京沪高速铁路股份有限公司 第五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法律责 任。 京沪高速铁路股份有限公司（以下简称公司）第五届董事会 第九次会议于 2025 年 8 月 19 日以书面方式发出通知，于 2025 年 8 月 29 日以现场与视频相结合方式召开。本次会议应出席董事 11 名，实际出席董事 11 名。会议召开符合《公司法》等法律法 规和《公司章程》规定，合法有效。 会议审议通过了以下议案。 一、审议通过了《关于公司 2025 年半年度报告及摘要的议案》 该议案已经审计委员会全票审议通过。 表决情况：有权表决票数 11 票，同意 11 票，反对 0 票，弃 权 0 票。 证券代码：601816 证券简称：京沪高铁 公告编号：2025-038 二、审议通过了《关于公司 2025 年中期利润分配方案的议案》 拟以公司 2025 年 6 月 30 日总股本 48,925,679,370 股为基数， 向 2025 年半年度现金红利派发股权登记日登记在册的 A 股股东 1 每 10 股派发现金红利 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-041 京沪高速铁路股份有限公司 关于 2025 年中期利润分配方案的公告 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： 公司于 8 月 29 日召开第五届董事会第九次会议，审议通过 了《关于公司 2025 年中期利润分配方案的议案》，本次利润分配 方案尚需提交公司股东大会审议。 三、相关风险提示 本次利润分配方案不会对公司每股收益、现金流状况、生产 经营产生重大影响，不会影响公司长期发展，本次利润分配方案 尚需提交公司股东大会审议，敬请广大投资者注意投资风险。 特此公告。 一、利润分配方案内容 截至 2025 年 6 月 30 日，母公司 2025 年上半年净利润 6,310,886,348.02 元，提取法定盈余公积金 631,088,634.80 元后， 上半年可供分配利润金额为 5,679,797,713.22 元。 公司拟以实施权益分派股权登记日的总股本为基数，向全体 股东每 10 股派发现金红利 0.385 元（含税），截至 202 ...

[Glossary](index=4&type=section&id=Part%20I%20Glossary) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, covering company, regulatory bodies, related parties, and railway operation terminology, providing a foundation for understanding the report's content - The report defines "Company," "This Company," and "Beijing-Shanghai High-speed Railway" as Beijing-Shanghai High-speed Railway Co., Ltd[14](index=14&type=chunk) - The "reporting period" refers to January 1 to June 30, 2025[14](index=14&type=chunk) - "Undertaking" specifically refers to a railway transport enterprise obtaining passenger ticket revenue and bearing the operating costs of train services[14](index=14&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, registration, disclosure channels, stock information, and key financial performance metrics [Company Basic Information](index=5&type=section&id=I.%20Company%20Information) This section discloses the basic registration information of Beijing-Shanghai High-speed Railway Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative Liu Hongrun - The company's Chinese name is Beijing-Shanghai High-speed Railway Co., Ltd., abbreviated as Beijing-Shanghai High-speed Railway[17](index=17&type=chunk) - The company's legal representative is Liu Hongrun[17](index=17&type=chunk) [Contact Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary, Zhao Fei, including address, phone, fax, and email, facilitating communication for investors and relevant parties - The Board Secretary's name is Zhao Fei, contact number is 010-51896399, and email is crjhgt@vip.163.com[18](index=18&type=chunk) [Registered and Office Address](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) The company's registered and office addresses are both located on the third and fourth floors of Building 1, Courtyard 5, Beifengwo Road, Haidian District, Beijing, with no historical changes during the reporting period - The company's registered and office addresses are both on the third and fourth floors of Building 1, Courtyard 5, Beifengwo Road, Haidian District, Beijing[19](index=19&type=chunk) - There have been no historical changes to the company's registered address[19](index=19&type=chunk) [Information Disclosure Channels](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Placement%20Locations) The company designates "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily" as information disclosure newspapers, with the semi-annual report published on the Shanghai Stock Exchange website and available at the company's Board of Directors Office - The company's selected information disclosure newspapers include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[20](index=20&type=chunk) - The website address for publishing the semi-annual report is www.sse.com.cn[20](index=20&type=chunk) [Stock Information](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed and traded on the Shanghai Stock Exchange, with the stock abbreviation "Beijing-Shanghai High-speed Railway" and stock code 601816, with no prior stock abbreviation changes - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[21](index=21&type=chunk) - The stock abbreviation is Beijing-Shanghai High-speed Railway, and the stock code is 601816[21](index=21&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue slightly increased, total profit marginally rose, but net profit attributable to shareholders and non-recurring net profit slightly decreased, mainly due to tax adjustments for safety production special reserves. Total assets and net assets remained stable, with a slight decrease in net cash flow from operating activities [Key Accounting Data](index=5&type=section&id=%28I%29%20Key%20Accounting%20Data) From January to June 2025, the company's operating revenue increased by 0.72% year-over-year, total profit increased by 0.63%, but net profit attributable to shareholders decreased by 0.64%, and net cash flow from operating activities decreased by 0.52% Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Period-over-period change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | 0.72% | | Total Profit | 8,501,928,740.85 | 8,448,817,767.48 | 0.63% | | Net Profit Attributable to Shareholders of the Listed Company | 6,316,143,838.25 | 6,356,858,543.01 | -0.64% | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 6,316,127,607.93 | 6,352,943,169.84 | -0.58% | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | -0.52% | | Net Assets Attributable to Shareholders of the Listed Company (Period-end) | 202,258,423,232.71 | 202,403,433,271.18 | -0.07% | | Total Assets (Period-end) | 289,857,501,017.62 | 284,662,650,232.54 | 1.82% | - The increase in total profit and decrease in net profit for this period were mainly due to a higher tax adjustment for accrued but unspent safety production special reserves compared to the prior period[25](index=25&type=chunk) [Key Financial Indicators](index=6&type=section&id=%28II%29%20Key%20Financial%20Indicators) In the first half of 2025, the company's basic and diluted earnings per share both slightly decreased, and the weighted average return on net assets also marginally declined Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-over-period change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | -0.46% | | Diluted Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | -0.46% | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.1289 | 0.1294 | -0.39% | | Weighted Average Return on Net Assets (%) | 3.09 | 3.21 | decreased by 0.12 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 3.09 | 3.20 | decreased by 0.11 percentage points | [Non-recurring Gains and Losses](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for this reporting period amounted to **CNY 16,230.32**, primarily comprising other non-operating income and expenses, and other items defined as non-recurring gains and losses Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Other non-operating income and expenses apart from the above | -594,973.58 | | Other items defined as non-recurring gains and losses | 588,755.99 | | Less: Income tax impact | 51,078.88 | | Impact on minority interests (after tax) | -73,526.79 | | **Total** | **16,230.32** | [Management Discussion and Analysis](index=8&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, main business operations, financial performance, core competencies, and key risks during the reporting period [Industry and Main Business Overview](index=8&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) During the reporting period, the railway sector maintained steady progress, ensuring stable transport safety, achieving record-high passenger and freight volumes, and the company's main business did not add significant non-core operations - The overall railway operations showed a positive trend of steady progress, with passenger and freight transport achieving the best performance for the same period in history[31](index=31&type=chunk) - The company did not add any significant non-core businesses during the reporting period[31](index=31&type=chunk) [Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company achieved good operational results, with Beijing-Shanghai High-speed Railway's mainline trains transporting 1.2% more passengers year-over-year, and Jingfu Anhui Company achieving its first semi-annual profit, focusing on safety, passenger transport, R&D, governance, and shareholder returns - Beijing-Shanghai High-speed Railway's mainline trains transported **24.996 million passengers**, a **1.2% increase** compared to the prior year period[32](index=32&type=chunk) - Jingfu Anhui Company's managed lines completed **20.407 million train-kilometers**, a **7.5% increase** year-over-year, achieving its first semi-annual profit[32](index=32&type=chunk) [Transport Safety Assurance](index=8&type=section&id=1.