China Railway Group (601390) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 234.998 billion, down 5.46% year-over-year; net profit attributable to shareholders was RMB 4.359 billion, down 27.65% year-over-year.

• New contract value signed in Q1 2026 was RMB 338.51 billion, a 39.6% decrease year-over-year, with both domestic and overseas contracts declining sharply.

Financial highlights

• Operating income: RMB 234.998 billion, down 5.46% year-over-year.

• Net profit attributable to shareholders: RMB 4.359 billion, down 27.65% year-over-year.

• Basic and diluted EPS: RMB 0.177, down 27.76% year-over-year.

• Gross margin for Q1 2026 was 8.12%, down 0.49 percentage points year-over-year.

• Net cash flow from operating activities was negative RMB 86.43 billion, a further deterioration from the previous year.

Outlook and guidance

• The company faces a challenging environment with significant declines in new contract signings and revenue.