Financial Performance - The company's operating revenue for 2022 was RMB 222.94 billion, a decrease of 1.24% compared to RMB 225.73 billion in 2021[4]. - Net profit for 2022 increased by 15.58% to RMB 14.35 billion, up from RMB 12.42 billion in 2021[4]. - The net profit attributable to shareholders of the parent company rose by 13.11% to RMB 11.65 billion, compared to RMB 10.30 billion in the previous year[4]. - Basic earnings per share increased by 13.89% to RMB 0.41, up from RMB 0.36 in 2021[4]. - Total assets as of December 31, 2022, amounted to RMB 442.14 billion, reflecting a growth of 3.59% from RMB 426.83 billion in 2021[4]. - Total liabilities increased by 2.71% to RMB 251.15 billion, compared to RMB 244.53 billion in 2021[4]. - Total equity reached RMB 190.99 billion, a 4.77% increase from RMB 182.29 billion in the previous year[4]. - The proposed cash dividend is RMB 0.20 per share, totaling RMB 5.74 billion based on the total share capital of 28,698,864,088 shares[3]. Research and Development - Research and development expenses amounted to RMB 13.13 billion, slightly up from RMB 13.09 billion in 2021[5]. - The company emphasizes the development of core technologies in electromechanical products, including traction systems and control systems, which are essential for its main products[20]. - The company initiated 25 projects under the "China CRRC Original Technology Decade Cultivation Project" in 2022, focusing on advanced rail transit technologies[48]. - The company has 36,334 R&D personnel, representing 23.11% of total employees[47]. - The company emphasizes a two-tier R&D management model focused on technology concentration and collaborative product development to enhance innovation capabilities[23]. Business Strategy and Market Expansion - The company aims to achieve "seven new breakthroughs" in 2023 to enhance quality and reasonable growth[8]. - The company expanded its global service reach to 116 countries and regions, enhancing its international business landscape[6]. - The company is focusing on transforming into a "manufacturing + service" provider, optimizing its business structure to meet diverse customer needs[10]. - The international business strategy aims to expand into international markets for rail transit and new industries, focusing on sustainable growth and strategic acquisitions[17]. - The company is focusing on the "Belt and Road" initiative to enhance international cooperation and market expansion[30]. Environmental Commitment - The company is committed to advancing green transportation and energy solutions in line with the "dual carbon" goals, opening new opportunities in the industry[10]. - The company has implemented advanced environmental protection technologies, significantly reducing pollutant emissions through the use of eco-friendly coatings and efficient production equipment[158]. - The company is committed to low-carbon development, with a rooftop photovoltaic system generating approximately 50 million kWh annually, reducing carbon emissions by about 30,000 tons[162]. - The company has established a rigorous pollutant discharge permit system, ensuring compliance with discharge standards[158]. - The company actively promotes the use of low-carbon technologies and green products, aligning with national dual carbon policies to enhance sustainable development[161]. Corporate Governance - The company ensures the protection of shareholder rights and values, conducting shareholder meetings in compliance with legal regulations[195]. - The board of directors consists of 7 members, including 3 independent non-executive directors, ensuring decisions are made in the best interest of the company and shareholders[197]. - The independent directors actively participate in governance, offering suggestions to improve strategy and management[197]. - The company has established a comprehensive governance mechanism, including policies for director nomination and remuneration, ensuring independent viewpoints are obtained[198]. - The company has maintained a stable executive compensation structure, with no changes in shareholding for key executives during the reporting period[168]. Operational Efficiency - The company is focusing on optimizing product costs and improving efficiency through benchmarking management and cost reduction initiatives[94]. - The company has established a comprehensive and diversified compensation and benefits management system to align with market trends and reflect economic performance[192]. - The management team emphasized the importance of sustainability, aiming for a 30% reduction in carbon emissions by 2025[178]. - The company plans to enhance clean energy utilization and develop large-scale wind and solar energy bases in desert areas, contributing to a new power system[75]. - The company has set a target to increase operational efficiency by 15% through process optimization initiatives[179]. Challenges and Risks - The company faced significant challenges due to changes in market demand, intensified competition, and technological innovation reforms, but it remains in a strategic opportunity period for development[73]. - Market risks include intensified competition in the domestic rail transportation sector and rising raw material prices, which may pressure profit targets[93]. - The company faces strategic risks due to structural changes in customer demands and the shift towards integrated lifecycle services in the rail equipment sector[92]. - The company is facing challenges in overseas operations due to increased scrutiny on foreign investments and trade protectionism, impacting order acquisition[98]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[173]. - The company plans to invest nearly CNY 260 billion in new urban rail transit projects, with a total length of 330 kilometers approved for construction[82]. - The company aims to enhance its global competitiveness and maintain its leading position in the domestic market by focusing on innovation and service-oriented development[85]. - The company plans to invest 1 billion RMB in new technology development over the next two years, focusing on automation and AI[177]. - The company aims to strengthen its competitiveness in the high-speed rail sector and is focusing on developing CR450 high-speed trains and standardized urban rail vehicles[74].

