On 25 November 2025, China Railway Signal & Communication Corporation Limited (CRSC, Stock Code: 3969) announced ten significant bid wins across the railway and urban rail transit sectors, amounting to approximately RMB2,539 million in total. According to the disclosure, this sum represents roughly 7.82% of the company’s 2024 audited operating income under Chinese Accounting Standards. Despite the projects stretching across multiple regions—Beijing, Sichuan, Guangdong, Shanghai, Mexico City, and Changchun—their implementation will occur in phases, leading to uncertain impact on the 2025 financial results.

Among the five projects in the railway market are the newly-built Ya’an–Kangding section of the Sichuan-Tibet Railway, Fuxing EMU train on-board equipment, Beijing Suburb Railway’s northeast ring line works, communications engineering on the Wuhan-Guangzhou High-speed Railway, and Chengdu’s regional railway upgrade. The five urban rail initiatives include upgrades to Shanghai Rail Transit Line 1, the STE light rail project in Mexico City, signaling upgrades along Shanghai Rail Transit Line 12, and enhancements on Changchun Rail Transit Lines 3 and 4. CRSC has emphasized that there are no related-party ties with the bid originators, though further details and project terms remain subject to signed contracts.