[Important Notice](index=2&type=section&id=Important%20Notice) This semi-annual report contains forward-looking statements that do not constitute substantive commitments, and investors should be aware of risks [Overview](index=2&type=section&id=Important%20Notice-Overview) This semi-annual report contains forward-looking statements, does not constitute substantive commitments, and investors should be aware of risks; the board, supervisory board, and senior management guarantee the report's truthfulness, accuracy, and completeness; financial statements are prepared under Chinese accounting standards and are unaudited; the board decided against cash dividends, profit distribution, or capitalization issue for this period - Forward-looking statements in this semi-annual report do not constitute substantive commitments by the company to investors, who should maintain risk awareness[5](index=5&type=chunk) - The company's Board of Directors, Supervisory Board, and directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[6](index=6&type=chunk) - The financial report in this semi-annual report is prepared in accordance with Chinese Enterprise Accounting Standards and is unaudited[6](index=6&type=chunk) - The company's Board of Directors decided not to distribute cash dividends, profit, or convert capital reserves into share capital for the current reporting period[6](index=6&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, ensuring consistent understanding for readers [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter provides definitions for common terms used in the report, including company names, reporting periods, stock types, and regulatory bodies, to ensure consistent understanding - The reporting period refers to the six months from January 1 to June 30, **2025**, and the prior corresponding period refers to the six months from January 1 to June 30, **2024**[8](index=8&type=chunk) - The company's controlling shareholder is China Railway Guangzhou Group Co., Ltd. (Guangzhou Railway Group), and the actual controller is China State Railway Group Co., Ltd. (China Railway Group)[8](index=8&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, stock profile, and key financial performance metrics [I. Company Information](index=5&type=section&id=I.%20Company%20Information) Guangshen Railway Company Limited is a joint-stock company established in China, with Jiang Hui as its legal representative - The company's Chinese name is Guangshen Railway Company Limited, and its legal representative is Jiang Hui[10](index=10&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) Company Secretary Tang Xiangdong and Securities Affairs Representative Deng Yanxia manage investor relations, with disclosed contact address, phone, and email - The Board Secretary is Tang Xiangdong, and the Securities Affairs Representative is Deng Yanxia, with contact phone and email disclosed[11](index=11&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses remain unchanged at No. 1052 Heping Road, Luohu District, Shenzhen, Guangdong Province - The company's registered and office addresses have not changed historically[12](index=12&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) The company designates several newspapers and websites for information disclosure, with no changes in disclosure or storage locations during the reporting period - The company designates multiple newspapers and websites for information disclosure, with no changes in information disclosure or document storage locations during the reporting period[13](index=13&type=chunk) [V. Company Stock Overview](index=6&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange (stock code 601333), and H-shares are listed on the Hong Kong Stock Exchange (stock code 00525) Company Stock Overview | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-shares | SSE | Guangshen Railway | 601333 | | H-shares | HKEX | Guangshen Railway Shares | 00525 | [VI. Other Relevant Information](index=7&type=section&id=VI.%20Other%20Relevant%20Information) The company has appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as its accounting firm and Haiwen Law Firm as its legal counsel - The company has appointed Deloitte Touche Tohmatsu Certified Public Accountants LLP as its accounting firm, with Huang Tianyi and Chen Wanlin as signing accountants[14](index=14&type=chunk) - The company has appointed Beijing Haiwen (Shenzhen) Law Firm as its Chinese legal counsel and Haiwen Law Firm (Limited Liability Partnership) as its Hong Kong legal counsel[14](index=14&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 **2025**, the company's operating revenue increased by **8.08%** to **13.97 billion yuan**, and net profit attributable to shareholders increased by **21.55%** to **1.11 billion yuan** Key Accounting Data (H1 2025 vs. Prior Corresponding Period) | Key Accounting Data | Current Period (Jan-Jun) (RMB yuan) | Prior Corresponding Period (RMB yuan) | Change from Prior Corresponding Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 13,968,981,131 | 12,924,720,330 | 8.08 | | Total Profit | 1,388,551,911 | 1,273,716,090 | 9.02 | | Net Profit Attributable to Shareholders of the Listed Company | 1,108,915,456 | 912,281,244 | 21.55 | | Net Profit Attributable to Shareholders of the Listed Company Excluding Non-Recurring Gains and Losses | 1,058,194,826 | 901,055,681 | 17.44 | | Net Cash Flow from Operating Activities | 1,822,525,971 | 1,110,360,142 | 64.14 | Key Financial Indicators (H1 2025 vs. Prior Corresponding Period) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Corresponding Period | Change from Prior Corresponding Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.1565 | 0.1288 | 21.51 | | Diluted Earnings Per Share (yuan/share) | 0.1565 | 0.1288 | 21.51 | | Basic Earnings Per Share Excluding Non-Recurring Gains and Losses (yuan/share) | 0.1494 | 0.1272 | 17.45 | | Weighted Average Return on Net Assets (%) | 4.03 | 3.43 | Increased by 0.60 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains and Losses (%) | 3.85 | 3.39 | Increased by 0.46 percentage points | [VIII. Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=10&type=section&id=VIII.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) The company reports no differences in accounting data under domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[18](index=18&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, total non-recurring gains and losses amounted to **50.72 million yuan**, primarily from government grants and disposal of non-current assets Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB yuan) | | :--- | :--- | | Disposal gains/losses on non-current assets | 3,475,656 | | Government grants recognized in current profit or loss | 70,947,967 | | Other non-operating income and expenses | (4,621,668) | | Less: Income tax impact | 19,060,063 | | Impact on minority interests (after tax) | 21,262 | | Total | 50,720,630 | [Section III Board of Directors' Report (Including Management Discussion and Analysis)](index=11&type=section&id=Section%20III%20Board%20of%20Directors'%20Report%20%28Including%20Management%20Discussion%20and%20Analysis%29) This section provides a comprehensive discussion and analysis of the company's industry, main business, operating performance, financial position, and future outlook [I. Description of the Company's Industry and Main Business During the Reporting Period](index=11&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) The railway industry, a national economic artery, saw growth in both passenger and freight volumes in H1 **2025**, with the company primarily operating railway passenger and freight transport services [(I) Industry Overview](index=11&type

