Market Overview - On September 29, the railway and highway sector rose by 0.41% compared to the previous trading day, with Fulin Transportation leading the gains [1] - The Shanghai Composite Index closed at 3862.53, up 0.9%, while the Shenzhen Component Index closed at 13479.43, up 2.05% [1] Stock Performance - Notable gainers in the railway and highway sector included: - Fulin Transportation (002357) with a closing price of 10.00, up 2.35% on a trading volume of 83,100 shares and a turnover of 82.01 million yuan [1] - Anhui Expressway (600012) closed at 13.57, up 1.95% with a trading volume of 151,300 shares and a turnover of 204 million yuan [1] - Dongguan Holdings (000828) closed at 11.33, up 1.80% with a trading volume of 84,900 shares and a turnover of 95.34 million yuan [1] Fund Flow Analysis - The railway and highway sector experienced a net outflow of 274 million yuan from institutional investors, while retail investors saw a net inflow of 178 million yuan [2] - The sector's overall fund flow indicated that retail investors were more active compared to institutional investors on that day [2] Individual Stock Fund Flow - Key stocks with significant fund flow included: - Haikou Group (603069) with a net inflow of 20.84 million yuan from institutional investors, but a net outflow of 19.49 million yuan from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 7.74 million yuan from institutional investors, while retail investors saw a net outflow of 612.25 million yuan [3] - Hainan Expressway (000886) recorded a net inflow of 11.83 million yuan from institutional investors, but retail investors had a net outflow of 660.90 million yuan [3]

第十届董事会第十九次会议（临时会议）决议公告 证券代码：000557 证券简称：西部创业 公告编号：2025-32 审议通过了《关于调整 2025 年度固定资产投资计划的提案》。 同意公司对《2025 年度投资计划》中固定资产投资计划进 行调整。本次新增投资项目 11 项、调整 23 项、取消 6 项，共 — 1 — 第十届董事会第十九次会议（临时会议）决议公告 核减年内投资 31,158 万元。调整后，2025 年度固定资产投资项 目共 61 项，年内计划投资 91,250 万元。 宁夏西部创业实业股份有限公司 第十届董事会第十九次会议 （临时会议）决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 2025 年 9 月 23 日，宁夏西部创业实业股份有限公司第十届 董事会第十九次会议（临时会议）以通讯表决方式召开。关于召 开本次会议的通知于 2025 年 9 月 10 日以书面、电子邮件和电话 形式发出。董事陈存兵、巫斌伟、吴清亮、韩鹏飞、王勇、刘建 平、许志平、张文君、王玉荣、杨玉明出席会议，公司监事及高 级管理人员列席会议 ...

Core Viewpoint - The company has approved adjustments to its fixed asset investment plan for 2025, reflecting a strategic shift in its investment priorities [1] Group 1: Meeting Details - The 19th meeting of the 10th Board of Directors was held on September 23, 2025, via telecommunication, with all 10 directors present, ensuring compliance with meeting protocols [1] - The meeting notification was issued on September 10, 2025, and included attendance from supervisors and senior management [1] Group 2: Investment Plan Adjustments - The proposal to adjust the 2025 fixed asset investment plan was approved, which includes the addition of 11 new projects, adjustments to 23 existing projects, and the cancellation of 6 projects [1] - The total reduction in investment for the year amounts to 31.158 million yuan, resulting in a revised total of 61 investment projects for 2025, with a planned investment of 91.25 million yuan [1]

证券日报网讯西部创业9月17日在互动平台回答投资者提问时表示，公司主营业务为铁路运输，运营里 程315公里，主要服务对象为宁夏宁东能源化工基地并辐射周边，主要运输货物为煤炭，收入主要来源 于运费、杂费、代维代管费。铁路物流业务作为运输产业链的延伸补充，涉及大宗货物铁路运输、公铁 联运、多式联运及物流园运营。从收入构成来看，2025年上半年，公司铁路运输及铁路物流业务实现营 业收入63，726.92万元，占营业总收入的99.42%；葡萄酒及其他业务收入370.20万元，占比0.58%。因 此，铁路运输业务是公司最核心且盈利能力最强的业务，其收入规模、占比及毛利率均显著领先于其他 业务板块，铁路运输部门即宁东铁路公司是公司目前主要的利润贡献来源。公司将持续聚焦核心业务发 展，严格遵循信息披露规定，具体经营数据请以公司定期报告为准。 （文章来源：证券日报） ...

