Company Code: 688009. SH Company Abbreviation: China General Number

03969.HK

China Railway Communication and Signal Co., Ltd

Summary of the 2024 Annual Report

Section 1 Important Notice

1. The summary of this annual report is from the full text of the annual report, in order to fully understand the company's operating results, financial status and future development plan, investors should go to the www.sse.com.cn website to read the full text of the annual report carefully.

2. Major risk warning

Please review the description of risks in Section 4 of the 2024 Annual Report, "MDA".

3. The Board of Directors, the Board of Supervisors, the directors, supervisors and senior management of the Company guarantee the authenticity, accuracy and completeness of the contents of the annual report, and that there are no false records, misleading statements or material omissions, and bear individual and joint legal liabilities.

4. Non-attendance of directors

Non-attendance of directors Name of non-attendance of directors Explanation of the reason for non-attendance of directors Name of the person delegated

Director Zhang Quan Other important work arrangements Lou Qiliang

5. Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit report for the company.

6. The company is not profitable and has not yet achieved profitability at the time of listing

□ Yes √ No

7. The profit distribution plan or the plan for the conversion of provident fund into share capital for the reporting period approved by the board of directors

After deliberation at the 27th meeting of the fourth session of the board of directors of the company, the company intends to distribute a cash dividend of RMB 1.7 (tax included) to all shareholders for every 10 shares based on the total share capital of 10,589,819,000 shares as of December 31, 2024, totaling RMB 1,800,269,230. The profit distribution plan is subject to the approval of the company's 2024 annual general meeting of shareholders.

8. Whether there are special arrangements for corporate governance and other important matters

□ Applicable √ Not applicable

Section 2 Basic information of the company

1. Company profile

1.1 Company Shares

√ Applicable □ Not applicable

Company stock profile

Stock Type Stock Listed Exchange Stock Abbreviation Stock Code Stock Abbreviation Before the change

and plates

A-shares, SSE STAR Market, China General Number: 688009 None

H Shares Main Board of the Hong Kong Stock Exchange China Stock Number 03969 None

1.2 Brief description of the Company's Depositary Receipts

□ Applicable √ Not applicable

1.3 Contacts and Contact Details

Secretary of the Board of Directors

Name: Li Lianqing

Address: Block A, China Tonghao Building, No. 1 Yard, Automobile Museum South Road, Fengtai District, Beijing

19 floors

Phone 010-50809286

Fax 010-50809075

E-mail ir@crsc.cn

2. Brief introduction of the company's main business during the reporting period

2.1 Main business, main products or services

Since its establishment, the company has undertaken the important task of developing national industry and national technology, and has been focusing on the research and exploration of rail transit control system technology and its derivative applications for a long time. The company attaches great importance to the accumulation of technology and continuous innovation, regards innovation as the eternal theme and the first driving force for the sustainable development of China General Signal, takes the initiative to face the world's frontier of science and technology, accelerates scientific and technological innovation and transformation of achievements, leads the technological development of the industry, and strives to maintain a leading position in the industry. While providing safe and efficient core technical support for the operation of national rail transit, it continues to use its profound technical accumulation to expand new market areas and contribute to the country's modernization and digital development.

The core business of the company's rail transit is: 1) design integration, which mainly includes providing system integration services for rail transit control system related products and providing design and consulting services for the construction of rail transit projects; 2) Equipment manufacturing, mainly including the production and sales of signal systems, communication information system products and other related products; 3) System delivery, mainly including rail transit control system projects

Construction, equipment installation and maintenance services.

During the reporting period, the company adjusted the overall development strategy, adhered to the "intelligent control" as the root technology, focused on the "dual tracks" of rail transit and low-altitude economy, consolidated and expanded the advantages of the whole industrial chain of rail transit communication and signal engineering design, train control system equipment, and engineering and technical services, cultivated the low-altitude airspace control industry, unmanned aerial vehicle manufacturing industry, and service operation industry, built an industrial pattern of "three industries and one state" of low-altitude economic ecology, strengthened the main position of scientific and technological innovation, cultivated and developed new quality productivity, and enhanced the major strategic functions of serving the countryand accelerate the construction of a world-class high-tech industrial group with global competitiveness.

