大秦铁路股份有限公司 内部审计工作管理实施办法 第一章总则 第一条为规范大秦铁路股份有限公司（以下简称"大秦公司"） 内部审计工作管理，建立健全内部审计制度，提升内部审计工作 质量和效率，充分发挥内部审计作用，推动公司高质量发展，维 护公司和投资者的合法权益，根据《中华人民共和国审计法》、 《审计署关于内部审计工作的规定》和《大秦铁路股份有限公司 章程》等，结合监管部门相关规定及公司实际情况，制定本办法。 第二条本办法适用于大秦公司及所属各单位。 第三条本办法所称内部审计，是指大秦公司内部审计机构和 审计人员通过运用系统、规范的方法，对公司的经济业务活动、 内部控制、风险管理、财务信息等实施独立、客观的监督、评价 和建议，以促进公司完善治理、实现目标的活动。 第五条 内部审计机构和内部审计人员从事内部审计工作， 应当严格遵守有关法律法规、内部审计职业规范和公司内部审计 制度，忠于职守，做到独立、客观、公正、保密。 内部审计机构和内部审计人员不得参与可能影响独立、客观、 公正履行审计职责的工作。内部审计人员办理审计事项，与被审 计单位或者与审计事项有利害关系的，应当回避。 第二章内部审计机构和内部审计人员 第六 ...

Financial Performance - Operating revenue for the third quarter reached CNY 19,772,513,466, an increase of 6.26% compared to the same period last year[5] - Total profit decreased by 19.31% to CNY 2,953,509,783, while net profit attributable to shareholders fell by 23.01% to CNY 2,109,027,074[5] - Basic earnings per share decreased by 33.33% to CNY 0.10, primarily due to a decline in net profit and an increase in total shares from convertible bond conversions[10] - Total operating revenue for the first three quarters of 2025 reached CNY 57,058,158,284, an increase of 3.34% compared to CNY 55,214,280,859 in the same period of 2024[22] - Net profit for the first three quarters of 2025 was CNY 6,944,647,625, a decrease of 26.96% from CNY 9,518,374,342 in 2024[23] - Earnings per share for the first three quarters of 2025 were CNY 0.31, down from CNY 0.50 in the same period of 2024[24] - Operating profit decreased to ¥8.30 billion in 2025, a decline of 23.1% compared to ¥10.80 billion in 2024[33] - Total comprehensive income for the first three quarters of 2025 was ¥6.31 billion, down from ¥8.50 billion in 2024, reflecting overall profitability challenges[33] Assets and Liabilities - Total assets at the end of the reporting period were CNY 211,922,950,795, reflecting a 2.37% increase from the end of the previous year[7] - The company's equity attributable to shareholders increased by 7.44% to CNY 166,408,569,822 compared to the previous year-end[7] - Total assets increased to CNY 211,922,950,795 in 2025 from CNY 207,017,831,253 in 2024, marking a growth of 2.18%[20] - Total liabilities decreased to CNY 29,706,861,295 in 2025 from CNY 37,048,948,517 in 2024, a reduction of 19.54%[20] - Shareholders' equity rose to CNY 182,216,089,500 in 2025, compared to CNY 169,968,882,736 in 2024, indicating an increase of 7.34%[20] - The company's total liabilities decreased to CNY 23,860,760,110 from CNY 29,889,738,265, a reduction of about 20.2%[30] Cash Flow - The company’s cash flow from operating activities for the year-to-date was CNY 3,588,391,002, reflecting a decrease of 21.42% compared to the previous year[5] - Cash generated from operating activities in the first three quarters of 2025 was CNY 35,266,912,651, a decrease from CNY 37,777,977,680 in 2024[25] - The net cash flow from operating activities was CNY 3,588,391,002, a decrease of 21.5% compared to CNY 4,566,364,105 in the previous period[26] - Cash inflow from investment activities totaled CNY 458,554,528, down from CNY 614,849,749, resulting in a net cash outflow of CNY 2,488,974,713[26] - Total cash and cash equivalents at the end of the period were CNY 59,609,392,831, down from CNY 63,150,725,317[27] - Cash and cash equivalents at the end of September 2025 were ¥59.61 billion, down from ¥63.15 billion at the end of September 2024[36] Accounts Receivable and Prepayments - Accounts receivable increased by 35.04%, mainly due to an increase in customer payments[11] - Accounts receivable increased to RMB 6,496,455,391 from RMB 4,810,802,229, representing a growth of approximately 35.1% year-over-year[18] - The company reported a significant increase in prepayments, which rose to RMB 580,814,091 from RMB 298,949,165, indicating a growth of approximately 94.1%[18] - The company's accounts receivable rose to CNY 6,549,247,518 from CNY 4,701,666,391, an increase of approximately 39.3%[28] Investments and Share Repurchase - The company plans to repurchase shares using its own funds, with a total repurchase amount not less than RMB 1 billion and not exceeding RMB 1.5 billion, at a maximum price of RMB 8.19 per share[15] - The company has completed the opening of a dedicated securities account for the share repurchase as of October 22, 2025, and will implement the repurchase based on market conditions[16] - The company's long-term equity investments reached RMB 27,159,080,400, up from RMB 24,658,594,428, marking an increase of about 10.2%[18] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 870,874, significantly higher than CNY 24,642 in 2024[23] - Research and development expenses increased significantly to ¥870,874, compared to only ¥24,642 in the previous year, indicating a focus on innovation[32] Financial Management - The company reported a financial expense of CNY -183,482,659 in 2025, compared to CNY 191,313,404 in 2024, indicating a significant improvement in financial management[23] - The company reported a significant increase in financial expenses, with interest expenses rising to ¥57.99 million from ¥437.62 million in the previous year[32] Market Strategy - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and potential acquisitions[15]

