Core Viewpoint - The company reported a revenue of 34.553 billion yuan in 2025, reflecting a year-on-year increase of 6.40%, and a net profit attributable to shareholders of 3.686 billion yuan, up by 5.48% [4] Group 1: Financial Performance - The company's gross margin for 2025 was 28.88%, a slight decrease of 0.34 percentage points year-on-year, while the net profit margin was 12.29%, down by 0.24 percentage points [4] - A cash dividend of 1.70 yuan per 10 shares (including tax) is proposed for distribution to all shareholders based on the total share capital as of the equity distribution registration date [4] Group 2: Business Segments Performance - Revenue from the railway business reached 21.473 billion yuan, a year-on-year increase of 13.67%, while urban rail, overseas, engineering contracting, and other businesses generated revenues of 8.076 billion, 2.357 billion, 2.351 billion, and 0.295 billion yuan, respectively, with year-on-year changes of -1.75%, -3.45%, -12.55%, and +26.90% [5] - The overall gross margin remained stable compared to the previous year, with domestic and overseas business margins at 29.77% and 16.71%, reflecting increases of 0.18 percentage points and decreases of 7.90 percentage points, respectively [5] Group 3: Contracting and Orders - As of the end of 2025, the company had an order backlog of 115.86 billion yuan, with a total new contract signing amount of 44.14 billion yuan, down by 11.84% year-on-year [6] - New contracts in the railway and urban rail sectors saw slight increases of 0.3% and 4.97%, respectively, while overseas and engineering contracting sectors experienced significant declines of 33.9% and 54.74% [6] Group 4: Strategic Initiatives - The company aims to solidify its position in the rail transportation sector while actively expanding into the low-altitude economy, with a focus on the renovation market as a key growth driver [7] - Technological breakthroughs have been achieved in low-altitude airspace management systems and related applications, with deployments in key cities and critical areas [8]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [3] Core Views - The company achieved a revenue of 34.553 billion CNY in 2025, representing a year-on-year growth of 6.40%, and a net profit attributable to shareholders of 3.686 billion CNY, up 5.48% year-on-year [1] - The railway business revenue grew rapidly, with domestic business gross margin remaining stable. The company’s railway, urban rail, overseas, engineering contracting, and other businesses generated revenues of 21.473 billion, 8.076 billion, 2.357 billion, 2.351 billion, and 0.295 billion CNY respectively, with year-on-year growth rates of 13.67%, -1.75%, -3.45%, -12.55%, and +26.90% [1] - The company’s new contracts in the railway sector showed steady growth, while urban rail contracts increased against the trend. As of the end of 2025, the company had an order backlog of 115.86 billion CNY, with a total new contract amount of 44.14 billion CNY, down 11.84% year-on-year [1] - The company is focusing on the renovation market as a major growth point and is actively expanding into the low-altitude economy sector, achieving technological breakthroughs in low-altitude airspace control systems and related applications [1] Financial Summary - Revenue and profit forecasts for 2026-2028 have been adjusted downwards by 3.6% to 3.6%, with net profit predictions of 3.96 billion, 4.34 billion, and 4.69 billion CNY respectively for those years. The corresponding EPS for 2026-2028 is projected to be 0.37, 0.41, and 0.44 CNY [1][2] - The company’s overall gross margin for 2025 was 28.88%, a slight decrease of 0.34 percentage points year-on-year, while the domestic and overseas business gross margins were 29.77% and 16.71%, reflecting a year-on-year change of +0.18 percentage points and -7.90 percentage points respectively [1][10] Valuation Metrics - The company’s P/E ratio is projected to decrease from 17 in 2024 to 13 in 2028, indicating a potential increase in valuation attractiveness over time [2][12] - The report highlights a dividend distribution plan of 1.70 CNY per 10 shares for 2025, which reflects the company's commitment to returning value to shareholders [1]

本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由中 國鐵路通信信號股份有限公司（「本公司」）作 出。 茲載列本公司在上海證券交易所網站刊登之《中國鐵路通信信號股份有 限公司2025年年度報告摘 要》，僅 供 參 閱。 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 海外監管公告 中國鐵路通信信號股份有限公司 樓齊良 董事長 中 國，北 京 2026年3月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 樓 齊 良 先 生 及董寶良先生，本 公 司 獨 立 非 執 行 董 事 為 姚 桂 清 先 生、姚 祖 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由中 國鐵路通信信號股份有限公司（「本公司」）作 出。 茲載列本公司在上海證券交易所網站刊登之《中國鐵路通信信號股份有 限公司2025年年度報告》，僅 供 參 閱。 承董事會命 中國鐵路通信信號股份有限公司 樓齊良 董事長 中 國，北 京 2026年3月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 樓 齊 良 先 生 及董寶良先生，本 公 司 獨 立 非 執 行 董 事 為 姚 桂 清 先 生、姚 祖 輝 先 ...

