Investment Rating - The report maintains a "Buy" rating for China Railway Group Limited (601390.SH) [5] Core Views - The company's 2024 total revenue is projected to be 1,160.3 billion, a decrease of 8% year-on-year, with a net profit attributable to shareholders of 27.9 billion, down 17% year-on-year [1] - The company experienced significant cash flow improvement in Q4, with a net cash inflow of 99.3 billion, an increase of 27.2 billion year-on-year [1] - The company is accelerating its expansion into new strategic industries such as water conservancy and clean energy, with new contract amounts in these sectors showing substantial growth [2] Financial Performance Summary - For 2024, the company achieved a comprehensive gross margin of 10%, a decrease of 0.17 percentage points year-on-year, primarily due to a decline in high-margin investment business scale [1] - The net profit margin for the year was 2.4%, down 0.25 percentage points year-on-year, while the Q4 net profit margin was 2.2%, down 0.35 percentage points year-on-year [1] - The company’s total operating cash flow for the year was 28.1 billion, a decrease of 10.3 billion year-on-year [1] Business Segment Performance - The infrastructure segment generated revenue of 992.9 billion, down 9% year-on-year, with railway, highway, and municipal revenues showing mixed results [1] - The mining resources segment contributed 11% to the total net profit, with copper prices rising, which is expected to drive profitability [3] - New contracts in emerging businesses, including water conservancy and clean energy, increased by 11% year-on-year, indicating a positive trend in strategic new industries [2] Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 28.1 billion, 28.3 billion, and 28.9 billion respectively, with corresponding EPS of 1.13, 1.14, and 1.17 [3][4] - The projected P/E ratios for the next three years are 5.1, 5.1, and 5.0, indicating a stable valuation outlook [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company experienced a decline in revenue and net profit in 2024, with total revenue at 1,160.3 billion, down 8% year-on-year, and net profit attributable to shareholders at 27.9 billion, down 17% year-on-year [1][4] - The company has shown significant improvement in cash flow in Q4, with a net cash inflow of 99.3 billion, an increase of 27.2 billion year-on-year [1] - The company is expanding into new industries such as water conservancy and renewable energy, with new contract signings in these sectors showing strong growth [2] Financial Performance - The company's total revenue for 2024 is projected to be 1,157.4 billion, with a year-on-year decline of 8.2% [4] - The net profit for 2024 is expected to be 27.9 billion, reflecting a year-on-year decrease of 16.7% [4] - The earnings per share (EPS) for 2024 is projected at 1.13 yuan, with a P/E ratio of 5.2 [4] Business Segments - The infrastructure segment generated revenue of 992.9 billion, down 9% year-on-year, with specific declines in road and municipal projects [1] - The mining resources segment contributed 11% to the total net profit, with copper prices expected to drive profitability [3] Regional Performance - Domestic revenue decreased by 9% to 1,091.7 billion, while overseas revenue increased by 10% to 68.6 billion [1]

Core Viewpoint - China Railway's 2024 annual report shows a decline in both revenue and net profit, highlighting challenges in the traditional construction sector while noting growth in overseas and "second curve" businesses [1][2][4]. Revenue and Profit Decline - The company reported a total revenue of 1,160.31 billion yuan, a year-on-year decrease of 8.17%, and a net profit attributable to shareholders of 27.887 billion yuan, down 16.71% [1][2]. - The non-recurring net profit saw a significant drop of 21.21%, reflecting the overall slowdown in the construction industry and structural adjustments [2]. - New contract value signed during the reporting period was 2,715.18 billion yuan, a decrease of 12.4%, indicating weak market demand [2]. Traditional Business Challenges - The traditional construction sector faced significant pressure, with various segments showing poor performance: - Railway business new contracts amounted to 319.42 billion yuan, a slight increase of 0.3% - Road business new contracts were 167.36 billion yuan, down 24.3% - Municipal business new contracts totaled 193.63 billion yuan, down 25.9% - Urban rail business new contracts were 72.70 billion yuan, down 55.8% - Housing construction new contracts reached 921.16 billion yuan, down 19.7% [2]. Overseas Business Growth - Despite overall poor performance, the overseas business segment grew, with new contracts signed amounting to 220.9 billion yuan, a year-on-year increase of 10.6%, representing 8% of total new contracts [3]. - Significant progress was made in major international projects such as the Hungary-Serbia railway, Peru's Chancay tunnel, and Bangladesh's Padma Bridge railway connection, enhancing the company's global influence [3]. "Second Curve" Business Development - The "second curve" business segment saw new contracts worth 425.7 billion yuan, a growth of 11%, driven by active engagement in emerging markets like water conservancy, clean energy, and ecological protection [4]. - Brands such as China Railway Cultural Heritage, China Railway High-speed, and China Railway Water Services contributed to this growth, although the overall share of "second curve" business in total operations remains low [4]. - The company faces significant market challenges in 2024, with traditional construction performance dragging down overall results, but the expansion in overseas and "second curve" sectors offers new growth opportunities [4].