Core Insights - The transportation sector experienced a net outflow of funds amounting to 3.58 billion yuan on October 28, with 126 stocks in the sector, of which 72 rose and 45 fell [1] Fund Flow Summary - The top three stocks with the highest net inflow of funds were Qin Port Co., Ltd. (1.74 billion yuan), Xiamen Port Authority (1.69 billion yuan), and Haitong Development (47.49 million yuan) [1] - The stocks with the highest net outflow of funds included China Merchants Energy (95.87 million yuan), Daqin Railway (90.14 million yuan), and Ganyue Expressway (83.35 million yuan) [2] Performance Summary - The transportation sector rose by 0.24% on the same day, with the overall market index (Shanghai Composite Index) declining by 0.22% [1] - The top performers in terms of daily price increase included Qin Port Co., Ltd. (10.03%), Xiamen Port Authority (10.00%), and Haitong Development (10.04%) [1]

Core Viewpoint - The report from the招商中证红利交易型开放式指数基金 indicates a net value growth rate of 9.21% over the past year, with significant changes in the top ten holdings compared to the previous quarter [1]. Group 1: Fund Performance - The fund achieved a net value growth rate of 9.21% over the last year [1]. - The report highlights the addition of new stocks to the top ten holdings, including 潞安环能, 中谷物流, 农业银行, 南钢股份, and 建设银行 [1]. Group 2: Changes in Top Holdings - New entries in the top ten holdings include: - 潞安环能 (669709): 7.7764 million shares valued at 1.11 billion - 中谷物流 (603560): 10.0744 million shares valued at 1.1 billion - 农业银行 (601288): 161.424 million shares valued at 1.08 billion - 南钢股份 (600282): 199.957 million shares valued at 1.05 billion - 建设银行 (601939): 117.632 million shares valued at 1.01 billion [2]. - 宁波华翔 (002048) saw an increase in holdings by 56.7 thousand shares, making it the largest holding at 2.73 billion [1][2]. - Other stocks that exited the top ten holdings include 成都银行, 兴业银行, 大秦铁路, 江苏银行, and 交通银行 [1][2].

Core Points - The Daqin Railway has completed its autumn maintenance ahead of schedule, which is crucial for ensuring coal supply during the winter and spring seasons [1][3][4] Group 1: Maintenance and Operations - The Daqin Railway, spanning 653 kilometers, is a major energy channel for coal transportation from Shanxi, Shaanxi, and Inner Mongolia, accounting for nearly one-fifth of the national railway coal transport volume [3] - The maintenance lasted 19 days, starting from October 7, with daily operations halted for 3 hours to conduct comprehensive updates on tracks, switches, power supply networks, and communication cables [3][4] - The maintenance was completed one day ahead of schedule, allowing for a rapid recovery of transport capacity [1][4] Group 2: Impact on Coal Supply - With the onset of colder temperatures and the heating season, the demand for coal has increased significantly, necessitating efficient transportation solutions [3][4] - The Daqin Railway's daily transport capacity is expected to rise to over 1.2 million tons, providing strong support for coal supply for power generation and heating during the winter and spring [4]

Company News - Guizhou Moutai announced a significant personnel change on October 25, with Zhang Deqin no longer serving as the chairman of Moutai Group. Chen Hua, the director of the Guizhou Provincial Energy Bureau, has taken over as chairman [3] - CATL's "6006" pure electric multi-purpose transport vessel was recognized as an "Outstanding Typical Case of Integrated Innovation and Development in Transportation and Energy" by the China Transportation Association on October 23. This vessel represents the first complete delivery and independent operation of a cargo ship battery swap demonstration project in the country, providing a replicable model for green transformation in inland shipping [3][3]

Core Viewpoint - The Daqin Railway has completed its autumn maintenance ahead of schedule, which will enhance coal transportation capacity for the upcoming winter and spring supply [1] Group 1: Maintenance Completion - The autumn concentrated maintenance of the Daqin Railway lasted for 19 days, finishing one day earlier than planned [1] - This early completion allows for the earlier release of transportation capacity [1] Group 2: Impact on Coal Supply - The maintenance is crucial for ensuring the supply of electricity coal during the winter and spring seasons [1] - The Daqin Railway serves as a major artery for the transportation of coal from the west to the east of China [1]

