证券代码：600834 证券简称：申通地铁 编号：临2025-021 上海申通地铁股份有限公司第十一届监事会 会议审议并一致通过本议案，有效选票3张，赞成3票，反对0票， 弃权0票。 特别提示 特此公告。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海申通地铁股份有限公司监事会 会议审议并一致通过本议案，有效选票3张，赞成3票，反对0票， 弃权0票。本议案需提交公司股东大会审议。 会议审议并一致通过本议案，有效选票3张，赞成3票，反对0票， 弃权0票。本议案需提交公司股东大会审议。 第十五次会议决议公告 上海申通地铁股份有限公司2025年5月15日以书面形式向各位监事 发出了召开第十一届监事会第十五次会议的通知和材料。公司第十一届 监事会第十五次会议于2025年5月20日（星期二）上午以通讯方式召开。 会议应到监事3人，实到监事3人。本次监事会会议的召开符合法律、法 规和公司章程的规定。会议审议并一致通过了如下议案： 会议审议并一致通过本议案，有效选票3张，赞成3票，反对0票， 弃权0票。本议案需提交公司股东大会审议。公 ...

关于召开2025年第一次临时股东大会的通知 证券代码：600834 证券简称：申通地铁 公告编号：2025-025 上海申通地铁股份有限公司 召开的日期时间：2025 年 6 月 18 日 14 点 45 分 召开地点：上海市宜山路 650 号神旺大酒店二楼宴会缘厅 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 网络投票系统：上海证券交易所股东大会网络投票系统 重要内容提示： 网络投票起止时间：自2025 年 6 月 18 日 至2025 年 6 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (五)网络投票的系统、起止日期和投票时间。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 ...

证券代码：600834 证券简称：申通地铁 公告编号：2025-026 上海申通地铁股份有限公司 关于召开 2024 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ???会议召开时间：2025 年 05 月 29 日 （星期四） 15:00-16:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） 上海申通地铁股份有限公司（以下简称"公司"）已于 2025 年 地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 05 月 29 日 （星期四） 15:00-16:00 举行 2024 年度业绩说明会，就投 资者关心的问题进行交流。 ? 会议召开方式：上证路演中心视频录播和网络互动 ? 投资者可于 2025 年 05 月 22 日 （星期四） 至 05 月 28 日 （星 期三）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 600834@shtmetro.com 进行提问 ...

Core Viewpoint - The announcement details the addition of new related transactions for Shanghai Shentong Metro Co., Ltd. and the adjustment of the 2025 annual routine related transactions, emphasizing that these transactions are essential for the normal operations of subsidiaries and do not harm the interests of shareholders, especially minority shareholders [1][2][5]. Summary by Sections New Related Transactions Overview - The new related transactions involve subsidiaries such as Shanghai Shenkai Public Transport Operation Management Co., Ltd., Shanghai Metro New Energy Co., Ltd., Shanghai Metro Property Management Co., Ltd., and Shanghai Metro Electronic Technology Co., Ltd. [1][2]. Adjustment of Annual Related Transactions - The new related transactions will cause the total amount of routine related transactions for 2025 to exceed the previously estimated figures, necessitating an adjustment [2][16]. Review Procedures for New Related Transactions - The independent directors approved the proposal for new related transactions on May 15, 2025, confirming that these transactions are necessary for the subsidiaries' operations and comply with fair market principles [2][3]. Introduction of Related Parties and Relationships - The related parties involved in the new transactions include various subsidiaries and affiliated companies, such as Shanghai Shentong Metro Construction Group Co., Ltd. and Shanghai Metro Operation Companies [3][4]. Main Content and Pricing Basis of New Related Transactions - The new related transactions include various service contracts with estimated amounts, such as: - Shanghai Pudong International Airport Express System maintenance services with an estimated contract amount of approximately 31.5 million yuan [10][11]. - Research and technical services for photovoltaic projects with an estimated amount of 290,000 yuan [12]. - Deep cleaning services with an estimated amount of 1.275 million yuan [13]. - Maintenance services for metro systems with various estimated amounts totaling up to 8.03012 million yuan for 2025 [15][16]. Impact of New Related Transactions on the Company - The new related transactions are part of the normal business activities of the subsidiaries and are expected to benefit the company's operations without harming the interests of shareholders [15][16].

