Daqin Railway (601006) H2 2024 earnings summary

Executive summary

• Revenue for 2024 was ¥74.63 billion, down 7.89% year-over-year; net profit attributable to shareholders was ¥9.04 billion, down 24.23%.

• Coal transport volume fell 5.1% year-over-year, with total freight volume down 2.7%.

• Passenger volume increased 8.3% year-over-year, reflecting recovery in travel demand.

• Cash dividend payout for 2024 totaled ¥5.18 billion, representing 57.31% of attributable net profit.

Financial highlights

• Operating income: ¥74.63 billion (down 7.89% year-over-year).

• Net profit attributable to shareholders: ¥9.04 billion (down 24.23% year-over-year).

• Basic EPS: ¥0.51 (down 35.44% year-over-year).

• Operating cash flow: ¥9.32 billion (down 45.98% year-over-year).

• Gross margin for railway transport: 15.02%, down 5.44 percentage points year-over-year.

Outlook and guidance

• 2025 targets: passenger volume 45 million, freight volume 710 million tons, revenue budgeted at ¥78 billion.

• Focus on stabilizing coal transport, expanding logistics, and improving passenger services.

• Planned capital expenditure for 2025 is approximately ¥5.4 billion.