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分內容 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。 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條而作出。 茲載列中國中鐵股份有限公司於2026年3月30日在上海證券交易所網站刊登的「中國中鐵 股份有限公司2025年年度報告」，僅供參閱。 承董事會命 中國中鐵股份有限公司 陳文健 董事長 2026年3月30日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及趙佃龍先生；本公司的非執 行董事為文利民先生及房小兵先生；本公司的獨立非執行董事為修龍先生、孫力實女士 及屠海鳴先生。 中国中铁股份有限公司 2025 年年度报告 1 / 151 中国中铁股份有限公司 2025 年年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 德勤华永会计师事务所(特殊普通合伙)为本公司出具了标准无保 ...

Core Viewpoint - The report emphasizes the significant achievements and ongoing transformation within the Chinese construction machinery industry, highlighting the integration of technology, international expansion, and a shift towards high-quality, sustainable development. Group 1: Achievements of the Sixth Council - The sixth council has focused on high-quality development, enhancing global service capabilities, and improving the quality of research, manufacturing, and service levels in the construction machinery industry [3][4]. - The industry has made substantial progress in technological innovation, with a notable increase in R&D investment and the establishment of a robust innovation system [4][5]. - The export value of construction machinery products surged from $20.96 billion in 2020 to $60.169 billion in 2025, reflecting a strong upward trend [6]. Group 2: Industry Transformation - The construction machinery industry has undergone a historic shift towards intelligent and green transformation, with digital technologies being integrated into various operational aspects [7]. - The market share of electric construction machinery has significantly increased, with electric loaders expected to reach nearly 25% and electric forklifts over 77% by 2025 [7]. - The industry has optimized its structure, enhancing the production capacity of high-end machinery and fostering collaboration among state-owned, private, and foreign enterprises [8]. Group 3: Association's Strengthening and Services - The association has strengthened its internal governance and enhanced its service capabilities, ensuring effective representation of member interests and timely feedback to government bodies [9][10]. - The association has actively participated in policy research and has provided statistical data to support government decision-making [13][14]. - A comprehensive service system has been established to meet member needs, including policy consulting, standardization, and technology quality services [19][21]. Group 4: Future Directions and Recommendations - The association aims to develop the "15th Five-Year Plan" for the construction machinery industry, focusing on technological innovation and addressing core technical challenges [26][29]. - Emphasis will be placed on international cooperation and aligning industry standards with global practices to enhance competitiveness [28][30]. - The association will continue to strengthen its governance and service levels, ensuring alignment with national strategies and industry needs [31][32].

Investment Rating - The report maintains a "Buy" rating for the company, projecting a revenue increase and profit growth in the coming years [5]. Core Insights - The company achieved a revenue of 273.06 billion yuan in 2025, representing a year-on-year growth of 10.80%. However, the revenue for Q4 2025 was 89.20 billion yuan, showing a decline of 4.98% year-on-year. The net profit attributable to the parent company was 13.18 billion yuan, up 6.41% year-on-year, but Q4 net profit dropped significantly by 37.45% to 3.22 billion yuan [2]. - The demand for tunnel construction equipment is expected to continue growing, with the company poised to benefit from the long-term increase in shield machine revenue. The application of tunnel boring machines (TBM) is expanding across various sectors, including railways and water conservancy, with significant investments planned for 2026 [3]. - The company is also expected to benefit from large-scale equipment renewal policies, particularly in the transportation equipment sector. The national policy aims to accelerate equipment updates, which is anticipated to enhance the company's revenue from railway equipment maintenance and updates [4]. Summary by Sections Performance Review - In 2025, the company reported a total revenue of 273.06 billion yuan, with a year-on-year increase of 10.80%. The Q4 revenue was 89.20 billion yuan, reflecting a decline of 4.98% compared to the previous year. The net profit attributable to the parent company was 13.18 billion yuan, marking a 6.41% increase year-on-year, while Q4 net profit fell by 37.45% to 3.22 billion yuan [2]. Operational Analysis - The demand for tunnel construction equipment is on the rise, with the company expected to see long-term revenue growth from shield machines. The railway sector is projected to continue significant infrastructure investments, with over 2,000 kilometers of new lines expected to be put into operation in 2026, driving the demand for TBM and related equipment [3]. - The company is also set to benefit from national policies promoting large-scale equipment updates, particularly in the transportation sector. The initiative aims to phase out old railway diesel locomotives by 2027, which is expected to boost the company's revenue from railway equipment maintenance and updates [4]. Profit Forecast and Valuation - The company is projected to achieve revenues of 29.4 billion yuan, 31.8 billion yuan, and 34.3 billion yuan for the years 2026, 2027, and 2028, respectively. The net profit attributable to the parent company is expected to be 1.47 billion yuan, 1.59 billion yuan, and 1.74 billion yuan for the same years, with corresponding P/E ratios of 12X, 11X, and 10X [5].

