Beijing-Shanghai High-Speed Railway (601816) H1 2025 earnings summary

Executive summary

• Revenue for the first half of 2025 reached ¥21.01 billion, up 0.72% year-over-year, with net profit attributable to shareholders at ¥6.32 billion, down 0.64% year-over-year, mainly due to increased tax adjustments on safety production reserves.

• Passenger volume on the main line grew 1.2% year-over-year to 24.996 million, and cross-line train mileage increased 0.1%. The Anhui subsidiary achieved its first half-year profit.

• The company completed a share buyback and cancellation of 180.8 million shares, reducing total share capital to 48.93 billion shares.

• Cash dividend of ¥0.385 per 10 shares (totaling ¥1.88 billion) was approved for the half-year period.

Financial highlights

• Operating income: ¥21.01 billion (+0.72% YoY); operating cost: ¥11.23 billion (+2.34% YoY).

• Total assets: ¥289.86 billion (+1.82% from year-end 2024); net assets attributable to shareholders: ¥202.26 billion (-0.07%).

• Basic and diluted EPS: ¥0.1289 (-0.46% YoY); weighted average ROE: 3.09% (down 0.12 percentage points YoY).

• Net cash from operating activities: ¥10.27 billion (-0.52% YoY).

• Financial expenses decreased 18.04% year-over-year.

Outlook and guidance

• The company continues to focus on safety, service innovation, and market-driven operations, with ongoing efforts to enhance shareholder returns and maintain stable dividends.

• No explicit forward-looking risk warnings or major uncertainties were disclosed for the remainder of the year.