Crrc Corporation Limited (601766) Announces Major Contracts Worth 53.31 Billion Yuan

Crrc Corporation Limited and its subsidiaries have recently signed multiple major contracts totaling approximately 53.31 billion yuan.

On December 17, Crrc Corporation Limited (601766) announced that the company and its subsidiaries entered into several significant contracts, primarily between September and December 2025, with a combined value of around 53.31 billion yuan. This amount represents about 21.6% of the company's operating revenue under Chinese accounting standards for 2024.

The disclosed contracts include the following key projects:

1. Crrc's subsidiaries signed wind power and energy storage equipment sales contracts worth approximately 16.65 billion yuan with various entities, including PowerChina Zhongnan Engineering Corporation Limited, China Resources New Energy (Yiwu) Co., Ltd., Zhongludian (Ruoqiang) Energy Storage Technology Co., Ltd., and Inner Mongolia Energy Group Huade Electric Storage New Energy Co., Ltd.

2. Crrc's rolling stock subsidiaries secured high-level maintenance contracts for EMUs (Electric Multiple Units) totaling about 12.04 billion yuan with subsidiaries of China State Railway Group Co., Ltd.

3. Crrc's subsidiaries signed urban rail vehicle, equipment sales, and maintenance contracts worth approximately 11.16 billion yuan with Hefei Rail Transit Group Co., Ltd., Shenyang Metro Group Co., Ltd., and São Paulo Metro Line 4 Concessionaire in Brazil, among others.

4. Crrc's locomotive subsidiaries entered into locomotive sales and maintenance contracts totaling around 9.95 billion yuan with subsidiaries of China State Railway Group Co., Ltd., China Railway 11th Bureau Group Third Engineering Co., Ltd., and Kazakhstan Temir Zholy Freight Transportation Co., Ltd.

5. Crrc's rolling stock subsidiaries signed power-concentrated EMU sales contracts worth about 2.21 billion yuan with China State Railway Group Co., Ltd.

6. Crrc's subsidiaries secured passenger car repair contracts totaling approximately 1.3 billion yuan with subsidiaries of China State Railway Group Co., Ltd.

As a global leader in rail transportation equipment, Crrc Corporation Limited boasts the largest sales scale in the industry for multiple consecutive years. In the first three quarters of 2025, the company reported operating revenue of 183.865 billion yuan, up 20.49% year-on-year, and net profit of 9.964 billion yuan, a 37.53% increase. The revenue growth was primarily driven by expanded rail equipment and new industrial businesses.

Notably, Crrc is currently advancing plans to spin off its subsidiary, CRRC Qishuyan Institute Co., Ltd., for a listing on the Shenzhen Stock Exchange's ChiNext board. The spin-off will not affect Crrc's ownership structure, and the parent company will remain the controlling shareholder of CRRC Qishuyan.

Crrc stated that the spin-off will enhance business focus, allowing the company to concentrate on rail equipment, urban rail and infrastructure, new industries, and modern services while accelerating its transformation into a "manufacturing + services" and system solutions provider. The move aims to establish CRRC Qishuyan as an independent listed platform specializing in high-end equipment components and system solutions, improving operational efficiency and leveraging capital markets to boost investments in industrial transmission and metal material technologies, thereby strengthening its competitive edge and supporting sustainable growth.