&id=(%E4%B8%89)%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company actively carried out the "Quality Improvement, Efficiency Enhancement, and High Returns" special action, promoting value creation and valuation enhancement through improving economic operation quality, strengthening market value management, enhancing investor relations management, and improving corporate governance; the company established a market value management leading group, formulated the "Market Value Management System" and "Valuation Enhancement Plan," and revised the "Investor Relations Management System"; simultaneously, it strengthened interaction with investors through various channels and continuously improved its corporate governance structure by abolishing the supervisory board - The company focused on high-quality development, diligently carried out the "Quality Improvement, Efficiency Enhancement, and High Returns" special action, and implemented multiple measures to promote value creation and valuation enhancement[122](index=122&type=chunk) - The company established a market value management leading group, formulated the "Market Value Management System" and "Valuation Enhancement Plan," and revised the "Investor Relations Management System"[122](index=122&type=chunk) - The 2024 cash dividend ratio was **20.60%**, an increase of **0.42 percentage points** from the prior year[122](index=122&type=chunk) - The company abolished the supervisory board, with the Board's Audit and Risk Management Committee exercising the functions of the supervisory board as stipulated by the "Company Law," further enhancing corporate governance[122](index=122&type=chunk) Section IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management During the Reporting Period](index=36&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management; in April 2025, the company elected members of the Sixth Board of Directors and appointed new senior management; in June 2025, the company's general meeting of shareholders approved the abolition of the supervisory board Changes in Directors, Supervisors, and Senior Management During the Reporting Period | Name | Position Held | Change | | :--- | :--- | :--- | | Wang Jun | Independent Non-executive Director | Election | | Zhu Lin | Employee Director | Election | | Zhao Lixin | Independent Non-executive Director | Resignation | | Zhao Wei | Chairman of the Supervisory Board | Resignation | | Liu Xuan | Supervisor | Resignation | | Kang Fuxiang | Employee Supervisor | Resignation | | Lei Shengxiang | Chief Engineer | Resignation | - On April 29, 2025, the company elected Mr. Dai Hegen as Executive Director and Chairman, Mr. Gao Lieyang as Non-executive Director, and Mr. Ma Chuanjing, Mr. Xie Guoguang, Mr. Qian Weilun, and Mr. Wang Jun as Independent Non-executive Directors[125](index=125&type=chunk) - On June 20, 2025, the company held its 2024 Annual General Meeting, which approved the "Proposal on Amending the Articles of Association of China Railway Construction Corporation Limited and Abolishing the Supervisory Board," leading to the abolition of the company's supervisory board[126](index=126&type=chunk)[127](index=127&type=chunk) [II. Securities Dealing Code for Directors and Supervisors (Disclosed as Required by HKEX Listing Rules)](index=37&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E8%AF%81%E5%88%B8%E4%BA%A4%E6%98%93%E8%A1%8C%E4%B8%BA%E5%AE%88%E5%88%99%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) The company has adopted a securities dealing code no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the HKEX Listing Rules, and confirmed that all directors and supervisors complied with the code during the reporting period - The company has adopted a securities dealing code for directors, supervisors, and relevant employees, and confirmed their compliance with the stipulated standards during the reporting period[129](index=129&type=chunk) [III. Profit Distribution or Capital Reserve Conversion Plan](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company did not propose a profit distribution or capital reserve conversion plan for the current reporting period - The company did not propose a profit distribution or capital reserve conversion plan for the current reporting period, with the number of bonus shares, dividends, and conversion shares per 10 shares all being **0**[130](index=130&type=chunk) [VI. Compliance with the Corporate Governance Code (Disclosed as Required by HKEX Listing Rules)](index=38&type=section&id=%E5%85%AD%E3%80%81%E5%85%AC%E5%8F%B8%E9%81%B5%E5%AE%88%E3%80%8A%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E3%80%8B%E6%83%85%E5%86%B5%EF%BC%88%E6%8C%89%E7%85%A7%E8%81%94%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A7%84%E5%88%99%E8%A6%81%E6%B1%82%E6%8A%AB%E9%9C%B2%EF%BC%89) During the reporting period, the company strictly complied with all code provisions of the "Company Law," "Securities Law," relevant Hong Kong laws and regulations, and the Corporate Governance Code contained in Appendix C1 of the HKEX Listing Rules, continuously improving its corporate governance structure - During the reporting period, the company strictly complied with all code provisions of the "Corporate Governance Code" and continuously improved its corporate governance structure[133](index=133&type=chunk) [VIII. