CRRC (601766) Q4 2025 earnings summary

Executive summary

• Achieved revenue of RMB 273.06 billion in 2025, up 10.79% year-over-year; net profit attributable to shareholders reached RMB 13.18 billion, up 6.40% year-over-year.

• Maintained global leadership in rail transit equipment, with significant growth in clean energy and low-carbon transportation equipment.

• R&D investment reached RMB 18.16 billion, accounting for 6.65% of revenue; 23,339 R&D staff, 15.39% of total employees.

• Major business segments: railway equipment, urban rail and infrastructure, new industries (wind, solar, hydrogen, digital), and modern services.

• International business signed new orders of RMB 65 billion; total new orders RMB 346.1 billion; year-end backlog RMB 357.1 billion.

Financial highlights

• Revenue: RMB 273.06 billion, up 10.79% year-over-year.

• Net profit attributable to shareholders: RMB 13.18 billion, up 6.40% year-over-year.

• Operating cash flow: RMB 24.19 billion, down 10.61% year-over-year.

• Basic and diluted EPS: RMB 0.46, up 6.98% year-over-year.

• Gross margin: 21.38%, flat year-over-year.

• Total assets: RMB 550.77 billion, up 7.40% year-over-year.

• Net assets attributable to shareholders: RMB 172.12 billion, up 1.97% year-over-year.

Outlook and guidance

• 2026 marks the start of the "15th Five-Year Plan"; focus on high-quality growth, innovation, and international expansion.

• Strategic priorities: value creation, innovation, reform, and building a modern industrial system with digital, green, and international features.

• Anticipates continued strong demand in rail and clean energy sectors, but notes short-term margin pressure from R&D and competition.