During the reporting period, the company continued to optimize and upgrade the rail transit control system industry, accelerate the digital and intelligent upgrading of the signal industry, promote the development of system product pedigree, and consolidate the advantages of the whole industrial chain of rail transit "trinity". Accelerate the layout into the new track of low-altitude economy, clarify the development path of scientific and technological innovation, industrial layout and market promotion, and the industrial pattern of "three industries and one state" of low-altitude economy has begun to take shape. In terms of product research and development, the self-developed low-altitude airspace control system (ID-Space) has been applied in Nan'an; In terms of technological innovation, we have cooperated with a team of academicians and experts to build a "1+4" joint innovation system with "low-altitude airspace control" as the core and four studies of "low-altitude communication, perception countermeasures, digital base, and unmanned aerial vehicles" as synergies, and successfully applied for the "Beijing Key Laboratory of Low-altitude Airspace Intelligent Control"; In terms of industry standards, he participated in the preparation of the white paper "Reference Architecture of Low-altitude Intelligent Connected System (2024 Edition)" led by the Ministry of Industry and Information Technology, and was responsible for the content compilation of the application system layer in the "Five Parties, Three Layers and Two Systems"; In terms of scenario application, we have joined hands with CITIC Group, China Post, and China Tower to build full-scene application demonstrations in low-altitude transportation, logistics, industrial inspection, urban management, etc., and build demonstration projects such as Hefei industrial inspection, Chongqing subway inspection, Yunnan Nujiang Prefecture grass and fruit transportation, and Guizhou Rongjiang County's "village super + low-altitude" demonstration projects. During the reporting period, the company's core business was still rail transit control system and its derivative business, and there was no major change in business composition.

2.2 Main business model

Based on the field of China's rail transit control system, the company has a deep understanding of China's railway and urban rail transit policies, operation modes, market environment and other market factors, and the business model adopted is fully adapted to the market environment, stable and efficient. The company makes full use of the first-mover technology advantages and resource synergy capabilities of intelligent control to extend intelligent control technology to the low-altitude economic field, continuously optimizes technological innovation and system solutions in the low-altitude field, and innovatively proposes the "track + low-altitude" integrated development model, and the two tracks work together and develop together.

The company's order acquisition method is mainly through public bidding, and the acquisition of production raw materials adopts centralized procurement. In the field of rail transit, relying on efficient and mature design integration, equipment manufacturing and system delivery business models, we provide customers with integrated all-round services or customized professional services for rail transit control systems. In the field of low-altitude economy, it provides customers with the R&D and application of low-altitude airspace control spectrum products, the manufacturing and sales of UAV-related equipment, as well as industrial inspection, low-altitude logistics, manned transportation and other scenario operation services.

1. Sales model

The company fully participates in the bidding and procurement activities of domestic users and actively participates in the procurement activities of foreign users, which is operated by the company's marketing department

As the centralized management department of market operation, it is responsible for establishing and improving the company's marketing system, formulating relevant systems for market management, and supervising and inspecting the company's market sales activities at all levels. The company gives full play to the core technology and brand influence of the industry, adheres to the purpose of providing high-security, high-reliability products and high-efficiency services first by user needs, and obtains product and service orders through bidding, business negotiation and other market-oriented methods.

2. Production and service mode

In order to comply with the overall operation mode of China's railway and urban rail transit system, the company has established a mature and stable business production and service model such as design integration, equipment manufacturing and system delivery, and at the same time, relying on strong technical strength, it can provide customized production and services according to the specific needs of domestic and foreign owners, and the relevant products and services provided by the company can be completed on time and with quality in strict accordance with the contract requirements. The company's engineering and technology department is the centralized management department for design integration and system delivery business production services, and the company's scientific and technological innovation and information technology department is the centralized management department for equipment manufacturing business production services, which are responsible for formulating relevant systems for production service management and supervising and inspecting the company's production service activities at all levels.

3. Procurement model

All kinds of procurement activities of the company are carried out in strict accordance with relevant national laws and regulations and in accordance with the "Procurement Management Measures of China Railway Communication and Signal Co., Ltd.", and choose public bidding, invitation to bidding, competitive negotiation and other procurement methods according to the actual situation to ensure procurement efficiency. The company mainly implements the centralized procurement system, and the company's market operation department is responsible for formulating and revising the relevant systems of procurement management, and supervising and inspecting the company's procurement activities at all levels. The centralized procurement system is divided into two levels for implementation, including the centralized procurement of the company's headquarters and the centralized procurement of subordinate secondary enterprises.

