Financial Performance - In 2024, the company achieved a revenue of 1,345.32 million CNY, a decrease of 19.21% compared to 2023 [2] - Net profit attributable to shareholders was 263.01 million CNY, an increase of 8.50% from 2023 [2] - The increase in net profit was primarily due to a 3,828 million CNY rise in gross profit from railway transportation, despite a 1,873 million CNY decrease from supply chain trade [2] Client Dependency and Risk Management - The top client accounts for 70% of the company's revenue, raising concerns about operational risk [2] - The main clients are coal and chemical enterprises within the Ningdong Energy Chemical Base, with ongoing transactions deemed necessary for production [3] - Transactions with the State Energy Investment Group and its subsidiaries are conducted at market prices, with no evidence of profit manipulation or harm to the company's interests [3] Infrastructure and Investment Projects - The company operates 315 kilometers of railway, with a total extension of 642 kilometers [3] - A total investment of 1.4865 billion CNY is planned for the electrification and power connection project of the Ningdong Railway, with 639 million CNY already invested, representing 52% completion [3][4] - The project is expected to be completed and enter trial operation by the end of 2025 [3] Future Developments - The company plans to invest 200 million CNY to increase its stake in the Southern Railway for the construction of the railway project from Etuoke Qianqi to Shanghai Miao [3] - There are ongoing discussions regarding the upgrade of old diesel locomotives, with three technical paths proposed by the National Railway Administration [3]