转自：北京日报客户端 据介绍，作为京津冀协同发展对口帮扶项目，中铁地产已连续三年与尚义县建立结对帮扶机制。本次消 费帮扶活动创新采用"食堂直采+职工认购"模式，将帮扶产品纳入员工福利采购清单，"活动以央企供应 链为纽带，既满足职工、市民对健康农产品的需求，又通过订单农业反哺乡村产业，形成'消费帮扶— 产业升级—农民增收'闭环。" 5月26日至27日，中国铁建携手谷之禅张家口食品有限公司开展的"振兴'乡'约·帮扶同行"专场展销活动 在中铁十九局矿业公司举行。此次活动由中铁十九局与中铁地产消费帮扶工作组联动合作，活动通 过"线上+线下"联动模式，构建特色农产品营销矩阵，推动帮扶区县优质产品走向千家万户，为乡村振 兴注入央企力量。 来源：北京日报客户端 河北张家口尚义县南朝碾村地理位置偏僻，村里的农特产品虽质优价廉，但没有销售途径。2017年，中 铁十九局职工吕帅被选派到该村担任驻村第一书记，解决村里农特产品销售难，"90后"吕帅第一时间想 到了直播带货这种方式。同时，吕帅还在村里注册开设了微商店，采取"企业+农户+合作社"的运管模 式，以保护价形式收购贫困户的杂粮，统一包装，统一销售。村里的小米、土豆、牛肉、羊肉 ...

资料显示，公司于2011年5月由中国铁建股份有限公司（以下简称"中国铁建"）独家出资成立，2012年 以来，中国铁建先后向公司划转多个基础设施投资项目、矿产资源投资项目和股权投资项目并现金注 资，目前公司系中国铁建下属最大的专业化投资实体。公司业务领域覆盖国内外高速公路、铁路、市政 工程、轨道交通、城市综合开发、土地开发、矿产资源等项目的投资、建设和经营管理以及金融、旅游 开发等项目的股权投资等，2024年及2025年1~3月分别实现营业总收入386.09亿元和58.98亿元，受部分 重点建设项目陆续竣工或进入收尾阶段，以及部分重点建设项目仍处于项目初期影响，收入规模同比分 别下降27.53%和27.65%。 来源：金融界 中诚信国际肯定了中国铁建投资集团有限公司（以下简称"中国铁建投资"或"公司"）股东实力雄厚及其 获得的有力支持、在基础设施投资建设及城市综合开发领域很强的竞争实力、丰富的项目管理及施工经 验和畅通的融资渠道等方面的优势对公司整体信用实力提供的有力支持。同时中诚信国际也关注到2024 年以来公司承揽规模下降、收入及利润规模减少、财务杠杆较高、债务规模或将继续维持较高水平、 BOT/PPP项目 ...

Core Viewpoint - Jiaotong Tiefa (920027.BJ) has initiated its subscription with an issue price of 8.81 CNY per share and a maximum subscription limit of 906,700 shares, reflecting a price-to-earnings ratio of 12.94 times, and is listed on the Beijing Stock Exchange with Guotou Securities as its sponsor [1] Group 1: Company Overview - Jiaotong Tiefa is a high-tech enterprise specializing in the research, development, production, and sales of intelligent products and equipment for rail transit, as well as providing professional technical services [1] - The company focuses on the safety of rail transit infrastructure and has developed strong technical research, production capabilities, and service strength over the years [1] - Main products and services include intelligent products and equipment for rail transit, safety monitoring and detection products, railway information systems, new materials, intelligent equipment, surveying services, and operation and maintenance services [1] Group 2: Technology and Solutions - The company utilizes core technologies such as interference signal recognition, seismic phase recognition, earthquake three-element estimation, nonlinear ultrasound and acoustic emission monitoring, 3D laser radar and video monitoring, railway construction and operation information technology, and passive rapid rail grinding vehicles to address industry pain points [1] Group 3: Market Applications - Products and services are widely applied in high-speed railways, conventional railways (including heavy-haul railways), and urban rail transit, with notable projects including Beijing-Zhangjiakou High-speed Railway, Beijing-Shanghai High-speed Railway, and Guangzhou Metro [2] - Major clients include large state-owned groups related to