证券代码：601816 证券简称：京沪高铁 公告编号：2024-038 京沪高速铁路股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 举行 2024 年第三季度业绩说明会，就投资者关心的问题进 行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年前三季度的经营成果及财务指标的具体情况与投资 者进行互动交流和沟通，在信息披露允许的范围内就投资者 普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2024 年 12 月 5 日（星期四）上 午 09:00-10:00 （二）会议召开地点：上证路演中心 （三）会议召开方式：网络文字互动 重要内容提示： 京沪高速铁路股份有限公司（以下简称公司）已于 2024 年 10 月 31 日发布了公司 2024 年第三季度报告，为便于广 大投资者更全面深入地了解公司 2024 年前三季度经营成果 及财务状况，公司计划于 2024 年 12 月 5 日上午 09:00-10:00 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved a revenue of 32.355 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 4.77%. The net profit attributable to shareholders reached 10.015 billion yuan, up 12.35% year-on-year [2]. - In Q3 2024, the company reported a revenue of 11.493 billion yuan, a decline of 0.94% year-on-year, and a net profit of 3.658 billion yuan, down 3.17% year-on-year [2]. - The company has committed to a 50% dividend payout ratio and plans to repurchase shares, indicating a strong commitment to shareholder returns [6][7]. Financial Performance Summary - For the first three quarters of 2024, the company incurred operating costs of 16.771 billion yuan, a year-on-year increase of 1.45%, resulting in a gross profit of 15.584 billion yuan, which is an 8.60% increase year-on-year. The gross margin stood at 48.17%, up 1.70 percentage points year-on-year [3]. - The company’s financial projections for 2024-2026 estimate net profits of 12.759 billion yuan, 13.847 billion yuan, and 14.701 billion yuan respectively, with corresponding PE ratios of 21.5X, 19.8X, and 18.6X [7]. - The report highlights a significant improvement in the performance of the company's subsidiary, Jingfu Anhui, which turned a profit in Q3 2024 after previous losses [3][5]. Market Dynamics - The implementation of a floating ticket pricing mechanism since December 2020 has positively impacted the company's revenue, with ticket prices for certain routes increasing significantly over the years [4]. - The report anticipates that as the macroeconomic environment improves and the railway network expands, the company's performance is expected to show steady growth, supported by potential increases in ticket prices and capacity [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][5]. Core Views - The report highlights a slowdown in railway passenger growth, with a 0.9% year-on-year decline in operating revenue to 11.493 billion yuan and a 3.2% decrease in net profit to 3.658 billion yuan for Q3 2024 [3][4]. - Passenger demand growth is slowing down, with a 6.8% year-on-year increase in passenger volume, but a 3.3 percentage point decline compared to the previous quarter [3][4]. - The report indicates that long-distance railway passenger demand may be affected by competition from airlines, particularly on the Beijing-Shanghai route, where average ticket prices fell by 40% year-on-year while passenger volume increased by 22.1% [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved operating revenue of 11.493 billion yuan, a decrease of 0.9% year-on-year, while operating costs rose by 0.7% to 5.794 billion yuan [4][5]. - The net profit attributable to shareholders was 3.658 billion yuan, down 3.2% year-on-year, with minority interests contributing 0.15 billion yuan [4][5]. - The company’s total profit from the Beijing-Shanghai line was 4.951 billion yuan, a decrease of 3.7% compared to Q3 2023 [4][5]. Growth Prospects - The company is expected to see a gradual increase in net profit, with projections of 12.84 billion yuan, 14.49 billion yuan, and 16.35 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 21.6, 19.2, and 17.0 [5][6]. - The report emphasizes the natural geographical advantages of the Beijing-Shanghai high-speed railway, which connects two major economic regions, and anticipates continued growth in passenger traffic from these areas [5][6]. Cost Management - The company has managed to reduce its period expenses by 16.3% year-on-year to 639 million yuan, while financial expenses have decreased due to improvements in the balance sheet [4][5]. - The report notes that the company’s fixed sales, management, and R&D expenses have remained stable, contributing to overall cost control [4][5].

