[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for common terms used in the report, ensuring accurate comprehension of its content - Company abbreviation: Tieke Shougang Rail, full name: Beijing Tieke Shougang Rail Technology Co, Ltd[10](index=10&type=chunk) - Actual controller: China State Railway Group Co, Ltd; Controlling shareholder: China Academy of Railway Sciences Corporation Limited[10](index=10&type=chunk) - Reporting period: January 1, 2025 to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section presents the company's basic information, confirming no changes occurred during the reporting period - Company Chinese name: 北京铁科首钢轨道技术股份有限公司, abbreviation: 铁科轨道[14](index=14&type=chunk) - Legal representative: Li Wei; Registered address: No 11 Courtyard, Fusheng Road, Changping District, Beijing[14](index=14&type=chunk) [Contact Persons and Methods](index=7&type=section&id=II.%20Contact%20Persons%20and%20Methods) This section provides contact information for the company's Board Secretary and Securities Affairs Representative - Board Secretary (Domestic Information Disclosure Representative): Xu Ximeng; Securities Affairs Representative: Zhang Lei[15](index=15&type=chunk) - Contact number: 010-51529198; Email: bjtkgd@163.com, tkgdir@bjtkgd.com[15](index=15&type=chunk) [Information Disclosure and Changes in Document Location](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Changes%20in%20Document%20Location) This section lists the designated newspapers and websites for information disclosure, with no changes during the period - Designated newspapers for information disclosure: *Shanghai Securities News*, *China Securities Journal*, *Securities Daily*, *Securities Times*, *Economic Information Daily*[16](index=16&type=chunk) - Website for semi-annual report disclosure: www.sse.com.cn; Report repository: Company's Securities Department[16](index=16&type=chunk) [Company Stock/Depositary Receipts Profile](index=7&type=section&id=IV.%20Company%20Stock%2FDepositary%20Receipts%20Profile) This section provides a brief overview of the company's stock information, confirming no depositary receipts exist - Stock type: A-share; Listing exchange and board: Shanghai Stock Exchange STAR Market[17](index=17&type=chunk)[18](index=18&type=chunk) - Stock abbreviation: Tieke Shougang Rail; Stock code: 688569[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue and profit declined due to project delays, while operating cash flow improved slightly Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 504,046,741.28 | 696,158,520.90 | -27.60 | | Total Profit (Yuan) | 116,039,893.67 | 160,635,442.97 | -27.76 | | Net Profit Attributable to Shareholders (Yuan) | 66,926,165.14 | 115,466,896.83 | -42.04 | | Net Cash Flow from Operating Activities (Yuan) | 184,660,635.49 | 160,930,373.47 | 14.75 | | Net Assets Attributable to Shareholders (Yuan) | 2,842,189,258.29 | 2,847,380,606.87 | -0.18 | | Total Assets (Yuan) | 3,858,000,803.75 | 3,851,232,357.08 | 0.18 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.32 | 0.55 | -41.82% | | Diluted Earnings Per Share (Yuan/Share) | 0.32 | 0.55 | -41.82% | | Weighted Average Return on Equity (%) | 2.33 | 4.22 | Decrease of 1.89 p.p. | | Weighted Average ROE after Non-recurring Items (%) | 2.32 | 4.20 | Decrease of 1.88 p.p. | | R&D Investment as a Percentage of Revenue (%) | 8.83 | 5.95 | Increase of 2.88 p.p. | - **Operating revenue and total profit decreased by 27.60% and 27.76% YoY**, respectively, due to reduced product delivery volumes caused by construction schedule adjustments of the parent company's中标线路[20](index=20&type=chunk) [Non-recurring Gains and Losses](index=9&type=section&id=VIII.Non-recurring%20Gains%20and%20Losses) This section details non-recurring items for the period, totaling 279,904.50 Yuan Non-recurring Items for H1 2025 | Non-recurring Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 58,201.68 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 244,762.13 | | Fair value changes of financial assets/liabilities and gains/losses from their disposal | 94,994.82 | | Other non-operating income and expenses | -42,605.96 | | Less: Income tax effect | 39,053.68 | | Less: Minority interest effect (after tax) | 36,394.49 | | Total | 279,904.50 | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Industry and Main Business Overview during the Reporting Period](index=10&type=section&id=I.Industry%20and%20Main%20Business%20Overview%20during%20the%20Reporting%20Period) The company specializes in high-speed rail engineering products, benefiting from growing railway investment - The company's main business is the R&D, production, and sales of high-speed rail engineering products, with high-speed rail fastening systems as the core[27](index=27&type=chunk)[29](index=29&type=chunk) - The company belongs to the "Railway Transportation Equipment Manufacturing" industry (C371) and the "Rail Transit Equipment Industry" under high-end equipment manufacturing[27](index=27&type=chunk) Railway Industry Investment and Operation in H1 2025 | Indicator | Data | | :--- | :--- | | National Railway Fixed Asset Investment (excl. HK, Macau, Taiwan) | 355.9 billion Yuan | | Year-on-Year Growth | 5.5% | | New Lines Put into Operation | 301 km | | China's High-Speed Rail Operating Mileage (as of end-2024) | 48,000 km | | Mainland China Urban Rail Transit Line Length (as of June 30, 2025) | 12,381.48 km | | New Urban Rail Transit Lines in H1 2025 | 220.70 km | [Industry Overview](index=10&type=section&id=(I)%20Industry%20Overview) The company operates within the growing railway transportation equipment and strategic emerging industries - The company's business is classified under "Railway Transportation Equipment Manufacturing" and "Rail Transit Equipment Industry" in the strategic emerging industries category[27](index=27&type=chunk) - In H1 2025, national railway fixed asset investment reached **355.9 billion Yuan, a 5.5% YoY increase**, with 301 km of new lines commissioned[28](index=28&type=chunk) - As of June 30, 2025, 58 cities in mainland China operated urban rail transit lines totaling **12,381.48 km**, with 220.70 km added in H1 2025[28](index=28&type=chunk) [Main Business, Products, or Services](index=10&type=section&id=(II)%20Main%20Business,%20Products,%20or%20Services) The company's core business is the R&D, production, and sale of high-speed rail engineering products - The company's main business focuses on the R&D, production, and sales of high-speed rail engineering products centered on fastening systems, covering track, bridge, and tunnel applications[29](index=29&type=chunk) - Key products include rail fastening systems, prestressed steel wires and anchor plates, railway bridge bearings, engineering materials, and rail component processing services[31](index=31&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [Main Business Models](index=15&type=section&id=(III)%20Main%20Business%20Models) The company operates on a model of bidding for contracts and organizing production and procurement based on orders - The company primarily adopts a business model of "bidding, and organizing production and procurement based on orders"[46](index=46&type=chunk) - Sales model: Orders are secured by participating in tenders