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=38&type=section&id=%E5%85%AB%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) China Railway Construction actively responded to the national rural revitalization strategy, investing 52.11 million Yuan in gratuitous assistance and directly introducing 8.268 million Yuan in remunerated assistance funds in H1 2025, while purchasing 8.17 million Yuan of agricultural products from assisted areas; the company supports economic development and livelihood improvement in assisted areas through industrial assistance, brand building, and a multi-dimensional assistance system, receiving the highest rating of "Good" for central government-designated poverty alleviation work for four consecutive years - In the first half of 2025, China Railway Construction invested a total of **CNY 52.11 million** in gratuitous assistance funds to designated and paired assistance counties and districts[135](index=135&type=chunk) - The company directly introduced **CNY 8.268 million** in remunerated assistance funds and purchased **CNY 8.17 million** in agricultural products from assisted areas[135](index=135&type=chunk) - The company promotes industrial assistance and cultural revitalization through the "CRCC XingNong" master brand and sub-brand matrix; for example, the Wanqan District sea buckthorn planting project is expected to achieve an output value of **CNY 100 million** in 2025[136](index=136&type=chunk)[137](index=137&type=chunk) - In the 2024 annual performance evaluation of central government-designated poverty alleviation work, China Railway Construction received the highest rating of "Good" for the **fourth consecutive year**[134](index=134&type=chunk) Section V Important Matters [I. Fulfillment of Commitments](index=40&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the fulfillment of commitments by the company's actual controller, shareholders, related parties, and the company itself during or continuing into the reporting period, primarily concerning land idleness, share lock-up, and avoidance of horizontal competition, with all commitments strictly fulfilled - Controlling shareholder China Railway Construction Group Co., Ltd. committed to bear civil liability for losses caused by undisclosed land idleness or other illegal activities by China Railway Construction, a long-term and strictly fulfilled commitment[141](index=141&type=chunk) - The company and its controlling shareholder have fulfilled their share lock-up commitments regarding the spin-off listing of CRCC Heavy Industry on the STAR Market, and the company voluntarily extended the lock-up period for its CRCC Heavy Industry shares by **12 months**[141](index=141&type=chunk)[142](index=142&type=chunk) [V. Appointment and Dismissal of Accounting Firms](index=43&type=section&id=%E4%BA%94%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) The company decided to change its accounting firm due to the expiration of Deloitte Touche Tohmatsu Certified Public Accountants LLP's audit service term, to ensure audit independence; in June 2025, the company's general meeting of shareholders approved the appointment of Ernst & Young Hua Ming LLP as the audit service provider for 2025, with an audit fee of 25 million Yuan - Deloitte Touche Tohmatsu Certified Public Accountants LLP had served for **8 years** in auditing the company's financial statements and internal controls, leading the company to decide on a change of accounting firm[144](index=144&type=chunk) - On June 20, 2025, the company's general meeting of shareholders approved the appointment of Ernst & Young Hua Ming LLP as the audit service provider for the company in 2025[144](index=144&type=chunk) - The 2025 audit fee is **CNY 25 million**, including **CNY 23.3 million** for domestic and overseas financial statement audits and interim reviews, and **CNY 1.7 million** for internal control audits[144](index=144&type=chunk) [VI. Review of Semi-Annual Report by Audit and Risk Management