CHINARAILWAY：RESULTSANNOUNCEMENTFORTHEFIRSTQUARTERENDED31MARCH2025.pdf

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1、-1-Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.RESULTS ANNOUNCEMENTFOR THE FIRST QUARTER ENDED 31 MARCH 2025The Board of Directors of China Railway Group Limited(the“Company”)announces the unaudited results(the“First Quarterly Results”)of the Company and its subsidiaries for t

3、he first quarter ended 31 March 2025(the“Reporting Period”),which have been prepared in accordance with the Accounting Standards for Business Enterprises of the PRC.This announcement is made in accordance with Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong

4、Kong Limited and the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance(Cap.571 of the Laws of Hong Kong).1 IMPORTANT NOTICE1.1 The Board of Directors and the Supervisory Committee of the Company and its directors,supervisors and senior management warrant that ther

5、e are no false presentations or misleading statements contained in,or material omissions from,this report,and severally and jointly accept legal responsibility for the authenticity,accuracy and completeness of the information contained in this quarterly report.1.2 CHEN Wenjian,the person in charge o

6、f the Company,SUN Cui,the person in charge of accounting affairs and YU Laixin,the person in charge of the accounting department(head of accounting),hereby warrant the authenticity,accuracy and completeness of the financial statements contained in this quarterly report.1.3 The first quarterly financ

7、ial statements of the Company has not been audited.-2-2 MAIN FINANCIAL DATA2.1 Main Accounting Data and Financial IndicatorsUnit:000 Currency:RMBItemReporting PeriodSame period of previous yearChange compared with the same period of previous year(%)Revenue248,564,203 265,011,337-6.21Net profit attri

8、butable to shareholders of the Company6,025,119 7,481,215-19.46Net profit attributable to shareholders of the Company excluding non-recurring gains and losses5,553,117 7,168,617-22.54Net cash generated from operating activities-77,399,254-68,065,449Not applicableBasic earnings per share(RMB/share)0.

9、2450.289-15.22Diluted earnings per share(RMB/share)0.2450.289-15.22Weighted average net assets yield(%)1.962.50-0.54At the end of the Reporting PeriodAt the end of the previous yearChange compared with the end of previous year(%)Total assets2,272,225,394 2,256,413,630 0.70Owners equity attributable

10、to shareholders of the Company363,876,266 354,714,424 2.58-3-2.2 Non-recurring Profit and Loss Items and AmountUnit:000 Currency:RMBItemReporting PeriodGains or losses from the disposal of non-current assets,including the write-off of asset impairment provisions29,859Government grant as included in

11、profit and loss of current period(excluding those closely relating to business of company,in compliance with national policy regulations,granted according to established criteria,and with a continuous impact on the Companys profit and loss)85,284Gains or losses on changes in fair value arising from

12、the holding of financial assets and financial liabilities by non-financial enterprises(excluding the valid hedging business relating to the Companys normal business),as well as gains or losses from disposal of financial assets and financial liabilities1,640Interest income received from non-financial

13、 enterprises as included in profit and loss of current period209,219Reversal of impairment of trade receivables under individual impairment testing207,199Debt restructuring gains and losses14,225Other net non-operating income and expenses82,066Less:Impact of income tax-157,181Impact of minority inte

14、rests(after tax)-307 Total472,002 For any items not listed in the“Explanatory Announcement No.1 on Information Disclosure of Companies Publicly Issuing Securities Non-recurring Profit and Loss”but are classified by the Company as significant non-recurring items,as well as for non-recurring items lis

15、ted in the“Explanatory Announcement No.1 on Information Disclosure of Companies Publicly Issuing Securities Non-recurring Profit and Loss”that are classified by the Company as recurring items,the reasons should be explained.Not applicable-4-2.3 Reason for the Changes in Main Accounting Data,Financia

16、l IndicatorsNot applicable3.SHAREHOLDER INFORMATIONUnit:ShareTotal number of shareholders of ordinary shares at the end of the Reporting Period467,991To tal number of shareholders of pre-emptive shares with voting rights resumed at the end of the Reporting Period(if any)0Particulars of shareholding

17、of top ten shareholders(excluding shares lent through refinancing)Name of shareholderNature of shareholderNumber of sharesShareholding percentageNumber of shares with selling restrictionsStatus of pledged/labeled/frozen sharesStatus of sharesNumber of shares(%)China Railway Engineering Group Company