广深铁路股份有限公司 市值管理办法 第二条 市值管理是指公司以提升质量为基础，通过战 略管理行为增强投资价值与股东回报能力，促进市值合理反 映内在价值，投资价值合理反映公司质量。 第三条 公司需坚守诚实守信、规范运作、专注主业、 稳健经营理念，提升经营质量。同时做好投资者关系管理与 信息披露，必要时采取措施提振投资者信心，推动市值管理 工作扎实有序开展。 第四条 公司开展市值管理的基本原则： （一）依法合规原则：严格遵守法律法规、监管规定及 公司章程，确保市值管理行为合法合规。 （二）价值创造原则：聚焦高质量发展，通过市场拓展、 改革创新、管理优化等实现可持续发展，夯实市值基础。 （三）科学合理原则：尊重市场规律，运用科学方法监 测评估市值，动态调整管理策略。 （四）诚实守信原则：如实披露信息，切实履行承诺， 维护健康市场生态，赢得投资者信任。 第二章 职责分工 （2025 年 8 月 28 日第十届董事会第十五次会议审议通过） 第一章 总则 第一条 为加强广深铁路股份有限公司（以下简称"公 司"）市值管理，提升投资价值与股东回报，依据《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司监 管指引第 ...

广深铁路公告，2025年上半年营业收入139.69亿元，同比增长8.08%。净利润11.09亿元，同比增长 21.55%。公司董事会决定本报告期不进行现金分红，也不进行利润分配或公积金转增股本。 ...

