作 者丨 崔文静 张长荣（实习生） 编 辑丨巫燕玲 图 源丨图虫 随着4月3 0日年报披露截止，A股市场交出2 0 2 4年"提质增效"成绩单： 5 4 0 3家上市公司中， 超半数实现营收正增长，新上市企业中5 5%达成"营收+净利润"双增，四分之三公司实现盈 利，创业板和科创板新贵表现尤为亮眼。 尤其是，在AI浪潮引领科技创新，2 0 2 4年三季度以来系列稳增长政策推动下，金融业加速回 暖，居民消费持续恢复，出行物流日益火热，出口贸易进程加速，带动上市公司业绩显韧 性， 一季报营收利润增速改善，业绩持续修复。 一系列亮眼表现背后，是资本市场改革措施持续显效。 2 0 2 4年新"国九条"出台后，沪深两市IPO终止审查项目数量一度大增，但随着质量欠佳项目 的持续出清，近期撤否项目数量已经大为减少。其中，今年4月终止数量仅2家，仅为2 0 2 4年 同期的1 / 1 5。 除严把入口关外，退市新规正在加速市场出清。自2 0 2 5年1月"最严退市新规" 全面实施以 来，年内已有2 2家公司确定退市。随着年报披露收官，多家公司因触及财务类、交易类指标 被实施退市风险警示。 与此同时，退市威慑倒逼部分企业主动提 ...

证券研究报告·公司点评报告·轨交设备Ⅱ 中国通号（688009） 2025 年一季报点评：营收稳步增长，铁路/城 轨新签订单增长可观 买入（维持） 2025 年 Q1 公司实现营收 67.34 亿元，同比+2.84%；实现归母净利润 5.62 亿元，同比-7.08%；实现扣非归母净利润 5.57 亿元，同比-6.30%。分业务 看：2025Q1 公司铁路业务实现营收 34.14 亿元，同比-4.05%；城轨业务实 现营收 19.65 亿元，同比+21.66%；海外业务实现营收 2.99 亿元，同比 +66.91%；工程总承包业务实现营收 10.10 亿元，同比-11.70%；其他业务 实现营收 0.12 亿元，同比-7.13%。2025Q1 公司收入端有所提升，主要由 城轨业务与海外业务增长拉动；归母净利润同比下滑，主要系 2024Q1 冲 回 0.67 亿元信用减值损失，而 2025Q1 公司计提了 0.05 亿元信用减值损 失，剔除该部分影响后 2025Q1 公司归母净利润同比小幅提升。 新签合同方面，2025Q1 公司累计新签合同 72.13 亿元，同比-36.51%。 其中铁路新签合同 42.34 亿 ...