18、 LimitedState-owned legal entity11,623,119,89046.980None0HKSCC Nominees LimitedOther4,175,663,80116.880None0China Reform Development Investment Management Co.,Ltd.State-owned legal entity742,605,89230None0China Securities Finance Corporation LimitedState-owned legal entity619,264,3252.50None0Hong Ko

19、ng Securities Clearing Company LimitedOther430,470,7621.740None0Central Huijin Asset Management Ltd.State-owned legal entity230,435,7000.930None0Industrial and Commercial Bank of China SSE 50 Exchange-traded Open-End Index Securities Investment FundOther188,002,2050.760None0Industrial and Commercial

20、 Bank of China Limited Huatai-PineBridge CSI 300 Exchange Traded Open-End Index Securities Investment FundOther168,109,7190.680None0-5-Name of shareholderNature of shareholderNumber of sharesShareholding percentageNumber of shares with selling restrictionsStatus of pledged/labeled/frozen sharesStatu

21、s of sharesNumber of shares(%)China Great Wall Asset Management Co.,Ltd.Other138,562,8350.560None0Boshi Fund Agricultural Bank of China Boshi China Securities Financial Asset Management PlanOther131,135,6000.530None0Yifangda Fund Agricultural Bank of China Yifangda China Securities Financial Asset M

22、anagement PlanOther131,135,6000.530None0Dacheng Fund Agricultural Bank of China Dacheng China Securities Financial Asset Management PlanOther131,135,6000.530None0Jiashi Fund Agricultural Bank of China Jiashi China Securities Financial Asset Management PlanOther131,135,6000.530None0Guangfa Fund Agric

23、ultural Bank of China Guangfa China Securities Financial Asset Management FundOther131,135,6000.530None0Central European Fund Agricultural Bank of China Central European China Securities Financial Asset Management PlanOther131,135,6000.530None0Huaxia Fund Agricultural Bank of China Huaxia China Secu

24、rities Financial Asset Management PlanOther131,135,6000.530None0Yinhua Fund Agricultural Bank of China Yinhua China Securities Financial Asset Management PlanOther131,135,6000.530None0Southern Fund Agricultural Bank of China Southern China Securities Financial Asset Management PlanOther131,135,6000.

25、530None0-6-Particulars of shareholding of the top ten shareholders without selling restrictionsName of shareholderNumber of shares held without selling restrictions Type and number of sharesTypeNumberChina Railway Engineering Group Company Limited11,458,725,890RMB-denominated ordinary shares11,458,7

26、25,890China Railway Engineering Group Company Limited164,394,000Overseas listed foreign shares164,394,000HKSCC Nominees Limited4,175,663,801Overseas listed foreign shares4,175,663,801China Reform Development Investment Co.,Ltd742,605,892RMB-denominated ordinary shares742,605,892China Securities Fina

27、nce Corporation Limited619,264,325RMB-denominated ordinary shares619,264,325Hong Kong Securities Clearing Company Limited430,470,762RMB-denominated ordinary shares430,470,762Central Huijin Asset Management Ltd.230,435,700RMB-denominated ordinary shares230,435,700Industrial and Commercial Bank of Chi

28、na SSE 50 Exchange-traded Open-End Index Securities Investment Fund188,002,205RMB-denominated ordinary shares188,002,205Industrial and Commercial Bank of China Limited Huatai-PineBridge CSI 300 Exchange Traded Open-End Index Securities Investment Fund168,109,719RMB-denominated ordinary shares168,109

29、,719China Great Wall Asset Management Co.,Ltd138,562,835RMB-denominated ordinary shares138,562,835Boshi Fund Agricultural Bank of China Boshi China Securities Financial Asset Management Plan131,135,600RMB-denominated ordinary shares131,135,600Yifangda Fund Agricultural Bank of China Yifangda China S

30、ecurities Financial Asset Management Plan131,135,600RMB-denominated ordinary shares131,135,600-7-Name of shareholderNumber of shares held without selling restrictions Type and number of sharesTypeNumberDacheng Fund Agricultural Bank of China Dacheng China Securities Financial Asset Management Plan13

