京沪高速铁路股份有限公司 2024 年年度股东大会 会议文件 2024 年年度股东大会议程 二〇二五年五月 — 1 — 会 议 须 知 为维护全体股东的合法权益，确保股东大会的正常秩序和议 事效率，保证大会顺利进行，京沪高速铁路股份有限公司（以下 简称公司）根据《中华人民共和国公司法》《中华人民共和国证 券法》等有关要求，制定本须知。 一、会议按照相关法律法规和《公司章程》的规定进行，请 参会人员自觉维护会议秩序，防止不当行为影响其他股东合法权 益。 二、各参会股东抵达会场后，请配合落实参会登记。法人股 东请持上海股票账户卡、法人营业执照复印件、授权委托书和出 席人身份证进行登记。个人股东请持上海股票账户卡和本人身份 证进行登记。股东代理人请持本人身份证、授权委托书及授权人 上海股票账户卡进行登记。 三、现场参加股东大会的股东及股东代表请于 2025 年 5 月 23 日 （ 星 期 五 ） 9:00-17:00 将 上 述 登 记 资 料 以 电 邮 （crjhgt@vip.163.com）的方式送达本公司，并在会议入场审核 时出示上述登记资料的原件。 四、本次会议谢绝个人进行录音、拍照及录像。 五、会议表 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-023 京沪高速铁路股份有限公司 关于召开2024年年度股东大会的通知 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： 一、召开会议的基本情况 （一）股东大会类型和届次 315 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 30 日 2024年年度股东大会 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投 票和网络投票相结合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 30 日 14 点 30 分 召开地点：北京市海淀区北蜂窝路 5 号院 1 号写字楼三层 股东大会召开日期：2025年5月30日 本次股东大会采用的网络投票系统：上海证券交易所股东 大会网络投票系统 至2025 年 5 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的 投 票 时 间 为 股 东 ...

京沪高速铁路股份有限公司 关于以集中竞价方式回购股份的进展公告 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。 证券代码：601816 证券简称：京沪高铁 公告编号：2025-025 格上限由不超过人民币 5.87 元/股（含）调整为不超过人民币 5.75 元/股（含）。 二、回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公 司自律监管指引第 7 号—回购股份》等相关法律法规规定，现 将公司回购股份情况公告如下： 2025 年 4 月，公司未回购股份。截至 2025 年 4 月 30 日， 公司通过集中竞价方式已累计回购股份 180,805,241 股，占公 司总股本比例约为 0.3682%，回购成交的最高价为 5.72 元/股， 最低价为 5.20 元/股，支付的资金总额为 999,493,000.34 元（不 含交易费用）。上述回购股份符合相关法律法规的规定和回购 股份方案的要求。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》等相 ...

京沪高铁（601816）公告，公司与中国铁路北京局集团有限公司、中国铁路济南局集团有限公司、中国 铁路上海局集团有限公司签订了《京沪高速铁路委托运输管理合同》及《京沪高速铁路客站商业资产委 托经营合同》。合同期限为2025年1月1日至2027年12月31日。委托运输管理费用和铁路运输清算采用月 度预付，季度(年度)结算方式。委托运输费用标准为动车组列车服务费0.16万元/千辆公里，基础设施设 备维护与车站旅客服务费分别为270.57万元/营业公里、224.09万元/营业公里、261.89万元/营业公里。 客站商业资产使用费按上一年实际支付的使用费为基数，按每年5.355%增幅比例确定。 ...

| 601688 | 华泰证 | 5 | 2.08 | 6.01 | 1.76 | | --- | --- | --- | --- | --- | --- | | | 券 | | | | | | 603005 | 晶方科 | 5 | 1.94 | 5.46 | 9.07 | | | 技 | | | | | | 000933 | 神火股 | 7 | 1.91 | 6.53 | 4.81 | | | 份 | | | | | | 300657 | 弘信电 | 5 | 1.79 | 4.55 | 11.37 | | | 子 | | | | | | 688158 | 优刻得 | 5 | 1.78 | 5.36 | 13.31 | | 000630 | 铜陵有 | 5 | 1.71 | 8.40 | 1.58 | | | 色 | | | | | | 300382 | 斯莱克 | 5 | 1.62 | 8.36 | 24.17 | | 688208 | 道通科 | 5 | 1.50 | 5.56 | 14.00 | | | 技 | | | | | | 002558 | 巨人网 | 5 | 1.37 | 5.25 | 11. ...

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The report indicates that the growth of Beijing-Shanghai High-Speed Railway is slowing down, while the Beijing-Fuzhou line is on the verge of turning profitable. The company is expected to remain in a profit ramp-up period due to improved capacity utilization and a stable competitive landscape [2][4]. Financial Performance Summary - In 2024, the company achieved an operating revenue of 42.157 billion yuan, a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 12.768 billion yuan, up 10.6% year-on-year. For Q1 2025, the operating revenue was 10.223 billion yuan, a 1.2% increase year-on-year, with a net profit of 2.964 billion yuan, remaining stable compared to the previous year [4][7]. - The company plans to distribute a cash dividend of 5.783 billion yuan for the year 2024, maintaining a dividend payout ratio of 50% [4][7]. Operational Insights - The passenger volume for the main line of Beijing-Shanghai High-Speed Railway decreased by 2.3% year-on-year, with limited growth potential. However, cross-line train mileage increased by 11.4% year-on-year, indicating a shift in operational focus [7][8]. - The average ticket price for main line passengers increased by 0.8% year-on-year, while cross-line train prices decreased by 3.8% year-on-year, highlighting the need to monitor pricing adjustments for cross-line services [7][8]. Cost and Profitability Analysis - The company's operating costs increased by 0.6% year-on-year to 22.179 billion yuan, with depreciation costs remaining rigid. The report notes that the company's profit margins are under pressure due to rising costs outpacing revenue growth [7][8]. - The report forecasts net profits for 2025 to 2027 at 13.6 billion, 15.1 billion, and 16.9 billion yuan, respectively, with corresponding price-to-earnings ratios of 21, 19, and 17 times [7][8].

