Credit Brief — CRRC Corporation Limited (中国中车)
601766.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: 孙永才
- Registered address: 北京市海淀区西四环中路16号
- Office address: 北京市海淀区西四环中路 16 号
- Controlling shareholder: 中国中车集团有限公司
- Actual controller: None (stated in the filed report)
- Employees: 151,602
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 | 54,861.8 | 55,929.8 | 67,512.5 | 67,834.6 | 44,199.3 |
| Trading financial assets | 10,431.1 | 8,932.7 | 8,222.3 | 6,096.4 | 10,503.7 |
| Accounts receivable | 88,987.0 | 105,705.8 | 110,844.4 | 116,502.1 | 126,374.2 |
| Other receivables | 2,874.5 | 2,232.5 | 2,336.6 | 2,881.2 | 2,988.4 |
| Inventories | 63,136.0 | 66,848.7 | 78,946.9 | 95,142.5 | 99,451.8 |
| Long-term equity investments | 18,260.8 | 21,378.8 | 22,416.8 | 23,791.0 | 24,170.8 |
| Fixed assets | 60,828.1 | 60,359.9 | 64,241.2 | 68,706.4 | 68,282.9 |
| Construction in progress | 4,111.6 | 4,519.0 | 5,419.8 | 6,370.8 | 5,658.5 |
| Intangible assets | 16,103.0 | 16,720.8 | 16,706.9 | 16,996.0 | 16,620.9 |
| Total assets | 442,140.1 | 471,791.7 | 512,823.6 | 550,774.4 | 545,680.5 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 13,627.7 | 8,129.9 | 7,065.6 | 7,329.9 | 7,229.3 |
| Notes payable | 27,691.3 | 26,836.3 | 47,347.9 | 67,185.9 | 50,810.8 |
| Accounts payable | 130,957.7 | 154,033.7 | 161,930.0 | 162,639.4 | 164,074.2 |
| Contract liabilities | 23,732.5 | 23,176.8 | 28,183.7 | 34,284.9 | 35,884.5 |
| Other payables | 13,864.2 | 20,243.2 | 15,430.5 | 17,111.0 | 21,319.0 |
| Current portion of non-current liabilities | 6,473.1 | 4,252.7 | 4,930.8 | 4,465.0 | 4,203.7 |
| Long-term borrowings | 6,096.1 | 6,984.9 | 5,648.6 | 7,559.0 | 7,421.6 |
| Bonds payable | 0.0 | 0.0 | — | — | — |
| Total liabilities | 251,154.2 | 275,268.4 | 302,629.0 | 334,695.9 | 325,647.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 28,698.9 | 28,698.9 | 28,698.9 | 28,698.9 | 28,698.9 |
| Capital reserve | 41,353.3 | 41,568.2 | 42,448.6 | 41,761.6 | 41,751.8 |
| Retained earnings | 79,441.4 | 84,566.4 | 90,579.7 | 93,822.4 | 98,362.5 |
| Equity attributable to owners of the parent | 155,041.3 | 160,973.4 | 168,773.8 | 172,120.6 | 176,477.1 |
| Minority interests | 35,944.6 | 35,549.9 | 41,420.8 | 43,957.9 | 43,555.7 |
| Total equity | 190,985.9 | 196,523.3 | 210,194.6 | 216,078.5 | 220,032.8 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 222,938.6 | 234,261.5 | 246,456.8 | 273,063.1 | 131,682.4 |
| Cost of sales | 175,625.8 | 182,101.4 | 193,763.3 | 214,684.0 | 102,362.0 |
| Selling expenses | 7,724.2 | 5,149.5 | 5,528.6 | 5,866.5 | 2,404.6 |
| Administrative expenses | 13,401.6 | 13,958.5 | 15,581.0 | 16,007.1 | 6,844.1 |
| Finance costs | 11.9 | 78.3 | 3.9 | — | 683.3 |
| Investment income | 306.9 | 1,285.9 | 865.9 | 802.6 | 318.8 |
| Operating profit | 15,979.7 | 16,025.8 | 16,934.9 | 18,721.6 | 11,389.0 |
| Profit before tax | 16,119.7 | 16,373.0 | 17,432.2 | 19,318.6 | 11,466.4 |
| Net profit | 14,352.2 | 14,569.6 | 15,663.9 | 16,895.6 | 9,672.7 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.28x | 1.26x | 1.24x | 1.18x | 1.20x |
