Performance Summary - In the annual report for 2024, the company achieved operating revenue of 29.003 billion yuan, a year-on-year decrease of 3.54%, and a net profit attributable to shareholders of 1.770 billion yuan, a year-on-year increase of 1.50% [1] - In Q4 2024, the company reported operating revenue of 8.464 billion yuan, a year-on-year increase of 1.74%, and a net profit attributable to shareholders of 0.451 billion yuan, a year-on-year increase of 74.91% [2] Operational Analysis - The company successfully expanded its overseas market for tunnel construction equipment, with new contracts signed amounting to 2.209 billion yuan in 2024, a year-on-year increase of 27.64%, marking a historical high. This expansion solidified its presence in key markets in Europe and Asia, and it also made its first export to the North American market, achieving a breakthrough for domestic shield machines [3] - The introduction of marine economy policies is expected to boost the company's marine engineering business revenue. The 2025 government work report emphasized the development of the marine economy, and the company has positioned itself in various marine equipment sectors, including cranes for offshore wind power installation and intelligent shipyard equipment [3] - Continuous growth in railway investment and supportive equipment renewal policies are anticipated to release demand for the company's transportation equipment. The National Railway Administration reported a year-on-year increase of 5.1% in fixed asset investment for the first two months of 2025, along with a 6.4% increase in passenger volume, indicating a positive outlook for railway equipment demand [4] Profit Forecast, Valuation, and Rating - The company forecasts operating revenues of 31 billion yuan, 33.1 billion yuan, and 35.2 billion yuan for 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 1.899 billion yuan, 2.036 billion yuan, and 2.172 billion yuan. The corresponding price-to-earnings ratios are projected to be 9, 9, and 8 times, maintaining a "buy" rating [5]

Core Viewpoint - The company reported a decline in revenue for 2024, primarily due to challenges in the domestic market, while showing growth in overseas markets, particularly in tunnel construction equipment and switchgear business [1][2][3]. Revenue Decline: Domestic Market Pressure - In 2024, the company's operating revenue decreased by 3.54% year-on-year to 29.003 billion yuan, mainly due to a 7.44% drop in new contract value, which totaled 48.144 billion yuan [2]. - The new contracts for specialized engineering machinery and related services fell by 20.23%, with tunnel construction equipment contracts down by 23.59%, attributed to a reduction in traditional market projects [2]. - Although there were orders for tunnel boring machines in various domestic cities, the overall market demand shrinkage hindered contract growth [2]. - The engineering machinery and related services segment saw a 2.52% increase in new contracts, but revenue declined by 8.49% due to a longer revenue conversion cycle [2]. Overseas Market: Strong Growth Momentum - In contrast to the domestic market, the company achieved significant growth in overseas markets, with new contracts totaling 3.673 billion yuan, a 19.58% increase year-on-year [3]. - The overseas new contracts for tunnel construction equipment reached 2.209 billion yuan, marking a 27.64% increase and setting a historical high [3]. - The company expanded its presence in Europe, Asia, and Oceania, and successfully exported domestic shield machines to the North American market for the first time [3][4]. Switchgear Business Progress - The switchgear business also saw notable progress in overseas markets, with new contracts amounting to 604 million yuan, a year-on-year increase of 28.56% [4]. - The company made significant breakthroughs in markets such as North Africa and South America, contributing to overall performance amid domestic market challenges [4]. Profitability Improvement: Effective Cost Control - Despite the revenue decline, the company's profitability improved in 2024, with net profit reaching 1.770 billion yuan, a 1.50% increase year-on-year [5]. - The non-recurring net profit was 1.641 billion yuan, up by 3.68%, primarily due to effective cost control measures [5]. - Management expenses decreased by 5.25%, and financial expenses fell by 3.25%, while sales expenses grew by 2.55%, but at a significantly lower rate than the previous year [5]. - The overall gross profit margin was 19.13%, an increase of 0.1 percentage points, with the high-margin tunnel construction equipment segment generating 8.961 billion yuan in revenue, a 12.31% increase [5]. - The growth in this segment significantly contributed to the improvement in overall profitability, highlighting the need for the company to balance domestic and international markets and optimize its business structure for future development [5].

中铁高新工业股份有限公司 董事会审计与风险管理委员会2024年度 履职报告 按照《上海证券交易所上市公司自律监管指引第1号—— 规范运作》《上市公司治理准则》《上海证券交易所股票上市 规则》《公司章程》及《公司董事会审计与风险管理委员会工 作细则》的有关规定，现将中铁高新工业股份有限公司（以下 简称公司）董事会审计与风险管理委员会2024年度履职情况报 告如下： 一、董事会审计与风险管理委员会组成情况 截至2024年2月，公司第八届董事会审计与风险管理委员 会由独立董事陈基华、傅继军2名成员组成，主任委员由会计 专业人士陈基华担任；2024年2月，公司董事会换届后，委员 会由独立董事傅继军、董事杨峰、独立董事高剑虹3名成员组 成，主任委员由会计专业人士傅继军担任。委员会各成员具 有能够胜任工作职责的专业知识、工作经验，人员组成符合 《公司章程》和《公司审计与风险管理委员会工作细则》的 有关规定。 二、报告期内委员会会议召开情况 2024年，委员会共召开11次会议。全体委员均亲自出席会 议并就议案和报告事项充分发表意见。报告期内，委员会审议 - 1 - 通过了《关于<公司 2023年年度报告>及其摘要的议案》等 ...