%20Full%20Efforts%20to%20Ensure%20Safe%20and%20Stable%20Transport) The company strictly fulfills its safety management responsibilities, strengthens maintenance and safety investments for key equipment and facilities, and conducts activities like "Safety Production Month" and fire safety inspections to ensure continuous and stable transport safety - Strictly fulfilling the company's safety management responsibilities, strengthening maintenance and operational assurance for key equipment and facilities, and specifically increasing safety investments[33](index=33&type=chunk) - Actively carrying out "Safety Production Month" and fire safety inspections, and intensifying efforts to improve the external environment[33](index=33&type=chunk) [Passenger Revenue Growth Strategies](index=8&type=section&id=2.%20Vigorously%20Promoting%20Passenger%20Transport%20Growth%20and%20Revenue%20Increase) The company enhances passenger service and attractiveness by optimizing train schedules, piloting flexible ticket pricing, launching permanent fast-entry halls at Beijing South Station, high-speed rail pet consignment, and on-board coffee services, alongside "Happy Journey on Beijing-Shanghai" themed marketing campaigns - Strengthening cooperation with entrusted entities, optimizing train operation plans, and actively piloting flexible ticket pricing policies for specific sections[33](index=33&type=chunk) - Promoting the implementation of new measures such as permanent fast-entry halls at Beijing South Station, high-speed rail pet consignment, and on-board coffee services[33](index=33&type=chunk) - Deepening the "Happy Journey on Beijing-Shanghai" special initiative and collaborating with local governments along the route to launch preferential travel marketing measures[33](index=33&type=chunk) [R&D Innovation Progress](index=8&type=section&id=3.%20Continuously%20Deepening%20Scientific%20Research%20and%20Innovation) The company focuses on new quality productive forces in railways, deeply advancing the Beijing-Shanghai High-speed Railway intelligent upgrade project, completing implementation plans and five-year programs, formulating annual R&D project plans, and actively participating in exhibitions to showcase its technological leadership - Deeply advancing the Beijing-Shanghai High-speed Railway intelligent upgrade project, completing the implementation plan and five-year program development[34](index=34&type=chunk) - Formulating and implementing annual R&D project plans, fully leveraging the important role of technological innovation in the company's high-quality development[34](index=34&type=chunk) [Corporate Governance Optimization](index=8&type=section&id=4.%20Continuously%20Standardizing%20Corporate%20Governance) The company strictly implements its Articles of Association, convenes board, supervisory board, and shareholder meetings on time, signs new entrusted transport management contracts, actively addresses investor concerns, and is advancing amendments to the Articles of Association to abolish the supervisory board to improve corporate governance - Convening board, supervisory board, and shareholder meetings on time, and fulfilling decision-making procedures in accordance with laws and regulations[34](index=34&type=chunk) - Signing a new round of entrusted transport management and passenger station commercial asset entrusted operation contracts with three entrusted railway bureau group companies[34](index=34&type=chunk) - Actively promoting the revision of the "Articles of Association" to abolish the supervisory board, with plans to submit it to the general meeting of shareholders in the second half of the year[34](index=34&type=chunk) [Enhancing Shareholder Returns](index=8&type=section&id=5.%20Continuously%20Enhancing%20Shareholder%20Returns) The company actively fulfills its responsibility to reward investors, using **CNY 1 billion** of its own funds for share repurchases and cancellations, effectively increasing earnings per share; and distributed **CNY 5.783 billion** in cash dividends on July 15, 2025, setting a new high since its listing - Utilizing **CNY 1 billion** of its own funds for the first share repurchase by a state-owned railway enterprise, cumulatively repurchasing **180 million shares** which have all been cancelled, effectively boosting earnings per share and shareholder returns[35](index=35&type=chunk) - Distributed **CNY 5.783 billion** in cash dividends to all shareholders on July 15, 2025, with the annual dividend amount reaching a new high since listing[35](index=35&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competitiveness is reflected in five major advantages: geographical location, network, technology, safety, and brand, which collectively support its leading position and sustainable development in the transportation sector - The company's competitive advantages are primarily reflected in its managed lines' strengths within the transportation sector, specifically including geographical, network, technological, safety, and brand advantages[38](index=38&type=chunk) [Geographical Advantage](index=9&type=section&id=%28I%29%20Geographical%20Advantage) The Beijing-Shanghai High-speed Railway traverses the Beijing-Tianjin-Hebei and Yangtze River Delta economic zones, connecting China's most developed and densely populated cities, while Jingfu Anhui Company's lines are also within the Yangtze River Delta integrated demonstration zone, ensuring a strong passenger flow base - The Beijing-Shanghai High-speed Railway traverses three municipalities directly under the central government (Beijing, Tianjin, Shanghai) and four provinces (Hebei, Shandong, Anhui, Jiangsu), connecting the "Beijing-Tianjin-Hebei" and "Yangtze River Delta" economic zones[38](index=38&type=chunk) - Jingfu Anhui Company's managed lines serve as crucial transportation support for the Yangtze River Delta integrated demonstration zone, possessing a strong passenger flow base[38](index=38&type=chunk) [Network Advantage](index=9&type=section&id=%28II%29%20Network%20Advantage) The Beijing-Shanghai High-speed Railway is a key component of the "Eight Verticals and Eight Horizontals" high-speed rail network, connecting with multiple high-speed lines to form an extensive transport network. Jingfu Anhui Company's managed lines share unified technical standards with the Beijing-Shanghai High-speed Railway, enhancing utilization and passenger density through network synergy, making the company the domestic high-speed rail network operator with the largest asset scale and longest operating mileage - The Beijing-Shanghai High-speed Railway is one of the "Eight Verticals and Eight Horizontals" high-speed railway main channels, capable of providing fast and convenient high-speed rail transport services to passengers[38](index=38&type=chunk) - Jingfu Anhui Company's managed lines share unified technical standards with the Beijing-Shanghai High-speed Railway, and relying on network synergy, can effectively alleviate the current saturation of transport capacity on the Xuzhou-Bengbu section of the Beijing-Shanghai High-speed Railway, improving the overall utilization rate of the Beijing-Shanghai High-speed Railway[38](index=38&type=chunk) [Technological Advantage](index=9&type=section&id=%28III%29%20Technological%20Advantage) The Beijing-Shanghai High-speed Railway is the world's longest high-speed railway built in a single phase with the highest technical standards, designed for a target speed of **350 km/h**, with all technical indicators reaching international first-class levels. Jingfu Anhui Company's managed lines also align with Beijing-Shanghai High-speed Railway's technical standards, facilitating unified operation and management - The Beijing-Shanghai High-speed Railway is the world's longest high-speed railway built in a single phase with the highest technical standards, designed for a target speed of **350 km/h**[39](index=39&type=chunk) - The Beijing-Shanghai High-speed Railway is the culmination of China's high-speed rail technological innovation achievements, with all technical indicators reaching international