31、1,135,600RMB-denominated ordinary shares131,135,600Jiashi Fund Agricultural Bank of China Jiashi China Securities Financial Asset Management Plan131,135,600RMB-denominated ordinary shares131,135,600Guangfa Fund Agricultural Bank of China Guangfa China Securities Financial Asset Management Fund131,13

32、5,600RMB-denominated ordinary shares131,135,600Central European Fund Agricultural Bank of China Central European China Securities Financial Asset Management Plan131,135,600RMB-denominated ordinary shares131,135,600Huaxia Fund Agricultural Bank of China Huaxia China Securities Financial Asset Managem

33、ent Plan131,135,600RMB-denominated ordinary shares131,135,600Yinhua Fund Agricultural Bank of China Yinhua China Securities Financial Asset Management Plan131,135,600RMB-denominated ordinary shares131,135,600Southern Fund Agricultural Bank of China Southern China Securities Financial Asset Managemen

34、t Plan131,135,600RMB-denominated ordinary shares131,135,600Statement on the related relations and acting-in-concert relationships among the shareholders aboveChina Railway Engineering Group Company Limited,the largest shareholder of the Company,does not have connected relations or have acting-in-con

35、cert relationships with the above other shareholders.The Company is not aware of any related relationships or acting-in-concert relationships among the other above shareholders.Explanation on the participation in margin trading and refinancing business of the top ten shareholders and the top ten sha

36、reholders not subject to selling restrictions(if any)None-8-Notes:1.China Railway Engineering Group Company Limited held 11,623,119,890 shares of the Company,including 11,458,725,890 A shares and 164,394,000 H shares.2.H shares held by HKSCC Nominees Limited are held on behalf of its various clients

37、,and the number has deducted the number of H shares held by China Railway Engineering Group Company Limited.3.A shares held by Hong Kong Securities Clearing Company Limited are held on behalf of its various clients.4.The numbers shown in the table are based on the register of member of the Company a

38、s at 31 March 2025.Particulars of shares lent in the refinancing business by shareholders holding more than 5%of the shares,the top ten shareholders and the top ten shareholders without selling restrictionsNot applicableChange in top ten shareholders and the top ten shareholders without selling rest

39、rictions as compared to the previous period as a result of refinancing lending/returningNot applicable4.OTHER MAJOR INFORMATIONOverall Operation of the Company4.1 Value of New Contracts and Contract BacklogIn the first quarter of 2025,the Company achieved newly signed contract value of RMB560.10 bil

40、lion,representing a year-on-year decrease of 9.9%.Among them,the value of newly signed contracts for domestic business was RMB494.43 billion,representing a year-on-year decrease of 13.6%;the value of newly signed contracts for overseas business was RMB65.67 billion,representing a year-on-year increa

41、se of 33.4%.As of the end of the Reporting Period,the Companys contract backlog value was RMB7,234.13 billion,representing an increase of 5.1%from the end of the previous year.-9-Value of New ContractsUnit:00,000,000 Currency:RMBBusiness segmentsFirst quarter of 2025First quarter of 2024Increase/dec

42、rease year-on-yearDesign and consulting services62.275.0-17.1%Engineering construction4,214.34,701.2-10.4%Equipment manufacturing117.7144.7-18.7%Featured property69.267.32.8%Asset operation269.6120.5123.7%Resource utilization64.561.35.2%Financial and merchandise trading82.1180.4-54.5%Emerging busine

43、sses721.4866.0-16.7%Total5,601.06,216.4-9.9%Among which Domestic4,944.35,724.1-13.6%Offshore656.7492.333.4%-10-4.2 Operation PerformanceIn the first quarter of 2025,the Company achieved a total operating revenue of RMB249.283 billion,representing a year-on-year decrease of 6.16%;the Companys overall

44、 gross profit margin was 8.61%,representing a year-on-year decrease of 0.12 percentage point.Details are as follows:Unit:00,000,000 Currency:RMBBusiness segmentsOperating revenueYear-on-year increase or decreaseGross profit marginYear-on-year increase or decreaseInfrastructure construction2,167.96-7

45、.99%7.13%Decrease of 0.49 percentage pointDesign and consulting46.70-2.21%22.48%Decrease of 1.12 percentage pointEquipment manufacturing62.46-5.77%19.27%Decrease of 1.98 percentage pointProperty development66.7159.48%13.10%Decrease of 4.64 percentage pointOther businesses149.003.15%19.32%Increase of

