Group 1 - The company announced a cash acquisition of minority stakes in four subsidiaries from eight investors for a total consideration of RMB 11 billion, which will result in these subsidiaries becoming wholly-owned [1][2] - The targeted companies include China Railway 11th Bureau, China Railway Construction, Railway Construction Investment, and Kunlun Investment [1] - This acquisition is part of the company's strategy to enhance control over these subsidiaries, improve risk resilience, and strengthen operational and profitability capabilities [2] Group 2 - The acquisition follows a previous market-oriented debt-to-equity swap initiated in 2019, aimed at reducing corporate leverage and improving governance structures in line with national policies [1] - The company had the option to issue shares to investors as consideration for the acquisition but decided against it due to unfavorable market conditions [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 公 告 須予披露及關連交易 收購附屬公司少數股權 茲提述本公司日期為2019年12月18日 的 公 告，內 容 有 關 引 入 第 三 方 投 資 者 對 部 分 附 屬 公 司 進 行 增 資。董 事 會 謹 此 宣 佈，於2025年10月31日， 本 公 司 與 太 平 人 壽、誠通工融基金、交 銀 投 資、光 大 金 甌、中 銀 資 產、 農銀投資、建信投資及鑫麥穗投資八名投資者分別訂立股權轉讓協議。 據 此，本 公 司 同 意 按 照 各 股 權 轉 讓 協 議 的 條 款 及 條 件 分 別 向 投 資 者 收購其持有的全部標的公司股權，現 金 收 購 代 價 合 計 人 民 幣110億 元。 於 收 購 事 項 完 成 後，標 的 公 司 將 成 為 本 公 司 的 全 資 附 屬 公 司。 經考慮香港上市規則第14.22條 ...

Core Viewpoint - The company reported a total of 15,187.650 billion yuan in new contracts signed from the beginning of the year to the end of the reporting period, achieving 49.63% of the annual plan, with a year-on-year growth of 3.08% [7][8]. Financial Data - The company’s new contracts in the domestic market amounted to 13,139.441 billion yuan, accounting for 86.51% of the total new contracts, which represents a year-on-year decrease of 3.96% [7]. - The overseas business new contracts reached 2,048.209 billion yuan, making up 13.49% of the total, with a significant year-on-year increase of 94.52% [7]. - As of September 30, 2025, the total uncompleted contracts amounted to 80,980.449 billion yuan, with domestic uncompleted contracts at 65,056.394 billion yuan (80.34%) and overseas uncompleted contracts at 15,924.055 billion yuan (19.66%) [7]. Shareholder Information - The total number of shareholders holding ordinary shares and the number of preferred shareholders with restored voting rights were not applicable for this report [6]. - HKSCC Nominees Limited held 2,063,102,565 shares, representing multiple clients, with details on share pledges and freezes not disclosed [6]. Related Party Transactions - The company’s board approved the renewal of the "Housing Lease Framework Agreement" with its controlling shareholder, China Railway Construction Corporation, for the period from January 1, 2026, to December 31, 2026, with a proposed transaction cap of 200 million yuan for 2026 [12][32]. - The rental prices will be determined based on market rates, ensuring fair pricing and compliance with relevant regulations [19][25]. Board Meeting Resolutions - The sixth board meeting approved the third-quarter report for 2025, with unanimous support from all attending directors [29][30]. - The board also approved the acquisition of minority stakes in several subsidiaries, including China Railway 11th Bureau Group and China Railway Construction Group, with total acquisition costs amounting to 1.08 billion yuan [35].

Core Viewpoint - China Railway Construction Corporation (CRCC) reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - Total operating revenue for the first three quarters reached 728.403 billion yuan, representing a year-on-year decrease of 3.92% [1] - Net profit attributable to shareholders was 14.811 billion yuan, down 5.63% year-on-year [1] - Basic earnings per share stood at 0.96 yuan [1]

