中国铁建(01186) - 2025 - 中期业绩

Section I Definitions This section defines common terms used in the report, ensuring readers have a clear understanding of the content, primarily covering key terms such as the Company, Group, controlling shareholder, Board of Directors, and Stock Exchange - The reporting period refers to January-June 2025, with the end of the reporting period on June 30, 2025; the same period last year was January-June 2024, and the end of last year was December 31, 2024[10] Section II Company Profile and Key Financial Indicators This section provides an overview of China Railway Construction Corporation Limited's basic information, contact details, stock profile, and key accounting data and financial indicators for the reporting period, noting a year-on-year decrease in operating revenue and total profit, but an increase in total assets and net assets attributable to shareholders I. Company Information The company's Chinese name is China Railway Construction Corporation Limited, abbreviated as CRCC, with Dai Hegen as its legal representative - The company's legal representative is Dai Hegen[11] II. Contact Persons and Information The company's Board Secretary and Joint Company Secretary is Jing Jing, and the Securities Affairs Representative is Wang Junshan, with the contact address for all being China Railway Construction Building, East Courtyard, No. 40 Fuxing Road, Haidian District, Beijing Company Contact Information | Position | Name | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Jing Jing | 010-52688600 | 010-52688302 | ir@crcc.cn | | Joint Company Secretary | Jing Jing, Luo Zhenbiao | 010-52688600 | 010-52688302 | ir@crcc.cn | | Securities Affairs Representative | Wang Junshan | 010-52688600 | 010-52688302 | ir@crcc.cn | III. Brief Introduction to Changes in Basic Information During the reporting period, there were no changes in the company's basic information, such as its registered address, office address, or website - The company's registered address and office address are both China Railway Construction Building, East Courtyard, No. 40 Fuxing Road, Haidian District, Beijing, postal code 100855; the company's Hong Kong office address is 23rd Floor, Railway Building, 39 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong; the company's website is www.crcc.cn, and its email address is ir@crcc.cn[12] - During the reporting period, there were no changes in the company's basic information[12] IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations During the reporting period, there were no changes in the company's selected information disclosure newspapers, website addresses for semi-annual reports, or report storage locations - The company's selected information disclosure newspapers are China Securities Journal, Shanghai Securities News, Securities Daily, and Securities Times[13] - The website addresses for publishing semi-annual reports are the Shanghai Stock Exchange website: www.sse.com.cn and the Hong Kong Stock Exchange website: www.hkex.com.hk[13](index=13&type=chunk) - The company's semi-annual report storage location is the Board of Directors Office of China Railway Construction Building, East Courtyard, No. 40 Fuxing Road, Haidian District, Beijing[13] - During the reporting period, there were no changes in the company's information disclosure and document storage locations[13] V. Company Stock Profile The company's A-shares are listed on the Shanghai Stock Exchange, and H-shares are listed on the Hong Kong Stock Exchange, with stock abbreviations and codes remaining unchanged Company Stock Profile | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | China Railway Construction | 601186 | | H-share | Hong Kong Stock Exchange | China Rail Cons | 1186 | VI. Other Relevant Information The company has appointed Ernst & Young Hua Ming LLP as its accounting firm, Beijing DeHeng Law Offices and Baker McKenzie as its legal advisors, and has A-share and H-share registrars - The company has appointed Ernst & Young Hua Ming LLP (Special General Partnership) as its accounting firm[15] - The company has appointed Beijing DeHeng Law Offices as its Chinese legal counsel and Baker McKenzie as its Hong Kong legal counsel[16] - The company's A-share registrar is China Securities Depository and Clearing Corporation Limited Shanghai Branch, and its H-share registrar is Hong Kong Registrars Limited[17] VII. Company's Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue and total profit decreased year-on-year, with net profit attributable to shareholders and basic earnings per share also declining, while total assets and net assets attributable to shareholders increased Key Accounting Data (January-June) | Key Accounting Data | Current Reporting Period (Jan–Jun) (RMB Thousand) | Same Period Last Year (RMB Thousand) | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | | Total Profit | 15,353,454 | 17,861,036 | -14.04 | | Net Profit Attributable to Shareholders of Listed Company | 10,701,474 | 11,902,158 | -10.09 | | Net Profit Attributable to Shareholders of Listed Company after Deducting Non-recurring Gains and Losses | 9,879,419 | 11,150,727 | -11.40 | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | Not Applicable | Key Accounting Data (Period-end) | Key Accounting Data | End of Current Reporting Period (RMB Thousand) | End of Last Year (RMB Thousand) | Change from End of Last Year (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 341,139,978 | 328,251,080 | 3.93 | | Total Assets | 2,006,635,769 | 1,862,842,522 | 7.72 | Key Financial Indicators (January-June) | Key Financial Indicators | Current Reporting Period (Jan–Jun) | Same Period Last Year | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.70 | 0.79 | -11.39% | | Diluted Earnings Per Share (Yuan/share) | 0.70 | 0.79 | -11.39% | | Basic Earnings Per Share after Deducting Non-recurring Gains and Losses (Yuan/share) | 0.64 | 0.73 | -12.33% | | Weighted Average Return on Net Assets (%) | 3.55 | 4.19 | Decrease of 0.64 percentage points | | Weighted Average Return on Net Assets after Deducting Non-recurring Gains and Losses (%) | 3.24 | 3.89 | Decrease of 0.65 percentage points | VIII. Differences in Accounting Data under Domestic and Overseas Accounting Standards During the reporting period, there were no differences in the company's accounting data under domestic and overseas accounting standards IX. Non-recurring Gains and Losses Items and Amounts This section lists the specific items and amounts of the company's non-recurring gains and losses during the reporting period, primarily including government subsidies, disposal gains/losses of non-current assets, and fair value changes of financial assets Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Items | Amount (RMB Thousand) | | :--- | :--- | | Disposal