railways, such as China National Railway Group, China Railway Construction Corporation, and China Railway Group [2] Group 4: Financial Performance - For the fiscal years 2022, 2023, and 2024, Jiaotong Tiefa achieved revenues of approximately 235 million CNY, 273 million CNY, and 335 million CNY respectively, with net profits of approximately 33.78 million CNY, 48.96 million CNY, and 56.10 million CNY respectively [2] - Total assets as of December 31 for 2022, 2023, and 2024 were approximately 395.64 million CNY, 445.75 million CNY, and 635.95 million CNY respectively, with total equity of approximately 160.39 million CNY, 216.37 million CNY, and 266.70 million CNY respectively [3] - The company's asset-liability ratio for the parent company was 57.09%, 51.57%, and 58.42% for the years 2022, 2023, and 2024 respectively, with gross profit margins of 45.76%, 46.57%, and 44.50% [3]

Core Viewpoint - The company, China Railway Construction Heavy Industry Group Co., Ltd., is set to hold an investor briefing on May 28, 2025, to discuss its Q1 2025 performance and financial status, allowing for interactive communication with investors [1][2]. Group 1: Meeting Details - The investor briefing will take place on May 28, 2025, from 9:00 to 10:00 AM [1][2]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center, accessible via the website: https://roadshow.sseinfo.com/ [1][2]. - The format of the meeting will be an online interactive session [1][2]. Group 2: Participation Information - Investors can submit questions from May 21, 2025, to May 27, 2025, before 4:00 PM through the Roadshow Center's "Pre-Question Collection" section or via the company's investor relations email [1][2][3]. - The company will address commonly asked questions during the briefing [1][2][3]. Group 3: Attendees - Key attendees include Chairman Zhao Hui, Independent Director Wu Yuntian, Chief Accountant and Chief Legal Advisor Chen Peirong, and Board Secretary Li Gang [2]. Group 4: Contact Information - For inquiries, investors can contact the Board Office at phone number 0731-84071749 or via email at ir@crchi.com [3]. Group 5: Post-Meeting Access - After the investor briefing, participants can view the meeting details and main content on the Shanghai Stock Exchange Roadshow Center website [3].

中国铁建 20250513 摘要 • 中国铁建一季度营收 2,622 亿元，经营性现金净流出 389 亿元，同比减少 76 亿元。铁路工程新签合同额同比增长 66.25%，绿色环保产业增长 77.05%，矿山开采增长 139.26%，电力工程增长 29.21%，显示订单结 构优化。 • 公司推进精细化管理，物资集采率达 97.91%，资金节约 5.25%，设备集 采率 100%，资金节约 5.1%。销售和管理费用同比减少 10.2 亿元，降幅 13.8%。百吨级气凝胶中试线投产，智慧能源管控系统降低办公区能耗 30%。 • 中国铁建加强海外市场建设，业务范围扩大到 149 个国家和地区，一季度 海外新签合同额同比增长 30.1%，中吉乌铁路中标 25 亿元标段，盾构机 出口至所罗门群岛。 • 受益于中央基建投资和地方政府债务化解政策，铁路、电力、水利、矿山 开采等高毛利率板块订单增加，预计全年营收和新签订单规模与去年持平 或增长。 • 一季度铁路订单增长 60%，主要因中央加大基建投资和去年同期基数较低。 水利项目营收和订单也显著增长，均受益于中央财政支持。 Q&A 中国铁建在 2025 年第一季度的业绩表现 ...

