中国通号(03969) - 2023 - 年度财报

Glossary This section defines key professional terms and acronyms, such as CTCS and CBTC, used throughout the report for clarity Glossary This section defines key professional terms and acronyms, such as CTCS and CBTC, used throughout the report for clarity - The report defines several core technical acronyms for rail transit control systems, such as: - CTCS (China Train Control System): China's independently developed train operation safety system, categorized from Level 0 to Level 4, with higher levels applicable to faster speeds - CBTC (Communication-Based Train Control System): A wireless communication-based automatic train control system used in urban rail transit - RBC (Radio Block Center): The core ground equipment of the CTCS-3 system, responsible for generating movement authorities and controlling train movement[9][10] Chairman's Statement Chairman Lou Qiliang reviewed 2023 operating results, highlighting the company's progress in supporting national strategies, technological innovation, and deepening reforms amidst a complex macro environment, while also outlining plans to enhance core competitiveness and develop new productive forces in 2024 Chairman's Statement Chairman Lou Qiliang reviewed 2023 operating results, highlighting the company's progress in supporting national strategies, technological innovation, and deepening reforms amidst a complex macro environment, while also outlining plans to enhance core competitiveness and develop new productive forces in 2024 - The company actively served major national strategies, achieving significant results: - Domestic Projects: Facilitated the smooth opening of 23 key projects including Guangshan High-speed Railway and Guinan High-speed Railway, participating in 349 large and medium-sized railway projects throughout the year, with a cumulative operational mileage of 3,406 kilometers - 'Belt and Road' Projects: Ensured high-quality operation of the Hungary-Serbia Railway and Indonesia's Jakarta-Bandung High-speed Railway, while also advancing projects like the Padma Bridge Rail Link in Bangladesh and Mexico City Metro Line 1 renovation[12] - The company made significant progress in technological self-reliance: - Key Technology Breakthroughs: High-speed railway track circuits and transponders based on domestic chips passed field tests; key urban rail control system equipment based on domestic chips and operating systems completed R&D and testing - Forward-looking Research: Developed communication signal system solutions applicable to the Sichuan-Tibet Railway and CR450 higher-speed train control system solutions; completed full-scale levitation tests for 1,000 km/h ultra-high-speed maglev trains[13][14] - The company continued to deepen state-owned enterprise reform, enhancing development vitality: - Achieved an A-rating in the SASAC's annual assessment of key tasks for the three-year action plan for central SOE reform - Steadily advanced a new round of reform and enhancement initiatives, outlining a three-year reform roadmap - Progressively improved modern financial management, implementing integrated business-finance projects and refining the treasury management system[15] Company Profile and Key Financial Indicators In 2023, the company's operating revenue was 37.002 billion yuan, a 7.96% year-on-year decrease, and net profit attributable to shareholders was 3.477 billion yuan, a 4.30% decrease, yet total assets and net assets grew, with R&D investment increasing to 5.51% of revenue Company Basic Information This section provides the company's basic business registration information, contact details, information disclosure channels, and stock listing specifics, noting its A-shares are listed on the Shanghai Stock Exchange STAR Market and H-shares on the Hong Kong Stock Exchange Main Board Company Basic Information | Item | Information | | :--- | :--- | | Chinese Company Name | 中国铁路通信信号股份有限公司 | | Chinese Company Abbreviation | 中国通号 | | English Name | China Railway Signal & Communication Corporation Limited | | Legal Representative | Lou Qiliang | | A-share Listing Exchange | SSE STAR Market | | A-share Stock Code | 688009 | | H-share Listing Exchange | HKEX Main Board | | H-share Stock Code | 03969 | Key Accounting Data and Financial Indicators for the Past Three Years In 2023, the company's operating revenue was 37.002 billion yuan, a 7.96% year-on-year decrease, and net profit attributable to shareholders was 3.477 billion yuan, a 4.30% decrease, yet total assets and net assets grew, with R&D investment increasing to 5.51% of revenue Key Accounting Data (RMB Yuan) | Key Accounting Data | 2023 | 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 37,002,229,438.89 | 40,203,207,773.29 | -7.96 | | Net Profit Attributable to Shareholders | 3,477,326,647.54 | 3,633,640,258.62 | -4.30 | | Net Cash Flow from Operating Activities | 2,058,033,862.99 | 2,082,161,660.88 | -1.16 | | Total Assets (Period-end) | 