CHINA RAILWAY(00390)2024-09-12 08:31Financial Performance - Total revenue for the first half of 2024 was RMB 544.522 billion, a decrease of 7.8% compared to RMB 590.766 billion in the same period of 2023[7]. - Gross profit for the first half of 2024 was RMB 46.757 billion, down 8.2% from RMB 50.906 billion in the previous year[7]. - Profit before tax decreased by 14.9% to RMB 19.560 billion compared to RMB 22.972 billion in the same period last year[7]. - Net profit attributable to shareholders was RMB 14.279 billion, a decrease of 12.1% from RMB 16.239 billion in the first half of 2023[7]. - The company reported a total comprehensive income of RMB 15,594 million for the period, down from RMB 18,646 million, a decrease of 16.0%[162]. - The company reported a total of RMB 1,533,147 million in total liabilities as of June 30, 2024, compared to RMB 1,369,536 million as of December 31, 2023[179]. - The profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 14,279 million, compared to RMB 15,669 million for the same period in 2023, showing a decrease of 8.9%[166]. Revenue Breakdown - Infrastructure construction revenue decreased by 7.9% to RMB 484.838 billion from RMB 526.649 billion year-on-year[7]. - Real estate development revenue saw a significant decline of 29.9%, dropping to RMB 14.843 billion from RMB 21.187 billion[7]. - Infrastructure construction contributed 84.4% of total revenue, with revenue of RMB 484.838 billion, a decrease of 7.9% year-on-year[74]. - Revenue from infrastructure construction contracts was RMB 473,047 million, while equipment manufacturing and sales generated RMB 12,024 million for the same period[180]. Assets and Liabilities - Total assets increased by 9.6% to RMB 2,004.424 billion as of June 30, 2024, compared to RMB 1,829.290 billion at the end of 2023[8]. - Current assets rose by 12.8% to RMB 1,134.794 billion from RMB 1,005.695 billion at the end of 2023[8]. - Total liabilities increased by 11.9% to RMB 1,533.147 billion compared to RMB 1,369.536 billion at the end of 2023[8]. - The company's total assets as of June 30, 2024, included a significant portion of property, plant, and equipment, which is crucial for its operational capacity and future growth strategies[198]. Shareholder Information - The total number of shares before the recent change was 24,752,195,983, which decreased to 24,750,629,817 after the change, reflecting a reduction of 1,566,166 shares[10]. - The total number of shareholders as of the end of the reporting period was 475,528[13]. - The largest shareholder, China Railway Engineering Corporation, holds 11,623,119,890 shares, representing 46.96% of total shares[14]. - The total number of unrestricted circulating shares increased from 24,570,929,283 to 24,626,840,121, reflecting an increase of 55,910,838 shares[10]. Employee and Labor Costs - The group's labor cost expenditure for the six months ended June 30, 2024, was RMB 27.654 billion[32]. - As of June 30, 2024, the total number of employees in the group was 293,192[32]. - The breakdown of employees by professional composition includes 29,732 production personnel, 12,654 sales personnel, and 190,622 technical personnel[33]. Investment and Capital Expenditures - Capital expenditures for the first half of 2024 totaled RMB 25.309 billion, a decrease of 3.7% from RMB 26.270 billion in the same period last year[80]. - The company invested CNY 1.2 billion in the development of a 2,000-ton self-elevating offshore wind power installation platform, which is now operational and has international leading installation capabilities[58]. Market and Economic Conditions - In the first half of 2024, China's GDP reached 61.7 trillion RMB, growing by 5.0% year-on-year, while fixed asset investment increased by 3.9% to 24.54 trillion RMB[36]. - The domestic real estate development investment in the first half of 2024 was 525.29 billion RMB, down 10.1% year-on-year, with residential investment decreasing by 10.4% to 398.83 billion RMB[40]. Environmental and Social Responsibility - The company aims to enhance its ecological environment protection efforts and has implemented 15 key measures to promote green low-carbon development[147]. - The company reported a 3.17% decrease in comprehensive energy consumption per RMB 10,000 of operating revenue compared to the same period last year[149]. - The company provided over 1,500 training sessions for grassroots cadres and trained more than 650 rural revitalization leaders in the first half of 2024[150]. Corporate Governance and Compliance - The company has appointed Deloitte Huayong as the auditor for the 2024 financial statements and internal control audit[115]. - The company strictly adheres to its commitments and has no undisclosed legal violations or penalties during the reporting period[118]. - The company has complied with all legal and regulatory requirements during the reporting period[118].