17 December 2025 Equity Research Report Beijing-Shanghai HS Rail (601816 CH) Buy: Profitability improvement on track; eyes on CR450 trains Stay positive on earnings growth. The company's share price has corrected 9% since July (CSI 300 up 16% over the same period), dragged down by weak traffic earlier this year. BSHSR has been defending its revenue growth through train mix optimisation and fare discount cuts. We are still optimistic about its profitability improvement and believe the potential deployment of ...