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 ...

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。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1786） 二零二五年第一次臨時股東大會、 二零二五年第一次H股股東類別會議及 二零二五年第一次內資股股東類別會議之投票結果；及 取消監事會 臨時股東大會之投票結果 及取消監事會 中 國 鐵 建 高 新 裝 備 股 份 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈，本 公 司 日 期 為 二 零 二 五 年 八 月 十 五 日 之 臨 時 股 東 大 會 通 告（「臨時股東大會通告」）及 日 期 為 二 零 二 五 年 九 月 十 二 日 之 臨 時 股 東 大 會 補 充 通 告（「補充通告」）所 載 之 所 有 決 議案已於本公司於二零二五年九月三十日（星期二）上午九時正在中華人民共和國（「中 國」）雲 南 省 昆 明 市 金 馬 鎮 羊 方 旺384號 本 ...

中国铁建股份有限公司 与 中国铁建高新装备股份有限公司 甲方:中国铁建股份有限公司 企业法人营业执照注册号: 91110000710935150D 住所:北京市海淀区复兴路 40 号东院 法定代表人:戴和根 乙方:中国铁建高新装备股份有限公司 之 机械装备及配件销售框架协议 二 Ο 二五年 【七】月【三十】 日 8-1 in 机械装备及配件销售框架协议 本协议由以下双方于二零二五年《七】月《三十】曰（以下简称"签署曰"）在 中华人民共和国(以下简称"中国")【北京】签订: 企业法人营业执照注册号：91530000216586610Q 住所:中国（云南）自由贸易试验区金马镇羊方旺 384 号 法定代表人:童普江 鉴于: 8-2 1、 甲乙双方均系依据中国法律设立的股份有限公司。 2. 乙方的境外上市外资股（H 股）在香港联合交易所有限公司（以下简称 "香港联交所"）主板上市（以下简称"上市"）。 关连交易协议 机械装备及配件销售框架协议 3. 在本协议签订之日,甲方拥有乙方 65%的股份,为乙方的控股股东。因 此,甲方为《香港联合交易所有限公司证券上市规则》(以下简称"《上市 规则》")下乙方的关连人士,并且本 ...

重要通知：經修訂代表委任表格將取代於二零二五年八月十五日登載於聯交所網站及本公司網站之臨時股東大會代表委任 表 格（「原有代表委任表格」）。已 正 式 填 妥 及 交 回 原 有 代 表 委 任 表 格 的 股 東 應 注 意，原 有 代 表 委 任 表 格 已 不 再 適 用 於 臨 時 股 東 大會。有意委派代表出席臨時股東大會及就臨時股東大會通告及補充通告所載決議案投票之股東須於臨時股東大會指定舉 行時間不少於24小時前，按照經修訂代表委任表格上印備之指示填妥及交回該表格。填妥及交回經修訂代表委任表格後， 閣 下仍可依願親身出席臨時股東大會並投票。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1786） 將 於 二 零 二 五 年 九 月 三 十 日（星 期 二）舉 行 之 二零二五年第一次臨時股東大會適用之經修訂代表委任表格 | 本經修訂代表委任表格相關 | | --- | | （附註1） 股份數目 | | 本經修訂代表委任表格相關 | | （附註2） 股份類別（內資股或H股） | | | 特別決議案 | 贊 成 （附註5） | 反 對 （附註5） | 棄 權 （附註5） | | --- ...

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通告之內容概不負責， 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 通 告 全 部 或 任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1786） 二零二五年第一次臨時股東大會補充通告 茲 提 述 中 國 鐵 建 高 新 裝 備 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 八 月 十 五 日 的 二 零 二 五 年 第 一 次 臨 時 股 東 大 會（「臨時股東大會」）通 告（「臨時股東大會通告」） 及 通 函，當 中 載 有 將 於 二 零 二 五 年 九 月 三 十 日 舉 行 的 臨 時 股 東 大 會 上 提 呈 有 關 修 訂 本 公 司《公 司 章 程》、本 公 司《股 東 會 議 事 規 則》及 本 公 司《董 事 會 議 事 規 則》的 決 議 案詳情，以供股東審議及批准。 茲補充通告 本 公 司 謹 訂 於 二 零 二 五 年 九 月 三 十 日（星 期 二）上 午 九 時 正 假 ...