118,990,487,731.74 | 116,806,544,483.88 | 1.87 | | Net Assets Attributable to Shareholders (Period-end) | 46,812,051,906.86 | 45,323,917,197.95 | 3.28 | Key Financial Indicators | Key Financial Indicators | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.32 | 0.33 | -3.03% | | Weighted Average Return on Net Assets (%) | 7.54 | 8.17 | Decrease of 0.63 percentage points | | R&D Investment as % of Operating Revenue (%) | 5.51 | 4.66 | Increase of 0.85 percentage points | 2023 Quarterly Key Financial Data (RMB Yuan) | | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 7,490,656,914.61 | 9,142,353,285.36 | 7,993,730,614.27 | 12,375,488,624.65 | | Net Profit Attributable to Shareholders | 677,962,651.12 | 1,145,884,095.40 | 742,236,950.51 | 911,242,950.51 | Management Discussion and Analysis and Board Report The company specializes in rail transit control systems, operating a 'three-in-one' full-产业链 model encompassing design, manufacturing, and engineering services, maintaining global leadership in high-speed and urban rail control systems with 5.51% of revenue invested in R&D, achieving significant advancements in autonomous train operation and high-speed control technologies Discussion and Analysis of Operations In 2023, the company's new contract value reached 73.121 billion yuan, a 0.15% year-on-year increase, with backlog orders of 168.831 billion yuan, driven by significant 45.18% growth in overseas contracts and maintaining over 60% market share in high-speed rail weak current system integration 2023 New Contract Value by Segment (RMB) | Segment | New Contract Value (Billion Yuan) | YoY Growth (%) | | :--- | :--- | :--- | | Railway | 25.112 | +5.01 | | Urban Rail | 13.18 | +3.91 | | Overseas | 3.74 | +45.18 | | EPC & Others | 31.089 | -8.11 | | Total | 73.121 | +0.15 | - The company maintains a leading edge in core business areas, holding over 60% market share in high-speed rail weak current system integration and consistently ranking among the top in the urban rail control system industry[27][28] - Looking ahead to 2024, the company anticipates the high-speed rail weak current system integration market size will be no less than 2023, while urban rail control system bidding volume may decrease; the company will continue to expand overseas business via the 'Belt and Road' initiative and prudently manage EPC project intake for overall growth[30] Main Business, Operating Model, Industry Overview, and R&D The company specializes in rail transit control systems, operating a 'three-in-one' full-产业链 model encompassing design, manufacturing, and engineering services, maintaining global leadership in high-speed and urban rail control systems with 5.51% of revenue invested in R&D, achieving significant advancements in autonomous train operation and high-speed control technologies Main Business, Products, and Services The company's core business is rail transit control systems, offering integrated full-产业链 services including design, manufacturing, and system delivery, while implementing a 'six-core, one-body, two-wings' strategy to expand into information communication and power electrification, forming a 'rail transit + N' industrial structure - The company's core business segments include: - Design and Integration: Providing system integration and design consulting services for rail transit control system products - Equipment Manufacturing: Producing and selling signal systems, communication information systems, and other products - System Delivery: Offering project construction, equipment installation, and maintenance services[31] Main Operating Model The company primarily enters markets through public bidding, utilizes centralized procurement for raw materials, offers integrated or customized design, manufacturing, and system delivery services, and operates under a three-tier management system (headquarters-secondary-tertiary enterprises) with clear strategic, operational, and executive roles - The company employs a 'headquarters-secondary enterprise-tertiary enterprise' management structure, positioned as 'strategic leadership and control center,' 'business operation and profit center,' and 'execution and cost center,' respectively, forming a cohesive and efficient organizational system[37] Industry Overview and Position The global and domestic rail transit industries are stable, with China shifting from new construction to a focus on both new builds and upgrades, where the company maintains a leading global position in high-speed rail control systems and dominates the domestic urban rail control system market, with future trends emphasizing regional synergy, intercity railways, higher-speed train technologies like CR450, and smart digitalization - The company maintains a leading position in the industry: - High-speed Rail: The total mileage covered by its core high-speed railway control system products and services continues to rank first globally - Urban Rail: Core control system products cover