46、 5.73 percentage point Total2,492.83-6.16%8.61%Decrease of 0.12 percentage point Other important information regarding the Companys operating performance during the Reporting Period that investors should be aware ofNot applicable-11-5.APPENDIX FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH THE ACC

47、OUNTING STANDARDS FOR BUSINESS ENTERPRISES OF THE PRCFinancial statements prepared in accordance with the Accounting Standards for Business Enterprises of the PRC are set out in the appendix to this announcement.6.PUBLICATION OF THE FIRST QUARTERLY RESULTS ANNOUNCEMENTThis announcement is simultaneo

48、usly available on the website of The Stock Exchange of Hong Kong Limited at www.hkexnews.hk and the website of the Company at .The first quarterly report of 2025 prepared in accordance with the Accounting Standards for Business Enterprises of the PRC will also be available on the website of the Shan

49、ghai Stock Exchange at and the website of the Company at .By Order of the BoardChina Railway Group LimitedCHEN WenjianChairman29 April 2025As at the date of this announcement,the executive directors of the Company are Mr.CHEN Wenjian(Chairman)and Mr.WANG Shiqi;the non-executive director of the Compa

50、ny is Mr.WEN Limin;the independent non-executive directors of the Company are Mr.XIU Long,Ms.SUN Lishi and Mr.TU Haiming.-12-APPENDIXI TYPE OF AUDIT OPINIONNot applicableII FINANCIAL STATEMENTSConsolidated Balance Sheet31 March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB

51、 thousand,unaudited)Item31 March 202531 December 2024Current assets:Cash and cash equivalents175,080,867250,061,988Trading financial assets9,743,37712,024,808Derivative financial assets129,812129,812Bills receivables1,864,4991,866,002Accounts receivables283,376,611246,194,352Accounts receivables fin

52、ancing641,649752,023Advances to suppliers42,568,21740,254,469Other receivables47,935,85643,594,227Among which:Interests receivables1,476,5031,085,966Dividends receivables697,2031,604,837Inventories259,337,334245,715,648Contract assets341,395,490333,119,548Assets held for sale688,512688,512Non-curren

53、t assets due within one year8,866,0988,060,011Other current assets66,623,18681,631,095Total current assets1,238,251,5081,264,092,495-13-Item31 March 202531 December 2024Non-current assets:Debt investments24,547,32224,773,629Long-term receivables123,227,34785,859,549Long-term equity investments130,38

54、5,957126,858,132Investments in other equity instruments23,150,88820,971,488Other non-current financial assets17,232,67817,964,712Investment properties18,808,39018,959,237Fixed assets73,868,38774,912,389Construction in progress71,675,71769,063,338Right-of-use assets4,124,5384,421,857Intangible assets

55、258,298,664251,624,239Development expenditures273,393263,775Goodwill1,557,7561,557,756Long-term deferred expenses836,620820,330Deferred income tax assets15,612,27315,216,305Other non-current assets270,373,956279,054,399Total non-current assets1,033,973,886992,321,135Total assets2,272,225,3942,256,41

56、3,630Current liabilities:Short-term borrowings132,055,936100,674,419Deposits received and interbank deposits3,451,0777,626,938Trading financial liabilities26,78828,104Derivative financial liabilities636,670636,670Bills payables54,556,53357,662,540Accounts payables725,953,029715,506,694Advances from

57、customers2,328,4452,218,656Contract liabilities153,628,408161,138,690Accrued payrolls5,061,6706,540,114Taxes payables13,334,26614,701,350Other payables112,741,711114,676,566Among which:Interests payables324,691323,972Dividends payables764,220947,358Non-current liabilities due within one year42,707,6

58、9448,813,782Other current liabilities45,390,85045,972,628Total current liabilities1,291,873,0771,276,197,151Consolidated Balance Sheet(Continued)-14-Item31 March 202531 December 2024Non-current liabilities:Long-term borrowings339,835,664325,646,375Bonds payables36,531,94737,759,796Lease liabilities2

59、,964,3903,015,463Long-term payables75,790,04194,430,329Long-term accrued payrolls1,639,0391,654,144Accrued liabilities1,797,9411,709,238Deferred income915,813929,085Deferred income tax liabilities4,909,2774,710,677Other non-current liabilities210,206221,490Total non-current liabilities464,594,318470