Group 1 - A new company named Tiejian Development Biao (Taikang County) New Energy Development Co., Ltd. has been established with a registered capital of 50 million yuan [1] - The legal representative of the new company is Wang Fei, and its business scope includes biomass gas production and supply, gas operation, road cargo transportation (excluding hazardous goods), gas refueling for vehicles, and fertilizer production [1] - The company is jointly owned by China Railway Construction (601186) through its subsidiary China Railway Construction Development Group Co., Ltd. and Biao New Energy Technology Co., Ltd. [1]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway Construction Corporation (601186.SH/1186.HK) with current prices at 7.81 CNY and 4.94 HKD respectively [1]. Core Views - The company experienced operational pressure in 2024, with a year-on-year decline in revenue and net profit. However, cash flow showed improvement in Q1 2025 [5][6]. - The company has a sufficient backlog of contracts, with a continuous optimization of contract structure, particularly in green and emerging industries [7]. - Despite the challenges, the company is expected to maintain a stable dividend policy, proposing a dividend of 3 CNY per 10 shares, reflecting an 18.34% payout ratio [8]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 1,067.17 billion CNY, a decrease of 6.2% year-on-year, with a net profit of 22.22 billion CNY, down 14.9% [5]. - For Q1 2025, revenues were 256.76 billion CNY, a decline of 6.6% year-on-year, with net profit at 5.15 billion CNY, down 14.5% [5]. Revenue Breakdown - The revenue from various segments in 2024 showed declines: Engineering Contracting (-5.7%), Planning and Design Consulting (-3.9%), Industrial Manufacturing (-2.5%), Real Estate Development (-13.7%), and Material Logistics (-9.4%) [6]. - The company’s domestic and overseas revenue in 2024 was 1,001.27 billion CNY and 65.90 billion CNY respectively, with a year-on-year change of -7.1% and +9.3% [6]. Contracting and Orders - New contracts signed in 2024 totaled 30,369.7 billion CNY, a decrease of 7.8% year-on-year, with overseas contracts growing by 23.4% [7]. - In Q1 2025, new contracts amounted to 4,928.5 billion CNY, down 10.5% year-on-year, but with significant growth in green and real estate projects [7]. Cash Flow and Expenses - The company faced significant cash outflows in 2024, with a net cash outflow of 31.42 billion CNY, but showed improvement in Q1 2025 with a net inflow of 3.95 billion CNY [8]. - The financial expense ratio increased due to foreign exchange losses, impacting net profit margins [8]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted to 22.33 billion CNY and 22.88 billion CNY respectively, reflecting a downward revision of 4% and 3% [8]. - The report maintains a "Buy" rating based on the company's strong contract backlog and ongoing structural improvements [8].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 9.08 CNY, compared to the current stock price of 7.81 CNY as of April 30, 2025 [5]. Core Views - The company's Q1 2025 revenue was 256.76 billion CNY, a year-on-year decrease of 6.61%, primarily due to weak demand in traditional business sectors. The net profit attributable to shareholders was 5.15 billion CNY, down 14.51% year-on-year, with a decline in gross margin contributing to the profit drop [2][3]. - Despite the revenue and profit decline, the company has a solid order backlog of 7.86 trillion CNY, approximately 7.4 times its 2024 revenue, indicating a strong foundation for future revenue growth [2]. - The company signed new contracts worth 492.84 billion CNY in Q1 2025, with a notable increase in overseas contracts by 30.10% year-on-year, while domestic contracts decreased by 13.17% [4]. Summary by Sections Financial Performance - In Q1 2025, the company experienced a gross margin decline of 0.28 percentage points, leading to a sales net profit margin of 2.38%, down 0.20 percentage points year-on-year. The operating cash flow improved, with a net outflow of 38.95 billion CNY, which is 7.65 billion CNY less than the previous year [2][3]. Order and Contract Activity - The new contract value in Q1 2025 was 492.84 billion CNY, with domestic contracts at 448.68 billion CNY and overseas contracts at 44.16 billion CNY. The growth in the green environmental sector and railway engineering contracts was particularly strong, with increases of 77.05% and 66.25% year-on-year, respectively [4]. Earnings Forecast - The company’s revenue projections for 2025-2027 are 1.08 trillion CNY, 1.10 trillion CNY, and 1.11 trillion CNY, with expected year-on-year growth rates of 1.50%, 1.30%, and 