organized by railway construction units and their bidding agents[46](index=46&type=chunk) - R&D model: Primarily independent R&D, supplemented by joint and commissioned research, focusing on product development, technology, and process research[47](index=47&type=chunk) [Discussion and Analysis of Operating Performance](index=16&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) The company achieved steady development in H1 2025 through innovation, market expansion, and management optimization Operating Results for H1 2025 | Indicator | Amount (CNY 10,000) | | :--- | :--- | | Operating Revenue | 50,404.67 | | Net Profit | 10,332.00 | | Net Profit Attributable to Parent Company Shareholders | 6,692.62 | | Total Value of New Contracts Signed | 87,640.13 | | YoY Growth in New Contracts Signed | 141.61% | | Unfulfilled Order Backlog (as of June 30, 2025) | 198,227.64 | | YoY Growth in Unfulfilled Order Backlog | 26.74% | - Market expansion progressed with successful bids for the Ningbo Metro Line 6 and Beijing Metro Line 22 projects, and a fastening supply contract for Algeria's Western Mining Railway project[48](index=48&type=chunk) - Core technology R&D continued, advancing **3 national key R&D projects**, with new high-speed rail fastening products to be used in the Chengdu-Chongqing Mid-line High-Speed Rail project[48](index=48&type=chunk) - Achieved breakthroughs in new business areas through strategic cooperation to advance the R&D and industrial application of railway nylon material recycling and regeneration technology[48](index=48&type=chunk)[49](index=49&type=chunk) - Advanced informatization by upgrading the network topology, establishing a unified data standard system, and deepening big data analysis applications[49](index=49&type=chunk) - Promoted intelligent factory construction, with subsidiary Tieke Tianjin focusing on automated anti-corrosion upgrades and intelligent crane projects[49](index=49&type=chunk) - Enhanced energy management with the **2.43MW distributed photovoltaic project** at Tieke Tianjin achieving full-capacity grid connection[50](index=50&type=chunk) - Improved quality management systems by successfully passing the initial **IRIS (International Railway Industry Standard) certification** and introducing the ISO22163 standard[50](index=50&type=chunk) [Analysis of Core Competitiveness during the Reporting Period](index=18&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness lies in its technology, talent, diverse product structure, and production management - **Technology advantage**: Possesses multiple proprietary core technologies for fastening systems and holds **55 valid CRCC certificates**[52](index=52&type=chunk) - The company is the **only domestic system integrator** with technology for special adjustment fastenings for high-speed railways, enabling rapid restoration of track smoothness[52](index=52&type=chunk) - **Talent advantage**: As of June 30, 2025, the company had **129 R&D personnel**, accounting for 23.37% of the total workforce[53](index=53&type=chunk) - **Diverse product structure**: Offers a comprehensive product portfolio for high-speed rail engineering, centered on fastening systems and including various other essential components[54](index=54&type=chunk) - **Production management advantage**: Utilizes fully automated production lines and information systems like MES for full lifecycle product management[55](index=55&type=chunk) [(I) Core Competitiveness Analysis](index=18&type=section&id=(I)%20Core%20Competitiveness%20Analysis) The company's strengths are rooted in its R&D system, certifications, talent pool, product range, and automated production - The company possesses an efficient R&D system and continuous innovation capabilities, mastering core technologies for various railway fastening systems[52](index=52&type=chunk) - As of June 30, 2025, the company held **55 valid CRCC certificates** covering products like high-speed and heavy-haul railway fastenings and bridge bearings[52](index=52&type=chunk) - The R&D team comprises **129 employees (23.37% of total staff)**, with over half of the core technical personnel having research experience at CARS[53](index=53&type=chunk) - The company offers a rich product structure covering track, bridge, and tunnel engineering, and is the **sole domestic supplier of special adjustment fastening systems** for high-speed rail[54](index=54&type=chunk) - Production management is highly automated, utilizing information systems like MES and online quality inspection for full lifecycle product management[55](index=55&type=chunk) [(III) Core Technology and R&D Progress](index=19&type=section&id=(III)%20Core%20Technology%20and%20R&D%20Progress) The company advanced its core technologies and R&D pipeline, securing new patents and increasing R&D investment - Core technologies include design, manufacturing, and testing techniques for various rail fastening systems[55](index=55&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Newly added core technologies in the reporting period include particle damping fastening clips, automated flipping for forging lines, and vibration-damping polyurethane elastic pads[65](index=65&type=chunk)[66](index=66&type=chunk) R&D Achievements in H1 2025 | IP Type | New Applications (Count) | New Grants (Count) | Cumulative (Count) | | :--- | :--- | :--- | :--- | | Invention Patents | 14 | 4 | 86 | | Utility Model Patents | 8 | 17 | 257 | | Design Patents | 0 | 0 | 1 | | Software Copyrights | 0 | 1 | 15 | | Total | 22 | 22 | 359 | R&D Investment in H1 2025 | Indicator | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 44,508,019.86 | 41,455,430.31 | 7.36 | | R&D Investment to Revenue Ratio (%) | 8.83 | 5.95 | Increase of 2.88 p.p. | - As of the end of June 2025, the company had **64 ongoing R&D projects**, including artificial ballast technology, 3D printing applications for railway frogs, and next-generation high-speed rail fastening systems[72](index=72&type=chunk)[74](index=74&type=chunk) R&D Personnel in H1 2025 | Indicator | Current Period | Prior Year Period | | :--- | :--- | :--- | | Number of R&D Personnel | 129 | 127 | | R&D Personnel as % of Total Employees | 23.37 | 23.26 | | Total R&D Personnel Compensation (CNY 10,000) | 1,918.65 | 1,926.45 | | Average R&D Personnel Compensation (CNY 10,000) | 14.87 | 15.17 | | R&D Personnel Education: PhD 2.33%, Master's 28.68%, Bachelor's 40.31% | | | [Risk Factors](index=27&type=section&id=IV.