60、,076,597Total liabilities1,756,467,3951,746,273,748Owners Equity(or Shareholders Equity):Paid-up capital(or Share capital)24,741,86524,741,865Other equity instruments53,288,40850,289,818Including:Preference shares00Perpetual notes53,288,40850,289,818Capital reserve56,455,35156,448,969Less:Treasury s

61、tock182,019333,487Other comprehensive income-351,196-331,479Specific reserve00Surplus reserve18,541,57418,541,574General risk reserve4,402,7764,382,665Accumulated profits206,979,507200,974,499Owners equity(or Shareholders equity)attributable to the parent company363,876,266354,714,424Minority intere

62、sts151,881,733155,425,458Total owners equity(or shareholders equity)515,757,999510,139,882Total liabilities and owners equity(or shareholders equity)2,272,225,3942,256,413,630Person in charge of the Company:CHEN WenjianPerson in charge of the accounting affairs:SUN CuiPerson in charge of the account

63、ing department:YU LaixinConsolidated Balance Sheet(Continued)-15-Consolidated Income StatementJanuary March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB thousand,unaudited)ItemFirst Quarter of 2025First Quarter of 20241.Total operating revenue249,283,230265,645,522Includi

64、ng:Revenue248,564,203265,011,337Interest income309,739224,658Handling fees and commission revenue409,288409,5272.Total operating costs241,254,020256,079,842Including:Cost of sales227,539,388242,260,746Interest expenses272,611181,293Tax and surcharges1,223,0111,090,256Selling expenses1,405,3161,346,9

65、22Administrative expenses5,898,3656,710,963Research and development expenses3,149,8623,468,051Finance expenses1,765,4671,021,611Among which:Interest expenses3,008,3052,900,108Interest income1,611,4222,146,739Add:Other gains209,382264,500Investment gains(loss is marked with“-”)361,061580,411Among whi

66、ch:In vestment gains from associates and joint ventures486,391678,928Ga in on derecognition of financial assets carried at amortised cost-546,483-333,754Ga in on changes in fair value(loss is marked with“-”)2,507-84,691Im pairment on credit losses(loss is marked with“-”)-508,099-582,152Im pairment l

67、osses on assets(loss is marked with“-”)-217,077-83,032Ga in on disposal of assets(loss is marked with“-”)-26,782149,4213.Profit from operation(loss is marked with“-”)7,850,2029,810,137Add:Non-operating income397,670208,269Less:Non-operating expenses199,478157,140-16-ItemFirst Quarter of 2025First Qu

68、arter of 20244.Profit before tax(loss is marked with“-”)8,048,3949,861,266Less:Income tax expense1,489,3221,834,2055.Net profit(net loss is marked with“-”)6,559,0728,027,061(1)By operation continuity1.Net profit from continuing operation(net loss is marked with“-”)6,559,0728,027,0612.Net profit from

69、 discontinued operation(net loss is marked with“-”)00(2)By ownership1.Net profit attributable to shareholders of the Company(net loss is marked with“-”)6,025,1197,481,2152.Minority interests(net loss is marked with“-”)533,953545,8466.Other comprehensive income,net of tax-180,139-76,785(1)Other compr

70、ehensive income attributable to owners of the Company,net of tax-167,090-96,6701.Other comprehensive income which will not be reclassified to profit or loss-62,85547,639(i)Changes in remeasurement of defined benefit obligations00(ii)Other comprehensive income which will not be reclassified to profit

71、 or loss under the equity method-5,60212,475(iii)Changes in fair value of investments in other equity instruments-57,25335,164(iv)Changes in fair value of enterprise credit risk002.Other comprehensive income which will be reclassified to profit or loss-104,235-144,309(i)Other comprehensive income wh

72、ich will be reclassified to profit or loss under the equity method-350(ii)Changes in fair value of other debt investments00(iii)Reclassification of financial assets recognized in other comprehensive income00(iv)Impairment on credit losses of other debt investments00(v)Cash flow hedge reserve00Consol

73、idated Income Statement(Continued)-17-ItemFirst Quarter of 2025First Quarter of 2024(vi)Differences on translation of financial statements prepared in foreign currencies-104,200-144,309(vii)Others00(2)Other comprehensive income attributable to minority interests,net of tax-13,04919,8857.Total compre

