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Industrial Services

China Railway Construction Corp. Ltd.

Company Background

China Railway Construction (CRCC) is China's state-owned railway constructor. Its business operations are growing rapidly as it expands to Southeast Asia, Africa, South America and Eastern Europe. It is often ranked among the world's top general contractors.

As the successor of the Railway Corps of the People's Liberation Army, CRCC has developed railway infrastructure under the Ministry of Railways. It changed into its current form in 2007 following state-owned company reforms. Its government-controlled parent company still has 60% of outstanding shares.

CRCC builds railways as well as hydropower plants, airports and housing. It holds a 90% share in the domestic railway maintenance facilities. It is currently focusing on winning more contracts for building subways and high-speed railways overseas. It is aiming to expand its infrastructure exports, including railway design, construction, rail car manufacturing and railway traffic control systems.

As a state-owned company, its business is susceptible to Communist Party policies. Its overseas strategy is basically the same as Beijing's foreign policy. While CRCC can benefit from the government's infrastructure export policy, many developed countries argue it has problems in ensuring transparency in management and safety.

Business Summary

China Railway Construction Corp. Ltd. engages in the construction business. It operates the following business segment: Construction; Survey, Design, and Consultancy; Manufacturing; Real Estate; and Other Business Operations. The Construction Operations segment engages in the construction of infrastructure such as railways, highways, metropolitan railways and real estate projects. The Survey, Design, and Consultancy Operations segment involves in the provision of survey, design and consultancy services, as well as technology and equipment research and development services. The Manufacturing Operations segment offers design, research and development, production, and sale of large track maintenance machinery as well as the manufacturing of components for railway construction. The Real Estate Operations segment comprises development, construction, and sale of residential and commercial properties. The Other Business Operations segment focuses on the logistics, finance and insurance. The company was founded on June 1,1948 and is headquartered in Beijing, China.

Financial Highlights

Dec 2021 HKDUSD
Gross Profit112,769.74M14,508.18M
Operating income45,557.51M5,861.11M
Income before tax39,026.73M5,020.91M
Net income26,196.46M3,370.25M
Diluted EPS1.920.24
Dividends Per Share0.280.03
Total Assets1,655.04B212,285.54M
Total liabilities1,275.72B163,631.82M
Total equity283,579.00M36,373.53M
Operating cash flow-9,845.86M-1,266.70M
Currency in HKDCurrency in USD

Historical Data

 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 779,522.07M 859,104.73M 936,409.32M 1,018.73B 1,224.96B
Gross Profit 65,760.92M 78,030.06M 84,788.07M 89,696.60M 112,769.74M
Operating income 26,495.15M 34,273.07M 35,746.95M 37,823.68M 45,557.51M
Income before tax 24,186.05M 28,246.94M 29,062.47M 33,545.70M 39,026.73M
Net income 18,180.81M 20,216.61M 21,496.62M 22,888.11M 26,196.46M
EBITDA 40,677.03M 50,396.68M 55,667.36M 57,551.31M 67,590.50M
Diluted EPS 1.25 1.45 1.50 1.61 1.92
Dividends Per Share 0.22 0.23 0.22 0.27 0.28
Total Assets 986,630.96M 1,046.47B 1,209.46B 1,473.50B 1,655.04B
Total liabilities 787,534.44M 830,533.04M 958,657.35M 1,150.44B 1,275.72B
Total equity 163,081.44M 170,296.40M 189,904.59M 248,657.05M 283,579.00M
Operating cash flow 29,803.59M 1,937.91M 48,050.28M 46,975.40M -9,845.86M
 Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021
Revenue 100,030.84M 109,614.00M 119,513.16M 131,347.52M 157,595.10M
Gross Profit 8,438.65M 9,955.93M 10,821.43M 11,564.80M 14,508.18M
Operating income 3,399.94M 4,372.93M 4,562.35M 4,876.70M 5,861.11M
Income before tax 3,103.63M 3,604.05M 3,709.21M 4,325.13M 5,020.91M
Net income 2,333.02M 2,579.45M 2,743.59M 2,951.02M 3,370.25M
EBITDA 5,219.81M 6,430.16M 7,104.78M 7,420.23M 8,695.73M
Diluted EPS 0.16 0.18 0.19 0.20 0.24
Dividends Per Share 0.02 0.03 0.02 0.03 0.03
Total Assets 126,211.21M 133,660.16M 155,223.34M 190,035.29M 212,285.54M
Total liabilities 100,742.51M 106,079.44M 123,034.13M 148,370.77M 163,631.82M
Total equity 20,861.60M 21,751.02M 24,372.36M 32,068.85M 36,373.53M
Operating cash flow 3,824.49M 247.26M 6,132.61M 6,056.65M -1,266.70M

