Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is expected to face pressure on its performance in 2024, with projected revenue of CNY 1,067.17 billion, a decrease of 6.2% year-on-year, and a net profit of CNY 22.22 billion, down 14.9% year-on-year. The financial costs have significantly eroded profits, and attention is drawn to the potential improvement in report quality in the future [1][3]. Financial Performance Summary - In 2024, the company achieved a revenue of CNY 10,671.7 billion, a decline of 6.2% year-on-year, and a net profit attributable to shareholders of CNY 222.2 billion, down 14.9% year-on-year. The cash dividend ratio for 2024 is 18.34%, with a corresponding dividend yield of 3.7% as of March 28 [1][4]. - The company’s gross profit margin for 2024 was 10.3%, a decrease of 0.1 percentage points year-on-year, with a net profit margin of 2.5%, down 0.3 percentage points year-on-year [3][4]. Business Segment Performance - The company’s revenue from various business segments in 2024 includes: engineering contracting (CNY 9,312 billion, -5.7%), planning and design consulting (CNY 180 billion, -3.9%), industrial manufacturing (CNY 234 billion, -2.5%), real estate development (CNY 719 billion, -13.7%), and logistics (CNY 869 billion, -9.4%) [2]. - The real estate segment faced significant pressure, with a contracted sales amount of CNY 951 billion, down 21.6% year-on-year, and new land reserves decreased by 57.5% [2]. Cash Flow and Financial Costs - The company reported a significant decline in operating cash flow, with a net cash flow from operations of -CNY 314.2 billion, a decrease of CNY 518.4 billion year-on-year. Financial costs reached CNY 7.95 billion, an increase of CNY 3.28 billion from the previous year, which has heavily impacted profits [3][4]. Future Projections - The projected net profit for the company from 2025 to 2027 is expected to be CNY 22.5 billion, CNY 22.8 billion, and CNY 23.1 billion respectively, indicating a slight recovery from the 2024 figures [1][4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][18]. Core Views - The company is expected to face pressure on its performance in 2024, with a projected revenue of CNY 1,067.17 billion, down 6.2% year-on-year, and a net profit attributable to shareholders of CNY 22.22 billion, down 14.9% year-on-year [1][4]. - The company has a significant backlog of contracts amounting to CNY 42,820.8 billion, which is approximately four times its revenue for 2024, indicating potential for future revenue recognition as market conditions improve [1]. - The company is focusing on cost reduction and efficiency improvement measures to enhance financial performance and report quality [1]. Financial Performance Summary - In 2024, the company achieved revenues of CNY 10,671.7 billion, a decrease of 6.2% year-on-year, and a net profit of CNY 222.2 billion, down 14.9% year-on-year [1]. - The company's cash flow from operations turned negative at CNY -314.2 billion, a decline of CNY 518.4 billion year-on-year, indicating significant cash flow challenges [3]. - The company reported a financial expense of CNY 7.95 billion in 2024, an increase of CNY 3.28 billion from the previous year, which has significantly impacted profitability [3]. Business Segment Performance - The engineering contracting segment generated CNY 9,312 billion in revenue, down 5.7% year-on-year, while the real estate development segment saw a more pronounced decline with revenues of CNY 719 billion, down 13.7% year-on-year [2]. - The company has been expanding into emerging industries, with new contracts in these sectors totaling CNY 24.5 billion, an increase of 36% year-on-year [2]. - Domestic revenue decreased by 7.1% to CNY 10,013 billion, while overseas revenue increased by 9.3% to CNY 659 billion [2]. Financial Data and Valuation - The projected net profit for 2025 is CNY 22.53 billion, with a slight increase expected in subsequent years [4]. - The company's earnings per share (EPS) for 2024 is projected at CNY 1.64, with a price-to-earnings (P/E) ratio of 5.00 [4]. - The company maintains a dividend payout ratio of 18.34% for 2024, translating to a dividend yield of 3.7% as of March 28 [1].