4. Management mode

The company implements the market management system of the headquarters of the joint-stock company taking the lead in grasping the general office, the main operation of the second-level enterprises, and the implementation of the third-level enterprises, and builds a scientific and efficient internal organization system that is connected up and down, coordinated and operated. By improving the management structure system of "headquarters-second-level enterprises-third-level enterprises", and realizing the integration of "strategic guidance and control center-business operation and profit center-execution center and cost center", the headquarters highlights the positioning of strategic decision-making, resource allocation, safety and quality supervision, scientific and technological innovation co-ordination, industrial incubation, and risk control, and gives full play to the roles of strategic control, integration of scientific and technological resources, and incubation of new industries, so as to strengthen the "strategic + operation control" headquarters; Based on the positioning of the seven centers of strategy implementation, market development, business operation, revenue and profit, scientific and technological innovation, safety and quality management, and talent cultivation, the secondary enterprises give full play to the role of the main body of operation, innovation and industry, and realize the double improvement of business and economic benefits; The third-level enterprises adhere to the positioning of business execution and cost control, do a good job in business support, improve the level of leanness, improve efficiency and efficiency, and form a higher quality input-output relationship.

2.3 The situation of the industry

(1). The development stage, basic characteristics and main technical thresholds of the industry

From the perspective of the global railway industry, according to Oxford Economics, the infrastructure construction of various regions of the world

The investment forecasts that the total global railway investment will grow from $382 billion in 2020 to $565 billion in 2040, a compound annual growth rate

The growth rate is 1.88%. In terms of the cumulative investment scale, it is estimated that the world's railway infrastructure will be built in 21 years from 2020 to 2040, excluding China

The total investment will reach $5,137 billion. Outside of China, Europe remains the largest sector for future rail infrastructure investment, with a cumulative investment of $2,385 billion in Europe from 2020 to 2040, with Asia (excluding China) coming in second place

$1,602 billion, followed by the Americas with $823 billion, Australia with $169 billion, and Africa with $158 billion, international railway bases

The construction of infrastructure facilities will still be at a relatively high level.

From the perspective of the domestic railway industry, fixed asset investment will stabilize and rebound from 2023, hitting a record high of 850.6 billion yuan in 2024.

Returning to a high level of investment, the total investment during the 14th Five-Year Plan period is expected to exceed 3.8 trillion yuan, which is basically the same as that during the 13th Five-Year Plan period. With the continuous growth of China's railway operating mileage, the investment in railway renovation and operation and maintenance has shown an increasing trend. The "Eleventh Five-Year Plan" and the "Twelfth Five-Year Plan" in the early stage of the operation of more than 10,000 kilometers of high-speed railways have entered the period of overhaul and transformation, and the new mileage of general-speed railways has gradually increased. Therefore, the domestic railway industry is in the development stage of paying equal attention to new construction and upgrading.

From the perspective of the global urban rail transit industry, affected by the urban development stage and development model, there are great differences in the structure of urban rail transit in various regions of the world, with urban rail transit in Asia and the Americas dominated by subways, and urban rail transit in Europe dominated by trams. According to the data of international research institutions, including the International Federation of Public Transport (UITP), during the "14th Five-Year Plan" period, the new mileage of urban rail transit in the world (except China) is expected to be 8,000-10,000 kilometers, of which Asia (except China) accounts for about half of the new mileage, ranking first, followed by Europe and North America, with a large market space.

From the perspective of the domestic urban rail transit industry, since the "14th Five-Year Plan" period, China's new urban rail transit operating mileage has exceeded 4,000 kilometers, and it is expected to reach more than 5,000 kilometers by the end of the period, which will exceed the total new operating mileage during the "13th Five-Year Plan" period. By the end of 2025, the operating mileage of urban rail transit in China is expected to reach more than 13,000 kilometers, of which Shanghai and Beijing are expected to form more than 1,000 kilometers of urban rail transit line networks respectively. During the "14th Five-Year Plan" period, it is expected to maintain a high level of investment, and the market size of signal control system equipment is expected to be about 10 billion yuan per year. The development demand for small and medium-sized urban rail systems such as urban express rail, straddle monorail, and automatic guided rail transit has been gradually released, and the renewal and transformation of subway lines put into operation in the early stage have been accelerated, and it is expected that China's urban rail transit industry will still be in a period of stable development.

