大秦铁路股份有限公司 2024 年年度股东会 会议资料 董事会办公室 二〇二五年五月 2024 年年度股东会会议资料 大秦铁路股份有限公司 2024 年年度股东会会议议程 一、现场会议召开时间、地点 会议时间：2025 年 5 月 21 日 14:30，为保证会议按时召开，现场登记时间截至 14:20 会议地点：山西省太原市建设北路小东门街口 196 号太铁广场 主 持 人：董事长陆勇先生 记 录 人：董事会秘书张利荣女士 二、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自 2025 年 5 月 21 日至 2025 年 5 月 21 日 三、参会人员 （一）股权登记日 2025 年 5 月 15 日下午收盘后，在中国证券登记结算有限责任 公司上海分公司登记在册的全体股东或其授权代表； （二）公司董事、监事和高级管理人员； 四、会议议程 （一）清点股东人数及代表的有表决权的股份总数，确认会议有效性； （二）宣布会议正式开始； （三）审议议案和听取报告： 审议议案： 1.关于《大秦铁路股份有限公司 2024 年度董事会工作报告》的议案； 2.关于《大秦铁 ...

Investment Rating - The report maintains a "Recommendation" rating for Daqin Railway (601006) [1] Core Views - The coal transportation volume is under pressure, leading to a decline in performance, but the company’s core asset value remains promising [1] - In April, the Daqin line's transportation volume turned positive, indicating potential recovery [1] - The company is viewed as a high-dividend stock with significant allocation value, especially given its core asset's strategic importance in China's energy transportation system [6] Financial Summary - For 2024, total revenue is projected at 74,627 million, a year-on-year decrease of 7.9%, with net profit at 9,039 million, down 24.2% [2][6] - The first quarter of 2025 shows a revenue of 17,801 million, a decline of 2.56%, and a net profit of 2,571 million, down 15.61% [6] - The company’s earnings per share (EPS) for 2025 is estimated at 0.49, with a price-to-earnings (P/E) ratio of 13 [2][6] Operational Performance - The freight business, which is the main revenue source, generated 53,441 million in 2024, a decrease of 12.73%, accounting for 72.88% of total revenue [6] - The company transported 70,622 million tons of goods in 2024, down 2.7% year-on-year [6] - Passenger transport revenue increased by 12.23% in 2024, reaching 10,010 million, with 46.41 million passengers transported [6] Investment Recommendations - The report suggests adjusting profit forecasts for 2025-2026 to 99,520 million and 103,360 million respectively, with a new forecast for 2027 at 104,260 million [6] - The target price is set at 7.7 yuan, indicating a potential upside of 16% from the current price of 6.66 yuan [2][6] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.3% based on 2025 earnings [6]

Investment Rating - The report maintains a "Recommendation" rating for Daqin Railway, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [6][19]. Core Insights - The company's coal transportation volume has been under pressure, leading to a decline in performance. However, the Daqin line's transportation volume turned positive in April, and the core asset value of the company remains promising [1][6]. - For 2024, the company reported total revenue of 746.27 billion yuan, a year-on-year decrease of 7.89%, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.23% year-on-year [6]. - The report highlights a significant drop in the freight business, which is the main source of revenue, with a revenue of 534.41 billion yuan in 2024, down 12.73% year-on-year [6]. - The passenger transport business showed good growth, with revenue of 100.1 billion yuan in 2024, up 12.23% year-on-year [6]. Financial Summary - The projected total revenue for 2025 is 787.43 billion yuan, with a growth rate of 5.5% [2]. - The net profit for 2025 is estimated at 99.52 billion yuan, reflecting a recovery from previous declines [6]. - The earnings per share (EPS) for 2025 is projected to be 0.49 yuan, with a price-to-earnings (P/E) ratio of 13 [2][6]. - The company maintains a high dividend payout ratio of 57.31% for 2024, corresponding to a dividend yield of 4.1% based on the closing price on May 9, 2025 [6]. Operational Performance - The Daqin line completed a freight volume of 39.215 million tons in 2024, a decrease of 7.1% year-on-year, but showed signs of recovery with a 0.99% increase in April 2025 [6]. - The average daily loading and unloading operations were reported at 29,350 and 23,703 cars, respectively, with a freight car turnaround time of 2.3 days [6]. Investment Recommendation - The report suggests that Daqin Railway is a high-dividend stock with significant allocation value, emphasizing its strategic position in China's energy transportation system [6]. - The target price is set at 7.7 yuan, indicating a potential upside of 16% from the current price of 6.66 yuan [2][6].

