Beijing-Shanghai High Speed Railway (SH:601816) Chang Jiang Shang Bao·2025-06-03 23:51Core Viewpoint - The company, Beijing-Shanghai High-Speed Railway (601816.SH), is actively boosting market confidence through a share buyback program and consistent dividend payouts, reflecting its strong financial performance and commitment to shareholder returns [1][2][3]. Share Buyback and Capital Structure - On June 2, the company announced the successful repurchase of 181 million shares, with a total expenditure of approximately 999 million yuan, and plans to cancel these shares by June 3, 2025, reducing total share capital from 49.106 billion to 48.926 billion shares [1][2]. - This marks the first share buyback initiative by a company controlled by the China Railway Group, indicating a strategic move to enhance shareholder value [2]. Financial Performance - In Q1 2025, the company reported operating revenue of 10.223 billion yuan, a year-on-year increase of 1.16%, and a net profit of 2.964 billion yuan, up 0.03% from the previous year [1][6]. - For the full year 2024, total operating revenue reached 42.157 billion yuan, a 3.62% increase, with net profit at 12.768 billion yuan, reflecting a 10.59% growth [4][6]. Dividend Policy - The company has maintained a high dividend payout ratio, with 2023 dividends exceeding 5 billion yuan for the first time, amounting to 5.479 billion yuan, representing 47.46% of net profit [3][6]. - For 2024, the planned cash dividend is 5.783 billion yuan, accounting for 45.29% of net profit, leading to a total dividend payout of 11.262 billion yuan over two years [3][6]. Operational Efficiency - The company has seen a continuous decline in its debt-to-asset ratio, dropping from 30.70% at the end of 2020 to 20.72% by Q1 2025, indicating improved financial health [6]. - The company’s total assets reached 286.8 billion yuan by Q1 2025, with fixed assets constituting 74% of this total [6]. Cash Flow Management - The company has consistently generated positive cash flow from operating activities since its listing, with net cash flow of 21.08 billion yuan in 2023 and 20.07 billion yuan in 2024, and a 6.27% increase to 4.816 billion yuan in Q1 2025 [7].