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].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a slight revenue increase in 2024, with a year-on-year growth of 3.62%, achieving a total revenue of 42.16 billion yuan and a net profit attributable to shareholders of 12.77 billion yuan, reflecting a year-on-year increase of 10.59% [2] - The passenger flow and revenue from the main line showed a slight decline, while the cross-line business experienced faster growth, with the cross-line network business generating 25.95 billion yuan in revenue, a year-on-year increase of 7.1% [2] - The company expects the subsidiary, Jingfu Anhui, to potentially turn profitable in 2025, as it recorded a reduced net loss in the first quarter of 2025 [2] - The company anticipates steady growth in cross-line business, driven by improvements in the network and increased operational mileage [2] - Profit forecasts for 2025-2027 indicate net profits of 13.51 billion, 14.43 billion, and 15.36 billion yuan, respectively, with corresponding earnings per share of 0.28, 0.29, and 0.31 yuan [2][3] Financial Summary - In 2024, the total revenue was 42.16 billion yuan, with a growth rate of 3.6% compared to 2023 [3] - The net profit attributable to shareholders for 2024 was 12.77 billion yuan, reflecting a year-on-year growth of 10.6% [3] - The gross profit margin is projected to increase from 47.4% in 2024 to 49.6% by 2027 [3] - The return on equity (ROE) is expected to rise from 6.3% in 2024 to 6.8% in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 22.50 in 2024 to 18.71 by 2027 [3]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 42.16 billion yuan in 2024, a year-on-year increase of 3.62%, with a net profit attributable to the parent company of 12.77 billion yuan, up 10.59% year-on-year, which is in line with expectations [2] - The passenger flow and revenue from the main line slightly decreased, while the cross-line business grew at a faster pace [2] - The company expects the cross-line business to continue to grow steadily, driven by improvements in the network and operational adjustments [2] - The company forecasts net profits for 2025-2027 to be 13.51 billion, 14.43 billion, and 15.36 billion yuan, representing year-on-year growth of 5.8%, 6.8%, and 6.4% respectively [2] Financial Summary - In 2024, the company recorded total revenue of 421.6 billion yuan, with a net profit of 127.68 billion yuan [2][3] - The main line passenger transport business generated revenue of 158.3 billion yuan, a decrease of 1.6% year-on-year, while the cross-line network business generated revenue of 259.5 billion yuan, an increase of 7.1% year-on-year [2] - The company’s gross profit margin is projected to improve from 47.4% in 2024 to 49.6% in 2027 [3] - The earnings per share (EPS) are expected to increase from 0.26 yuan in 2024 to 0.31 yuan in 2027 [3]

证券代码：601816 证券简称：京沪高铁 公告编号：2025-018 京沪高速铁路股份有限公司 第五届监事会第二次会议决议公告 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。 京沪高速铁路股份有限公司（以下简称公司）第五届监事会 第二次会议于 2025 年 4 月 18 日以书面方式发出通知，于 2025 年 4 月 29 日以通讯形式召开。本次会议应参加表决监事 7 人，实 际参加表决监事 7 人。会议召开符合《公司法》等法律法规和《京 沪高速铁路股份有限公司章程》的规定，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 2024 年度监事会工作报告的议案》 表决情况：有权表决票数 7 票，同意 7 票，反对 0 票，弃权 0 票。 二、审议通过了《关于公司 2024 年年度报告及摘要的议案》 表决情况：有权表决票数 7 票，同意 7 票，反对 0 票，弃权 0 票。 三、审议通过了《关于公司 2024 年度财务决算报告的议案》 表决情况：有权表决票数 7 票，同意 7 票，反对 0 票，弃权 0 票。 1 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-017 京沪高速铁路股份有限公司 第五届董事会第六次会议决议公告 会议审议通过了以下议案。 一、审议通过了《关于公司 2024 年度总经理工作报告的议案》 表决情况：有权表决票数 11 票，同意 11 票，反对 0 票，弃 权 0 票。 二、审议通过了《关于公司 2024 年度董事会工作报告的议案》 表决情况：有权表决票数 11 票，同意 11 票，反对 0 票，弃 权 0 票。 本议案尚需提交公司股东大会审议。 三、审议通过了《关于公司 2024 年年度报告及摘要的议案》 1 本议案已经公司董事会审计委员会审议通过。 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 第六次会议于 2025 年 4 月 18 日以书面方式发出通知，于 2025 年 4 月 29 日以现场和视频相结合的方式召开。本次会议应出席董 事 11 名，实际出席董事 11 名。会议由董事长刘洪润先生主持， 会议召开符合《公司法》等法律法规 ...