74、hensive income6,378,9337,950,276(1)Total comprehensive income attributable to owners of the Company5,858,0297,384,545(2)Total comprehensive income attributable to minority interests520,904565,7328.Earnings per share:(1)Basic earnings per share(RMB/share)0.2450.289(2)Diluted earnings per share(RMB/sh

75、are)0.2450.289For business combination under common control during the Reporting Period,the net profit realized by the acquiree before combination was RMB Nil and the net profit realized by the acquiree for the reporting period of previous period was RMB Nil.Person in charge of the Company:CHEN Wenj

76、ianPerson in charge of the accounting affairs:SUN CuiPerson in charge of the accounting department:YU LaixinConsolidated Income Statement(Continued)-18-Consolidated Cash Flow StatementJanuary March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB thousand,unaudited)ItemFirst

77、Quarter of 2025First Quarter of 20241.Cash flow from operating activities:Cash received from sales of goods or services rendered226,243,943261,128,322Net decrease in deposits with central bank8,210,1351,273,681Cash received from interests,handling fees and commission719,027634,185Receipt of tax refu

78、nd438,291671,330Cash received relating to other operating activities2,020,9322,265,158Sub-total of cash inflows from operating activities237,632,328265,972,677Cash paid for goods and services received257,905,313294,512,510Decrease in deposits received from customers4,175,8611,582,058Cash paid for in

79、terests,handling fees and commission272,611181,293Cash paid to and on behalf of employees23,873,24624,223,588Tax payments9,636,3239,228,479Cash paid relating to other operating activities19,168,2274,310,198Sub-total of cash outflows from operating activities315,031,582334,038,126Net cash flow from o

80、perating activities-77,399,254-68,065,4492.Cash flow from investing activities:Cash received from disposal of investments4,519,688627,695Cash received from return on investments1,838,409516,708Net cash receipts from disposal of fixed assets,intangible assets and other long-term assets49,243328,426Ca

81、sh received from disposal of subsidiaries and other business units01,090,503Cash received relating to other investing activities1,096,988515,503Sub-total of cash inflows from investing activities7,504,3283,078,835Cash paid for acquisition of fixed assets,intangible assets and other long-term assets8

82、,091,9557,681,373Cash paid for acquisitions of investments5,707,2256,388,485Cash paid relating to other investing activities4,469,5811,619,152Sub-total of cash outflows from investing activities18,268,76115,689,011Net cash flow from investing activities-10,764,433-12,610,175-19-ItemFirst Quarter of

83、2025First Quarter of 20243.Cash flow from financing activities:Cash received from investors3,922,3213,088,775Including:Ca sh received by subsidiaries for investment by minority shareholders3,922,3213,088,775Cash received from borrowings61,090,47049,139,047Cash received relating to other financing ac

84、tivities2,998,5901,131,007Sub-total of cash inflows from financing activities68,011,38153,358,828Cash paid for repayment of borrowings25,776,82612,472,110Cash paid for dividends,profit distribution or interest payment4,864,8424,815,184Including:Di vidends and profits paid to minority shareholders by

85、 subsidiaries438,775194,818Cash paid relating to other financing activities8,681,7520Sub-total of cash outflows from financing activities39,323,41917,287,295Net cash flow from financing activities28,687,96236,071,5344.Effect of foreign exchange rate changes on cash and cash equivalents205,458351,925

86、5.Net increase in cash and cash equivalents-59,270,266-44,252,165Add:Ba lances of cash and cash equivalents at the beginning of the period199,484,633196,149,6926.Balances of cash and cash equivalents at the end of the period140,214,367151,897,527Person in charge of the Company:CHEN WenjianPerson in

87、charge of the accounting affairs:SUN CuiPerson in charge of the accounting department:YU LaixinConsolidated Cash Flow Statement(Continued)-20-Company Balance Sheet31 March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB thousand,unaudited)Item31 March 202531 December 2024Cur

88、rent assets:Cash and cash equivalents19,382,33737,382,763Trading financial assets39,85044,141Derivative financial assets00Bills receivables00Accounts receivables9,132,02411,594,697Accounts receivables financing00Advances to suppliers3,382,7702,537,104Other receivables30,148,29533,248,540Among which:

89、Interests receivables00Dividends receivables768,4721,452,640Inventories70,93931,693Among which:Data resources00Contract assets4,026,2113,821,257Assets held for sale00Non-current assets due within one year2,983,8903,300,979Other current assets2,240,8602,196,056Total current assets71,407,17694,157,230

90、-21-Item31 March 202531 December 2024Non-current assets:Debt investments1,773,2521,773,252Other debt investments00Long-term receivables2,481,415907,058Long-term equity investments358,345,808359,659,372Investments in other equity instruments2,838,9432,838,943Other non-current financial assets308,8303

91、08,830Investment properties105,770106,686Fixed assets226,865235,380Construction in progress230,690284,802Productive biological assets00Oil and gas assets00Right-of-use assets97,61898,194Intangible assets728,840692,381Among which:Data resources00Development expenditures00Among which:Data resources00G

92、oodwill00Long-term deferred expenses45,61470,896Deferred income tax assets862,056847,174Other non-current assets37,744,16438,276,995Total non-current assets405,789,866406,099,963Total assets477,197,041500,257,193Company Balance Sheet(Continued)-22-Item31 March 202531 December 2024Current liabilities

93、:Short-term borrowings26,400,00030,776,000Trading financial liabilities00Derivative financial liabilities00Notes payables073,433Accounts payables26,650,04630,506,313Advances from customers00Contract liabilities4,820,1335,939,264Accrued payrolls8,7108,569Taxes payables147,689154,349Other payables97,1

94、14,778103,086,719Among which:Interests payables00Dividends payables115,750115,750Liabilities held for sale00Non-current liabilities due within one year15,530,35225,638,498Other current liabilities2,253,8972,372,994Total current liabilities172,925,605198,556,139Non-current liabilities:Long-term borro

95、wings12,296,00012,296,000Bonds payables24,400,00026,520,000Including:Preference shares00Perpetual notes00Lease liabilities93,64696,223Long-term payables3,711,8403,813,519Long-term accrued payrolls6,0757,000Accrued liabilities00Deferred income5,6395,769Deferred income tax liabilities00Other non-curre

96、nt liabilities00Total non-current liabilities40,513,20142,738,511Total liabilities213,438,807241,294,650Company Balance Sheet(Continued)-23-Item31 March 202531 December 2024Owners Equity(or Shareholders Equity):Paid-up capital(or Share capital)24,741,86524,741,865Other equity instruments53,288,40850

97、,289,818Including:Preference shares00Perpetual notes53,288,40850,289,818Capital reserve61,482,02461,482,024Less:Treasury stock182,019333,487Other comprehensive income29,60035,135Specific reserve00Surplus reserve17,870,19317,870,193Accumulated profits106,528,164104,876,995Total owners equity(or share

98、holders equity)263,758,235258,962,543Total liabilities and owners equity(or shareholders equity)477,197,041500,257,193Person in charge of the Company:CHEN WenjianPerson in charge of the accounting affairs:SUN CuiPerson in charge of the accounting department:YU LaixinCompany Balance Sheet(Continued)-

99、24-Company Income StatementJanuary March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB thousand,unaudited)ItemFirst Quarter of 2025First Quarter of 20241.Revenue4,196,5618,670,786Less:Cost of sales3,673,7877,229,244Tax and surcharges9,61816,288Administrative expenses00Rese

100、arch and development expenses215,198216,919Research and development expenses3581,319Finance expenses754,042794,873Among which:Interest expenses856,101883,305Interest income99,20787,807Add:Other gains3911,961Investment gains(loss is marked with“-”)2,114,490364,453Among which:In vestment gains from as

101、sociates and joint ventures100,299-22,289Ga in on derecognition of financial assets carried at amortised cost-26,2550Ne t exposure hedging income(loss is marked with“-”)00Ga in on changes in fair value(loss is marked with“-”)-4,291-2,759Impairment on credit losses(loss is marked with“-”)-56,014392,2

102、30Impairment losses on assets(loss is marked with“-”)-750950Gain on disposal of assets(loss is marked with“-”)39-222.Profit from operation(loss is marked with“-”)1,597,4221,168,957Add:Non-operating income1326Less:Non-operating expenses1,4291953.Profit before tax(loss is marked with“-”)1,595,9941,169

103、,088Less:Income tax expense-55,176228,332-25-ItemFirst Quarter of 2025First Quarter of 20244.Net profit(net loss is marked with“-”)1,651,170940,755(1)Net profit from continuing operation(net loss is marked with“-”)1,651,170940,755(2)Net profit from discontinued operation(net loss is marked with“-”)0

