Investment Rating - The investment rating for China Railway (601390) is "Buy" and is maintained [1] Core Views - The report indicates that the decline in profit for Q3 has narrowed, and the company is implementing a mid-term dividend to enhance shareholder returns [1] - The company's Q1-Q3 2025 revenue was 776.1 billion, a year-on-year decrease of 5.39%, while the net profit attributable to the parent company was 17.49 billion, down 14.97% year-on-year, which aligns with expectations [6] - The report maintains the profit forecast for 2025-2027, expecting net profits of 25.2 billion, 24.9 billion, and 25.8 billion respectively, with corresponding PE ratios of 6X, 6X, and 5X [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 1,156.73 billion, with a year-on-year growth rate of -0.3% [5] - The gross profit margin for Q1-Q3 2025 was 8.64%, a decrease of 0.15 percentage points year-on-year [6] - The company plans to distribute a cash dividend of 0.82 yuan per 10 shares, totaling 2.02 billion, which accounts for 17.11% of the net profit for the first half of 2025 [6] - The operating cash flow for Q1-Q3 2025 was -72.88 billion, with a cash collection ratio of 94.1%, down 4.49 percentage points year-on-year [6] - The company has developed five modern mines, with significant production of various metals, indicating a robust performance in its mineral resources business [6]