Core Viewpoint - China Railway Group Limited successfully issued a technology innovation corporate bond of 3 billion yuan with a term of 3 years and a coupon rate of 1.66% [2] Group 1: Company Overview - China Railway Group is recognized as one of the first "innovative enterprises" by the Ministry of Science and Technology, the State-owned Assets Supervision and Administration Commission, and the All-China Federation of Trade Unions [2] - The company leads in the manufacturing and R&D of specialized construction machinery for railways, highways, and urban rail transit, both domestically and globally [2] - It is a global leader in the research and manufacturing of shield tunneling machines (TBM), turnouts, and bridge steel structures, as well as a domestic leader in railway construction equipment [2] Group 2: Market Position and Product Demand - The market demand for products such as tunnel boring machines, mechanized tunnel equipment, construction machinery, turnouts, and steel bridges is stable and robust [2] - China Railway Group maintains a leading market share in its relevant product categories [2] - Its subsidiary, China Railway Industry (stock code 600528.SH), is the only A-share main board company specializing in high-end equipment for rail transit and underground excavation in China [2]

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 ...

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年年度報告摘要」，僅供參閱。 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。 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 年年度报告摘要 公司代码：601390 公司简称：中国中铁 中国中铁股份有限公司 2025 年年度报告摘要 1 中国中铁股份有限公司 2025 年年度报告摘要 1、 公司简介 第一节 重要提示 1、 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到 www.sse.com.cn ...

Core Viewpoint - The article highlights the efforts of the Shanghai Railway Bureau's electrical department to ensure the optimal functioning of signal equipment ahead of the Lunar New Year, emphasizing the importance of safety and reliability in railway operations during the busy Spring Festival travel period [1][2]. Group 1: Equipment Maintenance - The Shanghai Railway Bureau's electrical team conducted final maintenance checks on 12 sets of switches and 8 signal machines before the New Year, ensuring they are in optimal condition for safe operations [1]. - The precision required for switch gap adjustments is critical, with a tolerance of 0.1 millimeters being necessary to avoid operational failures [2]. Group 2: Employee Commitment - Young workers, including a new employee named Sun Xiaosheng, expressed a sense of responsibility and pressure associated with their roles during the Spring Festival, highlighting the significance of their work in ensuring safe travel for passengers [2]. - The experience of the team leader, Li Chen, reflects a deep commitment to the equipment, treating it with care akin to family, which underscores the dedication of the workforce in maintaining safety standards [2].

Core Viewpoint - China Railway Industry (600528.SH) is a leading manufacturer in the rail transit and underground excavation equipment sector, with a strong market position and comprehensive strength globally [3]. Group 1: Company Overview - China Railway Industry is the only A-share listed platform under China Railway (601390.SH) focusing on high-end equipment for rail transit and underground excavation [3]. - The company holds the title of the world's largest manufacturer of shield tunneling machines (TBM) and the largest manufacturer of switches and bridge steel structures [3]. - It is also the largest manufacturer of railway construction equipment in China, with a complete range of products in the railway infrastructure equipment sector [3]. Group 2: Financial Performance - The company's revenue has shown a decline, with 2023, 2024, and the first three quarters of 2025 reporting revenues of 30 billion, 29 billion, and 20.09 billion respectively, reflecting growth rates of 4.3%, -3.5%, and -2.2% [12]. - Net profit has also decreased, with figures of 1.58 billion, 1.64 billion, and 0.95 billion for the same periods, showing declines of -3.8%, 3.7%, and -25.7% respectively [12]. - The new contract data for 2024 indicates a significant drop in the specialized engineering machinery segment, with a year-on-year decrease of 23.59% in tunnel construction equipment contracts [14]. Group 3: Market Dynamics - The traditional infrastructure sector has been sluggish, leading to a decrease in orders and revenue for the company [12]. - The first half of 2025 saw a 20% decline in new contracts, but there is an expectation of improvement in the second half, with an overall projected decline of only 7.79% for the year [21]. - The company is exploring new markets, particularly in water conservancy and pumped storage, where it holds a market share of over 60% for TBM products [25]. Group 4: Research and Development - The company has been increasing its R&D investment, with expenditures of 1.44 billion, 1.71 billion, and 1.83 billion from 2022 to 2024, representing 5.36%, 5.67%, and 6.32% of revenue respectively [33]. - The R&D investment has surpassed net profit, indicating a strong commitment to developing new equipment [35]. Group 5: Valuation Insights - As of February 2, 2026, the company's market capitalization was 18 billion, with a static PE ratio of around 10 times based on 2024 net profit [36]. - After accounting for net cash, the adjusted PE ratio is approximately 6.4 times, suggesting the company is undervalued [36].