gains/losses of non-current assets, including the reversal of impairment provisions for assets | 12,032 | | Government subsidies recognized in current profit or loss, excluding those closely related to the company's normal business operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 252,075 | | Gains and losses from changes in fair value of financial assets and financial liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, except for effective hedging activities related to normal business operations | 177,011 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 226,917 | | Debt restructuring gains and losses | 118,301 | | Other non-operating income and expenses apart from the above items | 253,861 | | Less: Income tax impact | 146,710 | | Impact on minority interests (after tax) | 71,432 | X. Companies with Equity Incentives or Employee Stock Ownership Plans May Choose to Disclose Net Profit after Deducting the Impact of Share-based Payments The company does not have equity incentives or employee stock ownership plans, so this disclosure is not applicable XI. Other This section has no other matters requiring disclosure Section III Management Discussion and Analysis (Board Report) This section discusses the company's industry development, main business operations, operating results, core competitiveness, asset and liability status, cash flow, investment status, and potential risks during the reporting period, noting growth in new contract value in engineering contracting and green environmental protection, but an overall decline in operating revenue and profit, while the company continues to advance technological innovation, refined management, and state-owned enterprise reform, actively fulfilling its social responsibilities I. Explanation of the Company's Industry and Main Business Operations during the Reporting Period China Railway Construction, as a super-large integrated construction group, operates in engineering contracting, planning and design consulting, investment and operation, real estate development, industrial manufacturing, material logistics, green environmental protection, industrial finance, and strategic emerging industries; during the reporting period, the total output value of the construction industry increased by 0.2% year-on-year, infrastructure investment increased by 4.6%, but real estate development investment decreased by 11.2%, with the company's total new contract value decreasing by 4.04% year-on-year, while overseas business new contract value increased by 57.43% year-on-year (I) Industry Development during the Reporting Period In the first half of 2025, China's construction industry's total output value was RMB 13,674.5 billion, a year-on-year increase of 0.2%; infrastructure investment grew by 4.6% year-on-year, with water transport industry investment increasing by 21.8%, water conservancy management industry investment by 15.4%, and railway transport industry investment by 4.2%; real estate development investment decreased by 11.2% year-on-year 2025 First Half Industry Development Overview | Indicator | Amount/Growth Rate | | :--- | :--- | | Total output value of construction industry | RMB 13,674.5 billion, year-on-year increase of 0.2% | | Added value of construction industry | RMB 3,821.1 billion, year-on-year increase of 0.7% | | National fixed asset investment (excluding rural households) | RMB 24,865.4 billion, year-on-year increase of 2.8% | | Infrastructure investment | Year-on-year increase of 4.6% | | Water transport industry investment | Increase of 21.8% | | Water conservancy management industry investment | Increase of 15.4% | | Railway transport industry investment | Increase of 4.2% | | National real estate development investment | RMB 4,665.8 billion, year-on-year decrease of 11.2% | | Residential investment | RMB 3,577.0 billion, year-on-year decrease of 10.4% | | Sales area of new commercial housing | 45,851 Ten Thousand square meters, year-on-year decrease of 3.5% | | Sales value of new commercial housing | RMB 4,424.1 billion, year-on-year decrease of 5.5% | - The engineering contracting industry maintained a high scale of development, with further industry concentration, but significant differentiation in sub-sectors, with rapid growth in water conservancy, energy, and power, while housing construction, highways, and municipal engineering declined[27] - Planning and design consulting business showed a downward trend, but new opportunities arose from emerging markets (such as rural construction, green environmental protection, new energy) and digital and intelligent transformation[28] - The real estate market showed marginal improvement driven by policies, but demand-side recovery still faces challenges, and the market is generally in a bottoming-out phase[31] - The industrial manufacturing industry was affected by the slowdown in transportation infrastructure construction investment, leading to intensified competition in the traditional general construction machinery market, but high-end equipment manufacturing and intelligent manufacturing brought development opportunities[32] - The material logistics industry performed below expectations due to decreased demand for construction materials, but green building material procurement policies and digital technology applications brought growth and efficiency improvements[33] - The green environmental protection industry, supported by national policies and technological innovation, is gradually becoming an important growth pole driving social and economic development[34] - Industrial finance, under a new round of financial regulatory system reform, emphasizes serving the real economy, encourages digital transformation of supply chain finance, and promotes the development of technology finance and green finance[35] (II) Company's Business Operations during the Reporting Period The company's core business, engineering contracting, covers multiple fields, using construction contract and financing contract models; planning and design consulting business continuously expands into new emerging fields; investment and operation business optimizes investment structure, focusing on new infrastructure, new energy, and other strategic emerging industries; real estate development business adheres to a focused approach, primarily residential development; industrial manufacturing industry forms three major business systems, promoting full industry chain collaboration; material logistics industry implements a "internal service, external output" strategy; green environmental protection business focuses on cultivating segmented areas of environmental governance; industrial finance adheres to the concept of serving the main business, forming five major platforms - Engineering contracting is the core