Beijing-Shanghai High-Speed Railway (601816) H2 2025 earnings summary

Executive summary

• Achieved total operating revenue of RMB 43.06 billion in 2025, up 2.15% year-over-year; net profit attributable to shareholders reached RMB 13.17 billion, up 3.16% year-over-year.

• Profit before tax was RMB 17.67 billion, up 3.28% year-over-year; cash flow from operating activities was RMB 21.20 billion, up 5.68% year-over-year.

• Subsidiary Jingfu Anhui Company achieved annual profitability for the first time, with a profit of RMB 93 million.

• Maintained stable and safe high-speed rail operations for 14 consecutive years.

Financial highlights

• Operating revenue: RMB 43.06 billion (+2.15% YoY); operating cost: RMB 22.87 billion (+3.13% YoY).

• Net profit attributable to shareholders: RMB 13.17 billion (+3.16% YoY); basic and diluted EPS: RMB 0.2690 (+3.46% YoY).

• Gross margin for railway transport: 46.50%, down 0.42 percentage points YoY.

• Total assets: RMB 287.94 billion (+1.15% YoY); net assets attributable to shareholders: RMB 207.11 billion (+2.33% YoY).

• R&D expenses: RMB 14.81 million (+36% YoY); management expenses and financial expenses decreased by 1.80% and 21.24% YoY, respectively.

• Cash dividend payout for 2025: RMB 4.67 billion; total profit distribution for the year: RMB 7.51 billion.

Outlook and guidance

• Focus on optimizing train schedules, increasing the proportion of 350 km/h trains, and enhancing ticket pricing mechanisms.

• Plans to further improve service quality, promote digital transformation, and expand “high-speed rail + tourism” integration.

• Emphasis on safety, risk prevention, and technological innovation, including AI applications in operations.

• Targeting continued growth in operating efficiency and shareholder returns in 2026.