Financial Performance - Operating revenue for Q1 2025 was CNY 6,700,423,651.41, an increase of 2.93% compared to CNY 6,509,426,910.25 in the same period last year[3] - Net profit attributable to shareholders decreased by 7.08% to CNY 561,678,908.50 from CNY 604,490,948.26 year-on-year[3] - Basic earnings per share decreased by 16.67% to CNY 0.05 from CNY 0.06 year-on-year[3] - Net profit for the first quarter of 2025 was CNY 652,303,752.78, a decrease of 8.5% compared to CNY 712,787,783.12 in the same period of 2024[18] - Total revenue from operating activities decreased to CNY 5,682,221,382.97 in Q1 2025, down 57.0% from CNY 13,219,785,766.72 in Q1 2024[20] - Operating revenue for Q1 2025 was CNY 372,968,089.76, a decrease of 50.16% compared to CNY 747,305,803.48 in Q1 2024[26] - Net profit for Q1 2025 was CNY 10,145,920.39, down 90.39% from CNY 105,754,373.03 in Q1 2024[27] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -3,996,015,804.00, compared to a positive CNY 2,082,321,318.72 in the previous year, indicating a significant change[3] - Operating cash flow turned negative at CNY -3,996,015,804.00 in Q1 2025, compared to a positive CNY 2,082,321,318.72 in Q1 2024[20] - The company’s cash flow from operating activities reflects a significant decrease, indicating potential challenges in revenue generation[29] - The net cash flow from operating activities was -241,921,943.84, compared to 201,714,792.86 in the previous period, indicating a significant decline[30] - Total cash inflow from investing activities was 276,334,282.36, while cash outflow was 463,918,261.96, resulting in a net cash flow of -187,583,979.60[30] - Cash inflow from financing activities was 2,000,000,000.00, with cash outflow totaling 2,014,296,944.44, leading to a net cash flow of -14,296,944.44[30] - The ending balance of cash and cash equivalents was 4,858,923,804.42, down from 5,302,768,166.35 at the beginning of the period[30] - The company reported a significant decrease in cash flow from operating activities, with total cash outflow reaching 712,612,824.37[30] Assets and Liabilities - Total assets at the end of the reporting period were CNY 116,066,949,868.92, a decrease of 1.55% from CNY 117,890,875,515.13 at the end of the previous year[4] - The total assets as of March 31, 2025, were CNY 116,066,949,868.92, compared to CNY 117,890,875,515.13 at the end of 2024[15] - The total liabilities decreased to CNY 64,943,804,942.65 from CNY 67,455,073,189.37 in the previous period[16] - Total assets amounted to CNY 43,490,383,882.03, slightly down from CNY 43,749,841,293.21 in the previous period[24] - Total liabilities decreased to CNY 9,241,810,729.21 from CNY 9,509,774,528.02[24] Research and Development - Research and development expenses totaled CNY 397,499,991.85, representing an increase of 5.64% from CNY 376,270,501.83 year-on-year[4] - The proportion of R&D expenses to operating revenue increased to 5.93% from 5.78% year-on-year[4] - Research and development expenses were CNY 379,609,678.30 in Q1 2025, slightly up from CNY 376,270,501.83 in Q1 2024[18] - Research and development expenses increased to CNY 3,030,387.35 in Q1 2025, compared to CNY 1,800.00 in Q1 2024[26] Shareholder Information - The company reported a total of 64,624 common shareholders at the end of the reporting period[8] - The largest shareholder, China Railway Communication Signal Group Co., Ltd., holds 62.46% of the shares, totaling 6,614,216,000 shares[8] Contracts and Revenue Sources - The total new external contracts signed in Q1 2025 amounted to CNY 72.13 billion, a decrease of 36.51% year-over-year[11] - The railway sector saw new contracts worth CNY 42.34 billion, a growth of 6.25% compared to the previous year[11] - The urban rail transit sector experienced a significant increase in new contracts, totaling CNY 22.42 billion, which is a 47.17% rise year-over-year[11] - The overseas business contracts decreased to CNY 3.43 billion, down 74.16% from the previous year[11]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,700,423,651.41, representing a 2.93% increase compared to CNY 6,509,426,910.25 in the same period last year[11] - Net profit attributable to shareholders decreased by 7.08% to CNY 561,678,908.50 from CNY 604,490,948.26 year-on-year[11] - Basic and diluted earnings per share both decreased by 16.67% to CNY 0.05 from CNY 0.06 in the same quarter last year[11] - Total revenue for Q1 2025 