Core Viewpoint - The proposed fare adjustment in Chongqing marks the end of the "2 yuan era" for metro services, reflecting the financial pressures faced by urban transit systems across China due to high operational costs and reduced government subsidies [1][3][4]. Group 1: Fare Adjustment Details - Chongqing's fare adjustment includes two options: shortening the initial travel distance from 6 kilometers to 4 kilometers for the same fare of 2 yuan, or increasing the starting fare to 3 yuan for distances up to 8 kilometers [5][6]. - The average monthly travel cost for citizens is expected to increase by over 24 yuan under the new fare structure [6]. Group 2: Financial Performance of Chongqing Metro - In 2023, Chongqing's metro system reported operational costs exceeding 111 billion yuan, with revenues of only around 30 billion yuan, necessitating government subsidies to avoid losses [2][9]. - The projected revenue for 2024 is 29.35 billion yuan against operational costs of 72.73 billion yuan, resulting in a net profit of only 11 million yuan [9]. Group 3: Challenges in Metro Operations - The rapid expansion of Chongqing's metro network has led to uneven passenger distribution, with some lines experiencing high traffic while others remain underutilized, impacting overall profitability [12][16]. - The structural imbalance in passenger flow has created a cycle of increasing costs and persistent losses, as new lines are built without sufficient ridership to support them [17]. Group 4: Broader Industry Context - Many cities across China face similar challenges, with only 12 metro companies projected to achieve net profits exceeding 100 million yuan in 2024, while others report losses [22][23]. - The reliance on government subsidies is widespread, with 28 cities receiving financial support, highlighting the unsustainable nature of current metro operations without adequate fare revenue [27][28].

Investment Rating - The report does not explicitly state an investment rating for the urban rail transit industry Core Insights - Urban rail transit is a crucial part of urban public transport systems, characterized by speed, punctuality, small land occupation, high capacity, and efficiency, with significant social benefits. The rapid urbanization in China has led to increased urban populations and severe traffic congestion, prompting the government to prioritize urban rail transit development as a key strategy for economic growth, particularly in large cities [4] - The industry is supported by various policies from the Ministry of Transport, National Railway Administration, and the Urban Rail Transit Association, focusing on sustainable development, safety management, and financial support mechanisms [5][6] - The urban rail transit network in China expanded in 2024, with 18 new operational lines and 27 new sections, totaling 748 kilometers, resulting in a cumulative operational mileage of 10,945.60 kilometers across 54 cities [8][10] - The average daily passenger volume reached 88.13 million, with a year-on-year increase of 8.06%, indicating a growing demand for urban rail transit [13] Summary by Sections Industry Overview - Urban rail transit is essential for addressing urban traffic congestion and enhancing environmental quality, with significant economic benefits through the development of surrounding areas and related industries [4] Industry Policies - A series of policies have been introduced to ensure the sustainable development of urban rail transit, including guidelines for operational management, safety supervision, and financial support [5][6] Industry Operation Status - In 2024, urban rail transit passenger turnover reached 267 billion passenger-kilometers, a 10.4% increase year-on-year, with a total passenger volume of 32.24 billion, up 9.5% [13] - The average operational income per vehicle kilometer was 17.26 yuan, while the average operational cost was 33.42 yuan, leading to an operational revenue-to-cost ratio of 57.85% [16] Industry Investment and Construction - The construction investment in urban rail transit continued to decline in 2024, with a total investment of 474.94 billion yuan, down 8.91% year-on-year. The total length of ongoing projects reached 5,833.04 kilometers [17][19] - The industry is transitioning from government-led investment to diversified funding sources, including public-private partnerships (PPP) and other market-oriented financing methods [19] Future Development - The urban rail transit industry is expected to shift from a construction-driven phase to a stable operational phase, facing challenges such as rising operational costs and debt burdens. Companies are encouraged to explore integrated development and diversify operations to enhance efficiency and reduce costs [20]

Core Insights - The 2024 Beijing Urban Rail Transit Service Quality Evaluation results have been released, maintaining the previous year's evaluation method without scoring individual lines or ranking them [1][2] - The evaluation indicates that areas such as "train noise" and "transfer convenience" still require improvement, which has been a recurring issue in past evaluations [4][5] Evaluation Results - The overall service quality score for the Beijing urban rail network in 2024 is 1014.6 points, with the Beijing Subway Operations Company scoring 1012.1 points, and the Beijing-Kowloon Metro Company scoring 974.6 points [4] - The average scores for passenger satisfaction, service assurance capability, and key operational indicators are 283.52 points, 298.23 points, and 388.33 points respectively [4] Passenger Feedback - Passengers rated aspects such as "station guidance," "ticket purchasing and checking," "station environment," "train environment," "boarding order," "service facilities," and "staff attitude" positively, while highlighting the need for improvements in "train noise" and "transfer convenience" [4][5] Operational Enhancements - In 2024, the Beijing urban rail transit system aims to optimize network transportation efficiency through measures like reducing train intervals, operating express trains, and implementing flexible capacity organization [3] - New services such as "convenient direction cards" and improved signage have been introduced, along with enhanced international service levels for foreign passengers [3] Historical Context - The issues of "train noise" and "transfer convenience" have been consistently noted in previous evaluations, indicating a long-standing challenge for the Beijing urban rail transit system [5]