本次业绩说明会以网络互动方式召开，公司将针对 2022 年度的经营成果及财务 状况等内容与投资者进行互动交流和沟通，在信息披露允许的范围内就投资者普遍 关注的问题进行回答。 | 证券代码：601766（A | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2023-005 | | --- | --- | --- | --- | --- | --- | | 证券代码： 1766（H | 股） | 股票简称：中国中车（H | 股） | | | 中国中车股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容真实、准确、完整承担个别及连带责任。 重要内容提示： 中国中车股份有限公司（以下简称"公司"） 拟于 2023 年 3 月 30 日收市后发 布公司 2022 年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成 果及财务状况，公司计划于 2023 年 4 月 6 日下午 16:00-17:00 举行 2022 年度业绩说 明会（以下简称"业绩说明会"），就投资者关心的问题进行交流。 一、说 ...

Financial Performance - The company's operating revenue for Q3 2022 was CNY 54,266,244, representing a year-on-year increase of 10.76%[2] - The net profit attributable to shareholders for Q3 2022 was CNY 2,896,531, an increase of 17.18% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,346,189, reflecting a significant increase of 28.39% year-on-year[4] - Total operating revenue for the first three quarters of 2022 was CNY 135,563,342, a decrease of 6.2% compared to CNY 144,459,621 in the same period of 2021[22] - Net profit for Q3 2022 was CNY 7,746,428, slightly down from CNY 7,782,019 in Q3 2021[23] - The company reported a net profit of CNY 3,468,897 thousand for the first three quarters of 2022, compared to CNY 2,447,479 thousand in the same period of 2021[28] Assets and Liabilities - The total assets at the end of the reporting period were CNY 458,586,639, which is a 7.44% increase compared to the end of the previous year[4] - The company's total assets increased to CNY 458,586,639, up from CNY 426,826,499 year-over-year[21] - The total liabilities rose to CNY 274,291,014, compared to CNY 244,534,993 in the previous year, indicating a 12.1% increase[21] - The company’s total liabilities were CNY 49,913,564 thousand, compared to CNY 43,978,773 thousand in the previous year[27] Cash Flow - The cash flow from operating activities for the period was a net inflow of CNY 9,859,793, a significant improvement compared to a net outflow of CNY 1,419,000 in the same period last year[9] - Net cash flow from operating activities reached CNY 9,859,793 thousand, a significant improvement from a net outflow of CNY 1,418,588 thousand in the previous year[24] - The cash inflow from financing activities was CNY 35,647,024 thousand, down from CNY 89,051,421 thousand in the previous year[25] - The net cash flow from financing activities was 208,829 thousand RMB, down from 7,028,858 thousand RMB in the previous year[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 677,231[13] - China CNR Group Co., Ltd. holds 14,558,389,450 shares, accounting for 50.73% of total shares[13] - The company has a total of 14,736,252,450 shares held by China CNR Group, representing approximately 51.35% of the total issued shares[17] Research and Development - Research and development expenses for the first three quarters were CNY 7,492,683, slightly down from CNY 7,556,889 in the same period last year[22] - Research and development expenses for the first three quarters of 2022 were CNY 83,745 thousand, a decrease from CNY 244,330 thousand in the same period of 2021[28] Investment Activities - The company reported a decrease of 50.08% in long-term borrowings, mainly due to reclassification to current liabilities[8] - The company issued 8 tranches of short-term financing bonds totaling RMB 20 billion, with a remaining balance of RMB 11 billion[18] - The company has issued asset-backed commercial papers (ABCP) totaling approximately RMB 88.27 billion, with a remaining balance of about RMB 15.58 billion[18] Inventory and Receivables - The company reported inventory of RMB 84,060,059,000 as of September 30, 2022, compared to RMB 61,420,021,000 at the end of 2021[19] - The company’s accounts receivable as of September 30, 2022, were RMB 86,044,874,000, an increase from RMB 72,985,213,000 at the end of 2021[19] Future Outlook - The company plans to continue focusing on market expansion and new technology development to enhance its competitive edge[22]

Financial Performance - Operating revenue for Q3 2022 was CNY 54,266,244, representing a year-on-year increase of 10.76%[4] - Net profit attributable to shareholders for Q3 2022 was CNY 2,896,531, an increase of 17.18% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,346,189, up 28.39% year-on-year[4] - Total operating revenue for the first three quarters of 2022 was RMB 135,563,342, a decrease of 6.2% compared to RMB 144,459,621 in the same period of 2021[21] - Net profit for the first three quarters of 2022 was RMB 7,746,428, slightly down from RMB 7,782,019 in the same period of 2021[21] - The net profit for the first three quarters of 2022 was RMB 3,468,897,000, compared to RMB 2,447,479,000 in 2021, reflecting a growth of approximately 42%[28] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date was CNY 9,859,793, with basic earnings per share at CNY 0.21, a decrease of 8.70% year-on-year[4] - Cash flow from operating activities showed a net inflow of CNY 9.86 billion, compared