Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company's profitability has further improved, with a gross profit margin of 27.41% in Q1 2024, an increase of 4.73 percentage points year-on-year [5]. - New contracts in the railway sector reached 3.985 billion yuan in Q1 2024, marking a 10.13% increase compared to the same period last year, the highest in five years [5]. - There is a growing demand for upgrades and replacements, with the company expected to see an increase in the proportion of renewal orders from 30% to over 40% in the railway market over the next 3-5 years [5]. - The company has a robust order backlog of 168.831 billion yuan as of the end of 2023, providing strong revenue support for the next 2-3 years [6]. - The company is expanding its overseas business, with new orders increasing by 45% year-on-year in 2023, leveraging the "Belt and Road" initiative [6]. - The forecasted net profits for 2024 and 2025 are 3.95 billion yuan and 4.50 billion yuan, respectively, with corresponding price-to-earnings ratios of 15.4 and 13.5 [6]. Summary by Sections Financial Performance - In Q1 2024, the company reported revenues of 6.547 billion yuan, a decrease of 12.74% year-on-year, and a net profit of 604 million yuan, down 10.84% year-on-year [5]. - The sales net profit margin improved to 10.95%, an increase of 0.58 percentage points year-on-year [5]. Market Opportunities - The railway market is witnessing a release of orders, with a significant increase in new contracts, indicating a recovery in demand [5]. - The company holds approximately 40% of the market share in urban rail transit control systems, participating in over 40 cities [5]. Future Outlook - The company is expected to benefit from the increasing demand for equipment upgrades and replacements, with a faster delivery and acceptance cycle for renewal projects [5]. - The overseas business is anticipated to contribute significantly to revenue growth, with a focus on both renovation and new construction projects [6].

证券代码：688009 证券简称：中国通号 公告编号：2024-013 中国铁路通信信号股份有限公司 关于自愿披露轨道交通市场重要项目中标的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 中标共计七个重要项目，其中铁路市场五个，分别为新建几内亚马瑞巴 亚港至西芒杜矿区铁路"三电"系统集成施工总承包MXSD-2标段项目，中标 金额12.45亿元；新建几内亚马瑞巴亚港至西芒杜矿区铁路信号及列车运行 控制系统采购项目，中标金额5.12亿元；新建合肥至武汉高速铁路（湖北段） "四电"工程HWRD标段项目，中标金额4.3亿元；新建京港高速铁路九江至南 昌段四电、房建及相关工程施工总承包CJRD标段项目，中标金额3.62亿元； 新建珠海至肇庆高铁珠海至江门段项目"三电"及管线迁改工程ZJQG-2标项 目，中标金额1.04亿元。城市轨道交通市场二个,分别为沈阳地铁3号线一期 工程专用通信及自动售检票系统安装工程项目，中标金额1.72亿元；深圳地 铁5号线西延工程及16号线二期工程信号系统设备采购项目，中标金额1.5 ...

[Table_StockInfo] 买入 2024年 05月 05日 （首次） 证券研究报告•2024年一季报点评 当前价： 5.40元 中国通号（688009） 机械设备 目标价： 8.75元（6个月） 轨交控制系统龙头，有望深度受益于更新改造 投资要点 西南证券研究发展中心 [T a事ble件_S：u公mm司a发ry布] 2024年一季报，24Q1营收 65.1亿元，同比-13.1%，归母净 [分Ta析bl师e_：Au邰th桂or龙] 利润 6.04亿元，同比-10.8%；扣非归母净利润5.94亿元，同比-10.3%。24Q1 执业证号：S1250521050002 业绩下滑，铁路板块新签订单增长。 电话：021-58351893  24Q1 公司业绩承压，略低于预期。24Q1，铁路、城轨、海外、工程总承包业 邮箱：tgl@swsc.com.cn 务分别实现营收35.6亿、16.2亿、1.8亿、11.4亿，分别同比-9.7%、-7.2%、 -34.9%、-24.6%，整体略低于预期。考虑到23年铁路、城轨、海外、以上板块 [相Tab对le指_Q数u表ot现eP ic] 新签订单均同比+5.0%、+3. ...

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: 2024年4月30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: 2024年5月6日 I. 法定/註冊股本變動 II. 已發行股份變動 | 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 | 03969 | 說明 | H股 | | | | 上月底結存 | | 1,968,801,000 | | | | | 增加 / 減少 (-) | | 0 | | | | | 本月底結存 | | 1,968,801,000 | | | | | 2. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 | 688009 | 說明 | A 股 (上海證券交易所科創板) | | | | 上月底結存 | | 8,621,018,0 ...

