Guangshen Railway Company (525) investor relations material

Executive summary

• Q3 operating income rose 1.85% YoY to RMB7,399,107,558, while attributable net profit fell 51.35% to RMB168,977,609; adjusted net profit increased 291.21% to RMB177,200,907.

• For 9M, operating income increased 4.49% to RMB22,187,976,038; attributable net profit declined 6.67% to RMB1,359,060,714, while adjusted net profit rose 23.69% to RMB1,364,880,358.

Financial highlights

• Q3 total profit was RMB242,846,700, down 44.92% YoY; 9M total profit was RMB1,886,185,924, up 3.10%.

• 9M total operating costs were RMB20,344,527,812 versus RMB19,907,281,497 in the prior-year period; operating profit was RMB1,896,304,565 versus RMB1,830,293,060.

• 9M net profit was RMB1,357,842,209 versus RMB1,455,506,760; income tax expense increased to RMB528,343,715 from RMB373,974,089.

• Total assets were RMB37,469,222,829 at 30 September 2026, up 1.43% from year-end 2025; attributable equity was RMB29,109,563,723, up 2.89%.

Outlook and guidance

• Passenger transportation demand continued to rebound during Q3; passenger transportation income increased, and cost, fees and expenses were tightly controlled.