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On the evening of March 27, CRRC released its 2025 annual announcement. During the reporting period, the operating income in 2025 will be 273.063 billion yuan, a year-on-year increase of 10.79%; net profit attributable to shareholders of listed companies was 13.181 billion yuan, a year-on-year increase of 6.40%, and the performance maintained a growth trend.
EMU and locomotive revenue increased
The urban rail vehicle market has shrunk
New equipment and new industries are growing rapidly
In 2025, CRRC's railway equipment business, urban rail and urban infrastructure business, new industry business, and modern service business will achieve revenue of about 123.608 billion yuan, 42.09 billion yuan, 103.12 billion yuan, and 14.245 billion yuan respectively.
The operating income of the railway equipment business increased by 11.90% over the same period last year, mainly due to the increase in revenue from the EMU and locomotive business. Operating costs increased by 10.46% over the same period last year, mainly due to the increase in operating costs with the increase in operating income. Due to the different product structure, the cost increase is slightly lower than the increase in revenue.
The operating income of the urban rail and urban infrastructure business decreased by 7.37% compared with the same period last year, mainly due to the decrease in urban rail vehicle revenue. operating costs decreased by 7.21% over the same period last year, mainly due to the decrease in operating costs with the decrease in operating income.
The operating income of the new industry business increased by 19.39% over the same period last year, mainly due to the increase in revenue from clean energy equipment such as wind power. Operating costs increased by 20.93% over the same period last year, mainly due to the increase in operating costs with the increase in operating income.
The operating income of the modern service business increased by 1.11% over the same period last year, which was basically the same as the same period last year. operating costs decreased by 2.45% compared with the same period last year, remaining stable.
Report card of the four core subsidiaries
From the perspective of the two key indicators of operating income and net profit attributable to the parent company, Sifang shares, Changke shares, Zhuzhou Institute, and Zhuzhou Machinery Company have their own focuses, and their business structures also show different characteristics.
Data comparison of the four companies
Sifang Co., Ltd. is mainly engaged in the R&D and manufacturing of railway EMUs, buses and urban rail vehicles. In 2025, the net profit attributable to the parent company will be 3.686 billion yuan, and the return on net assets will be 14.26%, ranking first among the four in two efficiency indicators.
Changke Co., Ltd.'s business covers the design, manufacturing and repair of railway buses, EMUs and urban rail vehicles. In 2025, the net profit attributable to the parent company will be 2.905 billion yuan, the return on net assets will be 11.05%, and the profit indicator will rank second.
Zhuzhou Institute's operating income in 2025 will be 67.849 billion yuan, and the total assets will be 112.612 billion yuan, ranking first among the four in both scale indicators. The company is mainly engaged in rail transit electric transmission and control technology, new energy power generation equipment, etc., with a net profit attributable to the parent company of 1.693 billion yuan and a return on net assets of 6.47%.
Zhuzhou Machinery Company is mainly engaged in the R&D and manufacturing of railway electric locomotives, EMUs, and urban rail vehicles, with an operating income of 21.504 billion yuan, a net profit attributable to the parent company of 1.022 billion yuan, and a return on net assets of 8.61% in 2025.
Compared with the first half of 2024, the operating income of the four major subsidiaries is:
CRRC Sifang increased by 4.518 billion
CRRC long-term passengers increased by 4.126 billion
CRRC Zhuzhou increased by 88.. 9.2 billion
CRRC plant machinery decreased by 522 million
In 2025, the revenue of the four core subsidiaries will account for about 63.1% of CRRC's total revenue, down from 68.39% in the previous year.
The contribution of the four core subsidiaries to the profit of the group (joint-stock company) and their own operating profit is as follows:
Table: Net profit attributable to the parent company (contribution to the group, unit - 100 million yuan).
A notable structure
From this set of data, it can be seen that Zhuzhou Exchange's revenue scale and asset scale are the largest, but the net profit attributable to the parent company is relatively low. This is actually related to its shareholding structure.
For example, CRRC Times Electric, a core subsidiary of Zhuzhou Institute, is also an A+H share listed company, with a net profit of 4.097 billion yuan in 2025, but Zhuzhou only holds 44% of the equity, so the net profit attributable to the parent company can only reflect a part. The remaining part of the profit will be reflected in the statement as minority shareholders' equity.
This structure is more common in the central enterprise system. Technology subsidiaries can get higher valuations on the one hand, and R&D investment will be more flexible on the other hand. But for the parent company, the profit contribution will be relatively dispersed.
Changes in profit structure
From the perspective of the industry, the profit structure of rail transit equipment has indeed changed in recent years.
Vehicle manufacturing is still the main body of scale, and the profit contribution of Sifang shares and Changke shares is there. However, at the same time, the profitability of technology-driven enterprises is also improving, mainly focusing on new technologies, new equipment and new industry directions such as traction and control systems, power semiconductors, electric drives, and new energy clean equipment technology.
A considerable part of these businesses is in the Zhuzhou system, so from the perspective of the industrial chain, profits are gathering on the technical side, which is also a relatively normal trend.
A similar structure can also be seen in well-known foreign rail transit equipment giants, but the path may be different.
