Please note that both the English and Chinese versions of all future Corporate Communications will be available electronically on the website of the Company at www.crcc.cn and the HKEXnews website at www.hkexnews.hk in place of printed copies. As a non-registered shareholder, if you wish to receive corporate communications from the Company pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your Shares are held (coll ...

（於中華人民共和國註冊成立的股份有限公司） (a joint stock limited company incorporated in the People's Republic of China with limited liability) (Stock Code: 1186) （股份代號: 1186） Dear registered shareholder(s), Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperless listing regime and electronic dissemination of corporate communications that came into ...

2025年第一次臨時股東大會 回執 致：中國鐵建股份有限公司（「公司」） 本人╱吾等 （附註1 （中文姓名╱名稱）： ） （英文姓名╱名稱）： 地址為 為公司股本中每股面值人民幣1.00元之 股 （附註2） A股╱H股 （附註3） 的登記持有人，兹通知公司，本人╱吾等 擬親自或委託代理人出席公司於2025年4月29日（星期二）上午9時在中華人民共和國北京市海淀區復興路40號中國鐵建大廈 舉行的2025年第一次臨時股東大會。 1. 請用正楷填上全名（中文或英文，須與登記在公司股東名冊的相同）及地址。 2. 請填上以 閣下名義登記的公司股份數目。 3. 删去不適用者。 4. 請將此回執在填妥及簽署後於2025年4月25日（星期五）或之前送達公司董事會辦公室，地址為中華人民共和國北京市海淀區復興 路40號東院，郵編100855。此回執可親身交回公司，亦可以郵遞或以圖文傳真方式交回（圖文傳真號碼為：(8610) 5268 8302）。 日期：2025年 月 日 簽署： 附註： ...

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通告的內 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 不對因本通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。 2025年第一次臨時股東大會通知 茲通知 中 國 鐵 建 股 份 有 限 公 司（「本公司」）謹 訂 於2025年4月29日（星 期 二） 上 午9時 在 中 華 人 民 共 和 國（「中 國」）北 京 市 海 淀 區 復 興 路40號中國鐵建 大廈舉行2025年 第 一 次 臨 時 股 東 大 會（「臨時股東大會」），藉 以 審 議 並 酌 情 通 過 以 下 決 議 案： 獨立普通決議案 1. 關 於 選 舉 本 公 司 第 六 屆 董 事 會 執 行 董 事 和 非 執 行 董 事 的 議 案： – 1 – 1.1 關於重選戴和根先生為本公司第六屆董事會執行董事的議案 1.2 關於重選郜烈陽先生為本公司第六屆董事會非執行董事的議 案 2. 關 於 選 舉 本 公 司 第 六 屆 董 事 會 獨 立 非 執 行 董 事 的 議 案： ...

此乃要件 請即處理 閣下如對本通函的任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註 冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下的中國鐵建股份有限公司的股份全部售出或轉讓，應立即將本通函連同代理 人委託書及回執送交買主或承讓人，或送交經手買賣或轉讓的銀行、持牌證券交易商或其他 代理商，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本通函全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 建議重選及委任股東代表董事 及 臨時股東大會通知 釋 義 於本通函內，除文義另有所指外，下列詞彙具有以下涵義： – ii – 「A股」 指 本公司普通股股本中每股面值人民幣1.00元的境內上市內 資股，在上海證券交易所上市 「A股股東」 指 A股持有人 「公司章程」 指 《中國鐵建股份有限公司章程》 「董事會」 指 本公司董事會 「本公司」 指 中國鐵建股份有限公司，一家在中國註冊成立的股份有限 公司，其H股及A股分別於香港聯交所及上海證券交易所上 市 ...