Core Viewpoint - The development of private enterprises should align with national strategies, and technology should empower rural revitalization while ensuring food security and increasing farmers' income [1] Group 1: Company Background and Development - The company, founded by Yin Jianmin, started in the natural gas sector and became the first private gas enterprise in Gansu Province, later investing all accumulated funds into agriculture [1][2] - The company has successfully supported over 23,000 farmers in increasing their income over more than 20 years [1] - The natural gas company has established a gas transmission capacity of 547 million standard cubic meters through a 79-kilometer pipeline, providing energy support to 10 large industrial enterprises in Lanzhou [4] Group 2: Entrepreneurial Journey - Yin Jianmin made a significant career shift from a stable job in the electric power industry to entrepreneurship in Guangdong during the late 1980s [2] - The company faced initial challenges in promoting natural gas, including a lack of understanding among potential users, leading to a risky investment of nearly 40 million yuan for free trials [3] - The company overcame financial difficulties with the help of local government support, securing over 10 million yuan in loans [3] Group 3: Cross-Industry Operations - The company has expanded into agriculture, investing 380 million yuan to create the Lanzhou Xinyuan Modern Agricultural Technology Development Company, focusing on activating land and labor resources [5] - Yin Jianmin emphasizes the importance of balancing operations between the natural gas and agricultural sectors, implementing a dual-track management approach [6] Group 4: Agricultural Development and Community Impact - The agricultural company has developed a composite ecosystem of "production + service + experience," enhancing product quality through various agricultural practices [7] - The company has established multiple bases for meat sheep breeding and organic fruit and vegetable cultivation, contributing to local employment and economic stability [9] - The philosophy of "empowering through education" is central to the company's approach, with initiatives aimed at improving farmers' skills and knowledge [8]

Core Viewpoint - The company emphasizes the integration of its development with national strategies, focusing on technological empowerment for rural revitalization and agricultural prosperity [1] Group 1: Company Background and Development - The company was founded by Yin Jianmin, who transitioned from the natural gas industry to agriculture, investing all her accumulated funds into agricultural development [2][5] - The company has successfully established a natural gas supply network in Gansu, with an annual delivery capacity of 547 million standard cubic meters and a pipeline length of 79 kilometers [4] Group 2: Challenges and Strategies - The company faced significant challenges in promoting natural gas usage, including a lack of understanding among potential users and financial difficulties, which were mitigated by local government support [3][4] - Transitioning to agriculture involved overcoming technical knowledge gaps and securing funding, with strategies including hiring agricultural experts and seeking government support [5][6] Group 3: Agricultural Initiatives and Community Impact - The company has developed a comprehensive agricultural ecosystem that includes production, processing, and service sectors, enhancing product quality and market competitiveness [7] - The company prioritizes education and skill development for local farmers, believing that empowering them with knowledge is essential for sustainable development [8][9]

Market Overview - On September 3, the railway and highway sector declined by 1.01%, with Shentong Metro leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Individual Stock Performance - Shentong Metro (600834) closed at 8.71, down 4.18% with a trading volume of 95,000 shares and a transaction value of 84.02 million yuan [2] - Other notable declines include: - Jinjiang Online (600650) down 3.80% to 15.70 - Sanxia Tourism (002627) down 3.57% to 6.49 - Jiangxi Changyuan (600561) down 3.45% to 6.72 [2] Capital Flow Analysis - The railway and highway sector experienced a net outflow of 275 million yuan from institutional investors, while retail investors saw a net inflow of 122 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are entering the market [2] Detailed Capital Flow by Stock - Key stocks with significant capital flow include: - Beijing-Shanghai High-Speed Railway (601816) saw a net inflow of 37.66 million yuan from institutional investors but a net outflow from retail investors [3] - Sichuan Chengyu (601107) had a net inflow of 8.81 million yuan from institutional investors, while retail investors withdrew funds [3] - Shanxi Expressway (000755) experienced a net inflow of 6.48 million yuan from institutional investors but a significant outflow from retail investors [3]

