Credit Brief — China Railway Construction Corporation Limited (中国铁建)
601186.SH · Shanghai Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 戴和根
- Registered address: 北京市海淀区复兴路 40 号东院
- Office address: 北京市海淀区复兴路 40 号东院
- Controlling shareholder: 中国铁道建筑集团有限公司
- Actual controller: 国务院国有资产监督管理委员会
- Employees: 250,306
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 158,424.8 | 166,957.8 | 185,703.1 | 191,922.1 | 168,252.3 |
| Trading financial assets | 961.3 | 1,629.8 | 1,533.1 | 1,006.3 | 1,190.6 |
| Accounts receivable | 141,229.6 | 155,809.1 | 204,759.2 | 241,024.0 | 266,813.3 |
| Other receivables | 66,050.5 | 56,902.6 | 65,825.4 | 69,962.0 | 77,769.6 |
| Inventories | 299,818.5 | 307,642.8 | 286,116.4 | 265,926.6 | 267,335.6 |
| Long-term equity investments | 127,985.2 | 149,278.4 | 153,984.4 | 149,283.3 | 150,926.7 |
| Fixed assets | 66,085.8 | 73,269.5 | 73,028.5 | 72,919.3 | 70,869.8 |
| Construction in progress | 7,593.2 | 5,810.7 | 6,812.9 | 9,027.3 | 10,871.0 |
| Intangible assets | 62,530.7 | 69,736.5 | 117,002.4 | 170,228.0 | 181,966.5 |
| Total assets | 1,523,913.6 | 1,663,019.6 | 1,862,842.5 | 2,083,825.2 | 2,166,788.8 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 51,367.6 | 81,839.8 | 150,142.7 | 168,869.5 | 223,833.3 |
| Notes payable | 89,607.3 | 53,461.2 | 41,316.6 | 37,124.2 | 28,961.0 |
| Accounts payable | 425,568.9 | 491,567.2 | 512,813.6 | 591,387.7 | 574,570.4 |
| Contract liabilities | 164,118.8 | 150,196.3 | 141,649.4 | 121,005.5 | 125,818.2 |
| Other payables | 100,528.9 | 106,058.1 | 120,304.0 | 124,655.9 | 135,499.0 |
| Current portion of non-current liabilities | 45,527.8 | 54,468.5 | 76,507.1 | 87,742.0 | 89,024.1 |
| Long-term borrowings | 133,415.4 | 165,621.5 | 235,062.6 | 335,750.4 | 379,632.7 |
| Bonds payable | 28,096.7 | 31,031.5 | 32,720.5 | 39,335.3 | 35,819.1 |
| Total liabilities | 1,137,993.5 | 1,245,899.8 | 1,440,245.7 | 1,656,870.4 | 1,725,912.6 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 13,579.5 | 13,579.5 | 13,579.5 | 13,579.5 | 13,579.5 |
| Capital reserve | 48,907.1 | 48,847.2 | 47,964.1 | 46,116.8 | 46,022.6 |
| Retained earnings | 161,981.1 | 181,825.1 | 197,056.0 | 208,988.1 | 212,757.9 |
| Equity attributable to owners of the parent | 290,398.0 | 309,837.5 | 328,251.1 | 340,286.4 | 349,957.0 |
| Minority interests | 95,522.0 | 107,282.3 | 94,345.7 | 86,668.4 | 90,919.1 |
| Total equity | 385,920.1 | 417,119.8 | 422,596.8 | 426,954.9 | 440,876.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 1,096,312.9 | 1,137,993.5 | 1,067,171.3 | 1,029,784.5 | 428,438.0 |
| Cost of sales | 985,747.7 | 1,019,683.1 | 957,601.8 | 929,667.0 | 388,771.9 |
| Selling expenses | 6,642.4 | 7,377.9 | 6,836.1 | 6,412.0 | 2,270.3 |
| Administrative expenses | 21,873.0 | 23,466.3 | 22,328.6 | 20,138.3 | 7,878.3 |
| Finance costs | 3,578.3 | 4,661.4 | 7,946.3 | 10,971.6 | 6,499.5 |
| Investment income | 11,504.6 | 10,171.4 | 11,790.0 | 10,200.9 | 7,554.7 |
| Operating profit | 37,401.6 | 38,593.7 | 32,283.2 | 26,778.6 | 12,089.9 |
| Profit before tax | 37,824.5 | 38,828.2 | 32,474.7 | 26,933.0 | 12,102.4 |
| Net profit | 31,794.3 | 32,328.7 | 27,078.4 | 21,686.8 | 9,520.5 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.08x | 1.07x | 1.03x | 1.03x | 1.04x |
| Quick ratio | 0.76x | 0.76x | 0.77x | 0.81x | 0.82x |
| Debt-to-asset ratio | 74.7% | 74.9% | 77.3% | 79.5% | 79.7% |
| Total debt / EBITDA | 5.00x | 6.06x | 9.32x | 11.78x | 22.26x |
| EBITDA interest coverage | 8.42x | 7.36x | 5.51x | 4.10x | 4.99x |
| Gross margin | 10.1% | 10.4% | 10.3% | 9.7% | 9.3% |
| Net margin | 2.9% | 2.8% | 2.5% | 2.1% | 2.2% |
| Return on equity (ROE) | 8.2% | 7.8% | 6.4% | 5.1% | 2.2% |
| Revenue growth | — | 3.8% | -6.2% | -3.5% | -58.4% |
| Net profit growth | — | 1.7% | -16.2% | -19.9% | -56.1% |
| Receivable days | 47 | 50 | 70 | 85 | 227 |
| Cash received / revenue | 104.6% | 101.5% | 100.5% | 100.4% | 95.6% |
| Operating CF / net profit | 1.77x | 0.63x | 0.00x | 0.00x | 0.00x |
| Free cash flow | 56,135.0 | 20,412.0 | 0.0 | 0.0 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.03 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.81 (level: medium, reference threshold: <1.0)
- ⚠ EBITDA interest coverage: 4.10 (level: medium, reference threshold: <5.0)
- ⚠ Gross margin: 0.10 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 8,122.3 vs 8,533.0 CNY mn (deviation 4.81%, severity mid)
Sources: 2023年年度报告.pdf p.180 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.177 「货币资金」. CF-statement figure below the balance-sheet movement by 410.7 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 14,733.8 vs 18,745.3 CNY mn (deviation 21.4%, severity mid)
Sources: 2024年年度报告.pdf p.174 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.171 「货币资金」. CF-statement figure below the balance-sheet movement by 4,011.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
6 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 现金及现金等价物净增加额 vs 货币资金变动; 现金及现金等价物净增加额 vs 货币资金变动; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 191,922.1 | 2025年年度报告.pdf | 184 | 货币资金 | 191922113.0 (千元) |
| Total assets | 2025 | 2,083,825.2 | 2025年年度报告.pdf | 184 | 资产总计 | 2083825209.0 (千元) |
| Accounts receivable | 2025 | 241,024.0 | 2025年年度报告.pdf | 184 | 应收账款 | 241023952.0 (千元) |
| Fixed assets | 2025 | 72,919.3 | 2025年年度报告.pdf | 184 | 固定资产 | 72919328.0 (千元) |
| Short-term borrowings | 2025 | 168,869.5 | 2025年年度报告.pdf | 185 | 短期借款 | 168869472.0 (千元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.