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly with the recommendation of companies such as China Merchants Energy, COSCO Shipping Energy, and Xingtong Co. [3][20] Core Viewpoints - OPEC has agreed to increase oil production by 411,000 barrels per day, which is expected to enhance the certainty of improvement in the shipping market in Q2 [3][20] - The report highlights the resilience of major ports and anticipates improvements in Southeast Asia's shipping and oil tanker sectors [3][20] - The report suggests that the "off-season" for shipping may not be as weak as expected, with a higher probability of strong performance from May to August [3][20] Summary by Sections Shipping Industry - OPEC's production increase will lead to a cumulative increase of 960,000 barrels per day over April, May, and June, which is 44% of the total expected increase of 2.2 million barrels per day [3][20] - The report notes that April shipping rates have risen against seasonal trends, indicating a potential for stronger performance in the second half of the year [3][20] - VLCC rates have decreased by 9% to $46,903 per day, but the overall market remains relatively strong with expectations for a rebound post-holiday [3][20][21] Air Transportation - The report indicates that oil prices, influenced by tariffs and OPEC's production increase, are relieving cost pressures on airlines [40] - The domestic air travel market is expected to recover, with passenger volumes projected to reach 10.75 million during the May Day holiday, a year-on-year increase of 8% [41][40] - Recommended stocks in the aviation sector include China Eastern Airlines, Spring Airlines, and China Southern Airlines [42] Express Delivery - The express delivery sector is experiencing high growth, with March volumes reaching 16.66 billion packages, a year-on-year increase of 20.3% [44] - The report emphasizes the potential for market share concentration among leading companies due to favorable policy changes [44] - Recommended companies include SF Holding, JD Logistics, and YTO Express [46] Railway and Highway - The report highlights the resilience of railway freight and highway truck traffic, with railway cargo volume increasing by 3% and highway truck traffic by 2.25% [48] - The report suggests that traditional high-dividend investment themes and potential value management catalysts will be key investment lines for the highway sector throughout 2025 [48]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a net profit of 12.768 billion yuan in 2024, representing a year-on-year increase of 10.6%, with total revenue of 42.157 billion yuan, up 3.6% year-on-year [6]. - The passenger revenue growth in 2024 faced pressure due to the business travel demand and competition from airlines, resulting in a 1.57% decline in passenger revenue to 15.829 billion yuan [6]. - The cross-line trains remain a core profit driver, with network service revenue growing by 7.15% to 25.955 billion yuan in 2024, and cross-line train operation mileage increasing by 11.4% [6]. - Cost optimization is expected, with a projected improvement in gross margin due to reductions in depreciation, energy, and train usage costs [6]. - The railway market reform is anticipated to enhance the asset value of railway passenger transport, driven by price optimization policies [6]. - The profit forecast for 2025 and 2026 has been revised downwards, with expected net profits of 14.55 billion yuan and 15.613 billion yuan respectively, while a new forecast for 2027 is set at 17.737 billion yuan [6]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 45.124 billion yuan, with a year-on-year growth rate of 7.0% [2]. - The projected net profit for 2025 is 14.55 billion yuan, reflecting a 14.0% year-on-year increase [2]. - The earnings per share (EPS) for 2025 is estimated at 0.30 yuan, with a gross margin of 48.7% [2]. - The return on equity (ROE) for 2025 is projected at 6.8% [2].

Core Viewpoint - The report highlights the integration of sustainable development strategies into daily operations of China Shanghai High-Speed Railway Co., Ltd. (hereinafter referred to as "Shanghai High-Speed Railway"), showcasing its commitment to safety, service optimization, low-carbon development, technological innovation, and social responsibility [1][2][3]. Group 1: Safety and Operational Investment - In 2024, Shanghai High-Speed Railway invested 508 million yuan in safety operations, implementing 280 technical renovations and special rectification actions [1]. - The company has enhanced safety supervision responsibilities under the entrusted transportation management model, focusing on seasonal hazards, external environmental risks, and equipment issues to systematically improve operational safety [1]. Group 2: Passenger Service Enhancements - In 2024, Shanghai High-Speed Railway served 236 million passengers, implementing measures such as electronic tickets, optimized train schedules, and "one-stop" barrier-free services for special passenger groups [2]. - The company has initiated a "high-speed rail + cultural tourism" integration model to expand travel scenarios, enhancing the role of high-speed rail as a cultural tourism carrier [2]. Group 3: Environmental and Energy Efficiency - The report indicates a significant reduction in energy consumption, with comprehensive energy intensity decreasing by 8.8%, carbon emission intensity down by 13.6%, and water usage intensity reduced by 19.6% in 2024 [2]. - Shanghai High-Speed Railway has engaged in market-oriented electricity trading, promoted contract energy management, and constructed low-carbon smart stations to further lower energy consumption [2]. Group 4: Technological Innovation - In 2024, the company invested 10.89 million yuan in research and development, completing 22 research projects and applying for one project with the National Railway Group [3]. - The company has advanced the implementation of intelligent comprehensive operation and maintenance management systems, deepening the application of technologies such as Beidou navigation and drone inspections, and received multiple patents and software copyrights [3]. Group 5: Social Responsibility - Shanghai High-Speed Railway has focused on rural revitalization and community collaboration, selling local agricultural products worth 6.78 million yuan and supporting education and healthcare in specific regions [3]. - The company has also enhanced employee welfare and health management to safeguard employee rights [3].