Financial Performance - The company's undistributed profits at the beginning of 2024 amounted to CNY 44,765,270,000, with a net profit of CNY 13,788,371,000 for the year, resulting in a total distributable profit of CNY 51,364,222,000 at year-end [2]. - The company's operating revenue for 2024 was CNY 1,067,171,337, a decrease of 6.22% compared to CNY 1,137,993,486 in 2023 [22]. - Net profit attributable to shareholders for 2024 was CNY 22,215,074, down 14.87% from CNY 26,096,971 in 2023 [22]. - The net cash flow from operating activities for 2024 was CNY -31,423,832, compared to CNY 20,412,048 in 2023, indicating a significant decline [22]. - The total assets at the end of 2024 reached CNY 1,862,842,522, reflecting a 12.02% increase from CNY 1,663,019,578 in 2023 [22]. - The net assets attributable to shareholders increased by 5.94% to CNY 328,251,080 at the end of 2024, up from CNY 309,837,517 in 2023 [22]. - Basic earnings per share for 2024 were CNY 1.46, a decrease of 15.61% from CNY 1.73 in 2023 [23]. - The weighted average return on equity for 2024 was 7.69%, down 2.11 percentage points from 9.80% in 2023 [23]. - The company reported a quarterly operating revenue of CNY 309,046,217 in Q4 2024, with a net profit of CNY 6,519,635 attributable to shareholders [27]. - The net cash flow from operating activities in Q4 2024 was CNY 57,594,170, a significant recovery from previous quarters [27]. Dividends and Profit Distribution - A cash dividend of CNY 3.00 per 10 shares (including tax) will be distributed, totaling CNY 4,073,862,000, which accounts for 20.60% of the distributable profits attributable to ordinary shareholders [2]. - The company plans to maintain the total distribution amount unchanged, adjusting the per-share distribution ratio if there are changes in the total share capital before the equity distribution registration date [2]. Awards and Recognition - The company has received a total of 90 national science and technology awards and 593 national quality engineering awards, including 52 gold awards [11]. - The company is ranked 43rd in the 2024 Fortune Global 500, marking its 19th consecutive year on the list [10]. Strategic Goals and Development - The company aims to enhance its core competitiveness and accelerate its transformation towards high-end, intelligent, green, refined, digital, and international development [11]. - The company plans to continue focusing on market expansion and new technology development to enhance future performance [22]. - The company aims to achieve a stable development while enhancing its value creation capabilities, in line with the requirements set by the State-owned Assets Supervision and Administration Commission [38]. - The company is focusing on the development of new infrastructure, new materials, and new energy sectors as part of its strategic expansion [34]. - The company is actively engaging in strategic emerging industries such as new infrastructure, new equipment, and new materials, enhancing its asset operation capabilities [57]. - The company has established a technology innovation system, launching multiple research institutes to drive advancements in green technology and high-end equipment [37]. - The company plans to deepen reforms and improve its governance structure, emphasizing a performance-based approach to personnel management [35]. Risk Management - Major risks faced by the company include investment risks, project management risks, debt financing risks, international operation risks, and safety risks [2]. - The company is committed to maintaining a bottom-line thinking approach to risk management, ensuring no major risks occur during its operations [38]. - The company identified major risks including investment risks, project management risks, debt funding risks, international operation risks, and safety risks, and is enhancing its risk management framework [199]. - The company is enhancing risk assessment and management in response to the shift towards high-quality economic development, focusing on strict regulatory compliance [200]. Research and Development - The total number of patents held by the company has reached 40,638 [11]. - The company completed three key core technology R&D tasks and was approved as a source of original technology for central enterprises, with 7,740 new patents granted in the year, including 2,696 invention patents, a year-on-year increase of 34% [45]. - The total R&D investment accounted for 2.41% of operating revenue in 2024 [105]. - The number of R&D personnel was 29,086, accounting for 11.02% of the total workforce [106]. Contracting and Project Management - The total amount of new contracts signed in 2024 reached CNY 30,369.678 billion, marking the third consecutive year of exceeding CNY 30 trillion, with overseas contracts amounting to CNY 3,119.779 billion, a year-on-year increase of 23.39% [40]. - The total new contracts signed by the company in 2024 amounted to CNY 3,036.968 billion, achieving 101.20% of the annual plan, but representing a year-on-year decrease of 7.80% [61]. - The infrastructure construction projects, including engineering contracting and green environmental protection, totaled CNY 2,645.3981 billion, accounting for 87.11% of the total new contracts, with a year-on-year decrease of 7.29% [63]. - The company reported a total of 7,679 new signed projects during the reporting period, with a total value of CNY 26,453.981 million [153]. Financial Position and Liabilities - The total liabilities, including short-term and long-term borrowings, resulted in a leverage ratio of 71% as of December 31, 2024, compared to 67% in the previous year [140]. - The company's total financial liabilities amounted to 1,220,826,050, reflecting a comprehensive financial strategy [124]. - Short-term borrowings rose by 83.46% from 81,839,758 to 150,142,693, mainly to supplement working capital [119]. - Long-term borrowings increased by 42.24% from 197,826,997 to 281,386,136, primarily for funding PPP and BOT project investments [119]. Market and Industry Trends - The real estate market saw a 12.9% year-on-year decline in new residential sales area, with total sales amounting to 9.7 trillion yuan, down 17.1% year-on-year [51]. - The green environmental protection industry is expected to benefit from national policies aimed at accelerating green transformation, with a focus on carbon neutrality and energy efficiency [54]. - The logistics industry is experiencing a decline in overall demand for construction materials, with performance falling below expectations [53]. - The industrial manufacturing sector is focusing on high-end equipment manufacturing, with a steady increase in core equipment supply capacity and accelerated localization of major technical equipment [52]. Future Outlook - The 2025 operational plan includes a new contract signing target of 3.06 trillion CNY and a revenue target of 1.0725 trillion CNY, with costs and taxes estimated at 1.0312 trillion CNY [199]. - Future outlook remains positive with expectations of continued profitability and asset growth across subsidiaries [192]. - The company aims to maintain its current business and meet funding needs for ongoing projects through self-funding, new share issuance, bank loans, and bond issuance [199].