and traditional industry of the Group, covering railway, highway, urban rail transit, water conservancy and hydropower, housing construction, municipal, bridge, tunnel, airport and port construction, and other fields, primarily adopting construction contract and financing contract models[36] - Planning and design consulting business continuously expands into new industries and fields such as intelligent transportation, modern tramways, urban comprehensive pipe corridors, urban underground space, ecological environment, and green environmental protection[37] - Investment and operation business, centered on high-quality development, shifts from investment-driven construction to returning to the essence of investment for profit, following a strategy of combining light and heavy assets, and long and short-term investments, to optimize the investment structure[38] - Real estate development business adheres to the principle of convergence and focus, concentrating on expanding projects in cities such as Beijing, Shanghai, Guangzhou, Chengdu, Xi'an, Hefei, and Hangzhou, adopting a business model primarily focused on residential development, supplemented by other industries[39] - The industrial manufacturing industry has formed three major business systems: equipment manufacturing, material production, and concrete PC component production, and is vigorously developing emerging businesses such as new energy equipment, high-speed railway maintenance equipment, and high-end intelligent agricultural machinery[40] - The material logistics industry formulates its development strategy and business model based on the core function of "internal service, external output," strengthening upstream and downstream extended services[41] - The green environmental protection business model primarily involves obtaining engineering contracting revenue through the construction of green environmental protection projects, focusing on cultivating segmented areas such as desertification control, soil remediation, mine restoration, and sewage treatment[42] - Industrial finance has formed five major platforms: a centralized fund management and utilization platform, an insurance resource centralized management platform, a financial leasing service platform, a supply chain finance and innovative financial service platform, and an industrial fund management platform[43] (III) New Contract Situation during the Reporting Period In the first half of 2025, the Group's total new contract value was RMB 1,056.1696 billion, a year-on-year decrease of 4.04%; overseas business new contract value increased by 57.43% year-on-year, with engineering contracting and green environmental protection being the main components, and railway engineering new contract value increasing by 39.31% year-on-year, while urban rail engineering decreased by 64.75% 2025 First Half Total New Contract Value | Indicator | Amount (RMB Billion) | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | | Total New Contract Value | 1,056.1696 | -4.04 | | Domestic Business New Contract Value | 942.0752 | -8.37 | | Overseas Business New Contract Value | 114.0944 | 57.43 | New Contract Value Indicators by Industry | Industry Type | New Contract Value (RMB Billion) | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | | Engineering Contracting | 788.4259 | -7.27 | | Green Environmental Protection | 107.3821 | 15.07 | | Planning and Design Consulting | 10.0654 | -3.77 | | Industrial Manufacturing | 16.2168 | 9.90 | | Real Estate Development | 36.7834 | -11.20 | | Material Logistics | 85.4054 | 6.14 | | Industrial Finance | 4.0327 | -11.14 | | Emerging Industries | 7.8579 | 44.45 | New Contract Value Indicators for Infrastructure Construction Projects by Business | Business Type | New Contract Value (RMB Billion) | Year-on-Year Change Rate (%) | | :--- | :--- | :--- | | Railway Engineering | 109.3025 | 39.31 | | Highway Engineering | 80.0268 | 10.73 | | Urban Rail Engineering | 15.8462 | -64.75 | | Housing Construction Engineering | 401.4308 | -5.83 | | Municipal Engineering | 90.2558 | -14.55 | | Mining | 64.6946 | -7.27 | | Water Conservancy and Water Transport Engineering | 42.4776 | -22.24 | | Airport Engineering | 1.1836 | -22.43 | | Power Engineering | 59.6057 | 10.89 | | Other Engineering | 30.9844 | -14.59 | | Total | 895.8080 | -5.06 | - As of June 30, 2025, the Group's total uncompleted contract value was RMB 8,068.2444 billion, of which domestic business accounted for 81.06% and overseas business accounted for 18.94%[44] - New contract value for railway engineering saw a significant year-on-year increase, primarily due to an increase in the total volume of railway project tenders influenced by the market[47] - New contract value for urban rail engineering saw a significant year-on-year decrease, primarily due to a reduction in the total volume of urban rail project tenders influenced by the market[47] II. Discussion and Analysis of Operating Conditions In the first half of 2025, China Railway Construction achieved positive results in market operations, cost reduction and efficiency improvement, technological innovation, and the advancement of reform tasks, with overseas new contract value increasing by 57.43% year-on-year, and selling expenses and administrative expenses decreasing by 8.50% and 9.73% respectively, while the company's technological innovation system continued to improve, and progress was made in deepening and upgrading state-owned enterprise reform - The company actively aligned with central and local growth stabilization measures, closely monitoring key clients, key regions, and major projects such as "two major constructions," maintaining overall stable market operations[50] - Overseas development accelerated comprehensively, with overseas new contract value increasing by 57.43% year-on-year[50] - The company focused on the goal of a "comprehensive improvement year" for refined management, continuously enhancing the refined management level of engineering projects and deeply carrying out supply chain management improvement actions[50] 2025 First Half Expense Control | Expense Type | Year-on-Year Decrease (%) | | :--- | :--- | | Selling Expenses | 8.50 | | Administrative Expenses | 9.73 | - The company's "1+9+N" technological innovation system continued to improve, major scientific and technological research tasks were carried out with high quality, and innovation achievements won multiple awards[51] - The company accelerated the promotion of deepening and upgrading state-owned enterprise reform, optimized layout and structure, steadily advanced streamlining and fitness, continuously deepened the three-system reform, and improved the corporate governance system[51] III. Analysis of Core Competitiveness during the Reporting Period China Railway Construction's