%20Risk%20Factors) The company faces risks related to technology licensing, R&D, customer concentration, and raw material prices - Core technology is licensed non-exclusively from the controlling shareholder, posing risks of license termination or increased competition[77](index=77&type=chunk)[79](index=79&type=chunk) - **R&D failure risk** exists from project delays, budget overruns, or poor market acceptance of new technologies[78](index=78&type=chunk) - **High customer concentration**: Sales to the top five customers accounted for **93.94% of operating revenue**, making performance vulnerable to their demand shifts[79](index=79&type=chunk)[80](index=80&type=chunk) - **Overseas market expansion risks** include inexperience with diverse national conditions, technical standards, and geopolitical instability[80](index=80&type=chunk) - **High proportion of related-party transactions**: Related-party sales and purchases accounted for **40.07% of revenue** and **6.40% of total procurement**, respectively[81](index=81&type=chunk) - **Tax incentive policy risk**: Tax benefits totaled **15.60 million Yuan**, representing 13.44% of total profit, and are subject to policy changes[83](index=83&type=chunk) - **Risk of bad debt loss from accounts receivable**: The book value of accounts receivable was **848.81 million Yuan**, accounting for 28.16% of current assets[83](index=83&type=chunk) - **Inventory impairment risk**: The book value of inventory was **412.42 million Yuan**, or 13.68% of current assets, with potential for impairment from order changes[83](index=83&type=chunk) [Main Operating Activities during the Reporting Period](index=30&type=section&id=V.%20Main%20Operating%20Activities%20during%20the%20Reporting%20Period) Revenue and profit declined due to project delays, while subsidiaries showed stable or improved performance Operating Performance of Company and Key Subsidiaries in H1 2025 | Company Name | Operating Revenue (CNY 10,000) | YoY Change (%) | Net Profit (CNY 10,000) | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Company (Consolidated) | 50,404.67 | -27.60 | 10,332.00 | -27.94 | | Attributable to Parent | 6,692.62 | -42.04 | - | - | | Tieke Yichen (Subsidiary) | 19,793.91 | 8.01 | 4,577.39 | 8.60 | | Tieke Tengyue (Subsidiary) | 9,381.44 | -2.12 | 2,849.92 | 92.43 | - The decline in the company's operating revenue and net profit was primarily due to reduced sales revenue from delayed deliveries for the parent company's中标线路[88](index=88&type=chunk)[150](index=150&type=chunk) - Net cash flow from investing activities was **164.83 million Yuan**, mainly due to the maturity of structured deposits purchased with idle funds[88](index=88&type=chunk) Key Balance Sheet Item Changes in H1 2025 | Item | Closing Balance (Yuan) | % of Total Assets | Opening Balance (Yuan) | % of Total Assets | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 24,942,775.15 | 0.65 | 71,149,113.48 | 1.85 | -64.94 | Decrease in commercial acceptance bills and lower-credit bank acceptance bills received | | Receivables Financing | 16,479,905.28 | 0.43 | 10,384,886.08 | 0.27 | 58.69 | Increase in higher-credit bank acceptance bills received | | Other Current Assets | 9,589,186.14 | 0.25 | 16,434,894.90 | 0.43 | -41.65 | Decrease in input VAT to be deducted at period-end | | Construction in Progress | 39,813,442.45 | 1.03 | 26,023,063.73 | 0.68 | 52.99 | Construction of Tieke Tianjin's warehousing project | | Other Non-current Assets | 2,826,263.52 | 0.07 | 2,089,200.18 | 0.05 | 35.28 | Increase in prepayments for equipment | | Contract Liabilities | 542,048.85 | 0.01 | 1,002,912.56 | 0.03 | -45.95 | Revenue recognition upon contract fulfillment | | Employee Benefits Payable | 49,328,721.12 | 1.28 | 26,566,275.75 | 0.69 | 85.68 | Monthly accrual of year-end bonuses | | Other Payables | 1,145,550.06 | 0.03 | 653,214.65 | 0.02 | 75.37 | Increase in tender deposits | Financial Information of Key Subsidiaries in H1 2025 | Company Name | Type | Main Business | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Operating Revenue (CNY 10,000) | Operating Profit (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tieke Yichen | Subsidiary | Non-metallic components for fastening systems | 14,500.00 | 83,927.04 | 65,586.32 | 19,793.91 | 5,305.21 | 4,577.39 | | Tieke Tengyue | Subsidiary | Engineering materials and elastic iron pads | 8,945.42 | 39,826.25 | 31,175.12 | 9,381.44 | 3,307.22 | 2,849.92 | | Tieke Tianjin | Subsidiary | Elastic clips and bolts for fastening systems | 19,000.00 | 67,567.13 | 18,830.94 | 15,146.25 | 1,332.89 | 1,237.02 | | Tieke Xingcheng | Subsidiary | Railway bridge bearings production and sales | 4,500.00 | 11,048.37 | 5,144.17 | 5,353.62 | 526.84 | 417.05 | [(I) Main Business Analysis](index=31&type=section&id=(I)%20Main%20Business%20Analysis) Revenue and costs decreased due to project timing, while investment cash flow turned positive from matured deposits Financial Statement Item Changes in H1 2025 | Item | Current Period (Yuan) | Prior Year Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 504,046,741.28 | 696,158,520.90 | -27.60 | | Operating Costs | 285,082,240.84 | 421,328,146.90 | -32.34 | | Selling Expenses | 22,921,067.01 | 26,472,978.80 | -13.42 | | Administrative Expenses | 52,346,314.19 | 52,440,963.89 | -0.18 | | R&D Expenses | 44,508,019.86 | 41,455,430.31 | 7.36 | | Net Cash Flow from Operating Activities | 184,660,635.49 | 160,930,373.47 | 14.75 | | Net Cash Flow from Investing Activities | 164,825,347.64 | -36,681,648.37 | N/A | | Net Cash Flow from Financing Activities | -94,012,965.00 | -122,089,085.00 | N/A | - **Operating revenue and costs decreased YoY** primarily due to the delivery schedule of the parent company's中标线路, which reduced sales revenue in the current period[88](index=88&type=chunk) - **Net cash flow from investing activities increased** mainly due to the maturity of structured deposits purchased with idle funds[88](index=88&type=chunk) [(III) Analysis of Assets and Liabilities](index=31&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Significant changes in assets and liabilities were driven by shifts in receivables, ongoing construction, and accruals - **Notes receivable decreased by 64.94%** from the beginning of the period, mainly due to a reduction in the amount of commercial and lower-credit bank acceptance bills received[92](index=92&type=chunk) - **Receivables financing increased by 58.69%** from the beginning of the period, primarily due to receiving more high-credit bank acceptance bills[92](index=92&type=chunk) - **Construction in progress increased by 52.99%** from the beginning of the period, mainly due to the ongoing construction of a warehousing project by subsidiary Tieke Tianjin[92](index=92&type=chunk) - **Employee benefits payable increased by 85.68%** from the beginning of the period, due to the cumulative monthly accrual of year-end bonuses[93](index=93&type=chunk) [(IV) Investment Analysis](index=33&type=section&id=(IV)%20Investment%20Analysis) The company's financial assets measured at fair value decreased significantly due to the maturity of investments Changes in Financial Assets at Fair Value in H1 2025 | Asset Class | Opening Balance (Yuan) | Fair Value Change (Yuan) | Amount Sold/Redeemed (Yuan) | Closing Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Receivables Financing | 10,384,886.08 | 6,095,019.20 | 0.00 | 16,479,905.28 | | Financial Assets at FVTPL | 201,767,777.78 | -1,767,777.78 | 200,000,000.00 | 0.00 | | Total | 212,152,663.86 | 4,327,241.42 | 200,000,000.00 | 16,479,905.28 | [(VI) Analysis of Key Subsidiaries and Investees](index=34&type=section&id=(VI)%20Analysis%20of%20Key%20Subsidiaries%20and%20Investees) Subsidiary Tieke Tengyue's net profit surged due to a favorable shift in its product sales mix - **Tieke Tengyue's net profit increased by 92.43% YoY**, driven by a change in its product sales mix, with increased sales of high-margin rail fastenings and processing services and decreased sales of lower-margin engineering materials[99](index=99&type=chunk) [Corporate Governance, Environment, and Society](index=36&type=section&id=Section%204%20Corporate%20Governance,%20Environment,%20and%20Society) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=36&type=section&id=I.Changes%20in%20Directors,%20Supervisors,%20Senior%20Management,%20and%20Core%20Technical%20Personnel) The company experienced several changes in its board and senior management during the reporting period Changes in Directors, Supervisors, and Senior Management in H1 2025 | Name | Position | Change | | :--- | :--- | :--- | | Wang Yingjie | Independent Director | Resigned | | Chen Jianchun | Independent Director | Elected | | Zhang Xu | Deputy General Manager | Resigned | | Yu Haoyong | Deputy General Manager | Appointed | | Tian Dezhu | Deputy General Manager | Appointed | - Changes in directors and senior management were disclosed on the Shanghai Stock Exchange website on March 29, 2025[102](index=102&type=chunk) [Profit Distribution or Capitalization of Capital Reserve Plan](index=36&type=section&id=II.