太化集团紧密结合实际学思悟践，明确了2026年工作和"十五五"发展的指导思想和工作思路，锚定"新 太化"建设战略目标，以高质量发展为主线，坚持做大做强、做优做精和做深做实并举，构建"土地综合 利用、新材料、现代服务"三大产业板块协调发展格局，统筹实施"管理兴企、改革活企、化险安企、环 保助企、党建强企"五大工程，全面提升"成本、科技、市场"三大竞争力，推动高效、创新、安全、绿 色、幸福"新太化"建设取得突破性进展。 太化集团以全会精神为指引，通过实施五项措施推进规划落实落地。一是坚持提质增效，持续抓好土地 综合利用、新材料、现代服务三大产业高质量发展，构建多元产业发展格局。二是深化改革创新，以更 大力度、更实举措推动改革向纵深突破，不断提升企业成本竞争力、科技竞争力、市场竞争力。三是坚 守红线底线，构建"大安全管理格局"，织密安全生产"防护网"，拧紧经营管理"安全阀"，筑牢信息舆 情"防火墙"。四是践行绿色理念，构建绿色发展制度体系，打好污染防治攻坚战，激活低碳转型动力引 擎，让绿色成为高质量发展最鲜明的底色。五是加强党建引领，持续推进国企党建工作规范提升专项行 动，在夯实党建基础上展示新作为，在深化正风肃纪 ...

Core Viewpoint - China CRRC plans to spin off its subsidiary CRRC Qishao for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance business focus and specialization in key sectors [1][3][4]. Group 1: Business Focus and Performance - The spin-off will allow China CRRC to concentrate on its core businesses, including railway equipment, urban rail and infrastructure, new industries, and modern services [1][4]. - For the first three quarters of 2025, China CRRC reported a revenue of 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit of 9.96 billion yuan, up 37.53% [1][6]. - The company anticipates that its total revenue for 2025 could exceed 280 billion yuan, setting a new historical record [8]. Group 2: Financial Health and Dividends - China CRRC announced a mid-term dividend of 3.16 billion yuan, marking the first time the company has issued a mid-term dividend in its history [1][12]. - Since its listing, China CRRC has distributed dividends 18 times, totaling 63.60 billion yuan [13]. - As of 2024, CRRC Qishao's total assets amounted to 9.41 billion yuan, with total liabilities of 4.4 billion yuan, resulting in a debt-to-asset ratio of 46.75% [4]. Group 3: Strategic Developments - The spin-off will create an independent platform for CRRC Qishao, focusing on high-end equipment and system solutions, enhancing its competitive edge in specialized fields [4]. - China CRRC is also expanding through acquisitions, such as the recent agreement for Long Passenger Company to acquire 100% of Equipment Technology Company for approximately 186 million yuan [9][10].

Core Insights - China CNR Corporation Limited (01766) reported a revenue of approximately 183.87 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.49% [1] - The net profit attributable to shareholders was around 9.96 billion yuan, reflecting a year-on-year growth of 37.53% [1] - Basic earnings per share stood at 0.35 yuan [1] Revenue Breakdown - The increase in revenue was primarily driven by growth in the railway equipment and new industry sectors [1] - Revenue contributions from various segments were as follows: railway equipment business accounted for 47.71%, urban rail and infrastructure business 14.84%, new industry business 35.95%, and modern service business 1.50% [1]