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]

Investment Rating - The report maintains an "Overweight" rating for China Railway [3][7] Core Views - The company has seen a slight decline in revenue and profit in the first three quarters of 2024, but the overall fundamentals are expected to improve throughout the year [4][5] - The company has a sufficient backlog of orders, with a total order book of 63,252.6 billion yuan, which is 5 times the revenue of 2023, indicating strong future revenue potential [5] - Cash flow has improved in the third quarter, and there are expectations for continued improvement in the fourth quarter [6][7] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 8,202.83 billion yuan, a decrease of 7.26% year-on-year, and a net profit attributable to shareholders of 205.70 billion yuan, down 14.33% year-on-year [6][7] - The gross profit margin for the first three quarters was 8.80%, a decline of 0.29 percentage points year-on-year, while the net profit margin was 2.74%, down 0.24 percentage points year-on-year [4] - The company expects net profits for 2024-2026 to be 30,105 million yuan, 31,318 million yuan, and 32,572 million yuan respectively, with corresponding EPS of 1.22 yuan, 1.27 yuan, and 1.32 yuan [7][8]

Core Viewpoint - Yangjiang New Energy Technology Co., Ltd. has been established with a registered capital of 20 million yuan, focusing on solar energy services and related equipment sales [1] Company Summary - The legal representative of Yangjiang New Energy Technology Co., Ltd. is Zhong Lei [1] - The company is indirectly wholly owned by China Railway [1] Industry Summary - The business scope includes solar power generation technology services, sales of photovoltaic equipment and components, sales of mechanical and electrical equipment, leasing of photovoltaic power generation equipment, engineering management services, and power generation technology services [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's performance is under short-term pressure due to the downturn in the real estate industry and ongoing debt repayment pressures from local governments. In the first three quarters, the company reported a revenue of 818.48 billion yuan, a year-on-year decrease of 7.3%, and a net profit attributable to shareholders of 20.57 billion yuan, down 14.33% year-on-year. The return on equity (ROE) for the first three quarters was 7.11%, a decline of 1.31 percentage points year-on-year [1] - Despite the challenges in traditional business areas, the company is actively optimizing its business structure, with significant growth in new business orders. The new contracts signed in the first three quarters amounted to 1.53 trillion yuan, a year-on-year decrease of 15.2%. However, new business areas such as resource utilization saw contract amounts increase by 23.4% and 22% respectively [1] - The company has established five modern mines in the mineral resources sector, with leading reserves in copper, cobalt, and molybdenum among domestic peers. The upward trend in major metal prices is expected to contribute to new revenue streams [1] Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 818.48 billion yuan, a decrease of 7.3% year-on-year, and a net profit of 20.57 billion yuan, down 14.33% year-on-year [1] - The forecast for the company's net profit for 2024-2026 has been revised down to 29.75 billion yuan, 29.66 billion yuan, and 31.46 billion yuan respectively, with corresponding earnings per share (EPS) of 1.20 yuan, 1.20 yuan, and 1.27 yuan [1][2] - The company's current valuation level is comparable to the average valuation of peer companies, maintaining a reasonable valuation with a price-to-earnings (P/E) ratio of 5.4 for 2024 [1][3]