Committee](index=43&type=section&id=%E5%85%AD%E3%80%81%E5%AE%A1%E8%AE%A1%E4%B8%8E%E9%A3%8E%E9%99%A9%E7%AE%A1%E7%90%86%E5%A7%94%E5%91%98%E4%BC%9A%E5%AE%A1%E9%98%85%E5%8D%8A%E5%B9%B4%E6%8A%A5%E6%83%85%E5%86%B5) The company's Board Audit and Risk Management Committee has reviewed the Group's interim financial statements for the six months ended June 30, 2025, and discussed accounting policies, practices, and internal controls with management - The company's Board Audit and Risk Management Committee has reviewed the Group's interim financial statements for the six months ended June 30, 2025[145](index=145&type=chunk) - The committee discussed accounting policies, practices, and internal controls with management[145](index=145&type=chunk) [XII. Material Related Party Transactions](index=44&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's material related party transactions with its controlling shareholder and other related parties in daily operations, creditor-debtor relationships, and financial services; the company renewed house leasing and financial service agreements with its controlling shareholder and signed equipment purchase and lease service agreements with CRCC Financial Leasing; during the reporting period, related party creditor-debtor relationships and financial services were settled as per normal progress [(I) Related Party Transactions Related to Daily Operations](index=44&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company with its controlling shareholder renewed its house leasing framework agreement and financial service agreement, and signed an equipment purchase and lease service agreement with CRCC Financial Leasing, all having undergone necessary decision-making procedures; during the reporting period, all daily operating related party transactions were executed as per agreement, with no changes - The company renewed the "House Leasing Framework Agreement" with its controlling shareholder, with an annual transaction cap of **300 million Yuan** for 2025[147](index=147&type=chunk) - The company renewed the "Service Provision Framework Agreement" with its controlling shareholder, with an annual transaction cap not exceeding **1 billion Yuan** for 2025-2027[148](index=148&type=chunk) - The company and its controlled subsidiary, China Railway Construction Finance Co., Ltd., renewed the "Financial Services Agreement" with the controlling shareholder, providing deposit, loan, settlement, and other financial services[148](index=148&type=chunk) Related Party Transactions with Controlling Shareholder in Daily Operations | Related Party | Related Party Transaction Type | Related Party Transaction Content | Related Party Transaction Amount (Thousand Yuan) | | :--- | :--- | :--- | :--- | | Shaanxi Railway Engineering Survey Co., Ltd. and 11 other entities | Acceptance of labor services | Planning and design consulting | 236,835 | | Controlling Shareholder and related parties | House leasing expenses | House leasing | 29,905 | | CRCC Financial Leasing Co., Ltd. | Machinery and equipment leasing expenses | Machinery and equipment leasing | 1,179,252 | | CRCC Financial Leasing Co., Ltd. | Equipment sales revenue | Equipment sales | 251,958 | | CRCC Financial Leasing Co., Ltd. | Equipment procurement expenses | Equipment procurement | 147,155 | [(IV) Related Party Creditor-Debtor Relationships](index=47&type=section&id=(%E5%9B%9B)%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) The company's creditor-debtor relationships with related parties are primarily operational and settled as per normal progress; during the reporting period, the balance of funds provided by the listed company to the controlling shareholder increased, while the balance of funds provided by related parties to the listed company decreased Related Party Creditor-Debtor Relationships | Related Party | Relationship | Balance of Funds Provided by Listed Company to Related Party at Period End (Thousand Yuan) | Balance of Funds Provided by Related Party to Listed Company at Period End (Thousand Yuan) | | :--- | :--- | :--- | :--- | | China Railway Construction Group Co., Ltd. | Controlling Shareholder | 1,683,000 | 1,836,876 | | China Railway Construction Group Co., Ltd. | Controlling Shareholder | - | 302,980 | | CRCC Jinli Asset Management Co., Ltd. | Wholly-owned subsidiary of Controlling Shareholder | - | 462,085 | | Xi'an Tianchuang Investment Development Co., Ltd. | Wholly-owned subsidiary of Controlling Shareholder | - | 3,001 | | CRCC Financial Leasing Co., Ltd. | Controlled subsidiary of Controlling Shareholder | - | 11,525 | | Total | / | 1,683,000 | 2,616,467 | - Related party creditor-debtor relationships arose from operational creditor-debtor transactions and were settled as per normal progress[153](index=153&type=chunk) [(V) Financial