Beijing-Shanghai High-Speed Railway (601816) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached ¥21.84 billion, up 3.94% year-over-year; net profit attributable to shareholders was ¥6.77 billion, up 7.21% year-over-year.

• Passenger volume hit 120 million, up 5.7% year-over-year; full-line train operations increased 8%.

• Operating cash flow was ¥10.69 billion, up 4.05% year-over-year.

• The company maintained a strong safety record and continued to enhance service quality and brand influence.

Financial highlights

• Operating income: ¥21.84 billion (+3.94% YoY); total profit: ¥9.12 billion (+7.31% YoY).

• Net profit attributable to shareholders: ¥6.77 billion (+7.21% YoY); basic EPS: ¥0.1384 (+7.37% YoY).

• Gross margin improved as cost control and efficiency measures took effect.

• Total assets at period end: ¥293.98 billion (+2.10% from year-end 2025); net assets: ¥209.48 billion (+1.14%).

• Operating cash flow: ¥10.69 billion (+4.05% YoY).

Outlook and guidance

• Management expects steady passenger demand but notes growth is slower than previous years due to competition from new energy vehicles, intercity buses, and airlines.

• Focus remains on service upgrades, technological innovation, and sustainable development.

• Dividend policy targets annual payout of at least 55% of consolidated net profit barring special circumstances.