Core Viewpoint - China Railway Construction Corporation (CRCC) has received approval from the China Securities Regulatory Commission (CSRC) to publicly issue corporate bonds totaling up to RMB 30 billion, aimed at professional investors [1] Group 1: Bond Issuance Details - The bond issuance is set at a maximum of RMB 300 billion, with the first phase involving RMB 30 billion [1] - The bonds will be issued in three varieties, each with different maturity periods: - Type One: 3-year cycle with an option to extend for another 3 years - Type Two: 5-year cycle with an option to extend for another 5 years - Type Three: 10-year cycle with an option to extend for another 10 years [1] Group 2: Bond Codes and Names - The bond codes and names for the different varieties are as follows: - Type One: Code 242846, Name 铁建YK25 - Type Two: Code 242847, Name 铁建YK26 - Type Three: Code 242848, Name 铁建YK27 [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。 中國鐵建股份有限公司 董事長 戴和根 中 國 • 北 京 董事會會議通知 中 國 鐵 建 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈，董 事 會 將 於2025年4月29日（星 期 二）於 中 華 人 民 共 和 國 北 京 市 海 淀 區 復 興 路40 號 中 國 鐵 建 大 廈 舉 行 董 事 會 會 議，藉 以 審 議 批 准（其 中 包 括）本 公 司 及 其 附屬公司截至2025年3月31日 止 第 一 季 度 未 經 審 計 的 業 績。 承董事會命 2025年4月15日 於 本 公 告 日 期，董 事 會 成 員 包 括：戴 和 根 先 生（董 事 長、執 行 董 事）、郜 烈 陽 先 生（非 執 行 董 事）、馬 傳 景 先 生（獨 立 非 執 行 董 事）、趙 立 新 先 生（獨 立 ...

Investment Rating - The report maintains an "Outperform the Market" rating for China Railway Construction Corporation (601186.SH) [5][19][3] Core Views - The company experienced revenue and profit pressure in 2024, with total revenue of 1,067.2 billion yuan, down 6.2% year-on-year, and a net profit attributable to shareholders of 22.22 billion yuan, down 14.9% year-on-year. The fourth quarter saw a revenue of 309 billion yuan, a decrease of 6.8% year-on-year, and a net profit of 6.52 billion yuan, down 2.4% year-on-year. Despite the overall industry downturn, the company’s proactive investment contraction led to a significant reduction in investment losses, with a non-recurring net profit increase of 6.6% year-on-year in Q4 [6][3][19] - The company’s overseas new contract signing continued to grow, with a total of 3,120 billion yuan in new overseas contracts, up 23.4% year-on-year, while total new contracts signed for the year were 30,370 billion yuan, down 7.8% year-on-year. The company is optimizing its investment structure, significantly reducing new contracts in investment operation businesses by 65.6% year-on-year [7][3][19] - The overall gross margin slightly decreased to 10.27%, down 0.13 percentage points year-on-year, with a more significant decline in Q4 to 7.79%, down 5.60 percentage points year-on-year. The company effectively controlled expenses, with a total expense ratio of 5.89%, up 0.42 percentage points year-on-year, while management, research and development, and sales expenses all saw declines [9][2][3] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1,067.2 billion yuan, a decrease of 6.2% year-on-year, and a net profit of 22.22 billion yuan, down 14.9% year-on-year. The fourth quarter figures were 309 billion yuan in revenue and 6.52 billion yuan in net profit [6][3][4] - The company’s cash flow from operating activities turned negative at -31.42 billion yuan, with a collection ratio of 100.5% and a payment ratio of 103.2% [15][2] Investment and Contracts - The total new contracts signed in 2024 were 30,370 billion yuan, down 7.8% year-on-year, with overseas contracts increasing by 23.4% to 3,120 billion yuan. The company is shifting focus from investment-driven construction to optimizing investment operations [7][3][19] Profitability and Margins - The overall gross margin for 2024 was 10.27%, with a significant drop in Q4 to 7.79%. The company maintained expense control, resulting in a stable overall profitability despite increased competition [9][2][3] Future Outlook - The report forecasts net profits for the next three years at 22.1 billion yuan, 22.6 billion yuan, and 22.6 billion yuan, with earnings per share projected at 1.63 yuan, 1.66 yuan, and 1.67 yuan respectively. The current price-to-earnings ratio is estimated at 4.97, 4.87, and 4.90 for the next three years [19][4][3]

证券代码：601186 证券简称：中国铁建 公告编号：临 2025—018 中国铁建股份有限公司 重大项目公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 近期，本公司中标以下重大项目： 单位：亿元 币种：人民币 1 证券代码：601186 证券简称：中国铁建 公告编号：临 2025—018 | 6. | 中铁十四局 | 新建南通至宁波高速铁路增设苏州 | 1023 | | 20.95 | | --- | --- | --- | --- | --- | --- | | | | 东站及相关工程 SZDZF-1 标段 | 日历天 | | | | 7. | 中铁十八局 | 海南省昌化江水资源配置工程第三 | 1730 | 天 | 15.78 | | | | 标段施工总承包 | | | | | 项目金额合计 | | | | | 372.25 | | 项目金额合计占公司 | 2024 | 年度经审计营业收入比例（%） | | | 3.49 | 特此公告。 中国铁建股份有限公司董事会 2025 年 4 月 8 日 2 | 序号 | ...