The core technology of the rail transit control system industry has the basic characteristics of high threshold, and the products and services provided have extremely high requirements for safety, reliability, stability and sustainability.

In order to continue to provide reliable and high-quality products and services for a long time. In accordance with the requirements of relevant technical specifications and industry practices, the life cycle of high-speed rail transit control system is generally about 10-15 years, and some outdoor equipment systems are affected by environmental factors and the update cycle is shorter.

The low-altitude economy has been written into the government work report for two consecutive years, and in 2025, it is proposed to promote the safe and healthy development of emerging industries such as commercial aerospace and low-altitude economy. The Ministry of Industry and Information Technology, the Ministry of Science and Technology, the Ministry of Finance, and the Civil Aviation Administration of China issued the "Implementation Plan for the Innovative Application of General Aviation Equipment (2024-2030)", which proposes to promote the formation of a trillion-level market scale for the low-altitude economy by 2030. At present, the low-altitude economy will face practical problems such as cross-regional interconnection, interconnection of multiple supply subjects, and integrated flight in the same region in the development stage of point to surface. With its profound technology accumulation and resource integration capabilities, the company cultivates and develops low-altitude economy, which is not only an inevitable requirement for resolutely fulfilling the responsibilities and missions of central enterprises and serving major national strategies, but also an objective need to comply with a new round of scientific and technological revolution and industrial transformation, and a realistic choice for its own high-quality development. In view of the industry pain points of "can't control" and "can't fly", a joint innovation team of industry, academia, research and application has been set up to innovatively launch a low-altitude airspace intelligent control system, relying on speed difference stratification and group flight control technology to provide customers with safe, flexible, efficient and intelligent low-altitude airspace control products and services.

(2). Analysis of the company's position in the industry and its changes

Although the market landscape is constantly changing and the competition is becoming more and more fierce, the company continues to maintain its leading position in the industry as a world-class provider of rail transit control system solutions. As of the end of 2024, the company's core products and services for high-speed railway control systems will continue to rank first in the world in terms of total bid-winning mileage. The company's market share continues to rank in the leading position in the industry in terms of domestic high-speed railway control system integration projects, as well as core equipment such as track circuits, dispatching centralized systems, computer interlocking, CTCS-3 on-board automatic protection systems, wireless block centers and train control centers. In the field of domestic urban rail transit, the company's core urban rail transit control system products cover more than 180 lines in more than 40 cities in China that have been operated and have completed the bidding for control systems, and continue to lead strongly. By accelerating the overseas business layout, continuously strengthening the investment of resources in overseas markets, making full use of the high-quality opening and promotion of overseas projects such as the Hungarian-Serbian high-speed railway and the Jakarta-Bandung high-speed railway, the company has won a good reputation, effectively enhancing the company's brand power and influence in the global rail transit market, and is gradually becoming an important participant in the field of international rail transit control system.

The company actively lays out strategic emerging industries and cultivates them into the field of low-altitude economy. Relying on the core technology advantages of the rail transit control system, the ground dispatching system is extended to the low-altitude economic field, and the low-altitude airspace intelligent management and control system is independently developed, which takes into account safety and efficiency, has the characteristics of efficient operation control and automatic countermeasures, and can solve key problems such as interval tracking and operation of multiple aircraft, conflict detection and obstacle avoidance, and non-cooperative UAV identification.

In the future, the company will continue to grasp the favorable trends and opportunities of industry development, adhere to science and technology leadership, innovation driven, digital empowerment, and capital assistance, build an "innovative, technology-based, digitally intelligent, and internationalized" enterprise, and develop into a more advanced technological innovation and system security

It is a rail transit characteristic industrial group with more reliable, more reasonable industrial layout, more optimized business structure, more advanced management level, better quality and efficiency, and more trusted brand image, and strives to build a world-class enterprise.

