Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company is continuously optimizing and upgrading its rail transit control system industry, accelerating the digital transformation of the signaling industry, and promoting the development of a diversified product line, thereby consolidating its "three-in-one" full industry chain advantage in rail transit. Additionally, it is actively laying out strategic emerging industries and accelerating entry into the low-altitude economy sector. The company focuses on both rail transit and low-altitude economy "dual tracks," currently holding sufficient orders, ensuring future deliveries, with the rail transit renovation market expected to drive operational growth and the low-altitude sector anticipated to become a second growth curve [2][6]. Financial Performance - In 2025, the company achieved total operating revenue of 34.677 billion yuan, a year-on-year increase of 6.23%, and a net profit attributable to the parent company of 3.686 billion yuan, up 5.49%. In Q4 2025, the operating revenue reached 12.836 billion yuan, reflecting a year-on-year growth of 9.67%, while the net profit attributable to the parent company was 1.402 billion yuan, marking a 23.43% increase [6][12]. Revenue Breakdown - In 2025, revenue from the railway sector was 21.473 billion yuan, up 13.67% year-on-year; urban rail revenue was 8.076 billion yuan, down 1.75%; overseas revenue was 2.357 billion yuan, down 3.45%; and engineering contracting revenue was 2.351 billion yuan, down 12.55%. In terms of orders, the railway sector had 25.713 billion yuan, a slight increase of 0.3%; urban rail orders were 10.503 billion yuan, up 4.97%; overseas orders were 3.912 billion yuan, down 33.9%; and low-altitude economy orders were 165 million yuan [13]. Market Opportunities - The rail transit renovation market is expected to drive operational growth, with the company undertaking several key projects such as the Sanpanliang Railway dedicated line and the Beijing suburban railway northeast ring line customer service system. The urban rail renovation business has seen more than a doubling in contract acquisition [13]. Low-altitude Sector Development - The company has made significant strides in the low-altitude economy sector, securing contracts worth 165 million yuan in 2025. It is actively exploring the domestic low-altitude economy market and continuously improving its core product system and business scenarios. The low-altitude airspace control system has been deployed in several key cities, and various projects related to low-altitude inspection and urban governance have been successfully executed [13]. Future Profit Projections - The company is projected to achieve net profits attributable to the parent company of 4.096 billion yuan and 4.557 billion yuan in 2026 and 2027, respectively, corresponding to price-to-earnings ratios of 14.2 and 12.7 times [13].

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 ...

Summary of Guorui Technology Conference Call Company Overview - Guorui Technology's core business includes radar systems and subsystems, with revenue of 2.673 billion yuan in 2024, accounting for 79% of total revenue, where military products contribute 75% and 82% of gross profit [2][6][7]. Financial Performance - Guorui Defense is the main profit source, with a net profit of 561 million yuan in 2024, representing 89% of total profits and an increase in net profit margin from 18.91% in 2020 to 28.12% in 2024, indicating significant improvement in profitability [2][6][9]. - Overall revenue for 2024 is projected at 3.4 billion yuan, a 36% increase year-on-year, with a net profit of 630 million yuan, up 5.1% [6][20]. Business Segments - **Radar Systems and Subsystems**: Contributes 2.673 billion yuan in revenue, with military products accounting for 75% of this segment [2][7]. - **Industrial Software**: Managed by Guorui Xinwei, expected revenue of approximately 400 million yuan and net profit of 60 million yuan in 2024 [2][5]. - **Rail Transit**: Revenue projected at 800 million yuan with a net profit of 27 million yuan in 2024, but facing a contraction due to industry cycles [2][17]. Market Expansion and Orders - Expansion into Middle Eastern markets is expected to enhance product pricing and profitability due to improved customer structure [2][10]. - A significant military trade order with Electric Science International is anticipated to generate 3 billion yuan in sales in 2025, a 33% increase year-on-year [2][19]. Future Outlook - The company is expected to achieve a net profit of around 1 billion yuan by 2027, with a mid-term market value target of 50 billion yuan, indicating a potential upside of approximately 30% [3][20]. - The improvement in customer structure and global military demand is expected to drive further growth in revenue and profitability [10]. Industry Context - The radar industry in China has reached the fourth generation, with Guorui Technology benefiting from strong technical capabilities and a diverse product range, including military and civilian applications [11]. - Radar products are crucial for air defense systems, with various types of radar contributing to a multi-layered defense structure [12]. Competitive Landscape - Guorui Technology differentiates itself from competitors like Sichuan Aerospace and Four Creation Electronics by covering a broader range of military and civilian applications without direct competition [15][16]. Additional Insights - The industrial software segment is being actively developed, with partnerships with leading companies in the industry to drive growth [18]. - The rail transit business, while stable, lacks future growth potential due to the end of the capital expenditure phase in the industry [17].

