On January 4, the China State Railway Group Co., Ltd. held its annual work conference in Beijing. The meeting noted that in 2025, the Group strengthened budgetary discipline and cost control, further enhanced centralized financial management, and established a digital and intelligent decision-making service platform for operations and management, resulting in annual cost savings of 19.7 billion yuan compared to the budget. Through the coordinated promotion of integrated operations, non-transportation sectors generated a profit of 29.6 billion yuan. By optimizing capital allocation and improving the operations of joint-venture railway companies, the joint-venture railway companies controlled and operated by the Group achieved an overall profit of approximately 26 billion yuan, resulting in a significant improvement in the operational quality and efficiency of state-owned railway enterprises. By the end of 2025, the China State Railway Group’s debt-to-asset ratio had fallen to 62.5%, a decrease of 1 percentage point from the previous year-end. In 2025, the national railway system achieved total transportation revenue of 1.0204 trillion yuan, a year-on-year increase of 3.1%, surpassing the 1 trillion yuan mark for the first time.