core competitiveness is reflected in technological innovation, a complete industrial chain layout, refined management, brand value, and cultural soft power, maintaining technological leadership in multiple engineering fields, possessing a complete industrial chain covering upstream and downstream of the construction industry, and enhancing efficiency and effectiveness through comprehensive refined management, while continuously improving brand value and strengthening corporate cultural cohesion - The Group's technological level in high-speed railways, plateau railways, high-cold railways, expressways, and urban rail transit engineering design and construction continues to maintain a leading position in the industry[53] - 3,033 new valid patents were added, including 1,153 invention patents; the digital and intelligent development pattern accelerated, with the launch of the "Institutional Large Model" system[53] - The Group possesses a complete industrial chain covering the upstream and downstream of the construction industry, capable of providing full-process, full-cycle, personalized, customized, and high-quality services to owners with different needs in various fields and types[54] - A comprehensive refined management system covering the entire system, all links, all positions, and all fields has been established, with cost management as the core, implementing a cost leadership strategy[55] - The Group is a globally renowned construction engineering contractor, infrastructure operator, high-end equipment manufacturer, and strategic emerging industry developer, with business operations in 150 countries and regions worldwide[56] - The Group has undertaken 50% of domestic ordinary and high-speed railways, 40% of urban rail transit, and 30% of high-grade highways and above[56] - Inheriting and carrying forward the spirit of the Railway Corps, continuously promoting the "First Ten Spirits of China Railway Construction," and constantly enhancing cultural cohesion and appeal[57] IV. Major Operating Conditions during the Reporting Period During the reporting period, the company's operating revenue decreased by 5.22% year-on-year, primarily due to reduced engineering contracting, planning and design consulting, real estate development, and material logistics businesses; financial expenses increased by 44.18% year-on-year, mainly due to increased interest expenses; total assets increased by 7.72%, and short-term borrowings increased by 41.05% to supplement working capital; overseas assets accounted for 4.67% of total assets; the company's long-term equity investments slightly decreased, but financial assets measured at fair value increased, and the financial status of major subsidiaries remained stable (I) Analysis of Main Business Operations During the reporting period, the company's operating revenue decreased by 5.22% year-on-year, and operating costs decreased by 4.93%; real estate development business operating revenue decreased by 34.21%, and total profit decreased by 99.87%, mainly due to market adjustments and reduced delivery scale; industrial manufacturing business operating revenue and total profit both increased; overseas business operating revenue increased by 20.29% Analysis of Financial Statement Related Items (RMB Thousand) | Item | Current Period Amount | Same Period Last Year Amount | Change Ratio (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 489,199,045 | 516,136,718 | -5.22 | Decrease in engineering contracting, planning and design consulting, real estate development, and material logistics businesses | | Operating Cost | 445,937,731 | 469,070,241 | -4.93 | Decrease in engineering contracting, planning and design consulting, real estate development, and material logistics businesses | | Selling Expenses | 2,712,168 | 2,964,103 | -8.50 | Expense reduction | | Administrative Expenses | 9,239,703 | 10,235,150 | -9.73 | Expense reduction | | Financial Expenses | 4,265,445 | 2,958,492 | 44.18 | Increase in interest expenses | | R&D Expenses | 7,516,476 | 8,610,730 | -12.71 | Decrease in R&D investment | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | Not Applicable | Decrease in cash paid for goods and services | | Net Cash Flow from Investing Activities | -25,987,914 | -20,978,389 | Not Applicable | Increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets | | Net Cash Flow from Financing Activities | 101,480,589 | 95,331,937 | 6.45 | Increase in cash received from borrowings | Main Business by Segment (RMB Thousand) | Segment | Operating Revenue | Operating Cost | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Engineering Contracting Business | 434,599,557 | 402,322,250 | 7.43 | -3.77 | -3.63 | Decrease of 0.13 percentage points | | Planning and Design Consulting Business | 6,743,176 | 4,061,499 | 39.77 | -15.73 | -11.96 | Decrease of 2.58 percentage points | | Industrial Manufacturing Business | 11,826,033 | 9,321,945 | 21.17 | 5.27 | 5.11 | Increase of 0.12 percentage points | | Real Estate Development Business | 20,755,405 | 18,747,061 | 9.68 | -34.21 | -32.90 | Decrease of 1.76 percentage points | | Material Logistics and Other Businesses | 40,718,051 | 36,701,184 | 9.87 | -3.43 | -4.13 | Increase of 0.66 percentage points | | Total | 489,199,045 | 445,937,731 | 8.84 | -5.22 | -4.93 | Decrease of 0.28 percentage points | Main Business by Region (RMB Thousand) | Region | Operating Revenue | Operating Cost | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Year-on-Year Change in Gross Profit Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 452,109,573 | 411,268,703 | 9.03 | -6.84 | -6.56 | Decrease of 0.27 percentage points | | Overseas | 37,089,472 | 34,669,028 | 6.53 | 20.29 | 19.93 | Increase of 0.29 percentage points | | Total | 489,199,045 | 445,937,731 | 8.84 | -5.22 | -4.93 | Decrease of 0.28 percentage points | - The main reasons for the changes in operating revenue, operating cost, gross profit, and total profit of the real estate development business are the continuous adjustment of the real estate market and the decrease in the scale of housing delivery during the reporting period[76] (II) Explanation of Significant Profit Changes Caused by Non-Main Business Operations During the reporting period, there were no significant profit changes caused by non-main business operations (III) Analysis of Assets and Liabilities As of the end of the reporting period, the company's total assets were RMB 2,006.636 billion, an increase of 7.72% from the end of last year; net assets attributable to shareholders of the listed company were RMB 341.140 billion, an increase of 3.93%; short-term borrowings increased by 41.05%, mainly to supplement working capital; notes receivable decreased by 43.48%, and accounts receivable increased by 18.22%; overseas assets