Group 1: Overview of Qingchuang Village - Qingchuang Village is a vibrant entrepreneurial community designed to foster innovation and creativity among young entrepreneurs, featuring modern facilities and a supportive environment [2][3] - The area has successfully integrated various innovation parks, revitalizing over 150,000 square meters of industrial space and attracting 329 high-quality enterprises, generating an annual tax revenue exceeding 170 million [2][3] Group 2: Future Goals and Development Plans - By 2030, Qingchuang Village aims to gather 10,000 innovative talents, nurture 1,000 quality enterprises, and create a production value of 10 billion, positioning itself as a core engine for innovation-driven development in Fengtai and southwestern Beijing [3] - Fengtai District is actively promoting the integration of education and technology talent development through a comprehensive strategy, establishing ten industry promotion centers to enhance the synergy between innovation, industry, finance, and talent [4][5] Group 3: Talent and Industry Integration - The "Fengxiong Talent Zero Boundary" project aims to create a cohesive ecosystem for talent cultivation, education collaboration, and entrepreneurial incubation, enhancing the attractiveness of the region for young talents [5][6] - The Qingchuang Belt, centered around the Beijing Subway Line 10, connects various innovation resources and incubators, facilitating the development of high-quality industries and providing platforms for young talents [5][6] Group 4: Industrial Development in Zhongguancun Fengtai Park - Zhongguancun Fengtai Park has become a significant growth hub for technology innovation, housing over 24,000 enterprises and forming two trillion-level industrial clusters in rail transit and aerospace [7][8] - The park is focused on creating a collaborative industrial ecosystem, leveraging its strengths in research and development to support the integration of manufacturing in Xiong'an and application across the Beijing-Tianjin-Hebei region [7][8] Group 5: Key Players and Innovations - Companies like China Tonghao and Han Monkey Technology are leading innovations in low-altitude technology and digital city solutions, respectively, contributing to the development of smart infrastructure in Xiong'an [9][10] - The integration of advanced technologies in various sectors, including artificial intelligence and low-altitude management, is being emphasized to enhance operational efficiency and address industry challenges [9][10]

Core Insights - The 2025 Asia General Aviation Exhibition concluded in Zhuhai, showcasing the rapid development of the low-altitude economy with over 387 companies participating and a transaction volume exceeding 7 billion yuan, including 837 aircraft sold [1][6][9] Industry Highlights - The low-altitude economy emerged as the focal point of the exhibition, with over 120 related companies and more than 30 eVTOL (electric vertical takeoff and landing) aircraft displayed, outlining a clear vision for urban air mobility [4][6] - Notable products included high-grade commercial eVTOL models from Volant Aerospace, second-generation manned aircraft from Qifei Aviation, and the AE200 from Wofei Changkong, which completed successful transition flight tests, indicating a mature technology landscape [6][9] - The exhibition featured a comprehensive range of supporting services, including intelligent airspace management systems and communication solutions, promoting collaboration among upstream and downstream enterprises in urban commuting and emergency rescue applications [6][9] International Participation - The exhibition saw a significant increase in international participation, with 75 international exhibitors from 22 countries, including major companies like Bell Helicopter and Pilatus showcasing flagship products [7][9] - The Canadian and South Korean delegations presented a full chain of solutions from power to manufacturing, while German and American companies introduced innovative aircraft, enhancing the exhibition's global resource integration capabilities [9] Commercial Achievements - Major commercial agreements were signed, including a purchase agreement exceeding 2.25 billion yuan by Lanyi Aviation and a partnership between Southern Airlines General Aviation and Airbus Helicopters to establish a global maintenance center in Zhuhai [9] Public Engagement - The exhibition featured various engaging activities, including flight performances and interactive experiences, attracting significant media coverage and public interest, with nearly 75 million views on new media platforms [12][15]

