京沪高铁业绩交流&五一假期经营更新240507中金原文 2024年05月07日14:52 发言人100:04 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line 发言人100:27 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line. 发言人100:50 感谢大家参加本次会议。会议即将开始，请稍后。Thanks for your participation.The meeting is ready to start. Please remain on the line 发言人101:14 感谢大家参加本次和大家好，欢迎参加中金公司京沪高铁业绩交流会及五一假期进行更新。目前是参会 者均处于静音状态，下面开始播报免责声明。声明，播报完毕后，主持人可直接开始发言。 发言人201:30 本次 ...

[Table_Page] 年报点评|铁路公路 证券研究报告 [京Table_沪Title] 高铁（601816.SH） [公Tab司le_评Inve级st] 增持 当前价格 5.09元 盈利能力继续修复，股东回报持续加强 合理价值 7.00元 报告日期 2024-05-06 [ 核Tab 心le_S 观umm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 京沪高铁发布 2023 年年报及 2024 年一季报。23 年公司营收 407 亿 元/yoy+110%，归母净利润115亿元；1Q24公司实现营收101亿元， 2% 归母净利润29.63亿元/yoy+33%。 -3%05/23 07/23 09/23 10/23 12/23 02/24 04/24 -8% ⚫ 出行需求快速回升，23 年全年业绩已与 19 年相当。出行需求快速修 -12% 复之下，公司23年全年收入同比增长110%，毛利率、净利率同比大 -17% 幅改善，但较19年同期仍低3pp、5pp。其中4Q23收入同比增长57 -22% 京沪高铁 沪深300 亿元至98亿元，带动归母净利润同比增长34亿元至26亿元。另外， 伴随 ...

Financial Data and Key Indicators Changes - The company reported a revenue growth of 13% year-on-year for the first quarter of 2024, with a significant scale growth of 33%, primarily due to the substantial reduction in losses from the financial services department [5][13] - Financial expenses decreased by 18.58% year-on-year, attributed to lower interest rates and a reduced loan base [12][18] Business Line Data and Key Indicators Changes - The financial services department showed a marked improvement, with expectations of turning profitable this year, although uncertainties remain [5][14] - The overall passenger load factor for business class has increased from 59% in 2019 to 62% currently, while first-class and second-class seats have seen a downward trend [4][12] Market Data and Key Indicators Changes - The recovery of passenger numbers is uneven, particularly in high-end segments, with a slower recovery in intercity flows between first-tier cities [2][3] - The average ticket price for 2023 is projected to be 299 yuan, with an average travel distance of 2,594 kilometers [12] Company Strategy and Development Direction - The company aims to enhance service quality and passenger experience while optimizing operational strategies to improve load factors to over 90% [4][5] - There is a focus on diversifying operations, particularly through land development along railway lines and commercial operations within stations, although growth has been limited [11][12] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding future pricing adjustments, indicating that any increases would be modest due to market conditions and consumer sentiment [7][16] - The company is actively preparing for negotiations on maintenance costs, aiming to control or reduce these expenses in light of rising operational costs [7][18] Other Important Information - The company is facing challenges related to the uneven recovery of passenger traffic and the need for strategic adjustments in response to market demands [2][3] - The introduction of a more competitive pricing mechanism by China Railway aims to narrow the price gap between high-speed rail lines [6][15] Q&A Session Summary Question: What is the basic operating situation of the company in 2022 and the