[Cai Zhi Headline] High -speed rail also loses money?National Railway Group's liabilities exceeded 6 trillion

The persistent epidemic has not only brought a significant impact on the airline, but also failed to be spared.

In the first half of this year, the losses of the three major airlines (Air China, China Eastern Airlines, and China Southern Airlines) all set the highest historical record, with a total net loss of about 49.7 billion yuan, while the National Railway Group's losses exceeded the total loss of three major airlines.

On August 31, the National Railway Group of China disclosed the financial final account report in the first half of 2022. The report shows that the total operating income achieved 485.7 billion yuan in the first half of the year, a decrease of 27.1 billion yuan year -on -year, and a net profit loss of 80.4 billion yuan, an increase of 58.5%from the losses of 5.7 billion yuan in the same period last year.

As of the first half of 2022, the total liabilities of the National Railway Group had a total liabilities of 6 million yuan, an increase of 3.45%over the same period last year. At the end of the second quarter, the debt ratio of the National Railway Group was 66.81%, an increase of 0.48%over the end of last year.

"The main reason is that the investment of railway fixed assets in the first half of the year remains high, and the total liabilities have increased." The relevant person in charge of the National Railway Group said that railway liabilities are mainly the construction of investment liabilities. It corresponds to high -quality assets. Railway passenger and cargo transportation and multiple operations have stable cash flow, have good debt repayment, and have a stable and controllable debt risk.

Green leather train drives out of Beijing Station. Photo by Ning Ying

"More cargo customers and less" situation

The epidemic impacted the railway transportation.

The report shows that the main reason for the loss of net profit is to distribute the epidemic, which has a greater impact on railway transportation operations, and passenger transport and diversified operations are particularly serious.

In the first half of the year, the National Railway sent 787 million passengers, a year -on -year decrease of 42.8%, and passenger revenue was 96.5 billion yuan, a year -on -year decrease of 59.9 billion yuan, a decrease of 38.3%. The goods were sent 1.946 billion tons, a year -on -year increase of 5.5%, and freight income was 234.4 billion yuan, a year -on -year increase of 9.6%. The freight income is more than twice the income.

Among the passenger routes, the Beijing -Shanghai high -speed rail (601816.SH), known as "China's Most Money High Speed ​​Railway", lost 1.028 billion yuan in net profit in the first half of the year, a year -on -year decrease of 137%. Among them, the second quarter of this year was the first quarterly loss since the company was listed in January 2020. In the first half of the year, the transportation passengers of the Beijing -Shanghai high -speed rail trains decreased by 66.7%year -on -year, and the mileage of cross -line train operations decreased by 41.5%year -on -year.

The Beijing -Shanghai high -speed rail said that in the first half of the year, many regions along the Beijing -Shanghai high -speed railway, especially Shanghai, Beijing and other special cities, there were many clustered new crown epidemics, and the duration was longer. Greatly influenced that the willingness of passenger travel has declined, bringing unprecedented, serious, and persistent impact to the company's operating performance.

Unlike the sharp decline in passenger transport, railway freight has increased. A number of indicators such as single -day cargo sending, freight turnover, number of vehicles, and unloading vehicles have been repeatedly refreshing historical records. The National Railway Group held a full -road TV conference on May 30 to increase the national railway freight target of 100 million tons to about 3.9 billion tons throughout the year, a year -on -year increase of nearly 3 percentage points to about 5%.

The report shows that in the first half of the year, the monthly sales volume of the National Railway reached a record high, achieving cargo revenue of 234.4 billion yuan, an increase of 9.6%year -on -year. The China -Europe trains run 7,514 columns and send 724,000 citizens, a year -on -year increase of 2%and 3%respectively; the Western Luhai New Channel trains sent 379,000 standards, an increase of 33%year -on -year.

The situation of "more cargo and less customers" did not appear this year.

According to the financial final accounts of 2021 and the first quarter of 2022 disclosed by the National Railway Group, in 2021, the National Railway Group achieved revenue of 1131.3 billion yuan, an increase of 64.6 billion yuan year -on -year, an increase of 6.1%; the net profit loss was 49.85 billion yuan, a year -on -year loss of 56. 100 million yuan; the national railway sends 2.53 billion passengers, an increase of 16.9%year -on -year, and the delivery of goods was 3.72 billion tons, an increase of 4.0%year -on -year. In 2021, the passenger revenue of the National Railway Group completed 302.1 billion yuan, an increase of 21.7%year -on -year; freight revenue was 435.9 billion yuan, an increase of 8.4%year -on -year.

The total income of the National Railway Group is mainly composed of passenger revenue and freight income. It can be seen that as early as 2021, under the influence of the epidemic, after the anti -supermarket income of the railway passenger transportation, it has been restored to the situation of "more cargo and less passenger".

Debt risks are stable and controllable

National Railway's 6 trillion liabilities are not made overnight.

Data show that as of December 31, 2021, the National Railway Group had liabilities of 5.92 trillion yuan, an increase of 3.68%from 5.71 trillion yuan in the same period in 2020; the liability ratio increased to 66.33%, an increase of 0.7 percentage points from 2020.

In the first half of this year, the total liabilities of the National Railway Group finally came to 6 million yuan.

Railway liabilities are mainly investment liabilities. It is essentially different from the operating liabilities that maintain simple reinstation, which corresponds to high -quality assets. According to the National Railway, railway passenger and cargo transportation and diversified operations have stable cash flow and have good debt repayment. Generally speaking, debt risks are stable and controllable.

In terms of construction investment, in the first half of 2022, the National Railway gave full play to the role of railway construction investment in stabilizing the economic market, fully played a good battle for the construction of the construction of the construction of the Sichuan -Tibet Railway. The iron -related projects in 102 key projects have increased construction projects to re -work to achieve production. The national railway completes a fixed asset investment of 285.3 billion yuan. kilometer. Hangzhou to Taizhou high -speed rail, Huanggang to Huangmei high -speed rail, Zhengzhou to Chongqing high -speed rail Xiangyang to Wanzhou section, Jinan to Zhengzhou high -speed rail Puyang to Zhengzhou section, Hetian to Ruoqiang Railway, Alal Alar Railway, Beijing Fengtai Station, Zhengzhou Airport Station, etc. Key projects have opened high -quality projects. The Sichuan -Tibet Railway, Chengdu to Lanzhou Railway, Dali to Ruili Railway, Lijiang to Shangri -La Railway have made positive progress.

In addition, although the total debt of the National Railway Group has increased, its total assets are also growing simultaneously, so the increase in liability ratio is not obvious. From 66.21%in the same period last year to 66.81%. From 2015 to 2018, the national railway group's debt ratio was maintained at 65%, and the debt ratio of more than 66%after 2020. As of the first half of 2022, the total assets of the National Railway Group totaled 8.99 trillion yuan.

(WeChat public account "Cai Zhi Headou" comprehensive self: China News Network, China Business News, Securities Times, etc.)

Edit: Yuan Kai

School pair: Fenghua

Review: Gong Zimo

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