证券代码：600528 证券简称：中铁工业 编号：临 2025-036 中铁高新工业股份有限公司 二、增持计划的实施进展 截至本公告日，中国中铁持有公司 1,101,175,807 股股份，约占公司 总股本的 49.57%。 三、其他相关事项说明 （一）本次增持行为符合《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所股票上市规则》等法律法规、部门规章及上 海证券交易所业务规则等有关规定。中国中铁将按照法律法规的规定继续 实施本次增持计划。 （二）中国中铁实施本次增持不触及要约收购，不会导致公司股份分 布不具备上市条件，亦不会导致公司控股股东及实际控制人发生变化。 关于控股股东增持公司股份进展的公告 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。 重要内容提示： 公司控股股东中国中铁股份有限公司（以下简称"中国中铁"）计 划自 2025 年 5 月 8 日起 12 个月内增持公司股份，增持资金下限为不低于 人民币 1.6 亿元（含），上限不超过人民币 3 亿元（含），增持股份数量 不超过公司总股本的 2%。具 ...

Investment Rating - The report maintains an investment rating of "Outperform" for the construction and decoration industry [3]. Core Viewpoints - The report highlights a continued decline in fixed asset investment in October, with a focus on the positive impact of moderately loose monetary policy and the acceleration of strategic project implementation [14][20]. - It emphasizes the increase in net financing of special bonds and rapid deployment of special government bonds, indicating a supportive funding environment for infrastructure projects [21][19]. Summary by Sections Industry Perspective and Investment Recommendations - The construction and decoration index rose by 0.35%, outperforming the overall A-share index by 0.53 percentage points, with notable performances in landscaping engineering and decoration sectors [13][30]. - Fixed asset investment from January to October 2025 reached CNY 408,914 billion, down 1.7% year-on-year, with infrastructure investment at CNY 203,809 billion, growing by 1.5% [14][16]. Key Company Dynamics - China Construction reported a new contract total of CNY 33,194 billion from January to October 2025, up 2.0% year-on-year [37]. - China Metallurgical Group announced a new contract amount of CNY 8,451 billion, down 11.8% year-on-year [37]. Valuation Status - As of November 14, 2025, the price-to-earnings (PE) ratios for various construction sub-sectors were as follows: housing construction at 6.64x, decoration at -24.37x, and municipal engineering at 8.14x [40].

Core Insights - The rail transit equipment sector experienced a 1.52% increase on November 6, with Tongye Technology leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Sector Performance - Tongye Technology (300960) saw a closing price of 28.60, with a significant increase of 10.00% and a trading volume of 99,800 shares, amounting to a transaction value of 288 million yuan [1] - China CNR Corporation (601766) closed at 7.91, up 2.46%, with a trading volume of 1,411,100 shares and a transaction value of 1.113 billion yuan [1] - Other notable performers included Times New Materials (600458) with a 2.43% increase, closing at 14.35, and a transaction value of 219 million yuan [1] Fund Flow Analysis - The rail transit equipment sector saw a net outflow of 15.13 million yuan from institutional investors and 13.70 million yuan from retail investors, while retail investors contributed a net inflow of 28.83 million yuan [2] - Major stocks like China CNR Corporation experienced a net inflow of 57.25 million yuan from institutional investors, despite a net outflow from retail investors [3] - Tongye Technology had a net inflow of 9.10 million yuan from institutional investors, with a notable net inflow from speculative funds [3]

Core Viewpoint - The company reported a significant decline in new contract signing for the first nine months of 2025, with a total of 3,193.83 million yuan, representing a year-on-year decrease of 14.44% [5] Financial Data - The financial statements for the third quarter of 2025 have not been audited [3] - The company has not identified any non-recurring gains or losses for the reporting period [3] - The company’s financial report for the third quarter reflects accurate and complete information regarding its financial status and operational results [9][10] Board Meeting - The ninth board meeting was held on October 30, 2025, with all nine directors present [8] - The board approved several resolutions, including the third quarter report and financial report, both of which were confirmed to comply with legal and regulatory requirements [9][10] - A resolution was passed to transfer the company's 25% stake in Jinan China Railway Heavy Industry Rail Equipment Co., Ltd., with an assessed value of 17.23 million yuan [11] Shareholder Information - There were no changes reported in the major shareholders or their holdings during the reporting period [4]