Services Between the Company and Related Financial Companies, and Between the Company's Controlled Financial Company and Related Parties](index=48&type=section&id=(%E4%BA%94)%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) The company's controlled subsidiary, China Railway Construction Finance Co., Ltd., has financial business with the controlling shareholder and its subsidiaries, including deposits, loans, and credit lines; during the reporting period, the total deposits of related parties in the financial company decreased, while the company's loan balance to the controlling shareholder increased Deposit Business Status | Related Party | Relationship | Beginning Balance (Thousand Yuan) | Total Deposits in Current Period (Thousand Yuan) | Total Withdrawals in Current Period (Thousand Yuan) | Ending Balance (Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Construction Group Co., Ltd. | Controlling Shareholder | 289,618 | 1,063,030 | 1,049,668 | 302,980 | | CRCC Jinli Asset Management Co., Ltd. | Wholly-owned subsidiary of Controlling Shareholder | 609,490 | 820,675 | 968,080 | 462,085 | | Xi'an Tianchuang Investment Development Co., Ltd. | Wholly-owned subsidiary of Controlling Shareholder | - | 13,900 | 10,899 | 3,001 | | CRCC Financial Leasing Co., Ltd. | Controlled subsidiary of Controlling Shareholder | 5,246 | 761,249 | 754,970 | 11,525 | | Total | / | 904,354 | 2,658,854 | 2,783,617 | 779,591 | Loan Business Status | Related Party | Relationship | Loan Limit (Thousand Yuan) | Beginning Balance (Thousand Yuan) | Total Loans in Current Period (Thousand Yuan) | Total Repayments in Current Period (Thousand Yuan) | Ending Balance (Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Construction Group Co., Ltd. | Controlling Shareholder | 4,000,000 | 1,095,056 | 721,003 | 133,059 | 1,683,000 | [XIII. Material Contracts and Their Performance](index=50&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the company's material guarantees performed and new major operating contracts signed domestically and internationally during the reporting period; the company's total external guarantees amounted to 79.6829 billion Yuan, with guarantees to subsidiaries accounting for the vast majority; new domestic contracts include several high-speed railway and highway projects, while overseas contracts primarily focus on the China-Kyrgyzstan-Uzbekistan railway project and the Saudi King Abdullah University infrastructure project [(II) Material Guarantees Performed and Unfulfilled During the Reporting Period](index=50&type=section&id=(%E4%BA%8C)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) As of the end of the reporting period, the total outstanding guarantees provided by the company and its wholly-owned and controlled subsidiaries amounted to 79.6829 billion Yuan, of which guarantees to subsidiaries totaled 77.7524 billion Yuan, accounting for the vast majority of the company's total guarantees; the company had no overdue guarantees, and all external guarantees complied with decision-making procedures and information disclosure obligations - The total guarantee amount (A+B) at the end of the reporting period was **79,682,853 Thousand Yuan**, accounting for **23.36%** of the company's net assets[162](index=162&type=chunk) - The total outstanding guarantees provided by the company and its wholly-owned and controlled subsidiaries to subsidiaries amounted to **77,752,389 Thousand Yuan**[162](index=162&type=chunk) - The company had no overdue guarantees, and all external guarantees strictly complied with relevant regulatory documents and corporate governance system requirements for decision-making procedures and information disclosure obligations[162](index=162&type=chunk) [(III) Other Material Contracts](index=52&type=section&id=(%E4%B8%89)%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) During the reporting period, the company signed several new major domestic and overseas operating contracts; domestic contracts primarily include the new Yichang to Fuling High-speed Railway, the Shanghai-Chongqing Expressway expansion project, and the Shanghai-Nanjing-Hefei High-speed Railway; overseas contracts mainly include the Saudi King Abdullah University infrastructure and supporting facilities relocation project and the China-Kyrgyzstan-Uzbekistan railway early-start section tunnel project Domestic Operating Contracts (Partial) | No. | Project Name | Contract Amount (CNY Billion) | Company Signing Entity | | :--- | :--- | :--- | :--- | | 2 | New Yichang to Fuling High-speed Railway (Hubei Section) Station Front Engineering YFHBZQ-4 Bid Section, etc. | 20.797 | China Railway No. 14 Bureau Group Co., Ltd., China Railway No. 20 Bureau Group