China Railway (00390) released its interim results, with a net profit attributable to shareholders of 11.827 billion yuan, a decrease of 17.2% year-on-year.

China Railway (00390) has released its mid-term performance for 2025, with revenue of 512.502 billion yuan (RMB, the same below), a decrease of 5.9% year-on-year; the net profit attributable to shareholders of the company is 11.827 billion yuan, a decrease of 17.2% year-on-year. The basic earnings per share are 0.412 yuan. In the first half of 2025, the group achieved new contract volume of 1.0869 trillion yuan, an increase of 2.8% year-on-year. Among them: domestic business achieved a new contract volume of 983.82 billion yuan, a decrease of 1.2% year-on-year; overseas business achieved a new contract volume of 124.87 billion yuan, an increase of 51.6% year-on-year. As of the end of the reporting period, the group's unfinished contract amount is 741.877 billion yuan, an increase of 7.7% compared to the end of 2024. Major engineering projects are progressing smoothly, demonstrating solid performance. In the first half of the year, the group advanced major engineering projects, including the opening of a large number of projects such as Lexi Expressway and Jingwei Expressway; the successful start of a large number of key projects such as Yichang Dongyanlu Yangtze River Rail-Road Bridge setting three world records, and the construction of Haimei North Station, the longest and deepest underground high-speed rail station in China; the completion and operation of overseas projects such as the Argentina Mariyana Saline Plant project, Penglai Seawater Desalination project, Sierra Leone Magnetite Plant project, and Singapore Rail Transit Power supply project; the Niue Island highway upgrade project was honored as a "small but beautiful" demonstration project for China's foreign contracted projects. New orders are showing signs of recovery, and market operations are stable and improving. In the first half of the year, the group adhered to the principle of "market first, operation paramount," and with the support of multiple favorable factors such as the approval and construction of major national projects and long-term national debt funding assurance, the group seized market opportunities, accelerated its operational pace, and promoted the transformation and implementation of operational achievements, completing new contracts totaling 1.0869 trillion yuan, a 2.8% increase year-on-year, with new orders showing signs of recovery. Among them, the railway market grew by 12.4% year-on-year, maintaining a leading market share in sectors such as large and complex bridges, large-diameter shield tunnels, electrified railways, and high-end equipment; orders for "Second Curve" businesses in water conservancy, energy, environmental protection, etc. amounted to 143.26 billion yuan. In terms of overseas orders, the group completed overseas new contracts totaling 124.87 billion yuan in the first half of the year, an increase of 51.6% year-on-year, with new contracts in overseas railway, building construction, municipal engineering, design consultation, equipment manufacturing, etc. all showing growth, and winning bids for projects such as the Tambao Railway, the Central East Africa Railway, and the Senegal Kedougou Lithium Mine. Breakthroughs in independent innovation are advancing, empowering the company to become stronger. In the first half of the year, the group deeply implemented the spirit of the Central Enterprise Science and Technology Innovation Conference, actively undertook major national science and technology tasks, hosted the "Science and Technology Innovation Empowers the Integration and Development of Civil Engineering" forum, launched the "AI+" special action, established the Infrastructure Green Low-Carbon Research Center, and mapped out the transformation paths for digital and green initiatives. Actively building high-growth technology leading enterprises, two factories were selected as "National 5G Factories in 2024", and one company was selected as a "National Green Factory". The domestic first railway overhead line intelligent maintenance Siasun Robot & Automation platform developed by the group filled the gap in the domestic electrified railway overhead line Siasun Robot&Automation maintenance field, which is of great significance for promoting the intelligent and digital transformation of heavy-duty railway maintenance models in China. The Bridge Professional Development Center overcame technical difficulties in wind resistance and vibration reduction of high-speed railway bridges, the Underground Space Center mastered intelligent construction technology for large-span underground warehouses, and the Tunnel Professional Development Center developed an intelligent rock drilling platform for plateau work, which stably operated in extreme environments at an altitude of 5000 meters and -30C. Deepening reform and concentrating efforts for sustained enterprise vitality. In the first half of the year, the group solidly promoted the deepening reform and enhancement action, being awarded as a level A company in the 2024 annual key task assessment, one of the top 30 companies in central enterprise brand building capabilities, and three units were honored as benchmarks or outstanding in the SASAC's "Science and Technology Reform" and "Double Hundred Action" assessments. Deepening corporate governance reform, optimizing supervision mechanisms, dissolving the supervisory board, establishing a sound audit and risk management committee under the board of directors to take over the functions of the supervisory board, further enhancing the supervisory role of the board of directors. Proactively responding to deep industry adjustments, optimizing and upgrading the market operation system, resolutely promoting regional headquarters reform, further delegating high-quality operational responsibilities to secondary units, continuously stimulating high-quality operational vitality. Accelerating the reshaping of the assessment and allocation system, promoting the integrated approach of "standardization, incentive, inclination", leveraging the determining role of business performance assessment results on salary distribution, closely linking the total wage amount with corporate economic benefits and labor productivity to promote effective connection between secondary corporate business performance assessments and management team member evaluations. Deepening industrial worker team construction reforms, optimizing professional skills level certification, and vigorously developing first-rate industrial technical workers.