reached ¥6,733,566,880.03, an increase of 2.85% compared to ¥6,547,480,136.78 in Q1 2024[35] - Total revenue for Q1 2025 was RMB 823.22 million, down 7.15% from RMB 886.70 million in Q1 2024[39] - The total comprehensive income for Q1 2025 was RMB 659.08 million, a decrease of 8.14% from RMB 717.67 million in Q1 2024[39] - The company reported a decrease in sales revenue from goods and services to RMB 7.09 billion in Q1 2025, down from RMB 9.27 billion in Q1 2024[41] Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -3,996,015,804.00, compared to a positive CNY 2,082,321,318.72 in the previous year, indicating a significant change[11] - The company reported a net cash flow from operating activities of -RMB 3.99 billion in Q1 2025, compared to RMB 2.08 billion in Q1 2024, indicating a significant decline[41] - The cash inflow from operating activities totaled RMB 5.68 billion in Q1 2025, down from RMB 13.22 billion in Q1 2024[41] - The cash and cash equivalents decreased from ¥22,577,015,997.32 to ¥20,205,779,824.84, a decline of approximately 10.50%[30] - The company's cash and cash equivalents at the end of Q1 2025 were CNY 15,065,779,824.84, down from CNY 15,991,035,934.99 at the end of Q1 2024, reflecting a decrease of 5.8%[44] - The cash inflow from investment activities totaled $276,334,282.36 in Q1 2025, significantly lower than $2,653,313,477.58 in Q1 2024[58] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 116,066,949,868.92, down 1.55% from CNY 117,890,875,515.13 at the end of the previous year[13] - Total current assets decreased from ¥91,105,546,464.58 to ¥88,045,588,521.92, a decline of approximately 3.00%[30] - Total liabilities decreased from ¥67,455,073,189.37 to ¥64,943,804,942.65, a reduction of about 3.73%[32] - The total liabilities as of March 31, 2025, were CNY 9,241,810,729.21, compared to CNY 9,509,774,528.02 at the end of 2024, showing a reduction of 2.8%[48] - The company’s total non-current assets were CNY 25,311,906,175.79 as of March 31, 2025, slightly down from CNY 25,336,819,228.62 at the end of 2024, reflecting a decrease of 0.1%[47] Shareholder Information - The total number of A-share shareholders is 64,624, and H-share shareholders is 209 as of the reporting period[25] - The largest shareholder, China Railway Communication Signal Group Co., Ltd., holds 6,614,216,000 A-shares, accounting for 62.46% of the total share capital[23] - The total equity attributable to shareholders increased by 1.24% to CNY 48,621,722,470.20 from CNY 48,025,007,375.97 year-on-year[13] - The company’s total equity attributable to shareholders was CNY 34,248,573,152.82, showing a slight increase from CNY 34,240,066,765.19[49] Research and Development - Research and development expenses totaled CNY 397,499,991.85, an increase of 5.64% from CNY 376,270,501.83 year-on-year, representing 5.93% of operating revenue[11] - Research and development expenses for Q1 2025 were ¥379,609,678.30, slightly up from ¥376,270,501.83 in Q1 2024, indicating a focus on innovation[35] - Research and development expenses increased to CNY 3,030,387.35 in Q1 2025, significantly higher than CNY 1,800.00 in Q1 2024[51] Contract and Market Performance - New contracts signed in the first quarter of 2025 totaled RMB 72.13 billion, a decrease of 36.51% year-on-year[27] - The railway sector saw new contracts amounting to RMB 42.34 billion, an increase of 6.25% year-on-year[27] - The urban rail transit sector experienced a significant increase in new contracts, totaling RMB 22.42 billion, up 47.17% year-on-year[27] - The overseas business sector's new contracts decreased to RMB 3.43 billion, down 74.16% year-on-year[27] - The engineering general contracting and other sectors saw new contracts of RMB 3.93 billion, a decline of 91.30% year-on-year[27] Other Financial Metrics - The company reported a total of CNY 4,774,725.25 in non-recurring gains and losses for the period[15] - The weighted average return on net assets decreased by 0.12 percentage points to 1.16% from 1.28% in the previous year[11] - The company recorded a loss of RMB 5.11 billion in credit impairment losses in Q1 2025, a significant increase from RMB 67.12 million in Q1 2024[36] - The company recorded a credit impairment loss of CNY 506,431.01 in Q1 2025, down from CNY 6,138,688.25 in Q1 2024[52] - Other comprehensive income after tax for Q1 2025 was RMB 6.78 million, up from RMB 4.88 million in Q1 2024[38]