Core Viewpoint - The company, China Railway Construction Corporation (CRCC), has reported a stable performance in 2024, with a focus on high-quality development and strategic reforms to enhance operational efficiency and profitability. Company Overview - CRCC is one of the world's largest comprehensive construction groups, involved in various sectors including engineering contracting, planning and design consulting, investment operations, real estate development, industrial manufacturing, logistics, green environmental protection, and strategic emerging industries [4]. Industry Situation Engineering Contracting - In 2024, China's construction industry achieved a value-added of 89,949.3 billion yuan, a year-on-year increase of 3.8%. The industry is experiencing high levels of investment in energy, electricity, and water conservancy, while investments in roads, municipal projects, and housing construction have declined [5]. Planning and Design Consulting - The planning and design consulting sector is facing a downward trend, but new opportunities are emerging in manufacturing restructuring and green environmental projects. The industry is expected to undergo digital and intelligent transformation due to technological advancements [6]. Investment Operations - National fixed asset investment reached 514,374 billion yuan in 2024, with a growth of 3.2%. Infrastructure investment grew by 4.4%, indicating a shift towards stable urbanization and investment in water networks, renewable energy, and green projects [8]. Real Estate Development - Despite a 12.9% year-on-year decline in new residential sales area, the real estate market is showing signs of marginal improvement due to supportive policies. The total sales value of residential properties was 9.7 trillion yuan, down 17.1% [9]. Industrial Manufacturing - The industrial manufacturing sector is facing increased competition due to overcapacity, but there are opportunities for high-end equipment manufacturing and smart manufacturing advancements [10]. Logistics - The logistics sector is experiencing lower-than-expected performance due to decreased demand for construction materials, but technological innovations are improving operational efficiency [10]. Green Environmental Protection - The green environmental protection industry is poised for growth, supported by national policies aimed at carbon neutrality and sustainable development [11]. Financial Industry - The financial sector is undergoing reforms to enhance service to the real economy, with a focus on supply chain finance and digital transformation [12]. Business Performance Main Business Areas - Engineering contracting remains the core business, covering various infrastructure projects. The company has also expanded into planning and design consulting, investment operations, real estate development, industrial manufacturing, and logistics [13][16]. New Contracts - In 2024, the company signed new contracts totaling 30,369.678 billion yuan, achieving 101.20% of its annual target, despite a 7.80% year-on-year decline. Domestic contracts accounted for 89.73% of the total [19]. Financial Highlights - The company reported a revenue of 10,671.713 billion yuan and a total profit of 324.747 billion yuan in 2024. R&D investment intensity was 2.41%, reflecting a slight increase [24]. Strategic Reforms - The company is implementing reforms to enhance operational efficiency, including a focus on high-quality management and performance evaluation systems [25][26]. Technological Innovation - The company has established a comprehensive technology innovation system and achieved significant advancements in key technologies, resulting in numerous patents and awards [27][28].

中国铁建股份有限公司关于中国铁建财务 有限公司风险持续评估的报告 根据《上海证券交易所上市公司自律监管指引第 5 号— —交易与关联交易》的要求，中国铁建股份有限公司（以 下简称公司）通过查验中国铁建财务有限公司（以下简称 财务公司）《金融许可证》《企业法人营业执照》等证件 资料，并审阅包括资产负债表、利润表、现金流量表等在 内的财务公司定期财务报告，对财务公司的经营资质、业 务和风险状况进行了评估，具体情况报告如下： 财务公司于 2012 年 4 月 18 日经原中国银监会银监复 〔2012〕137 号文批准正式开业运营。中文名称为"中国铁 建财务有限公司"，英文名称为"CRCC Finance Company Limited"。注册资本为 90 亿元人民币，中国铁道建筑集团 有限公司认缴出资 54,000 万元，持股比例为 6％；中国铁建 股份有限公司认缴出资 846,000 万元，持股比例为 94％。 注册地址：北京市海淀区复兴路 40 号院一号楼中国铁 建大厦 10 层东侧 一、财务公司基本情况 注册资本：90 亿元人民币 企业类型：有限责任公司 法定代表人：周仲华 金融许可证机构编码：L0147H2 ...

