On April 8, CRRC successfully held its 2024 Annual Results Briefing and dedicated investor and analyst roadshow in Hong Kong. The event brought together investors and senior analysts from major financial institutions. CRRC Chairman Sun Yongcai, Vice President Liu Ke'an, and company spokesperson and Board Secretary Wang Jian attended the briefing to share CRRC's 2024 performance, strategic opportunities, and 2025 operational outlook, while also engaging in in-depth discussions on key investor concerns.
In his welcome speech, Chairman Sun expressed gratitude to the participating investors and analysts. He emphasized that CRRC, as a global leader in high-end rail transit equipment and system solutions, as well as a key manufacturer of clean energy equipment, has adhered to the overarching principle of seeking progress while maintaining stability. In 2024, CRRC advanced the upgrade of the rail transit industry, scaled up its emerging business sectors, and nurtured future-oriented industries, thereby consolidating its momentum for high-quality development. Both revenue and profit achieved year-on-year growth, reaching record highs in operational performance.
Sichuan News also highlighted CRRC's breakthroughs in technology innovation over the past year. In 2024, CRRC launched the global debut of the CR450 EMU prototype, introduced a series of new energy locomotives, successfully trialed its first hydrogen-powered urban train, and completed the roll-out of the 20MW floating offshore wind turbine "Qihang." Its portfolio of high-end, intelligent, and green products stood out at international exhibitions in Berlin and Hamburg. These achievements underscore CRRC's commitment to innovation-driven growth and its role as a powerful driver of technological advancement and industrial transformation.
Looking ahead, Sun said CRRC will remain committed to high-quality development. The company will strengthen its core rail transit business by advancing green, intelligent, and high-end transformation, climbing the industrial value chain, and expanding globally with Chinese solutions. At the same time, it will accelerate the growth of strategic emerging industries, building a "dual-track, dual-cluster" model to fuel its next wave of growth. Guided by its mission to "connect the world and benefit humanity," the company will continue to pursue internationalization, offering integrated system solutions and promoting full value chain cooperation abroad.
Board Secretary Wang Jian provided a detailed update on CRRC's 2024 business performance, opportunities and challenges, and future operating strategies.
In 2024, CRRC achieved growth in both revenue and net profit, with improved gross profit margins. Annual operating revenue reached RMB 246.457 billion, a 5.21% year-on-year increase. Net profit attributable to shareholders was RMB 12.388 billion, and net profit excluding non-recurring items was RMB 10.143 billion, representing year-on-year increases of 5.77% and 11.38%, respectively. Basic earnings per share showed stable growth, and the overall gross profit margin rose by 0.84 percentage points year-on-year.
During the reporting period, revenue from key business segments remained steady. Rail equipment revenue reached RMB 110.461 billion, up 12.5% year-on-year, while new industry revenue rose to RMB 86.375 billion, up 7.13%. The company also improved its business portfolio and saw strong growth in both new orders and order backlog. Total new orders for the year reached approximately RMB 322.2 billion, including RMB 47.2 billion in international orders.
As 2025 marks the final year of China's 14th Five-Year Plan, CRRC will stay focused on high-quality development, with a renewed emphasis on value creation, innovation leadership, and reform empowerment. The company will harness new quality productive forces to deliver on its strategic goals, laying a solid foundation for a strong start to the 15th Five-Year Plan. With better performance and stronger development, CRRC aims to give back to society, reward its shareholders, and benefit its employees.