accounted for 4.67% of total assets Assets and Liabilities Status (RMB Thousand) | Item Name | Current Period End Amount | % of Total Assets | Last Year End Amount | % of Total Assets | Change from Last Year End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 180,479,468 | 8.99 | 185,703,115 | 9.97 | -2.81 | | | Notes Receivable | 1,823,056 | 0.09 | 3,225,444 | 0.17 | -43.48 | Mainly due to a decrease in the proportion of customers using commercial acceptance bills for settlement during the reporting period | | Accounts Receivable | 242,072,540 | 12.06 | 204,759,238 | 10.99 | 18.22 | | | Contract Assets | 360,411,209 | 17.96 | 304,749,626 | 16.36 | 18.26 | | | Short-term Borrowings | 211,770,913 | 10.55 | 150,142,693 | 8.06 | 41.05 | Mainly due to the Group supplementing working capital during the reporting period | | Advances from Customers | 530,731 | 0.03 | 372,439 | 0.02 | 42.50 | Mainly due to an increase in advance rental payments for leasing business during the reporting period | | Contract Liabilities | 134,150,140 | 6.69 | 141,649,350 | 7.60 | -5.29 | | | Long-term Borrowings | 335,602,406 | 16.72 | 281,386,136 | 15.11 | 19.27 | | - Overseas assets amounted to RMB 93,725,588 Thousand, accounting for 4.67% of total assets[86] (IV) Liquidity and Capital Resources (Disclosed as Required by HKEX Listing Rules) During the reporting period, net cash outflow from operating activities was RMB 79.4573 billion, a decrease of RMB 2.2190 billion compared to the same period last year; net cash outflow from investing activities was RMB 25.9879 billion, an increase of RMB 5.0095 billion compared to the same period last year; net cash inflow from financing activities was RMB 101.4806 billion, an increase of RMB 6.1487 billion compared to the same period last year; capital expenditure was RMB 19.6509 billion, a year-on-year increase of 6.50%; the gearing ratio was 74%, an increase from 71% at the end of last year Group Cash Flow (RMB Thousand) | Item | Current Reporting Period | Same Period Last Year | Change from Same Period Last Year | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -79,457,258 | -81,676,283 | 2,219,025 | | Net Cash Flow from Investing Activities | -25,987,914 | -20,978,389 | -5,009,525 | | Net Cash Flow from Financing Activities | 101,480,589 | 95,331,937 | 6,148,652 | - Net cash flow from operating activities was a net outflow of RMB 79.4573 billion, a decrease of RMB 2.2190 billion compared to the net outflow in the same period last year, mainly due to a decrease in cash paid for goods and services during the reporting period[90] - Net cash flow from investing activities was a net outflow of RMB 25.9879 billion, an increase of RMB 5.0095 billion compared to the net outflow in the same period last year, mainly due to an increase in cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets during the reporting period[90] - Net cash flow from financing activities was a net inflow of RMB 101.4806 billion, an increase of RMB 6.1487 billion compared to the net inflow in the same period last year, mainly due to an increase in cash received from borrowings during the reporting period[90] Capital Expenditure (RMB Thousand) | Item | Reporting Period | Same Period Last Year | | :--- | :--- | :--- | | Engineering Contracting Business | 11,214,589 | 10,720,969 | | Planning and Design Consulting Business | 188,361 | 87,677 | | Industrial Manufacturing Business | 290,958 | 726,556 | | Real Estate Development | 250,519 | 433,768 | | Other Businesses | 7,706,487 | 6,482,427 | | Total | 19,650,914 | 18,451,397 | - During the reporting period, the Group's capital expenditure was RMB 19.6509 billion, an increase of RMB 1.1995 billion, or 6.50%, compared to the same period last year[91] - Accounts receivable increased by RMB 37.3133 billion from RMB 204.7592 billion on December 31, 2024, to RMB 242.0725 billion on June 30, 2025[94] Accounts Receivable Aging Analysis (RMB Thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 198,411,040 | 162,675,624 | | 1 to 2 years | 32,154,615 | 30,501,327 | | 2 to 3 years | 16,650,112 | 15,896,386 | | Over 3 years | 16,379,008 | 16,130,548 | | Subtotal | 263,594,775 | 225,203,885 | | Less: Credit Loss Provision | 21,522,235 | 20,444,647 | | Total | 242,072,540 | 204,759,238 | Accounts Receivable and Accounts Payable Turnover Days | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Accounts Receivable Turnover Days | 90 | 68 | | Accounts Payable Turnover Days | 212 | 191 | - The Group's accounts payable increased by RMB 25.8947 billion from RMB 512.8136 billion on December 31, 2024, to RMB 538.7084 billion on June 30, 2025[97] - At the end of the reporting period, the Group's gearing ratio was 74%, compared to 71% at the end of last year[106] - At the end of the reporting period, the Group's committed amount was RMB 51.2612 billion, a decrease of RMB 4.9473 billion, or 8.80%, compared to the end of last year, mainly due to a decrease in investment commitments during the reporting period[107] - At the end of the reporting period, the Group's pledged and mortgaged assets amounted to RMB 221.8572 billion, an increase of RMB 3.5467 billion, or 1.62%, compared to the end of last year, mainly due to an increase in intangible asset pledges for borrowings during the reporting period[109] (V) Analysis of Investment Status At the end of the reporting period, the Group's book value of long-term equity investments was RMB 153.6609 billion, a decrease of 0.28% from the end of last year; financial assets measured at fair value at the end of the period were RMB 19,219,200 Thousand, an increase from the beginning of the period; private equity investments had a book value of RMB 9,115,365 Thousand at the end of the period, with a profit or loss of RMB 167,164 Thousand during the reporting period - At the end of the reporting period, the Group's book value of long-term equity investments was RMB 153.6609 billion, a decrease of RMB 0.4380 billion, or 0.28%, compared to the end of last year, mainly due to a decrease in investments in joint ventures and associates during the reporting period[112] Financial Assets Measured at Fair Value (RMB Thousand) | Asset Category | Beginning Balance | Fair Value Change P/L for Current Period | Accumulated Fair Value Change in Equity | Current Period Purchase Amount | Current Period Sale/Redemption Amount | Ending Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stocks | 2,333,671 | 58,710 | 883,943 | – | 91,193 | 2,185,001 | | Trust Products | 1,000 | – | – | – | – | 1,000 | | Private Equity Funds | 8,141,913 | – | – | 1,027,452 | 54,000 | 9,115,365 | | Others | 6,345,037 | 146 | 3,593 | 11,232,019 | 9,649,500 | 7,917,834 | | Total | 16,821,621 | 58,856 | 887,536 | 12,259,471 | 9,794,693 | 19,219,200 | Private Equity Investment Status (RMB