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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 2021 HKDUSD
Gross Profit51,102.87M6,574.54M
Operating income13,060.25M1,680.24M
Income before tax16,452.92M2,116.72M
Net income12,416.81M1,597.46M
Diluted EPS0.430.05
Dividends Per Share0.210.02
Total Assets522,594.74M67,031.12M
Total liabilities291,458.10M37,384.15M
Total equity181,745.89M23,311.81M
Operating cash flow25,859.09M3,326.85M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 240,878.74M 257,078.90M 257,481.43M 253,842.10M 270,022.48M
Gross Profit 50,451.01M 52,802.28M 55,248.33M 52,381.33M 51,102.87M
Operating income 14,201.72M 14,840.20M 15,049.03M 14,996.17M 13,060.25M
Income before tax 17,133.65M 17,511.03M 18,438.28M 18,074.56M 16,452.92M
Net income 12,443.36M 13,390.30M 13,374.46M 12,732.62M 12,416.81M
EBITDA 21,692.40M 22,670.06M 23,279.91M 23,525.33M 22,474.59M
Diluted EPS 0.43 0.45 0.45 0.43 0.43
Dividends Per Share 0.18 0.17 0.16 0.21 0.21
Total Assets 450,562.86M 407,852.80M 429,158.60M 465,402.24M 522,594.74M
Total liabilities 273,285.62M 230,883.15M 244,154.45M 256,854.07M 291,458.10M
Total equity 145,954.86M 146,487.64M 152,009.99M 169,571.86M 181,745.89M
Operating cash flow 19,476.97M 23,521.45M 27,090.10M -5,361.09M 25,859.09M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 30,910.35M 32,800.94M 32,862.14M 32,728.50M 34,739.24M
Gross Profit 6,474.04M 6,737.09M 7,051.30M 6,753.65M 6,574.54M
Operating income 1,822.41M 1,893.47M 1,920.69M 1,933.49M 1,680.24M
Income before tax 2,198.64M 2,234.24M 2,353.26M 2,330.39M 2,116.72M
Net income 1,596.77M 1,708.48M 1,706.97M 1,641.64M 1,597.46M
EBITDA 2,783.64M 2,892.49M 2,971.19M 3,033.18M 2,891.42M
Diluted EPS 0.05 0.05 0.05 0.05 0.05
Dividends Per Share 0.02 0.02 0.02 0.02 0.02
Total Assets 57,636.63M 52,092.80M 55,078.23M 60,022.08M 67,031.12M
Total liabilities 34,959.08M 29,489.44M 31,334.79M 33,126.00M 37,384.15M
Total equity 18,670.75M 18,710.06M 19,508.96M 21,869.37M 23,311.81M
Operating cash flow 2,499.34M 3,001.12M 3,457.48M -691.21M 3,326.85M

Valuation Measures

Dec 2021
Operating margin4.83%
Profit margin4.59%

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


  • UBS Asset Management Switzerland AG (7.6%)
  • China State-Owned Assets Supervision & Admn Commission (4.0%)
  • Lazard Asset Management LLC (3.7%)
  • The Vanguard Group, Inc. (3.0%)
  • BlackRock Fund Advisors (0.9%)
  • HSBC Global Asset Management (Hong Kong) Ltd. (0.9%)
  • CTBC Investments Co., Ltd. (0.9%)
  • UBS Switzerland AG (Investment Management) (0.7%)
  • BlackRock Advisors (UK) Ltd. (0.5%)
  • BlackRock Japan Co., Ltd. (0.5%)

Contact Details

  • Website:
  • Address: No.16 Central West Fourth Ring Road, Haidian District, Beijing, 100036, China
  • Phone: +86.10.5186.2188

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Last Updated on 3 Oct, 2022

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