ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite 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. It operates through the following segments: Railway Equipment; Rapid Transit Vehicles and Urban Infrastructure; New Businesses; and Modern Service. The Railway Equipment segment offers parts and components for passenger carriage, freight wagon, and track engineering machinery businesses. The Rapid Transit Vehicles and Urban Infrastructure segment develops and manages intercity electrical multiple unit trains and rapid transit vehicles. The New Businesses segment consists of water treatment machines, new energy vehicles, and wind power equipment. The Modern Service segment deals with logistics, trading, and financial services. The company was founded on December 28, 2007 and is headquartered in Beijing, China.

Financial Highlights

Dec 2018 HKDUSD
Gross Profit52,802.28M6,737.09M
Operating income14,840.20M1,893.47M
Income before tax17,511.03M2,234.24M
Net income13,390.30M1,708.48M
Diluted EPS0.450.05
Dividends Per Share0.170.02
Total Assets407,852.80M52,092.80M
Total liabilities230,883.15M29,489.44M
Total equity146,487.64M18,710.06M
Operating cash flow23,521.45M3,001.12M
Currency in HKDCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 277,854.83M 296,778.84M 266,230.73M 240,878.74M 257,078.90M
Gross Profit 53,587.69M 56,521.63M 51,463.48M 50,451.01M 52,802.28M
Operating income 18,502.86M 19,708.50M 17,800.54M 14,201.72M 14,840.20M
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 25,123.11M 27,376.45M 25,404.64M 21,692.40M 22,670.06M
Diluted EPS 0.98 0.53 0.47 0.43 0.45
Dividends Per Share 0.14 0.17 0.23 0.18 0.17
Total Assets 373,509.87M 372,008.30M 377,473.68M 450,562.86M 407,852.80M
Total liabilities 239,963.53M 229,819.06M 232,690.13M 273,285.62M 230,883.15M
Total equity 111,616.53M 115,651.10M 116,986.68M 145,954.86M 146,487.64M
Operating cash flow 38,101.44M 18,750.63M 25,196.51M 19,476.97M 23,521.45M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 35,830.58M 38,281.33M 34,297.22M 30,910.35M 32,800.94M
Gross Profit 6,910.36M 7,290.69M 6,629.79M 6,474.04M 6,737.09M
Operating income 2,386.02M 2,542.18M 2,293.15M 1,822.41M 1,893.47M
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 3,239.73M 3,531.27M 3,272.75M 2,783.64M 2,892.49M
Diluted EPS 0.12 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 48,686.49M 57,636.63M 52,092.80M
Total liabilities 30,943.67M 29,653.49M 30,012.33M 34,959.08M 29,489.44M
Total equity 14,393.12M 14,922.43M 15,088.92M 18,670.75M 18,710.06M
Operating cash flow 4,913.34M 2,418.63M 3,245.94M 2,499.34M 3,001.12M

Valuation Measures

Dec 2018
Operating margin5.77%
Profit margin5.20%

Key executives

  • President, General Manager & Executive Director: Yong Cai Sun
  • Chief Financial Officer & Vice President: Yan Jing Zhan
  • Vice President: Jun Zhang
  • Vice President: Qi Liang Lou
  • Chief Engineer: Xin Ning Zhang


  • Himalaya Capital Management LLC (4.9%)
  • The Vanguard Group, Inc. (3.4%)
  • BlackRock Fund Advisors (2.8%)
  • Norges Bank Investment Management (2.2%)
  • Robeco Institutional Asset Management BV (1.2%)
  • Henderson Global Investors Ltd. (0.9%)
  • JPMorgan Asset Management (UK) Ltd. (0.8%)
  • FIL Investment Management (Hong Kong) Ltd. (0.8%)
  • APG Asset Management NV (0.8%)
  • RWC Asset Advisors (US) LLC (0.7%)

Contact Details

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

Related Companies

  • 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 Beijing Locomotive Co., Ltd.
  • CRRC Qingdao Sifang Rolling Stock Research Institute Co., Ltd.
  • CRRC Trading Ltd.
  • CRRC Beijing Erqi Vehicle Co., 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.
  • CRRC Industrial Investment 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 Yinzhou District Construction Investment & Development


  • Alstom SA
  • Shenzhen INVT Electric Co., Ltd. Class A
  • Westinghouse Air Brake Technologies Corporation
  • Bombardier Inc. Class B
  • Shenzhen Inovance Technology Co., Ltd Class A
  • Hyundai Rotem Co.
Last Updated on 19 Sep, 2019

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 June 30th

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