Core Insights - China Railway Industry (中铁工业) reported a significant improvement in key financial metrics for the first nine months of 2025, with new contracts signed amounting to 31.938 billion yuan, operating revenue of 20.086 billion yuan, total profit of 1.13 billion yuan, and net profit attributable to shareholders of 999 million yuan [1] Financial Performance - New contracts signed in the first nine months of 2025 reached 31.938 billion yuan, showing a narrowing decline compared to the first quarter and half-year results of 2025 [1] - Operating revenue for the same period was 20.086 billion yuan, with a total profit of 1.13 billion yuan and a net profit of 999 million yuan attributable to shareholders [1] - The gross profit margin improved, particularly in the tunnel construction equipment and related services sector, which saw new contracts of 9.159 billion yuan, a year-on-year increase of 13.42% [1] International Business Growth - The overseas new contracts signed amounted to 2.959 billion yuan, reflecting a year-on-year growth of 17.73%, with a notable increase in the proportion of high-margin products such as tunnel construction equipment [1] - The overseas contracts accounted for a 2.22 percentage point increase compared to the same period last year [1] Technological Advancements - The company launched several advanced tunneling machines for international projects, including four expandable circular mud-water shield machines for a Dubai sewage tunnel project and a large-diameter shield machine for the Sydney Western Harbour project [2] - The first tunnel of a pressure-balanced shield machine for a drainage project in Lisbon successfully completed, marking a significant export achievement for China to the Iberian Peninsula [2] Cost Control Measures - Management expenses decreased to 921 million yuan, a year-on-year decline of 9.19%, while the management expense ratio fell by 0.36 percentage points [2] - Financial expenses were recorded at -85 million yuan, and sales expenses increased by 4.12% to 465 million yuan, indicating effective cost management strategies [2] Future Strategy - The company plans to enhance its domestic and international market development efforts, focusing on value creation and efficiency improvement while maintaining cost reduction and quality enhancement [3]

Core Insights - The company reported a positive trend in key financial metrics for the first nine months of 2025, with new contract value reaching 31.938 billion yuan, operating revenue at 20.086 billion yuan, total profit at 1.13 billion yuan, and net profit attributable to shareholders at 999 million yuan [1] Financial Performance - New signed contracts for the first nine months of 2025 amounted to 31.938 billion yuan, with a year-on-year improvement in major economic indicators compared to the first quarter and half-year results [1] - The company's net profit attributable to shareholders decreased at a slower rate compared to previous periods, indicating a sustained positive development trend [1] Contract Structure Improvement - The new signed contracts in the high-margin tunnel construction equipment and related services segment reached 9.159 billion yuan, representing a year-on-year growth of 13.42%, with the proportion of new contracts increasing by 7.05 percentage points compared to the same period last year [1] Overseas Business Growth - The overseas new signed contracts totaled 2.959 billion yuan, reflecting a year-on-year increase of 17.73%, with the share of overseas contracts rising by 2.22 percentage points compared to the previous year [2] - High-margin products such as tunnel construction equipment and turnouts accounted for over 70% of the overseas contracts [2] - The company successfully launched several advanced tunneling machines for international projects, including those in Dubai and Australia, enhancing its technological capabilities and market presence [2] Cost Control Measures - Management expenses for the first nine months of 2025 were 921 million yuan, showing a year-on-year decrease of 9.19%, with the management expense ratio declining by 0.36 percentage points [3] - Financial expenses were recorded at -85 million yuan, while sales expenses increased by 4.12% to 465 million yuan, indicating effective cost management despite increased marketing efforts [3] - The company plans to continue focusing on market expansion and improving operational efficiency through cost reduction and quality enhancement initiatives [3]

证券代码：600528 证券简称：中铁工业 编号：临 2025-034 中铁高新工业股份有限公司 2025 年 1-9 月主要经营数据 单位：万元 币种：人民币 序 号 业务类型 2025 年 1-9 月 2024 年 1-9 月 同比增减 1 专用工程机械装备及相关服务业务 1,014,750 1,019,903 -0.51% ① 隧道施工装备及相关服务业务 915,867 807,493 13.42% ② 工程施工机械及相关服务业务 98,882 212,410 -53.45% 2 交通运输装备及相关服务业务 1,993,916 2,456,552 -18.83% ① 道岔业务 372,170 551,509 -32.52% ② 钢结构制造与安装业务 1,621,746 1,905,043 -14.87% 3 其他 185,167 256,348 -27.77% 合计 3,193,833 3,732,802 -14.44% 二、2025 年第三季度重大合同签约/中标情况 上述合同金额合计人民币 87,757 万元，约占本公司 2024 年营业收入 的 3.03%。 特此公告。 单位：万元 币种：人民币 地 ...

