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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 2019 HKDUSD
Gross Profit55,248.33M7,051.30M
Operating income15,049.03M1,920.69M
Income before tax18,438.28M2,353.26M
Net income13,374.46M1,706.97M
Diluted EPS0.450.05
Dividends Per Share0.160.02
Total Assets429,254.80M55,090.58M
Total liabilities244,250.64M31,347.14M
Total equity152,009.99M19,508.96M
Operating cash flow27,090.10M3,457.48M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 296,778.84M 266,230.73M 238,740.01M 254,090.99M 257,481.43M
Gross Profit 56,521.63M 51,463.48M 52,654.56M 54,558.74M 55,248.33M
Operating income 19,701.10M 17,800.54M 14,703.25M 14,841.22M 15,049.03M
Income before tax 20,512.13M 19,238.86M 17,133.65M 17,511.03M 18,438.28M
Net income 14,577.76M 13,191.60M 12,443.36M 13,390.30M 13,374.46M
EBITDA 27,369.05M 25,404.64M 21,699.23M 22,142.58M 23,279.91M
Diluted EPS 0.53 0.47 0.42 0.46 0.45
Dividends Per Share 0.17 0.23 0.18 0.17 0.16
Total Assets 372,037.61M 377,473.68M 450,414.85M 407,703.96M 429,254.80M
Total liabilities 229,848.37M 232,690.13M 273,137.61M 230,734.31M 244,250.64M
Total equity 115,651.10M 116,986.68M 145,954.86M 146,487.64M 152,009.99M
Operating cash flow 18,750.63M 25,196.51M 17,698.61M 21,610.81M 27,090.10M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 38,281.33M 34,297.22M 30,635.90M 32,419.71M 32,862.14M
Gross Profit 7,290.69M 6,629.79M 6,756.80M 6,961.20M 7,051.30M
Operating income 2,541.23M 2,293.15M 1,886.76M 1,893.60M 1,920.69M
Income before tax 2,645.84M 2,478.45M 2,198.64M 2,234.24M 2,353.26M
Net income 1,880.37M 1,699.41M 1,596.77M 1,708.48M 1,706.97M
EBITDA 3,530.31M 3,272.75M 2,784.51M 2,825.19M 2,971.19M
Diluted EPS 0.06 0.06 0.05 0.05 0.05
Dividends Per Share 0.02 0.03 0.02 0.02 0.02
Total Assets 48,003.92M 48,686.49M 57,617.69M 52,073.79M 55,090.58M
Total liabilities 29,657.27M 30,012.33M 34,940.14M 29,470.43M 31,347.14M
Total equity 14,922.43M 15,088.92M 18,670.75M 18,710.06M 19,508.96M
Operating cash flow 2,418.63M 3,245.94M 2,271.14M 2,757.34M 3,457.48M

Valuation Measures

Dec 2019
Operating margin5.84%
Profit margin5.19%

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 (4.9%)
  • Baring Asset Management Ltd. (4.9%)
  • The Vanguard Group, Inc. (3.4%)
  • Fidelity Management & Research Co. LLC (2.9%)
  • Norges Bank Investment Management (2.6%)
  • BlackRock Fund Advisors (2.1%)
  • Lazard Asset Management LLC (1.7%)
  • APG Asset Management NV (1.1%)
  • Robeco Institutional Asset Management BV (1.0%)
  • BlackRock Investment Management (UK) Ltd. (0.8%)

Contact Details

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

Related Companies

  • CRRC India Pvt Ltd.
  • CRRC Finance 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.
  • 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.
  • 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.


  • Caterpillar Inc.
  • Alstom SA
  • Inner Mongolia North Hauler Joint Stock Co., Ltd Class A
  • Schaltbau Holding AG
  • Westinghouse Air Brake Technologies Corporation
  • Bombardier Inc. Class B
  • Hyundai Rotem Co.
Last Updated on 7 Aug, 2020

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