Core Viewpoint - The China Securities Index ECPI ESG Sustainable Development 40 Index (ESG 40) experienced a slight decline of 0.02%, closing at 1624.85 points, with a trading volume of 30.04 billion yuan. Over the past month, the index has increased by 5.98%, but it has decreased by 4.08% year-to-date [1]. Group 1: Index Performance - The ESG 40 Index is composed of 40 listed companies selected based on high ECPI ESG ratings from the Shanghai Stock Exchange 180 Corporate Governance Index, reflecting the overall performance of these high-rated companies [1]. - The index was established on June 30, 2010, with a base value of 1000.0 points [1]. Group 2: Top Holdings - The top ten weighted companies in the ESG 40 Index include SANY Heavy Industry (3.14%), Shengyi Technology (2.91%), Hengrui Medicine (2.89%), China Unicom (2.83%), Industrial Bank (2.83%), Huaneng International (2.81%), Daqin Railway (2.79%), Kweichow Moutai (2.76%), New China Life Insurance (2.76%), and Juhua Co., Ltd. (2.75%) [1]. Group 3: Sector Allocation - The sector distribution of the ESG 40 Index holdings is as follows: Industrial (34.64%), Utilities (12.16%), Financials (10.83%), Materials (9.63%), Consumer Staples (7.64%), Consumer Discretionary (7.12%), Healthcare (5.33%), Energy (4.41%), Information Technology (2.91%), Communication Services (2.83%), and Real Estate (2.49%) [2]. Group 4: Sample Adjustment Process - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of January and July. The sample adjustment typically does not exceed 10% unless more than 10% of the old samples are removed [3]. - Old samples with the same rating that rank in the top 60% by average market capitalization will be prioritized for retention during adjustments [3]. - The index can undergo temporary adjustments if there are significant changes in the ECPI ESG ratings of the samples or if a sample is removed from the index [3].

Group 1 - Geely Auto proposed to privatize Zeekr with an offer of $2.57 per share, representing a 13.6% premium over the last trading price [1] - The offer also includes a premium of 20.0% over the volume-weighted average price of the last 30 trading days [1] - Geely currently holds approximately 65.7% of Zeekr's issued share capital [1] Group 2 - Sun Group announced the U.S. Department of Commerce has revoked its investigation into steel wheels made in Vietnam using Chinese components [2] - The revocation is expected to positively impact the company's export orders and future overseas business layout [2] Group 3 - Qingdao Beer plans to acquire 100% equity of Jimo Yellow Wine for a total consideration of RMB 665 million [3] - The acquisition aims to enhance industry synergy, competitiveness, and expand product lines and market channels [3] Group 4 - BeiGene reported a net loss of 94.503 million yuan in Q1 2025, a reduction in loss compared to the previous year [4] - The company achieved total revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, driven by sales growth of its self-developed products [4] Group 5 - Daqin Railway reported a 0.99% year-on-year increase in cargo transportation volume for April [5] - Shaanxi Coal's self-produced coal sales reached 13.1033 million tons in April, up 0.76% year-on-year [5] Group 6 - Shennong Group sold 227,300 pigs in April, marking a 32.85% year-on-year increase [6] - Poly Developments reported a 25.44% year-on-year decrease in contracted sales amounting to 24.622 billion yuan in April [6] Group 7 - Hainan Development plans to acquire 51% equity of Wangying Technology [7] - Huafeng Measurement Control's shareholders plan to transfer 2.9% of shares at an initial price of 121.42 yuan per share [7] Group 8 - Various companies reported significant stock price fluctuations, with Changshan Pharmaceutical's injection not yet on the market and facing regulatory uncertainties [8] - The company is in the professional review stage for its diabetes treatment application [8]

Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In 2024, the company's revenue is expected to decline significantly due to reduced coal production in Shanxi, leading to a drop in both volume and profit. However, by Q1 2025, coal production is anticipated to increase, allowing for a recovery in volume and a year-on-year growth in Q2 2025. The company maintains a dividend yield of approximately 4% at the cycle's bottom, highlighting its dividend attributes [3][8]. Summary by Sections Financial Performance - In 2024, the company achieved an operating revenue of 746.27 billion yuan, a decrease of 7.9% year-on-year, and a net profit attributable to shareholders of 90.39 billion yuan, down 24.2% year-on-year. For Q1 2025, the operating revenue was 178.01 billion yuan, a decline of 2.6% year-on-year, with a net profit of 25.71 billion yuan, down 15.6% year-on-year [3][8]. Dividend Policy - The company plans to implement a year-end dividend of 28.20 billion yuan, combined with a mid-year dividend of 23.60 billion yuan, resulting in a total cash dividend of 51.80 billion yuan for 2024, with a dividend payout ratio of 57.31% [3][8]. Volume and Profit Outlook - The Daqin Line's freight volume is expected to recover as Shanxi coal production increases. The company forecasts that the freight volume will gradually return to normal levels, with a year-on-year increase expected in Q2 2025. The anticipated net profits for 2025, 2026, and 2027 are projected to be 99.5 billion yuan, 111.1 billion yuan, and 121.3 billion yuan, respectively, with corresponding price-to-earnings ratios of 13.3, 11.9, and 10.9 times [3][8]. Cost and Revenue Dynamics - The company faced a significant decline in freight volume in 2024, with a 7.1% year-on-year drop to 392 million tons. Despite this, passenger transport and entrusted operation management saw growth, with passenger volume increasing by 8.3% to 46.41 million people and passenger revenue rising by 12.2% to 10.01 billion yuan [3][8]. Market Position and Future Prospects - The Daqin Railway is positioned to benefit from the long-term demand for coal transportation due to regional imbalances in coal supply. The company has established a comprehensive transportation network, which is expected to enhance operational efficiency and reduce ineffective investments [3][8].

股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-042】 大秦铁路股份有限公司 关于召开 2024 年年度暨 2025 年第一季度 业绩说明会的公告 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个别及连带责任。 重要内容提示： ●会议召开时间：2025 年 5 月 15 日（周四）上午 11:00 - 12:00 （网址：https://roadshow.sseinfo.com/） ●问题征集方式：投资者可于 2025 年 5 月 14 日（周三）16:00 前登录上证 路演中心网站首页，点击"提问预征集"栏目或通过公司邮箱 dqtl@daqintielu.com 进行提问，公司将在说明会上对投资者普遍关注的问题进行回答。 大秦铁路股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布 2024 年年度报告、2025 年第一季度报告，为便于广大投资者更为全面深入地了 解公司经营成果、财务状况，公司计划于 2025 年 5 月 15 日上午 11:00-12:00 举 行"大秦铁路 2024 年年度 ...

大秦铁路股份有限公司 2025 年 4 月大秦线生产经营数据简报 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个别及连带责任。 2025年4月，公司核心经营资产大秦线完成货物运输量3062万吨，同比 增长0.99%。日均运量102.07万吨。大秦线日均开行重车67.8列，其中：日均 开行2万吨列车48.9列。2025年1-4月，大秦线累计完成货物运输量12334万吨， 同比减少4.05%。 以上主要运营数据来自本公司内部统计。运营数据可能在月度之间存在 一定差异，其影响因素包括但不限于市场环境、设备检修和接卸能力等。 董 事 会 12025年5月8日 股票代码：601006 股票简称：大秦铁路 公告编号：【临2025-041】 大秦铁路股份有限公司 ...

Core Viewpoint - The announcement from Daqin Railway (601006) highlights the performance of its core operating asset, the Daqin Line, which achieved a cargo transportation volume of 30.62 million tons in April 2025, reflecting a year-on-year growth of 0.99% [1] Group 1: Transportation Performance - The Daqin Line's average daily transportation volume reached 1.0207 million tons during the same period [1] - The average daily operation of heavy trains was recorded at 67.8 trains, with 48.9 of those being 20,000-ton trains [1] - For the period from January to April 2025, the cumulative cargo transportation volume of the Daqin Line was 123 million tons, showing a year-on-year decrease of 4.05% [1]