Core Insights - The low-altitude economy is rapidly emerging as a new trillion-yuan industry, with projections indicating a market size of 1.5 trillion yuan by 2025 and over 2 trillion yuan by 2030 [1] - The development of a top-level planning framework is essential to address challenges and ensure sustainable growth in the low-altitude economy [1] Group 1: Digital Infrastructure for Low-altitude Economy - The low-altitude economy is transitioning from "point exploration" to "cluster development," with the intelligent networking system being a core support for orderly development [2] - A "ground-air collaborative control" system is necessary to manage airspace effectively, ensuring visibility, control, and safety in operations [2] - The integration of communication, navigation, and perception is fundamental for low-altitude operations, requiring high precision in positioning and AI for dynamic route optimization [2][3] Group 2: Safety and Regulatory Framework - Safety is a prerequisite for the broader commercialization and sustainable development of the low-altitude economy, with discussions focusing on airworthiness certification, testing, and cross-industry collaboration [4] - A comprehensive low-altitude security system is proposed, emphasizing multi-source perception and intelligent response for monitoring both cooperative and non-cooperative targets [5] - The establishment of a full lifecycle inspection and testing system for drones is advocated, utilizing digital twin technology and big data for fault prediction and health management [6]

Core Viewpoint - The company reported stable revenue growth in the first half of 2025, driven by the gradual conversion of existing orders and a focus on rail transit and low-altitude sectors [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 14.73 billion yuan, a year-on-year increase of 2.77%, and a net profit attributable to shareholders of 1.62 billion yuan, up 1.34% year-on-year [1]. - The company’s Q2 performance showed revenue of 7.996 billion yuan, a 2.71% increase year-on-year, and a net profit of 1.059 billion yuan, reflecting a 6.46% increase [2]. - The company’s gross profit margin for H1 2025 was 28.76%, a decrease of 0.50 percentage points year-on-year, with net profit margin at 12.70%, down 0.35 percentage points [3]. Business Segments - In H1 2025, revenue from the railway business was 8.324 billion yuan, down 7.87% year-on-year, while urban rail business revenue was 3.916 billion yuan, up 12.85% [2]. - The engineering contracting and other businesses generated revenue of 1.48 billion yuan, an increase of 29.93% year-on-year, and overseas business revenue reached 944 million yuan, up 55.92% [2]. - New orders signed in H1 2025 totaled 17.568 billion yuan, a decrease of 16.44% year-on-year, with significant growth in railway and urban rail orders [2]. Low-altitude Business Development - The company is establishing a low-altitude industry framework, focusing on "low-altitude airspace control" and related technologies, with successful deployments in multiple cities [4]. - The company has partnered with state-owned enterprises to promote typical application scenarios and has expanded its services to 49 locations across 34 cities [4]. - The low-altitude business is expected to become a new growth point for the company as the low-altitude economy develops rapidly [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company focuses on the dual tracks of rail transit and low-altitude economy, consolidating and expanding its advantages in the full industry chain of rail transit communication signal engineering design, train control system equipment, and engineering technical services. It is also cultivating the low-altitude airspace management, drone manufacturing, and service operation industries, accelerating the construction of a "three industries and one state" industrial pattern in the low-altitude economy. The rail transit business is experiencing upward momentum, and the low-altitude sector is expected to become a second growth curve [2][6]. Financial Performance - In the first half of 2025, the company achieved total revenue of 14.73 billion yuan, a year-on-year increase of 2.77%. The net profit attributable to the parent company was 1.62 billion yuan, up 1.34% year-on-year. In Q2 2025, revenue reached 8 billion yuan, representing a year-on-year increase of 3% and a quarter-on-quarter increase of 19%. The net profit for Q2 was 1.06 billion yuan, a year-on-year increase of 6% and a quarter-on-quarter increase of 89% [6][9]. Revenue Breakdown - The revenue breakdown for the first half of 2025 shows that the railway sector generated 8.32 billion yuan, down 7.87% year-on-year, primarily due to differences in project construction progress. The urban rail sector generated 3.92 billion yuan, up 12.85% year-on-year, supported by a substantial backlog of orders and new contract signings. The overseas sector generated 944 million yuan, up 55.92% year-on-year, due to ongoing progress in overseas projects such as the Guinea Masisi Railway. The engineering general contracting and other sectors generated 1.48 billion yuan, up 29.93% year-on-year, due to increased performance progress of previously contracted projects [6][11]. Order Status - As of the end of Q2 2025, the company had a backlog of orders amounting to 117.56 billion yuan, with sufficient orders to support future deliveries. The company’s inventory was 3.83 billion yuan, showing a slight year-on-year increase, while contract assets were 33 billion yuan, with a slight increase quarter-on-quarter. Contract liabilities exceeded 10 billion yuan [11][12]. Growth Opportunities - The company is actively developing the domestic low-altitude economy market, having completed the deployment of 15 platforms in cities such as Qingdao and Xiong'an. Collaborations with various partners are underway to enhance low-altitude communication solutions and applications in emergency rescue and logistics operations [11][12]. Future Profitability - The company is expected to achieve net profits attributable to the parent company of 3.91 billion yuan and 4.46 billion yuan in 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 14.9 and 13.0 times [11][12].