China Railway Group (601390) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was RMB 1,090.63 billion, down 5.77% year-over-year; net profit attributable to shareholders was RMB 22.89 billion, down 17.91%.

• EBITDA was RMB 70.82 billion, down 2.03% year-over-year; basic EPS was RMB 0.848, down 21.84%.

• New contract value reached RMB 2,750.9 billion, up 1.3% year-over-year; cash flow from operations was RMB 28.77 billion, up 2.57%.

• The company maintained its position in the Fortune Global 500 (ranked 43rd) and China Top 500 (ranked 9th).

Financial highlights

• Total assets at year-end were RMB 2,470.58 billion, up 9.49% from the previous year.

• Net assets attributable to shareholders were RMB 371.06 billion, up 4.61% year-over-year.

• Gross margin for the year was 9.52%, down 0.46 percentage points year-over-year.

• Asset-liability ratio was 78.12%, up 0.73 percentage points from the previous year.

• Cash and cash equivalents at year-end were RMB 211.32 billion.

Outlook and guidance

• 2026 revenue target is approximately RMB 1,011.8 billion, with new contract value planned at RMB 2,750 billion.

• The company will continue to focus on high-quality growth, risk control, and capital efficiency.

• Plans to increase mid-year dividend frequency and maintain stable payout.