%20Profit%20Distribution%20or%20Capitalization%20of%20Capital%20Reserve%20Plan) The company's board has proposed no profit distribution or capitalization of capital reserves for the reporting period - The proposed semi-annual profit distribution and capitalization of capital reserve plan is "No"[102](index=102&type=chunk) [Significant Matters](index=38&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=38&type=section&id=I.%20Fulfillment%20of%20Commitments) All commitments made during the IPO by the company and its key stakeholders were strictly fulfilled during the period - Commitments regarding share lock-ups, fraudulent issuance buybacks, non-interference in company operations, and investor return measures were strictly fulfilled by the actual controller, controlling shareholder, and other related parties[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - Regarding the commitment to resolve non-competition, the controlling shareholder, CARS Group, pledged not to engage in new businesses similar to the company's main operations[114](index=114&type=chunk)[115](index=115&type=chunk) - Regarding the commitment to manage related-party transactions, the actual controller and controlling shareholder pledged to avoid such transactions and ensure any necessary ones are conducted on fair market terms[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) - The Railway Construction Research Institute committed not to unilaterally revoke technology licensing agreements, expand the number of licensees, or lower royalty rates[119](index=119&type=chunk) [Material Litigation and Arbitration](index=52&type=section&id=VII.%20Material%20Litigation%20and%20Arbitration) The company had no material litigation or arbitration matters during the reporting period - The company had no material litigation or arbitration matters during this reporting period[121](index=121&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=52&type=section&id=IX.%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller) The company and its key stakeholders maintained a good integrity record with no unfulfilled judgments or major overdue debts - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled court judgments or significant overdue debts[121](index=121&type=chunk) [Material Related-Party Transactions](index=52&type=section&id=X.%20Material%20Related-Party%20Transactions) The company engaged in routine related-party transactions and awarded an EPC contract to a related party - In November 2023, the company signed a high-speed fastening components procurement contract with Xiong'an High-Speed Railway Co, Ltd for **470.21 million Yuan**, with performance yet to begin as of the report date[122](index=122&type=chunk) Routine Related-Party Transaction Estimates and Actuals for 2025 | Transaction Category | 2025 Estimated Amount (CNY 10,000) | H1 2025 Actual Amount (CNY 10,000) | | :--- | :--- | :--- | | Purchase of goods, receipt of services | 13,060.00 | 1,707.00 | | Technology licensing | 2,590.00 | 362.21 | | Commissioned R&D | 80.00 | 0.00 | | Leasing of land and buildings | 510.00 | 245.12 | | Leasing out land and buildings | 10.00 | 0.00 | | Sale of goods, provision of services | 110,980.00 | 34,689.36 | | Total | 127,230.00 | 37,003.69 | - Related parties Tieke Design Co, Ltd and Beijing Xingtian Construction Engineering Co, Ltd jointly won the EPC contract for Tieke Tianjin's warehousing project for **81.53 million Yuan**, with 32.86 million Yuan executed to date[129](index=129&type=chunk) [Share Capital Changes and Shareholder Information](index=55&type=section&id=Section%206%20Share%20Capital%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=55&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total number of common shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of common shares and share capital structure did not change[132](index=132&type=chunk) [Shareholder Information](index=55&type=section&id=II.%20Shareholder%20Information) As of the period end, the company had 6,092 common shareholders, with the top four holding a combined 69.66% stake - Total number of common shareholders as of the end of the reporting period: 6,092[133](index=133&type=chunk) Top Ten Shareholders as of Period End | Shareholder Name | Shares Held (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Academy of Railway Sciences Corporation Limited | 55,300,000 | 26.25 | State-owned legal person | | Beijing Shougang Equity Investment Management Co, Ltd | 42,470,400 | 20.16 | State-owned legal person | | Beijing Zhongye Tianyu Investment Management Co, Ltd | 25,280,000 | 12.00 | Domestic non-state-owned legal person | | Beijing Tieke Construction Technology Co, Ltd | 23,700,000 | 11.25 | State-owned legal person | | Beijing Shougang Co, Ltd | 11,249,600 | 5.34 | State-owned legal person | | Zhong Chaoming | 3,236,688 | 1.54 | Domestic natural person | | Liu Huizhang | 2,863,399 | 1.36 | Domestic natural person | | National Social Security Fund Portfolio 101 | 2,650,136 | 1.26 | Other | | Industrial Bank Co, Ltd - Southern Xingrun Value One-Year Holding Mixed Fund | 2,647,618 | 1.26 | Other | | ICBC - Southern Jiyou Growth Equity Fund | 1,700,643 | 0.81 | Other | - The controlling shareholder, China Academy of Railway Sciences Corporation Limited, holds 100% of Beijing Tieke Construction Technology Co, Ltd; Beijing Shougang Equity Investment Management Co, Ltd and Beijing Shougang Co, Ltd are both controlled by Shougang Group Co, Ltd[137](index=137&type=chunk) [Bond-related Information](index=59&type=section&id=Section%207%20Bond-related%20Information) [Corporate Bonds and Non-financial Enterprise Debt Financing Instruments](index=59&type=section&id=I.