Co., Ltd., etc. | | 5 | New Shanghai to Nanjing to Hefei High-speed Railway Shanghai Baoshan Station Building and Related Engineering Construction General Contract BSZF-1 Bid Section, BSZF-2 Bid Section | 5.438 | China Railway No. 14 Bureau Group Co., Ltd., China Railway Construction Engineering Group Co., Ltd. | | 9 | Nanjing Shangyuanmen River Crossing Channel, New Shanghai to Nanjing to Hefei High-speed Railway Nanjing Hub (Jiangbei Area) Remaining Engineering and Nanjing North Station Local Supporting Synchronous Implementation Engineering Construction General Contract SYMZQ-02SG Bid Section, SYMZQ-03SG Bid Section | 4.930 | China Railway No. 24 Bureau Group Co., Ltd., China Railway No. 16 Bureau Group Co., Ltd. | Overseas Operating Contracts (Partial) | No. | Project Name | Contract Amount (CNY Billion) | Company Signing Entity | | :--- | :--- | :--- | :--- | | 1 | Saudi King Abdullah University Infrastructure and Supporting Facilities Relocation Project | 8.112 | China Railway Construction Corporation Limited and China Railway Construction Engineering Group Co., Ltd. Consortium | | 2 | China-Kyrgyzstan-Uzbekistan Railway Early-Start Section (Kyrgyzstan Section Key Control Engineering) Three Tunnels Engineering ZJWZQ-2 Bid Section General Contract Project | 1.416 | China Railway No. 11 Bureau Group Co., Ltd. | | 4 | China-Kyrgyzstan-Uzbekistan Railway Project (Kyrgyzstan Section) Full Line Station Front Engineering ZJWZQ-6 Bid Section General Contract Project (Excluding Early-Start Section) | 1.568 | China Railway No. 19 Bureau Group Co., Ltd. | Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=54&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure, nor any repurchases, sales, or redemptions of the company's securities - During the reporting period, there were no changes in the company's total share capital or share structure[169](index=169&type=chunk) - During the reporting period, neither the company nor its subsidiaries repurchased, sold, or redeemed any of the company's securities[170](index=170&type=chunk) [II. Shareholder Information](index=54&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of June 30, 2025, the company's total share capital was 13,579,541,500 shares, with a total of 230,727 shareholders; the controlling shareholder, China Railway Construction Group Co., Ltd., held 51.23% of the A-shares; HKSCC NOMINEES LIMITED was the second largest shareholder, holding 15.19% of the H-shares Share Capital Structure (June 30, 2025) | Shareholder Name | Share Class | Number of Shares | Percentage of Total Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | China Railway Construction Group Co., Ltd. | A-share | 6,956,316,590 | 51.23 | | A-share Public Shareholders | A-share | 4,546,928,910 | 33.48 | | H-share Public Shareholders | H-share | 2,076,296,000 | 15.29 | | Total | / | 13,579,541,500 | 100.00 | - As of June 30, 2025, the company had a total of **230,727** shareholders (**217,484** A-share shareholders and **13,243** H-share shareholders)[175](index=175&type=chunk) - HKSCC NOMINEES LIMITED held **2,062,665,365** shares, accounting for **15.19%**, making it the second largest shareholder[178](index=178&type=chunk) [III. Directors and Senior Management Information](index=58&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) As of the end of the reporting period, the company's directors and senior management did not hold any shares in the company, nor were they granted any stock options or restricted shares, and they complied with the securities dealing code - As of the end of the reporting period, the company's directors and senior management did not hold any shares in the company, nor were they granted any stock options or restricted shares[183](index=183&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=59&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) This section details the basic information, use of raised funds, special bond types, and important matters related to the company's corporate bonds and non-financial enterprise debt financing instruments during the reporting period; the company issued multiple tranches of perpetual corporate bonds and technology innovation corporate bonds, with funds primarily used to supplement working capital; the company also disclosed non-operating intercompany receivables and fund borrowings, as well as the Group's interest-bearing debt structure [(I) Corporate Bonds (Including Enterprise Bonds)](index=59&type=section&id=(%E4%B8%80)%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89) The company issued multiple tranches of perpetual corporate bonds and technology innovation corporate bonds, with bond balances ranging from 800 million Yuan to 3 billion Yuan, and