Thousand) | Name of Investee | Original Investment Amount | Ending Book Value | Profit/Loss for Reporting Period | | :--- | :--- | :--- | :--- | | Jinan Jiayue Transportation Investment Development Partnership (Limited Partnership) | 3,538,790 | 3,538,790 | 100,420 | | Guangxi Jiaotou Phase 21 Transportation Construction Investment Fund Partnership (Limited Partnership) | 1,036,142 | 1,036,142 | – | | Qingdao Metro Line 4 Investment Fund (Limited Partnership) | 917,000 | 894,000 | 37,201 | | Hubei Chudao No. 1 Infrastructure Investment Partnership (Limited Partnership) | 600,590 | 600,590 | -475 | | Total | 9,168,799 | 9,115,365 | 167,164 | (VI) Major Asset and Equity Disposals During the reporting period, the company had no major asset and equity disposal matters (VII) Analysis of Major Holding and Participating Companies During the reporting period, the company's major subsidiaries included China Civil Engineering Construction Corporation, China Railway No. 11 Bureau Group, China Railway Construction Real Estate Group, China Railway Construction Heavy Industry Group, China Railway Construction Investment Group, and China Railway Construction Finance Co. Ltd., all contributing significantly to total assets and net profit in areas such as construction, real estate development, industrial manufacturing, project investment, and financial services Major Subsidiary Financial Indicators as of June 30, 2025 (RMB Thousand) | Company Name | Registered Capital | Total Assets | Net Assets | Net Profit | Main Business | Industry | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Civil Engineering Construction Corporation Ltd. | 3,000,000 | 37,569,531 | 10,496,590 | 589,402 | Construction | Construction | | China Railway No. 11 Bureau Group Co., Ltd. | 6,162,382 | 102,093,955 | 18,769,946 | 1,027,268 | Construction | Construction | | China Railway Construction Real Estate Group Co., Ltd. | 7,000,000 | 222,850,706 | 49,424,368 | 90,774 | Real Estate Development, Operation | Real Estate | | China Railway Construction Heavy Industry Group Co., Ltd. | 5,333,497 | 27,055,426 | 17,861,184 | 735,498 | Industrial Manufacturing | Industry | | China Railway Construction Investment Group Co., Ltd. | 12,067,086 | 219,705,084 | 38,683,625 | 434,619 | Project Investment | Investment | | China Railway Construction Finance Co., Ltd. | 9,000,000 | 120,854,494 | 14,454,863 | 536,264 | Financial Services | Finance | (VIII) Information on Structured Entities Controlled by the Company During the reporting period, the company had no controlled structured entities V. Other Disclosure Matters The company's discussion and analysis of future development have not undergone significant changes since the disclosure of the 2024 annual report; the company faces investment, project operation and management, debt funding, international operation, and safety risks, and has formulated corresponding risk response measures, while continuously promoting the "Quality Improvement, Efficiency Enhancement, and Return Focus" special action to improve the quality of economic operations and market value management, and enhance corporate governance - The company's discussion and analysis of future development have not undergone significant changes since the disclosure of the 2024 annual report[130] - The major risks that the Group may face primarily include investment risk, project operation and management risk, debt funding risk, international operation risk, and safety risk[131] - The company strengthened situation analysis, optimized the medium- and long-term investment business structure to transform towards strategic emerging industries, reduced resource occupation, improved asset turnover efficiency, and strictly implemented a negative list for investment projects[131] - The company strengthened budget guidance, scientifically set budget indicators to guide subsidiaries to use limited funds for transformation and upgrading; strengthened assessment and control, conscientiously implementing the "one profit, five rates" assessment requirements of the State-owned Assets Supervision and Administration Commission of the State Council[133] - The company further optimized its overseas operation and management system, strengthened the construction of core pillar markets, promoted excellent enterprises and high-quality production capacity to "go global"; and improved the overseas risk control system[133] - The company solidly carried out the fundamental safety production improvement action, strictly grasped the investigation and rectification of major accident hazards, and promoted the dynamic clearing of major accident hazards[134] - The company focused on high-quality development, solidly carried out the "Quality Improvement, Efficiency Enhancement, and Return Focus" special action, and adopted multiple measures to promote value creation and valuation enhancement[135] - The company established a market value management leading group, formulated the "Market Value Management System" and "Valuation Enhancement Plan," and established a market value management monitoring and early warning analysis mechanism[135] - The 2024 cash dividend ratio was 20.60%, an increase of 0.42 percentage points from the previous year[135] - The company continuously revised its corporate governance system, abolished the Supervisory Board, and transferred the functions of the Supervisory Board as stipulated by the "Company Law" to the Board's Audit and Risk Management Committee, further enhancing corporate governance levels[135] Section IV Corporate Governance, Environment, and Society This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, emphasizes the company's compliance with the "Corporate Governance Code," and details the company's specific efforts in consolidating and expanding poverty alleviation achievements and rural revitalization, including financial investment, industrial assistance, and brand building I. Changes in the Company's Directors, Supervisors, and Senior Management during the Reporting Period During the reporting period, the company's Board of Directors and senior management underwent several changes, including the election of new independent non-executive directors and employee directors, and the appointment of new vice presidents and chief accountants; the company has abolished the Supervisory Board, with its relevant functions now exercised by the Board's Audit and Risk Management Committee Changes in the Company's Directors, Supervisors, and Senior Management during the Reporting Period | Name | Position Held | Change Type | | :--- | :--- | :--- | | Wang Jun | Independent Non-Executive Director | Election | | Zhu Lin | Employee Director | Election | | Zhao Lixin | Independent Non-Executive Director | Resignation | | Zhao Wei | Chairman of the Supervisory