%20Corporate%20Bonds%20and%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[141](index=141&type=chunk) [Convertible Corporate Bonds](index=59&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company has no convertible corporate bonds[141](index=141&type=chunk) [Financial Report](index=60&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=60&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=60&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025 - The consolidated balance sheet shows **total assets of 3.86 billion Yuan**, total liabilities of 541.68 million Yuan, and total equity of 3.32 billion Yuan as of June 30, 2025[143](index=143&type=chunk)[145](index=145&type=chunk) - The consolidated income statement for H1 2025 shows **total operating revenue of 504.05 million Yuan** and net profit attributable to parent company shareholders of 66.93 million Yuan[150](index=150&type=chunk)[151](index=151&type=chunk) - The consolidated cash flow statement for H1 2025 shows **net cash from operating activities of 184.66 million Yuan**, from investing activities of 164.83 million Yuan, and from financing activities of -94.01 million Yuan[157](index=157&type=chunk)[158](index=158&type=chunk) [Company Basic Information](index=81&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's basic information, including its establishment, capital, and primary business activities - The company was formerly Beijing Tieke Shougang Rail Technology Co, Ltd, established on October 30, 2006[175](index=175&type=chunk) - Registered capital is 210.67 million Yuan, with a total share capital of 210,666,700 shares[175](index=175&type=chunk) - The main business activity is the R&D, production, and sales of high-speed rail engineering products centered on fastening systems[175](index=175&type=chunk) [Basis of Preparation for Financial Statements](index=81&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with China's accounting standards - The financial statements are prepared on a going concern basis, in accordance with the Accounting Standards for Business Enterprises and CSRC disclosure rules[176](index=176&type=chunk) - Accounting is based on the accrual basis and historical cost, except for certain financial instruments[176](index=176&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from June 30, 2025, and found no significant uncertainties[177](index=177&type=chunk) [Significant Accounting Policies and Estimates](index=81&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the specific accounting policies and estimates applied by the company - The company's accounting period is the calendar year, with this report covering January 1, 2025, to June 30, 2025[180](index=180&type=chunk) - Financial assets are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss[202](index=202&type=chunk) - For receivables and contract assets, the loss allowance is measured at an amount equal to lifetime expected credit losses[207](index=207&type=chunk) - Fixed assets are depreciated using the straight-line method over their estimated useful lives (e.g., buildings 5-20 years, machinery 5-20 years)[235](index=235&type=chunk) - Intangible assets are amortized on a straight-line basis over their estimated useful lives[244](index=244&type=chunk)[245](index=245&type=chunk) - R&D expenditures are expensed in the research phase and capitalized in the development phase if specific criteria are met[246](index=246&type=chunk)[282](index=282&type=chunk) [Taxes](index=112&type=section&id=VI.%20Taxes) This section lists the company's main taxes and applicable rates, including preferential policies for high-tech enterprises Main Taxes and Rates | Tax Type | Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13.00%, 9.00%, 6.00% | | Urban Maintenance and Construction Tax | 7.00%, 5.00% | | Corporate Income Tax (CIT) | 25.00%, 20.00%, 15.00% | | Education Surcharge | 3.00% | | Local Education Surcharge | 2.00% | - The company and several subsidiaries are certified as high-tech enterprises, qualifying for a **preferential CIT rate of 15%**[284](index=284&type=chunk)[285](index=285&type=chunk) - One subsidiary qualifies as a small and micro-enterprise, subject to a CIT rate of 20%[286](index=286&type=chunk) [Notes to Consolidated Financial Statement Items](index=113&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures and explanations for each item in the consolidated financial statements Cash and Cash Equivalents at Period-End | Item | Closing Balance (Yuan) | | :--- | :--- | | Bank Deposits | 1,668,912,632.50 | | Accrued Interest Not Yet Due | 5,589,093.35 | | Total | 1,674,501,725.85 | - **Trading financial assets** had a closing balance of zero, as the opening balance of 201.77 million Yuan was fully redeemed upon maturity during the period[291](index=291&type=chunk) - **Notes receivable decreased by 64.94%** to 24.94 million Yuan, mainly due to a reduction in commercial and lower-credit bank acceptance bills received[293](index=293&type=chunk)[302](index=302&type=chunk) - **Accounts receivable** had a closing book value of **848.81 million Yuan**, with a bad debt provision of 40.99 million Yuan[304](index=304&type=chunk) - **Receivables financing increased by 58.69%** to 16.48 million Yuan, primarily from receiving more high-credit bank acceptance bills[314](index=314&type=chunk)[319](index=319&type=chunk) - **Inventories** had a closing book value of **412.42 million Yuan**, with an impairment provision of 18.20 million Yuan[337](index=337&type=chunk) - **Construction in progress increased by 52.99%** to 39.81 million Yuan, mainly due to the ongoing construction of a warehousing project by subsidiary Tieke Tianjin[366](index=366&type=chunk)[369](index=369&type=chunk) - **Employee benefits payable increased by 85.68%** to 49.33 million Yuan, due to the cumulative monthly accrual of year-end bonuses[402](index=402&type=chunk)[405](index=405&type=chunk) - **Special reserves increased by 33.35%** to 6.46 million Yuan, primarily from the accrual of work safety funds[426](index=426&type=chunk) - **Operating revenue and cost decreased by 27.60% and 32.34% YoY**, respectively, due to the delivery schedule of the parent company's中标线路[433](index=433&type=chunk)[435](index=435&type=chunk) - **Credit impairment loss** for the period was **11.94 million Yuan**, a significant change from the prior period, mainly due to a lower bad debt provision rate following the collection of long-overdue receivables[449](index=449&type=chunk) [R&D Expenditures](index=159&type=section&id=VIII.%20R&D%20Expenditures) The company's R&D spending increased by 7.36% YoY, with all expenditures expensed during the period R&D Expenditures by Nature in H1 2025 | Item | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 19,186,529.03 | 19,264,544.15 | | Direct Inputs | 9,958,902.40 | 8,440,360.50 | | Depreciation and Amortization | 12,119,986.00 | 11,827,714.87 | | Outsourced R&D Fees | 318,190.15 | 77,669.90 | | Others | 2,924,412.28 | 1,845,140.89 | | Total | 44,508,019.86 | 41,455,430.31 | | Of which: Expensed R&D | 44,508,019.86 | 41,455,430.31 | | Capitalized R&D | 0.00 | 0.00 | [Interests in Other Entities](index=161&type=section&id=X.%20Interests%20in%20Other%20Entities) This section discloses the company's equity interests in its subsidiaries and an associate company Key Subsidiaries | Subsidiary Name | Main Place of Business | Registered Capital (CNY 10,000) | Shareholding (%) | | :--- | :--- | :--- | :--- | | Tieke Yichen | Hebei | 14,500.00 | 51.00 | | Tieke Tengyue | Hebei | 8,945.42 | 51.00 | | Tieke Tianjin | Tianjin | 19,000.00 | 100.00 | | Tieke Xingcheng | Liaoning | 4,500.00 | 100.00 | | Tieke Equipment | Beijing | 3,000.00 | 100.00 | Minority Interests in Key Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding (%) | Profit Attributable to Minority (Yuan) | Dividends to Minority (Yuan) | Minority Equity Balance (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Tieke Yichen | 49.00 | 22,429,193.93 | 11,012,750.00 | 321,372,955.03 | | Tieke Tengyue | 49.00 | 13,964,628.12 | 4,042,500.00 | 152,758,083.93 | - The associate company, Shangtie Wuhu Track Slab Co, Ltd, is accounted for using the equity method as the company has significant influence through board representation despite a 15.00% shareholding[489](index=489&type=chunk) [Government Grants](index=166&type=section&id=XI.