first-class levels[39](index=39&type=chunk) [Safety Advantage](index=9&type=section&id=%28IV%29%20Safety%20Advantage) The company's technological advantage lays the foundation for safe transport, and it adopts an entrusted transport management model, leveraging the entrusted party's mature experience and talent pool, while also building a comprehensive disaster prevention and safety monitoring system to fully ensure railway transport safety - The technological advantage of the Beijing-Shanghai High-speed Railway has laid a solid foundation for the company's safe transport[39](index=39&type=chunk) - Adopting an entrusted transport management model, effectively utilizing the entrusted party's mature and systematic transport experience and rich talent pool[39](index=39&type=chunk) - The company and entrusted entities have formulated targeted emergency plans and built a comprehensive disaster prevention and safety monitoring system[39](index=39&type=chunk) [Brand Advantage](index=9&type=section&id=%28V%29%20Brand%20Advantage) Since its opening, the Beijing-Shanghai High-speed Railway, with its "safe, fast, convenient, and comfortable" operational quality, has greatly met the public's travel needs, establishing a strong brand image and market recognition - The Beijing-Shanghai High-speed Railway has earned high praise from domestic and international communities for its "safe, fast, convenient, and comfortable" operational quality[40](index=40&type=chunk) - The company has established a strong brand image and market recognition[40](index=40&type=chunk) [Key Operating Performance](index=9&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both saw slight increases, financial expenses significantly decreased, and net cash flow from financing activities substantially increased. Regarding assets, cash and cash equivalents, accounts receivable, and other payables at period-end significantly rose, and subsidiary Jingfu Anhui Company achieved its first semi-annual profit [Financial Analysis of Main Business](index=9&type=section&id=%28I%29%20Main%20Business%20Analysis) The company's operating revenue increased by 0.72% year-over-year, operating costs rose by 2.34%, administrative and R&D expenses remained largely stable, while financial expenses significantly decreased by **18.04%** due to reduced interest expenditures. Net cash flow from financing activities surged by **84.85%** Analysis of Financial Statement Item Changes (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | 0.72% | | Operating Cost | 11,233,965,909.08 | 10,976,628,128.20 | 2.34% | | Administrative Expenses | 400,488,871.63 | 396,593,132.87 | 0.98% | | Financial Expenses | 763,422,117.24 | 931,463,254.80 | -18.04% | | Research and Development Expenses | 2,090,997.86 | 2,798,237.45 | -25.27% | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | -0.52% | | Net Cash Flow from Investing Activities | -451,974,659.60 | -486,182,734.10 | 7.04% | | Net Cash Flow from Financing Activities | -2,484,349,888.85 | -16,394,494,088.86 | 84.85% | - The change in net cash flow from financing activities was primarily due to a decrease in net bank borrowings and repayments compared to the prior year period, and unpaid dividends for the current period[43](index=43&type=chunk) [Asset and Liability Analysis](index=10&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) Cash and cash equivalents at period-end increased by **71.95%** from the end of the previous year, mainly due to reduced maturing borrowings and temporarily unpaid dividends; accounts receivable rose by **33.97%** due to increased operating revenue in June; other payables increased by **157.69%**, primarily because dividends accrued in the current period had not yet been paid Changes in Assets and Liabilities (H1 2025) | Item Name | Current Period End Amount (CNY) | Prior Period End Amount (CNY) | Period-end Amount Change from Prior Period End (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | 71.95% | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | 33.97% | | Other Receivables | 623,863,515.64 | 448,672,445.18 | 39.05% | | Taxes Payable | 1,616,292,696.39 | 1,140,581,203.17 | 41.71% | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | 157.69% | - The increase in cash and cash equivalents was mainly due to a decrease in maturing borrowings and temporarily unpaid 2024 dividends, leading to reduced net cash outflow from financing activities[44](index=44&type=chunk) - The increase in other payables was primarily due to dividends accrued in the current period that had not yet been paid[46](index=46&type=chunk) [Major Holding and Participating Companies](index=12&type=section&id=%28VI%29%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Subsidiary Jingfu Railway Passenger Dedicated Line Anhui Co., Ltd. (Jingfu Anhui Company) achieved a net profit of **CNY 8.079 million** in the first half of 2025, marking its first semi-annual profitability Jingfu Anhui Company Financial Data for H1 2025 | Indicator | Amount (CNY) | | :--- | :--- | | Registered Capital | 78,662,000,000.00 | | Total Assets | 114,721,512,830.04 | | Net Assets | 65,450,745,205.14 | | Operating Revenue | 2,999,457,058.79 | | Operating Profit | 7,655,401.44 | | Net Profit | 8,079,012.71 | - Jingfu Anhui Company achieved its first semi-annual profit[32](index=32&type=chunk) [Risk Factors](index=13&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces various risks, including macroeconomic fluctuations, competition from other transport modes, rising energy prices, increasing financial expenses, railway transport accidents, and major natural disasters and public health events, all of which could adversely affect its performance and operations - Macroeconomic fluctuations may affect business activities and passenger travel demand, consequently impacting railway passenger transport[52](index=52&type=chunk) - Competition from other transport modes (road, air) may lead to structural changes in passenger travel choices, negatively impacting the company's business operations[52](index=52&type=chunk) - Significant increases in electricity prices could lead to a decline in the company's gross profit margin and operating performance[53](index=53&type=chunk) - A large scale of debt financing and rising comprehensive annual interest rates on borrowings could lead to increased financial expenses, negatively impacting net profit levels[53](index=53&type=chunk) - Railway transport accidents, major natural disasters, significant public health and safety events, and adverse weather conditions could lead to reduced revenue and increased maintenance costs[53](index=53&type=chunk)[54](index=54&type=chunk) [Corporate Governance, Environment, and Society](index=13&type=section&id=Part%20IV%20Corporate%20Governance%20and%20Social%20Responsibility) This section details changes in the company's directors, supervisors, and senior management, outlines the profit distribution plan, and highlights efforts in rural revitalization and social responsibility [Changes in Directors, Supervisors, and Senior Management](index=13&type=section&id=I.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were changes in the company's board of directors, with Ms. Li Chongqi elected as a director of the fifth board of directors, and former director Mr. Ding Jianqi stepping down - Ms. Li Chongqi was elected as a director of the company's fifth board of directors[58](index=58&type=chunk) - Mr. Ding Jianqi no longer serves as a company director[58](index=58&type=chunk) [Profit Distribution Plan](index=14&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) Pursuant to the board resolution, the company proposes to distribute a cash dividend of **CNY 0.385** (tax inclusive) per 10 shares to A-share shareholders, based on the total share capital as of June 30, 2025, totaling **CNY 1.884 billion** in cash dividends 2025 Semi-Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Is distribution or conversion | Yes | | Dividend per 10 shares (CNY) (tax inclusive) | 0.385 | | Total cash dividends distributed | 1,883,638,655.74 CNY | [Rural Revitalization Efforts](index=14&type=section&id=V.