Core Viewpoint - China Railway Industry is a leading manufacturer of shield tunneling machines (TBM) with strong R&D and manufacturing capabilities, holding the world's highest sales volume for eight consecutive years [1] Financial Performance - In Q3 2025, China Railway Industry reported revenue of 20.086 billion yuan, ranking 4th in the industry out of 33 companies, surpassing the industry average of 9.37 billion yuan and median of 810 million yuan [2] - The company's net profit for the same period was 956 million yuan, also ranking 4th in the industry, above the industry average of 646 million yuan and median of 51.065 million yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 55.87%, down from 57.29% year-on-year, but higher than the industry average of 38.16% [3] - The gross profit margin for the same period was 18.62%, slightly down from 18.84% year-on-year, and below the industry average of 29.99% [3] Executive Compensation - The chairman, Zhang Wei, received a salary of 1.3504 million yuan in 2024, an increase of 127,800 yuan from 2023 [4] - The general manager, Zhuo Puzhou, received a salary of 1.3504 million yuan in 2024, a decrease of 160,100 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 20.88% to 102,900 [5] - The average number of circulating A-shares held per shareholder decreased by 17.28% to 21,600 [5] Future Outlook - According to Dongfang Caifu Securities, the projected net profits for 2025-2027 are 1.595 billion, 1.832 billion, and 2.030 billion yuan, with corresponding PE ratios of 11.88, 10.34, and 9.33 [5] - Guojin Securities forecasts revenues of 29.9 billion, 31.7 billion, and 33.8 billion yuan for the same period, with net profits of 1.723 billion, 1.873 billion, and 2.035 billion yuan, maintaining a "buy" rating [6] Business Highlights - The company is recognized as the domestic leader in shield tunneling machines, benefiting from ongoing investments in water conservancy and railway infrastructure [6] - The company has made progress in emerging markets such as water conservancy and mining, with improved collection capabilities and reduced expense ratios indicating enhanced operational efficiency [5][6]

Core Viewpoint - China Railway Industry (600528.SH) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 20.086 billion yuan, representing a year-on-year decrease of 2.2% [1] - The net profit attributable to shareholders was 999 million yuan, down 24.67% year-on-year [1] - The basic earnings per share stood at 0.42 yuan [1]

Core Insights - China Railway Industry (中铁工业) reported a significant improvement in key financial metrics for the first nine months of 2025, with new contracts signed amounting to 31.938 billion yuan, operating revenue of 20.086 billion yuan, total profit of 1.13 billion yuan, and net profit attributable to shareholders of 999 million yuan [1] Financial Performance - New contracts signed in the first nine months of 2025 reached 31.938 billion yuan, showing a narrowing decline compared to the first quarter and half-year results of 2025 [1] - Operating revenue for the same period was 20.086 billion yuan, with a total profit of 1.13 billion yuan and a net profit of 999 million yuan attributable to shareholders [1] - The gross profit margin improved, particularly in the tunnel construction equipment and related services sector, which saw new contracts of 9.159 billion yuan, a year-on-year increase of 13.42% [1] International Business Growth - The overseas new contracts signed amounted to 2.959 billion yuan, reflecting a year-on-year growth of 17.73%, with a notable increase in the proportion of high-margin products such as tunnel construction equipment [1] - The overseas contracts accounted for a 2.22 percentage point increase compared to the same period last year [1] Technological Advancements - The company launched several advanced tunneling machines for international projects, including four expandable circular mud-water shield machines for a Dubai sewage tunnel project and a large-diameter shield machine for the Sydney Western Harbour project [2] - The first tunnel of a pressure-balanced shield machine for a drainage project in Lisbon successfully completed, marking a significant export achievement for China to the Iberian Peninsula [2] Cost Control Measures - Management expenses decreased to 921 million yuan, a year-on-year decline of 9.19%, while the management expense ratio fell by 0.36 percentage points [2] - Financial expenses were recorded at -85 million yuan, and sales expenses increased by 4.12% to 465 million yuan, indicating effective cost management strategies [2] Future Strategy - The company plans to enhance its domestic and international market development efforts, focusing on value creation and efficiency improvement while maintaining cost reduction and quality enhancement [3]