Core Points - China Railway Construction Corporation (CRCC) reported a revenue of 1,067.171 billion yuan and a net profit attributable to shareholders of 22.215 billion yuan for the year 2024 [1] - The company plans to distribute a cash dividend of 3.00 yuan per 10 shares, totaling 4.074 billion yuan, which accounts for 20.60% of the profit available for distribution to shareholders [1] - CRCC signed new contracts totaling 3,036.968 billion yuan in 2024, marking the third consecutive year of exceeding 3 trillion yuan in new contracts [1] - The overseas new contract amount reached 311.978 billion yuan, representing a year-on-year growth of 23.39%, setting a new historical high [1] Strategic Development - In 2024, CRCC emphasized strategic top-level design, guided by the "1256" medium- and long-term development strategy to promote high-quality development [1] - The company focuses on upgrading traditional construction and nurturing strategic emerging industries, exploring five new tracks: new infrastructure, new equipment, new materials, new energy, and new services [1] - CRCC is accelerating its transformation in six areas: high-end, intelligent, green, refined, digital, and international [1] Project Progress - Key projects such as the Xiong'an New Area and the Sanbei Shelter Forest Project are progressing steadily, with major projects like the Hushu Lake High-speed Railway and the Yinkun Expressway completed successfully [2] - The company celebrated the completion of the Macau Bridge and the Macau Light Rail Hengqin Extension Line, marking the 25th anniversary of Macau's return [2] - The world's tallest hotel, the Dubai Blue Sky Hotel, was delivered, and the first 5,000-ton self-propelled full rotation crane ship in China was launched [2] Operational Efficiency - CRCC maintains a high-quality operational philosophy, moving away from scale obsession and optimizing operational strategies to enhance order landing rates, conversion rates, and profitability [2] - The company strengthens comprehensive refined management and supply chain management, implementing "three gold" controls to improve asset quality, resulting in overall stable economic operations [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。 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2024年 會 計 師 事 務 所 履 職 情 況 評 估 報 告」等 文 件， 僅 供 參 閱。 承董事會命 中國鐵建股份有限公司 董事長 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。 德勤华永持有财政部批准的会计师事务所执业证书，并经财 政部、中国证监会批准，获准从事 H 股企业审计业务。德勤华永 已根据财政部和中国证监会《会计师事务所从事证券服务业务备 案管理办法》等相关文件的规定进行了从事证券服务业务备案。 德勤华永过去二十多年来一直从事证券期货相关服务业务，具有 丰富的证券服务业务经验。2024 年末合伙人人数为 204 人，从业 1 人员共 5,61 ...

Core Viewpoint - China Railway Construction Heavy Industry Group Co., Ltd. (CRCHI) emphasizes its commitment to environmental, social, and governance (ESG) practices, showcasing its achievements in sustainable development and innovation in the high-end equipment manufacturing sector. Company Overview - CRCHI is a leading enterprise in the research, design, manufacturing, and service of transportation equipment, ranked first among global tunnel engineering equipment manufacturers and among the top 50 specialized manufacturers in construction machinery [2][3]. Development Strategy - The company aims to become a world-class provider of modern high-end equipment manufacturing and service solutions, focusing on high-quality development and sustainable business practices [4]. Environmental Initiatives - CRCHI has established a comprehensive framework for addressing climate change, aiming for carbon peak and carbon neutrality by implementing a series of green low-carbon development strategies [5][6]. - The company has reduced its carbon emissions, achieving a carbon emission intensity of 0.0387 tons of CO2 equivalent per ten thousand yuan of output value, a decrease of 5.29% year-on-year [8]. Pollution Control - The company has implemented various measures to manage pollutant emissions, achieving VOCs emissions of 10.42 tons and particulate matter emissions of 5.89 tons [9][10]. - CRCHI has adopted advanced production processes and equipment to ensure compliance with environmental standards and reduce waste [11][12]. Waste Management - The company generated 367.38 tons of hazardous waste and 13,056.18 tons of general solid waste, with strict adherence to waste disposal regulations [12]. Energy Conservation - CRCHI has made significant strides in energy conservation, achieving a total energy consumption of 0.0113 tons of standard coal per ten thousand yuan of output value, a reduction of 1% year-on-year [13]. Social Responsibility - The company actively participates in rural revitalization efforts, providing support to local communities and enhancing living conditions through various initiatives [14][15]. - CRCHI has engaged in social welfare activities, including educational support and community service, benefiting numerous individuals and families [16][17]. Innovation and Technology - The company focuses on independent innovation, developing key technologies in underground engineering equipment and achieving significant breakthroughs in various fields [25][26]. - CRCHI has filed numerous patents, with a total of 3,006 effective patents, demonstrating its commitment to technological advancement [19]. Supply Chain Management - The company emphasizes supply chain security by diversifying suppliers and establishing long-term partnerships to mitigate risks [24][28]. - CRCHI has implemented inventory management strategies, including consignment and delivery models, to optimize procurement processes [27]. Quality Management - The company maintains a robust quality management system, ensuring high standards in product development and manufacturing processes [29][30].