%20Specifics%20of%20Consolidating%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively responds to national calls, planning to invest **CNY 1 million** in Mian County, Shaanxi Province, for rural education facility upgrades and cultural, organizational revitalization, and talent training projects, contributing to consolidating poverty alleviation achievements and rural revitalization - The company plans to invest **CNY 1 million** to implement rural education facility upgrade projects and cultural, organizational revitalization, and talent training projects[60](index=60&type=chunk) - This project aims to effectively connect the consolidation of poverty alleviation achievements with rural revitalization, fostering joint efforts between railway and local authorities to promote revitalization[60](index=60&type=chunk) [Significant Matters](index=15&type=section&id=Part%20V%20Significant%20Matters) This section covers the fulfillment of commitments, significant litigation and arbitration cases, and major related party transactions, highlighting key events impacting the company [Fulfillment of Commitments](index=15&type=section&id=I.%20Fulfillment%20of%20Commitments) During the reporting period, the company's actual controllers, shareholders, and related parties continuously fulfilled commitments regarding avoiding horizontal competition, standardizing related party transactions, resolving land title defects, and intentions for shareholding and reduction, ensuring the company's standardized operations and investor interests - China Railway Investment Group, China State Railway Group, Ping An Asset Management, National Social Security Fund, and other committed parties strictly fulfilled their respective commitments during or continuously throughout the reporting period[63](index=63&type=chunk) [Commitment to Avoid Horizontal Competition](index=15&type=section&id=1.%20Explanation%20of%20Commitment%20to%20Avoid%20Horizontal%20Competition) China Railway Investment Group commits not to directly or indirectly engage in businesses competing with the company's main operations and to prioritize offering new business opportunities to the company. China State Railway Group pledges to strengthen internal coordination to ensure the company's healthy development and prevent harm to investor interests - China Railway Investment Group commits not to directly or indirectly participate in any business or activity that directly or indirectly competes with the issuer's main business in any manner[64](index=64&type=chunk) - China State Railway Group commits to strengthening internal coordination and control management to ensure the issuer's healthy and sustainable development, preventing any situations that would harm the interests of the issuer and its public investors[67](index=67&type=chunk) [Commitment to Standardize Related Party Transactions](index=16&type=section&id=2.%20Explanation%20of%20Commitment%20to%20Standardize%20Related%20Party%20Transactions) China Railway Investment Group and China State Railway Group commit to minimizing unnecessary related party transactions, and for unavoidable transactions, they will ensure fair, reasonable, and normal commercial terms, strictly adhering to relevant laws, regulations, and decision-making procedures - China Railway Investment Group and China State Railway Group commit to minimizing and reducing unnecessary related party transactions with the issuer, both currently and in the future[68](index=68&type=chunk)[69](index=69&type=chunk) - For unavoidable related party transactions, they will ensure transactions are conducted under fair, reasonable, and normal commercial terms, strictly adhering to relevant national laws, regulations, and the company's articles of association[68](index=68&type=chunk)[69](index=69&type=chunk) [Land Title Commitment](index=16&type=section&id=3.%20Explanation%20of%20Commitment%20Regarding%20Houses%20and%20Land%20Without%20Title%20Certificates) China Railway Investment Group and China State Railway Group commit to actively urging and making best efforts to assist the company in obtaining title certificates for houses and land without them, and to bear any economic losses incurred by the company due to title disputes or inability to use such assets - China Railway Investment Group and China State Railway Group commit to actively urging and making best efforts to assist the issuer in obtaining title certificates for houses and land without them[70](index=70&type=chunk) - Should the issuer suffer economic losses as a result, the company will provide full compensation[70](index=70&type=chunk) [Shareholding and Share Reduction Commitment](index=17&type=section&id=4.%20Commitment%20Regarding%20Shareholding%20and%20Intention%20to%20Reduce%20Shares) China Railway Investment Group, Ping An Asset Management, and the National Social Security Fund commit that after the lock-up period expires, they will decide whether to reduce their holdings based on securities market conditions, company operating performance, and other factors, while adhering to laws, regulations, and information disclosure requirements - China Railway Investment Group, Ping An Asset Management, and the National Social Security Fund commit that after the lock-up period expires, they will decide whether to reduce their holdings under legal and compliant premises, considering the overall securities market conditions, the issuer's operating performance, and stock trends[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - If a reduction is decided, the company will be notified in writing in advance and will promptly make an announcement, adhering to relevant laws, regulations, and stock exchange rules[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) [Significant Litigation and Arbitration](index=18&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) The company is involved in an arbitration case concerning a service contract dispute with Max Bögl Construction Co., Ltd., where the arbitration tribunal ruled that the company and China Railway Design Corporation jointly pay **CNY 234.88 million** in contract price, interest, arbitration fees, translation fees, and legal fees. The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an application to suspend the enforcement of the arbitration award - The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd[83](index=83&type=chunk) - The arbitration tribunal ruled that the company and the second respondent jointly pay **CNY 234,883,160.25** in contract price, interest, arbitration fees, translation fees, and legal fees[83](index=83&type=chunk) - The Beijing First Intermediate People's Court previously ruled to freeze **CNY 278,560,441.24** in the company's Industrial and Commercial Bank of China account, and the frozen funds have now been unfrozen[83](index=83&type=chunk) - The company has submitted an "Application for Suspension of Enforcement of Arbitration Award" to the Beijing First Intermediate People's Court, requesting a ruling to suspend the enforcement procedure of the arbitration award[85](index=85&type=chunk) [Significant Related Party Transactions](index=20&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company signed a "Financial Services Agreement" with China Railway Finance Co., Ltd., stipulating that the finance company will handle deposit, settlement, and loan services for the company and its subsidiaries, with the maximum daily deposit balance and comprehensive credit facility balance not exceeding **CNY 3 billion** each - The company signed a "Financial Services Agreement" with China Railway Finance Co., Ltd[89](index=89&type=chunk) - During the agreement's validity, the company's maximum daily deposit balance with the finance company shall not exceed **CNY 3 billion**[89](index=89&type=chunk) - The daily balance of loans, discounts, and other comprehensive credit facilities with the finance company shall not exceed **CNY 3 billion**[89](index=89&type=chunk) [Share Changes and Shareholder Information](index=23&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital, including share repurchases and cancellations, and provides an overview of the total number of shareholders and the top ten shareholders' holdings [Share Capital Changes](index=23&type=section&id=I.