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Producer Manufacturing

CRRC Corp. Ltd.

Company Background

CRRC is China's state-owned train manufacturer formed through a recent megamerger of CSR and China CNR. It virtually monopolizes China's rail car market and is the world's largest train manufacturer, with a 50% share of subway cars around the globe.

Its origins can be traced back to the Qing dynasty in the late 1800s. After the establishment of the People's Republic of China in 1949, CRRC made rail cars as a state-owned train maker under the former Ministry of Railways. CRRC was split into CSR and CNR in 2000 following state-owned company reforms. However, it merged again as a gigantic train maker at the request of President Xi Jinping's administration, a proponent for Chinese companies expanding overseas.

CRRC is focused on exporting high-speed railways. In an effort to adopt train manufacturing technology, CSR has so far teamed up with Japan's Kawasaki Heavy Industries and Canada's Bombardier, while CNR has partnered with Germany's Siemens and France's Alstom. The consolidation will enable CRRC to merge advanced technology. It also manufactures train driving and control components, which have had to be imported in the past.

As the government has 60% of outstanding shares, CRRC's business is inseparably linked to China's national policy. CRRC is eager to take advantage of economies of scale to increase orders from Southeast Asia, Africa and South America.

Business Summary

CRRC Corp. Ltd. engages in the manufacture, trade, and lease of transportation vehicles. Its main business is R & D, design, manufacturing, repair, sales, leasing and technical services of railway locomotives, EMUs, urban rail transit vehicles, engineering machinery, various mechanical and electrical equipment, electronic equipment and parts, electronic appliances and environmental protection equipment products, industrial investment and management and asset management. The company was founded on December 28, 2007 and is headquartered in Beijing, China.

Financial Highlights

Dec 2020 HKDUSD
Gross Profit52,381.33M6,753.65M
Operating income14,996.17M1,933.49M
Income before tax18,074.56M2,330.39M
Net income12,732.62M1,641.64M
Diluted EPS0.430.05
Dividends Per Share0.210.02
Total Assets465,402.24M60,022.08M
Total liabilities256,854.07M33,126.00M
Total equity169,571.86M21,869.37M
Operating cash flow-5,361.09M-691.21M
Currency in HKDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 266,230.73M 240,878.74M 257,078.90M 257,481.43M 253,842.10M
Gross Profit 51,463.48M 50,451.01M 52,802.28M 55,248.33M 52,381.33M
Operating income 17,800.54M 14,201.72M 14,840.20M 15,049.03M 14,996.17M
Income before tax 19,238.86M 17,133.65M 17,511.03M 18,438.28M 18,074.56M
Net income 13,191.60M 12,443.36M 13,390.30M 13,374.46M 12,732.62M
EBITDA 25,404.64M 21,692.40M 22,670.06M 23,279.91M 23,525.33M
Diluted EPS 0.47 0.43 0.45 0.45 0.43
Dividends Per Share 0.23 0.18 0.17 0.16 0.21
Total Assets 377,473.68M 450,562.86M 407,852.80M 429,158.60M 465,402.24M
Total liabilities 232,690.13M 273,285.62M 230,883.15M 244,154.45M 256,854.07M
Total equity 116,986.68M 145,954.86M 146,487.64M 152,009.99M 169,571.86M
Operating cash flow 25,196.51M 19,476.97M 23,521.45M 27,090.10M -5,361.09M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 34,297.22M 30,910.35M 32,800.94M 32,862.14M 32,728.50M
Gross Profit 6,629.79M 6,474.04M 6,737.09M 7,051.30M 6,753.65M
Operating income 2,293.15M 1,822.41M 1,893.47M 1,920.69M 1,933.49M
Income before tax 2,478.45M 2,198.64M 2,234.24M 2,353.26M 2,330.39M
Net income 1,699.41M 1,596.77M 1,708.48M 1,706.97M 1,641.64M
EBITDA 3,272.75M 2,783.64M 2,892.49M 2,971.19M 3,033.18M
Diluted EPS 0.06 0.05 0.05 0.05 0.05
Dividends Per Share 0.03 0.02 0.02 0.02 0.02
Total Assets 48,686.49M 57,636.63M 52,092.80M 55,078.23M 60,022.08M
Total liabilities 30,012.33M 34,959.08M 29,489.44M 31,334.79M 33,126.00M
Total equity 15,088.92M 18,670.75M 18,710.06M 19,508.96M 21,869.37M
Operating cash flow 3,245.94M 2,499.34M 3,001.12M 3,457.48M -691.21M

Valuation Measures

Dec 2020
Operating margin5.90%
Profit margin5.01%

Key executives

  • Chairman & General Manager: Yong Cai Sun
  • President & Executive Director: Qi Liang Lou
  • Chief Financial Officer & Chief Accountant: Zheng Li
  • Vice President: Jun Zhang
  • Vice President: Gong Cheng Wang


  • National Council for Social Security Fund (4.9%)
  • Baring Asset Management Ltd. (4.9%)
  • Lazard Asset Management LLC (3.7%)
  • The Vanguard Group, Inc. (2.6%)
  • BlackRock Fund Advisors (0.9%)
  • BlackRock Japan Co., Ltd. (0.5%)
  • BlackRock Investment Management (UK) Ltd. (0.3%)
  • Storebrand Asset Management AS (0.2%)
  • Nordea Investment Management AB (Denmark) (0.2%)
  • Nordea Investment Management AB (0.2%)

Contact Details

  • Website:
  • Address: 16 Central West Fourth Ring Road, Haidian District, Beijing, 100036, China
  • Phone: +86.10.5186.2188

Related Companies

  • CRRC Dalian Industrial Management Co., Ltd.
  • Crrc Ziyang Locomotive Co. Ltd.
  • Beijing Times New Park Property Management Co., Ltd.
  • Jiangsu CRRC Electric Co., Ltd.
  • CRRC Yangtze River Transportation Equipment Group Co., Ltd.
  • CRRC Capital Management Co., Ltd.
  • CRRC SA (Pty) Ltd.
  • CRRC Information Technology Co., Ltd.
  • CRRC Academy Co., Ltd.
  • CRRC Dalian Institute Co., Ltd.
  • CRRC Dalian R&D Co., Ltd.
  • CRRC Chengdu Co., Ltd.
  • CRRC Construction Engineering Co., Ltd.
  • CRRC Qishuyan Institute Co., Ltd.
  • CRRC Qishuyan Co., Ltd.
  • CRRC Qiche Group Co., Ltd.
  • CRRC Qiqihar Group Co., Ltd.
  • CRRC Datong Electric Locomotive Co., Ltd.
  • CRRC India Pvt Ltd.
  • CRRC Financial Leasing Co., Ltd.
  • CRRC Finance Co., Ltd.
  • CRRC Yongji Moto Co., Ltd.
  • CRRC Industrial Institute Co., Ltd.
  • CRRC Zhuzhou Electric Co., Ltd.
  • CRRC Nanjing Puzhen Co., Ltd.
  • CRRC Guiyang Vehicle Co., Ltd.
  • Beijing Tian Lu Traffic Equipment Co., Ltd.
  • Datong CRRC Si Mccann railway transportation equipment
  • Tianjin machine vehicle iron & Steel Co., Ltd.


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Last Updated on 18 Oct, 2021

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