Investment Rating - The report maintains a "Buy" rating for China Railway Group (601390) with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 8.20% year-on-year in 2024, with total revenue reaching CNY 1,157.44 billion and a net profit attributable to shareholders of CNY 27.89 billion, down 16.7% year-on-year [1][2]. - The company has a substantial backlog of contracts amounting to CNY 50,265.4 billion, approximately 4.3 times its 2024 revenue, which is expected to support future revenue growth and performance release [1]. - The report highlights the potential for the mineral resources segment to create a second growth curve for the company, alongside ongoing efforts in emerging businesses [1][2]. Revenue and Profitability - In 2024, the company’s revenue from various segments included CNY 992.9 billion from infrastructure construction, CNY 174 billion from design consulting, CNY 248 billion from equipment manufacturing, and CNY 483 billion from real estate development, reflecting declines across all segments [2]. - The overall gross margin for the company in 2024 was 9.8%, a decrease of 0.2 percentage points year-on-year, with a net profit margin of 2.7%, down 0.3 percentage points year-on-year [3]. Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is CNY 28.3 billion, CNY 28.9 billion, and CNY 29.5 billion respectively, indicating a downward revision from previous estimates [1][4]. - The company’s cash dividend ratio for 2024 is projected at 15.8%, with a corresponding dividend yield of 3.1% as of March 28 [1]. Market Position and Strategy - The report emphasizes the company’s role as a key player in infrastructure construction and the expected benefits from state-owned enterprise reforms aimed at improving operational efficiency and financial reporting quality [1][2]. - The emerging business segment, particularly in mineral resources, is highlighted as a significant area for future growth, with new orders in this segment increasing by 11.3% year-on-year [2].

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 ...