China National Railway’s 2021 financial report announced that the annual net profit decreased by 5.6 billion year-on-year

Recently, China National Railway Group Co., Ltd. released its 2021 and 2022 first quarter financial reports. The report shows:

In 2021, the National Railway Group will realize a revenue of 1,131.3 billion yuan, a year-on-year increase of 64.6 billion yuan or 6.1%; a net profit loss of 49.85 billion yuan, a year-on-year decrease of 5.6 billion yuan;

The national railway sent 2.53 billion passengers, a year-on-year increase of 16.9%, and sent 3.72 billion tons of goods, a year-on-year increase of 4.0%. The operating results were better than expected;

Rail freight shipments continue to grow. Adhere to the strategy of replenishing passengers with goods, and implemented freight increment actions to ensure the transportation of key materials for the national economy and people’s livelihood, such as coal, fertilizer, grain, and epidemic prevention. In the first quarter of 2022, railway freight continued to maintain its growth momentum. The national railway completed 949 million tons of freight, a year-on-year increase of 2.8%;

In 2021, the national railways will complete fixed asset investment of 748.9 billion yuan, and put into operation 4,208 kilometers of new lines, including 2,168 kilometers of high-speed rail. By the end of 2021, the national railway operating mileage will exceed 150,000 kilometers, of which high-speed rail exceeds 40,000 kilometers;

In the first quarter of 2022, while supporting the overall situation of epidemic prevention and control and reducing the number of passenger trains, the China Railway Group achieved revenue of 230.1 billion yuan, a year-on-year increase of 1.4%;

In the first quarter of 2022, the national railway fixed asset investment completed 106.5 billion yuan, a year-on-year increase of 3.1%, exceeding the quarterly investment task, and 447 kilometers of new railway lines were put into operation, including 233 kilometers of high-speed rail.

The three-year action plan for the national railway enterprise reform has been fully implemented, with an overall completion rate of over 80%, the issuance and listing of convertible bonds of Daqin Railway Company and the stock reform and listing of Golden Eagle Heavy Industry and China Railway Special Cargo have been successfully implemented, and new achievements have been made in the capitalization of railway assets and the securitization of equity;

At the end of 2021, the asset-liability ratio of China National Railway Group was 66.33%, an increase of 0.7 percentage points from 2020 and lower than the national average of central SOEs at the end of 2021. The main reason for the slight increase in the debt ratio is that the railway fixed asset investment has maintained a relatively large scale. Railway liabilities are mainly construction investment liabilities, which are essentially different from operating liabilities for maintaining simple reproduction, which correspond to high-quality assets.


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