Core Viewpoint - The recent financial report of Xibu Chuangye (000557) shows a significant increase in net profit by 88.7% year-on-year, despite a slight decline in total revenue by 1.2% [1] Financial Performance Summary - Total revenue for the first half of 2025 is 641 million yuan, down 1.2% from 649 million yuan in 2024 [1] - Net profit attributable to shareholders reached 295.67 million yuan, up 88.7% from 156 million yuan in the previous year [1] - The second quarter revenue was 323 million yuan, an increase of 0.67% year-on-year, while net profit for the same period surged by 218.75% to 229 million yuan [1] - Gross margin decreased to 26.59%, down 15.8% year-on-year, while net margin increased to 45.95%, up 91% [1] - Total expenses (selling, administrative, and financial) amounted to 14.07 million yuan, representing 2.19% of revenue, an increase of 45.45% [1] - Earnings per share rose to 0.20 yuan, an increase of 88.78% from 0.11 yuan [1] Cash Flow and Investment Summary - Net cash flow from investment activities decreased by 159.90% due to increased investments in electrification and external power projects by Ningdong Railway [3] - Net increase in cash and cash equivalents fell by 106.88% due to reduced cash inflow from operating activities and increased project investments [3] - Cash flow from operating activities decreased by 35.98%, attributed to the suspension of supply chain trade business [3] Business Evaluation - The company's return on invested capital (ROIC) was 3.47%, indicating historically weak capital returns, with a median ROIC of 2.96% over the past decade [4] - The net profit margin was reported at 19.55%, suggesting high value-added products or services [4] - The company has experienced eight years of losses since its listing, indicating a generally poor financial performance history [4] Strategic Positioning and Future Plans - The company aims to become a leading modern logistics enterprise with strong regional competitiveness, leveraging its strategic location and transportation infrastructure [5] - Future plans include enhancing railway transportation networks, optimizing logistics services, and integrating multi-modal transport solutions [6] - The company is also focusing on the wine sector, aiming to streamline operations and enhance its core business [7]

Financial Performance - The company's operating revenue for the current period is 640,971,168.34 CNY, a decrease from 648,784,083.0 CNY in the same period last year [1] - The net profit attributable to shareholders is 294,541,205.00 CNY, significantly up from 156,088,990.0 CNY year-on-year [1] - The net profit after deducting non-recurring gains and losses is 133,098,971.04 CNY, down from 162,148,616.5 CNY in the previous year [1] - The net cash flow from operating activities is 206,700,486.67 CNY, a decline from 322,850,952.4 CNY year-on-year [1] Earnings Per Share - Basic earnings per share is 0.2020 CNY, an increase from 0.107 CNY in the previous year [2] - Diluted earnings per share is also 0.2020 CNY, compared to 0.107 CNY last year [2] - The weighted average return on equity is 4.71%, up from 2.64% year-on-year [2] Asset and Liability Changes - Total assets at the end of the current period are 6,954,645,201.39 CNY, an increase from 6,785,031,309.4 CNY at the end of the previous year [2] - The company's construction in progress has increased by 37.03% compared to the end of the previous year, while fixed assets have decreased by 1.69% [35] - The company's liabilities have seen a significant decrease in tax payable by 90.92% compared to the end of the previous year [38] Cash Flow Analysis - The net cash flow from financing activities is -2,656,600 CNY, a decrease of 97,300 CNY year-on-year [24] - The net cash flow from investment activities is -22 million CNY, compared to -8,474,070 CNY in the previous year [24] - The company's free cash flow has shown fluctuations over the years, with the latest figure being 2.07 billion CNY [27] Shareholder Structure - The largest shareholder is Ningxia State-owned Capital Operation Group Co., Ltd., holding 17.189% of the shares [47] - Other significant shareholders include China Energy Group Ningxia Coal Industry Co., Ltd. and China Cinda Asset Management Co., Ltd., both maintaining their shareholding proportions [47] Industry Overview - The company operates in the railway transportation industry, primarily engaged in railway transportation, supply chain trade services, real estate leasing, and wine sales [9]

Group 1 - The company, Ningxia Western Entrepreneurship Industrial Co., Ltd., reported a slight decline in revenue of 1.2% year-on-year, totaling 641 million yuan for the first half of 2025, while net profit surged by 88.7% to 295 million yuan [2] - The main business of the company is railway transportation, primarily serving the Ningdong Energy and Chemical Base, focusing on coal transportation [2] - The Ningdong Energy and Chemical Base is a significant national coal production base and is part of the "Golden Triangle" of energy in China, contributing to rapid regional economic growth and high industrialization [2] Group 2 - The company's wholly-owned subsidiary, Ningxia Ningdong Railway Co., Ltd., serves as a crucial transportation channel in the "Golden Triangle" region and is a key player in the national "West Coal East Transport" initiative [2] - The railway company has a well-established logistics foundation and has been recognized as a "National 4A Logistics Enterprise" [2]