ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
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 2018 HKDUSD
Gross Profit54,558.74M6,961.20M
Operating income14,841.22M1,893.60M
Income before tax17,511.03M2,234.24M
Net income13,390.30M1,708.48M
Diluted EPS0.460.05
Dividends Per Share0.170.02
Total Assets407,703.96M52,073.79M
Total liabilities230,734.31M29,470.43M
Total equity146,487.64M18,710.06M
Operating cash flow21,610.81M2,757.34M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 274,926.46M 293,302.70M 261,886.94M 238,740.01M 254,090.99M
Gross Profit 53,903.85M 57,399.95M 52,611.73M 52,654.56M 54,558.74M
Operating income 18,038.76M 19,384.60M 17,344.42M 14,703.25M 14,841.22M
Income before tax 17,304.64M 20,512.13M 19,238.86M 17,133.65M 17,511.03M
Net income 13,611.58M 14,577.76M 13,191.60M 12,443.36M 13,390.30M
EBITDA 24,209.65M 26,461.54M 24,452.84M 21,699.23M 22,142.58M
Diluted EPS 0.51 0.53 0.48 0.42 0.46
Dividends Per Share 0.14 0.17 0.23 0.18 0.17
Total Assets 373,509.87M 372,008.30M 377,446.27M 450,414.85M 407,703.96M
Total liabilities 240,079.73M 229,824.84M 232,680.27M 273,137.61M 230,734.31M
Total equity 111,616.53M 115,651.10M 116,986.68M 145,954.86M 146,487.64M
Operating cash flow 36,553.01M 17,754.12M 22,186.31M 17,698.61M 21,610.81M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 35,452.96M 37,832.94M 33,737.63M 30,635.90M 32,419.71M
Gross Profit 6,951.13M 7,403.98M 6,777.71M 6,756.80M 6,961.20M
Operating income 2,326.17M 2,500.40M 2,234.39M 1,886.76M 1,893.60M
Income before tax 2,231.50M 2,645.84M 2,478.45M 2,198.64M 2,234.24M
Net income 1,755.27M 1,880.37M 1,699.41M 1,596.77M 1,708.48M
EBITDA 3,121.94M 3,413.25M 3,150.14M 2,784.51M 2,825.19M
Diluted EPS 0.06 0.06 0.06 0.05 0.05
Dividends Per Share 0.01 0.02 0.03 0.02 0.02
Total Assets 48,164.68M 48,000.13M 48,682.95M 57,617.69M 52,073.79M
Total liabilities 30,958.65M 29,654.24M 30,011.06M 34,940.14M 29,470.43M
Total equity 14,393.12M 14,922.43M 15,088.92M 18,670.75M 18,710.06M
Operating cash flow 4,713.66M 2,290.09M 2,858.15M 2,271.14M 2,757.34M

Valuation Measures

Dec 2018
Operating margin5.84%
Profit margin5.26%

Key executives

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


  • National Council for Social Security Fund (5.9%)
  • Himalaya Capital Management LLC (4.9%)
  • Baring Asset Management Ltd. (4.9%)
  • The Vanguard Group, Inc. (3.5%)
  • BlackRock Fund Advisors (2.6%)
  • Norges Bank Investment Management (2.2%)
  • Robeco Institutional Asset Management BV (1.3%)
  • Fidelity Management & Research Co. LLC (1.2%)
  • APG Asset Management NV (1.1%)
  • JPMorgan Asset Management (UK) Ltd. (0.9%)

Contact Details

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

Related Companies

  • CRRC Finance Co., Ltd.
  • CSR 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.
  • Wenzhou Zhong CRRC electrica equipment Co., Ltd.
  • CRRC Logistics Co., Ltd.
  • CRRC Real Estate Co. Ltd.
  • CRRC Beijing Nankou Co. Ltd.
  • CRRC Zhuzhou Electric Locomotive Co. Ltd.
  • CRRC Qingdao Sifang Rolling Stock Research Institute Co., Ltd.
  • CRRC Trading Ltd.
  • CRRC Hong Kong Capital Management Co. Ltd.
  • CRRC Wind Power (Shandong) Co., Ltd.
  • Nanjing Puzhen Haitai Brake Equipment Co., Ltd.
  • Jiangsu CSR Electric Co., Ltd.
  • CRRC Ziyang Co. Ltd.
  • Zhongche Dalian Locomotive Vehicle Co. Ltd.
  • Zhongche Ziyang Locomotive Co. Ltd.
  • CRRC Sifang Co. Ltd.
  • CRRC Yangtze Co. Ltd.
  • CSR Shijiazhuang Co. Ltd.
  • Shanghai Xinghan Asset Management Co. Ltd.
  • CSR Yangtze Rolling Stock Co. Ltd.
  • CSR Qishuyan Locomotive & Rolling Stock Works
  • CSR Guiyang Vehicle Co. Ltd.
  • Ningbo Yincheng Group Co., Ltd.
  • CRRC Investment & Leasing Co., Ltd.
  • Changchun Railway Vehicles Co., Ltd.


  • Alstom SA
  • Inner Mongolia North Hauler Joint Stock Co., Ltd Class A
  • Westinghouse Air Brake Technologies Corporation
  • Bombardier Inc. Class B
  • Hyundai Rotem Co.
Last Updated on 21 Feb, 2020

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media