outlook for the domestic passenger market? - The company is still in the recovery phase from the pandemic, with average travel distances not yet back to 2019 levels, showing a gap of about 5% to 6% [12] Question: How does the company perform in the national high-speed rail market? - The company has outperformed the national average in 2023, benefiting from its unique geographical advantages, although high-end passenger consumption has declined [12][13] Question: What is the current situation regarding ticket price adjustments? - The company is cautious about ticket price adjustments, with expectations of minimal changes due to market conditions and public sentiment [7][16] Question: What are the plans for capital expenditures? - The company plans to keep capital expenditures within 2 billion yuan over the next three years, focusing on maintenance and upgrades [18] Question: How has the financial services department's performance impacted overall profits? - The significant reduction in losses from the financial services department has greatly influenced the overall profit margins [14]

公 司 研 证券研究报告 究 ＃＃iinndduussttrryyIIdd＃＃ 行业 ＃ investSuggestion＃ ＃ ＃d 京yCo 沪mpa 高ny＃铁 （ 6 01816.SH ） investSug 买入 ( 维gest持ion C） h 0000 京09 福 安 徽大幅扭 亏＃ti ，tle＃ 2 4Q1 取得开门红 ange＃ ＃ createTime1＃ 2024 年 5 月 6 日 投资要点 公 ＃市m场a数rk据etD ata＃ ＃ 事su 件m ：ma 京ry＃ 沪 高铁发布 2023年年报、2024年一季报。2023年：公司实现营业收入 司 日期 2024/5/6 406.83亿元，同比上涨 110.40%；归母净利润115.46亿元，同比扭亏为盈，2023 点 收盘价（元） 5.26 年基本 EPS为 0.24元；扣非后归母净利润115.49 亿元，同比扭亏为盈。公司拟 评 总股本（百万股） 49106.48 每 10股派发现金红利为1.12元（含税），即每股0.11元，截至2024年 5月6日 报 流通股本（百万股） 49106.48 收盘价，不考虑回购股息率为2.09%。 ...

京沪高速铁路股份有限公司 证券代码：601816 证券简称：京沪高铁 公告编号：2024-015 关于召开 2023 年年度股东大会的通知 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 2023 年年度股东大会 （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 召开的日期时间：2024 年 5 月 30 日 14 点 30 分 召开地点：北京市海淀区北蜂窝路 5 号院 1 号写字楼三层 315 会议室 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年5月30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 网络投票起止时间：自 2024 年 5 月 30 日 至 2024 年 5 月 30 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 ...

证券研究报告：交通运输 | 公司点评报告 2024年5月5日 股票投资评级 京沪高铁(601816) 增持|维持 客流回归常态，跨线车平稳增长，业绩稳健提升 个股表现 ⚫ 京沪高铁披露 2023 年年报及 2024 年一季报 京沪高铁披露 2023 年年报及 2024 年一季报，2023 年公司营业 京沪高铁 交通运输 收入406.8亿元，同比增长110.4%，归母净利润115.5亿元，同比扭 -1% -3% 亏；2024年一季度公司营业收入101.1亿元，同比增长13.1%，归母 -5% -7% 净利润29.6亿元，同比增长33.1%。 -9% -11% ⚫ 客流回归常态，跨线车平稳增长，营收同比继续提升 -13% -15% 2023年铁路客流逐步恢复常态，公司运营本线列车客流量5325.2 -17% -19% 万人次，同比增长209.1%，基本持平于2019年水平；跨线车业务量 -21% -23% 平稳增长，京沪线运行里程完成9204.4万列公里，同比增长66.2%， 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 京福安徽公司列车运行里程3559.5万列公 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth in Q1 2024, with a year-on-year increase of 13.06%, driven by a recovery in passenger traffic post-pandemic [4] - The company announced a cash dividend plan, distributing 1.116 yuan per 10 shares, totaling approximately 5.479 billion yuan, with a dividend payout ratio of about 47.5% [2] - The company is expected to benefit from ticket price reforms and an expanded high-speed rail network, enhancing long-term growth potential [6] Financial Performance Summary - In 2023, the company achieved revenue of 40.683 billion yuan, a year-on-year increase