coupon rates between 2.08% and 4.00%; these bonds are primarily traded on the Shanghai Stock Exchange, issued to professional or qualified investors, and include the company's renewal option and deferred interest payment right - The company issued multiple tranches of perpetual corporate bonds, such as "CRCC YK01" with a bond balance of **3,000,000 Thousand Yuan**, an interest rate of **3.95%**, maturing on December 21, 2025, with the company having the right to exercise its renewal option[186](index=186&type=chunk) - The company issued technology innovation perpetual corporate bonds, such as "CRCC YK25" with a bond balance of **1,500,000 Thousand Yuan**, an interest rate of **2.08%**, maturing on April 21, 2028[188](index=188&type=chunk) [(II) Use of Corporate Bond Proceeds](index=64&type=section&id=(%E4%BA%8C)%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) The total proceeds from the company's multiple tranches of technology innovation perpetual corporate bonds were all 1,500,000 Thousand Yuan, and the actual use of proceeds was to supplement working capital; the use of proceeds complied with the prospectus's stated purposes, and the special account management for proceeds was compliant with local government debt management regulations Basic Information on Corporate Bond Proceeds | Bond Code | Bond Abbreviation | Is it a Special Bond Type | Specific Type of Special Bond | Total Proceeds (Thousand Yuan) | | :--- | :--- | :--- | :--- | :--- | | 242946 | CRCC YK29 | Yes | Technology Innovation Corporate Bond, Perpetual Corporate Bond | 1,500,000 | | 242945 | CRCC YK28 | Yes | Technology Innovation Corporate Bond, Perpetual Corporate Bond | 1,500,000 | | 242847 | CRCC YK26 | Yes | Technology Innovation Corporate Bond, Perpetual Corporate Bond | 1,500,000 | | 242846 | CRCC YK25 | Yes | Technology Innovation Corporate Bond, Perpetual Corporate Bond | 1,500,000 | - All proceeds were used to supplement working capital required for the company's main business and daily production and operations, not for new share placements, subscriptions, or trading in stocks and their derivatives, convertible bonds, or other non-productive expenditures[195](index=195&type=chunk) - The use of proceeds and management of the proceeds account were compliant, adhering to local government debt management regulations[196](index=196&type=chunk) [(III) Other Matters to be Disclosed for Special Bond Types](index=66&type=section&id=(%E4%B8%89)%20%E4%B8%93%E9%A1%B9%E5%93%81%E7%A7%8D%E5%80%BA%E5%88%B8%E5%BA%94%E5%BD%93%E6%8A%AB%E9%9C%B2%E7%9A%84%E5%85%B6%E4%BB%96%E4%BA%8B%E9%A1%B9) The company issued multiple tranches of perpetual corporate bonds and technology innovation corporate bonds, all classified as other equity instruments within owners' equity; during the reporting period, there were no events related to the renewal, interest rate step-up, interest deferral, or mandatory interest payment of these bonds; as a technology innovation enterprise issuer, the company used bond proceeds to supplement working capital and promote technological innovation development - The company's issued perpetual corporate bonds, such as "21 CRCC Y2" with a bond balance of **1,300,000 Thousand Yuan**, are all classified as owners' equity—other equity instruments[198](index=198&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[203](index=203&type=chunk)[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk)[210](index=210&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[220](index=220&type=chunk)[221](index=221&type=chunk)[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk)[226](index=226&type=chunk)[227](index=227&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk)[233](index=233&type=chunk)[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk)[237](index=237&type=chunk) - The company's issued technology innovation corporate bonds, such as "CRCC YK01" with a bond balance of **3,000,000 Thousand Yuan**, meet the requirements for technology innovation enterprise issuers, and the proceeds are used to supplement working capital[239](index=239&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk)[253](index=253&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) - During the reporting period, the company's R&D expenses were **CNY 7.5165 billion**, implementing innovation-driven development and continuously improving its technology innovation management system and mechanisms[239](index=239&type=chunk)[241](index=241&type=chunk)[242](index=242&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk)[251](index=251&type=chunk)[253](index=253&type=chunk)[255](index=255&type=chunk)[257](index=257&type=chunk)[259](index=259&type=chunk)[261](index=261&type=chunk)[262](index=262&type=chunk)[264](index=264&type=chunk)[266](index=266&type=chunk)[268](index=268&type=chunk)[270](index=270&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) [(IV) Important