104、05.Other comprehensive income,net of tax-5,534-41,111(1)Other comprehensive income which will not be reclassified to profit or loss00(i)Changes in remeasurement of defined benefit obligations00(ii)Other comprehensive income which will not be reclassified to profit or loss under the equity method00(i

105、ii)Changes in fair value of investments in other equity instruments00(iv)Changes in fair value of enterprise credit risk00(2)Other comprehensive income which will be reclassified to profit or loss-5,534-41,111(i)Other comprehensive income which will be reclassified to profit or loss under the equity

106、 method00(ii)Changes in fair value of other debt investments00(iii)Reclassification of financial assets recognized in other comprehensive income00(iv)Impairment on credit losses of other debt investments00(v)Cash flow hedge reserve00(vi)Differences on translation of financial statements prepared in

107、foreign currencies-5,534-41,111(vii)Others006.Total comprehensive income1,645,636899,6457.Earnings per share:(1)Basic earnings per share(RMB/share)N/AN/A(2)Diluted earnings per share(RMB/share)N/AN/APerson in charge of the Company:CHEN WenjianPerson in charge of the accounting affairs:SUN CuiPerson

108、in charge of the accounting department:YU LaixinCompany Income Statement(Continued)-26-Company Cash Flow StatementJanuary March 2025Prepared by China Railway Group Limited(All amounts expressed in RMB thousand,unaudited)ItemFirst Quarter of 2025First Quarter of 20241.Cash flow from operating activit

109、ies:Cash received from sales of goods or services rendered4,912,1296,682,179Receipt of tax refund00Cash received relating to other operating activities83,75465,090Sub-total of cash inflows from operating activities4,995,8826,747,269Cash paid for goods and services received8,374,80510,634,433Cash pai

110、d to and on behalf of employees216,581220,654Tax payments50,089134,872Cash paid relating to other operating activities3,469,1961,840,574Sub-total of cash outflows from operating activities12,110,67112,830,532Net cash flow from operating activities-7,114,789-6,083,2632.Cash flow from investing activi

111、ties:Cash received from disposal of investments2,000,00098,443Cash received from return on investments2,359,461471,853Net cash received from disposal of fixed assets,intangible assets and other long-term assets20Net cash received from disposal of subsidiaries and other business units01,090,503Cash r

112、eceived relating to other investing activities1,159,2533,401,429Sub-total of cash inflows from investing activities5,518,7165,062,228Cash paid for acquisitions of fixed assets,intangible assets and other long-term assets24,224498Cash paid for acquisitions of investments592,261272,270Net cash paid fo

113、r acquisition of subsidiaries and other business units00Cash paid relating to other investing activities200,0000Sub-total of cash outflows from investing activities816,485272,768Net cash flow from investing activities4,702,2314,789,460-27-ItemFirst Quarter of 2025First Quarter of 20243.Cash flow fro

114、m financing activities:Cash received from investors00Cash received from borrowings28,500,00015,000,000Cash received relating to other financing activities00Sub-total of cash inflows from financing activities28,500,00015,000,000Cash paid for repayment of borrowings31,876,00016,500,000Cash paid for di

115、vidends,profit distribution or interest payment441,455800,338Cash paid relating to other financing activities11,864,8028,758,346Sub-total of cash outflows from financing activities44,182,25726,058,684Net cash flow from financing activities-15,682,257-11,058,6844.Effect of foreign exchange rate chang

116、es on cash and cash equivalents122,969239,9705.Net increase in cash and cash equivalents-17,971,846-12,112,516Add:Ba lances of cash and cash equivalents at the beginning of the period37,146,84334,806,2826.Balance of cash and cash equivalents at the end of the period19,174,99722,693,766Person in char

117、ge of the Company:CHEN WenjianPerson in charge of the accounting affairs:SUN CuiPerson in charge of the accounting department:YU LaixinIII SITUATION RELATING TO FIRST ADOPTION OF NEW ACCOUNTING STANDARDS ON THE OPENING BALANCE OF FINANCIAL STATEMENTS IN THE YEAR OF FIRST ADOPTION SINCE 2025Not applicableCompany Cash Flow Statement(Continued)