over 170 lines in more than 40 cities domestically, consistently leading the market[42] - Industry development trends include: - Regional Synergy: Building a 'smart brain' for regional rail transit to achieve coordinated transportation across multiple modes - Intercity Railways: Meeting the demand for a 1-hour commute circle and promoting the 'four-network integration' of rail transit - Higher Speeds: Conducting research on train control systems for speeds exceeding 400 km/h (CR450)[44][45][47] Core Technologies and R&D Progress The company possesses over 40 independently developed core technologies and 4,618 authorized patents in areas like train control and autonomous driving, with 2.038 billion yuan invested in R&D in 2023 (5.51% of revenue), achieving significant progress in foundational research, national strategic projects like the Sichuan-Tibet Railway and CR450, smart urban rail, and basic equipment development R&D Investment (RMB Yuan) | Item | Current Year | Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment | 2,037,876,598.39 | 1,874,225,799.53 | 8.73 | | R&D Investment as % of Operating Revenue (%) | 5.51 | 4.66 | Increase of 0.85 percentage points | | Capitalized R&D Investment as % of Total R&D Investment (%) | 8.62 | 9.84 | Decrease of 1.22 percentage points | Intellectual Property Quantity | Category | New Acquisitions This Year | Cumulative Acquisitions | | :--- | :--- | :--- | | Invention Patents | 667 | 2,434 | | Utility Model Patents | 140 | 2,037 | | Software Copyrights | 374 | 2,167 | | Total | 1,194 | 6,789 | - Significant R&D achievements in 2023 include: - Supporting Overseas Projects: Provided self-developed CTCS-3 level train control system equipment for Indonesia's Jakarta-Bandung High-speed Railway, ensuring its smooth operation - Supporting Major National Strategies: Developed communication signal system solutions for the Sichuan-Tibet Railway and key technical equipment for the 'CR450 Scientific and Technological Innovation Project' - Smart Urban Rail Construction: Released the high-efficiency Qiji autonomous train operation control system, completing tests on Shanghai Metro Lines 3 & 4; pioneered research into fully automatic flexible train formation technology[76][77][80] Analysis of Core Competencies The company's core competencies include leading market position, strong technological innovation, extensive project management experience, full-产业链 one-stop service capability, and high product reliability and safety, holding a dominant position in China's high-speed rail control technology market and approximately 37% urban rail control system market share, supported by over 4,300 R&D personnel and 4,600 patents - The company holds a leading market position, providing core train control technology and equipment for most of China's operational high-speed railways, and achieved approximately **37%**中标率 in urban rail signal control system projects in 2023, maintaining its industry-leading position[118] - The company possesses the world's only business model offering full-产业链 one-stop services from investment and financing to R&D, equipment manufacturing, engineering services, and operation and maintenance, effectively reducing client costs and risks[122] - The company boasts a strong R&D team with over 4,300 employees engaged in scientific and technological R&D, accounting for 22.67% of its total workforce, laying a solid foundation for maintaining its technological advantage[124] Risk Factors The company faces primary risks including core competency, operational, financial, industry, and macroeconomic factors, manifested as intensified market competition, rapid technological iteration, political and economic impacts on overseas projects, extended project payment cycles, slowing domestic rail transit investment, and increased global economic uncertainty - The company's core risks include: - Operational Risk: Unstable overseas political situations and concentrated product market distribution - Financial Risk: Long project construction cycles and delayed payments may adversely affect current period profits - Industry Risk: Tightening investment in the urban rail market and slowing investment growth in the railway market - Market Competition: Intensified competition in the communication signal sub-market, with traditional advantageous products facing price pressure[128][129][130][132] Key Operating Performance During the Reporting Period In 2023, the company's operating revenue was 37.002 billion yuan, down 7.96%, and net profit attributable to shareholders was 3.477 billion yuan, down 4.30%, primarily due to reduced EPC and system delivery services, though equipment manufacturing and design integration grew by 9.64% and 20.16% respectively, improving gross margin by 2.06 percentage points Key Changes in Income Statement and Cash Flow Statement (RMB Yuan) | Item | Current Period Amount | Prior Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 37,002,229,438.89 | 40,203,207,773.29 | -7.96 | | Operating Cost | 27,472,315,758.82 | 30,680,741,586.09 | -10.46 | | Selling Expenses | 893,032,489.34 | 812,111,306.78 | 9.96 | | R&D Expenses | 1,862,286,761.81 | 1,689,810,596.63 | 10.21 | | Net Cash Flow from Operating Activities | 2,058,033,862.99 | 2,082,161,660.88 | -1.16 | | Net Cash Flow from Investing Activities | -1,822,696,404.60 | -150,941,966.87 | N/A | Main Business Segments (2023) | Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | Rail Transit Control Systems | 29,261,817,816.79 | 20,553,617,454.85 | 29.76 | -0.50 | | Equipment Manufacturing | 6,112,524,125.68 | 3,934,929,134.55 | 35.63 | +9.64 | | Design and Integration | 11,723,913,763.98 | 7,072,043,682.59 | 39.68 | +20.16 | | System Delivery Services | 11,425,379,927.13 | 9,546,644,637.71 | 16.44 | -18.83 | | Engineering, Procurement, and Construction (EPC) | 7,673,647,905.68 | 6,897,575,863.26 | 10.11 | -28.48 | - Sales to the company's top five customers accounted for 42.37% of total annual sales, indicating a degree of customer concentration, while purchases from the top five suppliers represented 4.46% of total annual procurement, suggesting a more diversified supply chain[141][143] Discussion and Analysis of the Company's Future Development The company anticipates intensifying competition in the rail transit industry and a slowdown in new high-speed rail construction domestically, leading to market consolidation, and plans to implement a 'six-core, one-body, two-wings' business strategy to consolidate its signal control system core while expanding into six key businesses and strengthening both international and domestic market operations to become a world-class industrial group - The company's development strategy is 'six-core, one-body, two-wings,' aiming to build a 'rail transit + N' industrial structure, develop six core businesses, leverage its full-产业链 integrated advantages, and strengthen operations in both international and domestic markets[160] - The 2024 operating plan will focus on ensuring stable growth, optimizing the industrial system, tackling technological innovation, consolidating safety and quality, promoting deeper reforms, enhancing corporate governance, and mitigating development risks[161] Corporate Governance During the reporting period, the company strictly adhered to relevant laws and listing rules, establishing a modern corporate governance structure centered on the 'three meetings and one layer' (shareholders' meeting, board of directors, supervisory board, and management), ensuring independent and effective operation of each governance body, and maintaining independence from its controlling shareholder across business, personnel, assets, organization, and finance, with no issues of horizontal competition Overview of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and listing rules, establishing a modern corporate governance structure centered on the 'three meetings and one layer' (shareholders' meeting, board of directors, supervisory board, and management), ensuring independent and effective operation of each governance body, and maintaining independence from its controlling shareholder across business, personnel, assets, organization, and finance, with no issues of horizontal competition - The company's corporate governance structure is centered on the 'three meetings and one layer' (Shareholders' Meeting, Board of Directors, Supervisory Board, and Management), with each governance body performing its duties, operating in a standardized manner, coordinating effectively, and providing mutual checks and balances[199] - Shareholders holding over 10% of shares may request the Board of Directors to convene an extraordinary general meeting, or those holding over 3% of shares may propose ad-hoc resolutions 10 days prior to a general meeting[204][205] Information on Directors, Supervisors, and Senior Management This section details shareholding changes and remuneration for current and departed directors, supervisors, senior management, and core technical personnel, noting key leadership changes including Mr. Lou Qiliang's appointment as President, Executive Director in late 2023, and Chairman in early 2024, with total remuneration for all directors, supervisors, and senior management amounting to 7.0107 million yuan at period-end - Key personnel changes during the reporting period include: - Lou Qiliang: Appointed President in September 2023, Executive Director in October, and Chairman in February 2024 - Zhou Zhiliang: Resigned as Chairman and Executive Director in January 2024 due to retirement - Xu Zongxiang: Resigned as Executive Director and President in August 2023 due to retirement - Huang Weizhong: Departed as Vice President due to illness[247] Remuneration of Directors, Supervisors, Senior Management, and Core Technical Personnel (RMB Ten Thousand Yuan) | Personnel Category | Total Remuneration Received at Period-End (RMB Ten Thousand Yuan) | | :--- | :--- | | All