%20Share%20Capital%20Changes) On June 3, 2025, the company completed the cancellation of **180,805,241 repurchased shares**, resulting in a change in total share capital from **49,106,484,611 shares** to **48,925,679,370 shares** Share Capital Change Status | Indicator | Quantity Before Change (shares) | Increase/Decrease in This Change (+, -) (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 49,106,484,611 | -180,805,241 | 48,925,679,370 | | Total Shares | 49,106,484,611 | -180,805,241 | 48,925,679,370 | - The company completed the cancellation procedures for **180,805,241 repurchased shares** on June 3, 2025[97](index=97&type=chunk) - Following this cancellation, the company's total share capital changed from **49,106,484,611 shares** to **48,925,679,370 shares**[97](index=97&type=chunk) [Total Shareholders and Top Ten Shareholders' Holdings](index=24&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **166,726 common shareholders**. China Railway Investment Group Co., Ltd. was the largest shareholder, holding **43.55%** of the shares - As of the end of the reporting period, the total number of common shareholders was **166,726**[98](index=98&type=chunk) Top Ten Shareholders' Holdings (As of Period End) | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | China Railway Investment Group Co., Ltd. | 21,306,477,996 | 43.55 | State-owned Legal Person | | National Social Security Fund Council | 3,062,225,309 | 6.26 | State-owned Legal Person | | Jiangsu Provincial Railway Group Co., Ltd. | 2,344,607,848 | 4.79 | State-owned Legal Person | | Shanghai Jiushi Railway Investment Construction Co., Ltd. | 2,245,670,345 | 4.59 | State-owned Legal Person | | Nanjing Railway Construction Investment Co., Ltd. | 2,150,717,782 | 4.40 | State-owned Legal Person | | China Ping An Life Insurance Co., Ltd. - Traditional - High Interest Rate Policy Products | 1,929,201,945 | 3.94 | Domestic Non-state-owned Legal Person | | Tianjin Railway Construction Investment Holding (Group) Co., Ltd. | 1,887,671,850 | 3.86 | State-owned Legal Person | | Shandong Railway Investment Holding Group Co., Ltd. | 1,853,048,658 | 3.79 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 1,731,526,207 | 3.54 | Overseas Legal Person | | China Pacific Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Products | 1,224,890,124 | 2.50 | State-owned Legal Person | [Bond-Related Information](index=27&type=section&id=Part%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds and Debt Financing Instruments](index=27&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no outstanding corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments that were issued but not yet due, or due but not fully redeemed - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[108](index=108&type=chunk) [Convertible Corporate Bonds](index=27&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds during the reporting period[108](index=108&type=chunk) [Financial Report](index=27&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and significant financial items [Audit Report](index=27&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[7](index=7&type=chunk) [Financial Statements](index=27&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting the company's financial position, operating results, and cash flow [Consolidated Balance Sheet](index=27&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were **CNY 289.86 billion**, an increase of **1.82%** from the end of the previous year; total liabilities were **CNY 64.74 billion**, and total owners' equity was **CNY 225.12 billion** Consolidated Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | | Other Receivables | 623,863,515.64 | 448,672,445.18 | | Fixed Assets | 212,037,241,557.53 | 214,423,491,175.94 | | Intangible Assets | 57,265,246,713.82 | 57,625,955,304.04 | | Total Assets | 289,857,501,017.62 | 284,662,650,232.54 | | Accounts Payable | 1,081,442,655.14 | 1,069,256,085.04 | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | | Long-term Borrowings | 49,341,815,213.88 | 50,613,974,435.20 | | Total Liabilities | 64,740,995,408.73 | 59,414,300,151.59 | | Paid-in Capital (or Share Capital) | 48,925,679,370.00 | 49,106,484,611.00 | | Total Equity Attributable to Parent Company Owners | 202,258,423,232.71 | 202,403,433,271.18 | | Total Owners' Equity | 225,116,505,608.89 | 225,248,350,080.95 | [Parent Company Balance Sheet](index=30&type=section&id=Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were **CNY 223.00 billion**, an increase of **2.80%** from the end of the previous year; total liabilities were **CNY 15.77 billion**, and total owners' equity was **CNY 207.23 billion** Parent Company Balance Sheet Key Data (As of June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,318,002,962.98 | 9,979,565,034.54 | | Accounts Receivable | 1,405,753,490.24 | 1,067,060,747.87 | | Other Receivables | 618,104,235.00 | 459,825,657.95 | | Long-term Equity Investments | 47,566,437,900.91 | 47,566,437,900.91 | | Fixed Assets | 116,258,686,354.57 | 117,682,748,186.43 | | Intangible Assets | 39,022,845,683.88 | 39,380,562,222.24 | | Total Assets | 223,003,790,170.32 | 216,918,304,652.14 | | Accounts Payable | 928,778,314.66 | 907,056,211.62 | | Other Payables | 6,995,810,871.58 | 1,387,147,417.96 | | Long-term Borrowings | 5,088,901,485.20 | 5,088,901,485.20 | | Total Liabilities | 15,771,591,865.66 | 9,516,564,221.33 | | Paid-in Capital (or Share Capital) | 48,925,679,370.00 | 49,106,484,611.00 | | Total Owners' Equity | 207,232,198,304.66 | 207,401,740,430.81 | [Consolidated Income Statement](index=32&type=section&id=Consolidated%20Income%20Statement) In the first half of 2025, the company's consolidated total operating revenue was **CNY 21.01 billion**, an increase of **0.72%** year-over-year; net profit attributable to parent company shareholders was **CNY 6.32 billion**, a decrease of **0.64%** year-over-year Consolidated Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 21,013,144,304.39 | 20,862,476,427.20 | | Total Operating Cost | 12,511,209,345.95 | 12,418,878,443.49 | | Total Profit | 8,501,928,740.85 | 8,448,817,767.48 | | Net Profit | 6,318,965,360.73 | 6,305,154,620.30 | | Net Profit Attributable to Parent Company Shareholders | 6,316,143,838.25 | 6,356,858,543.01 | | Basic Earnings Per Share (CNY/share) | 0.1289 | 0.1295 | [Parent Company Income Statement](index=34&type=section&id=Parent%20Company%20Income%20Statement) In the first half of 2025, the parent company's operating revenue was **CNY 18.01 billion**, an increase of **0.60%** year-over-year; net profit was **CNY 6.31 billion**, a decrease of **2.20%** year-over-year Parent Company Income Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 18,013,718,744.67 | 17,905,912,390.53 | | Operating Cost | 8,932,835,643.51 | 8,681,883,158.01 | | Total Profit | 8,494,491,493.60 | 8,597,515,501.22 | | Net Profit | 6,310,886,348.02 | 6,453,201,163.27 | [Consolidated Cash Flow Statement](index=36&type=section&id=Consolidated%20Cash%20Flow%20Statement) In the first half of 2025, the company's net cash flow from operating activities was **CNY 10.27 billion**, a slight decrease of **0.52%** year-over-year. Net cash flow from financing activities was **-CNY 2.48 billion**, a significant decrease from the prior year period, mainly due to reduced net bank borrowings and repayments, and unpaid dividends for the current period Consolidated Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 10,268,776,715.97 | 10,322,863,644.79 | | Net Cash Flow from Investing Activities | -451,974,659.60 | -486,182,734.10 | | Net Cash Flow from Financing Activities | -2,484,349,888.85 | -16,394,494,088.86 | | Net Increase in Cash and Cash Equivalents | 7,332,452,167.52 | -6,557,813,178.17 | | Cash and Cash Equivalents at Period End | 17,523,463,700.22 | 6,345,345,234.32 | - The change in net cash flow from financing activities was primarily due to a decrease in net bank borrowings and repayments compared to the prior year period, and unpaid dividends for the current period[43](index=43&type=chunk) [Parent Company Cash Flow Statement](index=37&type=section&id=Parent%20Company%20Cash%20Flow%20Statement) In the first half of 2025, the parent company's net cash flow from operating activities was **CNY 8.71 billion**, an increase of **5.12%** year-over-year. Net cash flow from financing activities was **-CNY 962.02 million**, a significant decrease from the prior year period, mainly due to reduced debt repayments and dividend payments Parent Company Cash Flow Statement Key Data (H1 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 8,708,546,219.96 | 8,284,002,644.21 | | Net Cash Flow from Investing Activities | -408,088,708.08 | -418,922,846.23 | | Net Cash Flow from Financing Activities | -962,019,583.44 | -14,908,906,261.29 | | Net Increase in Cash and Cash Equivalents | 7,338,437,928.44 | -7,043,826,463.31 | | Cash and Cash Equivalents at Period End | 17,318,002,962.98 | 5,597,358,014.93 | - The significant decrease in