Core Viewpoint - The Hongfeng Lake to Huaxi Reservoir connection project in Guiyang is a key water diversion and connection initiative, utilizing shield tunneling technology for the first time in a water conservancy project in Guizhou Province, aimed at enhancing water supply security in the region [1][2] Group 1: Project Overview - The project involves a 19.65-kilometer long water conveyance tunnel, expected to achieve an annual water supply of 218 million cubic meters, addressing water supply shortages in the southern and eastern parts of Guiyang [1] - The shield tunneling machine, approximately 150 meters long, can simultaneously perform excavation, segment installation, and grouting, improving construction efficiency by over 25% compared to traditional methods [2] Group 2: Operational Insights - The project team is focused on maintaining high safety standards and construction quality while accelerating progress, with a commitment to complete the project as soon as possible to support high-quality development in Guiyang and Gui'an [2] - Real-time monitoring of the shield machine's performance is facilitated through advanced technology, allowing for efficient management and coordination of operations [1]

Core Viewpoint - The article highlights the operation of a shield tunneling machine in the construction of the Shijiazhuang Metro Line 5, emphasizing the importance of skilled operators and the challenges faced in underground construction. Group 1: Shield Tunneling Machine - The shield tunneling machine, essential for modern metro construction, integrates excavation, support, and spoil removal, allowing for stable underground progress while preventing surface collapse [2][4] - The specific machine operated by the skilled worker is currently creating a 743-meter-long underground tunnel for the Shijiazhuang Metro Line 5 [2][5] Group 2: Operator's Role and Challenges - The operator, with 20 years of experience, plays a crucial role in controlling the tunneling process, ensuring safety and direction, and is recognized as a key figure in the tunneling team [9] - The confined space of the tunnel presents significant challenges, making repairs and adjustments more difficult compared to surface operations [9][10] Group 3: Work Environment and Culture - The construction team works continuously, with a daily progress of approximately 10 meters, reflecting the relentless pace of urban underground development [5] - Despite the demanding work conditions, including missing holidays with family, the team maintains a strong sense of commitment to completing the project by the target date of 2027 [11][14]

Group 1 - The core viewpoint of the article highlights China's significant advancements in shield tunneling technology, particularly the development of machines capable of variable diameter tunneling [1] - The "Qiming" shield machine completed a task in just 18 days that would typically take traditional machines five months, showcasing its efficiency [1] - The "Bianjing No. 1" machine can adjust its diameter from 8.83 meters to 12.45 meters, solving a technical challenge that has persisted for nearly 200 years in the industry [1]

Core Insights - The construction of the Shijiazhuang Metro Line 5 is underway, utilizing a specialized large equipment known as a shield machine, which is essential for modern subway construction [1][2] - The operation of the shield machine requires skilled operators, such as the 38-year-old driver Wu Liuyang, who is responsible for adjusting numerous parameters in a challenging underground environment [1] - The ongoing construction aims to enhance the urban transportation network, providing convenience and connectivity for the city's residents [2] Summary by Sections - **Construction Equipment**: The shield machine integrates excavation, support, and spoil removal, making it a core component of subway construction [1] - **Operator's Role**: The operator works in a confined, challenging environment, coordinating with various workers to ensure the machine progresses steadily [1] - **Future Impact**: The completion of Line 5 by the end of 2027 is expected to significantly improve the city's transportation infrastructure, benefiting all citizens [2]