证券代码：688425 证券简称：铁建重工 公告编号：2025-011 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、准确性和完整性依法承担法律责任。 中国铁建重工集团股份有限公司 第二届监事会第十四次会议决议公告 一、监事会会议召开情况 中国铁建重工集团股份有限公司（以下简称公司）第二届监事会第十四次会 议于 2025 年 3 月 28 日以现场会议与视频会议相结合的方式召开。监事会会议通 知和材料于 2025 年 3 月 18 日以电子邮件等方式送达全体监事。应出席会议监事 召开符合有关法律、行政法规、部门规章、规范性文件和《中国铁建重工集团股 份有限公司章程》 （以下简称《公司章程》）及《中国铁建重工集团股份有限公司 监事会议事规则》的规定，形成的决议合法、有效。 二、监事会会议审议情况 会议审议并以记名投票方式表决通过了以下议案，作出如下决议： （一）审议通过《关于 2024 年年度报告及其摘要的议案》 经审议，公司 2024 年年度报告的编制和审议程序符合法律、行政法规和中 国证监会的规定，报告的内容能够真实、准确、完整地反映公司的实际情况。公 ...

Core Viewpoint - The company has announced delays in the completion of three fundraising investment projects and plans to allocate surplus funds to a new project focused on the development of water diversion tunnel boring machines. Group 1: Delayed Fundraising Investment Projects - The company has decided to extend the completion dates for three fundraising projects: "Research and Development of Deep Earth and Deep Sea Underground Engineering Equipment," "Key Technology Research and Application for Remanufacturing Underground Engineering Equipment," and "Research and Development of High-end Intelligent Agricultural Machinery Equipment," with a new completion date set for December 31, 2026 [2][3][4]. - The delays are attributed to the complexity of the projects, including lengthy design cycles and the need for performance validation through engineering applications, as well as external market conditions affecting project timelines [2][3][4]. Group 2: Changes in Fundraising Projects - The company plans to change the fundraising project "Research and Development and Application of Water Diversion Tunnel Boring Machines," adjusting the investment amount from 290 million yuan to 230 million yuan, with surplus funds being allocated to this new project [1][2]. - The total surplus funds allocated to the new project amount to 261.33 million yuan, derived from various projects including the R&D center and new engineering materials research [1][10]. Group 3: New Project Details - The new project will focus on developing key technologies and equipment for large-diameter open-type full-face rock tunnel boring machines, which are essential for water diversion projects [10][12]. - The company aims to produce over six large-diameter full-face rock tunnel boring machines between 2025 and 2027, with an expected output value of 1.5 billion yuan and profits exceeding 300 million yuan [11][12]. Group 4: Market Outlook - The demand for advanced tunnel boring machines is increasing due to the rapid development of the hydropower industry and the need for long-distance water diversion projects, positioning the company favorably in the market [12][13]. - The company has established a strong technical foundation and management experience in tunnel boring equipment, which will enhance its competitive edge in the market [12][13].

Core Viewpoint - The announcement details the confirmation of daily related transactions for the year 2024 and the expected transactions for 2025, which require approval from the shareholders' meeting. The transactions are conducted fairly and transparently, ensuring no harm to the company's independence or minority shareholders' interests [1][2][15]. Summary by Sections Daily Related Transactions Overview - The company has confirmed the actual daily related transactions for 2024 and estimated transactions for 2025, which will be submitted for shareholder approval [1]. - The transactions are based on actual operational needs and adhere to principles of fairness, justice, and voluntary participation, ensuring compliance with relevant laws and regulations [2]. Transaction Details - The estimated and actual amounts for daily related transactions in 2024 are as follows: - Sales of products and services to related parties amounted to 150,000,000 CNY, with actual occurrences of 107,971,800 CNY, attributed to changes in sales activities [2][4]. - Other related transactions included 10,000,000 CNY estimated, with actual occurrences of 522,260 CNY, also due to sales activity changes [2][4]. - The total estimated amount for daily related transactions in 2025 is projected at 1,271,000,000 CNY, with various categories outlined [3][4]. Related Parties and Relationships - The main related party involved is China Railway Construction Corporation, which holds a controlling stake in the company [5][6]. - The company maintains a long-term cooperative relationship with its related parties, ensuring that transactions do not adversely affect its financial status or independence [14][15]. Pricing and Fairness of Transactions - The pricing for related transactions is determined based on market principles, ensuring fairness and transparency, with no detrimental impact on the company or its shareholders [10][12][14]. - The company has established agreements that govern the terms of transactions with related parties, ensuring compliance with legal and regulatory standards [11][12]. Conclusion and Endorsement - The sponsor institution has reviewed the daily related transactions and found them compliant with legal and regulatory requirements, affirming that they are necessary for the company's operations and do not harm the interests of non-related shareholders [15].