CRCC Q1 2026 Revenue Falls 9.81 % to RMB231.58 Billion; Net Profit Slides 14.72 %

China Railway Construction Corporation Limited (CRCC) reported a weaker first quarter for 2026, with both top-line and bottom-line indicators under pressure.

Revenue declined 9.81 % year on year to RMB231.58 billion, while profit before tax dropped 19.80 % to RMB5.96 billion. Net profit attributable to shareholders fell 14.72 % to RMB4.39 billion, translating into basic earnings per share of RMB0.28 versus RMB0.34 a year earlier. Non-recurring items contributed RMB0.18 billion after tax; excluding these, underlying net profit was RMB4.21 billion, down 15.31 %.

Operating cash flow turned more negative at –RMB62.58 billion (Q1 2025: –RMB38.95 billion), a deterioration the company attributes to reduced cash receipts from sales of goods and services. Cash and bank balances stood at RMB177.75 billion at quarter-end, down from RMB191.92 billion at end-2025.

Total assets edged up 2.81 % since year-end to RMB2.14 trillion, while equity attributable to shareholders increased 2.72 % to RMB349.55 billion. Short-term loans rose to RMB205.31 billion (end-2025: RMB168.87 billion) and long-term loans to RMB363.88 billion (end-2025: RMB335.75 billion). Bonds payable expanded to RMB46.86 billion from RMB39.34 billion. The weighted average return on equity declined to 1.38 % from 1.72 %.

Order intake softened markedly. Newly signed contracts totalled RMB357.90 billion, down 27.38 % year on year. Domestic contracts accounted for 91.25 % of the total at RMB326.58 billion (–27.21 %), while overseas orders were RMB31.32 billion (–29.07 %). Construction contracting contracts fell 31.54 % to RMB253.99 billion, and real-estate development contracts dropped 36.45 % to RMB11.80 billion. Within infrastructure construction, railway project orders contracted 47.14 % to RMB26.23 billion, whereas road project orders were relatively resilient, easing only 2.19 % to RMB31.84 billion.

The quarter saw several senior management changes: Zhao Dianlong resigned as vice president; Sun Liqiang was appointed vice president; Chen Zhiming was removed from the vice-president post but elected an executive director; and Pei Minshan became president and an executive director. In addition, the China Securities Regulatory Commission approved an exemption allowing Pei Minshan to hold concurrent positions at the controlling shareholder.

The company’s first-quarter financial statements are unaudited and prepared under PRC GAAP.