%20Government%20Grants) This section details government grants received, including deferred income and amounts recognized in current profit or loss Government Grant Liabilities in H1 2025 | Financial Statement Item | Opening Balance (Yuan) | Recognized in Other Income (Yuan) | Closing Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 3,429,785.22 | 127,762.13 | 3,302,023.09 | Income-related | | Deferred Income | 1,201,865.78 | 127,661.76 | 1,074,204.02 | Asset-related | | Total | 4,631,651.00 | 255,423.89 | 4,376,227.11 | / | Government Grants Recognized in Profit or Loss in H1 2025 | Type | Current Period (Yuan) | Prior Period (Yuan) | | :--- | :--- | :--- | | Asset-related | 127,661.76 | 142,500.84 | | Income-related | 244,762.13 | 1,195,032.51 | | Total | 372,423.89 | 1,337,533.35 | [Risks Related to Financial Instruments](index=166&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company's operations are exposed to credit risk and liquidity risk, which are managed through established policies - The company's operating activities are exposed to credit risk and liquidity risk[497](index=497&type=chunk) - **Credit risk** is managed by placing funds with high-credit-rated financial institutions and continuously monitoring the collection of receivables[497](index=497&type=chunk)[499](index=499&type=chunk) - **Liquidity risk** is managed by maintaining sufficient cash, monitoring bank borrowings, and securing backup credit facilities[499](index=499&type=chunk) Financial Liability Maturities as of June 30, 2025 | Item | Within 1 Year (Yuan) | 1-2 Years (Yuan) | 2-3 Years (Yuan) | Over 3 Years (Yuan) | | :--- | :--- | :--- | :--- | :--- | | Notes Payable | 41,692,290.94 | - | - | - | | Accounts Payable | 319,197,843.36 | 31,367,839.73 | 33,065,694.80 | 12,843,170.96 | | Other Payables | 985,534.41 | 42,000.00 | - | 118,015.65 | | Lease Liabilities due within 1 year | 4,705,878.16 | - | - | - | | Lease Liabilities | - | 5,636,523.49 | 4,686,514.35 | - | Derecognized Financial Assets upon Transfer | Item | Transfer Method | Derecognized Amount (Yuan) | | :--- | :--- | :--- | | Receivables Financing - Bank Acceptance Bills | Endorsement/Discounting | 31,569,265.44 | | Accounts/Other Receivables - Electronic Debt Vouchers | Endorsement | 43,780,878.38 | | Total | / | 75,350,143.82 | Transferred Financial Assets with Continuing Involvement | Item | Transfer Method | Asset Amount (Yuan) | Liability Amount (Yuan) | | :--- | :--- | :--- | :--- | | Notes Receivable - Bank Acceptance Bills | Endorsement | 3,309,886.03 | 3,309,886.03 | | Notes Receivable - Commercial Acceptance Bills | Endorsement | 3,400,000.00 | 3,400,000.00 | | Accounts/Other Receivables - Electronic Debt Vouchers | Endorsement | 5,072,419.24 | 5,072,419.24 | [Fair Value Disclosures](index=169&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section discloses the fair value of assets and liabilities measured on a recurring basis Items Measured at Fair Value at Period-End | Item | Level 3 Fair Value (Yuan) | Total (Yuan) | | :--- | :--- | :--- | | Receivables Financing | 16,479,905.28 | 16,479,905.28 | | Total assets measured at fair value on a recurring basis | 16,479,905.28 | 16,479,905.28 | - Receivables financing consists of bank acceptance bills, whose fair value is determined by their face value due to the low probability of loss[510](index=510&type=chunk) [Related Parties and Transactions](index=170&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) This section details the company's related parties and the nature and amount of transactions conducted with them - The ultimate controlling party of the enterprise is China State Railway Group Co, Ltd[513](index=513&type=chunk) - The parent company, China Academy of Railway Sciences Corporation Limited, holds a 26.25% direct stake and an 11.25% indirect stake through a wholly-owned subsidiary[513](index=513&type=chunk) Related-Party Purchases of Goods/Services in H1 2025 | Related Party | Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | Hebei Fuyue Railway Equipment Co, Ltd | Receipt of services | 6,507,535.78 | | Hebei Tengyue Railway Equipment Co, Ltd | Purchase of goods | 2,737,639.67 | | Hebei Yichen Industrial Group Co, Ltd | Purchase of goods | 2,215,061.28 | | Hebei Yichen Industrial Group Co, Ltd | Receipt of services | 2,434,680.13 | | China Railway Test & Certification Centre Co, Ltd | Receipt of services | 560,600.37 | | China Academy of Railway Sciences Corporation Limited | Receipt of services | 173,113.21 | Related-Party Sales of Goods/Services in H1 2025 | Related Party | Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | Hebei Yichen Industrial Group Co, Ltd | Sale of goods | 95,696,020.70 | | Mengji Railway Co, Ltd | Sale of goods | 48,892,457.95 | | Tieke (Beijing) Rail Equipment Technology Co, Ltd | Sale of goods | 46,171,156.38 | | Wan-Gan Railway Anhui Co, Ltd | Sale of goods | 44,862,617.40 | | Jingkun High-Speed Railway Xikun Co, Ltd | Sale of goods | 21,924,324.79 | | China Railway Guangzhou Group Co, Ltd | Sale of goods | 16,901,320.03 | - Compensation for key management personnel during the period amounted to 1,599,045.33 Yuan[527](index=527&type=chunk) Related-Party Technology Licensing Transactions in H1 2025 | Related Party Name | Transaction Content | Amount (Yuan) | | :--- | :--- | :--- | | China Academy of Railway Sciences Corporation Limited | Technology licensing | 1,860,174.47 | | China Railway Design Corporation | Technology licensing | 1,067,896.90 | | China Railway Economic and Planning Research Institute Co, Ltd | Technology licensing | 694,016.71 | | Total | — | 3,622,088.08 | [Commitments and Contingencies](index=184&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies to disclose for the reporting period - The company has no significant commitments[539](index=539&type=chunk) - The company has no significant contingencies to disclose[539](index=539&type=chunk) [Other Significant Matters](index=185&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's annuity plan, which is funded by joint contributions from the company and employees - The company re-established its enterprise annuity collective plan in January 2022, with voluntary employee participation[540](index=540&type=chunk) - The annuity is funded by both the company and participating employees, with the company's annual contribution capped at 8% of the total annual payroll[540](index=540&type=chunk) [Notes to Parent Company Financial Statement Items](index=185&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on key items in the parent company's financial statements - The parent company's accounts receivable had a closing book balance of **482.51 million Yuan**, with a bad