1.30%. The net profit forecasts for the same period are 22.47 billion CNY, 22.73 billion CNY, and 22.99 billion CNY, with corresponding growth rates of 1.15% each year [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 earnings continue to be under pressure, with total revenue of 256.76 billion yuan, down 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion yuan, down 14.5% year-on-year [8] - Despite the revenue decline, cash flow has improved, with a net cash flow from operating activities of -38.95 billion yuan, which is a reduction in outflow by 7.65 billion yuan year-on-year [8] - New contract signings decreased by 10.5% year-on-year to 492.8 billion yuan, but the company saw significant growth in green and environmental contracts, which increased by 77.1% year-on-year [8] - The company is expected to benefit from increased fiscal policy support and improved financing conditions, which will gradually manifest in investment and physical volume [8] Summary by Sections Financial Performance - Q1 2025 total revenue was 256.76 billion yuan, down 6.6% year-on-year, with a gross margin of 7.5%, a decrease of 0.3 percentage points year-on-year [8] - The net profit attributable to shareholders was 5.15 billion yuan, down 14.5% year-on-year, with a net profit margin of 2.01%, a decrease of 0.19 percentage points year-on-year [8] Cash Flow and Debt - Operating cash flow improved, with a net cash flow of -38.95 billion yuan, a reduction in outflow by 7.65 billion yuan year-on-year [8] - As of the end of Q1 2025, the company's interest-bearing debt was 541.1 billion yuan, an increase of 141.6 billion yuan year-on-year, with a debt-to-asset ratio of 77.6%, up 2.0 percentage points year-on-year [8] Order Book and Market Outlook - New contracts signed in Q1 2025 totaled 492.8 billion yuan, down 10.5% year-on-year, with significant growth in green and environmental contracts [8] - The company’s backlog of uncompleted contracts was 7.8613 trillion yuan, an increase of 12.5% year-on-year, indicating strong order visibility [8] Earnings Forecast - The company is expected to achieve net profits of 21.9 billion yuan in 2025, 22.4 billion yuan in 2026, and 22.9 billion yuan in 2027, with corresponding P/E ratios of 4.8, 4.7, and 4.6 times [8]

Investment Rating - The investment rating for China Railway Construction Corporation (601186) is "Buy" (maintained) [1] Core Views - The report indicates that Q1 earnings continue to be under pressure, with a slight improvement in cash flow. The company reported a total revenue of 256.76 billion yuan in Q1 2025, down 6.6% year-on-year, and a net profit attributable to shareholders of 5.15 billion yuan, down 14.5% year-on-year [8] - The report highlights that while revenue remains under pressure, the company has managed to control expenses effectively, leading to a slight decrease in expense ratios despite the revenue decline [8] - New contract signings in Q1 2025 decreased by 10.5% year-on-year, but there was notable growth in green environmental contracts, which increased by 77.1% year-on-year [8] - The report emphasizes that despite external economic pressures, the company is expected to benefit from increased fiscal policy support and a gradual recovery in infrastructure investment [8] Summary by Sections Financial Performance - In Q1 2025, the company achieved a total revenue of 256.76 billion yuan, a decrease of 6.6% year-on-year, and a net profit of 5.15 billion yuan, down 14.5% year-on-year [8] - The gross profit margin for Q1 2025 was 7.5%, a decrease of 0.3 percentage points year-on-year [8] - The company’s cash flow from operating activities showed improvement, with a net cash outflow of 38.95 billion yuan, which was 7.65 billion yuan less than the previous year [8] Order Book and Contracts - New contracts signed in Q1 2025 totaled 492.8 billion yuan, down 10.5% year-on-year, with engineering contracts down 18.7% [8] - The report notes strong performance in the railway, mining, and power sectors, with new contracts in these areas increasing by 66.3%, 139.3%, and 29.2% respectively [8] - The total uncompleted contract amount as of the end of Q1 2025 was 7,861.3 billion yuan, an increase of 12.5% year-on-year, indicating a solid order backlog [8] Profit Forecast and Valuation - The report forecasts net profits attributable to shareholders for 2025-2027 to be 21.9 billion yuan, 22.4 billion yuan, and 22.9 billion yuan respectively, with corresponding P/E ratios of 4.8, 4.7, and 4.6 times [8] - The report maintains a "Buy" rating based on the expectation of recovery in valuation due to the company's position as a leading state-owned enterprise in infrastructure [8]