公司点评●轨交设备Ⅱ 2024年 04 月29 日 Q1 业绩承压，关注轨交更新改造需求 中国通号(688009) 释放 推荐 (维持) 核心观点：  投资事件： 公司披露 2024 年一季报。2024Q1 公司实现营业收入 65.09亿元， 分析师 同比下降 13.10%；实现归母净利润 6.04亿元，同比下降 10.84%；实现扣非净 鲁佩 利润 5.94亿元，同比下降 10.29%。 ：021-20257809  一季度业绩继续承压。分业务来看，一季度铁路业务营收 35.58 亿，同比下 ：lupei_yj@chinastock.com.cn 滑 9.68%；城轨业务营收 16.15亿，同比下滑 7.23%；海外业务 1.79亿，同比 分析师登记编码：S0130521060001 下滑 34.89%；工程总承包业务营收 11.44 亿，同比下滑 24.62%。轨交控制业 务（铁路+城轨+海外）合计营收 53.52亿元，同比下滑 10%，略低于预期。 研究助理  收入结构持续优化，盈利能力再提升。24Q1公司综合毛利率 27.41%，同比 王霞举 +4.61pct，主要得益于低毛利的工程业务的收 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 6,509,426,910.25, representing a decrease of 13.10% compared to the same period last year[15]. - Net profit attributable to shareholders for the same period was CNY 604,490,948.26, down 10.84% year-on-year[15]. - Total operating revenue for Q1 2024 was RMB 650.94 million, a decrease of 13.10% compared to the same period last year[39]. - Net profit attributable to shareholders of the parent company was CNY 604,490,948.26, down 10.8% from CNY 677,962,651.12 in the same period last year[55]. - Total comprehensive income for Q1 2024 was CNY 717,666,489.55, compared to CNY 779,863,641.52 in Q1 2023, reflecting a decrease of 8%[57]. - The company’s total comprehensive income for Q1 2024 was CNY 105,784,324.63, up from CNY 91,211,624.84 in Q1 2023, reflecting a positive trend in overall financial performance[81]. Research and Development - Research and development expenses totaled CNY 376,270,501.83, which is an increase of 7.62% compared to the previous year, accounting for 5.78% of operating revenue, up by 1.12 percentage points[15]. - Research and development expenses increased to CNY 376,270,501.83, representing a rise of 22.9% from CNY 305,948,866.89 in Q1 2023[51]. - Research and development expenses decreased dramatically to CNY 1,800.00 in Q1 2024 from CNY 19,283,400.56 in Q1 2023, indicating a strategic shift in R&D investment[77]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 118,076,301,641.15, a decrease of 0.77% from the end of the previous year[18]. - Total assets as of March 31, 2024, were RMB 118.08 billion, down from RMB 118.99 billion at the end of 2023[48]. - Total liabilities decreased to RMB 68.45 billion from RMB 70.12 billion, reflecting a reduction of 2.39%[46]. - The total liabilities as of March 31, 2024, were ¥10,495,021,663.05, a decrease from ¥10,633,010,469.81 as of December 31, 2023[71]. - Total liabilities and shareholders' equity amounted to CNY 44,883,994,979.34 as of March 31, 2024, slightly down from CNY 44,922,488,517.06 as of December 31, 2023[74]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 71,089[23]. - China Railway Communication Signal Group holds 6,610,085,424 shares, accounting for 62.42% of total shares[24]. - HKSCC NOMINEES LIMITED holds 1,967,759,950 shares, representing 18.58% of total shares[24]. - The top ten shareholders include China Machinery Industry Group with 63,507,192 shares (0.60%) and China Railway Investment Group with 34,188,000 shares (0.32%)[27]. - The total number of A-share shareholders is 71,089, while H-share shareholders number 218[34]. - The report indicates that the top ten shareholders do not have any related party relationships or concerted actions[33]. Cash Flow and Financing - Cash flow from operating activities generated a net amount of CNY 2,082,321,318.72, a significant improvement from a negative cash flow of CNY 1,307,374,461.57 in Q1 2023[60]. - The company reported a net cash flow from operating activities of CNY 201,714,792.86 in Q1 2024, a significant improvement compared to a negative cash flow of CNY -302,688,161.71 in Q1 2023[86]. - The cash outflow from financing activities in Q1 2024 was ¥2,166,958,020.45, an increase of 121.5% compared to ¥976,380,395.05 in Q1 2023[62]. - Cash flow from financing activities resulted in a net outflow of -$4,040,750.00 in Q1 2024, compared to a net inflow of $1,199,646,000.00 in Q1 2023, indicating a shift in financing strategy[88]. Contracts and Business Performance - New contracts signed in Q1 2024 totaled RMB 11.361 billion, down 17.07% year-on-year, with railway sector contracts increasing by 10.13% to RMB 3.985 billion[39]. - The overseas business segment saw a significant decline in new contracts, dropping 34.89% to RMB 1.793 billion[39]. - The engineering contracting sector experienced a 24.62% decrease in new contracts, totaling RMB 4.527 billion[39]. Other Financial Metrics - The basic earnings per share for the reporting period was CNY 0.06, unchanged from the previous year[15]. - The weighted average return on equity decreased by 0.21 percentage points to 1.28%[15]. - The company recorded a credit impairment loss of CNY 67,121,990.45, which is significantly higher than CNY 25,685,067.18 in Q1 2023[53]. - The company’s financial expenses showed a significant reduction, with net financial costs decreasing from CNY -54,764,861.51 in Q1 2023 to CNY -28,454,999.59 in Q1 2024[77].

证券代码：688009 证券简称：中国通号 中国铁路通信信号股份有限公司 投资者关系活动记录表 编号：2024-002 投资者关系 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 活动类别 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 参与单位及 中小投资者。 人员 时间 2024年4月25日 地点 中国通号园区 ...

Financial Performance - The operating revenue for Q1 2024 was CNY 6,509,426,910.25, representing a decrease of 13.10% compared to the same period last year[3]. - The net profit attributable to shareholders was CNY 604,490,948.26, down 10.84% year-on-year[3]. - The net profit after deducting non-recurring gains and losses was CNY 594,368,032.17, a decrease of 10.29% compared to the previous year[3]. - In Q1 2024, the company's net profit was CNY 712,787,783.12, a decrease of 8.2% compared to CNY 776,657,331.91 in Q1 2023[19]. - The total comprehensive income for Q1 2024 was CNY 717,666,489.55, down from CNY 779,863,641.52 in Q1 2023[20]. - The company's operating profit was CNY 879,671,556.88, a decrease of 6.0% from CNY 935,852,172.37 in Q1 2023[19]. - Net profit for Q1 2024 reached CNY 105,754,373.03, an increase of 15.9% compared to CNY 91,236,695.92 in Q1 2023[27]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 118,076,301,641.15, a decrease of 0.77% from the end of the previous year[4]. - The company's total assets as of March 31, 2024, were CNY 118.08 billion, a slight decrease from CNY 118.99 billion at the end of 2023[16]. - The total liabilities decreased to CNY 68.45 billion from CNY 70.12 billion year-on-year[16]. - The company's total assets as of March 31, 2024, amounted to CNY 44,883,994,979.34, a slight decrease from CNY 44,922,488,517.06 on December 31, 2023[26]. - Total current liabilities decreased to CNY 10,429,445,861.81 from CNY 10,565,488,529.19, a reduction of 1.3%[26]. Equity and Shareholder Information - The total equity attributable to shareholders increased to CNY 47,458,549,847.58, reflecting a growth of 1.38% compared to the end of the previous year[4]. - The