net cash flow from financing activities was mainly due to reduced cash paid for debt repayment and cash paid for dividend distribution, profit, or interest payments compared to the prior year period[142](index=142&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the company's consolidated total owners' equity decreased by **CNY 131.84 million**, primarily influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**) Consolidated Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (CNY) | Current Period Change Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 49,106,484,611.00 | -180,805,241.00 | 48,925,679,370.00 | | Capital Reserve | 122,596,155,858.47 | -819,640,192.00 | 121,776,515,666.47 | | Less: Treasury Stock | 44,458,082.21 | -44,458,082.21 | 0 | | Special Reserve | 332,886,563.88 | 277,848,775.60 | 610,735,339.48 | | Retained Earnings | 22,520,251,471.83 | 533,128,536.72 | 23,053,380,008.55 | | Total Equity Attributable to Parent Company Owners | 202,403,433,271.18 | -145,010,038.47 | 202,258,423,232.71 | | Total Owners' Equity | 225,248,350,080.95 | -131,844,472.06 | 225,116,505,608.89 | - The change in the current period was mainly influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**)[147](index=147&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=44&type=section&id=Parent%20Company%20Statement%20of%20Changes%20in%20Owners'%20Equity) In the first half of 2025, the parent company's total owners' equity decreased by **CNY 169.54 million**, primarily influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**) Parent Company Statement of Changes in Owners' Equity Key Data (H1 2025) | Item | Beginning Balance (CNY) | Current Period Change Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 49,106,484,611.00 | -180,805,241.00 | 48,925,679,370.00 | | Capital Reserve | 117,933,163,158.63 | -819,640,192.00 | 117,113,522,966.63 | | Less: Treasury Stock | 44,458,082.21 | -44,458,082.21 | 0 | | Special Reserve | 329,771,289.89 | 258,574,178.15 | 588,345,468.04 | | Retained Earnings | 32,184,666,605.29 | 527,871,046.49 | 32,712,537,651.78 | | Total Owners' Equity | 207,401,740,430.81 | -169,542,126.15 | 207,232,198,304.66 | - The change in the current period was mainly influenced by share repurchases and cancellations, and profit distribution (cash dividends of **CNY 5.783 billion**)[156](index=156&type=chunk) [Company Overview](index=47&type=section&id=III.%20Company%20Basic%20Information) Beijing-Shanghai High-speed Railway Co., Ltd. was established on January 9, 2008, jointly funded by eleven shareholders, with its registered capital undergoing multiple changes and currently standing at **CNY 48.93 billion**. The company operates in the railway transport industry, with a business scope covering Beijing-Shanghai High-speed Railway construction, passenger transport services, and related consulting services - Beijing-Shanghai High-speed Railway Co., Ltd. was initiated and established on January 9, 2008, jointly funded by eleven shareholders[161](index=161&type=chunk) - The company's registered capital has undergone multiple changes, with the latest change to **48,925,679,370.00 shares**[164](index=164&type=chunk) - The company belongs to the railway transport industry, with a business scope including Beijing-Shanghai High-speed Railway construction, passenger transport services, and consulting services[164](index=164&type=chunk)[165](index=165&type=chunk) [Basis of Financial Statement Preparation](index=47&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and within twelve months from the end of the reporting period, the company's production and operations are stable, it possesses the ability to continue as a going concern, and there are no significant adverse risks affecting its going concern ability - The company's financial statements are prepared on a going concern basis[165](index=165&type=chunk) - Within twelve months from the end of the reporting period, the company's production and operations are stable, it possesses the ability to continue as a going concern, and there are no significant adverse risks affecting its going concern ability[168](index=168&type=chunk) [Significant Accounting Policies and Estimates](index=48&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, including compliance with enterprise accounting standards, accounting period, functional currency, materiality, business combinations, consolidated financial statement preparation, cash and cash equivalents, foreign currency transactions, financial instruments, accounts receivable, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, contract liabilities, employee benefits, provisions, revenue, government grants, deferred income tax assets/liabilities, and leases, ensuring the truthfulness and completeness of financial reporting - The company's financial statements comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, and other information[169](index=169&type=chunk) - In terms of financial instrument recognition and measurement, the company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on business models and contractual cash flow characteristics[185](index=185&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the relevant goods or services, at the amount of consideration expected to be received, primarily including railway transport services (passenger transport service revenue and network service revenue) and revenue from the transfer of asset use rights[236](index=236&type=chunk) - Depreciation of fixed assets is calculated using the straight-line method, with detailed depreciation periods, salvage rates, and annual depreciation rates for various assets such as lines, houses, and buildings[213](index=213&type=chunk)[217](index=217&type=chunk)[219](index=219&type=chunk) [Taxation](index=63&type=section&id=VI.%20Taxation) This section discloses the company's main tax categories and rates, including Value-Added Tax (**9%, 6%, 5%**), Urban Maintenance and Construction Tax (**7%**), Education Surcharge (**3%**), Local Education Surcharge (**2%**), and Enterprise Income Tax (**25%**). As a railway transport enterprise, the company implements consolidated taxation and enjoys temporary exemptions from property tax and urban land use tax Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Calculated based on output tax as stipulated by tax law, with the difference after deducting deductible input tax for the current period being the VAT payable | 13%, 9%, 6%, 5% | | Urban Maintenance and Construction Tax | Actual VAT paid | 7% | | Education Surcharge | Actual VAT paid | 3% | | Local Education Surcharge | Actual VAT paid | 2% | | Enterprise Income Tax | Taxable income | 25% | - The railway transport services provided by the company are subject to Value-Added Tax at a rate of **9%** and are subject to consolidated taxation[250](index=250&type=chunk) - The company's self-used properties and land are temporarily exempt from property tax and urban land use tax[252](index=252&type=chunk) [Notes to Consolidated Financial Statements](index=64&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the ending balances, beginning balances, and changes for each item in the consolidated financial statements, including cash and cash equivalents, accounts receivable, other receivables, fixed assets, intangible assets, construction in progress, long-term borrowings, accounts payable, other payables, share capital, capital reserve, and retained earnings, with explanations for significant changes Consolidated Financial Statement Key Item Ending Balances (As of June 30, 2025) | Item | Ending Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 17,523,463,700.22 | 10,191,011,532.70 | | Accounts Receivable | 1,592,919,703.35 | 1,189,033,608.82 | | Other Receivables | 623,863,515.64 | 448,672,445.18 | | Fixed Assets | 212,037,241,557.53 | 214,423,491,175.94 | | Construction in Progress | 385,631,374.23 | 214,975,873.36 | | Intangible Assets | 57,265,246,713.82 | 57,625,955,304.04 | | Accounts Payable | 1,081,442,655.14 | 1,069,256,085.04 | | Other Payables | 9,046,224,422.81 | 3,510,462,690.22 | | Non-current Liabilities Due Within 1 Year | 2,579,836,914.97 | 2,030,365,169.10 | | Long-term Borrowings | 49,341,815,213.88 | 50,613,974,435.20 | | Share Capital | 48,925,679,370.00 | 49,106,484,611.00 | | Capital Reserve | 121,776,515,666.47 | 122,596,155,858.47 | | Retained Earnings | 23,053,380,008.55 | 22,520,251,471.83 | - Cash and cash equivalents increased by **71.95%** from the end of the previous year, mainly due to a decrease in maturing borrowings and temporarily unpaid 2024 dividends, leading to reduced net cash outflow from financing activities[44](index=44&type=chunk) - Other payables at period-end increased by **157.69%** from the end of the previous year, primarily because dividends accrued in the current period had not yet been paid[46](index=46&type=chunk) [Research and Development Expenses](index=105&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's R&D expenses were entirely expensed outsourced R&D costs, totaling **CNY 2.09 million** for the current period, a decrease from the prior period R&D Expense Status (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Outsourced R&D Expenses | 2,090,997.86 | 2,798,237.45 | | Total | 2,090,997.86 | 2,798,237.45 | | Of which: Expensed R&D Expenses | 2,090,997.86 | 2,798,237.45 | | Capitalized R&D Expenses | 0 | 0 | [Changes in Consolidation Scope](index=106&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - During the reporting period, the company had no changes in its consolidation scope due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[439](index=439&type=chunk) [Equity in Other Entities](index=106&type=section&id=X.