CRRC (601766) H2 2024 earnings summary

Executive summary

• Achieved record-high operating results in 2024, with both revenue and net profit increasing year-over-year; continued industry leadership in rail transit and clean energy equipment.

• Strengthened innovation, digital transformation, and international expansion, with major breakthroughs in high-speed rail, new energy, and overseas projects.

• Maintained robust corporate governance, ESG performance, and talent development, supporting high-quality growth.

Financial highlights

• Revenue reached RMB 246.46 billion, up 5.21% year-over-year; net profit attributable to shareholders was RMB 12.39 billion, up 5.77%.

• Operating cash flow was RMB 27.13 billion, up 84.27% year-over-year.

• Gross margin improved by 0.84 percentage points to 21.38%.

• Basic and diluted EPS were RMB 0.43, up 4.88% year-over-year.

• Total assets at year-end were RMB 512.82 billion, up 8.70%; net assets attributable to shareholders were RMB 168.77 billion, up 4.85%.

• Proposed cash dividend of RMB 2.1 per 10 shares (totaling RMB 6.03 billion), representing a payout ratio of 48.65%.

Outlook and guidance

• 2025 is the final year of the 14th Five-Year Plan; focus remains on high-quality growth, innovation, and internationalization.

• Strategic priorities include strengthening core competitiveness, advancing digital and green transformation, and expanding global market share.

• Macroeconomic and industry policies support continued investment in rail and clean energy infrastructure.