Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [5]. Core Insights - The company reported a revenue of 758.125 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.99%, and a net profit attributable to shareholders of 15.695 billion yuan, down 19.18% year-on-year [1][2]. - The cash flow outflow has narrowed in Q3, and the company is expected to benefit from fiscal stimulus measures, with a focus on improving operational efficiency and cost reduction [1][3]. - The company has a backlog of uncompleted contracts amounting to 70,873.74 billion yuan, which is approximately 6.23 times its revenue for 2023, suggesting potential for future revenue recognition [1]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 241.988 billion yuan, down 8.82% year-on-year, and a net profit of 3.793 billion yuan, down 34.27% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 9.2%, a slight decrease from the previous year [3]. - The company’s financial expenses increased significantly, impacting profitability, with Q3 financial expenses reaching 3.109 billion yuan, an increase of 21.2 billion yuan year-on-year [3]. Order and Contract Insights - The company signed new contracts worth 14,734.27 billion yuan in the first three quarters of 2024, a decrease of 17.51% year-on-year, with significant declines in investment operations and engineering contracts [2]. - The water conservancy and mining sectors showed strong growth, with orders increasing by 38.6% and 307.6% year-on-year, respectively [2]. Future Projections - The net profit forecasts for 2024, 2025, and 2026 have been revised down to 21.9 billion yuan, 22.0 billion yuan, and 22.2 billion yuan, respectively, from previous estimates of 27.3 billion yuan, 28.5 billion yuan, and 29.8 billion yuan [1]. - The company’s dividend yield (TTM) stands at 3.9%, indicating a potential for income generation for investors [1].

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [3][5] Core Views - Q3 performance continues to show pressure, with a significant decline in net profit attributed to increased expense ratios and declining gross margins. However, policy support is expected to drive a recovery in Q4 [1][2] - The company has a substantial backlog of contracts amounting to 7.1 trillion yuan, which is 6 times its 2023 revenue, providing a solid foundation for future growth [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 758.1 billion yuan, a year-on-year decrease of 6.0%, and a net profit attributable to shareholders of 15.7 billion yuan, down 19.2% [1] - The gross margin for Q1-3 2024 was 9.16%, showing a slight decline, while the expense ratio increased to 5.33%, reflecting a rise in financial costs due to expanded financing [2] - Operating cash flow showed a net outflow of 89 billion yuan for Q1-3 2024, with a marginal improvement in Q3 compared to the previous year [2] Order Intake - The total new contracts signed in Q1-3 2024 amounted to 1.4734 trillion yuan, a decrease of 17.5% year-on-year, but the decline in Q3 narrowed to 12.7% compared to a 33% drop in Q2 [2] - The infrastructure segment saw new contracts of 1.2388 trillion yuan, down 17.8%, with notable performance in mining and water conservancy sectors [2] Earnings Forecast - The report adjusts the earnings forecast for 2024-2026, projecting net profits of 22.1 billion yuan in 2024, a decrease of 15% year-on-year, with EPS expected to be 1.63 yuan per share [3][4]

财联社10月30日讯（编辑 冯轶） 财联社为您带来今日港股重要公告 1）业绩速递 工商银行(01398.HK)： 前三季度营收约5991.07亿元，同比减少3.92%；净利润2690.25亿元，同比增长 0.13%。 建设银行(00939.HK)： 三季度经营收入1775.16亿元，同比减少2.72%；净利润914.5亿元，同比增加 3.79%。 农业银行(01288.HK)：前三季度实现净利润2152.62亿元，同比增长3.60%。 中国银行(03988.HK)：前三季度营业收入4791.05亿元，同比增加1.74%；利润1757.63亿元，同比增加 0.52%。 中国人寿(02628.HK)： 前三季度营收约4271.8亿元，同比增长54.8%；净利润为1045.23亿元，同比增长 173.9%。三季度营收约1929.64亿元，同比增长124.7%，净利润为662.45亿元，同比增长17.67倍。 中国太保(02601.HK)： 前三季度营收3105.64亿元，同比增长21.3%；净利润383.1亿元，同比增长 65.5%。 中国中铁(00390.HK)： 三季度营收8184.79亿元，同比减少7.3%； ...