一、回购股份的基本情况 公司分别于 2024 年 4 月 29 日和 2024 年 5 月 30 日召开了 第四届董事会第二十三次会议和 2023 年年度股东大会，审议 通过了《关于回购公司股份的议案》，同意公司使用自有资金 10 亿元，以集中竞价交易方式回购公司股份，回购的股份将 全部注销并减少注册资本。回购价格不超过人民币 5.87 元/股 （含），具体回购股份的数量以回购期限届满时实际回购的股 份数量为准。回购期限为自公司股东大会审议通过回购方案之 日起不超过 12 个月，即自 2024 年 5 月 30 日至 2025 年 5 月 30 日。 证券代码：601816 证券简称：京沪高铁 公告编号：2024-037 京沪高速铁路股份有限公司 关于以集中竞价方式回购股份的进展公告 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。 重要内容提示： 截至 2024 年 10 月 31 日，京沪高速铁路股份有限公司 （以下简称公司）通过集中竞价方式 已累计回 购股份 7,176,300 股，占公司总股本比例约为 0.0146%， ...

Summary of Conference Call Company and Industry - The conference call primarily discusses the performance of the **Beijing-Shanghai High-Speed Railway** and its operational metrics for the third quarter and the first ten months of the year. Key Points and Arguments Operational Performance - In Q3, the number of trains on the Beijing-Shanghai line decreased by **4.4%** year-on-year, with a similar decline in passenger volume and turnover, both also down by **4.4%** [1] - Passenger turnover decreased by **8%**, and the seat occupancy rate fell by **2.9 percentage points** [1] - Average ticket prices dropped by **3.2%**, and average passenger kilometers decreased by **3.7%** [2] - For cross-line trains, the number of trains increased by **3.3%**, and the distance traveled increased by **4.5%** [2] Year-to-Date Performance - For the first ten months, the number of trains on the main line decreased by **1.5%**, with passenger volume down by **3%** and passenger turnover down by **4.7%** [2] - The seat occupancy rate improved by **0.4%**, while average ticket prices and distances traveled both decreased by **1%** and **1.7%**, respectively [2] Factors Influencing Performance - The third quarter is typically the best for the transportation industry due to summer travel and holiday traffic; however, this year faced challenges due to high temperatures and economic conditions affecting consumer travel willingness [3][4] - The high base from last year, which saw a strong rebound in travel demand post-COVID, contributed to the decline in performance this year [3][4] - New high-speed rail lines opened in the central and western regions of China have shifted passenger traffic away from the Beijing-Shanghai line, impacting its growth [4][5] Specific Passenger Trends - There was a notable decline in student and child ticket sales, with student tickets down by **10%** and child tickets down by **8%** [5][6] - Business travel remained stable, with the primary decline in passenger numbers attributed to leisure and family travel [6] Economic Context - The overall economic environment has led to a shift in travel preferences, with consumers opting for shorter trips rather than long-distance travel [7] - The competitive landscape with airlines has not significantly impacted high-speed rail, as rail remains a more economical option during peak travel times [10][11] Future Outlook - The company anticipates that the performance will improve in the coming years, particularly with the opening of new lines that will enhance connectivity and passenger flow [17][18] - The financial health of the company appears stable, with ongoing efforts to manage debt and operational costs effectively [22][23] Financial Metrics - The company reported a total interest-bearing debt of approximately **51.2 billion** CNY, with a significant portion attributed to the construction of fixed assets [22] - The average funding cost is around **3%**, with efforts to reduce this through refinancing and favorable loan terms [23] Dividend Policy - The company maintains its dividend policy, planning to distribute **50%** of the annual profit to shareholders every three years [26] Additional Important Information - The call highlighted the importance of understanding seasonal and cyclical trends in passenger travel, which can significantly affect operational metrics year-on-year [8][9] - The management emphasized that the decline in ticket prices is primarily due to changes in travel behavior rather than structural changes in pricing strategy [9][10]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's third-quarter performance for 2024 showed a slight decline in revenue and net profit, with revenue at 11.493 billion yuan, down 0.94% year-on-year, and net profit at 3.658 billion yuan, down 3.17% year-on-year. However, the first three quarters of 2024 saw revenue growth of 4.77% year-on-year, reaching 32.355 billion