On April 8, CRRC held its 2025 annual results briefing in Hong Kong, attended by investors and analysts from major financial institutions. CRRC President Wang Feng, Vice President Yu Weiping, Board Secretary Wang Jian and heads of relevant departments attended the meeting, sharing the company’s performance and future development outlook, and engaged in in-depth discussions on topics of interest.
Wang Feng stated that in 2025, CRRC “dual-track, dual-cluster” of rail transit equipment and clean energy equipment advanced in tandem. Positive progress and remarkable results were achieved across all endeavors, realizing simultaneous growth in both revenue and profit. Operating performance hit a new record high, bringing the 14th Five-Year Plan to a successful conclusion.
Wang Feng reviewed the comprehensive accomplishments achieved by CRRC over the past year. In the railway sector, the company actively integrated into initiatives driving the green and intelligent transformation of railway equipment, continuing to consolidate its industry-leading position. In the urban transit segment, the promotion and application of serialized Chinese-standard subway trains and Chinese-standard intelligent regional transit trains were accelerated; furthermore, “product+” and “system+” projects were successfully executed, earning market recognition through robust system solution capabilities. Regarding strategic Emerging industries, the company proactively charted its “second growth curve,” achieving breakthroughs across multiple fronts including wind power, energy storage, new materials, photovoltaics, and automotive systems and components. In the International business sector, leveraging a comprehensive product portfolio and global industrial chain synergies, the company's comprehensive international competitiveness continued to elevate, resulting in a significant year-on-year growth in newly signed orders for 2025.
Concurrently, CRRC has remained steadfast in its innovation-driven approach, yielding highly fruitful results in scientific and technological research and development. In 2025, the prototype of the CR450 EMU achieved new testing speeds during operational assessments, the 200 km/h power-concentrated EMUs entered trial operations, and hydrogen-powered and intelligent suburban trains advanced zero-carbon mobility solutions. Meanwhile, flagship wind turbine models such as “Qihang” and “Lingfeng” supported both offshore and onshore development, showcasing CRRC’s progress in digitalized high-end manufacturing.
Looking ahead, CRRC will continue upgrading its rail transit sector while improving the quality of its clean energy equipment business and accelerating the growth of emerging industries. International expansion will remain a core strategy, contributing Chinese solutions to global mobility and green development.
Wang Jian further outlined the company’s 2025 operating results, development opportunities ahead, and future strategic priorities. In 2025, CRRC achieved operating revenue of RMB 273.063 billion, up 10.79% year-on-year. Net profit attributable to shareholders reached RMB 13.181billion, increasing by 6.4%, while net profit excluding non-recurring items reached RMB 10.975 billion, increasing by 8.2%. The company maintained a stable financial structure and steady earnings per share growth.
By segment, railway equipment revenue reached RMB 123.608 billion (+11.9%), while emerging industries generated RMB 103.121 billion (+19.39%). Total new orders for the year amounted to RMB 346.1 billion, including approximately RMB 65 billion from overseas markets, up 37% year-on-year.
R&D investment remained strong, accounting for 6.65% of total revenue, with R&D intensity continuing to be maintained at a high level.
As 2026 marks the start of the 15th Five-Year Plan, CRRC will embark on a new journey toward building a world-class CRRC, striving to fulfill all annual objectives and get the 15th Five-Year Plan off to a strong start, delivering greater value to society, returns to shareholders, and benefits to employees.
During the Q&A session, participants engaged with the company on topics including CRRC’s 15th Five-Year Plan development vision, global expansion, product innovation, and financial performance. CRRC addressed investor concerns in detail and welcomed further suggestions.
Following the briefing, CRRC will conduct one-on-one and group roadshows in Hong Kong to further present its business layout and development strategy to investors and analysts, communicate investment value, and strengthen investor confidence.