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 五 屆 監 事 會 第 十 七 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 2024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）、趙 立 新 先 生（獨 立 非 執 行 董 事）、解 國 光 先 生（獨 立 非 執 行 董 事）及 錢 偉 倫 先 生（獨 立 非 執 行 ...

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五屆董事會第三十三次會議決議公告」，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 2024年10月31日 第五届董事会第三十三次会议决议公告 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 担法律责任。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届董事会第三十三 次会议于 2024 年 10 月 30 日在中国铁建大厦举行，董事会会议通知 和材料于 2024 年 10 月 15 日以书面直接送达 ...

Financial Performance - The company's operating revenue for Q3 2024 was CNY 241,988,402, a decrease of 8.82% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was CNY 3,793,281, reflecting a decline of 34.27% year-over-year[2]. - The basic earnings per share for Q3 2024 was CNY 0.23, down 39.47% from the previous year[6]. - Total operating revenue for the first three quarters of 2024 was CNY 758.13 billion, a decrease of 5.97% compared to CNY 806.46 billion in the same period of 2023[19]. - Net profit for the first three quarters of 2024 was CNY 19.96 billion, a decline of 14.03% from CNY 23.40 billion in 2023[20]. - Basic and diluted earnings per share for the first three quarters of 2024 were both CNY 1.02, down from CNY 1.29 in the same period of 2023[21]. - The company reported a total comprehensive income of CNY 13,181,879 for the first three quarters of 2024, compared to CNY 11,395,045 in 2023, reflecting an increase of 15.7%[28]. Cash Flow - The net cash flow from operating activities for Q3 2024 was -89,018,002 thousand RMB, compared to -43,182,574 thousand RMB in Q3 2023, indicating a decline in operational cash generation[23]. - Cash inflow from operating activities was CNY 777.19 billion, a decrease of 9.09% compared to CNY 855.04 billion in 2023[22]. - Cash outflow from operating activities totaled CNY 866.21 billion, down from CNY 898.22 billion year-on-year[22]. - Cash inflow from financing activities increased significantly to 383,085,296 thousand RMB in Q3 2024, compared to 232,655,865 thousand RMB in Q3 2023, reflecting stronger financing efforts[23]. - The net cash flow from financing activities was 116,773,433 thousand RMB, up from 77,847,835 thousand RMB year-over-year, indicating improved financial stability[23]. Assets and Liabilities - Total assets increased to CNY 1,810,274,491, representing an 8.85% increase compared to the end of the previous year[3]. - The total liabilities increased to CNY 1,390,869,852 from CNY 1,245,899,805, indicating an increase of about 11.6%[18]. - The total equity of the company rose to 181,822,440 thousand RMB, compared to 171,520,409 thousand RMB, reflecting a growth of approximately 6.5% in shareholder value[26]. - Current assets totaled 63,421,983 thousand RMB, up from 53,736,809 thousand RMB, reflecting a 17.5% increase in liquidity[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 252,429[7]. - The largest shareholder, China Railway Construction Group Co., Ltd., holds 51.23% of the shares[7]. Contracts and Business Segments - The total new contracts signed by the company from the beginning of the year to the end of the reporting period amounted to RMB 1,473.427 billion, representing 49.10% of the annual plan, with a year-on-year decrease of 17.51%[11]. - The new contracts in the engineering contracting sector amounted to RMB 1,040.731 billion, accounting for 84.08% of the total new contracts, with a year-on-year decrease of 17.81%[12]. - The new contracts in the green environmental protection sector increased by 43.05% year-on-year, totaling RMB 125.196 billion, driven by the company's commitment to green development[11]. - The company experienced a significant decline in new contracts in the investment operation sector, with a decrease of 65.60% year-on-year, totaling RMB 72.8775 billion[11]. Management Changes - The company appointed four new vice presidents, effective from July 29, 2024, to strengthen its management team[14]. - The resignation of the president, Wang Lixin, was announced on September 6, 2024, indicating a potential shift in leadership strategy[15]. Research and Development - Research and development expenses increased to CNY 15.12 billion, up from CNY 14.72 billion in the previous year[19]. - Research and development expenses increased to CNY 30,506 in 2024 from CNY 17,901 in 2023, showing a significant rise of 70.4%[27]. Financial Expenses - Financial expenses rose significantly to CNY 6.07 billion, compared to CNY 2.59 billion in the same period of 2023[19]. - The company's interest expenses decreased to CNY 403,771 in 2024 from CNY 467,600 in 2023, a reduction of 13.7%[27]. Other Financial Metrics - Non-recurring gains and losses totaled CNY 168,500 for the current period, with significant contributions from asset disposal and government subsidies[4]. - Investment losses improved to CNY -685.26 million, a significant reduction from CNY -3.11 billion in 2023[19]. - Other comprehensive income after tax was CNY -398.13 million, contrasting with CNY 567.31 million in the previous year[20].