Core Viewpoint - China Railway Construction Corporation (CRCC) is a leading comprehensive construction group with strong performance in engineering contracting and a diversified business model, showing significant revenue and profit figures in the industry [2][5]. Group 1: Business Overview - CRCC was established on November 5, 2007, and listed on the Shanghai Stock Exchange on March 10, 2008, with its headquarters in Beijing [1]. - The company operates in various sectors including engineering contracting, design consulting, industrial manufacturing, real estate development, capital operations, and logistics, showcasing a full industry chain advantage [1]. Group 2: Financial Performance - As of Q3 2025, CRCC reported a revenue of 728.40 billion yuan, ranking second in the industry, surpassing the industry average of 135.95 billion yuan [2]. - The main business segments include engineering contracting (434.60 billion yuan, 88.84%), logistics and other services (40.72 billion yuan, 8.32%), real estate development (20.76 billion yuan, 4.24%), industrial manufacturing (11.83 billion yuan, 2.42%), and design consulting (6.74 billion yuan, 1.38%) [2]. - The net profit for the same period was 17.23 billion yuan, ranking third in the industry, above the industry average of 3.65 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, CRCC's debt-to-asset ratio was 79.14%, higher than the previous year's 76.83% and above the industry average of 72.81% [3]. - The gross profit margin was reported at 8.77%, lower than the previous year's 9.16% and below the industry average of 11.72% [3]. Group 4: Shareholder Information - As of June 30, 2025, the number of A-share shareholders decreased by 2.70% to 217,500, while the average number of shares held per shareholder increased by 2.77% to 52,900 [5]. - The top ten shareholders include China Securities Finance Corporation, holding 323 million shares, with no change from the previous period [5]. Group 5: Future Outlook - The company is expected to benefit from rapid growth in overseas business, with a 20.29% increase in revenue from international operations in H1 2025 [5]. - New contracts signed in H1 2025 increased by 57.43% year-on-year, indicating strong future growth potential [5][6]. - Profit forecasts for 2025 to 2027 are 22.82 billion, 23.55 billion, and 24.28 billion yuan, respectively, with corresponding P/E ratios of 4.82, 4.66, and 4.52 [5].

Core Viewpoint - China Railway Construction Corporation (601186.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 728.403 billion yuan, representing a year-on-year decrease of 3.92% [1] - The net profit attributable to shareholders of the parent company was 14.811 billion yuan, down 5.63% year-on-year [1] - The basic earnings per share stood at 0.96 yuan [1]

Core Insights - China Railway Construction Corporation (CRCC) reported a revenue of 239,204 thousand yuan for Q3 2025, representing a year-on-year decline of 1.15% [2] - The net profit attributable to shareholders of the listed company was 4,109,792 thousand yuan, showing a year-on-year increase of 8.34% [2] Financial Performance - Revenue for Q3 2025: 239,204 thousand yuan, down 1.15% year-on-year [2] - Net profit for Q3 2025: 4,109,792 thousand yuan, up 8.34% year-on-year [2]

Core Viewpoint - China Railway Construction Corporation (CRCC) reported a decline in revenue and net profit for the first three quarters of 2025, indicating challenges in the domestic market while showing strong growth in overseas contracts [1] Financial Performance - The operating revenue for the first three quarters was 728.403 billion yuan, a year-on-year decrease of 3.92% [1] - The net profit attributable to shareholders was approximately 14.811 billion yuan, down 5.63% year-on-year [1] - Basic earnings per share stood at 0.96 yuan [1] Contractual Performance - The total new contracts signed by the group amounted to 1,518.765 billion yuan, achieving 49.63% of the annual target, with a year-on-year growth of 3.08% [1] - Domestic new contracts totaled 1,313.944 billion yuan, accounting for 86.51% of the total, which represents a year-on-year decline of 3.96% [1] - Overseas new contracts reached 204.8209 billion yuan, making up 13.49% of the total, with a significant year-on-year increase of 94.52% [1] Unfinished Contracts - As of September 30, 2025, the total amount of unfinished contracts was 8,098.0449 billion yuan [1] - The unfinished domestic contracts totaled 6,505.6394 billion yuan, representing 80.34% of the total [1] - The unfinished overseas contracts amounted to 1,592.4055 billion yuan, accounting for 19.66% of the total [1]

Core Insights - China Railway Construction Corporation (CRCC) reported a revenue of 239.204 billion yuan for Q3 2025, a year-on-year decrease of 1.15% [2] - The net profit attributable to shareholders for Q3 2025 was 4.11 billion yuan, reflecting a year-on-year increase of 8.34% [2] - Basic earnings per share for Q3 2025 stood at 0.26 yuan [2] Financial Performance - For the first three quarters of 2025, CRCC achieved a total revenue of 728.403 billion yuan, which is a year-on-year decline of 3.92% [2] - The net profit attributable to shareholders for the first three quarters was 14.811 billion yuan, showing a year-on-year decrease of 5.63% [2] - Basic earnings per share for the first three quarters were reported at 0.96 yuan [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲 載 列 中 國 鐵 建 股 份 有 限 公 司（「本公司」）在 上 海 證 券 交 易 所 網 站 刊 登 的「中 國 鐵 建 股 份 有 限 公 司 第 六 屆 董 事 會 第 五 次 會 議 決 議 公 告」，僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 2025年10月31日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）、錢 偉 倫 先 生（獨 立 非 執 行 董 事）、王 俊 先 生（獨 立 非 執 行 ...