of 110.40%, and a net profit of 11.546 billion yuan, marking a return to profitability [3] - For Q1 2024, the company reported revenue of 10.106 billion yuan and a net profit of 2.963 billion yuan, reflecting year-on-year growth of 33.11% [3] - The company’s net profit margin for Q1 2024 improved to 29.3%, up 4.4 percentage points year-on-year [5] Future Earnings Forecast - Projected revenues for 2024, 2025, and 2026 are 45.337 billion yuan, 48.620 billion yuan, and 51.176 billion yuan, respectively [6] - Expected net profits for the same years are 13.627 billion yuan, 15.477 billion yuan, and 16.790 billion yuan, indicating a strong growth trajectory [6] - The company is anticipated to maintain a price-to-earnings ratio (P/E) of 18, 16, and 15 for the years 2024, 2025, and 2026, respectively [6]

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company reported a significant recovery in profitability, with a 110% year-on-year increase in operating revenue for 2023, reaching 40.683 billion yuan, and a return to profit with a net profit of 11.546 billion yuan [2] - In Q1 2024, the company achieved approximately 10.1 billion yuan in operating revenue, a 13.1% increase year-on-year, and a net profit of about 2.96 billion yuan, reflecting a 33% growth [2] - The company plans to distribute a cash dividend of 0.1116 yuan per share, with a cash dividend payout ratio of approximately 48% [2] Summary by Sections Financial Performance - In 2023, the company’s main business revenue was approximately 40.3 billion yuan, a 113% increase year-on-year, with passenger transport and network service revenues growing by 216% and 75% respectively [2] - The main operating cost for 2023 was about 22.1 billion yuan, a 31.9% increase from 2022, leading to a gross margin of approximately 45.3%, significantly up from 11.9% in 2022 [2] - The company’s subsidiary, Jingfu Anhui, saw its revenue increase to about 5.47 billion yuan, a 53.3% rise, while its net loss narrowed to approximately 970 million yuan [2] Growth Drivers - The CR450 high-speed train is expected to be commercially available, potentially increasing the company's profitability by enhancing the competitiveness and capacity of the Beijing-Shanghai line [2] - The company announced a share buyback plan of up to 1 billion yuan, with a maximum repurchase price of 5.87 yuan per share, representing about 0.35% of the total share capital [2] Future Outlook - The report anticipates a continued recovery in railway travel demand, with a projected net profit of 13.5 billion yuan for 2024, reflecting a 16.81% growth [2] - The company is expected to maintain a cash dividend payout ratio of around 50% in the future [2]

上 市 公 司 交通运输 2024 年04月 30 日 京沪高铁 (601816) 公 司 研 究 ——流量高增驱动营收上行，成本优化释放利润弹性 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：京沪高铁发布2023年年报及24年一季报，2023年度公司实现营收406.83亿元， 同比增长110.4%；实现归属于上市公司股东的净利润115.46亿元，年报业绩符合预期。 证 市场数据： 2024年04月29日 24年一季度，公司实现营收101.06亿元，同比增长13.1%；实现归属于上市公司股东的 券 收盘价（元） 5.12 研 一年内最高/最低（元） 5.88/4.63 净利润29.63亿元，同比增长33.1%，Q1业绩略超预期。 究 市净率 1.3 报 息率（分红/股价） -  2023年公司本线客流快速恢复，跨线客流保持高增。根据公司公告，23年京沪高铁本线 告 流通A股市值（百万元） 251425 列车运送旅客5325.2万人次，同比增长209.1%；跨线列车运行里程完成9204.4万列公 上证指数/深证成指 3113.04/9673.76 里，同比增长 66.2% ...

