Daqin Railway(SH:601006) Chang Jiang Shang Bao·2025-04-14 00:01Core Viewpoint - Daqin Railway has been targeted by CITIC Financial Asset Management, which has acquired a 5% stake, marking the first significant shareholding increase since its listing in 2006 [2][3][7] Group 1: Shareholding Changes - CITIC Financial Asset Management holds approximately 1.007 billion shares of Daqin Railway, making it the second-largest shareholder [2][3] - The acquisition was executed through a trust, with CITIC Financial increasing its stake by 2.0125 million shares at an average price of 6.68 yuan per share [3][6] - Prior to this, CITIC Financial had reached a 5% stake through debt-to-equity conversion, holding 907 million shares [4][5] Group 2: Financial Performance - Daqin Railway has maintained stable profitability, with annual profits exceeding 10 billion yuan from 2017 to 2023, and cumulative profits surpassing 200 billion yuan since its listing [2][12][14] - The company has consistently returned value to shareholders, distributing over 100 billion yuan in cash dividends since its inception, with an average dividend payout ratio of 54.09% [14] - As of September 2024, Daqin Railway's debt-to-asset ratio stands at 18.65%, indicating a strong financial position [15] Group 3: Strategic Importance - Daqin Railway plays a crucial role in China's energy transportation system, particularly in coal transport, connecting major coal supply regions [10][11] - The company has a significant market share in coal transportation, handling 5.6 billion tons and 6.2 billion tons in 2022 and 2023, respectively, accounting for 21% and 22.5% of national coal transport [11]