Directors, Supervisors, and Senior Management | 701.07 | | Core Technical Personnel | 891.63 | Employee Information As of the end of the reporting period, the company had 19,165 employees, with technical personnel comprising the largest group at 8,573, and undergraduates accounting for 57.62% of the total workforce, while the company implemented a performance-linked remuneration system, incentivized R&D and skilled talent, and provided comprehensive training, with an average of over 50 hours per employee in 2023 Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 5,422 | | Sales Personnel | 1,135 | | Technical Personnel | 8,573 | | Financial Personnel | 701 | | Administrative Personnel | 1,996 | | Other | 1,338 | | Total | 19,165 | Profit Distribution Plan The Board of Directors proposed a 2023 profit distribution plan to distribute a cash dividend of 1.7 yuan (tax inclusive) per 10 shares to all shareholders, based on a total share capital of 10,589,819,000 shares, totaling 1.80 billion yuan, representing 51.77% of 2023 net profit attributable to shareholders, pending approval at the general meeting 2023 Profit Distribution Plan | Item | Amount/Ratio | | :--- | :--- | | Dividend per 10 Shares (Yuan) (Tax Inclusive) | 1.7 | | Total Cash Dividend (Yuan) (Tax Inclusive) | 1,800,269,230 | | Net Profit Attributable to Shareholders for the Dividend Year (Yuan) | 3,477,326,647.54 | | % of Net Profit Attributable to Shareholders | 51.77 | Environmental, Social, and Governance The company actively fulfills its social responsibilities by contributing to society through major rail transit projects, donating funds and materials for charity, participating in rural revitalization with 339,700 yuan in aid to designated areas, creating 526 jobs, and safeguarding the legitimate rights of stakeholders while engaging in disaster relief and other public welfare activities Environmental Information The company prioritizes environmental protection, investing 16.284 million yuan in 2023, is not a key polluter, and adheres strictly to environmental regulations, achieving a 1,367-ton reduction in CO2 emissions through photovoltaic projects and smart upgrades, while actively developing green technologies and promoting sustainable construction practices - In 2023, the company invested 16.284 million yuan in environmental protection and implemented multiple carbon reduction measures, achieving a 1,367-ton reduction in carbon dioxide emissions[318][329] Energy and Resource Consumption | Energy Type | Unit | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Electricity | MWh | 78,035 | 84,040.2 | | Natural Gas | Cubic Meters | 2,094,300 | 2,082,460.0 | | Water Consumption | Tons | 886,150 | 887,390 | | Total Energy Consumption | Tons of Standard Coal Equivalent | 22,024 | 24,830 | Social Responsibility Initiatives The company actively fulfills its social responsibilities by contributing to society through major rail transit projects, donating funds and materials for charity, participating in rural revitalization with 339,700 yuan in aid to designated areas, creating 526 jobs, and safeguarding the legitimate rights of stakeholders while engaging in disaster relief and other public welfare activities - The company invested 339,700 yuan in rural revitalization, helping Shaqi County, Henan, create 526 jobs and sell over 21 million yuan in agricultural products through industrial and consumption-based poverty alleviation measures[335][338] - The company actively participates in public welfare, promptly organizing efforts for disaster relief and logistical support in response to the '23·7' heavy rainfall disaster in North China and the Anning mountain fire in Yunnan, demonstrating its responsibility as a central state-owned enterprise[348] Significant Matters The company's net proceeds from its initial A-share public offering totaled 10.354 billion yuan, with 5.743 billion yuan cumulatively invested as of the reporting period, including 653 million yuan this year, primarily allocated to advanced technology R&D, smart manufacturing bases, informatization, and working capital, though some projects faced delays due to external factors Fulfillment of Commitments This section details the company's and its controlling shareholder CRSC Group's commitments made during their initial A-share and H-share public offerings, including profit distribution, avoiding horizontal competition, regulating related-party transactions, and share lock-ups, all of which were strictly fulfilled during the reporting period - The company's controlling shareholder, CRSC Group, committed to avoiding horizontal competition with the company and regulating related-party transactions to ensure fair pricing during its tenure as controlling shareholder[362][364] Significant Related-Party Transactions The company's significant related-party transactions primarily involve routine operating activities with its controlling shareholder CRSC Group and