CHINA RAILWAY(00390)2025-03-28 12:25Financial Performance - The total revenue for 2024 was RMB 1,160,311 million, a decrease of 8.2% compared to 2023[6]. - The profit before tax for 2024 was RMB 40,613 million, down 14.6% from the previous year[6]. - The net profit attributable to shareholders for 2024 was RMB 27,887 million, representing a decline of 16.7% year-on-year[6]. - Basic earnings per share for 2024 were RMB 1.085, a decrease of 16.2% compared to 2023[6]. - The company’s profit for 2024 was RMB 7,513 billion, reflecting a year-on-year decline of 9.8%[49]. - The net profit for 2024 was CNY 30.76 billion, down 18.3% year-on-year, with profit attributable to shareholders decreasing by 16.7% to CNY 27.89 billion[95][110]. - The gross profit for 2024 was CNY 110.23 billion, representing a gross margin of 9.5%, down from 9.7% in 2023[98]. - The effective tax rate for 2024 was 20.0%, an increase of 2.3 percentage points compared to the previous year[109]. Assets and Liabilities - Total assets increased by 23.3% to RMB 2,256,266 million in 2024[7]. - Current assets rose by 25.7% to RMB 1,264,093 million[7]. - Total liabilities increased by 27.5% to RMB 1,746,274 million[7]. - The total equity attributable to shareholders was RMB 354,567 million according to IFRS[8]. - Long-term borrowings reached RMB 373.736 billion, an increase of 18.0% compared to the end of 2023, while short-term borrowings rose by 27.3% to RMB 144.231 billion[128]. - The debt-to-asset ratio increased to 77.4% in 2024 from 74.9% in 2023, reflecting a 2.5 percentage point rise[134]. Shareholder Information - The number of ordinary shareholders as of the end of the reporting period is 464,569, a decrease from 466,293 at the end of the previous month[21]. - The company’s total outstanding shares and shareholder structure have undergone changes, but specific details are not applicable for disclosure[20]. - China Railway Engineering Group holds 46.98% of shares, totaling 11,623,119,890 shares[23]. - The company has no other shareholders holding more than 10% of the shares, aside from HKSCC Nominees Limited[43]. - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 5,197,632,261.57, which accounts for 15.52% of the net profit attributable to shareholders in 2023[143]. Business Operations and Strategy - The company plans to continue its focus on infrastructure construction and expand its market presence[6]. - The company is actively involved in national strategic projects, contributing to regional economic development and infrastructure improvements[45]. - The company is focusing on enhancing efficiency and value creation, aiming to accelerate the construction of a high-quality modern industrial system by 2025[47]. - The company is committed to enhancing its technological innovation capabilities and expanding its market presence in new energy and infrastructure sectors[51]. - The company achieved a total construction output value of RMB 326,501.1 billion in 2024, representing a year-on-year growth of 3.85%[49]. Contractual and Project Information - The company signed new contracts worth RMB 337,500.5 billion in 2024, a decrease of 5.29% compared to the previous year[49]. - The total uncompleted contract amount at the end of the reporting period was RMB 68,860.5 billion, an increase of 17.2% compared to the end of 2023[64]. - The company maintained a leading market share in the railway and urban rail sectors, with new contracts in these areas totaling RMB 1.87 trillion[61]. - The company secured new contracts in other business areas amounting to CNY 196.74 billion, an increase of 42.8% year-on-year[68]. Research and Development - The company has successfully implemented 35 key R&D projects under the national "14th Five-Year Plan" during the reporting period[63]. - The group received 240 provincial and ministerial-level scientific and technological progress awards and was granted 9,745 patents, including 3,385 invention patents and 296 overseas patents[82]. - The group aims to continue investing in R&D to support strategic emerging industries and key technologies, striving to overcome critical technical challenges and enhance its innovation capabilities[83]. Compliance and Governance - The company strictly complied with laws and regulations, with no instances of dishonesty reported for the period[178]. - The company has established a risk management and internal control system to mitigate various business risks, including real estate investment and cash flow risks[138]. - The company is committed to maintaining harmonious relationships with stakeholders and actively addressing their concerns through effective communication mechanisms[88]. Market Conditions - The construction industry is experiencing a slowdown, with a focus on structural adjustments and rational development, impacting the company's cash dividend levels[144]. - The government is focusing on stabilizing the real estate market and promoting the transformation of housing structures, with policies aimed at reducing restrictions and increasing the supply of affordable housing[53]. - The trust industry in 2024 faced stricter regulatory conditions, with new guidelines aimed at enhancing risk prevention and promoting high-quality development[55].