China Railway Group (601390) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was RMB 1,157.44 billion, down 8.2% year-over-year; net profit attributable to shareholders was RMB 27.89 billion, down 16.7%.

• EBITDA reached RMB 72.29 billion; basic EPS was RMB 1.085, a 16.1% decrease year-over-year.

• The company maintained a strong market position, ranking 35th in the Fortune Global 500 and 9th among China’s listed companies.

Financial highlights

• New contract value signed in 2024 was RMB 2,715.18 billion, down 12.4% year-over-year.

• Operating cash flow was RMB 28.05 billion, down 26.9% year-over-year.

• Total assets at year-end were RMB 2,256.41 billion; net assets attributable to shareholders were RMB 354.71 billion.

• Asset-liability ratio increased to 77.39% from 74.86% last year.

• Gross margin for infrastructure construction was 8.62%, down 0.24 percentage points year-over-year.

Outlook and guidance

• 2025 revenue target is approximately RMB 1,132 billion, with new contract value planned at RMB 2,800 billion.

• The company will focus on improving profitability, value creation, and risk control, aiming to complete the 14th Five-Year Plan and lay a foundation for the 15th.