Core Points - The Serbia section of the Hungary-Serbia railway officially opened on October 3, 2023, and began passenger operations on October 8, marking a significant achievement in Sino-Serbian cooperation in railway construction [1][4] - The project faced challenges in aligning Chinese high-speed rail construction management practices with European standards, which were addressed through a multi-level coordination mechanism established by the Chinese team [1][3] - The construction of the railway has integrated Chinese technology and materials, including the use of Chinese steel and communication signal systems, which are new to Serbia [2][3] Group 1 - The Hungary-Serbia railway project is seen as a "steel silk road" that fulfills the long-standing aspirations of the Serbian people and reflects the dedication of Chinese and Serbian railway builders over eight years [1] - The project has successfully implemented Chinese solutions, such as optimizing bridge designs, which reduced costs and construction time, despite initial resistance from Serbian partners [2] - The railway has transformed commuting between Belgrade and Novi Sad, with over 1.2 million passengers transported, demonstrating its impact on local transportation [3] Group 2 - The project exemplifies the successful integration of Chinese wisdom with European standards, showcasing a model for cooperation under the Belt and Road Initiative [4] - The introduction of new track-laying technologies and equipment by the Chinese team has contributed significantly to the timely completion and high quality of the railway construction [3] - The railway is expected to bring further changes to Serbia in the coming years, enhancing connectivity and economic development [3][4]

Core Viewpoint - The completion and operation of the Serbia section of the Hungary-Serbia railway marks a significant achievement in Sino-Serbian cooperation, showcasing the integration of Chinese technology and standards with European practices [1][4]. Group 1: Project Overview - The Serbia section of the Hungary-Serbia railway officially opened on October 3, with passenger services starting on October 8, fulfilling a long-held dream of the Serbian people [1]. - The project took eight years to complete, involving extensive collaboration between Chinese and Serbian teams, emphasizing the importance of effective communication and coordination [1][2]. Group 2: Technical Achievements - The project utilized European technical standards while incorporating Chinese construction wisdom, particularly in key engineering solutions, which were accepted by Serbian partners after thorough discussions [2][3]. - The construction of the Veljbaste Bridge exemplified the successful application of Chinese design optimizations, which reduced costs and construction time, ultimately gaining the trust of Serbian engineers [2]. Group 3: Technological Integration - The railway features a complete set of communication and signaling systems sourced from China, marking the first introduction of such technology in Serbia, which has excited local engineers [2][3]. - Chinese elements have been successfully integrated into various aspects of the railway, including contact network systems and steel structures, demonstrating a "soft connection" of technology and standards [3]. Group 4: Impact and Future Prospects - The already operational section between Belgrade and Novi Sad has transformed commuting patterns, with over 12 million passengers transported, indicating a significant impact on local transportation [3][4]. - The project is viewed as a "transportation revolution" for Serbia, with expectations of further positive changes in the coming years as a result of this collaboration [4].

Core Viewpoint - The financial performance of China Railway Industry (中铁工业) for the first half of 2025 shows a decline in revenue and net profit compared to the previous year, indicating potential challenges in its operational efficiency and profitability [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 13.583 billion yuan, a decrease of 2.82% year-on-year [1]. - Net profit attributable to shareholders was 688 million yuan, down 26.36% year-on-year [1]. - In Q2 2025, total revenue reached 7.244 billion yuan, reflecting a year-on-year increase of 5.61, while net profit was 370 million yuan, a decline of 20.65% [1]. - The gross margin was 17.76%, down 5.47% year-on-year, and the net margin was 4.95%, down 24.90% year-on-year [1]. - The company’s accounts receivable accounted for 1031.21% of the latest annual net profit, indicating a significant collection issue [1][3]. Operational Insights - The company’s return on invested capital (ROIC) for the previous year was 6.29%, which is considered average, with a historical median ROIC of 7.19% over the past decade [3]. - The net profit margin for the previous year was 5.98%, suggesting that the added value of the company's products or services is generally low [3]. - The company’s cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 27.28% [3]. Business Development - In the first half of 2025, the company secured new contracts totaling 21.41 billion yuan, with overseas contracts amounting to 1.89 billion yuan, representing a year-on-year growth of 5.24% [4]. - The growth in overseas contracts was primarily driven by high-margin products such as shield machines and bridge steel structures from regions including Western Europe, the Middle East, and Oceania [4].

