Zhuzhou CRRC Times Electric (3898) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached RMB4,537 million, up 14.81% year-over-year, with net profit attributable to shareholders rising 13.42% to RMB631 million.

• Net profit after deducting non-recurring items increased 29.52% year-over-year, reflecting strong core business performance.

• The company completed the acquisition of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, impacting consolidated results.

Financial highlights

• Revenue: RMB4,537 million, up 14.81% year-over-year.

• Net profit attributable to shareholders: RMB631 million, up 13.42% year-over-year.

• Net cash flow from operating activities: RMB54 million, a significant improvement from negative RMB509 million in Q1 2024.

• Basic and diluted EPS: RMB0.45, up 15.38% year-over-year.

• R&D investment: RMB538 million, 11.86% of revenue.

Outlook and guidance

• Management highlights continued growth in both rail transit and emerging equipment businesses, with a focus on innovation and R&D.