Board | Resignation | | Liu Xuan | Supervisor | Resignation | | Kang Fuxiang | Employee Supervisor | Resignation | | Lei Shengxiang | Chief Engineer | Resignation | - On April 29, 2025, the company convened its first extraordinary general meeting in 2025, electing shareholder representative directors for the Sixth Board of Directors and appointing new senior management personnel[137] - On June 20, 2025, the company convened its 2024 annual general meeting, which approved the "Proposal on Amending the Articles of Association of China Railway Construction Corporation Limited and Abolishing the Supervisory Board," leading to the abolition of the company's Supervisory Board[139] II. Securities Dealing Code for Directors and Supervisors of the Company during the Reporting Period (Disclosed as Required by HKEX Listing Rules) The company has adopted a code of conduct no less stringent than the "Model Code for Securities Transactions by Directors of Listed Issuers" in Appendix C3 of the HKEX Listing Rules, and confirms that all directors and supervisors have complied with the code during the reporting period - The company has adopted a code of conduct for securities transactions by directors, supervisors, and relevant employees that is no less stringent than the standards stipulated in Appendix C3 "Model Code for Securities Transactions by Directors of Listed Issuers" of the Hong Kong Stock Exchange Listing Rules[141] - The company confirms that all directors and supervisors have complied with the prescribed standards during the reporting period[141] III. Profit Distribution Plan or Capital Reserve to Share Capital Conversion Plan The company's proposed semi-annual profit distribution plan or capital reserve to share capital conversion plan is to not distribute or convert - The proposed semi-annual profit distribution plan and capital reserve to share capital conversion plan are to not distribute or convert[142] IV. Information on the Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period V. Company Employee Information, Remuneration, and Training (Disclosed as Required by HKEX Listing Rules) During the reporting period, there were no significant changes in the Group's employee information, remuneration, and training since the disclosure of the 2024 annual report - During the reporting period, there were no significant changes in the Group's employee information, remuneration, and training since the disclosure of the 2024 annual report[145] VI. Company's Compliance with the "Corporate Governance Code" (Disclosed as Required by HKEX Listing Rules) During the reporting period, the company strictly complied with all code provisions of the "Company Law," "Securities Law," relevant Hong Kong laws and regulations, and the "Corporate Governance Code" contained in Appendix C1 of the HKEX Listing Rules - During the reporting period, the company strictly complied with all code provisions of the "Company Law," "Securities Law," relevant Hong Kong laws and regulations, and the "Corporate Governance Code" contained in Appendix C1 of the Hong Kong Stock Exchange Listing Rules[146] VII. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law The company is not applicable to this disclosure VIII. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work China Railway Construction deeply implemented the rural revitalization strategy, undertaking targeted poverty alleviation tasks in Wanquan District and Shangyi County of Zhangjiakou City, Hebei Province, and Long'an County of Guangxi Zhuang Autonomous Region, as well as counterpart support tasks in Jiangda County of Changdu City, Tibet Autonomous Region; in the first half of 2025, the company invested RMB 52.11 million in gratuitous assistance funds, directly introduced RMB 8.268 million in compensatory assistance funds, and promoted economic and social development in assisted areas through industrial assistance, brand building, and multi-dimensional assistance - The company headquarters undertakes targeted poverty alleviation tasks in Wanquan District and Shangyi County of Zhangjiakou City, Hebei Province, and Long'an County of Guangxi Zhuang Autonomous Region, as well as counterpart support tasks in Jiangda County of Changdu City, Tibet Autonomous Region[147] - In the 2024 central unit targeted poverty alleviation performance evaluation, China Railway Construction received the highest rating of "Excellent" for the fourth consecutive year[147] 2025 First Half Assistance Fund Investment | Assistance Type | Amount (RMB Ten Thousand) | | :--- | :--- | | Gratuitous Assistance Funds | 5,211 | | Directly Introduced Compensatory Assistance Funds | 826.8 | | Funds Invested to Consolidate "Two Assurances and Three Guarantees" Achievements | 140 | | Purchase of Agricultural Products from Assisted Areas | 817 | - The company supported 11 leading enterprises, trained 441 rural grassroots cadres, 310 rural revitalization leaders, and 1,885 professional technical personnel[148] - Solidifying the "ballast stone" of industrial assistance, ensuring that over 70% of gratuitous assistance funds are used for industrial assistance, such as the sea buckthorn planting project in Wanquan District and the big cherry project in Shangyi County[148] - Utilizing the "compass" of brand building, creating the "CRCC Xingnong" rural revitalization master brand, and developing sub-brands based on local characteristics, such as "CRCC Sunshine - Rural Education" and "CRCC Select - Online E-commerce"[150] - Consolidating the "centripetal force" of multi-dimensional assistance, mobilizing grassroots forces across the entire system to carry out "Hundred Belt Project" and "Nourishing Heart Project" to assist rural revitalization, improving the quality and effectiveness of assistance work[150] Section V Important Matters This section details the company's fulfillment of commitments, changes in the appointment of accounting firms, major related-party transactions, and significant contracts and their performance during the reporting period, noting that all commitments were strictly fulfilled, and the change of accounting firm was completed, with no major lawsuits, arbitrations, or irregular guarantees during the reporting period I. Fulfillment of Commitments During the reporting period, all commitments made by the company's actual controller, shareholders, related parties, and the company itself were strictly and timely fulfilled, including compensation commitments for undisclosed land idling and other illegal activities, commitments to resolve land title defects, and share lock-up and price stabilization commitments related to CRCC Heavy Industry's listing on the STAR Market - The controlling shareholder, China Railway Construction Group Co., Ltd., committed to bear civil liability for compensation in accordance with the law if China Railway Construction incurs losses due to undisclosed land idling or other illegal activities, which is a long-term commitment that has been timely and strictly fulfilled[151] - The company's directors and senior management also made similar compensation commitments, which have been timely and strictly fulfilled[153] - The controlling shareholder, China Railway Construction Group Co., Ltd., committed to process land certificates and property certificates, and bear the costs of processing and any losses incurred therefrom, which is a long-term commitment that has been timely and strictly fulfilled[153] - The share lock-up commitments made by the controlling shareholder and the company regarding the spin-off and listing of CRCC Heavy Industry on the STAR Market were fulfilled during the reporting period[155][157] II. Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder and other related parties III. Irregular Guarantees During the reporting period, there were no irregular guarantees IV. Semi-Annual Report Audit Status The company's semi-annual report was not audited V. Appointment and Dismissal of Accounting Firms The company held its 2024 Annual General Meeting on June 20, 2025, which approved the appointment of Ernst & Young Hua Ming LLP (Special General Partnership) as the company's audit intermediary service provider for 2025, with an audit fee of RMB 25 million - The company decided to change its accounting firm, appointing Ernst & Young Hua Ming LLP (Special General Partnership) as the company's audit intermediary service provider for 2025[162] - The audit fee is RMB 25 million, of which RMB 23.30 million is for domestic and overseas financial statement audits and interim reviews, and RMB 1.70 million is for internal control audits[162] VI. Review of Semi-Annual Report by Audit and Risk Management Committee The company's Board Audit and Risk Management Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025, which were reviewed by Ernst & Young Hua Ming LLP, and discussed accounting policies, practices, and internal controls with management - The company's Board Audit and Risk Management Committee has reviewed the Group's unaudited interim financial statements for the six months ended June 30, 2025, which were reviewed by Ernst & Young Hua Ming LLP (Special General Partnership)[163] VII. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report The company is not applicable to this disclosure VIII. Bankruptcy and Reorganization Related Matters The company is not applicable to this disclosure IX. Major Litigation and Arbitration Matters During the reporting period, the company had no major litigation or arbitration matters - During the current reporting period, the company had no major litigation or arbitration matters[166] X. Listed Company and Its Directors, Senior Management, Controlling Shareholder, and Actual Controller Suspected of Violations, Penalties, and Rectification The company is not applicable to this disclosure XI. Explanation of the Integrity Status of the Company and Its Controlling Shareholder and Actual Controller during the Reporting Period The company is not applicable to this disclosure XII. Major Related-Party Transactions The company has multiple daily operating related-party transactions with its controlling shareholder and related parties, including property leasing, service provision, financial services, and equipment purchase, sale, and leasing services; these transactions were executed in accordance with agreements and fulfilled necessary decision-making procedures and information disclosure obligations; during the reporting period, the company provided RMB 1,683,000 Thousand in funds to related parties, and related parties provided RMB 2,616,467 Thousand in funds to the company (I) Related-Party Transactions Related to Daily Operations The company renewed its property leasing framework agreement, service provision framework agreement, and financial services agreement with its controlling shareholder, and signed an equipment purchase, sale, and leasing service agreement; these agreements all set annual transaction caps and were approved by independent directors; during the reporting period, all related-party transactions were executed in accordance with the agreements - The company renewed its property leasing framework agreement with its controlling shareholder, with an annual transaction cap of RMB 300 million for 2025[167] - The company renewed its service provision framework agreement with its controlling shareholder, with an annual transaction cap not exceeding RMB 1 billion for 2025–2027[170] - The controlling subsidiary China Railway Construction Finance Co., Ltd. renewed its financial services agreement with the controlling shareholder and provided deposit, loan, settlement, and other financial services to the controlling shareholder and its subsidiaries in accordance with the agreement[174] - The company signed an equipment purchase, sale, and leasing service agreement with CRCC Financial Leasing[174] Related-Party Transactions Related to Daily Operations between the Group and the Controlling Shareholder (RMB Thousand) | Related Party | Related-Party Transaction Type | Related-Party Transaction Content | Transaction Amount | | :--- | :--- | :--- | :--- | | Shaanxi Railway Engineering Survey Co., Ltd. and 12 other entities | Acceptance of Labor Services Expenditure | Planning and Design Consulting | 236,835 | | Controlling Shareholder and Related Parties | Property Leasing Expenditure | Property Leasing | 29,905 | | CRCC Financial Leasing Co., Ltd. | Machinery and Equipment Leasing Expenditure | Machinery and Equipment Leasing | 1,179,252 | | CRCC Financial Leasing Co., Ltd. | Equipment Sales Revenue | Equipment Sales | 251,958 | | CRCC Financial Leasing Co., Ltd. | Equipment Procurement Expenditure | Equipment Procurement | 147,155 | (II) Related-Party Transactions Arising from Asset or Equity Acquisitions and Disposals During the reporting period, the company had no related-party transactions arising from asset or equity acquisitions and disposals (III) Major Related-Party Transactions for Joint External Investments During the reporting period, the company had no major related-party transactions for joint external investments (IV) Related-Party Creditor-Debtor Relationships During the reporting period, the company had operational creditor-debtor relationships with related parties, all settled according to normal progress; the company provided loans to the controlling shareholder, with an ending balance of RMB 1,683,000 Thousand; related parties provided funds to the company, with an ending balance of RMB 2,616,467 Thousand Related-Party Creditor-Debtor Relationships (RMB Thousand) | Related Party | Related Relationship | Ending B