中铁高新工业股份有限公司对天健会计师 事务所（特殊普通合伙）履职情况评估报告 1.基本信息 | 事务所名称 | | | 天健会计师事务所（特殊普通合伙） | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 7 月 | 18 | 日 | | 组织形式 | | | 特殊普通合伙 | | 注册地址 | | | 浙江省杭州市西湖区灵隐街道西溪路 | | | 128 号 | | | | 首席合伙人 | 钟建国 | | | | 上年末合伙人数量 | | 241 人 | | | 上年末执业人 | 注册会计师 | | | 签署过证券服务业务审计报告的注册会计 | | | 2,356 | 人 | | 员数量 | 师 | | | | | | 904 人 | | | 2023 年（经审 | 业务收入总额 | | | 34.83 | 亿元 | | | | | 计）业务收入 | 审计业务收入 | | | 30.99 | 亿元 | | | | | | 证券业务收入 | | | 18.40 | 亿元 | | | | | 20 ...

Core Viewpoint - China Railway Industry (中铁工业) reported stable growth in its 2024 annual report, with improvements in profitability and operational efficiency, alongside a focus on international expansion and innovation in technology [1][2][4]. Financial Performance - The company achieved a new contract signing amount of 48.144 billion yuan and an operating revenue of 29.003 billion yuan in 2024 [1]. - The net profit attributable to shareholders was 1.770 billion yuan, reflecting a year-on-year increase of 1.50% [2]. - The net profit after deducting non-recurring gains and losses was 1.641 billion yuan, up 3.68% year-on-year, reversing a two-year decline [2]. - Earnings per share increased to 0.76 yuan, a growth of 2.7%, while the net asset return rate rose to 7.19%, an increase of 0.57 percentage points [2]. Cost Control and Cash Dividends - The company successfully optimized management processes, resulting in a 5.25% decrease in management expenses and a 3.25% decrease in financial expenses [3]. - The cash dividend for 2024 is proposed at 1.036 yuan per 10 shares, totaling 230 million yuan, which is 13% of the net profit attributable to shareholders, marking an increase from the previous year [3]. International Business Growth - The overseas new contract signing amount reached 3.673 billion yuan, a year-on-year increase of 19.58%, setting a new historical high [3]. - The tunnel construction equipment and related services segment saw overseas contracts of 2.209 billion yuan, up 27.64% year-on-year, with significant market expansion into North America [3]. Industry Position and Market Share - The company maintained a strong market position, with over 60% market share in domestic water conservancy and hydropower projects, and 85% in pumped storage power stations [4]. - The company secured a 19.23% increase in new orders for tunnel drilling equipment, maintaining high market share in key national projects [4]. Core Competitiveness and Innovation - The company increased its R&D investment to 1.834 billion yuan, with an R&D intensity of 6.32%, further enhancing its competitive edge [5]. - The company has been recognized for its innovative engineering teams and has developed advanced equipment, including the world's first 1,000-ton-level new energy bridge-laying machine [5].

证券代码：600528 证券简称：中铁工业 编号：临 2025-004 中铁高新工业股份有限公司 网站及《上海证券报》《中国证券报》《证券日报》《证券时报》。本议案已 获董事会审计与风险管理委员会事先认可并经全体委员同意。 第九届董事会第九次会议决议公告 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 本公司第九届董事会第九次会议通知和议案等材料已于 2025 年 3 月 18 日以电子邮件方式送达至各位董事，会议于 2025 年 3 月 28 日在北京 市丰台区汽车博物馆西路 10 号院 5 号楼 711 会议室以现场表决方式召开。 会议应出席董事 7 名，实际出席董事 7 名。会议由董事长张威主持。公司 监事会主席范经华，总会计师、总法律顾问宁辉东，董事会秘书葛瑞鹏， 监事陈荟羽及有关人员列席会议。会议召开符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》的规定。 二、董事会会议审议情况 本次会议以记名投票的方式，审议通过以下议案： （一）审议通过《关于<公司 2024 年年度报告>及其摘 ...

证券代码：600528 证券简称：中铁工业 编号：临 2025-006 中铁高新工业股份有限公司 2024 年年度利润分配方案公告 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。 重要内容提示： 每股分配比例：每股派送现金红利人民币 0.1036 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分配比例，并将另行公告具体调整情况。 本次利润分配方案尚待本公司 2024 年年度股东大会审议通过后方 可实施。 本次利润分配不会触及《上海证券交易所股票上市规则》（以下简 称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其 他风险警示的情形。 一、利润分配方案内容 经天健会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，公司母公司报表中期末可供分配利润为 1,796,507,075.70 元。经董 事会决议，公司 2024 年度拟以实施权益分派股 ...

审计说明…………………………………………………………第 1—2 页 二、非经营性资金占用及其他关联资金往来情况汇总表…………第 3—6 页 目 录 一、非经营性资金占用及其他关联资金往来情况的专项 为了更好地理解中铁工业公司 2024 年度非经营性资金占用及其他关联资金 往来情况，汇总表应当与已审的财务报表一并阅读。 二、管理层的责任 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕1517 号 中铁高新工业股份有限公司全体股东： 我们接受委托，审计了中铁高新工业股份有限公司（以下简称中铁工业公司） 2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权 益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后 附的中铁工业公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金 往来情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供中铁工业公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为中铁工业公司年 ...