total equity attributable to shareholders increased to CNY 47.46 billion from CNY 46.81 billion year-on-year[16]. - The company had a total of 71,089 common shareholders at the end of the reporting period[10]. - The largest shareholder, China Railway Signal & Communication Group Co., Ltd., held 6,610,085,424 shares, representing 62.42% of the total shares[9]. Cash Flow and Investments - The net cash flow from operating activities was CNY 2,082,321,318.72, not applicable for year-on-year comparison[3]. - The company reported a significant increase in cash flow from operating activities, with a net cash inflow of CNY 2,082,321,318.72 compared to a net outflow of CNY 1,307,374,461.57 in Q1 2023[23]. - Cash inflow from operating activities totaled ¥1,249,747,394.03, compared to ¥868,004,718.03 in the same period last year, representing an increase of approximately 43.8%[28]. - The company maintained cash and cash equivalents at ¥6,938,970,400.70 at the end of Q1 2024, down from ¥9,452,360,083.33 at the end of Q1 2023[29]. - The company secured ¥2,000,000,000.00 in cash from financing activities, consistent with the previous year[28]. Research and Development - Research and development expenses amounted to CNY 376,270,501.83, accounting for 5.78% of operating revenue, an increase of 1.12 percentage points year-on-year[4]. - Research and development expenses rose to CNY 376,270,501.83, representing a 22.9% increase from CNY 305,948,866.89 in Q1 2023[19]. - Research and development expenses significantly decreased to CNY 1,800.00 from CNY 19,283,400.56, indicating a strategic shift in R&D investment[27]. Inventory and Receivables - The company’s inventory increased to CNY 37.52 billion from CNY 32.06 billion year-on-year[15]. - The company reported a decrease in accounts receivable to CNY 22.16 billion from CNY 22.88 billion[14]. - The company’s inventory increased to CNY 13,402,835.85 from CNY 8,367,845.69, indicating a rise in stock levels[25]. Contract and Revenue Trends - The total new contracts signed in Q1 2024 amounted to CNY 11.36 billion, down 17.07% year-on-year, with the railway sector increasing by 10.13% to CNY 3.985 billion[13]. - The total revenue from operating activities increased to CNY 13,219,785,766.72, up 58.5% from CNY 8,346,582,272.80 in the same period last year[23]. - The company’s sales revenue from goods and services received cash of CNY 9,269,125,042.59, an increase of 21.0% from CNY 7,665,601,435.18 in the previous year[22].

[Glossary](index=5&type=section&id=第一節%20釋義) This section defines key professional terms and acronyms, such as CTCS and CBTC, used throughout the report for clarity [Glossary](index=5&type=section&id=一.%20釋義) This section defines key professional terms and acronyms, such as CTCS and CBTC, used throughout the report for clarity - The report defines several core technical acronyms for rail transit control systems, such as: - **CTCS (China Train Control System)**: China's independently developed train operation safety system, categorized from Level 0 to Level 4, with higher levels applicable to faster speeds - **CBTC (Communication-Based Train Control System)**: A wireless communication-based automatic train control system used in urban rail transit - **RBC (Radio Block Center)**: The core ground equipment of the CTCS-3 system, responsible for generating movement authorities and controlling train movement[9](index=9&type=chunk)[10](index=10&type=chunk) [Chairman's Statement](index=7&type=section&id=第二節%20董事長致辭) Chairman Lou Qiliang reviewed 2023 operating results, highlighting the company's progress in supporting national strategies, technological innovation, and deepening reforms amidst a complex macro environment, while also outlining plans to enhance core competitiveness and develop new productive forces in 2024 [Chairman's Statement](index=7&type=section&id=第二節%20董事長致辭) Chairman Lou Qiliang reviewed 2023 operating results, highlighting the company's progress in supporting national strategies, technological innovation, and deepening reforms amidst a complex macro environment, while also outlining plans to enhance core competitiveness and develop new productive forces in 2024 - The company actively served major national strategies, achieving significant results: - **Domestic Projects**: Facilitated the smooth opening of 23 key projects including Guangshan High-speed Railway and Guinan High-speed Railway, participating in 349 large and medium-sized railway projects throughout the year, with a cumulative operational mileage of **3,406 kilometers** - **'Belt and Road' Projects**: Ensured high-quality operation of the Hungary-Serbia Railway and Indonesia's Jakarta-Bandung High-speed Railway, while also advancing projects like the Padma Bridge Rail Link in Bangladesh and Mexico City Metro Line 1 renovation[12](index=12&type=chunk) - The company made significant progress in technological self-reliance: - **Key Technology Breakthroughs**: High-speed railway track circuits and transponders based on domestic chips passed field tests; key urban rail control system equipment based on domestic chips and operating systems completed R&D and testing - **Forward-looking Research**: Developed communication signal system solutions applicable to the Sichuan-Tibet Railway and CR450 higher-speed train control system solutions; completed full-scale levitation tests for **1,000 km/h** ultra-high-speed maglev trains[13](index=13&type=chunk)[14](index=14&type=chunk) - The company continued to deepen state-owned enterprise reform, enhancing development vitality: - Achieved an **A-rating** in the SASAC's annual assessment of key tasks for the three-year action plan for central SOE reform - Steadily advanced a new round of reform and enhancement initiatives, outlining a three-year reform roadmap - Progressively improved modern financial management, implementing integrated business-finance projects and refining the treasury management system[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=10&type=section&id=第三節%20公司簡介和主要財務指標) In 2023, the company's operating revenue was **37.002 billion yuan**, a **7.96% year-on-year decrease**, and net profit attributable to shareholders was **3.477 billion yuan**, a **4.30% decrease**, yet total assets and net assets grew, with R&D investment increasing to **5.51%** of revenue [Company Basic Information](index=10&type=section&id=一.%20公司基本情況) This section provides the company's basic business registration information, contact details, information disclosure channels, and stock listing specifics, noting its A-shares are listed on the Shanghai Stock Exchange STAR Market and H-shares on the Hong Kong Stock Exchange Main Board Company Basic Information | Item | Information | | :--- | :--- | | **Chinese Company Name** | 中国铁路通信信号股份有限公司 | | **Chinese Company Abbreviation** | 中国通号 | | **English Name** | China Railway Signal & Communication Corporation Limited | | **Legal Representative** | Lou Qiliang | | **A-share Listing Exchange** | SSE STAR Market | | **A-share Stock Code** | 688009 | | **H-share Listing Exchange** | HKEX Main Board | | **H-share Stock Code** | 03969 | [Key Accounting Data and Financial Indicators for the Past Three Years](index=13&type=section&id=六.