China Railway Group (601390) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was RMB 248.56 billion, down 6.21% year-over-year; net profit attributable to shareholders was RMB 6.03 billion, down 19.46% year-over-year.

• New contract value signed in Q1 2025 was RMB 560.1 billion, a 9.9% decrease year-over-year; domestic contracts fell 13.6% while overseas contracts grew 33.4%.

• Gross margin for Q1 2025 was 8.61%, down 0.12 percentage points year-over-year.

Financial highlights

• Operating cash flow was negative RMB 77.40 billion, a further decline from negative RMB 68.07 billion in Q1 2024.

• Basic and diluted EPS were both RMB 0.245, down 15.22% year-over-year.

• Total assets at quarter-end were RMB 2.27 trillion, up 0.70% from year-end 2024.

• Shareholders’ equity attributable to listed company shareholders increased 2.58% to RMB 363.88 billion.

• Net profit margin and return on equity both declined year-over-year.

Outlook and guidance

• Unfinished contract value at quarter-end was RMB 7.23 trillion, up 5.1% from year-end 2024, supporting future revenue.