Financial Performance - Revenue for 2023 reached RMB 40.68 billion, a 110.4% increase compared to 2022[16] - Net profit attributable to shareholders in 2023 was RMB 11.55 billion, a significant turnaround from a loss of RMB 576.23 million in 2022[16] - Operating cash flow surged to RMB 21.08 billion in 2023, up 209.96% year-over-year[16] - Total assets at the end of 2023 stood at RMB 292.22 billion, a 1.27% increase from 2022[16] - Basic earnings per share (EPS) for 2023 was RMB 0.2351, compared to a loss of RMB 0.0117 in 2022[16] - Weighted average return on equity (ROE) improved to 6.09% in 2023 from -0.31% in 2022[16] - Q4 2023 revenue was RMB 9.80 billion, with net profit attributable to shareholders at RMB 2.63 billion[19] - Annual operating revenue reached 40.68 billion yuan, a year-on-year increase of 110.40%[29] - Net profit attributable to shareholders of the listed company was 11.55 billion yuan, a year-on-year increase of 2103.63%[29] - Operating costs increased to 22.05 billion yuan, up 31.91% year-on-year[29] - Net cash flow from operating activities surged to 21.08 billion yuan, a 209.96% increase compared to the previous year[30] - Total operating revenue for 2023 reached RMB 40.305 billion, a year-on-year increase of 112.45%[31] - Gross profit margin for railway transportation increased by 33.41 percentage points to 45.29%[31] - Net cash flow from operating activities soared by 209.96% to RMB 21.081 billion[41] - Total comprehensive income for 2023 reached RMB 11,545,536,011.72, reflecting strong financial performance[167] - Undistributed profits for 2023 increased to RMB 16,527,125,060.57, up from RMB 6,758,979,168.81 in the previous year[167] - Total owner's equity at the end of 2023 stood at RMB 217,911,553,928.00, up from RMB 207,279,492,221.98 at the beginning of the year[167] - The company's total owner's equity at the end of 2023 was RMB 199.79 billion, an increase of RMB 11.61 billion from the beginning of the year[169] - The company's comprehensive income for 2023 was RMB 12.18 billion, contributing significantly to the increase in owner's equity[169] - The company's undistributed profit at the end of 2023 was RMB 26.01 billion, up from RMB 15.61 billion at the beginning of the year[169] Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.116 per 10 shares, totaling RMB 5,479,092,878.90, based on the total shares of 49,106,484,611 as of December 31, 2023[3] - The company's 2023 annual profit distribution plan includes a cash dividend of RMB 5,479,092,878.90, with a dividend of RMB 1.116 per 10 shares[84] Operational Highlights - The company's performance in 2023 was driven by a recovery in the domestic passenger market and improved operational efficiency[18] - Passenger volume on the Beijing-Shanghai high-speed rail line reached 53.252 million, a year-on-year increase of 209.1%[22] - Cross-line train operation mileage reached 92.044 million train-kilometers, up 66.2% year-on-year[22] - Operation mileage of trains under the jurisdiction of Jingfu Anhui Company reached 35.595 million train-kilometers, a 53.7% increase year-on-year[22] - The company obtained 3 utility model patents, 4 invention patents, and 1 software copyright in 2023[23] - 2 scientific and technological achievements won the third prize of the Railway Society Science and Technology Award[23] - The company achieved significant cost savings through energy conservation, reducing basic electricity fees and traction power factor reward deductions[23] - The company strengthened financial management by repaying loans early and optimizing financing costs, reducing interest expenses[23] - The company improved safety management by revising safety supervision measures and increasing safety investment[23] - The company promoted the integration of digital technologies such as Beidou, GIS, drones, and big data with high-speed rail operations[23] - The Beijing-Shanghai High-Speed Railway connects major economic zones, including Beijing-Tianjin-Hebei and the Yangtze River Delta, enhancing regional economic growth[27] - The company's network advantage is strengthened by its integration with other high-speed rail lines, such as Jingha, Taiqing, Xulan, and Huhanrong[27] - The Beijing-Shanghai High-Speed Railway operates at a design speed of 350 km/h, with a minimum train tracking interval of 3 minutes, ensuring high efficiency and safety[27] - The company's subsidiary, Jingfu Anhui, manages four high-speed rail sections, all designed at 350 km/h, aligning with the technical standards of the Beijing-Shanghai High-Speed Railway[27] - The company's brand reputation is bolstered by its commitment to safety, speed, convenience, and comfort, earning high praise from domestic and international stakeholders[28] Financial