Core Viewpoint - The article analyzes the annual reports of metro companies in 28 cities in China for 2024, highlighting significant revenue and profit changes, with a focus on the financial struggles of certain companies, particularly Shenzhen Metro, which reported substantial losses [1][2][9]. Revenue Summary - Guangzhou Metro Group achieved the highest revenue increase, with an additional 8.938 billion yuan compared to 2023, reaching a total of 23.062 billion yuan [2]. - Shenzhen Metro, despite being the second-largest, saw a revenue decline of 3.957 billion yuan, totaling 21.189 billion yuan [2]. - Ningbo Metro reported a revenue increase of 6.725 billion yuan, ranking third with a total of 17.234 billion yuan [2]. Profit Summary - Beijing Infrastructure Investment Company led in net profit with 3.153 billion yuan, an increase of 0.756 billion yuan from 2023 [9]. - Tianjin Metro followed with a net profit of 0.846 billion yuan, up by 0.126 billion yuan [9]. - Shenzhen Metro reported a staggering net loss of 33.566 billion yuan, a decline of 34.109 billion yuan year-on-year, marking it as the only metro company with losses exceeding 30 billion yuan [9][10]. Operational Costs and Subsidies - The operational costs for metro companies are notably high, with the median cost for urban rail transit companies in 2019 being 11.2615 million yuan per kilometer, and major cities exceeding 15 million yuan per kilometer [6]. - Most metro companies rely heavily on government subsidies to cover operational costs, with Shenzhen Metro's losses amounting to 40.716 billion yuan after accounting for 7.15 billion yuan in government subsidies [10][11]. Industry Challenges - The industry faces deep-rooted conflicts between public service obligations and market-driven operations, as ticket prices are controlled by the government and do not cover operational costs [12]. - The reliance on real estate development revenue has become problematic, exemplified by Shenzhen Metro's 63% drop in property development income [13]. - There is a general lack of passenger growth, with the national average passenger flow intensity at 0.61 thousand passengers per kilometer per day, while only a few cities meet the standard [13].