Matters Related to Corporate Bonds During the Reporting Period](index=85&type=section&id=(%E5%9B%9B)%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) At the end of the reporting period, the company's consolidated non-operating intercompany receivables and fund borrowings balance was 4,443,570 Thousand Yuan, not exceeding 10% of consolidated net assets; the company's consolidated interest-bearing debt balance was 602,536,287 Thousand Yuan, a year-on-year increase of 24.01%, with bank loans accounting for 90.14%; the outstanding overseas bonds amounted to 8,193,360 Thousand Yuan; no overdue interest-bearing debt or violations of regulations occurred during the reporting period - At the end of the reporting period, the company's consolidated non-operating intercompany receivables and fund borrowings balance was **4,443,570 Thousand Yuan**, accounting for **1.03%** of consolidated net assets, not exceeding **10%**[273](index=273&type=chunk)[274](index=274&type=chunk)[275](index=275&type=chunk) Company Consolidated Interest-Bearing Debt Structure | Interest-Bearing Debt Category | Total Amount (Thousand Yuan) | Proportion of Interest-Bearing Debt (%) | | :--- | :--- | :--- | | Corporate Credit Bonds | 55,162,968 | 9.16 | | Bank Loans | 543,152,058 | 90.14 | | Non-bank Financial Institution Loans | 1,399,000 | 0.23 | | Other Interest-Bearing Debts | 2,822,261 | 0.47 | | Total | 602,536,287 | 100.00 | - During the reporting period, the company's consolidated interest-bearing debt balance increased by **24.01%** year-on-year[278](index=278&type=chunk) - As of the end of the reporting period, the outstanding overseas bonds issued within the company's consolidated scope amounted to **8,193,360 Thousand Yuan** in RMB equivalent[281](index=281&type=chunk) [(V) Non-Financial Enterprise Debt Financing Instruments in the Interbank Bond Market](index=88&type=section&id=(%E4%BA%94)%20%E9%93%B6%E8%A1%8C%E9%97%B4%E5%80%BA%E5%88%B8%E5%B8%82%E5%9C%BA%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company issued multiple tranches of medium-term notes in the interbank bond market, including the first tranches of 2022, 2023, 2024, and the first and second tranches of 2025; these bonds have balances ranging from 700 million Yuan to 3 billion Yuan, with coupon rates between 1.95% and 3.23%, all include the company's deferred interest payment right, and are traded in the national interbank bond market, targeting institutional investors - The company issued multiple tranches of medium-term notes, such as "22 CRCC MTN001" with a bond balance of **3,000,000 Thousand Yuan**, an interest rate of **2.79%**, maturing upon issuer redemption[283](index=283&type=chunk) - The company's issued medium-term notes all include a clause for annual interest payment if the company does not exercise its deferred interest payment right[283](index=283&type=chunk) [(VII) Key Accounting Data and Financial Indicators](index=89&type=section&id=(%E4%B8%83)%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) At the end of the reporting period, the company's current ratio and quick ratio remained stable, while the asset-liability ratio slightly increased; net profit after deducting non-recurring gains and losses decreased by 11.40% year-on-year; both EBITDA to total debt ratio and EBITDA interest coverage ratio decreased, but the loan repayment rate and interest payment rate remained at 100% Key Financial Indicators (January-June 2025 vs. Prior Period/End) | Key Indicator | Current Period End/Current Period (Jan-Jun) | Prior Year End/Prior Period | Change from Prior Year End (%)/Change from Prior Period (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 1.04 | 1.03 | 0.97 | | Asset-Liability Ratio (%) | 78.54 | 77.31 | Increase of 1.23 percentage points | | Net Profit After Deducting Non-recurring Gains and Losses (Thousan

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—038 中国铁建股份有限公司 第六届董事会第三次会议决议公告 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、准确性和完整性承 担法律责任。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第六届董事会第三次会 议于 2025 年 8 月 29 日在中国铁建大厦举行，董事会会议通知和材料 于 2025 年 8 月 14 日以书面直接送达和电子邮件等方式发出。应出席 会议董事 7 名，7 名董事出席本次会议。公司高级管理人员列席了会 议。会议由董事长戴和根先生主持。本次会议的召开符合有关法律、 行政法规、部门规章、规范性文件和《中国铁建股份有限公司章程》 及《中国铁建股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 会议审议并以记名投票方式表决了会议议案，作出如下决议： （一）审议通过《公司2025年半年报及摘要的议案》 同意公司2025年半年报及摘要。 表决结果：同意7票，反对0票，弃权0票。 本议案已经审计与风险管理委员会审议通过。 （二）审议通过《<中国铁建股份 ...

格隆汇8月29日丨中国铁建(601186.SH)公告称，2025年上半年营业收入为4891.99亿元，同比下降 5.22%；归属于上市公司股东的净利润为107.01亿元，同比下降10.09%。 ...