Management - The company's financial statements are audited by Zhongxinghua Certified Public Accountants (Special General Partnership), with the audit report issued by Wang Minghui and Zhang Yang[14] - The company's internal control system was evaluated as effective as of December 31, 2023[87] - The company completed the board and supervisory committee elections for its subsidiaries and guided them to establish 14 new regulations[88] - The company's internal control audit report for 2023 received a standard unqualified opinion[89] - The company's financial statements for 2023 were audited and found to be in compliance with Chinese accounting standards[140] - The company follows the Chinese Accounting Standards, ensuring the financial statements accurately reflect its financial position, operating results, and cash flows[173] - The accounting period for the company is from January 1 to December 31[174] - The company's functional currency is the Chinese Yuan (RMB)[174] - Significant prepayments and construction in progress are defined as amounts exceeding 0.50% of the latest audited parent company owner's equity[175] - Important contingent liabilities are defined as single amounts exceeding 100 million RMB or those deemed significant by management[175] - The company uses the acquisition method for business combinations, with goodwill recognized if the purchase consideration exceeds the fair value of identifiable net assets[176][177] - The company consolidates all subsidiaries and structured entities, adjusting for any differences in accounting policies or periods[178] - Foreign currency transactions are initially recorded at the spot exchange rate on the transaction date, with exchange differences recognized in profit or loss[182] - Financial instruments are recognized when the company becomes a party to the contractual terms of the instrument[183] - Financial assets are classified and measured at initial recognition based on the company's business model and contractual cash flow characteristics, including amortized cost, fair value through other comprehensive income (FVOCI), and fair value through profit or loss (FVTPL)[184] - Financial liabilities are classified as either amortized cost or fair value through profit or loss (FVTPL) at initial recognition, with transaction costs for FVTPL liabilities directly recognized in profit or loss[186] - The company uses an expected credit loss model to measure impairment for financial assets at amortized cost and debt instruments at FVOCI, considering forward-looking information[188] - Financial assets and liabilities can be offset on the balance sheet if there is a legally enforceable right to offset and an intention to settle net or simultaneously[187] - The company classifies financial assets into three stages based on credit risk: Stage 1 (no significant increase in credit risk), Stage 2 (significant increase but no credit impairment), and Stage 3 (credit impairment)[188] - For financial assets at FVOCI, the company recognizes fair value changes in other comprehensive income until derecognition, with interest income recognized in profit or loss[185] - The company may designate financial assets at FVTPL to eliminate or significantly reduce accounting mismatches[186] - Financial liabilities at FVTPL are measured at fair value, with all changes recognized in profit or loss, except for those related to hedge accounting[186] - The company assumes that financial instruments with low credit risk at the reporting date have not experienced a significant increase in credit risk since initial recognition[189] - For financial assets with credit impairment, the company calculates interest income based on amortized cost (net of impairment) and the effective interest rate[188] - The company uses a simplified model for expected credit losses on receivables, measuring loss provisions based on the expected credit losses over the entire lifetime, with changes recognized in current profit or loss[190] - Receivables from units within the China Railway Group consolidated financial statements are not subject to loss provisions unless there are signs of insolvency or inability to continue operations[190] - Financial assets are derecognized when the contractual rights to receive cash flows are terminated, or when the risks and rewards of ownership are substantially transferred[190] - The company classifies inventory into categories such as signal equipment and communication equipment, valued at less than 5,000 yuan, and measures them at the lower of cost or net realizable value[192] - Inventory is measured using the FIFO (First-In, First-Out) method, and the perpetual inventory system is used for inventory management[192] - Long-term equity investments are initially measured at