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - The report emphasizes the strategic development goals of the China Railway Beijing Bureau Group, focusing on enhancing passenger service quality and increasing freight volume to support the coordinated development of the Beijing-Tianjin-Hebei region [3][4]. - The report highlights the ambitious target set by the State Council to expand the railway operating mileage to 165,000 kilometers by 2025, with a long-term goal of reaching approximately 200,000 kilometers by 2035, which is expected to create significant market opportunities for the rail transit equipment industry [5]. - Key companies to watch in the rail transit equipment sector include CRRC Corporation Limited, China Railway Signal & Communication Corporation, and Times Electric, among others, which are recognized for their leading positions in various segments of the industry [5]. Summary by Sections Development Goals - The China Railway Beijing Bureau Group is committed to improving regional connectivity and passenger capacity through optimized train schedules and the introduction of special tourist trains [3]. - The Lanzhou Bureau Group is also focusing on enhancing passenger services and expanding freight operations by signing agreements with enterprises to secure cargo sources and improve logistics efficiency [4]. Market Opportunities - The report outlines that to achieve the 2035 railway network target, approximately 35,000 kilometers of new railway lines need to be constructed from 2026 to 2035, averaging 3,500 kilometers per year, which includes 2,000 kilometers of high-speed rail [5]. Key Companies - The report identifies several key players in the rail transit equipment sector, including: 1. CRRC Corporation Limited: The world's leading rail transit equipment supplier [5]. 2. China Railway Signal & Communication Corporation: A global leader in rail transit control systems [5]. 3. Times Electric: A leading supplier of traction and conversion systems [5]. 4. Sifang Railway: A core supplier in the field of high-speed rail monitoring [5]. 5. Shenzhou High-speed Railway: A leading enterprise in intelligent operation and maintenance equipment for rail transit [5]. 6. Huifeng Technology: Provides integrated solutions for rail transit operation and maintenance [5].

Core Viewpoint - China Railway Signal & Communication Corporation (China Tonghao) experienced a decline of 1.09% in stock price on February 2, with a trading volume of 254 million yuan, indicating a potential shift in investor sentiment and market dynamics [1] Financing Summary - On February 2, China Tonghao had a financing buy-in amount of 15.45 million yuan and a financing repayment of 21.45 million yuan, resulting in a net financing outflow of 5.9966 million yuan [1] - The total financing and securities lending balance for China Tonghao reached 438 million yuan, with the financing balance accounting for 0.93% of the circulating market value, which is above the 70th percentile of the past year [1] - The securities lending aspect showed a repayment of 2,301 shares with no shares sold, and a securities lending balance of 691,900 yuan, also above the 50th percentile of the past year [1] Company Overview - China Tonghao, established on December 29, 2010, and listed on July 22, 2019, is primarily engaged in the design and integration, equipment manufacturing, and system delivery for railway communication and signaling [2] - The main business revenue composition includes 89.91% from railway control systems, with design and integration contributing 39.86%, system delivery services 28.37%, equipment manufacturing 21.68%, and general contracting 9.25% [2] - As of September 30, the number of shareholders was 64,600, a decrease of 0.68%, while the average circulating shares per person increased by 0.71% [2] Financial Performance - For the period from January to September 2025, China Tonghao reported a revenue of 21.748 billion yuan, reflecting a year-on-year growth of 4.48%, while the net profit attributable to shareholders decreased by 3.16% to 2.284 billion yuan [2] Dividend Information - Since its A-share listing, China Tonghao has distributed a total of 11.437 billion yuan in dividends, with 5.401 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 100 million shares, a decrease of 8.7029 million shares from the previous period [3] - Other notable shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 ETF, both of which have seen reductions in their holdings [3]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [13]. Core Insights - The successful completion of the longest tunnel on the Yichang to Xingshan high-speed railway marks a significant engineering breakthrough, overcoming geological challenges through innovative techniques [3][4]. - The Yichang high-speed railway will significantly reduce travel times, enhancing regional connectivity and supporting the development of the Yangtze River Economic Belt [4]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway mileage of approximately 200,000 kilometers by 2035, which is expected to create substantial market opportunities for the rail transit equipment industry [5]. Company Summaries - **CRRC Corporation**: A global leader in rail transit equipment, maintaining the top position in revenue within the industry [5]. - **China Railway Signal & Communication Corporation**: A leading provider of rail transit control systems, recognized for its technological expertise [5]. - **Times Electric**: A prominent supplier of traction and conversion systems, consistently leading the domestic market [5]. - **SinoRail**: Specializes in railway safety equipment, becoming a core supplier in the high-speed rail monitoring sector [5]. - **Shenzhou High-speed Railway**: A leading enterprise in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients [5]. - **Brilliant Technology**: Focuses on providing operation and maintenance equipment and integrated solutions for rail transit, with extensive technical development experience [5].