Core Points - China Railway High-tech Industry Co., Ltd. (referred to as "the company") reported its Q3 2025 results, showing a new contract amount of 31.938 billion yuan, operating revenue of 20.086 billion yuan, total profit of 1.13 billion yuan, and net profit attributable to shareholders of 999 million yuan [1] - Key economic indicators have improved, with a narrowing decline in new contracts, operating revenue, and net profit compared to Q1 and H1 2025, indicating a positive development trend for the company [1] - The structure of new contracts has improved, with high-margin tunnel construction equipment and related services generating new contracts worth 9.159 billion yuan, a year-on-year increase of 13.42%, returning to a growth trajectory [1] - The company's overseas business continues to grow, with new overseas contracts amounting to 2.959 billion yuan, a year-on-year increase of 17.73%, and the proportion of overseas contracts rising by 2.22 percentage points compared to the same period last year [1] Product Development - The company has developed four expandable circular slurry shield machines for the Dubai sewage tunnel project, capable of meeting seven different tunnel excavation requirements [2] - A soil pressure balance shield machine for the Dubai Metro Blue Line project has been completed, with a diameter of 9.61 meters, responsible for three excavation sections [2] - The company has also launched a large-diameter shield machine for the Sydney Western Harbour project in Australia, integrating multiple intelligent technologies to enhance construction efficiency and automation [2] - The first soil pressure balance shield machine for the drainage project in Lisbon, Portugal, has successfully completed its first tunnel, marking the first export of such equipment from China to the Iberian Peninsula [2] Future Plans - The company plans to continue expanding its domestic and international market efforts, focusing on "value creation and efficiency improvement," while emphasizing cost reduction, quality enhancement, and project management efficiency [2]

Core Insights - The company reported a positive trend in key financial metrics for the first nine months of 2025, with new contract value reaching 31.938 billion yuan, operating revenue at 20.086 billion yuan, total profit at 1.13 billion yuan, and net profit attributable to shareholders at 999 million yuan [1] Financial Performance - New signed contracts for the first nine months of 2025 amounted to 31.938 billion yuan, with a year-on-year improvement in major economic indicators compared to the first quarter and half-year results [1] - The company's net profit attributable to shareholders decreased at a slower rate compared to previous periods, indicating a sustained positive development trend [1] Contract Structure Improvement - The new signed contracts in the high-margin tunnel construction equipment and related services segment reached 9.159 billion yuan, representing a year-on-year growth of 13.42%, with the proportion of new contracts increasing by 7.05 percentage points compared to the same period last year [1] Overseas Business Growth - The overseas new signed contracts totaled 2.959 billion yuan, reflecting a year-on-year increase of 17.73%, with the share of overseas contracts rising by 2.22 percentage points compared to the previous year [2] - High-margin products such as tunnel construction equipment and turnouts accounted for over 70% of the overseas contracts [2] - The company successfully launched several advanced tunneling machines for international projects, including those in Dubai and Australia, enhancing its technological capabilities and market presence [2] Cost Control Measures - Management expenses for the first nine months of 2025 were 921 million yuan, showing a year-on-year decrease of 9.19%, with the management expense ratio declining by 0.36 percentage points [3] - Financial expenses were recorded at -85 million yuan, while sales expenses increased by 4.12% to 465 million yuan, indicating effective cost management despite increased marketing efforts [3] - The company plans to continue focusing on market expansion and improving operational efficiency through cost reduction and quality enhancement initiatives [3]

证券代码：600528 证券简称：中铁工业 编号：临 2025-035 中铁高新工业股份有限公司 第九届董事会第十四次会议决议公告 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十四次会议通知和议案等材料已于 2025 年 10 月 20 日以电子邮件方式送达至各位董事，会议于 2025 年 10 月 30 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 9 名，实际出席董事 9 名。会议由董事长张威主 持。公司纪委书记陈立峰，总会计师、总法律顾问宁辉东，副总经理石庆 鹏，董事会秘书葛瑞鹏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。 第三季度的财务状况和主要经营成果；未发现 2025 年第三季度报告所载 资料存在虚假记载、误导性陈述或者重大遗漏。公司 2025 年第三季度报 告详见上海证券交易所网站及《上海证券报》《中国证券报》《证券日报》 《证券时报》。本议案已经董事会 ...