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2025年8月29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年半年度報告」，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 2025年8月29日 於本公告日期，本公司的執行董事為陳文健先生（董事長）及王士奇先生；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 CHINA RAILWAY GROUP LIMITED ( 于中华人民共和国注册成立的股份有限公司 ) 股份代码：601390 25 3. 32 8 8 12 2 2 2 2 2025 半年度报告 中国中铁股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 ...

Core Insights - The company reported a total new contract value of 21.41 billion yuan for the first half of 2025, with a revenue of 13.584 billion yuan and a net profit of 688 million yuan [1] - The second quarter showed significant improvement in performance, with revenue of 7.244 billion yuan, a quarter-on-quarter increase of 14.28%, and a net profit of 3.7 billion yuan, reflecting a 16.50% increase [1] Financial Performance - For the first half of 2025, the company achieved a total profit of 796 million yuan, with the second quarter contributing 434 million yuan, marking a quarter-on-quarter growth of 19.79% [1] - The overall revenue for the first half was 13.584 billion yuan, with the second quarter accounting for 7.244 billion yuan [1] Overseas Business Growth - The company secured new contracts worth 1.89 billion yuan from overseas markets, representing a year-on-year growth of 5.24%, with the turnout from the switch business overseas reaching 246 million yuan, a 39.74% increase [2] - Major overseas orders were sourced from Western Europe, the Middle East, and Oceania, focusing on TBM products and bridge steel structures [2] - The company has maintained the world's leading position in TBM sales for eight consecutive years, expanding its market share in developed countries across various regions [2] Future Outlook - The company plans to leverage its advantages in design, research, and manufacturing of tunnel construction equipment to pursue project developments in major water conservancy projects and intercity railway networks [2] - The upcoming implementation of significant projects and the industry's shift towards mechanization, intelligence, and greening are expected to provide broader market opportunities for the company's main business in tunnel boring machines [2]

Core Viewpoint - China Railway Industry (中铁工业) reported a strong performance in the first half of 2025, with significant growth in revenue and net profit, indicating improved profitability and operational efficiency [1][2][3] Financial Performance - In the first half of 2025, the company achieved a new contract amount of 21.41 billion yuan, with operating revenue of 13.584 billion yuan and a net profit attributable to shareholders of 688 million yuan [1] - The second quarter saw a revenue of 7.244 billion yuan, a quarter-on-quarter increase of 14.28%, and a net profit of 370 million yuan, reflecting a quarter-on-quarter growth of 16.50% [1] Overseas Business Growth - The company signed new contracts totaling 1.89 billion yuan overseas, marking a year-on-year increase of 5.24%, with the turnout from the switch business overseas reaching 246 million yuan, up 39.74% [2] - Major orders originated from Western Europe, the Middle East, and Oceania, focusing on shield machines/TBM products and bridge steel structures [2] Cost Control Measures - Management expenses decreased to 599 million yuan, a year-on-year decline of 11.36%, while sales expenses increased to 303 million yuan, reflecting a growth of 3.01% due to increased marketing efforts [2] - The company has implemented strict cost control measures, significantly reducing non-operational expenses and maintaining budget discipline [2] Future Development Prospects - The company holds the top market share in its four main products, including shield tunneling machines and bridge machines, recognized as champions in the manufacturing sector [3] - The company is focusing on new customers and fields, particularly in water conservancy and mining energy, and is developing high-end equipment suitable for extreme environments [3] - With ongoing major projects like the Yarlung Tsangpo River hydropower project and the establishment of the New Tibet Railway Company, the company is well-positioned to capitalize on market opportunities in tunnel construction and water conservancy projects [3]

Group 1 - The stock price of China Railway Industry is reported at 9.01 yuan, down 0.66% from the previous trading day [1] - The trading volume on that day was 495,138 hands, with a transaction amount of 447 million yuan [1] - The company’s main business includes railway engineering equipment, tunnel boring equipment, switches, and steel structure manufacturing and installation [1] Group 2 - China Railway Industry is a core industrial manufacturing platform under China Railway, with products widely used in domestic and international infrastructure construction [1] - On August 13, the company announced that Vice President Wang Jianxi plans to reduce his holdings by no more than 5,000 shares within three months starting from September 5, which represents 25% of his total holdings [1] - In the first quarter of 2025, the company achieved operating revenue of 6.339 billion yuan and a net profit of 318 million yuan [1] Group 3 - On August 13, the net outflow of main funds was 43.8524 million yuan, with a cumulative net outflow of 158 million yuan over the past five days [1]