Core Viewpoint - The article highlights the significant achievements of the construction team working on the D5 section of the Guangxi Water Resource Allocation Project, particularly the record-breaking tunneling performance during the Chinese New Year holiday [1][2]. Group 1: Project Overview - The Guangxi Water Resource Allocation Project is a key national infrastructure initiative aimed at enhancing water resource distribution in Guangxi, specifically supporting the development of the Yulin National Water Network Pilot Area [1][2]. - The D5 section features a unique small-diameter tunnel, measuring only 2.3 meters in diameter, which is rare in the country [1]. Group 2: Construction Achievements - On January 26, the team achieved a remarkable feat by tunneling 20.8 meters in a single day, setting a national record for the highest advancement in hard rock using a small-diameter slurry shield tunneling machine [1]. - The total length of the D5 tunnel is 3028 meters, and the construction operates continuously, requiring workers to work in shifts, even during holidays [1]. Group 3: Workforce Commitment - During the Spring Festival, 89 workers remained on-site, with some family members choosing to join them, demonstrating strong support and commitment to the project [2]. - The project team organized a special New Year's dinner for the workers, showcasing the camaraderie and support among the team members [2].

Group 1 - The company has made significant progress in technology research and development, market expansion, and business layout, including the application of an intelligent system for shield tunneling operations and risk prevention, which has achieved over 90% accuracy in decision-making support [1] - The company won a procurement project from the Nagqu City Federation of Trade Unions, amounting to 1.75 million yuan [1] - The company has expanded its business scope to include new energy and agricultural machinery following a recent business registration change [1] - The company's high-end products, including shield machines, have successfully entered multiple European markets [1] - The company has received several invention patent authorizations, including for a "rapid excavation shield machine and excavation method" [1] Group 2 - Over the past week (February 7 to 13, 2026), the company's stock price fluctuated with a range of 1.92% and an amplitude of 2.68% [2] - On February 11, the stock price increased by 0.95% to 5.34 yuan, with a net outflow of 41.19 thousand yuan in main funds [2] - On February 13, the latest stock price was 5.32 yuan, reflecting a decrease of 0.37% with a net inflow of 27.8 thousand yuan in main funds [2] - During the same period, the company's engineering machinery sector declined by 1.67%, and the overall market index showed weak performance [2]

Investment Rating - The investment rating for the Chinese construction machinery industry has been adjusted from "stable weakening" to "stable" [3] Core Viewpoints - The construction machinery industry has shown a clear recovery trend since 2025, driven by continuous improvement in domestic demand and stable export performance. The overall sales volume of construction machinery is expected to continue to improve in 2026, with industry revenue and profits maintaining a growth trend [3][7] - The core products such as excavators and loaders have accelerated their recovery, while the demand for different types of cranes has shown some divergence due to uneven recovery in downstream demand [7][9] - The industry is expected to benefit from multiple drivers of domestic demand, including traditional infrastructure, urban renewal, and mining development, which will support market growth [7][18] Summary by Sections Industry Fundamentals - The construction machinery industry has experienced a significant recovery since 2025, with total sales volume reaching 206.72 million units, a year-on-year increase of 11.47%. The sales of excavators have rebounded after three consecutive years of decline, with a notable increase in exports to countries along the "Belt and Road" [9][10] - The domestic market demand is expected to improve in 2024, supported by policy measures, while exports are projected to maintain steady growth. The overall sales volume for major products in 2024 was 185.45 million units, a year-on-year increase of 4.47% [9][10] Financial Performance - The revenue of sample enterprises in the construction machinery sector is expected to show significant recovery in 2025, with operating cash flow levels restored to previous high levels. The debt scale of these enterprises has been well controlled [41][43] - In 2024, the total operating revenue of the construction machinery industry increased by 0.79% to 816.5 billion yuan, with sample enterprises achieving revenue of 300.73 billion yuan, accounting for 36.83% of the industry total [42][43] Market Outlook - The construction machinery market is expected to enter a stable growth phase in 2026, with small excavators benefiting from special bond funding for rural infrastructure projects, while large excavators will be supported by major infrastructure projects [41][43] - The demand for construction machinery is anticipated to be driven by the replacement of aging equipment and the implementation of policies promoting equipment upgrades, which will release significant market potential [28][24]