%20近三年主要會計數據和財務指標) In 2023, the company's operating revenue was **37.002 billion yuan**, a **7.96% year-on-year decrease**, and net profit attributable to shareholders was **3.477 billion yuan**, a **4.30% decrease**, yet total assets and net assets grew, with R&D investment increasing to **5.51%** of revenue Key Accounting Data (RMB Yuan) | Key Accounting Data | 2023 | 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 37,002,229,438.89 | 40,203,207,773.29 | -7.96 | | **Net Profit Attributable to Shareholders** | 3,477,326,647.54 | 3,633,640,258.62 | -4.30 | | **Net Cash Flow from Operating Activities** | 2,058,033,862.99 | 2,082,161,660.88 | -1.16 | | **Total Assets (Period-end)** | 118,990,487,731.74 | 116,806,544,483.88 | 1.87 | | **Net Assets Attributable to Shareholders (Period-end)** | 46,812,051,906.86 | 45,323,917,197.95 | 3.28 | Key Financial Indicators | Key Financial Indicators | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/share)** | 0.32 | 0.33 | -3.03% | | **Weighted Average Return on Net Assets (%)** | 7.54 | 8.17 | Decrease of 0.63 percentage points | | **R&D Investment as % of Operating Revenue (%)** | 5.51 | 4.66 | Increase of 0.85 percentage points | 2023 Quarterly Key Financial Data (RMB Yuan) | | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 7,490,656,914.61 | 9,142,353,285.36 | 7,993,730,614.27 | 12,375,488,624.65 | | **Net Profit Attributable to Shareholders** | 677,962,651.12 | 1,145,884,095.40 | 742,236,950.51 | 911,242,950.51 | [Management Discussion and Analysis and Board Report](index=18&type=section&id=第四節%20管理層討論與分析及董事會報告) The company specializes in rail transit control systems, operating a 'three-in-one' full-产业链 model encompassing design, manufacturing, and engineering services, maintaining global leadership in high-speed and urban rail control systems with **5.51%** of revenue invested in R&D, achieving significant advancements in autonomous train operation and high-speed control technologies [Discussion and Analysis of Operations](index=18&type=section&id=一.%20經營情況討論與分析) In 2023, the company's new contract value reached **73.121 billion yuan**, a **0.15% year-on-year increase**, with backlog orders of **168.831 billion yuan**, driven by significant **45.18% growth** in overseas contracts and maintaining over **60% market share** in high-speed rail weak current system integration 2023 New Contract Value by Segment (RMB) | Segment | New Contract Value (Billion Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | **Railway** | 25.112 | +5.01 | | **Urban Rail** | 13.18 | +3.91 | | **Overseas** | 3.74 | +45.18 | | **EPC & Others** | 31.089 | -8.11 | | **Total** | **73.121** | **+0.15** | - The company maintains a leading edge in core business areas, holding over **60% market share** in high-speed rail weak current system integration and consistently ranking among the top in the urban rail control system industry[27](index=27&type=chunk)[28](index=28&type=chunk) - Looking ahead to 2024, the company anticipates the high-speed rail weak current system integration market size will be no less than 2023, while urban rail control system bidding volume may decrease; the company will continue to expand overseas business via the 'Belt and Road' initiative and prudently manage EPC project intake for overall growth[30](index=30&type=chunk) [Main Business, Operating Model, Industry Overview, and R&D](index=20&type=section&id=二.%20報告期內公司所從事的主要業務、經營模式、行業情況及研發情況說明) The company specializes in rail transit control systems, operating a 'three-in-one' full-产业链 model encompassing design, manufacturing, and engineering services, maintaining global leadership in high-speed and urban rail control systems with **5.51%** of revenue invested in R&D, achieving significant advancements in autonomous train operation and high-speed control technologies [Main Business, Products, and Services](index=20&type=section&id=（一）%20主要業務、主要產品或服務情況) The company's core business is rail transit control systems, offering integrated full-产业链 services including design, manufacturing, and system delivery, while implementing a 'six-core, one-body, two-wings' strategy to expand into information communication and power electrification, forming a 'rail transit + N' industrial structure - The company's core business segments include: - **Design and Integration**: Providing system integration and design consulting services for rail transit control system products - **Equipment Manufacturing**: Producing and selling signal systems, communication information systems, and other products - **System Delivery**: Offering project construction, equipment installation, and maintenance services[31](index=31&type=chunk) [Main Operating Model](index=21&type=section&id=（二）%20主要經營模式) The company primarily enters markets through public bidding, utilizes centralized procurement for raw materials, offers integrated or customized design, manufacturing, and system delivery services, and operates under a three-tier management system (headquarters-secondary-tertiary enterprises) with clear strategic, operational, and executive roles - The company employs a 'headquarters-secondary enterprise-tertiary enterprise' management structure, positioned as 'strategic leadership and control center,' 'business operation and profit center,' and 'execution and cost center,' respectively, forming a cohesive and efficient organizational system[37](index=37&type=chunk) [Industry Overview and Position](index=23&type=section&id=（三）%20所處行業情況) The global and domestic rail transit industries are stable, with China shifting from new construction to a focus on both new builds and upgrades, where the company maintains a leading global position in high-speed rail control systems and dominates the domestic urban rail control system market, with future trends emphasizing regional synergy, intercity railways, higher-speed train technologies like CR450, and smart digitalization - The company maintains a leading position in the industry: - **High-speed Rail**: The total mileage covered by its core high-speed railway control system products and services continues to rank **first globally** - **Urban Rail**: Core control system products cover over **170 lines** in more than **40 cities** domestically, consistently leading the market[42](index=42&type=chunk) - Industry development trends include: - **Regional Synergy**: Building a 'smart brain' for regional rail transit to achieve coordinated transportation across multiple modes - **Intercity Railways**: Meeting the demand for a **1-hour** commute circle and promoting the 'four-network integration' of rail transit - **Higher Speeds**: Conducting research on train control systems for speeds exceeding **400 km/h** (CR450)[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) [Core Technologies and R&D Progress](index=27&type=section&id=（四）%20核心技術與研發進展) The company possesses over **40 independently developed core technologies** and **4,618 authorized patents** in areas like train control and autonomous driving, with **2.038 billion yuan** invested in R&D in 2023 (**5.51%** of revenue), achieving significant progress in foundational research, national strategic projects like the Sichuan-Tibet Railway and CR450, smart urban rail, and basic equipment development R&D Investment (RMB Yuan) | Item | Current Year | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | **Total R&D Investment** | 2,037,876,598.39 | 1,874,225,799.53 | 8.73 | | **R&D Investment as % of Operating Revenue (%)** | 5.51 | 4.66 | Increase of 0.85 percentage points | | **Capitalized R&D Investment as % of Total R&D Investment (%)** | 8.62 | 9.84 | Decrease of 1.22 percentage points | Intellectual Property Quantity | Category | New Acquisitions This Year | Cumulative Acquisitions | | :--- | :--- | :--- | | **Invention Patents** | 667 | 2,434 | | **Utility Model Patents** | 140 | 2,037 | | **Software Copyrights** | 374 | 2,167 | | **Total** | **1,194** | **6,789** | - Significant R&D achievements in 2023 include: - **Supporting Overseas Projects**: Provided self-developed CTCS-3 level train control system equipment for Indonesia's Jakarta-Bandung High-speed Railway, ensuring its smooth operation - **Supporting Major National Strategies**: Developed communication signal system solutions for the Sichuan-Tibet Railway and key technical equipment for the 'CR450 Scientific and Technological Innovation Project' - **Smart Urban Rail Construction**: Released the high-efficiency Qiji autonomous train operation control system, completing tests on Shanghai Metro Lines 3 & 4; pioneered research into fully automatic flexible train formation technology[76](index=76&type=chunk)[77](index=77&type=chunk)[80](index=80&type=chunk) [Analysis of Core Competencies](index=84&type=section&id=三.%20報告期內核心競爭力分析) The company's core competencies include leading market position, strong technological innovation, extensive project management experience, full-产业链 one-stop service capability, and high product reliability and safety, holding a dominant position in China's high-speed rail control technology market and approximately **37%** urban rail control system market share, supported by over **4,300 R&D personnel** and **4,600 patents** - The company holds a leading market position, providing core train control technology and equipment for most of China's operational high-speed railways, and achieved approximately **37%**中标率 in urban rail signal control system projects in 2023, maintaining its industry-leading position[118](index=118&type=chunk) - The company possesses the world's only business model offering full-产业链 one-stop services from investment and financing to R&D, equipment manufacturing, engineering services, and operation and maintenance, effectively reducing client costs and risks[122](index=122&type=chunk) - The company boasts a strong R&D team with over **4,300 employees** engaged in scientific and technological R&D, accounting for **22.67%** of its total workforce, laying a solid foundation for maintaining its technological advantage[124](index=124&type=chunk) [Risk Factors](index=88&type=section&id=四.%20風險因素) The company faces primary risks including core competency, operational, financial, industry, and macroeconomic factors, manifested as intensified market competition, rapid technological iteration, political and economic impacts on overseas projects, extended project payment cycles, slowing domestic rail transit investment, and increased global economic uncertainty - The company's core risks include: - **Operational Risk**: Unstable overseas political situations and concentrated product market distribution - **Financial Risk**: Long project construction cycles and delayed payments may adversely affect current period profits - **Industry Risk**: Tightening investment in the urban rail market and slowing investment growth in the railway market - **Market Competition**: Intensified competition in the communication signal sub-market, with traditional advantageous products facing price pressure[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[132](index=132&type=chunk) [Key Operating Performance During the Reporting Period](index=91&type=section&id=五.%20報告期內主要經營情況) In 2023, the company's operating revenue was **37.002 billion yuan**, down **7.96%**, and net profit attributable to shareholders was **3.477 billion yuan**, down **4.30%**, primarily due to reduced EPC and system delivery services, though equipment manufacturing and design integration grew by **9.64%** and **20.16%** respectively, improving gross margin by **2.06 percentage points** Key Changes in Income Statement and Cash Flow Statement (RMB Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 37,002,229,438.89 | 40,203,207,773.29 | -7.96 | | **Operating Cost** | 27,472,315,758.82 | 30,680,741,586.09 | -10.46 | | **Selling Expenses** | 893,032,489.34 | 812,111,306.78 | 9.96 | | **R&D Expenses** | 1,862,286,761.81 | 1,689,810,596.63 | 10.21 | | **Net Cash Flow from Operating Activities** | 2,058,033,862.99 | 2,082,161,660.88 | -1.16 | | **Net Cash Flow from Investing Activities** | -1,822,696,404.60 | -150,941,966.87 | N/A | Main Business Segments (2023) | Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | **Rail Transit Control Systems** | 29,261,817,816.79 | 20,553,617,454.85 | 29.76 | -0.50 | | Equipment Manufacturing | 6,112,524,125.68 | 3,934,929,134.55 | 35.63 | +9.64 | | Design and Integration | 11,723,913,763.98 | 7,072,043,682.59 | 39.68 | +20.16 | | System Delivery Services | 11,425,379,927.13 | 9,546,644,637.71 | 16.44 | -18.83 | | **Engineering, Procurement, and Construction (EPC)** | 7,673,647,905.68 | 6,897,575,863.26 | 10.11 | -28.48 | - Sales to the company's top five customers accounted for **42.37%** of total annual sales, indicating a degree of customer concentration, while purchases from the top five suppliers represented **4.46%** of total annual procurement, suggesting a more diversified supply chain[141](index=141&type=chunk)[143](index=143&type=chunk) [Discussion and Analysis of the Company's Future Development](index=105&type=section&id=六.