(3) The development and future development trend of new technologies, new industries, new forms of business and new models during the reporting period

With the rapid development of China's economy and the acceleration of the process of urban agglomeration, trunk railways, intercity railways, urban (suburban) railways, urban rail transit and other systems have played a major role in the transportation backbone of urban agglomerations. However, due to the limitation of management mode and technological development, there is no linkage between various systems in the region, which restricts the improvement of transportation efficiency and service quality. With the rapid development of big data analysis, Internet+, Internet of Things, artificial intelligence, image recognition, network communication and other technologies, it is feasible to realize the theory and technical research of regional rail transit collaborative transportation and comprehensive services. Based on various advanced information technologies, it builds the strongest "smart brain" of regional rail transit, deduces the situation of passenger flow, train flow and facilities and equipment in real time, provides coordinated preparation and dynamic adjustment of transportation plans for the whole network, and strengthens comprehensive support and linkage response and disposal, so as to realize new changes in regional rail transit, enhance the attractiveness of rail transit, alleviate urban traffic congestion, and promote the high-quality development of urban agglomerations. The company has independently developed a regional rail transit collaborative transportation and service system, and completed the on-site demonstration application.

The Outline of the 14th Five-Year Plan for National Economic and Social Development of the People's Republic of China and the Long-Range Objectives Through the Year 2035 puts forward the requirements for building a modern metropolitan area: relying on the central cities with strong radiation driving capacity, improving the level of coordinated development of one-hour commuting circles, and cultivating and developing a number of modern metropolitan areas with a high degree of urbanization. With intercity railways and urban (suburban) railways and other rail transit as the backbone, we will open up all kinds of "broken roads" and "bottleneck roads", promote the effective connection of intra-city and out-of-city transportation and the "integration of four networks" of rail transit, improve the connectivity and connectivity of infrastructure in the metropolitan area, and gradually increase the proportion of urban (suburban) railway/intercity railway construction in the field of railway infrastructure. According to the needs of urban (suburban) railways in different regions, the company has carried out research on the integration of multi-standard control systems and completed the research on compatible on-board equipment

The field test of the 3-minute automatic turnback and 20-second automatic end change function of the CTCS2+ATO system for the urban railway has been completed.

The "Five-Year Action Plan for Accelerating the Construction of a Transportation Power (2023-2027)" clarifies the ideas, goals and action tasks for accelerating the construction of a transportation power in the next five years, puts forward 53 key tasks, and makes it clear that it is necessary to improve the basic system of scientific and technological innovation, strengthen the construction of transportation strategic scientific and technological strength and scientific and technological basic capacity, accelerate the construction of smart transportation, and improve the transportation science and technology innovation system; It is necessary to focus on the bottlenecks of transportation equipment such as transportation vehicles, engineering equipment, production and operation equipment, and emergency support equipment, promote the upstream and downstream of the industrial chain to carry out collaborative research and demonstration applications, and improve the ability and level of independent research and development of related technologies and products. The company is actively promoting the reform of the scientific and technological innovation mechanism, accelerating the research on the communication and signal system scheme of major railway projects, accelerating the promotion of high-level scientific and technological self-reliance and self-reliance, making efforts to build smart urban rail, and helping the "Beijing-Tianjin-Hebei on the track", the higher-quality integration of transportation in the Yangtze River Delta region, the integrated comprehensive transportation in the Chengdu-Chongqing region, and the transportation construction in the Guangdong-Hong Kong-Macao Greater Bay Area, and implementing the important deployment of transportation into the various actions and tasks of the enterprise.

The "Outline for the Construction of a Transportation Power" points out that by 2035, a transportation power will be basically built. Optimize the transportation structure, accelerate the construction of key projects such as port collection and distribution railways, logistics parks and special railway lines for large industrial and mining enterprises, and promote the orderly transfer of bulk cargo and medium and long-distance cargo transportation to railway and water transportation. The rail transport industry has ushered in important development opportunities. Rail transport enterprises

The industry needs to improve the efficiency of transportation organization, expand the development space, improve the traditional transportation organization, production and operation methods, marketing service methods, and information service methods, strengthen transportation dispatching and command, strengthen business collaborative operation, improve transportation organization efficiency, improve the transportation capacity of freight trains, compress the whole operation time, and ensure that the goods are transported to the time limit. The company has independently developed a comprehensive dispatching command and management system for railway freight, and has completed the on-site application. At the same time, based on China's high-speed rail control and automatic driving technology, the company has independently developed a high-density automatic operation control system for heavy-haul freight trains, aiming to improve transportation efficiency, tap driving potential, improve the operation quality of freight trains, reduce driver labor intensity, reduce transportation energy consumption, greatly improve the comprehensive efficiency of freight railway transportation, and meet the growing demand for transportation capacity of China's heavy-haul railways.

