CRRC Corporation Limited (CRRC, 01766) released its audited 2025 annual results.

Financial Performance • Revenue rose 10.79 % to RMB273.06 billion. • Net profit increased 7.86 % to RMB16.90 billion; profit attributable to shareholders reached RMB13.18 billion, up 6.40 %. • Basic EPS was RMB0.46, improving 6.98 %. • Operating profit grew 10.54 % to RMB18.72 billion.

Dividend Proposal • Final cash dividend: RMB0.12 per share (tax inclusive). • Combined with the interim RMB0.11 already paid, full-year cash dividend totals RMB0.23 per share, equal to RMB6.60 billion and a 50.08 % payout of 2025 attributable profit.

Business Mix • Railway equipment revenue rose 11.90 % to RMB123.61 billion, contributing 45.27 % of group turnover. • Urban rail transit vehicles & infrastructure revenue fell 7.37 % to RMB42.09 billion, representing 15.41 % of turnover. • New industry business (wind power equipment, new materials, etc.) surged 19.39 % to RMB103.12 billion and now accounts for 37.76 % of revenue. • Modern services revenue edged up 1.11 % to RMB4.24 billion (1.56 % of turnover).

Orders and Backlog • New contract value: RMB346.10 billion, including RMB65.00 billion from international markets. • Order backlog at year-end: RMB357.10 billion.

Research & Development • R&D expenditure reached RMB18.16 billion, equal to 6.65 % of revenue. • 5,581 new patent applications were filed, of which 4,506 were for inventions.

Balance Sheet and Cash Flow • Total assets: RMB550.77 billion (+7.40 %); total equity: RMB216.08 billion (+2.77 %). • Net operating cash inflow: RMB24.19 billion (-10.61 % YoY). • Net debt-to-asset ratio at 60.77 %, up 1.77 percentage points. • Capital expenditure for the year: RMB31.04 billion; cash balance at year-end: RMB67.83 billion.

Strategic Highlights • CRRC emphasised the “Two Tracks and Two Clusters” industrial layout, stronger international expansion and continued digital and green transformation. • Key product milestones included the CR450 high-speed EMU prototype testing, hydrogen-powered inter-city EMUs and offshore 20 MW floating wind turbine installation.

Governance and Outlook • The board affirms high-quality, innovation-driven growth as the central theme for 2026, the first year of the 15th Five-Year Plan. • Focus areas include deepening reforms, digital-intelligent transformation, expanding clean-energy equipment, and maintaining a stable dividend policy.