%20公司關於公司未來發展的討論與分析) The company anticipates intensifying competition in the rail transit industry and a slowdown in new high-speed rail construction domestically, leading to market consolidation, and plans to implement a 'six-core, one-body, two-wings' business strategy to consolidate its signal control system core while expanding into six key businesses and strengthening both international and domestic market operations to become a world-class industrial group - The company's development strategy is 'six-core, one-body, two-wings,' aiming to build a 'rail transit + N' industrial structure, develop six core businesses, leverage its full-产业链 integrated advantages, and strengthen operations in both international and domestic markets[160](index=160&type=chunk) - The 2024 operating plan will focus on ensuring stable growth, optimizing the industrial system, tackling technological innovation, consolidating safety and quality, promoting deeper reforms, enhancing corporate governance, and mitigating development risks[161](index=161&type=chunk) [Corporate Governance](index=115&type=section&id=第五節%20公司治理) During the reporting period, the company strictly adhered to relevant laws and listing rules, establishing a modern corporate governance structure centered on the 'three meetings and one layer' (shareholders' meeting, board of directors, supervisory board, and management), ensuring independent and effective operation of each governance body, and maintaining independence from its controlling shareholder across business, personnel, assets, organization, and finance, with no issues of horizontal competition [Overview of Corporate Governance](index=115&type=section&id=一.%20公司治理相關情況說明) During the reporting period, the company strictly adhered to relevant laws and listing rules, establishing a modern corporate governance structure centered on the 'three meetings and one layer' (shareholders' meeting, board of directors, supervisory board, and management), ensuring independent and effective operation of each governance body, and maintaining independence from its controlling shareholder across business, personnel, assets, organization, and finance, with no issues of horizontal competition - The company's corporate governance structure is centered on the 'three meetings and one layer' (Shareholders' Meeting, Board of Directors, Supervisory Board, and Management), with each governance body performing its duties, operating in a standardized manner, coordinating effectively, and providing mutual checks and balances[199](index=199&type=chunk) - Shareholders holding over **10%** of shares may request the Board of Directors to convene an extraordinary general meeting, or those holding over **3%** of shares may propose ad-hoc resolutions **10 days** prior to a general meeting[204](index=204&type=chunk)[205](index=205&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=120&type=section&id=八.%20董事、監事和高級管理人員的情況) This section details shareholding changes and remuneration for current and departed directors, supervisors, senior management, and core technical personnel, noting key leadership changes including Mr. Lou Qiliang's appointment as President, Executive Director in late 2023, and Chairman in early 2024, with total remuneration for all directors, supervisors, and senior management amounting to **7.0107 million yuan** at period-end - Key personnel changes during the reporting period include: - **Lou Qiliang**: Appointed President in September 2023, Executive Director in October, and Chairman in February 2024 - **Zhou Zhiliang**: Resigned as Chairman and Executive Director in January 2024 due to retirement - **Xu Zongxiang**: Resigned as Executive Director and President in August 2023 due to retirement - **Huang Weizhong**: Departed as Vice President due to illness[247](index=247&type=chunk) Remuneration of Directors, Supervisors, Senior Management, and Core Technical Personnel (RMB Ten Thousand Yuan) | Personnel Category | Total Remuneration Received at Period-End (RMB Ten Thousand Yuan) | | :--- | :--- | | **All Directors, Supervisors, and Senior Management** | 701.07 | | **Core Technical Personnel** | 891.63 | [Employee Information](index=162&type=section&id=十五.%20員工情況) As of the end of the reporting period, the company had **19,165 employees**, with technical personnel comprising the largest group at **8,573**, and undergraduates accounting for **57.62%** of the total workforce, while the company implemented a performance-linked remuneration system, incentivized R&D and skilled talent, and provided comprehensive training, with an average of over **50 hours** per employee in 2023 Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | **Production Personnel** | 5,422 | | **Sales Personnel** | 1,135 | | **Technical Personnel** | 8,573 | | **Financial Personnel** | 701 | | **Administrative Personnel** | 1,996 | | **Other** | 1,338 | | **Total** | **19,165** | [Profit Distribution Plan](index=165&type=section&id=十六.%20利潤分配或資本公積金轉增預案) The Board of Directors proposed a 2023 profit distribution plan to distribute a cash dividend of **1.7 yuan** (tax inclusive) per **10 shares** to all shareholders, based on a total share capital of **10,589,819,000 shares**, totaling **1.80 billion yuan**, representing **51.77%** of 2023 net profit attributable to shareholders, pending approval at the general meeting 2023 Profit Distribution Plan | Item | Amount/Ratio | | :--- | :--- | | **Dividend per 10 Shares (Yuan) (Tax Inclusive)** | 1.7 | | **Total Cash Dividend (Yuan) (Tax Inclusive)** | 1,800,269,230 | | **Net Profit Attributable to Shareholders for the Dividend Year (Yuan)** | 3,477,326,647.54 | | **% of Net Profit Attributable to Shareholders** | 51.77 | [Environmental, Social, and Governance](index=175&type=section&id=第六節%20環境、社會責任和其他公司治理) The company actively fulfills its social responsibilities by contributing to society through major rail transit projects, donating funds and materials for charity, participating in rural revitalization with **339,700 yuan** in aid to designated areas, creating **526 jobs**, and safeguarding the legitimate rights of stakeholders while engaging in disaster relief and other public welfare activities [Environmental Information](index=175&type=section&id=二.%20環境信息情況) The company prioritizes environmental protection, investing **16.284 million yuan** in 2023, is not a key polluter, and adheres strictly to environmental regulations, achieving a **1,367-ton** reduction in CO2 emissions through photovoltaic projects and smart upgrades, while actively developing green technologies and promoting sustainable construction practices - In 2023, the company invested **16.284 million yuan** in environmental protection and implemented multiple carbon reduction measures, achieving a **1,367-ton** reduction in carbon dioxide emissions[318](index=318&type=chunk)[329](index=329&type=chunk) Energy and Resource Consumption | Energy Type | Unit | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Electricity** | MWh | 78,035 | 84,040.2 | | **Natural Gas** | Cubic Meters | 2,094,300 | 2,082,460.0 | | **Water Consumption** | Tons | 886,150 | 887,390 | | **Total Energy Consumption** | Tons of Standard Coal Equivalent | 22,024 | 24,830 | [Social Responsibility Initiatives](index=182&type=section&id=三.