Group 1 - The company, Jiaokong Technology, forecasts a net profit attributable to shareholders of approximately 156 million yuan for the year 2025, representing an increase of about 72.2391 million yuan compared to the same period last year, which is a year-on-year increase of approximately 86.44% [1] - The primary reason for the performance change is that some projects have entered a concentrated delivery period, resulting in an increase in deliveries compared to the same period last year [1] - The company's products are influenced by customer personalization demands, contract technical standards, and market competition, leading to varying gross profit margins across different projects, with higher margin projects currently in the concentrated delivery period [1]

Core Viewpoint - The company expects to achieve a net profit attributable to the parent company of approximately 156 million yuan in 2025, representing an increase of about 72.24 million yuan compared to the previous year, which is an increase of approximately 86.44% [1] Financial Performance - The expected net profit attributable to the parent company, excluding non-recurring gains and losses, is projected to be around 121 million yuan for 2025, which is an increase of approximately 74.02 million yuan year-on-year, reflecting a growth of about 156.14% [1] - The company has entered a concentrated delivery period for some projects, resulting in an increase in deliveries compared to the same period last year [1]

Group 1 - The core viewpoint of the news is that China Railway Signal & Communication Corporation Limited (China Tonghao) has shown a positive stock performance with a 3.84% increase year-to-date and a 2.16% increase on January 12, 2025, reaching a stock price of 5.68 yuan per share [1] - The company has a total market capitalization of 601.50 billion yuan and a trading volume of 2.11 billion yuan on January 12, 2025, with a turnover rate of 0.43% [1] - The main capital flow indicates a net outflow of 1.21 million yuan from major funds, with large orders accounting for 24.98% of purchases and 25.56% of sales [1] Group 2 - China Tonghao, established on December 29, 2010, and listed on July 22, 2019, primarily engages in design and integration, equipment manufacturing, and system delivery for railway communication and signaling [2] - The revenue composition of the company shows that 89.91% comes from railway traffic control systems, with design and integration services contributing 39.86%, system delivery services 28.37%, equipment manufacturing 21.68%, and engineering contracting 9.25% [2] - The company is classified under the machinery equipment industry, specifically in railway transportation equipment, and is associated with concepts such as state-owned enterprises, rail transportation, autonomous driving, high-speed rail, and H-shares [2] Group 3 - As of September 30, 2025, China Tonghao had 64,600 shareholders, a decrease of 0.68% from the previous period, with an average of 133,927 circulating shares per shareholder, an increase of 0.71% [3] - For the period from January to September 2025, the company achieved a revenue of 21.748 billion yuan, representing a year-on-year growth of 4.48%, while the net profit attributable to shareholders decreased by 3.16% to 2.284 billion yuan [3] Group 4 - Since its A-share listing, China Tonghao has distributed a total of 11.437 billion yuan in dividends, with 5.401 billion yuan distributed over the past three years [4] - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 100 million shares, a decrease of 8.7029 million shares from the previous period [4] - Other significant shareholders include E Fund's SSE STAR 50 ETF and Huaxia's SSE STAR 50 component ETF, both of which have seen reductions in their holdings [4]