cost, with subsequent measurement using the equity method for investments with significant influence or joint control[194] - For long-term equity investments under the cost method, the company recognizes investment income based on the cash dividends or profits declared by the investee[195] - Long-term equity investments accounted for using the equity method: The initial investment cost is adjusted based on the fair value of identifiable net assets of the investee. Any difference between the initial investment cost and the fair value share is recognized in current profit or loss[196] - Equity method accounting adjustments: Adjustments are made to the carrying value of long-term equity investments based on the investee's net profit or loss, other comprehensive income, and profit distributions[196] - Unrealized internal transaction profits and losses: Unrealized profits and losses from transactions between the company and its associates or joint ventures are adjusted based on the company's share, except for asset impairment losses[197] - Acquisition of minority interests: The difference between the cost of acquiring minority interests and the share of net assets is adjusted against capital reserves, with any excess adjusted against retained earnings[197] - Disposal of long-term equity investments: The difference between the disposal proceeds and the carrying amount of the disposed equity is recognized in current profit or loss[198] - Loss of control over investees: When control is lost, the remaining equity is reclassified and any previously recognized other comprehensive income is reclassified to profit or loss[199] - Step-by-step disposal of equity investments: If the disposals are part of a single transaction, the differences between disposal proceeds and carrying amounts are recognized in other comprehensive income until control is lost, then reclassified to profit or loss[199] - Fixed assets recognition criteria: Fixed assets are recognized if they have a useful life of more than one year and a unit value (including VAT) of at least 5,000 RMB[200] Corporate Governance - The company's registered and office address is located at 1st Office Building, 5 Beifengwo Road, Haidian District, Beijing, with a postal code of 100038[11] - The company's A-share stock is listed on the Shanghai Stock Exchange under the stock code 601816, with the stock abbreviation "京沪高铁" (Beijing-Shanghai High Speed Railway)[13] - The company's annual report is disclosed through media outlets including "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily," and is also available on the Shanghai Stock Exchange website[12] - The company's directors, supervisors, and senior management did not hold any shares during the reporting period, with annual compensation ranging from 0 to 77.61 million yuan[61] - The company's board secretary, Zhao Fei, received an annual compensation of 62.89 million yuan, and the chief engineer, Hou Rigen, received 63.20 million yuan[62] - Former supervisor Shen Qufan and former employee director and vice president Wang Yongping received no compensation during their tenure[62] - The company's vice president, Wang Yong, was dismissed and received a compensation of 25.66 million yuan during his tenure[62] - Liu Hongrun has served as the Chairman of the company since July 2019, with extensive experience in finance and accounting roles within the railway sector[63] - Shao Changhong has been the Vice Chairman and General Manager of the company since June 2019, with a background in transportation and statistics within the railway industry[63] - Wan Fang holds a Master's degree and has experience in finance and investment banking, including roles at Ping An Insurance and Ping An Securities[63] - Huang Guizhang is the Vice Chairman of the company, with a background in railway management and capital operations, including roles at China Railway and Ping An Asset Management[65] - Zhao Jun serves as a Director of the company, with experience in financial supervision and risk management, including roles at the Ministry of Finance and the National Council for Social Security Fund[65] - Qian Yongxiang is a Director of the company, with a background in transportation and infrastructure development, including roles at Jiangsu Expressway and Jiangsu Railway[65] - Lin Yixiang is an Independent Director of the company, with extensive experience in securities and investment, including roles at the China Securities Regulatory Commission and Tianxiang Investment Advisory[65] - Wang Yuliang is an Independent Director of the company, with a background in law and legal practice, including roles at Shandong Qiu Shi Zhe Law Firm and Shanghai Duan & Duan (Jinan) Law Firm[65] - Zhang Xingchen is an Independent Director of