| H 股代码：00390 | A 股代码：601390 | | --- | --- | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：临 2024-053 | 中国中铁股份有限公司 日常关联交易公告 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: 1 本次日常关联交易不需提交股东大会 本次日常关联交易对公司的影响：1.中国中铁股份有限公司（以 下简称"公司"或"股份公司"）的控股子公司中铁财务有限责任 公司（以下简称"财务公司"）为公司控股股东中国铁路工程集团 有限公司（以下简称"中铁工"）及其附属公司提供金融服务，可 以使公司利用其部分融通资金，进一步加强资金管理，提高资金 运用效率，并且通过财务公司获得的净利息和服务费而增加整体 效益；公司与中铁工及其附属公司之间的综合服务和房屋租赁日 常关联交易，是为了满足公司正常的生产经营业务需要。2.根据 交易定价原则，前述关联交易定价公允，不存在损害公司及其他 股东特别是中小股东利益的情形，也不会影响公司独立性。 需要提请投资者注意的 ...

| A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2024-052 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 中国中铁股份有限公司 第六届董事会第六次会议决议公告 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个 别及连带责任。 一、董事会会议召开情况 中国中铁股份有限公司（以下简称"公司"）第六届董事会第六次会 议〔属 2024 年第 10 次临时会议（2024 年度总第 14 次）〕通知和议案等 书面材料于 2024 年 12 月 25 日以专人及发送电子邮件方式送达各位董事， 会议于 2024 年 12 月 30 日以现场会议的方式召开。应出席会议的董事 7 名，实际出席会议的董事 7 名。会议由董事长陈云主持。公司部分监事、 高级管理人员及有关人员列席了会议。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《公司章程》的规定。 二、董事会会议审议情况 经过有效表决，会议审议 ...

北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销 2021 年限制性股票激励计划 部分限制性股票实施情况的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 二〇二四年十二月 复 源 律师事务所 A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致:中国中铁股份有限公司 北京市嘉源律师事务所 关于中国中铁股份有限公司 回购注销2021年限制性股票激励计划 部分限制性股票实施情况的 法律意见书 嘉源(2024)-05-431 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和国 证券法》、中国证券监督管理委员会(以下简称"中国证监会")《上市公司股权 激励管理办法》《中国中铁股份有限公司章程》(以下简称"《公司章程》")以及 《中国中铁股份有限公司2021年限制性股票激励计划(草案)》(以下简称"《激 励计划(草案)》")等有关规定,北京市嘉源律师事务所(以下简称"本所")接 受中国中铁股份有限公司(以下简称"中国中铁"或"公 ...

关于 2021 年限制性股票激励计划部分限制性股票 回购注销实施公告 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： 回购注销原因： 1.中国中铁股份有限公司（以下简称"公司"） 2021 年限制 性股票激励计划首次授予对象中，1 名激励对象因组织安排调离公 司且不在公司任职，36 名激励对象达到法定退休年龄正常退休且 退休时间距解除限售时间超过 6 个月，2 名激励对象在劳动合同期 内主动提出辞职，3 名激励对象因不能胜任工作岗位、业绩考核不 合格、过失、违法违规等原因不再属于激励计划规定的激励范围； 预留授予对象中，1 名激励对象 2022 年度个人考核结果为称职（当 期解除限售的限制性股票比例为 80%，剩余 20%未解除限售的限制 性股票由公司回购注销），根据《中国中铁股份有限公司 2021 年 限制性股票激励计划（草案）》（以下简称《激励计划（草案）》） 及相关法律法规的规定，公司决定对上述 43 名激励对象持有的共 1 计 738.4576 万股已获授但尚未解除限售的限制性股票进行回购注 销。 | ...

Group 1 - Guizhou Huitian Zhehong Expressway Co., Ltd. has been established with a registered capital of 100 million RMB [1] - The company is involved in various business activities including small and micro passenger car rental services, motor vehicle repair and maintenance, automotive parts retail, and charging pile sales [1] - The company is jointly held by Kuan She Co., Ltd. and China Railway's wholly-owned subsidiary, China Railway Eighth Bureau Group Co., Ltd. [1]

| H | A | | --- | --- | | 股证券代码：00390 | 股证券代码：601390 | | H 股简称：中国中铁 | A 股简称：中国中铁 | | | 公告编号：2024-050 | 中国中铁股份有限公司 关于 2021 年限制性股票激励计划预留部分第一个解除 限售期解除限售暨上市的公告 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、准确性和完整性依法承 担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上 市股数为 3,958,098 股。 本次股票上市流通总数为 3,958,098 股。 本次股票上市流通日期为 2024 年 12 月 2 日。 中国中铁股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开第五届监事会第二十八次会议及 2024 年 8 月 30 日召开第六届 董事会第二次会议，审议通过了《关于中国中铁 2021 年限制性股票激 励计划预留部分第一批次解除限售的议案》，现将有关事项说明如下： 一、本激励计划预留部分第一个解除限售期解除限售已履 行的相关审批程序和信息 ...