Valuation Measures

Dec 2021
Operating margin3.71%
Profit margin2.13%

Key executives

  • President & Executive Director: Shang Biao Zhuang
  • Chief Financial Officer & Chief Accountant: Xiuming Wang
  • Vice President: Cheng Jun Liu
  • Security Affairs Representative: Hua Gang Xie
  • Joint Secretary: Jing Jing


  • UBS Asset Management (Hong Kong) Ltd. (4.5%)
  • Value Partners Ltd. (2.4%)
  • Essence Fund Co., Ltd. (1.5%)
  • UBS Asset Management Switzerland AG (1.3%)
  • Zhongtai Securities Shanghai Assets Management Co., Ltd. (0.7%)
  • Artemis Investment Management LLP (0.4%)
  • Harvest Fund Management Co., Ltd. (0.2%)
  • Fullgoal Fund Management Co., Ltd. (0.1%)
  • BEA Union Investment Management Ltd. (0.1%)
  • Orient Securities Asset Management Co. Ltd. (0.1%)

Contact Details

  • Website:
  • Address: East, No. 40 Fuxing Road, Haidian District, Beijing, 100855, China
  • Phone: +86.10.52688600

Related Companies

  • Kunming Metro Line 5 Construction & Operation Co., Ltd.
  • CRCC Ningxia Highway Co., Ltd.
  • CRCC Hean Ltd.
  • Anhui Zhongjing Real Estate Corp. Ltd.
  • China Railway 12th Bureau Group 2nd Engineering Co., Ltd.
  • China Railway Construction Bridge Engineering Bureau Group 2nd
  • CRCC Investment Funds Management Co., Ltd.
  • CRCC Yellow River Investment & Construction Co., Ltd.
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  • CRCC Development Group Co., Ltd.
  • CRCC East Investment & Construction Co., Ltd.
  • CRCC Cyber Informational Technology Co., Ltd.
  • CRCC Urban Investment & Construction Co., Ltd.
  • China Railway Construction Property Management Co., Ltd.
  • China Railway Construction Kunlun Investment Group Co., Ltd.
  • China Railway Construction Commercial Factoring Co., Ltd.
  • China Railway 17th Bureau Group 2nd Engineering Co., Ltd.
  • China Railway 12th Bureau Group 3rd Engineering Co., Ltd.
  • CRCC Financial Leasing Co., Ltd.
  • China Railway Construction Finance Co., Ltd.
  • Chongqing Tiefa Suiyu Expressway Co., Ltd.
  • CRCC Chengan Ltd.
  • China Railway Wuju Group the First Engineering Co., Ltd.
  • China Railway 16th Bureau Group No. 3 Engineering Co., Ltd.
  • China Railway Fifth Survey & Design Institute Group Co
  • Beijing CRCC Tianrui Machinery Equipment Co., Ltd.
  • China Railway Fourth Survey & Design Institute Group Co., Ltd.
  • China Railway First Survey & Design Institute Group Co., Ltd.
  • China Railway Maglev Transportation Investment Construction Co
  • China Railway Shanghai Design Institute Group Co., Ltd.


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Last Updated on 2 Feb, 2023

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