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—041 中国铁建股份有限公司 第五届董事会第三十三次会议决议公告 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 担法律责任。 一、董事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届董事会第三十三 次会议于 2024 年 10 月 30 日在中国铁建大厦举行，董事会会议通知 和材料于 2024 年 10 月 15 日以书面直接送达和电子邮件等方式发出。 应出席会议董事 6 名，5 名董事出席了本次会议。郜烈阳董事因其他 公务无法出席会议，委托解国光董事代为表决。公司监事和高级管理 人员列席了会议。会议由董事长戴和根先生主持。本次会议的召开符 合有关法律、行政法规、部门规章、规范性文件和《中国铁建股份有 限公司章程》及《中国铁建股份有限公司董事会议事规则》的规定。 二、董事会会议审议情况 会议审议并以现场参加和通讯记名投票方式表决通过了会议议 案，作出如下决议： （二）审议通过《关于公司2024年度内部控制评价工作实施方案 的议案》 同意公司 2024 年度内部 ...

证券代码：601186 证券简称：中国铁建 公告编号：临 2024—042 中国铁建股份有限公司 第五届监事会第十七次会议决议公告 本公司监事会及全体监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 担法律责任。 一、监事会会议召开情况 中国铁建股份有限公司（以下简称公司）第五届监事会第十七次 会议于 2024 年 10 月 30 日在中国铁建大厦举行，监事会会议通知和 材料于 2024 年 10 月 15 日以书面直接送达和电子邮件等方式发出。 应出席会议监事 3 名，实际出席会议监事 3 名。公司有关高级管理人 员列席了会议。会议由公司监事会主席赵伟先生主持。本次会议的召 开符合有关法律、行政法规、规范性文件和《中国铁建股份有限公司 章程》及《中国铁建股份有限公司监事会议事规则》的规定。 同意公司 2024 年第三季度报告。公司 2024 年第三季度报告的编 制和审议程序符合法律法规、公司章程和公司内部管理制度的相关规 定；报告的内容和格式符合中国证监会、上海证券交易所的各项规定； 报告客观、真实地反映了公司 2024 年第三季度的经营成果和财务状 二、 ...

