China Railway Group (601390) Q3 2025 earnings summary

Executive summary

• Revenue for the first nine months of 2025 was RMB 773.81 billion, down 5.46% year-over-year.

• Net profit attributable to shareholders was RMB 17.49 billion, a decrease of 14.97% year-over-year.

• New contract value reached RMB 1,584.92 billion, up 3.7% year-over-year, with overseas contracts surging 35.2%.

• Gross margin for the period was 8.84%, down 0.11 percentage points year-over-year.

Financial highlights

• Operating income for Q3 2025 was RMB 262.72 billion, down 4.53% compared to the same quarter last year.

• Total profit for the first nine months was RMB 23.73 billion, down 12.83% year-over-year.

• Basic and diluted EPS for the first nine months were both RMB 0.642, down 18.11% year-over-year.

• Net cash flow from operating activities for the first nine months was negative RMB 72.88 billion.

• Total assets at period end were RMB 2,399.67 billion, up 6.35% from the previous year-end.

• Shareholders’ equity attributable to listed company shareholders was RMB 370.89 billion, up 4.56% from year-end.

Outlook and guidance

• Unfinished contract value at period end was RMB 7,544.09 billion, up 9.6% from the previous year-end.

• The company continues to pursue growth in both domestic and international markets, with a focus on expanding overseas business.