Core Viewpoint - The company, China Railway Industry, is a leading manufacturer in the field of tunnel boring machines (TBM), railway switches, steel structures, and construction machinery, holding significant market positions both domestically and internationally [2]. Group 1: Company Overview - The company is the largest global producer and seller of TBMs, as well as the largest manufacturer of railway switches and bridge steel structures [2]. - It is recognized as the only industrial enterprise in the A-share main board market that specializes in high-end equipment for rail transit and underground excavation [2]. - The company's core products, including TBMs, railway switches, steel bridges, and special engineering machinery, have been exported to numerous countries and regions worldwide [2]. Group 2: Market Position and Achievements - The TBM, often referred to as a "Chinese business card," has maintained the highest global production and sales for nine consecutive years [2]. - The company has made significant advancements in product performance and technology through years of competition and collaboration with domestic and international peers [2]. - The company's contributions have played a vital role in the rapid development of global infrastructure construction [2].

Core Viewpoint - The company, China Railway Industry, is focused on specialized engineering machinery and related services, being the only A-share listed company in China that specializes in high-end equipment for rail transportation and underground excavation [2] Group 1: Business Overview - The main business segments include tunnel construction equipment, engineering construction machinery, switch manufacturing, and steel structure installation [2] - The company operates within the manufacturing industry, specifically in the specialized equipment manufacturing sector [2] Group 2: Corporate Governance and Market Communication - Since its listing in early 2017, the company has been committed to enhancing its value creation and realization capabilities while maintaining stable and healthy development [2] - The company has implemented measures to strengthen corporate governance and improve information disclosure, actively engaging with various levels of investors in the capital market [2] Group 3: Shareholder Engagement - On May 8, the company announced a plan for its controlling shareholder, China Railway Group Limited, to increase its stake in the company within 12 months, with a minimum investment of 160 million RMB and a maximum of 300 million RMB [2] - This is the second share buyback initiative by the controlling shareholder since the company's restructuring and listing [2] Group 4: Future Plans - The company aims to enhance its intrinsic value in compliance with securities and state-owned asset regulations, while further strengthening its market value management efforts to provide better returns for shareholders [2]

Core Viewpoint - China Railway Industry (中铁工业) is expected to achieve a new overseas contract signing amount of 3.686 billion yuan in 2025, reflecting a year-on-year growth of 0.36% [1] Group 1: Financial Performance - The overseas new contract amount for 2025 is projected to be 3.686 billion yuan, indicating a slight increase of 0.36% compared to the previous year [1] - High-margin products such as tunnel construction equipment and turnouts account for nearly 70% of the total contracts [1] Group 2: Market Presence - Major orders are sourced from regions including Western Europe, the Middle East, and Oceania for shield tunneling machines (TBM), as well as from Northern Europe for bridge steel structures and North Africa for turnouts [1] - The company has maintained the position of the world's largest producer of shield tunneling machines (TBM) for nine consecutive years, with products exported to over 30 countries including Italy, Germany, and Canada [1]

Core Viewpoint - China Railway Industry (600528.SH) reported a new overseas contract value of 3.686 billion yuan in 2025, representing a year-on-year growth of 0.36% [1] Group 1: Financial Performance - The overseas contract value for 2025 is 3.686 billion yuan, with nearly 70% of the contracts coming from high-margin products such as tunnel construction equipment and turnouts [1] - The company has achieved a world-leading position in the production and sales of shield tunneling machines (TBM) for nine consecutive years [1] Group 2: Market Expansion - The primary sources of overseas orders are from Western Europe, the Middle East, and Oceania, focusing on TBM products, bridge steel structures in Northern Europe, and turnout orders in North Africa [1] - The company has been actively expanding into developed markets in Europe, America, Asia, and Oceania, leading to a continuous increase in market share [1] Group 3: Future Strategy - The company plans to continue enhancing its efforts in overseas market development and strengthen collaboration with large international construction contractors to further consolidate and expand its presence in the overseas market [1]

Core Viewpoint - China Railway Industry (600528.SH) reported a new overseas contract value of 3.686 billion yuan in 2025, representing a year-on-year growth of 0.36% [1] Group 1: Financial Performance - The overseas contract value for 2025 is 3.686 billion yuan, with nearly 70% of the contracts coming from high-margin products such as tunnel construction equipment and turnouts [1] - The company has achieved a continuous world-leading sales volume of shield tunneling machines (TBM) for nine consecutive years [1] Group 2: Market Expansion - The primary sources of overseas orders are from Western Europe, the Middle East, and Oceania, focusing on TBM products, bridge steel structures in Northern Europe, and turnout orders in North Africa [1] - The company has been actively expanding into developed markets in Europe, America, Asia, and Oceania, leading to a continuous increase in market share [1] Group 3: Future Strategy - The company plans to continue enhancing its overseas market development efforts and strengthen collaboration with large international construction contractors to further consolidate and expand its overseas market presence [1]