Beijing-Shanghai High Speed Railway (SH:601816) Zhong Guo Jing Ying Bao·2025-09-05 15:20Group 1: Company Performance - In the first half of 2025, the company reported operating revenue of 21.013 billion yuan, a year-on-year increase of 0.72% [1] - The net profit attributable to shareholders was 6.316 billion yuan, a slight decrease of 0.64% compared to the previous year [1] - The company achieved its best historical performance for revenue in the same period, while net profit saw a minor decline [1] Group 2: Cost and Operational Challenges - The company experienced a significant increase in electricity costs and rising fixed costs due to network expansion and maintenance [1] - The implementation of smart upgrades, particularly the application of Beidou technology, has further increased expenditure [1] - Passenger transport volume reached 24.996 million, a 1.2% increase year-on-year, while cross-line train mileage completed was 48.556 million kilometers, up 0.1% [1] Group 3: Market Strategy and Future Plans - The company is enhancing market-oriented pricing mechanisms, with a seven-tier pricing scheme during peak travel periods [2] - Plans for 2025 include optimizing transportation product supply and improving market-based pricing strategies [2] - The company aims to implement smart upgrades and enhance passenger service quality with new offerings such as pet transport services and family lounges [2] Group 4: Industry Context - In the first half of 2025, the national railway passenger volume reached 2.24 billion, a year-on-year increase of 6.7%, marking a historical high [3] - The Beijing-Shanghai High-Speed Railway, which connects major economic regions, spans 1,318 kilometers and has been operational since June 30, 2011 [3] - The company is the investment, construction, and operation entity of the Beijing-Shanghai High-Speed Railway and was listed on the A-share market in January 2020 [3]