The "Opinions on Accelerating the Construction of a Unified and Open Transportation Market" proposed: deepen the reform of the system and mechanism of railways, highways, waterways, civil aviation, postal and other industries, improve the system rules, promote the overall layout of transportation across regions, integrate across modes, and coordinate development across fields, form a unified and open transportation market, improve comprehensive transportation efficiency, and accelerate the construction of a transportation power. We will continue to promote the reform of the air traffic control system, deepen the reform of low-altitude airspace management, and develop general aviation and low-altitude economy. Carry out the construction of transportation infrastructure in advance, accelerate the construction of the main framework of the national comprehensive three-dimensional transportation network, and enhance the capacity of the national comprehensive freight hub. Promote the green and intelligent transformation and upgrading of transportation, and strengthen the sharing of data on energy consumption and carbon emissions in transportation. Promote data and technology to empower the development of transportation. With the implementation of the above policies, it is expected to release more equipment and system needs such as multimodal transportation such as molten iron, road and rail, air and land, intelligent operation control, and big data centers.

High-speed railways with a speed of more than 400 kilometers per hour are currently the goal or development direction pursued by many countries. In order to maintain the leading edge of China's high-speed rail in the field of speed, the key project of the national "14th Five-Year Plan" "CR450 Science and Technology Innovation Project" has been fully launched, and the Chengdu-Chongqing high-speed rail line has also started construction, which is expected to have field test conditions in 2026 and open for operation in 2027. At present, the company is carrying out research on higher-speed train control systems, aiming at the speed-up transformation of new high-speed railways with a speed of more than 400km/h and existing high-speed rail lines with good conditions, providing system solutions and key technical equipment for two application scenarios, breaking through the safety control and equipment reliability problems of the existing C3 system supporting 450km/h high-speed operation, enriching and expanding the basic theory and engineering practice experience of China's high-speed railway train control technology, which is conducive to the subsequent large-scale road network transformation of China's railways.

3. The company's main accounting data and financial indicators

3.1 Key accounting data and financial indicators for the past 3 years

Unit: Yuan Currency: RMB

2024 2023 This year is compared to 2022

After Adjustment Before Adjustment Change (%)

Total assets 117,890,875,515.13 118,990,487,731.74 118,990,487,731.74 -0.92 116,806,544,483.88

Net assets attributable to shareholders of listed companies 48,025,007,375.97 46,812,051,906.86 46,812,051,906.86 2.59 45,323,917,197.95

give birth

Operating income 32,473,033,766.06 37,002,229,438.89 37,002,229,438.89 -12.24 40,203,207,773.29

Net profit attributable to shareholders of listed companies 3,494,725,837.36 3,477,326,647.54 3,477,326,647.54 0.50 3,633,640,258.62

moistening

Deductions attributable to shareholders of listed companies 3,268,375,928.61 3,266,204,579.74 3,266,204,579.74 0.07 3,416,830,555.97

Net profit from non-recurring gains and losses

Net cash flow from operating activities 5,236,128,730.31 2,058,033,862.99 2,058,033,862.99 154.42 2,082,161,660.88

forehead

Weighted average return on equity (%) 7.34 7.54 7.54 decreased by 0.2 percentage points 8.17

Basic earnings per share (RMB/share) 0.32 0.32 0.32 - 0.33

Diluted earnings per share (RMB/share) 0.32 0.32 0.32 - 0.33

The ratio of R&D investment to operating income was 6.28 5.51 5.51, an increase of 0.77 percentage points and 4.66

（%）

3.2 Key accounting data by quarter in the reporting period

Unit: Yuan Currency: RMB

Q1 Q2 Q3 Q4

(January-March) (April-June) (July-September) (October-December)