中国通号公告，2025年第一季度营收为67亿元，同比增长2.93%；净利润为5.62亿元，同比下降7.08%。 ...

| 代码 | 简称 | 社保基金家 | | 社保基金持股量（万 | 环比 | | 占流通股比例 | 持股市值（万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数 | | 股） | （%） | | （%） | 元） | | 688009 | 中国通 | 1 | 3314.32 | | 不变 | 0.38 | | 20747.62 | | | 号 | | | | | | | | | 688036 | 传音控 | 2 | 3282.89 | | 132.59 | 2.88 | | 311874.18 | | | 股 | | | | | | | | | 688122 | 西部超 | 2 | 2766.75 | | 37.75 | 4.26 | | 118472.12 | | | 导 | | | | | | | | | 688772 | 珠海冠 | 1 | 1594.76 | | 20.49 | 1.41 | | 25643.78 | | | 宇 | | | | | | | | | 688087 | 英科再 | 4 | 1324.44 ...

重要内容提示： 2025 年第一季度，中国铁路通信信号股份有限公司（以下简称"公司"）及 附属子公司新增 2 个创新平台，分别为公司被认定为低空空域智能管控北京市重 点实验室，附属子公司卡斯柯信号有限公司被确定为工业和信息化部第六批产业 技术基础公共服务平台。 证券代码：688009 证券简称：中国通号 公告编号：2025-013 中国铁路通信信号股份有限公司 关于自愿披露通过科技创新平台认定的公告 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。 中国铁路通信信号股份有限公司董事会 2025 年 4 月 12 日 中国铁路通信信号股份有限公司及附属子公司新增 2 个创新平台，分别 为低空空域智能管控北京市重点实验室、工业和信息化部第六批产业技 术基础公共服务平台。 风险提示：本次通过创新平台认定，预计对公司品牌影响力的提升和未 来市场开拓产生一定的积极作用，对公司业绩暂无重大影响，敬请广大 投资者注意投资风险。 以上创新平台的认定，主要得益于公司在轨道交通以及低空经济智能控制领 域的技术实力和创新能力，预计对公司品牌影响力 ...

近年来，中国通号积极布局发展低空经济，并以通号低空智能科技有限公司为平台，不断探索低空与轨道交通融合发展新路径，以支撑国家综合立体交通 网建设，加快形成新质生产力，切实发挥央企在新经济领域的科技创新、产业控制和安全支撑作用。 普宙科技是一家集无人机研发、生产、销售、运维和低空数据运营于一体的高科技企业，具备无人机全产业链研发能力，拥有丰富的无人机产品线，在无 人机、无人机自动机库、智能载荷、软件平台和数据运营等领域不断革新产品和解决方案。 未来，中国通号将继续发挥智能控制技术的核心优势，与低空经济领域的优秀企业开展合作，不断拓展低空经济应用场景，为我国低空经济高质量发展贡 献力量。 中国通号办公室、战略投资部、战略新兴产业事业部、市场经营部，研究设计院集团、卡斯柯公司、通信信息集团、通号电气化局、低空公司，通信信息 集团信息产业公司主要负责同志陪同调研考察。（中国通号） 4月8日，中国通号党委书记、董事长楼齐良到普宙科技调研考察，与普宙科技董事长黄立、总经理陈虎座谈交流。中国通号党委常委、副总裁、总工程师 张志辉，党委常委、副总裁万宝华，普宙科技副总经理胡倩等陪同参观交流。 在公司展厅，楼齐良全面了解了普宙科 ...

2025 年 4 月 4 日 公司研究 收入结构持续优化，低空经济业务有望打开第二增长曲线 ——中国通号（688009.SH、3969.HK）2024 年年报点评 要点 24 年利润端增速转正，盈利能力大幅提升 中国通号公布 2024 年年报，全年实现营业收入 324.7 亿元，同比下降 12.2%；实现归母净利润 34.9 亿元，同比上升 0.5%。毛利率为 29.2%，同比上 升 3.5 个百分点；净利率为 12.5%，同比上升 1.7 个百分点，公司收入结构持续 调整，降本增效力度加大。公司拟每股分红 0.17 元人民币，分红比例达到 51.5%。 收入结构持续优化，海外业务营收表现亮眼 24 年公司海外业务实现营业收入 24.4 亿元，同比上涨 64.2%，收入同比大 幅增长的主要原因是确认匈塞铁路匈牙利段项目收入。24 年公司海外累计新签 合同总额 59.2 亿元，同比增长 58.3%。公司承揽巴西圣保罗城际铁路北轴线项 目信号系统供货集成安装总承包项目、几内亚马西铁路"三电"系统集成施工总 承包项目、几内亚马西铁路信号及列车运行控制系统采购项目等重大工程，海外 市场保持连续增长态势。 聚焦低空经济 ...

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3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4月2日 I. 法定/註冊股本變動 | 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 (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 | 普 ...