Core Viewpoint - ST Changyuan (600525) reported a decline in revenue and a significant increase in net loss for the first half of 2025, indicating financial distress and rising short-term debt pressure [1]. Financial Performance Summary - Total revenue for H1 2025 was 3.47 billion yuan, a decrease of 0.89% year-on-year [1]. - Net profit attributable to shareholders was -344 million yuan, a decline of 774.65% year-on-year [1]. - In Q2 2025, total revenue was 2.07 billion yuan, an increase of 11.95% year-on-year, while net profit was -252 million yuan, a decrease of 351.46% year-on-year [1]. - The gross margin was 32.94%, up 0.16% year-on-year, while the net margin was -10.64%, down 514.21% year-on-year [1]. - Total expenses (selling, administrative, and financial) amounted to 817 million yuan, accounting for 23.54% of revenue, a slight decrease of 0.38% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) was -0.26 yuan, a decrease of 772.24% year-on-year [1]. - Net asset value per share was 2.83 yuan, down 26.78% year-on-year [1]. - Operating cash flow per share was -0.17 yuan, an increase of 4.4% year-on-year [1]. Significant Changes in Financial Items - Cash and cash equivalents increased by 23.63% to 4.31 billion yuan, primarily due to increased bank acceptance bills and loan guarantees [1]. - Long-term equity investments decreased by 50.03% due to the transfer of 25% equity in Changyuan Electronics, resulting in a reduction of 622 million yuan [1]. - Construction in progress increased by 36.38% due to investments in new material parks and upgrades [1]. - Accounts payable increased by 79.51% due to increased bill issuance [1]. - The current ratio was 0.97, indicating rising short-term debt pressure [1]. Business Evaluation - The company's historical return on invested capital (ROIC) has been weak, with a median of 2.91% over the past decade and a low of -10.83% in 2021 [4]. - The business model relies heavily on research and marketing, necessitating careful examination of the underlying drivers [4]. - Recommendations include monitoring cash flow status and debt levels, as the liquidity ratio is only 44.45% and the current ratio is 0.97 [4].

Core Viewpoint - ST Changyuan (600525.SH) reported a decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges and a need for strategic adjustments [1][3]. Financial Performance - The company's total revenue for the first half of 2025 was 3.47 billion yuan, a decrease of 31.14 million yuan or 0.89% compared to the same period last year [1]. - The net profit attributable to shareholders was -344 million yuan, down 305 million yuan from the previous year [1]. - Operating cash flow showed a net inflow of -226 million yuan, which is an increase of 9.69 million yuan year-on-year, marking two consecutive years of improvement [1]. Key Financial Ratios - The latest debt-to-asset ratio stood at 77.13%, an increase of 0.27 percentage points from the previous quarter and up 9.21 percentage points from the same period last year [3]. - The gross profit margin was 32.94%, down 1.00 percentage points from the previous quarter and down 2.19 percentage points year-on-year [3]. - Return on equity (ROE) was -9.20%, a decrease of 8.43 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were -0.26 yuan, a decrease of 0.23 yuan from the previous year [3]. - The total asset turnover ratio was 0.21 times, down 0.01 times year-on-year, reflecting a decline of 2.64% [3]. - The inventory turnover ratio was 0.80 times, a decrease of 0.04 times compared to the previous year, representing a decline of 4.57% [3]. Shareholder Structure - The number of shareholders was 33,600, with the top ten shareholders holding 533 million shares, accounting for 40.43% of the total share capital [3]. - The largest shareholder is Zhuhai Gree Financial Investment Management Co., Ltd., holding 12.9% of the shares [3].