Group 1 - The core point of the article is that China Railway Construction Corporation (601186.SH) reported a decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [2] Group 2 - The company's operating revenue for the first half of 2025 was 489.199 billion yuan, representing a year-on-year decrease of 5.22% [2] - The net profit attributable to shareholders of the listed company was 10.701 billion yuan, showing a year-on-year decline of 10.09% [2]

Group 1 - The meeting between the chairmen of China Datang Group and China Railway Construction Corporation focused on deepening cooperation and enhancing communication [1][3] - China Datang is committed to implementing the energy security strategy proposed by Xi Jinping, emphasizing green transformation and maintaining positive operational performance [3] - Both companies aim to strengthen collaboration in areas such as large power bases, hydropower, offshore wind power, and overseas business to contribute to high-quality development in the energy sector [3] Group 2 - China Railway Construction Corporation expressed gratitude for the support from China Datang and highlighted their commitment to the national energy security strategy [3] - The two companies recognize their complementary advantages and the broad scope for cooperation, particularly in new equipment, new materials, new energy, and energy infrastructure construction [3] - Both parties aim to work together to serve the national energy strategy and achieve mutual benefits [3]

Core Points - The article discusses the severe flooding in Beijing's Huairou District due to extreme rainfall from July 28 to 29, 2025, leading to significant infrastructure damage and emergency response efforts [1][2] Group 1: Emergency Response - The State-owned Assets Supervision and Administration Commission and the Huairou District government issued rescue directives, prompting China Railway Construction Corporation to establish a command center for disaster relief [1] - Rescue teams faced challenges such as landslides and communication outages, necessitating the use of heavy machinery to clear blocked roads and restore access [1] - A strategy of "water and land operations" was implemented to expedite the clearing of river channels and repair of roads in severely affected areas [1] Group 2: Community Involvement - Local residents, including retired workers, volunteered to assist in rescue operations, showcasing community resilience and solidarity during the crisis [1] - As communication and power gradually restored, evacuated villagers began returning home, noting improvements in road conditions that facilitated access [2]

Group 1 - The State Intellectual Property Office of China has published a patent application by China Railway First Survey and Design Institute Group Co., Ltd. and China Railway Construction Corporation Limited for a "Multi-level Reference Fusion Tunnel Construction Scene Positioning System and Method" [1] - The patent aims to achieve high-precision positioning of construction equipment and personnel during tunnel construction by utilizing a system that includes a central control system, static absolute reference network, positioning module, dynamic communication network, and external feature constraints [1] - The proposed system is designed to operate in stable construction areas and near the face of the tunnel, establishing an observable coordinate system at the boundary of these areas [1] Group 2 - China Railway First Survey and Design Institute Group Co., Ltd. was established in 1992, located in Xi'an, with a registered capital of 1.03 billion RMB [2] - The company has invested in 81 enterprises and participated in 5,000 bidding projects, holding 4 trademark records and 3,251 patent records [2] - China Railway Construction Corporation Limited was founded in 2007, based in Beijing, with a registered capital of approximately 13.58 billion RMB [2] - This company has invested in 126 enterprises and also participated in 5,000 bidding projects, holding 331 trademark records and 938 patent records [2]

从全球区域市场来看，欧洲、亚洲和美国是三大主要市场。中国企业在亚洲、非洲和中东市场保持领 先，份额分别为59.2%、61.6%和27.1%，但在美国和加拿大市场未进入前列。欧洲企业则在欧美、澳大 利亚及拉美市场占据明显优势。 业务领域方面，交通运输、房屋建筑、石油化工和电力工程是四大主要板块。中国企业在各领域均有一 定竞争力，尤其在电力、交通、房屋建筑等领域多家企业进入全球前十。 与去年相比，76家上榜中国企业中有46家排名上升，新上榜企业湖南建投位列第124位。在ENR同期发 布的"全球最大250家承包商"总榜中，中国建筑、中国中铁、中国铁建、中国交建包揽前四，7家中国企 业进入前十，显示中国在全球基建行业的突出地位。 总体而言，中国国际承包商在复杂全球环境中表现出良好的适应能力和持续增长潜力。 2025年度ENR 2025年度美国《工程新闻记录》（ENR）"全球最大250家国际承包商"榜单显示，中国内地企业共有76 家入围，上榜数量继续位居全球第一。中国上榜企业2024年国际营业额总计1273.2亿美元，同比增长 3.6%，占全球总额的25.4%，在业务规模和数量上均保持领先地位。 4家中国企业进入前十强 ...

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