| Quick ratio | 1.00x | 0.99x | 0.96x | 0.87x | 0.86x |
| Debt-to-asset ratio | 56.8% | 58.3% | 59.0% | 60.8% | 59.7% |
| Total debt / EBITDA | 1.18x | 0.86x | 0.74x | 0.74x | 1.07x |
| EBITDA interest coverage | 20.81x | 20.45x | 21.28x | 25.82x | 29.86x |
| Gross margin | 21.2% | 22.3% | 21.4% | 21.4% | 22.3% |
| Net margin | 6.4% | 6.2% | 6.4% | 6.2% | 7.3% |
| Return on equity (ROE) | 7.5% | 7.4% | 7.5% | 7.8% | 4.4% |
| Revenue growth | — | 5.1% | 5.2% | 10.8% | -51.8% |
| Net profit growth | — | 1.5% | 7.5% | 7.9% | -42.8% |
| Receivable days | 146 | 165 | 164 | 156 | 350 |
| Cash received / revenue | 100.2% | 97.7% | 103.6% | 105.8% | 103.7% |
| Operating CF / net profit | 1.67x | 1.01x | 1.73x | 1.43x | 0.00x |
| Free cash flow | 32,032.6 | 19,190.4 | 31,596.3 | 36,123.4 | 0.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.18 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.87 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.61 (level: high, reference threshold: <0.65)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Same item across different source documents: 5,149.5 vs 9,184.8 CNY mn (deviation 43.93%, severity high)
Sources:2024年年度报告.pdfvs2023年年度报告.pdf. Two source documents differ by 4,035.2 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2024 · Same item across different source documents: 3.9 vs 148.2 CNY mn (deviation 97.38%, severity high)
Sources:2025年年度报告.pdfvs2024年年度报告.pdf. Two source documents differ by 144.4 CNY mn — typical causes are restatement or differing scopes; flagged for analyst review. - 2023 · Cash-flow statement net increase vs balance-sheet cash movement: 486.1 vs 1,068.0 CNY mn (deviation 54.49%, severity mid)
Sources: 2024年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.102 「货币资金」. CF-statement figure below the balance-sheet movement by 581.9 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: 445.1 vs 11,582.7 CNY mn (deviation 96.16%, severity mid)
Sources: 2025年年度报告.pdf p.95 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.90 「货币资金」. CF-statement figure below the balance-sheet movement by 11,137.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: 0.0 vs -23,635.4 CNY mn (deviation 100.0%, severity mid)
Sources: 2026年半年度报告.pdf p.49 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf p.43 「货币资金」. CF-statement figure above the balance-sheet movement by 23,635.4 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
5 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; 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 | 67,834.6 | 2025年年度报告.pdf | 89 | 货币资金 | 67834624.0 (千元) |
| Total assets | 2025 | 550,774.4 | 2025年年度报告.pdf | 89 | 资产总计 | 550774434.0 (千元) |
| Accounts receivable | 2025 | 116,502.1 | 2025年年度报告.pdf | 89 | 应收账款 | 116502100.0 (千元) |
| Fixed assets | 2025 | 68,706.4 | 2025年年度报告.pdf | 89 | 固定资产 | 68706391.0 (千元) |
| Short-term borrowings | 2025 | 7,329.9 | 2025年年度报告.pdf | 90 | 短期借款 | 7329911.0 (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.