Group 1 - The company reported a total revenue of 1,160.31 billion RMB for the fiscal year 2024, representing a year-on-year decrease of 8.2% [1] - Shareholder profit attributable to the company was 27.89 billion RMB, down 16.7% year-on-year, with basic earnings per share at 1.085 RMB and a proposed final dividend of 0.178 RMB per share [1] - The new contract amount signed by the group in 2024 was 2,715.18 billion RMB, a decline of 12.4% compared to the previous year, with domestic contracts decreasing by 14.0% and international contracts increasing by 10.6% [1] Group 2 - The group secured new contracts worth 1.87 trillion RMB in various sectors including railways, highways, urban rail, municipal projects, and housing construction, maintaining a leading market share in the railway and urban rail sectors [2] - Significant progress was made on key projects such as the Salt-Yi and Tong-Su-Jia-Ning railways, and the Huangshan Tourism T1 line, among others, contributing to the "Second Curve" business expansion [2] - The "Second Curve" business saw new contracts amounting to 425.7 billion RMB, an increase of 11% year-on-year, focusing on water conservancy, clean energy, and ecological protection markets [2] Group 3 - The company has deeply integrated into the high-quality co-construction of the "Belt and Road" initiative, enhancing its global brand influence and overseas operational capabilities [3] - In 2024, the new contract amount for overseas business was 220.9 billion RMB, accounting for 8% of the total new contracts, with a year-on-year growth of 10.6% [3] - Major international projects such as the Hungary-Serbia railway and the Peru Chancay tunnel are progressing steadily, showcasing the company's strength on the international stage [3]

一、主要会计数据和财务指标 前十大流通股东累计持有： 144726.89万股，累计占流通股比： 65.13%，较上期变化： -724.72万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 中国中铁（601390）股份有限公司 | 109136.16 | 49.13 | 不变 | | 中原股权投资管理有限公司 | 11907.76 | 5.36 | 不变 | | 农银汇理(上海)资产-农业银行-华宝信托-投资【6】号集合 资金信托计划 | 3785.49 | 1.70 | 不变 | | 山东聚赢产业基金合伙企业(有限合伙) | 3785.49 | 1.70 | 不变 | | 广东省铁路发展基金有限责任公司 | 3785.49 | 1.70 | 不变 | | 河南中原古泉私募基金管理有限公司 | 3220.10 | 1.45 | 不变 | | 易方达基金-中央汇金资产管理有限责任公司-易方达基金 汇金资管单一资产管理计划 | 2776.59 | 1.25 | 不变 | | 全国社保基金四一三组合 ...

Financial Performance - The total revenue for 2024 was RMB 1,160,311 million, a decrease of 8.2% compared to 2023[6]. - The profit before tax for 2024 was RMB 40,613 million, down 14.6% from the previous year[6]. - The net profit attributable to shareholders for 2024 was RMB 27,887 million, representing a decline of 16.7% year-on-year[6]. - Basic earnings per share for 2024 were RMB 1.085, a decrease of 16.2% compared to 2023[6]. - The company’s profit for 2024 was RMB 7,513 billion, reflecting a year-on-year decline of 9.8%[49]. - The net profit for 2024 was CNY 30.76 billion, down 18.3% year-on-year, with profit attributable to shareholders decreasing by 16.7% to CNY 27.89 billion[95][110]. - The gross profit for 2024 was CNY 110.23 billion, representing a gross margin of 9.5%, down from 9.7% in 2023[98]. - The effective tax rate for 2024 was 20.0%, an increase of 2.3 percentage points compared to the previous year[109]. Assets and Liabilities - Total assets increased by 23.3% to RMB 2,256,266 million in 2024[7]. - Current assets rose by 25.7% to RMB 1,264,093 million[7]. - Total liabilities increased by 27.5% to RMB 1,746,274 million[7]. - The total equity attributable to shareholders was RMB 354,567 million according to IFRS[8]. - Long-term borrowings reached RMB 373.736 billion, an increase of 18.0% compared to the end of 2023, while short-term borrowings rose by 27.3% to RMB 144.231 billion[128]. - The debt-to-asset ratio increased to 77.4% in 2024 from 74.9% in 2023, reflecting a 2.5 percentage point rise[134]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 464,569, a decrease from 466,293 at the end of the previous month[21]. - The company’s total outstanding shares and shareholder structure have undergone changes, but specific details are not applicable for disclosure[20]. - China Railway Engineering Group holds 46.98% of shares, totaling 11,623,119,890 shares[23]. - The company has no other shareholders holding more than 10% of the shares, aside from HKSCC Nominees Limited[43]. - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 5,197,632,261.57, which accounts for 15.52% of the net profit attributable to shareholders in 2023[143]. Business Operations and Strategy - The company plans to continue its focus on infrastructure construction and expand its market presence[6]. - The company is actively involved in national strategic projects, contributing to regional economic development and infrastructure improvements[45]. - The company is focusing on enhancing efficiency and value creation, aiming to accelerate the construction of a high-quality modern industrial system by 2025[47]. - The company is committed to enhancing its technological innovation capabilities and expanding its market presence in new energy and infrastructure sectors[51]. - The company achieved a total construction output value of RMB 326,501.1 billion in 2024, representing a year-on-year growth of 3.85%[49]. Contractual and Project Information - The company signed new contracts worth RMB 337,500.5 billion in 2024, a decrease of 5.29% compared to the previous year[49]. - The total uncompleted contract amount at the end of the reporting period was RMB 68,860.5 billion, an increase of 17.2% compared to the end of 2023[64]. - The company maintained a leading market share in the railway and urban rail sectors, with new contracts in these areas totaling RMB 1.87 trillion[61]. - The company secured new contracts in other business areas amounting to CNY 196.74 billion, an increase of 42.8% year-on-year[68]. Research and Development - The company has successfully implemented 35 key R&D projects under the national "14th Five-Year Plan" during the reporting period[63]. - The group received 240 provincial and ministerial-level scientific and technological progress awards and was granted 9,745 patents, including 3,385 invention patents and 296 overseas patents[82]. - The group aims to continue investing in R&D to support strategic emerging industries and key technologies, striving to overcome critical technical challenges and enhance its innovation capabilities[83]. Compliance and Governance - The company strictly complied with laws and regulations, with no instances of dishonesty reported for the period[178]. - The company has established a risk management and internal control system to mitigate various business risks, including real estate investment and cash flow risks[138]. - The company is committed to maintaining harmonious relationships with stakeholders and actively addressing their concerns through effective communication mechanisms[88]. Market Conditions - The construction industry is experiencing a slowdown, with a focus on structural adjustments and rational development, impacting the company's cash dividend levels[144]. - The government is focusing on stabilizing the real estate market and promoting the transformation of housing structures, with policies aimed at reducing restrictions and increasing the supply of affordable housing[53]. - The trust industry in 2024 faced stricter regulatory conditions, with new guidelines aimed at enhancing risk prevention and promoting high-quality development[55].