%20社會責任工作情況) The company actively fulfills its social responsibilities by contributing to society through major rail transit projects, donating funds and materials for charity, participating in rural revitalization with **339,700 yuan** in aid to designated areas, creating **526 jobs**, and safeguarding the legitimate rights of stakeholders while engaging in disaster relief and other public welfare activities - The company invested **339,700 yuan** in rural revitalization, helping Shaqi County, Henan, create **526 jobs** and sell over **21 million yuan** in agricultural products through industrial and consumption-based poverty alleviation measures[335](index=335&type=chunk)[338](index=338&type=chunk) - The company actively participates in public welfare, promptly organizing efforts for disaster relief and logistical support in response to the '23·7' heavy rainfall disaster in North China and the Anning mountain fire in Yunnan, demonstrating its responsibility as a central state-owned enterprise[348](index=348&type=chunk) [Significant Matters](index=194&type=section&id=第七節%20重要事項) The company's net proceeds from its initial A-share public offering totaled **10.354 billion yuan**, with **5.743 billion yuan** cumulatively invested as of the reporting period, including **653 million yuan** this year, primarily allocated to advanced technology R&D, smart manufacturing bases, informatization, and working capital, though some projects faced delays due to external factors [Fulfillment of Commitments](index=194&type=section&id=一.%20承諾事項履行情況) This section details the company's and its controlling shareholder CRSC Group's commitments made during their initial A-share and H-share public offerings, including profit distribution, avoiding horizontal competition, regulating related-party transactions, and share lock-ups, all of which were strictly fulfilled during the reporting period - The company's controlling shareholder, CRSC Group, committed to avoiding horizontal competition with the company and regulating related-party transactions to ensure fair pricing during its tenure as controlling shareholder[362](index=362&type=chunk)[364](index=364&type=chunk) [Significant Related-Party Transactions](index=206&type=section&id=十二.%20重大關聯交易) The company's significant related-party transactions primarily involve routine operating activities with its controlling shareholder CRSC Group and its subsidiaries, including product procurement and sales, engineering contracting services, and financial services through CRSC Group Finance Company, all conducted at market prices with annual caps and confirmed as fair and reasonable by independent non-executive directors 2023 Key Related-Party Transactions with CRSC Group (RMB Ten Thousand Yuan) | Related-Party Transaction Type | Related-Party Transaction Content | Related-Party Transaction Amount (RMB Ten Thousand Yuan) | Related-Party Transaction Cap (RMB Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | **Sales of Products** | Sales of raw materials, finished products, etc. | 45.29 | 200.00 | | **Procurement of Products** | Procurement of raw materials, finished products, etc. | 3,375.65 | 7,000.00 | | **Provision of Services** | Provision of engineering construction and related services | 16,097.11 | 45,000.00 | | **Provision of Credit Services** | Provision of credit services | - | 20,000 | [Explanation of Progress in Use of Raised Funds](index=220&type=section&id=十四.%20募集資金使用進展說明) The company's net proceeds from its initial A-share public offering totaled **10.354 billion yuan**, with **5.743 billion yuan** cumulatively invested as of the reporting period, including **653 million yuan** this year, primarily allocated to advanced technology R&D, smart manufacturing bases, informatization, and working capital, though some projects faced delays due to external factors Use of Raised Funds (RMB Yuan) | Project | Adjusted Committed Investment (RMB Yuan) | Cumulative Investment as of Reporting Period (RMB Yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | **Advanced & Smart Technology R&D Project** | 4,600,000,000.00 | 2,629,704,855.45 | 57.17 | | **Advanced & Smart Manufacturing Base Project** | 2,500,000,000.00 | 25,350,000.00 | 1.01 | | **Informatization Construction Project** | 300,000,000.00 | 91,663,796.00 | 30.55 | | **Replenishment of Working Capital** | 2,954,342,373.23 | 2,995,934,028.20 | 100.00 | | **Total** | **10,354,342,373.23** | **5,742,652,679.65** | **55.46** | [Share Changes and Shareholder Information](index=228&type=section&id=第八節%20股份變動及股東情況) As of the reporting period, the company had **73,835 common shareholders**, with controlling shareholder China Railway Signal & Communication Corporation Limited holding **62.39%** and HKSCC NOMINEES LIMITED holding **18.58%** among the top ten shareholders, and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller [Share Capital Changes](index=228&type=section&id=一.%20股本變動情況) During the reporting period, the company's total share capital remained unchanged at **10,589,819,000 shares**, with the primary change being the listing and circulation of **6,604,426,424 restricted shares** held by controlling shareholder CRSC Group on January 30, 2023, resulting in zero restricted shares and a corresponding increase in unrestricted tradable shares - The **6,604,426,424 restricted shares** held by controlling shareholder CRSC Group became tradable on January 30, 2023, converting all company shares into unrestricted tradable shares[419](index=419&type=chunk)[420](index=420&type=chunk)[421](index=421&type=chunk) [Shareholders and Actual Controller Information](index=230&type=section&id=三.%20股東和實際控制人情況) As of the reporting period, the company had **73,835 common shareholders**, with controlling shareholder China Railway Signal & Communication Corporation Limited holding **62.39%** and HKSCC NOMINEES LIMITED holding **18.58%** among the top ten shareholders, and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | **China Railway Signal & Communication Corporation Limited** | 6,606,793,424 | 62.39 | | **HKSCC NOMINEES LIMITED** | 1,967,756,950 | 18.58 | | **China Merchants Bank - Huaxia SSE STAR Market 50 ETF** | 215,755,617 | 2.04 | | **Hong Kong Securities Clearing Company Limited** | 158,973,998 | 1.50 | | **Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF** | 72,279,268 | 0.68 | - The company's controlling shareholder is China Railway Signal & Communication Corporation Limited, and its actual controller is the State-owned Assets Supervision and Administration Commission of the State Council[439](index=439&type=chunk)[440](index=440&type=chunk) [Bond-Related Information](index=242&type=section&id=第十節%20債券相關情況) As of the reporting period, the company had one outstanding medium-term note, '21 CRSC MTN001,' with a total issuance of **2.8 billion yuan**, a 3+N year term, and a coupon rate of **3.32%**, having paid **92.96 million yuan** in interest during the period, with **2.5 billion yuan** of the raised funds utilized and **300 million yuan** remaining, consistent with the prospectus [Basic Information on Bonds](index=243&type=section&id=一.