（於中華人民共和國註冊成立的股份有限公司） （股份代號：1786） (1)建議選舉第四屆董事會非職工董事；及 (2)有關金融服務框架協議之持續關連交易 董 事 會 謹 此 宣 佈，本 公 司 已 於2025年11月3日 舉 行 董 事 會 會 議，已 通 過（其 中 包 括） 以下決議案。 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 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 陳永祥，59歲，於2017年6月至今任本公司執行董 事，2024年12月至今任本公 司 副 總 經 理。2013年6月畢業於南開大學與澳大利亞Flinders大學合辦國際經 貿關係專業，研究生學歷，工程師。於鐵路養路機械造修領域擁有35年經驗。 於1998年11月 至2010年1月，歷 任 本 公 司 生 產準 備 車 間 副 主 任、金 屬 材 料加 工 公司經理、機加工公司經理。於2010年1月至2021年4月，歷任本公司副總經理、 執行董事。 – 2 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵建高新裝備股份有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01786 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 531,900,000 | RMB | | 1 RMB | | 531,900,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 531,900,000 | RMB | | 1 RMB | | 531,900,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他 ...

Core Viewpoint - China Railway Construction Heavy Industry (CRCHI) is a leading manufacturer of railway turnouts and tunneling machines, with significant financial performance indicators suggesting strong potential for growth through integration with China Railway Construction Equipment [1][2]. Group 1: Company Overview - CRCHI manufactures railway turnouts, tunneling machines, fasteners, and excavators, achieving a net profit of 963 million yuan in 2016, which is 2.1 times the profit of China Railway Construction Equipment for the same year [1]. - The net assets of CRCHI reached 6.9 billion yuan in 2016, representing 1.25 times the net assets of China Railway Construction Equipment [1]. Group 2: Integration Potential - The proposed integration plan between CRCHI and China Railway Construction Equipment is still uncertain, with no specific plans or timelines established yet [2]. - If the integration plan is executed, it is expected that China Railway Construction may first consolidate the R&D, manufacturing, and marketing operations of the two companies [2]. Group 3: Market Conditions - The railway maintenance machinery business remains under pressure, primarily due to China Railway Corporation being the sole major customer for CRCHI, with limited new orders in the first half of 2017 [3]. - However, there is an expectation that more project tenders may be released in the second half of 2017, with potential increases in tenders for 2018 [3]. Group 4: Valuation Recommendations - China International Capital Corporation (CICC) maintains earnings per share forecasts of 0.36 yuan for 2017 and 0.41 yuan for 2018 [4]. - CICC continues to recommend a target price of 4.39 HKD, based on an 11 times P/E ratio for 2017 [4].

Core Viewpoint - China Railway Construction is planning to integrate its subsidiary China Railway Equipment with another wholly-owned subsidiary, China Railway Heavy Industry, to form a new entity called China Railway Heavy Industry Group Limited. The integration is still in the planning stage, and specific methods have yet to be determined [1]. Group 1: Integration Details - The integration aims to combine two major equipment manufacturing subsidiaries of China Railway Construction, enhancing the company's position in the industry and diversifying its revenue sources beyond just railway maintenance machinery [2][3]. - China Railway Heavy Industry, established in 2007, has become the largest underground engineering equipment and rail equipment manufacturer in China, with a strong product lineup including tunnel boring machines and special equipment [2]. Group 2: Financial Implications - In 2016, China Railway Heavy Industry reported a net profit of 960 million RMB, which is 2.1 times that of China Railway Equipment, and a net asset value of 6.9 billion RMB, 1.2 times that of China Railway Equipment. The merger is expected to significantly enhance the revenue scale and return on equity (ROE) of the listed company [3]. - The combined net profit of both companies in 2016 was 1.43 billion RMB, with total net assets of 12.43 billion RMB. If the merger is completed, the estimated market value could reach 14.76 billion HKD based on a 9x price-to-earnings (PE) ratio [4]. Group 3: Market Position and Future Prospects - The integration is theoretically feasible, and if fully merged, the new entity could qualify as a target for the Shenzhen-Hong Kong Stock Connect, given its projected market value exceeds the 5 billion HKD threshold [4][5]. - The current stock price of China Railway Equipment corresponds to a 9x PE ratio and a 0.85x price-to-book (PB) ratio, indicating a potential undervaluation compared to peers. The target price is set at 4.6 HKD, reflecting a 12x PE ratio for 2017 [5].

Core Viewpoint - China Railway Construction is planning to integrate its subsidiary China Railway Equipment with another wholly-owned subsidiary, China Railway Heavy Industry, to form a new entity called China Railway Heavy Industry Group Limited. The integration is still in the planning stage, and specific methods have yet to be determined [1] Group 1: Company Overview - China Railway Heavy Industry, established in 2007, has become the largest manufacturer of underground engineering equipment and rail equipment in China, being the only company in the mechanical industry top 100 with a focus on full-face tunnel boring machines [1] - The main business segments of China Railway Heavy Industry include tunneling machines, special equipment, rail equipment, and services, with key products such as tunnel boring machines, shield machines, municipal pipeline construction machinery, rock drilling rigs, multi-functional tunnel operation vehicles, concrete spraying vehicles, railway switches, and track fasteners [1] Group 2: Strategic Implications - The integration of China Railway Heavy Industry will transform the listed company from a leader in railway maintenance machinery to a comprehensive equipment manufacturing leader across multiple industries, which will diversify the company's revenue sources and mitigate the impact of fluctuations in the railway sector [1] - China Railway Equipment and China Railway Heavy Industry are the two main subsidiaries under China Railway Construction focused on equipment manufacturing. If the merger is completed, it will signify the consolidation of the equipment manufacturing business under China Railway Construction [1] Group 3: Financial Metrics - In 2016, China Railway Heavy Industry reported a net profit of 960 million RMB, which is 2.1 times that of China Railway Equipment, and its net assets reached 6.9 billion RMB, which is 1.2 times that of China Railway Equipment. If China Railway Heavy Industry is fully integrated, the overall return on equity (ROE) of the listed company will improve [1]