Group 1 - The trend of significant price increases for public utilities such as water, electricity, and gas has become widespread and continues to progress [1][2] - Recently, the price increase wave has extended to metro services, with cities like Kunming and Chongqing announcing fare adjustments [2][4] - Chongqing's metro fare adjustment is driven by the growing gap between ticket revenue and operating costs, necessitating a price increase to ensure sustainable operations [4][9] Group 2 - The current fare structure in Chongqing includes a starting price of 2 yuan for trips up to 6 kilometers, with the highest fare capped at 7 yuan [4] - Proposed fare adjustment plans include a new starting price of 2 yuan for trips up to 4 kilometers and an increase of the maximum fare from 7 yuan to 11 yuan [4][5] - The fare increase is expected to alleviate the financial pressure on metro operations, which are heavily subsidized by local governments [9][15] Group 3 - In 2023, 28 out of 29 cities with metro systems reported losses when excluding government subsidies, highlighting the financial struggles of metro operations across the country [9][10] - The metro system in Chongqing received a subsidy of 4.343 billion yuan, indicating reliance on government support to cover operational deficits [9][12] - The average operational cost for metro systems has risen significantly, with some cities reporting costs exceeding 1.5 million yuan per kilometer [14][19] Group 4 - The previous model of "building metros—raising land prices—offsetting metro losses" is becoming less viable due to changes in land finance and population dynamics [15][19] - The approval process for new metro projects has slowed down, and some cities are facing challenges in launching previously approved projects [16][19] - The current environment suggests that fare increases may become more common as cities grapple with the high costs of maintaining metro systems [20]

Core Viewpoint - Shenzhen Metro Group has achieved a significant breakthrough in standardization construction with its "Guangdong Shenzhen Urban Comprehensive Transportation Hub Operation Service Standardization Pilot" project passing inspection with the highest score in the same batch in Guangdong Province [1] Group 1: Standardization Achievements - Since being approved as a national-level service standardization pilot in 2022, Shenzhen Metro Group has focused on addressing pain points in urban comprehensive transportation hub operation management, such as overload operation, service coordination, and business development [1] - The company has developed a "full-process, full-scenario, full-cycle" standardized service system, covering six core areas including pre-hub involvement, acceptance inspection, operational preparation, and daily operations, resulting in 348 standard specifications [1] - This standardization system not only addresses management pain points but also provides a high-quality, modular service model for the industry [1] Group 2: Recognition and Future Plans - After two years of pilot implementation, Shenzhen Metro Group has significantly improved hub operation service quality, achieving satisfaction scores exceeding 95 in 2023-2024 [2] - The Gangxia North Hub has won the "China Happy Community Model Award," and Shenzhen Metro Property has received nearly 10 national honors, enhancing its brand influence [2] - The "Shenzhen experience" from the standardization pilot has been successfully replicated in nine cities, contributing to the national urban public service standardization construction [2] - Moving forward, Shenzhen Metro Group will fully implement national and provincial standardization requirements, incorporate expert group suggestions, and aim to create a more convenient, safe, and intelligent travel experience [2]

Core Viewpoint - Hangzhou Metro continues to enhance passenger experience through various personalized services and operational adjustments, including the introduction of new features and improved train schedules [3][4]. Group 1: Service Enhancements - The introduction of the "Rainbow Convenience Trolley" at Guanyintang Station aims to assist passengers carrying large packages, enhancing their travel experience [5][6]. - The "Rainbow Convenience Trolley" service has gained popularity, with an average daily usage of nearly 100 times since its launch, leading to an increase in the number of trolleys from 3 to 6 [6]. Group 2: Operational Adjustments - Starting May 15, the Hangzhou Metro Line 5 will optimize train schedules during peak hours by reducing the train interval from 3 minutes to 2 minutes and 50 seconds, increasing maximum capacity from 29,000 passengers per hour to 33,000 passengers per hour [4]. - The operational changes will extend the morning peak service hours and adjust the routes to better accommodate passenger flow and transfer needs [4].