yuan, and net profit growth of 12.35%, totaling 10.015 billion yuan [4][5]. - The report highlights that while national railway passenger volume increased slightly, the average travel distance decreased, impacting short-term performance. The first three quarters of 2024 saw a 13.8% year-on-year increase in national railway passenger volume, totaling 3.338 billion people, but a 1.35% decline in passenger turnover [5]. - The report emphasizes ongoing railway market reforms, particularly in ticket pricing mechanisms, which are expected to improve profitability. The introduction of flexible pricing on certain high-speed rail lines is anticipated to enhance passenger load factors and financial performance [6][5]. - The report maintains profit forecasts for 2024-2026, projecting net profits of 13.873 billion yuan, 16.207 billion yuan, and 18.781 billion yuan, respectively, with corresponding price-to-earnings ratios of 20, 17, and 15 [6][7]. Summary by Sections Market Data - Closing price as of October 30, 2024, is 5.66 yuan, with a one-year high of 6.61 yuan and a low of 4.63 yuan. The market capitalization is approximately 277.943 billion yuan [2][3]. Financial Data - As of September 30, 2024, the company's net asset value per share is 4.07 yuan, with a debt-to-asset ratio of 21.38% [3]. Revenue and Profit Forecast - The total revenue for 2024 is projected at 46.519 billion yuan, with a year-on-year growth rate of 14.3%. The net profit for the same year is expected to be 13.873 billion yuan, reflecting a growth rate of 20.2% [7][9].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a net profit of 10.015 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.3%. However, the net profit for the third quarter alone was 3.658 billion yuan, showing a decline of 3.17% year-on-year [2][3] - Revenue for the third quarter of 2024 was 11.49 billion yuan, a slight decrease of 0.94% year-on-year, while the total revenue for the first three quarters was 32.355 billion yuan, an increase of 4.8% year-on-year [2][3] - The company's overall gross margin decreased by 0.84 percentage points to 49.58% in the third quarter due to a decline in the turnover of mainline business [2][3] - The subsidiary, Jingfu Anhui, achieved profitability for the first time in a single quarter, contributing 15.01 million yuan to minority shareholders' profit [3] - The company is expected to achieve net profits of 12.774 billion yuan, 14.096 billion yuan, and 15.248 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 10.6%, 10.4%, and 8.2% [3] Financial Summary - Total revenue for 2023 is projected at 40.683 billion yuan, with a year-on-year growth rate of 110.4%. For 2024, revenue is expected to reach 44.146 billion yuan, reflecting a growth rate of 8.5% [4] - The company's net profit for 2023 is estimated at 11.546 billion yuan, with a significant year-on-year increase of 2103.6%. The projected net profit for 2024 is 12.774 billion yuan, indicating a growth rate of 10.6% [4] - The gross margin is expected to improve gradually, reaching 48.1% by 2026 [4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.26 yuan, 0.29 yuan, and 0.31 yuan, respectively [4]

Financial Performance - The company's operating revenue for Q3 2024 was ¥11,492,657,242.72, a decrease of 0.94% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥3,658,333,729.00, down 3.17% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥3,658,316,783.04, a decrease of 3.21% compared to the previous year[2]. - The basic and diluted earnings per share for Q3 2024 were both ¥0.0745, reflecting a decrease of 3.12% compared to the same period last year[3]. - The weighted average return on equity for Q3 2024 was 1.85%, down 8.07% year-on-year[3]. - Total operating revenue for the first three quarters of 2024 reached ¥32,355,133,669.92, an increase of 4.8% compared to ¥30,881,500,016.17 in the same period of 2023[15]. - Operating profit for the first three quarters of 2024 was 13,437,731,630.81, up from 11,789,016,868.58 in 2023, representing a growth of approximately 14%[16]. - Net profit for the first three quarters of 2024 reached 9,978,496,200.67, compared to 8,673,074,418.28 in 2023, marking an increase of about 15%[16]. - Total comprehensive income for the first three quarters of 2024 was 9,978,496,200.67, compared to 8,673,074,418.28 in 2023, showing a growth of approximately 15%[17]. - Basic and diluted earnings per share for