debt provision of 27.81 million Yuan[544](index=544&type=chunk) - The parent company's other receivables had a closing book balance of **205.17 million Yuan**, primarily consisting of intercompany balances and deposits[559](index=559&type=chunk)[562](index=562&type=chunk) - The parent company's long-term equity investments had a closing book value of **435.28 million Yuan**, including investments in subsidiaries and associates[569](index=569&type=chunk) - The parent company's operating revenue for H1 2025 was **287.91 million Yuan**, with operating costs of 209.62 million Yuan[572](index=572&type=chunk) - The parent company's investment income was **15.76 million Yuan**, a 30.94% decrease from the prior period, mainly due to reduced dividends from subsidiaries[574](index=574&type=chunk)[575](index=575&type=chunk) [Supplementary Information](index=197&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial data, including details on non-recurring items and return metrics Details of Non-recurring Items in H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains/losses on disposal of non-current assets | 58,201.68 | | Government grants recognized in current profit or loss (excluding those closely related to normal business) | 244,762.13 | | Fair value changes of financial assets/liabilities and gains/losses from their disposal | 94,994.82 | | Other non-operating income and expenses | -42,605.96 | | Less: Income tax effect | 39,053.68 | | Less: Minority interest effect (after tax) | 36,394.49 | | Total | 279,904.50 | Return on Equity and Earnings Per Share in H1 2025 | Profit for the Period | Weighted Average ROE (%) | Earnings Per Share (Yuan) | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 2.33 | 0.32 | | Net profit attributable to common shareholders after non-recurring items | 2.32 | 0.32 |

Group 1 - The company's operating revenue for the first half of 2025 is 504 million yuan, representing a year-on-year decrease of 27.60% [1] - The net profit for the same period is 66.93 million yuan, showing a year-on-year decline of 42.04% [1]

Core Viewpoint - The company, Beijing Iron and Steel Technology Co., Ltd., will participate in the 2025 semi-annual performance briefing for the transportation concept industry on September 2, 2025, to discuss its operational results and financial status with investors [1][2]. Group 1: Event Details - The performance briefing is scheduled for September 2, 2025, from 15:00 to 17:00 [2][4]. - The event will take place at the Shanghai Stock Exchange Roadshow Center and will be conducted in an online text interaction format [2][4]. - Investors can submit questions until September 1, 2025, at 16:00 through the Roadshow Center website or via the company's email [2][5]. Group 2: Company Participation - Key participants from the company include the General Manager, Mr. Zhang Yuanqing, Independent Director, Mr. Li Zhiqiang, Chief Financial Officer, Mr. Liu Longxian, and Board Secretary, Ms. Xu Ximeng [4][5]. - The company aims to address common investor concerns regarding its 2025 semi-annual operational results and financial indicators during the briefing [3][4]. Group 3: Contact Information - Investors can contact the company's securities department at 010-51529198 or via email at bjtkgd@163.com or tkgdir@bjtkgd.com for inquiries [5]. - After the briefing, the main content and details of the event will be available on the Shanghai Stock Exchange Roadshow Center website [5].

证券代码：688569 证券简称：铁科轨道 公告编号：2025-015 北京铁科首钢轨道技术股份有限公司 关于参加 2025 年半年度科创板交通概念行业 集体业绩说明会的公告 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 投资者可于 9 月 1 日（星期一）16:00 前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司邮箱（bjtkgd@163.com 或 tkgdir@bjtkgd.com） 向公司提问，公司将在说明会上对投资者普遍关注的问题进行回答。 北京铁科首钢轨道技术股份有限公司（以下简称"公司"）将于 2025 年 8 月 28 日披露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 2 日(星期二)15： 00-17：00 参加由上海证券交易所主办的 2025 年半年度科创板交通概念行业集 体业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本 ...

Core Viewpoint - The forum emphasized the collaborative development of new energy and energy storage, particularly in the context of the cancellation of mandatory energy storage requirements, highlighting the need for market-driven approaches and ecological empowerment in building a green energy system in the western regions of China [1][28]. Group 1: Forum Overview - The 10th Energy Storage Western Forum was held in Hohhot, Inner Mongolia, with over 500 representatives from government, academia, and industry discussing the synergy between new energy and energy storage [1]. - The forum was co-hosted by several organizations, including the China Energy Research Society and the Zhongguancun Energy Storage Industry Technology Alliance [1]. Group 2: Key Speakers and Insights - Key figures included Shi Yubo, Chairman of the China Energy Research Society, who highlighted the unique advantages of the western region for large-scale energy storage applications due to abundant wind and solar resources [6]. - Xu Ziming from the National Energy Administration emphasized the rapid development of new energy storage since the 14th Five-Year Plan and outlined three focus areas for the 15th Five-Year Plan: top-level design, market mechanism improvement, and high-quality development [9]. Group 3: Technological Directions - Academician Ouyang Minggao proposed three major directions for energy storage technology: battery storage, vehicle-to-grid (V2G) systems, and green hydrogen storage, emphasizing the need for multi-disciplinary innovation [12]. - The focus on battery storage includes breakthroughs in safety and cost reduction, aiming for a storage cost of 0.1 yuan/Wh [12]. Group 4: Industry Practices - Wang Lixin from Inner Mongolia Power Group discussed the establishment of a long-term compensation mechanism for energy storage, which provides stability for project revenues [15]. - Zheng Yaodong from Southern Power Grid highlighted the operational efficiency of their energy storage stations, with some achieving over 3,150 operational hours annually [17]. Group 5: Industry Data and Trends - Chen Haisheng reported that by mid-2025, China's new energy storage capacity reached 101.3 GW, marking a significant increase from previous years, with expectations for further growth to 236.1-291.2 GW by 2030 [20]. - The forum also saw the release of a book on compressed air energy storage, showcasing two decades of research in the field [22]. Group 6: Strategic Insights - Wen Yuliang from CRRC Zhuzhou Institute emphasized the importance of innovation in energy storage value, focusing on diverse application scenarios and technological breakthroughs [25]. - Si Zheng from Beijing Haibo Technology highlighted the opportunities arising from the cancellation of mandatory energy storage, suggesting that energy storage will play a crucial role in stabilizing the grid and enhancing the profitability of renewable energy projects [28]. Group 7: Forum Discussions - The forum included discussions on market mechanisms and business models, addressing challenges in energy storage commercialization and integration into the power market [30]. - Specialized workshops focused on zero-carbon park development, innovative storage technologies, and the integration of energy storage with data centers [31].