its subsidiaries, including product procurement and sales, engineering contracting services, and financial services through CRSC Group Finance Company, all conducted at market prices with annual caps and confirmed as fair and reasonable by independent non-executive directors 2023 Key Related-Party Transactions with CRSC Group (RMB Ten Thousand Yuan) | Related-Party Transaction Type | Related-Party Transaction Content | Related-Party Transaction Amount (RMB Ten Thousand Yuan) | Related-Party Transaction Cap (RMB Ten Thousand Yuan) | | :--- | :--- | :--- | :--- | | Sales of Products | Sales of raw materials, finished products, etc. | 45.29 | 200.00 | | Procurement of Products | Procurement of raw materials, finished products, etc. | 3,375.65 | 7,000.00 | | Provision of Services | Provision of engineering construction and related services | 16,097.11 | 45,000.00 | | Provision of Credit Services | Provision of credit services | - | 20,000 | Explanation of Progress in Use of Raised Funds The company's net proceeds from its initial A-share public offering totaled 10.354 billion yuan, with 5.743 billion yuan cumulatively invested as of the reporting period, including 653 million yuan this year, primarily allocated to advanced technology R&D, smart manufacturing bases, informatization, and working capital, though some projects faced delays due to external factors Use of Raised Funds (RMB Yuan) | Project | Adjusted Committed Investment (RMB Yuan) | Cumulative Investment as of Reporting Period (RMB Yuan) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Advanced & Smart Technology R&D Project | 4,600,000,000.00 | 2,629,704,855.45 | 57.17 | | Advanced & Smart Manufacturing Base Project | 2,500,000,000.00 | 25,350,000.00 | 1.01 | | Informatization Construction Project | 300,000,000.00 | 91,663,796.00 | 30.55 | | Replenishment of Working Capital | 2,954,342,373.23 | 2,995,934,028.20 | 100.00 | | Total | 10,354,342,373.23 | 5,742,652,679.65 | 55.46 | Share Changes and Shareholder Information As of the reporting period, the company had 73,835 common shareholders, with controlling shareholder China Railway Signal & Communication Corporation Limited holding 62.39% and HKSCC NOMINEES LIMITED holding 18.58% among the top ten shareholders, and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller Share Capital Changes During the reporting period, the company's total share capital remained unchanged at 10,589,819,000 shares, with the primary change being the listing and circulation of 6,604,426,424 restricted shares held by controlling shareholder CRSC Group on January 30, 2023, resulting in zero restricted shares and a corresponding increase in unrestricted tradable shares - The 6,604,426,424 restricted shares held by controlling shareholder CRSC Group became tradable on January 30, 2023, converting all company shares into unrestricted tradable shares[419][420][421] Shareholders and Actual Controller Information As of the reporting period, the company had 73,835 common shareholders, with controlling shareholder China Railway Signal & Communication Corporation Limited holding 62.39% and HKSCC NOMINEES LIMITED holding 18.58% among the top ten shareholders, and the State-owned Assets Supervision and Administration Commission of the State Council as the actual controller Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End | Percentage (%) | | :--- | :--- | :--- | | China Railway Signal & Communication Corporation Limited | 6,606,793,424 | 62.39 | | HKSCC NOMINEES LIMITED | 1,967,756,950 | 18.58 | | China Merchants Bank - Huaxia SSE STAR Market 50 ETF | 215,755,617 | 2.04 | | Hong Kong Securities Clearing Company Limited | 158,973,998 | 1.50 | | Industrial and Commercial Bank of China - E Fund SSE STAR Market 50 ETF | 72,279,268 | 0.68 | - The company's controlling shareholder is China Railway Signal & Communication Corporation Limited, and its actual controller is the State-owned Assets Supervision and Administration Commission of the State Council[439][440] Bond-Related Information As of the reporting period, the company had one outstanding medium-term note, '21 CRSC MTN001,' with a total issuance of 2.8 billion yuan, a 3+N year term, and a coupon rate of 3.32%, having paid 92.96 million yuan in interest during the period, with 2.5 billion yuan of the raised funds utilized and 300 million yuan remaining, consistent with the prospectus Basic Information on Bonds As of the reporting period, the company had one outstanding medium-term note, '21 CRSC MTN001,' with a total issuance of 2.8 billion yuan, a 3+N year term, and a coupon rate of 3.32%, having paid 92.96 million yuan in interest during the period, with 2.5 billion yuan of the raised funds utilized and 300 million yuan remaining, consistent with the prospectus Basic Information on Outstanding Bonds | Bond Abbreviation | Bond Code | Total Issuance (Yuan) | Bond Balance (Yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | | 21 CRSC MTN001 | 102103265.IB | 2,800,000,000.00 | 2,800,000,000.00 | 3.32 | - During the reporting period, the company timely paid 92.96 million yuan in interest for '21 CRSC MTN001'[446] Financial Report As of year-end 2023, financial statements show total assets of 118.990 billion yuan, total liabilities of 70.116 billion yuan, and an asset-liability ratio of 58.93%, with 2023 operating revenue of 37.002 billion yuan, net profit of 4.015 billion yuan, and net profit attributable to parent company owners of 3.477 billion yuan, while net cash flow from operating activities remained stable at 2.058 billion yuan Audit Report ShineWing Certified Public Accountants (Special General Partnership) audited the company's 2023 financial statements and issued a standard unqualified audit opinion, affirming that the financial statements fairly present the company's financial position, operating results, and cash flows in all material respects in accordance with enterprise accounting standards, with key audit matters being 'revenue recognition from construction contracts' and 'impairment of accounts receivable and contract assets' - The auditing firm, ShineWing Certified Public Accountants (Special General Partnership), issued a standard unqualified audit opinion[452] - Key audit matters include: - Revenue Recognition from Construction Contracts: Involves significant judgments and estimates regarding contract revenue, costs, and progress of completion - Impairment of Accounts Receivable and Contract Assets: Based on expected credit losses, involving significant judgments and estimates of customer credit risk[454][455] Financial Statements As of year-end 2023, financial statements show total assets of 118.990 billion yuan, total liabilities of 70.116 billion yuan, and an asset-liability ratio of 58.93%, with 2023 operating revenue of 37.002 billion yuan, net profit of 4.015 billion yuan, and net profit attributable to parent company owners of 3.477 billion yuan, while net cash flow from operating activities remained stable at 2.058 billion yuan Key Items from Consolidated Balance Sheet (December 31, 2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Current Assets | 92,509,606,584.01 | | Total Non-current Assets | 26,480,881,147.73 | | Total Assets | 118,990,487,731.74 | | Total Current Liabilities | 66,243,851,377.23 | | Total Non-current Liabilities | 3,871,801,324.61 | | Total Liabilities | 70,115,652,701.84 | | Total Equity Attributable to Parent Company Owners | 46,812,051,906.86 | | Total Equity | 48,874,835,029.90 | Key Items from Consolidated Income Statement (2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Operating Revenue | 37,087,421,909.11 | | Total Operating Cost | 32,520,733,946.25 | | Total Profit | 4,690,285,601.76 | | Net Profit | 4,014,834,682.22 | | Net Profit Attributable to Parent Company Shareholders | 3,477,326,647.54 | Key Items from Consolidated Cash Flow Statement (2023) | Item | Amount (RMB Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 2,058,033,862.99 | | Net Cash Flow from Investing Activities | -1,822,696,404.60 | | Net Cash Flow from Financing Activities | -1,462,450,704.78 | | Net Increase in Cash and Cash Equivalents | -1,221,545,735.15 | Five-Year Financial Overview This section presents key consolidated income statement and balance sheet data for the company from 2019 to 2023, showing fluctuating operating revenue with a decrease in 2023 compared to 2022, a rebound in net profit attributable to parent company shareholders after a 2021 low, followed by a slight decline in 2023, while total assets and total shareholder equity consistently grew over the five-year period Five-Year Financial Overview This section presents key consolidated income statement and balance sheet data for the company from 2019 to 2023, showing fluctuating operating revenue with a decrease in 2023 compared to 2022, a rebound in net profit attributable to parent company shareholders after a 2021 low, followed by a slight decline in 2023, while total assets and total shareholder equity consistently grew over the five-year period Five-Year Consolidated Income Statement Overview (RMB Yuan) | Item | 2023 | 2022 | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 37,002,229,438.89 | 40,203,207,773.29 | 38,358,297,108.78 | 40,124,476,710.76 | 41,646,286,792.57 | | Net Profit Attributable to Parent Company Shareholders | 3,477,326,647.54 | 3,633,640,258.62 | 3,274,672,689.28 | 3,819,046,319.02 | 3,815,874,901.39 | Five-Year Consolidated Assets and Liabilities Overview (RMB Yuan) | Item | 2023 | 2022 | 2021 | 2020 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 118,990,487,731.74 | 116,806,544,483.88 | 108,942,588,838.30 | 105,328,082,320.59 | 97,512,591,304.36 | | Total Liabilities | 70,115,652,701.84 | 69,528,809,483.31 | 63,571,212,916.84 | 61,030,744,806.19 | 54,787,913,723.34 | | Total Shareholders' Equity | 48,874,835,029.90 | 47,277,735,000.57 | 45,371,375,921.46 | 44,297,337,514.40 | 42,724,677,581.02 |