A 股代码：601390 A 股简称：中国中铁 公告编号：临 2025-014 中国中铁股份有限公司 第五届监事会第三十一次会议决议公告 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 中国中铁股份有限公司（以下简称"公司"）第五届监事会第三 十一次会议〔属 2025 年第 1 次定期会议〕通知和议案等书面材料于 2024 年 3 月 21 日以专人送达各位监事，会议于 2024 年 3 月 27 日以 现场会议方式在北京市海淀区复兴路 69 号中国中铁广场 A 座召开。 应出席会议的监事 3 名，实际出席会议的监事 3 名，会议达到法定人 数。会议推举监事王新华主持。部分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。 H 股代码：00390 H 股简称：中国中铁 二、监事会会议审议情况 经过有效表决，会议审议通过了以下议案： （一）审议通过《关于<2024 年 A 股年度报告及摘要、H 股年度 报告及 2024 年度业绩公告>的议案 ...

第六届董事会第九次会议决议公告 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。 | A | 股代码：601390 | A | 股简称：中国中铁 | 公告编号：临 | 2025-015 | | --- | --- | --- | --- | --- | --- | | H | 股代码：00390 | H | 股简称：中国中铁 | | | 中国中铁股份有限公司 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"）第六届董事会第九次会 议〔属 2025 年第 1 次定期会议（2025 年度总第 3 次）〕通知和议案等 书面材料于 2025 年 3 月 18 日送达各位董事，会议于 2025 年 3 月 28 日以 现场方式召开。应出席会议的董事 6 名，实际出席会议的董事 6 名。会议 由董事长陈文健主持。公司全体监事、部分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。 1 详见上海证券交易所网站，A 股 2024 年度报告摘要详见上海证券交易所 ...

| H | A | | --- | --- | | 股代码：00390 | 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 2025-016 | 中国中铁股份有限公司 关于2024年度利润分配方案及2025年中期分红计划 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： 每股分配比例：每股派送现金红利人民币 0.178 元（含税）。 本次分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 经德勤华永会计师事务所（特殊普通合伙）审计，截至 2024 年 12 月 31 日，中国中铁股份有限公司（以下简称"公司"或"本公司"）母公 1 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分 配总额不变，相应调整每股分配比例，并将另行公告具体调整情况。 未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以 下简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实 施其他风险警示的情形 ...

按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是中国中铁董事会的责任。 内部控制审计报告 德师报(审)字(25)第 S00195 号 · 中国中铁股份有限公司全体股东: 我们接受委托,按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求, 审计了中国中铁股份有限公司(以下简称"中国中铁")2024年 12月 31日的财务报告内部控制的 有效性。 一、企业对内部控制的责任 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并 对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可 能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推 测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,中国中铁于 2024年 12月 31日按照《企业内部控制基本规范》和相关规定在所 有重大方面保持了有效的财务报告内部控制。 德勤华永会 ...