Financial Performance - As of September 30, 2024, the company achieved operating revenue of RMB 758,125,120 thousand, a decrease of 5.99% compared to the same period last year[2]. - The net profit attributable to shareholders was RMB 15,695,439 thousand, reflecting a decline of 19.18% year-on-year[4]. - The basic earnings per share for the reporting period was RMB 1.02, down 20.93% compared to the previous year[4]. - The company reported a 34.27% decrease in net profit attributable to shareholders for the current period due to industry environment impacts[7]. - The diluted earnings per share decreased by 39.47% as a result of the decline in net profit attributable to shareholders[8]. - Total operating revenue for the first three quarters of 2024 was RMB 758,125,120, a decrease of 5.97% compared to RMB 806,463,195 in the same period of 2023[30]. - Net profit attributable to shareholders of the parent company was RMB 15,695,439, a decline of 19.00% from RMB 19,419,540 in the same period of 2023[32]. - The total comprehensive income for the first three quarters of 2024 was RMB 19,562,988, down from RMB 23,969,652 in the same period of 2023[33]. - Earnings per share for the first three quarters of 2024 were RMB 1.02, a decrease from RMB 1.29 in the same period of 2023[33]. Assets and Liabilities - The total assets at the end of the reporting period were RMB 1,810,274,491 thousand, an increase of 8.85% from the end of the previous year[4]. - The company's total assets decreased, reflecting a strategic focus on cost management and efficiency improvements[30]. - Total liabilities amounted to RMB 1,390,869,852 thousand, up from RMB 1,245,899,805 thousand, representing an increase of around 11.6%[28]. - The company's equity attributable to shareholders rose to RMB 321,918,764 thousand from RMB 309,837,517 thousand, reflecting an increase of about 3.3%[29]. - Total current liabilities increased to RMB 1,090,821,011 thousand from RMB 998,052,441 thousand, indicating a rise of approximately 9.3%[27]. - Total liabilities and equity reached RMB 224,111,663 thousand as of September 30, 2024, compared to RMB 203,877,086 thousand at the end of 2023, marking an increase of 9.9%[45]. Cash Flow - The net cash flow from operating activities was RMB -89,018,002 thousand, indicating a significant cash outflow[4]. - Cash flow from operating activities for the first three quarters of 2024 showed a net outflow of ¥89,018,002, compared to a net outflow of ¥43,182,574 in the same period of 2023, indicating a decline in operational efficiency[36]. - The company reported a net cash inflow from operating activities of RMB 777,191,650, down from RMB 855,041,868 in the previous year[35]. - Cash inflow from operating activities totaled RMB 28,365,577 thousand in the first three quarters of 2024, compared to RMB 25,166,464 thousand in the same period of 2023, reflecting a growth of 8.8%[54]. - The net increase in cash and cash equivalents for the first three quarters of 2024 was a decrease of ¥10,008,511, compared to a decrease of ¥6,248,109 in 2023, highlighting cash flow challenges[40]. - Cash inflow from financing activities rose significantly to ¥383,085,296 in 2024, up from ¥232,655,865 in 2023, indicating increased borrowing and investment from shareholders[39]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is not specified, but the top 10 shareholders hold significant stakes, with China Railway Construction Group Co., Ltd. owning 51.23%[10]. - HKSCC Nominees Limited holds 2,061,398,182 shares, representing 15.18% of the total shares, indicating strong foreign investment interest[10]. - The top 10 unrestricted shareholders include China Railway Construction Group Co., Ltd. with 6,956,316,590 shares, which is the largest single holding[13]. - The report indicates that HKSCC Nominees Limited's holdings represent multiple clients, highlighting the complexity of shareholder structures[16]. - The company does not have knowledge of any relationships or concerted actions among the top 10 unrestricted shareholders and the top 10 shareholders[15]. Contractual Performance - The total amount of new contracts signed by the group from the beginning of the year to the end of the reporting period is 1,473.4267 billion RMB, achieving 49.10% of the annual plan, a year-on-year decrease of 17.51%[18]. - The amount of new contracts signed in the domestic business is 1,368.1329 billion RMB, accounting for 92.85% of the total new contracts, with a year-on-year decrease of 18.03%[18]. - The amount of new contracts signed in the overseas business is 105.2938 billion RMB, accounting for 7.15% of the total new contracts, with a year-on-year decrease of 10.12%[18]. - The total amount of uncompleted contracts as of September 30, 2024, is 7,087.3736 billion RMB, an increase of 5.94% compared to the end of the previous year[18]. - The new contract amount in the engineering contracting industry is 1,040.7306 billion RMB, with a year-on-year decrease of 13.84%[19]. - The new contract amount in the investment operation industry is 72.8775 billion RMB, with a significant year-on-year decrease of 65.60%[19]. - The new contract amount in the green environmental protection industry is 125.1958 billion RMB, showing a year-on-year increase of 43.05%[19]. - The new contract amount in the infrastructure construction projects is 1,238.8039 billion RMB, accounting for 84.08% of the total new contracts, with a year-on-year decrease of 17.81%[20]. - The new contract amount in the water conservancy and water transport engineering is 73.0162 billion RMB, with a year-on-year increase of 38.58%[21]. Management and Governance - The company has undergone changes in its board of directors, with the resignation of executive directors due to work adjustments, impacting management structure[22][24].

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2021年 面 向 專 業 投 資 者 公 開 發 行 可 續 期 公 司 債 券（第 三 期）（品 種 一）不 行 使 續 期 選 擇 權 的 公 告」，僅 供 參 閱。 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。 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 2024年10月29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）、趙 立 新 先 生（獨 立 非 執 行 董 事）、解 國 光 ...