Core Viewpoint - The company maintains a neutral outlook due to a lack of short-term catalysts and has adjusted its profit forecasts downward for 2017-2018, expecting net profit growth of -41%/22%/23% for 2017-2019 [1][3] Group 1: Company Performance and Orders - The company won a bid for 74 railway maintenance machines from the China Railway Corporation, with an estimated order value of approximately 800 million yuan [1] - The overall bidding situation from the China Railway Corporation this year has not met expectations, with a total of 159 and 99 machines bid in 2016 and 2017 respectively [2] - The company had a backlog of orders worth 1.3 billion yuan at the end of 2016 and signed new orders of 500-600 million yuan in the first half of 2017 [1] Group 2: Market Conditions and Challenges - The company faces uncertainty as the China Railway Corporation is its only major client, and the procurement pace is unclear despite previous expectations of a 40% increase in procurement during the 13th Five-Year Plan [2] - New products and business expansions are not expected to yield significant growth in the short term, particularly in the subway business where market feedback is still pending [2] - Environmental policies in Beijing are limiting the company's maintenance capacity, with an estimated 100 machines to be overhauled this year [1] Group 3: Profit Forecast and Valuation - The company has revised its profit forecasts downward by 26-27% for 2017-2018, with projected net profit growth of -41%/22%/23% for 2017-2019 [3] - The current stock price corresponds to a 7.1 times forecasted P/E ratio for 2018, and the target price has been set at 2.03 HKD, calculated using a conservative P/E ratio of 8 times [3]

Core Viewpoint - The company reported disappointing financial results for the first half of 2017, with significant declines in both revenue and net profit due to various operational challenges [1] Financial Performance - Revenue for 1H17 declined by 45% year-on-year to Rmb930 million [1] - Net profit fell by 87.5% year-on-year to Rmb26 million [1] - Gross profit margin (GPM) remained flat at 26.1% [1] Contributing Factors - The decline in revenue was primarily attributed to the China Railway Corporation postponing purchases of railway maintenance machines, leading to a significant drop in machines sold during 1H17 [1] - Research and development costs increased by Rmb20 million during the period [1] - Finance costs rose by Rmb35 million due to higher interest on discounted long-term trade receivables [1]

Core Viewpoint - The report from China Merchants Securities assigns a neutral rating to the company with a target price of HKD 2.36 [1] Summary by Categories - Rating: Neutral [1] - Target Price: HKD 2.36 [1]

Group 1 - The core viewpoint of the article highlights the strong performance of the company in 2018, with significant revenue and profit growth, and a solid dividend payout [1][4] - In 2018, the company achieved a revenue of 2.41 billion RMB, representing a year-on-year increase of 32.6%, and a net profit of 156 million RMB, up 183.8% [1] - The company declared a dividend of 0.05 RMB per share, resulting in a payout ratio of 50% [1] Group 2 - The growth in revenue was primarily driven by an increase in equipment sales, with machinery sales revenue reaching 1.6 billion RMB, a 65.0% increase year-on-year [1] - The company experienced a decline in parts sales revenue, which was 210 million RMB, down 18.8% year-on-year [1] - Revenue from railway line maintenance services increased by 59.6% to 40 million RMB, while revenue from engineering and technical services for line vehicles decreased by 14.0% to 70 million RMB [1] Group 3 - The railway equipment bidding scale has rebounded, with a significant recovery in demand for large maintenance machinery, as total railway investment exceeded initial plans, increasing from 730 billion RMB to 800 billion RMB, a rise of about 10% [2] - Equipment investment is estimated to have increased over 40%, indicating a positive outlook for large maintenance machinery demand in 2019 [2] Group 4 - The company maintained its leading position in the industry by winning multiple large contracts at the end of 2018, including a 96 million RMB project for five large maintenance machines for the Daqin Railway and a 730 million RMB procurement project for 52 large maintenance machines [3] - The expected bidding volume for the company in 2019 is anticipated to increase year-on-year [3] Group 5 - The company maintains an "Accumulate" rating, with a target price raised to 2.30 HKD, based on adjusted profit forecasts for 2019-2021, with net profits projected at 200 million RMB, 260 million RMB, and 320 million RMB respectively [4] - The company’s gross profit margin for 2018 was 23.9%, slightly below expectations, leading to a minor downward adjustment in future gross margin and profit forecasts [4]

中國鐵建高新裝備股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 章 程 （經2015年第一次臨時股東大會審議通過，於H股發行上市後適用） | 第一章 | 總 | 則 | 1 | | --- | --- | --- | --- | | 第二章 | | 經營宗旨和範圍 | 3 | | 第三章 | 股 | 份 | 4 | | 第四章 | | 股東和股東會 | 9 | | 第五章 | | 董事和董事會 | 31 | | 第六章 | | 高級管理人員 | 47 | | 第七章 | 黨 | 委 | 50 | | 第八章 | | 財務會計制度、利潤分配和審計 | 51 | | 第九章 | | 合併、分立、增資、減資、解散和清算 | 55 | | 第十章 | | 修改公司章程 | 61 | | 第十一章 | | 通知和公告 | 61 | | 第十二章 | | 附 則 | 62 | 第一章 總 則 （經2017年股東週年大會修訂） （經2018年股東週年大會修訂） （經2020年第一次臨時股東大會修訂） （經2019年股東週年大會修訂） （經2020年股東週年大會修訂） （經2022年第一次臨時股東大會修訂） （經2 ...