Operating income 6,509,426,910.25 7,740,882,375.47 6,563,845,030.93 11,658,879,449.41

attributable to shareholders of listed companies

Net profit 604,490,948.26 994,572,928.17 759,533,438.23 1,136,128,522.70

attributable to shareholders of listed companies

594,368,032.17 965,926,187.28 712,812,254.73 995,269,454.43 after deducting non-recurring gains and losses

Net profit

Cash flow from operating activities

Net volume 2,082,321,318.72 890,396,245.39 427,804,396.10 1,835,606,770.10

Explanation of the discrepancies between the quarterly data and the data disclosed in the periodic report

□ Applicable √ Not applicable

4. Shareholders

4.1 The total number of common shareholders, the total number of preferred shareholders whose voting rights have been restored, and the total number of shareholders holding special voting shares and the top 10

shareholders

Unit: Shares

The total number of ordinary shareholders (households) at the end of the reporting period was 65,200

The total number of ordinary shareholders (households) at the end of the previous month prior to the disclosure date of the annual report was 64,547

The total number of preferred shareholders whose voting rights have been restored as of the end of the reporting period (households) is not applicable

Preferred shares whose voting rights have been restored at the end of the previous month prior to the disclosure date of the annual report are not applicable

Total number of East (households)

The total number of shareholders holding special voting shares as of the end of the reporting period (households) Not applicable

Not applicable to those who held special voting shares at the end of the previous month prior to the disclosure date of the annual report

Total number of shareholders

Shareholdings of the top 10 shareholders (excluding shares lent through refinancing)

Hold staking, tokenizing, or freezing

Limited Situation

Name of Shareholder During the Reporting Period Number of Shares Held at the End of the Period Proportion Selling Shareholder

(Full name) increase or decrease (%) Shares Nature of shares

Number of copies, status, quantity

measure

China Railway Communication Signal 7,422,576 6,614,216,000 62.46 0 N/A - State-owned legal person

Group of Companies Note 1

HKSCC NOMINEES 38,000 1,967,794,950 18.58 0 Unknown - Foreign legal entity

LIMITED Note 2

China Merchants Bank Co., Ltd

Company-China Shanghai Securities Branch

Genesis 50 Component Trading -44,775,467 170,980,150 1.61 0 Unknown - Other

Open-ended index securities investment

funds

Hong Kong Securities Clearing Company Limited -1,971,614 157,002,384 1.48 0 Unknown - Other

firm

Industrial and Commercial Bank of China shares

Co., Ltd. - E Fund

SSE STAR Market 50 Components 35,953,308 108,232,576 1.02 0 Unknown - Others

ETFs

Securities investment funds

China National Machinery Industry Group 0 63,507,192 0.60 0 Unknown - State-owned legal entity

Ltd

Industrial and Commercial Bank of China shares

Co., Ltd. - Huatai Park

CSI 300 ETF 44,562,932 44,562,932 0.42 0 Unknown - Other

Open-ended index securities investment

funds

China Railway Investment Group 0 34,188,000 0.32 0 Unknown - State-owned legal person

Ltd

National Social Security Fund 11 33,143,164 33,143,164 0.31 0 Unknown - Other

Zero combinations

China Construction Bank shares

Co., Ltd. - E Fund

CSI 300 Open 30,813,187 30,813,187 0.29 0 Unknown - Other

Exponential index initiators

Bond investment funds

Description of the above-mentioned shareholder affiliation or concerted action The largest shareholder, China Railway Communication and Signal Group Co., Ltd., is the largest shareholder

There is no affiliation between the other shareholders mentioned above, nor do they belong

Persons acting in concert. The Company does not know if the other shareholders mentioned above are related

Joint or concerted action relationships.

Explanation of Preferred Shareholders with Restored Voting Rights and Number of Shares Held -

Note 1: As of December 31, 2024, China Railway Communication and Signal Group Co., Ltd. held 6,614,216,000 shares of the company

In addition to the shares, it also holds 34,302,000 H shares of the company.

Note 2: H SHARES HELD BY HKSCC NOMINEES LIMITED (HKSCC NOMINEES LIMITED) REPRESENT MULTIPLE CLIENTS

held.