the first three quarters of 2024 were both 0.20390, up from 0.1815 in 2023, indicating improved profitability per share[17]. Cash Flow - The net cash flow from operating activities for Q3 2024 was ¥5,419,431,412.68, a decline of 19.73% year-on-year[2]. - Cash inflow from operating activities for the first three quarters of 2024 was 29,090,971,555.01, compared to 26,792,255,802.31 in 2023, reflecting a growth of about 8%[18]. - Net cash flow from operating activities for the first three quarters of 2024 was 15,742,295,057.47, compared to 16,195,724,138.62 in 2023, showing a decrease[19]. - The ending balance of cash and cash equivalents as of the third quarter of 2024 was ¥7,496,679,395.60, down from ¥10,568,858,286.34 in the same period of 2023, a decrease of about 29.5%[20]. - The net increase in cash and cash equivalents for the first three quarters of 2024 was -¥5,406,479,016.89, contrasting with an increase of ¥5,229,486,326.38 in 2023[20]. Assets and Liabilities - Total assets at the end of Q3 2024 were ¥283,297,766,950.43, a decrease of 3.05% from the end of the previous year[3]. - The company's total assets as of September 30, 2024, amounted to ¥283,297,766,950.43, down from ¥292,219,725,586.82 at the end of 2023, indicating a decrease of 3.1%[14]. - The total liabilities decreased to ¥60,558,529,576.62 from ¥74,308,171,658.82, representing a significant reduction of 18.6%[13]. - The company's equity attributable to shareholders increased to ¥222,739,237,373.81 from ¥217,911,553,928.00, showing a growth of 2.5%[14]. - The equity attributable to shareholders at the end of Q3 2024 was ¥199,825,816,641.83, an increase of 2.49% compared to the end of the previous year[3]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 190,863[6]. - The largest shareholder, China Railway Investment Group Co., Ltd., holds 21,306,477,996 shares, accounting for 43.39% of the total shares[6]. - The second-largest shareholder, National Social Security Fund Council, holds 3,062,225,309 shares, representing 6.24%[6]. - The top ten shareholders collectively hold 6.42% of the total shares, with no changes in the number of shares held during the reporting period[8]. - The company has not disclosed any significant related party transactions among its top shareholders[7]. Operational Insights - The company has not reported any significant changes in its operational status during the reporting period[11]. - The company is in the process of transferring shares held by Ping An Asset Management to Ping An Life and Taikang Life, which will not affect the total number of shares held[8]. - There are no outstanding shares that have been lent out under the margin trading and securities lending business as of the end of the reporting period[9]. Expenses and Investments - Total operating costs decreased to ¥18,917,549,532.16 from ¥19,092,686,309.73, reflecting a reduction of 0.9%[15]. - R&D expenses for the first three quarters of 2024 amounted to 6,166,251.45, compared to 3,465,390.20 in the same period of 2023, reflecting a significant increase[16]. - Financial expenses decreased to 1,364,845,296.52 in 2024 from 1,847,767,297.90 in 2023, indicating improved financial management[16]. - Cash flow from investing activities showed a net outflow of -540,565,814.25 in 2023, compared to -1,013,511,135.40 in 2022, indicating a reduction in investment losses[19]. Accounting Changes - The company has adopted new accounting standards starting in 2024, which may affect the financial statements[20].

一、审议通过了《关于公司 2024 年第三季度报告的议 案》 证券代码：601816 证券简称：京沪高铁 公告编号：2024-035 京沪高速铁路股份有限公司 第四届董事会第二十五次会议决议公告 本公司董事会及全体董事保证公告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。 京沪高速铁路股份有限公司（以下简称公司）第四届董 事会第二十五次会议于 2024 年 10 月 18 日以书面方式发出 通知，于 2024 年 10 月 30 日以现场与视频会议相结合的形 式召开。本次会议应出席董事 9 名，实际出席董事 7 名，谭 光明董事、曾辉祥董事因公务未能出席，分别书面委托刘洪 润董事、张星臣董事代为表决。会议由董事长刘洪润先生主 持，会议召开符合《公司法》等法律法规和《公司章程》的 规定，合法有效。 会议审议通过了以下议案。 京沪高速铁路股份有限公司 2024 年 10 月 31 日 本议案已经公司审计委员会审议通过。 表决情况：有权表决票数 9 票，同意 9 票，反对 0 票， 弃权 0 票。 特此公告。 ...

一、审议通过了《关于公司 2024 年第三季度报告的议 案》 表决情况：有权表决票数 5 票，同意 5 票，反对 0 票， 弃权 0 票。 特此公告。 京沪高速铁路股份有限公司监事会 证券代码：601816 证券简称：京沪高铁 公告编号：2024-036 京沪高速铁路股份有限公司 第四届监事会第二十一次会议决议公告 本公司监事会及全体监事保证公告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。 京沪高速铁路股份有限公司（以下简称公司）第四届监 事会第二十一次会议于 2024 年 10 月 18 日以书面方式发出 通知，于 2024 年 10 月 30 日以通讯形式召开。本次会议应 参加表决监事 5 人，实际参加表决监事 5 人。会议召开符合 《公司法》等法律法规和《公司章程》的规定，合法有效。 会议审议通过了以下议案。 2024 年 10 月 31 日 1 ...