中国铁路通信信号股份有限公司 2025 年第一次临时股东大会会议资料 证券代码:688009.SH 证券简称:中国通号 03969.HK 中国铁路通信信号股份有限公司 2025 年第一次临时股东大会会议资料 2025 年 11 月 中国铁路通信信号股份有限公司 2025 年第一次临时股东大会会议资料 目录 | 2025 年第一次临时股东大会会议须知 | 2 | | --- | --- | | 2025 年第一次临时股东大会会议议程 | 4 | | 2025 年第一次临时股东大会会议议案 | 5 | | 议案一 关于取消监事会的议案 | 5 | | 议案二 关于科创板部分募投项目变更的议案 | 6 | | 议案三 关于变更 H 股募集资金用途的议案 | 17 | | 议案四 关于修订《A 股关联交易管理制度》的议案 | 18 | | 议案五 关于 2026-2028 年度日常关联交易预计的议案 | 26 | | 议案六 关于通号集团财务有限公司与中国铁路通信信号集团有限公 | | | 司签订《金融服务框架协议》暨关联交易的议案 | 31 | | 议案七 关于修订《公司章程》的议案 | 33 | | 议案八 关于 ...

人民财讯11月11日电，企查查APP显示，近日，通号晋投智能科技(山西)有限公司成立，法定代表人为 敦建征，注册资本为5000万元，经营范围包含：数据处理服务；人工智能双创服务平台；人工智能公共 数据平台；航空运营支持服务等。企查查股权穿透显示，该公司由中国通号全资子公司通号通信信息集 团有限公司、晋城市国有资本投资运营有限公司共同持股。 ...

Group 1 - The establishment of Tonghao (Guangzhou) Intelligent Technology Co., Ltd. was recently reported, with a registered capital of 10 million RMB [1][2] - The company is involved in the development of rail transit operation management systems, foreign contracting projects, and computer system services [1][2] - The shareholders of the company include China Tonghao (688009), Tonghao Urban Rail Transit Technology Co., Ltd., Metro Design (003013), and Guangzhou Baiyun Construction Science and Technology Holding Group Co., Ltd. [1][3] Group 2 - The company was officially registered on November 6, 2025, and is classified as a limited liability company [2] - The business scope includes sales of rail transit special equipment, key systems and components, urban rail transit equipment manufacturing, and geological exploration services [2][3] - The company is registered under the jurisdiction of the Market Supervision Administration of Baiyun District, Guangzhou [2]

Core Viewpoint - Recently, Tonghao (Guangzhou) Intelligent Technology Co., Ltd. was established with a registered capital of 10 million yuan, focusing on smart unmanned aerial vehicle sales and rail transit communication signal system development [1] Company Summary - The new company is a joint venture involving China Tonghao's wholly-owned subsidiary, Tonghao Urban Rail Transit Technology Co., Ltd., and Metro Design (stock code: 003013) [1] - The business scope includes sales of rail transit special equipment, key systems, and components [1]