Investment Rating - Investment Rating: Positive (Maintain) [5] Core Viewpoints - The construction of an efficient rail system in Xiong'an New Area is accelerating, with a focus on creating a national comprehensive transportation hub. The railway network is forming a "four vertical and two horizontal" high-speed rail system that covers the Beijing-Tianjin-Hebei core area and extends to Central China, East China, and Northwest regions [5][6][9] - The three high-speed rail lines (Xiongshan, Xionxin, and Shixiong) have a total investment of approximately 177.3 billion yuan, with significant construction progress expected between 2025 and 2027, leading to potential revenue and profit growth for related companies [5][36][39] Summary by Sections 1. Efficient Rail System Construction - Xiong'an New Area is strategically positioned to support national development, serving as a key hub for relieving Beijing's non-capital functions. The area is expected to achieve significant connectivity with major cities, including a 20-minute commute to Beijing's new airport and 30 minutes to Beijing and Tianjin [6][9] - The policy framework supporting the railway system has been established, with multiple levels of government backing the construction of high-speed rail and other transportation infrastructure [7][9] 2. High-Speed Rail Network Development - The Xiongshan High-Speed Rail connects Xiong'an to Central China, with a total length of approximately 552 kilometers and a planned completion date of 2026. The project has a total investment of 86.4 billion yuan [14][20] - The Xionxin High-Speed Rail, spanning 342.67 kilometers, is expected to enhance connectivity between Xiong'an and Shanxi, with a completion target of 2027 [21][24] - The Shixiong High-Speed Rail will connect Shijiazhuang and Xiong'an, with a total investment of approximately 33.65 billion yuan and a planned completion date of 2028 [30][33] 3. Investment Opportunities - The construction phase for the three high-speed rail lines is expected to release over 40.7 billion yuan in civil engineering funds between 2025 and 2027, creating significant opportunities for construction and equipment manufacturing companies [5][36][39] - Key construction companies involved include China Railway and China Railway Construction, which are expected to benefit from the ongoing projects [38][39] - The demand for tunnel boring machines (TBM) and related equipment is anticipated to rise due to the high proportion of tunnel construction in the projects, benefiting leading manufacturers in the sector [39][40]

Group 1 - The core viewpoint of the news is that 铁科轨道 (Iron Science Rail) has experienced a significant decline in its stock price and financial performance as of the latest reporting period [1] - As of August 14, 2025, the stock price of 铁科轨道 is 22.8 yuan, down 5.35%, with a trading volume of 60,000 hands and a transaction amount of 1.4 billion yuan [1] - The company reported a total operating revenue of 205 million yuan for Q1 2025, a year-on-year decrease of 38.58%, and a net profit attributable to shareholders of 21.73 million yuan, down 60.46% year-on-year [1] Group 2 - The company has a current ratio of 6.597, a quick ratio of 5.745, and a debt-to-asset ratio of 12.31%, indicating a strong liquidity position [1] - 铁科轨道 has made investments in 8 companies and participated in 1,923 bidding projects, showcasing its active engagement in the industry [2] - The company holds 9 trademark registrations and 253 patents, along with 40 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Viewpoint - The article highlights the emergence of rail transit equipment as a new investment opportunity driven by a new wave of infrastructure projects initiated by the government, particularly the New Tibet Railway project, which is expected to significantly benefit related companies in the rail equipment sector [4][11]. Infrastructure Projects - A series of major infrastructure projects are being launched, including the New Tibet Railway with an estimated investment of 200 billion, the Hainan Qiongzhou Strait Bridge at 150 billion, and the Zhejiang-Jiangxi-Guangdong Grand Canal at 300 billion [10]. - The New Tibet Railway, which spans approximately 2000 kilometers, is set to begin construction in the Xinjiang section by November 2025 and in the Tibet section by 2026, with a total investment exceeding 300 billion [11]. Rail Transit Equipment Sector - The rail transit equipment sector is expected to benefit from technological upgrades, maintenance demands, and overseas market expansion, maintaining a continuous demand and growth potential even after project completion [11]. - Key companies in this sector include China CRRC, Times Electric, China Railway Signal & Communication, Golden Eagle Heavy Industry, and Tieke Rail [12]. Company Performance - **China CRRC**: The company leads globally in rail equipment sales, reporting a revenue of 48.67 billion in Q1 2024, a 51.2% increase year-on-year, with a net profit of 2.81 billion, up 320.2% [14][16]. The railway equipment segment saw a revenue increase of 93.63% [19]. - **Times Electric**: This company is a leading supplier of traction conversion systems, reporting a revenue of 4.54 billion in Q1 2024, a 14.8% increase year-on-year, with a net profit of 600 million, up 29.5% [33][35]. - **China Railway Signal & Communication**: The company is a top provider of rail control systems, with a revenue of 67.3 billion in Q1 2024, although it faced a decline in net profit due to reduced engineering contracting revenue [46][49]. Market Dynamics - The railway fixed asset investment in China reached 850.6 billion in 2024, marking an 11.3% increase year-on-year, indicating robust growth in the sector [29]. - The demand for maintenance services for high-speed trains is expected to surge as the fleet size increases, with a projected 200% growth in high-speed train ownership from 2011 to 2016 [30]. Challenges and Opportunities - **Golden Eagle Heavy Industry**: The company reported a 39.1% decline in net profit in 2024, primarily due to reduced sales of high-margin products, despite a slight increase in overall revenue [60][62]. - **Tieke Rail**: The company experienced a significant drop in net profit by 60.4% in Q1 2025, attributed to delays in supply for its fastening products [67][71]. This analysis indicates a promising outlook for the rail transit equipment sector, driven by government infrastructure investments, while also highlighting the challenges faced by individual companies in maintaining profitability amidst fluctuating market conditions.

Group 1 - The core viewpoint of the news is that 铁科轨道 (Iron Science Rail) has experienced a significant decline in its financial performance, with a notable drop in revenue and net profit in the latest quarterly report [1] - As of August 12, 2025, 铁科轨道's stock closed at 23.95 yuan, down 3.23%, with a trading volume of 56,300 hands and a transaction amount of 136 million yuan [1] - The company reported total revenue of 205 million yuan for the first quarter of 2025, a year-on-year decrease of 38.58%, and a net profit attributable to shareholders of 21.73 million yuan, down 60.46% year-on-year [1] Group 2 - The company has a current ratio of 6.597, a quick ratio of 5.745, and a debt-to-asset ratio of 12.31%, indicating a strong liquidity position [1] - 铁科轨道 has made investments in 8 companies and participated in 1,920 bidding projects, showcasing its active engagement in the industry [2] - The company holds 9 trademark registrations and 253 patents, along with 40 administrative licenses, reflecting its commitment to innovation and compliance [2]

Core Insights - In July, a total of 33 energy storage EPC projects and 13 energy storage system procurement projects were awarded, indicating a robust activity in the energy storage sector [4] - The average winning bid price for energy storage EPC projects increased by 4% month-over-month to 0.994 CNY/Wh, while the average price for energy storage system procurement decreased by 15% to 0.451 CNY/Wh [4] - The total awarded capacity for energy storage system projects in July reached 4.23 GWh, with CRRC Zhuzhou Institute leading with a 1 GWh bid, accounting for 24% of the total awarded capacity [5] Pricing Trends - The winning bid price range for energy storage EPC projects was between 0.125 CNY/Wh and 1.575 CNY/Wh, with the lowest bid from Beijing Tiancheng Tongchuang Electric Co., Ltd. at 0.413 CNY/Wh [4] - For energy storage system procurement, the bid price range was from 0.413 CNY/Wh to 1.471 CNY/Wh, with the highest bid from Kaifeng Times New Energy Technology Co., Ltd. at 1.471 CNY/Wh [4] Market Leaders - The top 10 companies in the domestic energy storage system project bidding for July 2025 include CRRC Zhuzhou Institute, Tiancheng Tongchuang, Yisite, Shuangdeng Group, Guoneng Xinkong, Caijin Jiaan, Envision Energy, Hanyang New Energy, Ganfeng Lithium, and Kaifeng Times [6][7]