证券代码：601816 证券简称：京沪高铁 公告编号：2025-019 京沪高速铁路股份有限公司 关于 2024 年度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： 分配比例：A 股每 10 股派发现金红利 1.182 元（含税）。 本次利润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。 在实施权益分派的股权登记日前公司总股本发生变动的， 公司维持分配总额不变，相应调整每股分配金额，并将另行公告 具体调整情况。 是否需要提交股东大会审议：是 经中兴华会计师事务所（特殊普通合伙）审计，母公司 2024 年度实现净利润 12,948,791,068.73 元，按照净利润的 10%提取法 1 一、利润分配方案内容 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。 京沪高速铁路股份有限公司董事会 定盈余公积金 1 ...

京沪高速铁路股份有限公司 内部控制审计报告书 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地址（ l o c a t i o n ）： 北 京 市 丰 台 区 丽 泽 路 2 0 号丽泽 S O H O B 座 2 0 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话（ tel ）： 0 1 0 - 5 1 4 2 3 8 1 8 传真（ fax ）： 0 1 0 - 5 1 4 2 3 8 1 6 内部控制审计报告 中兴华内控审计字（2025） ...

ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址：北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编：100073 电话：(010) 51423818 传真：(010) 51423816 目 录 京沪高速铁路股份有限公司 2024年度合并及母公司财务报表 审计报告书 中兴华会计师事务所(特殊普通合伙) 三、审计报告附件 一、审计报告 二、审计报告附送 1. 合并资产负债表 2. 合并利润表 3. 合并现金流量表 4. 合并股东权益变动表 5. 母公司资产负债表 6. 母公司利润表 7. 母公司现金流量表 8. 母公司股东权益变动表 9. 财务报表附注 1. 中兴华会计师事务所（特殊普通合伙）营业执照复印件 2. 中兴华会计师事务所（特殊普通合伙）执业证书复印件 3. 注册会计师执业证书复印件 中 兴 华 会 计 师 事 务 所 （ 特 殊 普 通 合 伙 ） Z H O N G X I N G H U A C E R T I F I E D P U B L I C A C C O U N T A N T S L L P 地 址 （ l o c a ...

作为公司独立董事，本人及其直系亲属、主要社会关系不在 公司或其附属企业任职，未在公司担任除独立董事以外的任何职 务，也未在公司股东单位中担任职务，没有从上市公司及其主要 股东或有利害关系的机构和人员取得额外的、未予披露的其他利 益，任职期间不存在影响独立性的情形。 — 1 — 二、年度履职概况 京沪高速铁路股份有限公司 2024 年度独立董事述职报告 （王玉亮） 本人于 2018 年 11 月 30 日至 2024 年 12 月 25 日担任京沪高 速铁路股份有限公司（以下简称公司）独立董事，并担任提名委 员会主任委员、薪酬与考核委员会委员。任职期间，本人严格按 照《公司法》《证券法》《上市公司治理准则》《上海证券交易所股 票上市规则》等法律法规，以及《公司章程》《独立董事工作制度》 等规定要求，勤勉尽责、忠实履行职务，充分发挥了独立董事的 作用，维护了公司及股东尤其是中小股东的合法权益。现就 2024 年度履职情况报告如下： 一、基本情况 （一）个人工作履历、专业背景以及兼职情况 本人王玉亮，中国国籍，无境外居留权，本科学历，一级律 师。历任山东求是者律师事务所主任，山东中强律师事务所主任， 上海段和段（济 ...