Core Viewpoint - The railway and highway sector experienced a slight increase of 0.04% on August 22, with San Yang Ma leading the gains, while the overall market indices showed significant upward movement, with the Shanghai Composite Index rising by 1.45% and the Shenzhen Component Index by 2.07% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3825.76, up 1.45% [1] - The Shenzhen Component Index closed at 12166.06, up 2.07% [1] - The railway and highway sector stocks showed mixed performance, with notable gainers and losers [1] Group 2: Stock Performance - San Yang Ma (001317) closed at 51.48, up 10.00% with a trading volume of 74,900 shares and a turnover of 372 million yuan [1] - Chongqing Road and Bridge (600106) closed at 7.73, up 1.71% with a trading volume of 546,700 shares and a turnover of 421 million yuan [1] - Jiangxi Changyuan (600561) closed at 7.12, down 1.52% with a trading volume of 105,300 shares and a turnover of 75.42 million yuan [2] Group 3: Capital Flow - The railway and highway sector saw a net outflow of 79.07 million yuan from institutional investors, while retail investors contributed a net inflow of 111 million yuan [2] - Major stocks like San Yang Ma and Tie Long Logistics experienced significant net inflows from institutional investors [3] - Retail investors showed a mixed response, with some stocks experiencing net outflows despite overall inflows into the sector [3]

Core Viewpoint - The company, Guangshen Railway, announced plans to hold a semi-annual performance briefing on August 29, 2025, from 11:00 to 12:00 [1] Company Summary - Guangshen Railway (601333) is preparing for its 2025 semi-annual performance explanation meeting [1]

证券代码：601333 证券简称：广深铁路 公告编号：2025-011 广深铁路股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 投资者可于 2025 年 8 月 22 日（星期五）至 8 月 28 日（星期四）16:00 前登录上证 路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@gstlgs.com 进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 广深铁路股份有限公司（以下简称"公司"）定于 2025 年 8 月 29 日发布公司 2025 年 半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营结果、财务状况， 公司计划于 2025 年 8 月 29 日（星期五）11:00-12:00 举行 2025 年半年度业绩说明会，就投 资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络互动形式召开，公司将针对 2025 年半年度的经营结果及财务指 标的具体情况与投资者进行互动交流和沟通，在信息披露允 ...

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文件的內容概不負責，對 其準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本檔全部或任何部份內 容而産生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：00525） 於其他市場發佈的公告 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。 茲載列廣深鐵路股份有限公司（「本公司」）在上海證券交易所網站刊登的《關於召 開 2025 年半年度業績說明會的公告》，僅供參閱。 承董事會命 廣深鐵路股份有限公司 唐向東 公司秘書 中國·深圳 2025 年 8 月 20 日 於本公告發出之日，本公司董事會成員包括： | 執行董事 | | 非執行董事 | | 獨立非執行董事 | | --- | --- | --- | --- | --- | | 蔣 | 輝 | 胡 | 丹 | 湯小凡 | | 陳少宏 | | 張 | 哲 | 邱自龍 | | 周尚德 | | | | 王 琴 | 广深铁路股份有限公司（以下简称"公司"）定于 2025 年 8 月 29 日发布公司 2025 年 半年度报告，为 ...

Market Overview - On August 13, the railway and highway sector declined by 0.22% compared to the previous trading day, with Jiangxi Changyun leading the decline [1] - The Shanghai Composite Index closed at 3683.46, up 0.48%, while the Shenzhen Component Index closed at 11551.36, up 1.76% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Chongqing Road and Bridge (600106) with a closing price of 7.35, up 9.70% and a trading volume of 1.1391 million shares, totaling 813 million yuan [1] - Fulin Yuan V (002357) closed at 10.32, up 1.28% with a trading volume of 126,400 shares, totaling 130 million yuan [1] - Major decliners included: - Jiangxi Changyun (600561) closed at 7.28, down 2.54% with a trading volume of 162,000 shares, totaling 118 million yuan [2] - Sanfengsi (001317) closed at 48.13, down 1.68% with a trading volume of 27,700 shares, totaling 134 million yuan [2] Capital Flow - The railway and highway sector experienced a net outflow of 58.05 million yuan from institutional investors, while retail investors saw a net inflow of 43.52 million yuan [2] - The capital flow for key stocks showed: - Chongqing Road and Bridge had a net inflow of 77.96 million yuan from institutional investors, but a net outflow of 30.19 million yuan from retail investors [3] - Jiangxi Changyun had a net inflow of 7.54 million yuan from institutional investors and a net outflow of 16.56 million yuan from retail investors [3]