一阵汽笛长鸣，高速列车驶出贝尔格莱德中央火车站，直奔塞尔维亚与匈牙利边境城市苏博蒂察。匈塞 铁路塞尔维亚段于10月3日全线通车，8日开始运营客运列车。这条"钢铁丝路"承载着塞尔维亚人民多年 期盼，凝聚着中塞两国铁路建设者8年心血与智慧。 "我们是肩负着责任和使命来的。"回顾过去2000多个日夜，匈塞铁路塞段项目负责人齐丰然感慨万千。 齐丰然坦言，如何让成熟的中国高铁建设管理经验与欧洲的标准和体系有效对接，是项目顺利推进的关 键之一。中方创造性地建立多层级会议协调机制，畅通与塞政府、业主、监理及各合作方的沟通，帮助 当地合作企业共同成长。 塞尔维亚籍总工程师米兰·巴诺维奇加入塞段项目建设已有7年多。他表示，项目推进过程中，熟悉当地 有关规定是比较大的挑战，"经过多次会议和沟通，我们最终成功地解决了这些问题"。 据齐丰然介绍，匈塞铁路采用的是欧洲技术标准，但在关键工程的技术方案制定中，中国铁路建设智慧 与经验发挥了关键作用，中国方案得到各方信服。 建设期间，不少塞方官员、技术和管理人员还赴华交流，亲自见证中国高铁的发展成就，塞方监理在验 收中国制造的钢轨后接连赞叹质量高。 整条铁路线路配备了全套来自中国的通信信号 ...

通过反复的技术研讨、细节论证甚至实地验算，中国团队用过硬的技术实力最终说服了塞方。"他们最 终表示信服，认为中国的方案是更优的选择。"齐丰然说，这增强了团队推动更多中国智慧落地的信 心。 巴诺维奇说，维尔巴斯特大桥的建设令他印象深刻，特别是大桥使用了中国生产的钢材。"我当时去中 国参观大型钢厂、了解相关生产技术。我们所有去过中国的工程师都对中国的生产能力和工艺水平印象 深刻。" "我们是肩负着责任和使命来的，"回顾过去2000多个日夜，匈塞铁路塞段项目负责人齐丰然感慨万千。 齐丰然坦言，如何让成熟的中国高铁建设管理经验与欧洲的标准和体系有效对接，是项目顺利推进的关 键之一。中方创造性地建立多层级会议协调机制，畅通与塞政府、业主、监理及各合作方的沟通，帮助 当地合作企业共同成长。 塞尔维亚籍总工程师米兰·巴诺维奇加入塞段项目建设已有7年多。他表示，项目推进过程中，熟悉当地 有关规定是比较大的挑战，"经过多次会议和沟通，我们最终成功地解决了这些问题"。 据齐丰然介绍，匈塞铁路采用的是欧洲技术标准，但在关键工程的技术方案制定中，中国铁路建设智慧 与经验发挥了关键作用，中国方案得到各方信服。 以塞段全线中的特大桥梁— ...

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]

Group 1 - The stock price of China Railway Industry is reported at 9.30 yuan as of July 30, 2025, with a decrease of 0.34 yuan, representing a decline of 3.53% from the previous trading day [1] - The company specializes in the research and manufacturing of high-end equipment for tunnel construction and rail transit, including products such as shield machines, TBMs, bridge steel structures, and turnouts, which are widely used in infrastructure construction across various sectors [1] - The company disclosed its semi-annual report showing a total new contract value of 21.41 billion yuan for the first half of 2025, with overseas orders amounting to 1.89 billion yuan, reflecting a year-on-year growth of 5.24% [1] Group 2 - The new contracts for tunnel construction equipment and related services reached 5.485 billion yuan, with a market share exceeding 60% in the water conservancy and hydropower sector [1] - On July 24, the company launched its first fully chain "Sichuan-made" earth pressure balance shield machine, "Chuan Shan Jia No. 1," designed specifically for extreme low-temperature environments down to -40 degrees Celsius [1] - As of July 30, 2025, the net outflow of main funds from China Railway Industry was 150 million yuan, accounting for 0.73% of its circulating market value [1]

Group 1 - The company achieved a total new contract value of 21.41 billion yuan in the first half of the year, with overseas contracts amounting to 1.89 billion yuan, reflecting a year-on-year growth of 5.24% [2] - Major sources of overseas orders include shield machines/TBM products from Western Europe, the Middle East, and Oceania, as well as bridge steel structures from Northern Europe and turnout orders from North Africa [2] - The company signed contracts worth 5.485 billion yuan for tunnel construction equipment and related services, with significant growth in the emerging hydropower sector despite a decrease in traditional infrastructure investment demand [2] Group 2 - The first fully "Sichuan-made" earth pressure balance shield machine, "Chuan Shan Jia No. 1," was launched, specifically designed for construction in extreme low-temperature environments [3] - The manufacturing base for this machine is a collaboration between the company and Sichuan Water Development Group, focusing on high-end equipment needs in high latitude and high altitude regions [3] - The hydropower market is identified as a key growth area for the company's tunnel construction equipment and related services, with ongoing efforts to enhance product sophistication, sustainability, and intelligence [3]

Group 1 - The core viewpoint of the article highlights the strong performance of China Railway Industry (中铁工业) in the first half of 2025, with a total new contract amount of 21.41 billion yuan, including 1.89 billion yuan from overseas markets, reflecting a year-on-year growth of 5.24% [1] - The overseas market orders primarily come from Western Europe, the Middle East, and Oceania, focusing on shield tunneling machines (TBM) and bridge steel structures [1] - China Railway Industry has maintained its position as the world's leading manufacturer of TBM products for eight consecutive years, with a growing market share in developed countries across Europe, America, Asia, and Oceania [1] Group 2 - In the first half of the year, the company signed new contracts worth 5.485 billion yuan for tunnel construction equipment and related services, with significant growth in the emerging hydropower sector despite a decrease in traditional infrastructure investment [2] - The market share of the company's TBM products in domestic hydropower projects exceeds 60%, with an 85% share in pumped storage power stations [2] - The recent launch of the "Chuan Shan Jia No. 1" shield tunneling machine, designed for extreme low-temperature conditions, marks a significant technological advancement for the company [3] Group 3 - The company is focusing on the hydropower market as a key area for growth, leveraging its technological leadership and market expansion capabilities [3] - The company aims to enhance the high-end, green, and intelligent transformation of its products, contributing to national water network construction [3]