Note 3: Except for Note 1 and Note 2, the shares held by the shareholders in the above table are all A shares of the Company. As of the end of the reporting period, the total number of ordinary shareholders

The number of shareholders (65,200) is the total number of shareholders of A shares, in addition to 212 shareholders of H shares.

Holders of depositary receipts

□ Applicable √ Not applicable

The top 10 shareholders in terms of the number of voting rights as of the end of the reporting period

□ Applicable √ Not applicable

4.2 Block diagram of the property rights and control relationship between the company and the controlling shareholder

√ Applicable □ Not applicable

4.3 Block diagram of the property rights and control relationship between the company and the actual controller

√ Applicable □ Not applicable

4.4 The total number of preferred shareholders and the top 10 shareholders of the company at the end of the reporting period

□ Applicable √ Not applicable

5. Corporate bonds

√ Applicable □ Not applicable

5.1 All bonds of the Company in existence as at the date of approval of the annual report

Unit: Yuan Currency: RMB

Bond Name Abbreviation Code Maturity Date Bond Balance Interest Rate (%)

China Railway Pass No. YK01 242097.SH 2029-12-09 1,500,000,000.00 2.2

Letter Signal shares

Limited Company

Facing 2024

Professional Investors

Public Offering Section

Technological innovation can be sustained

Futures of corporate bonds

(Phase 1) (Product.)

Species 1)

China Railway Pass

Letter Signal shares

Limited Company

Facing 2024

Professional Investor Token YK02 242098.SH 2034-12-09 1,000,000,000.00 2.4

Public Offering Section

Technological innovation can be sustained

Futures of corporate bonds

(Phase 1) (Product.)

Species 2)

5.2 Interest payments and redemption of bonds during the reporting period

□ Applicable √ Not applicable

5.3 Adjustments to the credit rating results of companies or bonds made by credit rating agencies during the reporting period

□ Applicable √ Not applicable

5.4 The company's main accounting data and financial indicators in the past 2 years

√ Applicable □ Not applicable

Unit: Yuan Currency: RMB

Main indicators 2024 2023 Change from the same period last year (%)

Debt-to-asset ratio (%) 57.22 58.93 -1.71

Net profit after deducting non-recurring gains and losses 3,268,375,928.61 3,266,204,579.74 0.07

EBITDA total debt ratio 1.58 0.98 0.61

Interest protection ratio 125.08 62.74 62.34

Section 3: Important Matters

1. The company shall, in accordance with the principle of materiality, disclose the major changes in the company's operation during the reporting period, as well as the events that have a significant impact on the company's operation during the reporting period and are expected to have a significant impact in the future.

In 2024, the company will focus on enhancing core functions and enhancing core competitiveness, and further focus on the main responsibility and main owner track to optimize the business

structure, promote the transformation and upgrading of traditional industries, accelerate the layout of strategic emerging industries, and achieve effective qualitative and quantitative growth of economic benefits. During the reporting period, the company signed a total of 50.069 billion yuan of new contracts, a year-on-year decrease of 31.53%, of which: 256.37 in the railway field

100 million yuan, a year-on-year increase of 2.09%; urban rail sector 10.006 billion yuan, down 24.09% year-on-year; overseas fields were 5.919 billion yuan, a year-on-year increase

length 58.27%; 8.508 billion yuan in general contracting and other fields, down 72.63% year-on-year. Rail transit (railway, urban rail,

Overseas) reached 41.562 billion yuan, accounting for 83.01% of all new contracts. The company achieved operating income of 32.473 billion yuan,

down 12.24% year-on-year; the net profit was 4.069 billion yuan, an increase of 1.35% over the same period of last year; The realization is attributable to the owner of the parent company

net profit was 3.495 billion yuan, up 0.5% year-on-year; Net profit attributable to owners of the parent company after deducting non-recurring gains and losses was 3.268 billion

yuan, up 0.07% year-on-year. At the end of the reporting period, the company's total assets were 117.891 billion yuan, down 0.92% from the beginning of the year, and the owner's equity attributable to the parent company was 48.025 billion yuan, an increase of 2.59% from the beginning of the year.

2. If there is a delisting risk warning or termination of listing after the disclosure of the company's annual report, the reasons for the delisting risk warning or termination of listing shall be disclosed.

□ Applicable √ Not applicable