Core Viewpoint - In the context of a cooling "infrastructure boom," both China Railway Construction Corporation (CRCC) and China Railway Group Limited (CRG) reported a double-digit decline in new contract amounts for their domestic businesses in 2024 [3] Group 1: Contract Performance - CRCC's total new contract amount for 2024 was 3,036.968 billion yuan, a year-on-year decrease of 7.8%, with domestic and overseas new contracts growing at rates of -10.39% and 23.39% respectively [3] - CRG's new contract amount for 2024 was 2,715.18 billion yuan, down 12.4%, with domestic and overseas new contracts growing at rates of -14.0% and 10.6% respectively [3] - The decline in domestic new contracts was attributed to reduced investment project orders and a decrease in the real estate sector's new contracts [3] Group 2: Strategic Responses - The company has implemented high-quality operational guidelines and assessment methods, focusing on key indicators such as budgeted return rates and the proportion of high-quality contracts, resulting in improved contract conversion rates and profitability [4] - CRCC anticipates that its new contract amount will remain stable in 2025 [4] - The overseas business for both companies saw double-digit growth, driven by a commitment to an "overseas priority" strategy and participation in significant projects like the Jeddah Sports Stadium in Saudi Arabia [4] Group 3: Sector Performance - In CRCC's eight business segments, all except for green environmental protection, industrial manufacturing, and emerging industries saw significant declines, with the real estate development segment down 21.02% [4] - Infrastructure construction projects, including railways, highways, urban rail, municipal works, water conservancy, and airport engineering, experienced declines of 17.03%, 40.84%, 36.48%, 31.45%, 24.02%, and 31.77% respectively [5] - In CRG, all business segments except for emerging businesses saw declines, with the specialty real estate segment down 37.6% [5] Group 4: Financial Performance - CRCC reported 2024 revenue of 1,067.171 billion yuan, a decrease of 6.22%, and a net profit attributable to shareholders of 22.215 billion yuan, down 14.87% [6] - CRG's 2024 revenue was 1,157.439 billion yuan, a decline of 8.20%, with a net profit attributable to shareholders of 27.887 billion yuan, down 16.71% [6]

Investment Rating - The report assigns a "Recommendation" rating to the company, with a target price of 10.0 CNY per share for 2025, based on a 6x PE valuation [2][9]. Core Views - The company's revenue for 2024 is reported at 1,067.17 billion CNY, a year-on-year decrease of 6.22%, while the net profit attributable to shareholders is 22.22 billion CNY, down 14.87% year-on-year [2][9]. - The decline in revenue is primarily attributed to decreases in engineering contracting and real estate business [9]. - The company has a substantial backlog of contracts, amounting to 7.68 trillion CNY, which is approximately 720% of its revenue, ensuring future revenue stability [9]. - The gross margin slightly decreased to 10.27%, with an increase in interest-bearing debt impacting net profit [9]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 Revenue: 1,067,171 million CNY, down 6.2% YoY - 2024 Net Profit: 22,215 million CNY, down 14.9% YoY - EPS Forecasts: 1.67 CNY in 2025, 1.70 CNY in 2026, 1.73 CNY in 2027 [4][10]. - **Contractual Performance**: - New contracts signed in 2024 totaled 3.04 trillion CNY, achieving 101.20% of the annual target, but down 7.80% YoY [9]. - Breakdown of new contracts by business segment shows varied performance, with green environmental contracts increasing by 24% YoY [9]. - **Debt and Financial Ratios**: - The company’s debt-to-equity ratio is projected to rise, with total liabilities reaching 1,440.25 billion CNY in 2024 [10]. - The asset-liability ratio stands at 77.31% [6]. - **Market Performance**: - The company’s stock price has fluctuated between 10.26 CNY and 6.83 CNY over the past 12 months [6]. Conclusion - The report indicates that while the company faces short-term revenue pressures, its substantial backlog and strategic focus on emerging industries position it for potential recovery and growth in the coming years [9].