%20Equity%20in%20Other%20Entities) This section discloses the company's equity in its subsidiary Jingfu Anhui Company, including shareholding percentage and key financial information. Jingfu Anhui Company achieved a net profit of **CNY 8.079 million** for the current period, marking its first semi-annual profitability Jingfu Anhui Company Equity Status | Subsidiary Name | Minority Shareholding Percentage (%) | Current Period Profit Attributable to Minority Shareholders (CNY) | Minority Interest Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | | Jingfu Anhui Company | 34.9241 | 2,821,522.48 | 22,858,082,376.18 | Jingfu Anhui Company Key Financial Information (H1 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 2,999,457,058.79 | 2,956,583,900.00 | | Net Profit | 8,079,012.71 | -148,046,500.00 | | Total Comprehensive Income | 8,079,012.71 | -148,046,500.00 | | Cash Flow from Operating Activities | 1,560,230,500.00 | 2,038,861,000.00 | - Jingfu Anhui Company achieved a net profit of **CNY 8.079 million** for the current period, marking its first semi-annual profitability[447](index=447&type=chunk) [Government Grants](index=109&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items, primarily for high-speed railway infrastructure project research and high-speed train and Beijing-Shanghai High-speed Railway system integration and application demonstration verification research, with a total ending balance of **CNY 4.51 million**, all related to income Government Grant Liability Items (As of June 30, 2025) | Financial Statement Item | Beginning Balance (CNY) | Current Period New Grant Amount (CNY) | Ending Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | High-speed Railway Infrastructure Project Research | 720,000.00 | 165,000.00 | 885,000.00 | Income Related | | High-speed Train and Beijing-Shanghai High-speed Railway System Integration and Application Demonstration Verification Project Research | 2,934,510.92 | 690,000.00 | 3,624,510.92 | Income Related | | Total | 3,654,510.92 | 855,000.00 | 4,509,510.92 | / | [Financial Instrument Risks](index=110&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company faces credit risk, liquidity risk, and market risk (primarily interest rate risk), which it effectively manages through transactions with reputable third parties, continuous monitoring of accounts receivable, maintaining sufficient cash flow, and entering into borrowing agreements - The company faces credit risk, primarily stemming from counterparty default, which is managed by transacting with approved, reputable third parties and continuously monitoring accounts receivable balances[454](index=454&type=chunk) - The company faces liquidity risk, which is managed by maintaining and monitoring cash and cash equivalents deemed sufficient by management to meet operational needs[455](index=455&type=chunk) - The company faces market risk, primarily interest rate risk, which is mitigated by entering into borrowing agreements with banks, China State Railway Group, and other entities to obtain loans[456](index=456&type=chunk) [Fair Value Disclosure](index=111&type=section&id=XIII.%20Fair%20Value%20Disclosure) During the reporting period, the company had no assets or liabilities measured at fair value, nor were there any transfers between fair value measurement levels or changes in valuation techniques - During the reporting period, the company had no assets or liabilities measured at fair value[457](index=457&type=chunk) - During the reporting period, the company experienced no transfers between fair value measurement levels or changes in valuation techniques[457](index=457&type=chunk)[458](index=458&type=chunk) [Related Parties and Related Party Transactions](index=112&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) This section details the company's parent company, ultimate controlling party, subsidiaries, and other related parties, as well as related party transactions during the reporting period, including purchases/sales of goods/services, related party leases, and related party fund borrowings, ensuring transaction transparency and compliance - The company's parent company is China Railway Investment Group Co., Ltd., with a shareholding percentage of **43.55%**[460](index=460&type=chunk) - The ultimate controlling party of this enterprise is China State Railway Group Co., Ltd[460](index=460&type=chunk) - The company has related party transactions for purchases/sales of goods/services with China Railway Beijing Group Co., Ltd., China Railway Shanghai Group Co., Ltd., and other related parties, including entrusted transport management fees, engineering payments, high-speed rail transport capacity assurance, and EMU usage fees[467](index=467&type=chunk)[469](index=469&type=chunk) - The company has multiple related party fund borrowings with China State Railway Group Co., Ltd. in the form of centralized borrowing and repayment and railway bonds[483](index=483&type=chunk) [Share-based Payment](index=125&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment transactions - The company had no share-based payment transactions during the reporting period[493](index=493&type=chunk) [Commitments and Contingencies](index=125&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd., where the arbitration tribunal ruled that the company pay **CNY 234.88 million** plus interest. The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an application to suspend its enforcement - The company is involved in a service contract dispute arbitration case with Max Bögl Construction Co., Ltd[494](index=494&type=chunk) - The arbitration tribunal ruled that the company and the second respondent jointly pay the applicant **CNY 234,883,160.25** in contract price, interest, arbitration fees, translation fees, and legal fees[500](index=500&type=chunk) - The company has applied to the Beijing Fourth Intermediate People's Court to revoke the arbitration award and has submitted an "Application for Suspension of Enforcement of Arbitration Award"[500](index=500&type=chunk)[502](index=502&type=chunk) [Events After the Balance Sheet Date](index=127&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses the semi-annual profit distribution plan approved by the board resolution, proposing to distribute **CNY 1.884 billion** in profit or dividends - The company plans to distribute **CNY 1,883,638,655.74** in profit or dividends[504](index=504&type=chunk) - This profit distribution plan was approved by the resolution of the Ninth Meeting of the Fifth Board of Directors on August 29, 2025[8](index=8&type=chunk) [Other Significant Matters](index=127&type=section&id=XVIII.%20Other%20Significant%20Matters) During the reporting period, the company had no other significant transactions or matters affecting investor decisions, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinu

Core Points - The railway and highway sector increased by 0.58% on August 25, with Wuzhou Transportation leading the gains [1] - The Shanghai Composite Index closed at 3883.56, up 1.51%, while the Shenzhen Component Index closed at 12441.07, up 2.26% [1] Sector Performance - Wuzhou Transportation (600368) closed at 4.39, up 1.39% with a trading volume of 631,200 shares and a transaction value of 277 million [1] - Zhongyuan Expressway (600020) closed at 4.54, up 1.11% with a trading volume of 233,500 shares and a transaction value of 106 million [1] - China Merchants Highway (001965) closed at 11.08, up 1.09% with a trading volume of 181,700 shares and a transaction value of 200 million [1] - Shandong Expressway (600350) closed at 9.47, up 1.07% with a trading volume of 127,400 shares and a transaction value of 120 million [1] - Western Entrepreneurship (000557) closed at 5.73, up 1.06% with a trading volume of 195,300 shares and a transaction value of 112 million [1] - Dongguan Holdings (000828) closed at 11.55, up 0.96% with a trading volume of 124,200 shares and a transaction value of 143 million [1] - Longjiang Transportation (601188) closed at 3.57, up 0.85% with a trading volume of 236,800 shares and a transaction value of 84.43 million [1] - Beijing-Shanghai High-Speed Railway (601816) closed at 5.39, up 0.75% with a trading volume of 1,694,000 shares and a transaction value of 911 million [1] - Jilin Expressway (601518) closed at 2.77, up 0.73% with a trading volume of 218,000 shares and a transaction value of 60.22 million [1] - Chutian Expressway (600035) closed at 4.35, up 0.69% with a trading volume of 167,300 shares and a transaction value of 72.69 million [1] Capital Flow - The railway and highway sector experienced a net outflow of 285 million from main funds, while retail investors saw a net inflow of 233 million [1] - Speculative funds had a net inflow of 51.81 million [1]

Investment Rating - The report maintains a "Positive" outlook on the shipping sector, particularly highlighting the potential for VLCC (Very Large Crude Carrier) rates to strengthen in the upcoming months [4]. Core Insights - The report indicates that tanker rates have exceeded expectations during the off-season, with VLCC rates expected to perform strongly from September to December due to reduced exports from Iran and increased production in the Middle East [4]. - The report recommends specific companies such as China Merchants Energy Shipping and highlights the potential for consolidation in the Chinese shipping industry [4]. - The report emphasizes the resilience of freight volumes in rail and highway transport, suggesting steady growth in these sectors [4]. Summary by Sections Shipping Sector - VLCC rates increased by 32% this week, reaching $45,800 per day, driven by limited supply and increased demand from the Atlantic market [4]. - The report notes that the average export volume from Iran has decreased to 1.3-1.5 million barrels per day, down from 1.7-1.9 million barrels per day in July [4]. - The Suez crude oil tanker rates rose by 15% to $59,563 per day, supported by strong demand from the West African market [4]. Dry Bulk Shipping - The Baltic Dry Index (BDI) fell by 4.9% to 1,944 points, primarily due to a decline in large vessel rates, while smaller vessels showed stronger performance [5]. - The report remains optimistic about the Capesize bulk carrier market in the second half of the year, citing expected increases in shipments from major miners [4]. Air Transport - The report suggests that the "anti-involution" policy from the Civil Aviation Administration is likely to optimize competition in the airline industry, benefiting airline profitability in the long term [4]. - Recommended airlines include China Eastern Airlines, Spring Airlines, and China Southern Airlines, with a focus on the potential for improved earnings due to supply constraints and demand recovery [4]. Express Delivery - The report anticipates a price increase in the express delivery sector driven by the "anti-involution" policy, with expectations for sustained profitability in the e-commerce delivery segment [4]. - Companies such as Shentong Express and YTO Express are highlighted as having strong potential for recovery and valuation improvement [4]. Rail and Highway Transport - Data from the Ministry of Transport indicates that rail freight volume increased by 1.22% week-on-week, while highway freight traffic rose by 3.06% [4]. - The report identifies two main investment themes in the highway sector: high dividend yield stocks and potential value recovery in undervalued stocks [4].

证券之星消息，8月19日铁路公路板块较上一交易日下跌0.41%，京沪高铁领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。铁路公路板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600561 | 江西长远 | 7.06 | 2.02% | 9.45万 | 1 | 6615.40万 | | 600106 | 重庆路桥 | 7.74 | 1.44% | 90.42万 | | 7.05亿 | | 000548 | 湖南投资 | 5.63 | 1.08% | 7.98万 | | 4466.55万 | | 000886 | 海南高速 | 6.73 | 0.75% | 25.95万 | | 1.74亿 | | 600650 | 锦江在线 | 17.12 | 0.71% | 18.85万 | | ...

Group 1 - The Shanghai 180 Index (000010) has shown a strong increase of 1.12% as of August 18, 2025, with notable gains from stocks such as Stone Technology (688169) up 14.10%, Northern Rare Earth (600111) up 10.00%, and Great Wall Motors (601633) up 8.32% [3] - The Shanghai 180 ETF Index Fund (530280) has risen by 0.44%, marking its fifth consecutive increase, with a latest price of 1.13 yuan. Over the past week, the fund has accumulated a rise of 2.46%, ranking 1st among comparable funds [3] - The Shanghai 180 Index employs a barbell strategy consisting of 90% dividend stocks and 10% technology stocks, providing a good option for equity market allocation. This strategy allows for potential benefits from rapid technological development while maintaining a solid dividend base [3] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Shanghai 180 Index include Kweichow Moutai (600519), Hengrui Medicine (600276), and Ping An Insurance (601318), with these stocks collectively accounting for 25.4% of the index [4] - The weightings of the top stocks are as follows: Kweichow Moutai at 4.92%, Ping An Insurance at 2.75%, and Hengrui Medicine at 2.62%, among others [6]

Core Points - The CSI Hong Kong-Shanghai-Shenzhen 500 Industrial Index reported a value of 1568.91 points, with a monthly increase of 3.27%, a quarterly increase of 5.53%, and a year-to-date increase of 2.32% [1] - The index is categorized into 11 industries based on the classification standards of the CSI Hong Kong-Shanghai-Shenzhen 500, CSI Hong Kong-Shanghai-Shenzhen Small Cap Composite, and CSI Hong Kong-Shanghai-Shenzhen Composite Index [1] Company Holdings - The top ten weighted companies in the CSI Hong Kong-Shanghai-Shenzhen 500 Industrial Index are: CATL (9.95%), Beijing-Shanghai High-Speed Railway (3.5%), Sungrow Power Supply (2.8%), Sany Heavy Industry (2.71%), Inovance Technology (2.7%), China State Construction (2.55%), SF Holding (2.47%), COSCO Shipping Holdings (2.16%), LONGi Green Energy (2.1%), and CRRC Corporation (2.01%) [1] - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 54.36%, Shenzhen Stock Exchange 36.51%, and Hong Kong Stock Exchange 9.14% [1] Industry Composition - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen 500 Industrial Index is as follows: Electric Power Equipment 34.48%, Transportation 23.00%, Machinery Manufacturing 22.14%, Construction Decoration 10.55%, Aerospace and Defense 8.05%, and Commercial Services and Supplies 1.79% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day after the second Friday of June and December [2]

人民财讯8月13日电，企查查APP显示，近日，中广核（西藏）新能源投资有限公司成立，法定代表人 为易金印，注册资本为1亿元，经营范围包含：发电业务、输电业务、供（配）电业务；风力发电技术 服务；太阳能发电技术服务；储能技术服务等。企查查股权穿透显示，该公司由中广核风电有限公司全 资持股。 转自：证券时报 ...

Core Viewpoint - The announcement reveals that Wang Yong, the Deputy General Manager of China Shanghai Railway Company, is under investigation for serious violations of discipline and law, which may impact the company's operations and reputation [1] Company Summary - China Shanghai Railway Company received a notice of detention from the Shanxi Provincial Supervisory Committee on September 2, 2023, regarding Wang Yong's investigation [1] - Wang Yong has held various significant positions within the railway sector, including roles at the Beijing Railway Bureau and the China Railway Beijing Group [1] - The company's main business includes high-speed passenger transportation [1] Financial Performance - For the first half of 2023, the company reported an operating income of approximately 19.28 billion yuan, representing a year-on-year increase of 143.19% [1] - The net profit attributable to shareholders was approximately 5.14 billion yuan [1] - The net cash flow from operating activities reached approximately 9.44 billion yuan, showing a year-on-year growth of 880.94% [1]