Chang Jiang Shang Bao·2025-09-28 23:02Core Viewpoint - China Railway Group (601390.SH, 00390.HK) demonstrates stable operations with significant recent contract wins totaling approximately 502.15 billion yuan, representing 4.34% of the company's projected 2024 revenue [1][2]. Group 1: Recent Contract Wins - The company recently secured multiple major engineering projects across railway, highway, and municipal sectors, with a total bid amount of approximately 502.15 billion yuan [2]. - Railway projects accounted for 94.79% of the total bid amount, with significant contracts including the new Changsha to Ganzhou high-speed railway [2]. - Subsidiaries also performed well, with notable contracts such as the Shenzhen Airport South Base Phase I project worth 1.301 billion yuan and the Beijing to Tianjin Binhai New Area Railway station project worth 1.268 billion yuan [2]. Group 2: Financial Performance - In the first half of 2025, the company achieved new contract signings of 1.10869 trillion yuan, a year-on-year increase of 2.8% [3]. - The construction business remains dominant, with new contracts totaling 739.24 billion yuan, despite a slight decline of 5.3% due to industry conditions [3]. - The asset management business saw a significant increase of 425%, with new contracts amounting to 128.69 billion yuan, indicating a trend of diversified business growth [3]. Group 3: Research and Development - The company has maintained high levels of R&D investment, averaging approximately 28.2 billion yuan annually over the past three years, contributing to its technological advantages in key areas such as high-speed rail and large-span bridges [4][5]. - Cumulatively, R&D investment since 2020 has reached approximately 139.368 billion yuan, resulting in 132 national science and technology awards and 46,592 valid patents [5]. - The company's total assets reached 2.38 trillion yuan as of June 30, 2025, marking an 18.41% year-on-year increase, supporting its business development [5].