Core Viewpoint - The company announced a decline in revenue and net profit for 2024, with total revenue at 1,067.171 billion yuan, down 6.22%, and net profit attributable to shareholders at 22.215 billion yuan, down 14.87% [1] Financial Performance - Quarterly revenue for 2024 was reported as follows: Q1: 274.949 billion yuan (up 0.52%), Q2: 241.188 billion yuan (down 9.84%), Q3: 241.988 billion yuan (down 8.82%), Q4: 309.046 billion yuan (down 6.78%) [2] - Quarterly net profit attributable to shareholders was: Q1: 6.025 billion yuan (up 1.98%), Q2: 5.877 billion yuan (down 24.07%), Q3: 3.793 billion yuan (down 34.27%), Q4: 6.520 billion yuan (down 2.36%) [2] - The company's gross profit margin for 2024 was 10.27%, a decrease of 0.13 percentage points [3] Business Segments - Revenue by business segment for 2024: Engineering: 931.246 billion yuan (down 5.68%), Design: 18.024 billion yuan (down 3.89%), Manufacturing: 23.395 billion yuan (down 2.52%), Real Estate Development: 71.890 billion yuan (down 13.67%), Logistics: 86.864 billion yuan (down 9.39%) [2] - Gross profit margins by segment were: Engineering: 8.75%, Design: 41.96%, Manufacturing: 22.35%, Real Estate Development: 10.92%, Logistics: 9.17% [2] Geographic Performance - Domestic revenue for 2024 was 1,001.273 billion yuan (down 7.09%), while overseas revenue was 65.899 billion yuan (up 9.27%) [2] - The gross profit margin for domestic operations was 10.45% (down 0.14 percentage points), and for overseas operations, it was 7.49% (up 0.62 percentage points) [2] Cash Flow and Expenses - The company experienced a significant net cash outflow from operating activities of 31.424 billion yuan, an increase in outflow of 51.836 billion yuan compared to the previous year [3] - The company's receivables and inventory levels increased, with accounts receivable at 207.98 billion yuan (up 30.78%) and inventory plus contract assets at 590.87 billion yuan (down 1.43%) [3] Future Outlook - Projected net profit for 2025-2027 is expected to be 21.207 billion yuan (down 4.54%), 21.802 billion yuan (up 2.81%), and 22.818 billion yuan (up 4.66%), with corresponding price-to-earnings ratios of 5.24, 5.09, and 4.87 respectively [3]

未完成合同额为营收720%，绿色环保新签合同额同比增长24%。1）2024 年新签合同总额3.04 万亿元， 完成年度计划的 101.20%，同比下降7.80%。2）分业务来看，工程承包、绿色环保、规划设计咨询、工 业制造、房地产开发、物资物流、产业金融、新兴产业新签合同额分别为23,286、3,168、205、423、 977、1,975、91、245 亿元，同比分别-10.36%、+23.79%、-31%、 +1.27%、-21.02%、-8.75%、-16.12%、+36.47%。公司积极发展新兴产业，加大新兴项目的承揽，加快 转型升级步伐，订单快速增长。3）截至2024 年末，公司未完合同额合计7.68 万亿元，约为营收的 720%，保障未来营收规模。其中境内、境外业务未完合同额分别为6.22、1.46 万亿元，分别占未完合 同总额的80.95%、19.05%。 毛利率微降，有息负债规模提升影响净利润。1）2024 年公司毛利率为10.27%，同比下降0.12 个百分 点，工程承包、规划设计咨询、工业制造、房地产开发、物资物流及其他业务毛利率分别为8.75%、 41.96%、22.35%、10.92% ...