Core Points - The company is convening its first extraordinary general meeting of shareholders in 2025 on April 29, 2025 [2][17] - The meeting will be held at 9:00 AM at the China Railway Construction Corporation building in Haidian District, Beijing [2][11] - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [2][3] Meeting Details - The meeting is called by the Board of Directors and will include both on-site and online voting [2][4] - The online voting will be available on April 29, 2025, during specific trading hours [3] - Shareholders must register to attend the meeting by April 25, 2025, and can delegate representatives to vote on their behalf [11][13] Voting Procedures - Shareholders can vote through the Shanghai Stock Exchange's online platform or via designated trading terminals [8][9] - Each shareholder's voting rights are based on the total number of shares held across all accounts [8][9] - Invalid votes will occur if shareholders exceed their voting rights or vote multiple times for the same proposal [9][10] Agenda Items - The meeting will include proposals for the election of the sixth board of directors, with cumulative voting applied [6][8] - No special resolutions or related party voting issues are noted for this meeting [8][8] Attendance Requirements - Shareholders must provide valid identification and proof of share ownership to register for the meeting [11][15] - Proxy representatives must also present necessary documentation to validate their authority [14][15] Contact Information - The company has provided contact details for inquiries related to the meeting [16]

证券代码：601186 证券简称：中国铁建 公告编号：2025-017 中国铁建股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 29 日 9 点 00 分 召开地点：北京市海淀区复兴路 40 号中国铁建大厦 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

中国铁建股份有限公司 2025 年第一次临时股东大会 会议资料 二〇二五年四月 中国铁建 2025 年第一次临时股东大会 中国铁建股东大会会议资料： 关于选举公司第六届董事会股东代表董事的议案 各位股东及股东代表： 鉴于中国铁建股份有限公司（以下简称公司）第五届董事会任期已届满，按 照《中国铁建股份有限公司章程》和《中国铁建股份有限公司股东大会议事规则》 的相关规定，根据公司控股股东中国铁道建筑集团有限公司推荐，提名公司第六 届董事会股东代表董事候选人如下：戴和根先生为执行董事人选，郜烈阳先生为 非执行董事人选，马传景、解国光、钱伟伦、王俊先生为独立非执行董事人选。 任期自股东大会通过之日起至第六届董事会任期届满之日止，任期三年。 以上议案请各位股东审议。 中国铁建 2025 年第一次临时股东大会 目 录 关于选举公司第六届董事会股东代表董事的议案 .............. 2 1 第六届董事会股东代表董事候选人简历 戴和根先生，58 岁，中国国籍，无境外居留权，研究生学历，正高级经济师， 第十四届全国政协委员，现任本公司董事长、党委书记，同时任中国铁道建筑集 团有限公司董事长、党委书记。戴先生曾任中铁四 ...

Group 1 - China Railway Construction Bridge Engineering Bureau Group Co., Ltd. applied for a patent titled "Adaptive Closing Device and Method for Steel Pipe Pile Support System," with publication number CN 119754267 A, and the application date is November 2024 [1] - The patent describes an adaptive closing device that includes a fixing device and an adapting device, designed to be applicable to various closing positions and locking mechanisms of the steel pipe pile support system, demonstrating good versatility [1] - The device features a fixed structure comprising steel profiles and a horizontal steel plate at the lower end, while the adapting device includes an arc-shaped steel plate at the upper end, which helps prevent significant displacement during insertion and provides effective lateral connection and prevention of water seepage and sand intrusion [1] Group 2 - China Railway Construction Bridge Engineering Bureau Group Co., Ltd. was established in 1988 and is located in Tianjin, primarily engaged in civil engineering construction [2] - The company has a registered capital of 320 million RMB and has made investments in 133 enterprises, participating in 5,000 bidding projects [2] - The company holds 1,679 patent records and has 3,046 administrative licenses, indicating a strong presence in intellectual property and regulatory compliance [2]

中国铁建[601186] 2025-04-02 15:00 5PMA = 10PMA = 20PMA = 30PMA = 9.53 9.31 9.09 8.87 8.65 8.42 8.20 7.98 7.76 111万 威交里:214575 83.34万 55.56万 27.78万 0 01-06 中国铁建[01186] 2025-04-02 16:00 5PMA = 10PMA = 20PMA = 30PMA = 5.766 5.642 5.517 5.393 5.268 5.144 5.020 4.895 4.771 5150万,成交里:7047000 3863万 2575万 1288万 o William 01-09 04-02 中国中铁[601390] 2025-04-02 15:00 5PMA = 10PMA = 20PMA = 30PMA = 6.63 6.48 6.32 6.17 6.02 5.87 5.72 5.56 5.41 209万 成交里:525052 157万 104万 52.18万 ol 01-06 04-02 在"基建热"退温的大背景下，2024年，中国铁建股份有限公司（6011 ...

证 券 研 究 报 告 中国铁建（601186）2024 年报点评 推荐（下调） 业绩阶段承压，未完合同额保障营收规模 目标价：10.0 元 事项： ❖ 公司发布 2024 年业绩报告，实现营收 10671.72 亿元，同比下降 6.22%；归母 净利润为 222.15 亿元，同比下降 14.87%；扣非归母净利润为 213.25 亿元，同 比下降 13.24%。 评论： ❖ 风险提示: 基建投资不及预期，回款不及预期，地产销售不及预期 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,067,171 | 1,085,310 | 1,103,847 | 1,123,973 | | 同比增速(%) | -6.2% | 1.7% | 1.7% | 1.8% | | 归母净利润(百万) | 22,215 | 22,613 | 23,097 | 23,484 | | 同比增速(%) | -14.9% | 1.8% | 2.1% | 1.7% ...