CRRC (1766) reported a 20.49% year-on-year increase in revenue for the first three quarters of 2025, reaching RMB 183.865 billion. Net profit attributable to shareholders stood at RMB 9.964 billion, up 37.53% from the same period last year. Revenue growth was primarily driven by the railway equipment and new industry segments.

The railway equipment segment rose 22.23% to RMB 87.717 billion, accounting for 47.71% of total revenue and bolstered by stronger Multiple Units (MUs) sales. The new industry segment grew 31.91%, recording RMB 66.097 billion due to higher demand for clean energy equipment. Urban rail transit vehicles and urban infrastructure contributed RMB 27.288 billion, down 3.99%, while modern service revenue increased 20.15% to RMB 2.764 billion.

During the reporting period, net cash flow from operating activities shifted to an outflow of RMB 11.528 billion, compared with an inflow of RMB 7.545 billion in the same period last year, mainly reflecting higher cash payments for goods and services. CRRC (1766) also issued five tranches of super short-term financing bills totaling RMB 14 billion, with RMB 9 billion outstanding as of the quarter’s end.

In terms of governance, the fourth session of the Board was formed, and certain director- and executive-level changes occurred. The Board of Supervisors was abolished following shareholder approval. These organizational adjustments, alongside the company’s expanding business lines, underline CRRC (1766)’s evolving strategic focus heading into the final months of 2025.