Core Viewpoint - The completion of the autumn maintenance on the Daqin Railway, a major coal transportation artery in China, is expected to enhance the supply of electricity coal for the upcoming winter and spring seasons [1] Group 1 - The autumn maintenance lasted for 19 days, finishing one day ahead of the original schedule [1] - The early completion of maintenance allows for the earlier release of transportation capacity [1]

Core Viewpoint - The A-share market is experiencing a significant increase in cash dividends, with over 600 listed companies distributing more than 300 billion yuan in cash dividends for the first half of the year, indicating a shift towards a return-focused capital market [1][2]. Group 1: Dividend Distribution - As of October 24, over 30 A-share companies, including China Ping An and China Unicom, have completed their cash dividend distributions for the first half of 2025 [2]. - The total cash dividend amount for A-share companies reached 649.7 billion yuan, with a payout ratio of 31.97%, slightly up from the previous year [2][3]. - Central enterprises are leading the way in dividend distribution, with companies like China Mobile and China Petroleum distributing over 100 billion yuan each [2]. Group 2: Future Dividend Plans - More than 3 billion yuan in cash dividends are still pending distribution, with major banks and coal companies expected to contribute significantly [3]. - The third-quarter dividend window has opened, with over 30 companies planning to distribute more than 4 billion yuan in dividends [3]. - Companies are increasingly adopting a multi-dividend strategy, with firms like WuXi AppTec and CRRC announcing their first interim dividends this year [3]. Group 3: Dividend Yield and Investor Sentiment - The average dividend yield for companies that have distributed dividends is 2.52%, with over 90 companies yielding more than 3% [4]. - The proactive approach of companies in returning capital to shareholders has been recognized, with total distributions over the past five years reaching 10.6 trillion yuan, significantly higher than previous periods [4]. - Companies are making long-term commitments to shareholder returns, with some planning to distribute at least 70% of their net profits as dividends from 2025 to 2027 [4]. Group 4: Investment Perspective - The stable dividend distribution in the A-share market is attracting more attention to dividend assets, which are viewed as long-term investments rather than short-term speculative plays [5]. - Investors are encouraged to focus on the sustainability of dividend payments rather than short-term stock price fluctuations, reinforcing the long-term logic behind dividend investments [5].

Summary of Key Points from the Earnings Call Transcript Industry and Company Overview - The focus is on the dividend-paying stocks within the transportation sector, particularly in the highway and logistics segments, as well as broader dividend stocks in the market. Core Insights and Arguments - **Dividend Yield Increase**: Leading dividend stocks have seen their yields rise to approximately 4.5%-5%, with expectations of continued inflow of incremental funds due to factors such as the introduction of swap convenience, brokerage proprietary fund allocation, and insurance OCI execution. This makes Q4 of this year and early next year an opportune time for dividend stock allocation [1][3]. - **Global Interest Rate Trends**: The ongoing global trend of interest rate cuts is expected to enhance the cost-effectiveness of dividend investments, making them more attractive [3]. - **Specific Recommendations**: - **Highway Sector**: - **Wuhan Expressway**: Benefiting from the acquisition of Fuzhou and urban expressways, fee discount adjustments, and recovery in vehicle traffic, currently has a dividend yield of about 4.8% [4][5]. - **Guan Yu Expressway**: Holding 78 million shares of Guosheng Jin控, with Q3 performance expected to grow over 50% year-on-year, corresponding to a dividend yield of approximately 4.3% [4][5]. - **Yue Expressway**: Anticipated significant profit growth due to recovery of impairment losses and reduced maintenance costs, currently has a dividend yield of about 5.2% [5]. - **Sichuan Chengyu**: Noted for the highest dividend yield in A-shares at around 5.3%, driven by reduced financial expenses leading to profit growth [5]. - **Railway and Port Recommendations**: - **Daqin Railway**: Benefiting from improved coal market conditions and increased transport volume, currently has a PB valuation close to historical lows and a dividend yield of about 4.3% [5]. - **Tangshan Port**: Fixed dividend of 0.20 per share, with a current yield exceeding 5%, showing operational improvement in Q3 despite a decline in H1 performance [5]. Additional Important Insights - **Broad Dividend Stocks**: - **China Logistics**: Entering peak season for domestic shipping, with an expected annual profit of 2 billion yuan, leading to a potential dividend yield of 7.7% based on a 90% payout ratio [6]. - **Jianfa Co.**: Offers a fixed dividend of 0.70 per share, providing a high certainty with a current yield of 6.8% [2][6]. - **China Foreign Trade**: Another cyclical dividend stock with a fixed distribution of 0.29 per share, currently yielding 4.6%, favored by insurance funds [6]. - **Investment Timing**: The current market environment is viewed as a critical opportunity for investors to allocate resources into these high-yield stocks, emphasizing the importance of strategic positioning in the dividend space [6].