Core Viewpoint - China Communication Technology Co., Ltd. (China Tonghao) reported a revenue of 21.748 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 4.48%, while net profit attributable to shareholders decreased by 3.16% to 2.284 billion yuan [1] Revenue Breakdown - In the first three quarters of 2025, revenue from the railway sector was 12.604 billion yuan, up 4.78% year-on-year; urban rail revenue was 5.781 billion yuan, up 14.46%; overseas revenue was 1.382 billion yuan, down 21.90%; and revenue from engineering contracting and other sectors was 1.980 billion yuan, up 0.8% [2] - The total orders in the railway sector reached 17.252 billion yuan, up 17.95% year-on-year, while urban rail orders were 5.656 billion yuan, up 16.12%; overseas orders were 2.022 billion yuan, down 48.30% [2] Profitability Analysis - The gross margin for Q3 2025 was 27.6%, a decrease of 4.0 percentage points year-on-year and 2.5 percentage points quarter-on-quarter, likely due to changes in product delivery [3] - The company’s rail transit control system business includes design integration, system delivery services, and equipment manufacturing, with varying gross margins influenced by delivery schedules [3] Market Opportunities - The rail renovation market is expected to drive order growth, with new high-speed rail renovation projects signed in the first half of the year amounting to 1.48 billion yuan, up 74.86% year-on-year [3] - In Q3, the company continued to win bids for railway renovation projects in regions like Harbin and Inner Mongolia, and urban rail projects in cities such as Wuhan and Beijing [3] - The company’s backlog of orders remains strong, with inventory at 4.114 billion yuan, up 8.3% year-on-year, and contract liabilities exceeding 10 billion yuan [3] Low-altitude Economy Development - The low-altitude economy sector continues to show promise, with new contracts signed in Q3 close to the first half's levels, including projects for low-altitude tourism and inspection services [4] - The company aims to develop a comprehensive low-altitude economy structure, focusing on airspace management, drone manufacturing, and service operations [4] Future Outlook - The company maintains a "buy" rating, projecting net profits of 3.704 billion yuan and 4.187 billion yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 15.4 and 13.6 [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company is consolidating and expanding its advantages in the full industry chain of rail transit communication signal engineering design, train control system equipment, and engineering technical services. It is also cultivating the low-altitude airspace management industry, drone manufacturing, and service operations, accelerating the construction of a "three industries and one system" industrial pattern in the low-altitude economy. The focus is on both rail transit and low-altitude economy, with sufficient orders on hand ensuring future delivery and growth in the rail transformation market [2][11]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 21.748 billion yuan, a year-on-year increase of 4.48%. The net profit attributable to the parent company was 2.284 billion yuan, a year-on-year decrease of 3.16%. In Q3 2025, the operating revenue was 7.083 billion yuan, a year-on-year increase of 7.91%, while the net profit attributable to the parent company was 664 million yuan, a year-on-year decrease of 12.63% [6][11]. Revenue Breakdown - Revenue breakdown for the first three quarters of 2025 shows: - Railway sector: 12.604 billion yuan, up 4.78% year-on-year - Urban rail sector: 5.781 billion yuan, up 14.46% year-on-year - Overseas sector: 1.382 billion yuan, down 21.90% year-on-year - Engineering general contracting and other sectors: 1.980 billion yuan, up 0.8% year-on-year [11]. Order Status - As of Q3 2025, the company has sufficient orders on hand, with inventory at 4.114 billion yuan, up 8.3% year-on-year and 7.4% quarter-on-quarter. Contract liabilities remain above 10 billion yuan, indicating strong support for future deliveries [11]. Market Opportunities - The rail transformation market is expected to drive order growth and subsequent development. New high-speed rail transformation projects and urban rail projects are being awarded, with Q3 orders in the railway sector exceeding 6 billion yuan, up 29% year-on-year [11]. Low-altitude Economy - The low-altitude economy sector continues to make breakthroughs, with new contracts signed amounting to 0.53 billion yuan in the first three quarters. Projects include low-altitude tourism service centers and drone inspection services, indicating potential for this sector to become a second growth driver for the company [11]. Future Profit Projections - The company is projected to achieve net profits of 3.704 billion yuan and 4.187 billion yuan for 2025 and 2026, respectively, corresponding to price-earnings ratios of 15.4 and 13.6 times [11].

Core Viewpoint - China Railway Signal & Communication Corporation (CRSC) has developed the CRSC-RD-5 micro-target detection radar, which has received national certification, indicating its compliance with national standards for radio frequency emission and electromagnetic compatibility, thus enabling its large-scale deployment across the country [1][3]. Group 1: Technical Achievements - The CRSC-RD-5 radar can detect micro unmanned aerial vehicles (UAVs) with a radar cross-section (RCS) of only 0.01 m² at a distance of 5 km, showcasing its high detection capability [1]. - The radar features a flexible search mode that allows for 360° omnidirectional coverage and precise domain control, and it can simultaneously track four targets, enhancing its performance in complex scenarios [1][3]. - The radar's measurement accuracy in direction and distance has reached industry-leading levels, providing precise data support for low-altitude security [1]. Group 2: Innovation and Technology - The radar's innovation is based on three core technologies: - Transmit-receive isolation technology, which reduces crosstalk noise and enhances sensitivity for low RCS target detection [3]. - Low-cost multi-channel technology, which achieves high cost-performance for parallel target detection through integrated design and simplified calibration [3]. - Sub-array grouping processing technology, which improves response speed and resource utilization by enabling collaborative operation of sub-arrays [3]. Group 3: Market Impact and Applications - The successful industrialization of the radar establishes a milestone in the industry by creating a complete industrial chain of "hardware + software + solutions," expanding into emerging markets beyond rail transportation [5]. - Pilot applications have been successfully conducted in regions such as Xiong'an New Area, Chongqing, and Qingdao, with plans for further promotion and adaptation to critical security needs in airports and nuclear power plants [5].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03969 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | 致：香港交易及結算所有限公司 公司名稱: 中國鐵路通信信號股份有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 2. 股份分類 | ...

FF301 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國鐵路通信信號股份有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03969 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,968,801,000 | RMB | | 1 RMB | | 1,968,801,000 | | 2. 股份分類 | ...

Core Viewpoint - China Communications Signal Co., Ltd. (China Tonghao) indicated on November 5 that if there are plans for share repurchase and cancellation, the company will announce it in accordance with information disclosure regulations [2] Group 1 - The company responded to investor inquiries on an interactive platform [2] - The company emphasized its commitment to timely announcements regarding any share repurchase plans [2]