Beijing-Shanghai High-Speed Railway (601816) Q3 2026 earnings summary

Executive summary

• 9M revenue and attributable net income increased YoY; Q3 revenue was nearly flat and attributable net income declined 1.03% YoY.

• 9M operating cash flow grew 3.88% YoY to RMB16.96bn, supporting strong cash generation.

Financial highlights

• 9M revenue was RMB33.649bn, up 2.57% YoY; total profit reached RMB14.421bn, up 4.05%.

• 9M attributable net income was RMB10.716bn, up 4.02% YoY; Q3 attributable net income was RMB3.945bn, down 1.03%.

• 9M operating profit rose to RMB14.426bn from RMB13.861bn; total operating costs increased to RMB19.224bn from RMB18.945bn.

• Excluding net non-recurring losses of RMB2.327m, 9M attributable net income was RMB10.719bn, up 4.04% YoY.

Key financial ratios and metrics

• Basic and diluted EPS were RMB0.2190 for 9M, up from RMB0.2103 YoY; Q3 EPS was RMB0.0806, down 0.98%.

• Weighted average ROE was 5.08% for 9M, up 0.79 percentage points YoY; Q3 ROE was 1.87%, down 4.10 percentage points.

• At September 30, total assets were RMB293.203bn, up 1.83% from year-end; attributable equity was RMB213.533bn, up 3.10%.