%20企業債券、公司債券和非金融企業債務融資工具) As of the reporting period, the company had one outstanding medium-term note, '21 CRSC MTN001,' with a total issuance of **2.8 billion yuan**, a 3+N year term, and a coupon rate of **3.32%**, having paid **92.96 million yuan** in interest during the period, with **2.5 billion yuan** of the raised funds utilized and **300 million yuan** remaining, consistent with the prospectus Basic Information on Outstanding Bonds | Bond Abbreviation | Bond Code | Total Issuance (Yuan) | Bond Balance (Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | 21 CRSC MTN001 | 102103265.IB | 2,800,000,000.00 | 2,800,000,000.00 | 3.32 | - During the reporting period, the company timely paid **92.96 million yuan** in interest for '21 CRSC MTN001'[446](index=446&type=chunk) [Financial Report](index=248&type=section&id=第十一節%20財務報告) As of year-end 2023, financial statements show total assets of **118.990 billion yuan**, total liabilities of **70.116 billion yuan**, and an asset-liability ratio of **58.93%**, with 2023 operating revenue of **37.002 billion yuan**, net profit of **4.015 billion yuan**, and net profit attributable to parent company owners of **3.477 billion yuan**, while net cash flow from operating activities remained stable at **2.058 billion yuan** [Audit Report](index=248&type=section&id=一.%20審計報告) ShineWing Certified Public Accountants (Special General Partnership) audited the company's 2023 financial statements and issued a standard unqualified audit opinion, affirming that the financial statements fairly present the company's financial position, operating results, and cash flows in all material respects in accordance with enterprise accounting standards, with key audit matters being 'revenue recognition from construction contracts' and 'impairment of accounts receivable and contract assets' - The auditing firm, ShineWing Certified Public Accountants (Special General Partnership), issued a standard unqualified audit opinion[452](index=452&type=chunk) - Key audit matters include: - **Revenue Recognition from Construction Contracts**: Involves significant judgments and estimates regarding contract revenue, costs, and progress of completion - **Impairment of Accounts Receivable and Contract Assets**: Based on expected credit losses, involving significant judgments and estimates of customer credit risk[454](index=454&type=chunk)[455](index=455&type=chunk) [Financial Statements](index=254&type=section&id=二.%20財務報表) As of year-end 2023, financial statements show total assets of **118.990 billion yuan**, total liabilities of **70.116 billion yuan**, and an asset-liability ratio of **58.93%**, with 2023 operating revenue of **37.002 billion yuan**, net profit of **4.015 billion yuan**, and net profit attributable to parent company owners of **3.477 billion yuan**, while net cash flow from operating activities remained stable at **2.058 billion yuan** Key Items from Consolidated Balance Sheet (December 31, 2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | **Total Current Assets** | 92,509,606,584.01 | | **Total Non-current Assets** | 26,480,881,147.73 | | **Total Assets** | **118,990,487,731.74** | | **Total Current Liabilities** | 66,243,851,377.23 | | **Total Non-current Liabilities** | 3,871,801,324.61 | | **Total Liabilities** | **70,115,652,701.84** | | **Total Equity Attributable to Parent Company Owners** | 46,812,051,906.86 | | **Total Equity** | **48,874,835,029.90** | Key Items from Consolidated Income Statement (2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | **Total Operating Revenue** | 37,087,421,909.11 | | **Total Operating Cost** | 32,520,733,946.25 | | **Total Profit** | 4,690,285,601.76 | | **Net Profit** | 4,014,834,682.22 | | **Net Profit Attributable to Parent Company Shareholders** | 3,477,326,647.54 | Key Items from Consolidated Cash Flow Statement (2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | **Net Cash Flow from Operating Activities** | 2,058,033,862.99 | | **Net Cash Flow from Investing Activities** | -1,822,696,404.60 | | **Net Cash Flow from Financing Activities** | -1,462,450,704.78 | | **Net Increase in Cash and Cash Equivalents** | -1,221,545,735.15 | [Five-Year Financial Overview](index=589&type=section&id=第十二節%20五年期財務概覽) This section presents key consolidated income statement and balance sheet data for the company from 2019 to 2023, showing fluctuating operating revenue with a decrease in 2023 compared to 2022, a rebound in net profit attributable to parent company shareholders after a 2021 low, followed by a slight decline in 2023, while total assets and total shareholder equity consistently grew over the five-year period [Five-Year Financial Overview](index=589&type=section&id=第十二節%20五年期財務概覽) This section presents key consolidated income statement and balance sheet data for the company from 2019 to 2023, showing fluctuating operating revenue with a decrease in 2023 compared to 2022, a rebound in net profit attributable to parent company shareholders after a 2021 low, followed by a slight decline in 2023, while total assets and total shareholder equity consistently grew over the five-year period Five-Year Consolidated Income Statement Overview (RMB Yuan) | Item | 2023 | 2022 | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 37,002,229,438.89 | 40,203,207,773.29 | 38,358,297,108.78 | 40,124,476,710.76 | 41,646,286,792.57 | | **Net Profit Attributable to Parent Company Shareholders** | 3,477,326,647.54 | 3,633,640,258.62 | 3,274,672,689.28 | 3,819,046,319.02 | 3,815,874,901.39 | Five-Year Consolidated Assets and Liabilities Overview (RMB Yuan) | Item | 2023 | 2022 | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 118,990,487,731.74 | 116,806,544,483.88 | 108,942,588,838.30 | 105,328,082,320.59 | 97,512,591,304.36 | | **Total Liabilities** | 70,115,652,701.84 | 69,528,809,483.31 | 63,571,212,916.84 | 61,030,744,806.19 | 54,787,913,723.34 | | **Total Shareholders' Equity** | 48,874,835,029.90 | 47,277,735,000.57 | 45,371,375,921.46 | 44,297,337,514.40 | 42,724,677,581.02 |

证券代码：688009 证券简称：中国通号 公告编号：2024-012 中国铁路通信信号股份有限公司 关于控股股东增持公司股份计划实施结果的公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 增持计划基本情况：公司控股股东中国铁路通信信号集团有限公司（以 下简称"通号集团"）自2023年10月18日起6个月内，通过上海证券交易所允许的 方式增持公司A股股份，累计增持总金额不低于人民币5,000万元，不超过人民币 1亿元（以下简称"本次增持计划"）。本次增持计划详细内容请见公司2023年10 月19日于上海证券交易所网站（www.sse.com.cn）披露的《关于控股股东增持公 司股票及未来增持计划的公告》。 增持计划的实施结果：截至2024年4月17日，增持主体通号集团通过上海 证券交易所交易系统以集中竞价方式累计增持公司股份9,789,576股，占公司总 股本的0.0924%，增持金额合计为人民币5,014.51万元，已超过本次增持计划下 限5,000万元，本次增持计划已实施完毕。 中国铁路 ...