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for China Railway Group (601390 SH/00390 HK) with a target price of 8 42 CNY for A-shares and 5 07 HKD for H-shares [6] Core Views - China Railway Group reported a decline in revenue and net profit for Q3 2024 with revenue at 8203 billion CNY (-7% YoY) and net profit at 206 billion CNY (-14% YoY) [3] - Despite the profit pressure cash flow improved in Q3 with operating cash flow narrowing to a net outflow of 19 billion CNY compared to 37 billion CNY in the same period last year [3] - The company's equipment manufacturing segment showed strong growth with Q3 revenue increasing by 16% YoY to 78 2 billion CNY and gross margin rising by 4 5pct to 29 5% [3] - Real estate development also performed well in Q3 with revenue surging 72% YoY to 74 3 billion CNY and gross margin improving by 9 4pct to 12 9% [3] Financial Performance Summary Revenue and Profit - Q1-3 2024 revenue was 8203 billion CNY (-7% YoY) with Q3 revenue at 2758 billion CNY (-6% YoY) [3] - Q1-3 net profit was 206 billion CNY (-14% YoY) with Q3 net profit at 62 9 billion CNY (-19% YoY) [3] - EBITDA for 2024E is projected at 65718 million CNY with a slight increase to 70282 million CNY by 2026E [5] Segment Performance - Infrastructure construction revenue for Q1-3 was 7132 billion CNY (-8% YoY) with a gross margin of 7 6% (-0 4pct YoY) [3] - Design consulting revenue for Q1-3 was 128 5 billion CNY (-4% YoY) with a gross margin of 24 5% (-2 7pct YoY) [3] - Resource utilization revenue for Q1-3 was 57 6 billion CNY (-11% YoY) with a gross margin of 54 3% (-4 1pct YoY) [3] Cash Flow and Expenses - Operating cash flow for Q1-3 was a net outflow of 713 billion CNY (375 billion CNY more than the previous year) [3] - The company's expense ratio (excluding R&D) increased by 0 09pct to 3 09% with sales management and financial expense ratios all rising slightly [3] Future Projections - The report forecasts net profit for 2024-2026 to be 298 billion CNY 311 billion CNY and 323 billion CNY respectively [3] - EPS is expected to be 1 20 CNY in 2024E increasing to 1 31 CNY by 2026E [5]

证券时报e公司讯，就"如何进行市值管理并落到实处？ "及"公司长期破净，请问如何管理市值来达到目标？ "的问题，中国中铁在互动平台表示，公司目前正在开展相关制度起草研究工作，公司将通过不断提升 自身发展质量提升内在价值，以投资者需求为导向持续优化信息披露，加强与投资者交流的广度和深 度，加强资本市场政策工具研究运用，以监管政策的有效落实为基础推动丰富和完善市值管理制度和工 作机制，在价值创造、价值实现和价值传递等方面统筹开展工作，推动公司市值提升。 ...

Group 1 - A new company named Chizhou Tihang Construction Investment Development Co., Ltd. has been established with a registered capital of 200 million yuan [1] - The legal representative of the company is Wang Tianjun, and its business scope includes investment activities with self-owned funds, asset management services, engineering management services, railway transportation auxiliary activities, and domestic container cargo transportation agency [1] - The company is jointly held by China Railway's subsidiary China Railway Fourth Bureau Group Co., Ltd. and Chizhou Jinqiao Investment Group Co., Ltd. [1]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway (601390.SH/0390.HK) [7] Core Views - The company is experiencing operational pressure, but cash flow is expected to continue improving due to traditional peak collection season in Q4 and debt reduction efforts [4][3] - Revenue and net profit for the first three quarters of 2024 have declined year-on-year, with total revenue of CNY 820.28 billion, a decrease of 7.3%, and net profit attributable to shareholders of CNY 20.57 billion, down 14.3% [1][4] - The company has a sufficient backlog of contracts and is seeing significant growth in new orders from emerging businesses, which supports the positive outlook despite the current challenges [4] Summary by Sections Financial Performance - For the first nine months of 2024, the company reported revenues of CNY 820.28 billion, a net profit of CNY 20.57 billion, and a net profit excluding non-recurring items of CNY 19.01 billion, reflecting year-on-year declines of 7.3%, 14.3%, and 15.9% respectively [1] - In Q3 2024, the company achieved revenues of CNY 275.76 billion, with net profit and net profit excluding non-recurring items at CNY 6.29 billion and CNY 5.92 billion, showing declines of 6.1%, 19.1%, and 19.7% year-on-year [1] Segment Performance - The infrastructure segment remains the primary revenue source, contributing CNY 713.19 billion, accounting for 87% of total revenue, but down 7.7% year-on-year with a gross margin of 7.6% [2] - Other segments such as real estate development, equipment manufacturing, and design consulting also saw revenue declines, with respective revenues of CNY 21.91 billion, CNY 19.84 billion, and CNY 12.85 billion, down 13.2%, 1.1%, and 4.1% year-on-year [2] Cost Management and Cash Flow - The company has managed its expense ratios well, with sales, management, financial, and R&D expense ratios at 0.5%, 2.2%, 0.4%, and 2.0% respectively, showing slight increases year-on-year [3] - Operating cash flow showed improvement in Q3 2024, with a net outflow of CNY 1.93 billion, a reduction of CNY 1.83 billion compared to the same period last year [3] Contract and Order Trends - New contracts signed as of September 2024 totaled CNY 15,278.6 billion, down 15.2% year-on-year, with domestic and international contracts at CNY 14,046.3 billion and CNY 1,232.3 billion, respectively [4] - Emerging business segments, including resource utilization and new energy, saw significant growth in new contracts, with increases of 22% and 23.4% year-on-year [4] Earnings Forecast and Valuation - Due to tight local finances and a sluggish real estate market, the company’s profit forecasts for 2024-2026 have been revised downwards to CNY 30.2 billion, CNY 31.5 billion, and CNY 33 billion, representing reductions of 18%, 21%, and 23% respectively [4]