the company, with a background in transportation and education, including roles at Beijing Jiaotong University[65] - Li Shihui is an Independent Director of the company, with a background in accounting and academic research, including roles at Central South University[65] - Wang Haixia has been serving as the Deputy Executive President of Bank of China Group Investment since December 2020[66] - Lin Qiang has been the Party Secretary, General Manager, and Director of Shanghai Shentie since March 2012[68] - Liu Yubao has been the Financial Director of Tianjin Railway Investment since August 2021[68] - Wang Weiqiang has been the General Manager of the Railway Project Management Department (Suburban Railway Promotion Office) of Beijing Infrastructure Investment since December 2020[68] - Zheng Yong has been the Director of the Legal Audit Department since December 2023[66] - Sheng Dajun has been the Director of the Business Development Department since January 2024[66] - Luo Yuecheng has been the Chief Accountant since January 2023[67] - Zhao Fei has been the Board Secretary since October 2018[67] - Hou Rigen has been the Chief Engineer since March 2020[67] - Qian Yongxiang served as the Deputy General Manager of Jiangsu Railway from May 2018 to August 2023[68] - Total compensation for directors, supervisors, and senior management at the end of the reporting period was 5.617 million yuan[72] - The company held 6 board meetings in 2023, with 3 conducted via teleconference and 3 via a combination of on-site and teleconference[76] - Huang Guizhang, a director, failed to attend two consecutive board meetings in 2023 due to official duties, delegating attendance and voting to Director Liu Hongrun[75] - The company's strategic development committee includes members Liu Hongrun, Wan Fang, Huang Guizhang, Zhao Jun, and Qian Yongxiang[77] - The audit committee consists of Li Shihui, Shao Changhong, and Zhang Xingchen[77] - The nomination committee is composed of Wang Yuliang, Zhao Jun, and Li Shihui[77] - The compensation and assessment committee includes Lin Yixiang, Wan Fang, and Wang Yuliang[77] - Shen Qufan resigned as supervisor due to job changes, while Wang Weiqiang was elected as supervisor based on shareholder recommendation[73] - Wang Yongping retired from his positions as employee director and vice president, and Wang Yong was dismissed as vice president due to suspected serious disciplinary violations[73] - The company's board of directors held its 20th meeting on October 30, 2023, with relevant resolutions disclosed on October 31, 2023[74] - The company's total number of employees is 73, with 51 in the parent company and 22 in major subsidiaries[81] - The company's employee composition includes 39 technicians, 12 financial personnel, and 22 managers[81] - The company's educational background shows 20 employees with postgraduate degrees and 51 with undergraduate degrees[81] - The company conducted 17 training sessions in 2023, covering 1,000 employees[83] Environmental and Social Responsibility - The company did not invest in environmental protection funds during the reporting period[90] - The company reduced carbon dioxide emissions by 10,099 tons through various carbon reduction measures, including the use of clean energy, energy-saving technologies, and participation in electricity market transactions[92] - The company invested a total of 2.15 million yuan in poverty alleviation and rural revitalization projects, including 150,000 yuan in funds and 2 million yuan in material donations[94][96] - The company's poverty alleviation efforts benefited approximately 400,000 people, focusing on medical and consumption-based poverty alleviation[96] - The company actively participated in the "Mianxian Rural Revitalization Agricultural, Cultural, and Tourism Innovation Action" project, contributing to the local economy and healthcare infrastructure[94][96] - The company established a regular communication mechanism with local authorities to ensure the effective implementation of rural revitalization projects[97] - The company's environmental management system focuses on "gas, water, electricity, green, and carbon" aspects, contributing to the creation of a green ecological corridor along the Beijing-Shanghai high-speed railway[91] - The company adheres to the "National Railway Carbon Peak Action Plan" and promotes the development of low-carbon smart stations and intelligent operation and maintenance systems[92] Risk Factors - Risks from macroeconomic fluctuations affecting business activities and passenger travel demand[52] - Competition risks from other transportation methods such as road and air transport[52] - Risks from rising energy prices, particularly electricity, impacting company profitability[