CRRC (01766) released unaudited results for the six months ended 30 June 2026:

• Revenue rose 9.96% year-on-year to RMB 131.68 billion, driven by stronger deliveries of high-speed MUs, passenger carriages and new-energy equipment. Mainland China contributed RMB 115.48 billion, up 8.41%, while overseas sales jumped 22.44% to RMB 16.20 billion.

• Net profit attributable to shareholders advanced 10.28% to RMB 7.99 billion; net profit after non-recurring items increased 11.22% to RMB 7.41 billion. Basic EPS was RMB 0.28, compared with RMB 0.25 a year earlier.

• Gross profit margin improved 0.46 percentage points to 22.27%. Weighted average ROE reached 4.54%, up 0.34 percentage points.

• Operating cash outflow widened to RMB 16.14 billion (H1 2025: outflow of RMB 9.00 billion), reflecting higher payments for goods and services.

• Segment mix: railway equipment generated 50.82% of revenue, urban rail transit 13.36%, new-industry businesses (including wind power and new materials) 34.59%, and modern services 1.23%. CRRC booked new orders worth roughly RMB 141.90 billion, of which overseas contracts accounted for about RMB 29.90 billion.

• Total assets stood at RMB 545.68 billion; net assets attributable to shareholders reached RMB 176.48 billion. The gearing ratio edged down to 59.68% from 60.77% at end-2025.

• The board proposes a cash dividend of RMB 0.11 per share (tax inclusive), totalling RMB 3.16 billion, with payment expected on or before 15 October 2026. The distribution amount will remain unchanged should share capital fluctuate before the record date.

• Capital expenditure in the first half totalled RMB 10.95 billion, including RMB 2.21 billion for construction-in-progress and RMB 7.90 billion in R&D spending, equivalent to 6.0% of revenue.

• Management changes: Wang Feng became President and Executive Director, while Qu Xiaoli was appointed Chief Financial Officer (Chief Accountant).

CRRC stated that it will continue focusing on rail transit equipment, new-energy equipment and digital-intelligence businesses, aiming to deepen its transformation toward a “manufacturing + service” model while maintaining global expansion.