to a net outflow of CNY 1.42 billion in the same period last year[7] - Cash and cash equivalents as of September 30, 2022, increased to RMB 53,033,999 from RMB 48,585,115 at the end of 2021, indicating improved liquidity[17] - The cash and cash equivalents at the end of the third quarter of 2022 were CNY 47,293,432 thousand, up from CNY 31,270,056 thousand at the end of 2021, representing an increase of approximately 51.2%[25] - Cash flow from operating activities for the first three quarters of 2022 was negative at RMB (166,881,000), compared to a positive RMB 1,633,352,000 in 2021[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 458,586,639, an increase of 7.44% from the end of the previous year[4] - The total assets of the company increased to RMB 458,586,639 as of September 30, 2022, compared to RMB 426,826,499 at the end of 2021, reflecting growth in the asset base[18] - The company reported a decrease in accounts receivable to RMB 86,044,874 from RMB 72,985,213, indicating improved collection efficiency[17] - The company’s total liabilities increased to RMB 274,291,014 as of September 30, 2022, from RMB 244,534,993 at the end of 2021, highlighting a rise in financial obligations[20] - The total liabilities as of September 30, 2022, amounted to RMB 49,913,564,000, an increase from RMB 43,978,773,000 at the end of 2021[27] Revenue Breakdown - Operating revenue decreased by 6.16% year-on-year, primarily due to a reduction in railway equipment business deliveries[8] - Railway equipment business revenue was 46,704,557 thousand RMB, down 11.19% from the previous year, mainly due to a decrease in high-speed train revenue[9] - Urban rail and urban infrastructure business revenue was 34,585,866 thousand RMB, a decrease of 7.53% year-on-year, attributed to reduced subway business revenue[10] - New industry business revenue increased slightly by 0.19% year-on-year, remaining stable at 48,727,529 thousand RMB[10] - Modern service business revenue decreased by 4.96% year-on-year, totaling 5,545,390 thousand RMB, mainly due to a decline in leasing business[10] Shareholder Information - The largest shareholder, China CNR Corporation Limited, holds 50.73% of the shares, totaling 14,558,389,450 shares[11] - HKSCC Nominees Limited, the second-largest shareholder, holds 15.18% of the shares, totaling 4,357,368,853 shares[11] - The total number of ordinary shareholders at the end of the reporting period was 677,231[11] - The company’s total issued shares amount to approximately 28.9 billion, with China CNR Corporation Limited holding a total of 14,736,252,450 shares, representing 51.35% of the total[15] Investment and Expenditures - Development expenditures rose by approximately 43.06%, reflecting an increase in anticipated capital R&D spending[6] - Investment activities resulted in a net cash outflow of CNY 6.01 billion, a decrease of CNY 10.60 billion compared to the previous year[7] - The company issued short-term financing tools totaling RMB 20 billion in 2022, with a remaining balance of RMB 11 billion[16] - Long-term borrowings decreased to RMB 3,720,845 as of September 30, 2022, from RMB 7,454,276 at the end of 2021, indicating a reduction in leverage[20] - The net cash flow from investing activities for the first three quarters of 2022 was negative CNY 6,014,027 thousand, an improvement from negative CNY 16,618,126 thousand in the same period of 2021[24] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

Financial Performance - Operating revenue for the first half of 2022 was RMB 81,297,098, a decrease of 14.84% compared to RMB 95,464,015 in the same period last year[9]. - Net profit attributable to shareholders for the first half of 2022 was RMB 3,130,771, down 21.51% from RMB 3,988,656 in the previous year[9]. - Basic earnings per share for the first half of 2022 were RMB 0.11, a decrease of 21.43% from RMB 0.14 in the same period last year[9]. - The weighted average return on net assets for the first half of 2022 was 2.08%, down 0.67 percentage points from the previous year[9]. - The gross profit margin for the rail transportation equipment sector was 20.13%, a decrease of 0.90 percentage points compared to the previous year[42]. - The net profit after deducting non-recurring gains and losses for the first half of the year is 1,875,154 thousand RMB, representing a decrease of 33.03% year-on-year[137]. - The total comprehensive income for the first half of 2022 was RMB 4,242,962 thousand, a decrease from RMB 4,651,905 thousand in the same period of 2021[147]. Cash Flow and Liquidity - Net cash flow from operating activities for the first half of 2022 was RMB -1,929,087, compared to RMB -11,571,341 in the same period last year[9]. - The company's cash flow from daily operations will primarily support the repayment of bonds, ensuring normal interest payments due to strong profitability and stable cash flow[129]. - The total cash and cash equivalents at the end of the period stood at CNY 41,487,744, compared to CNY 21,467,344 at the end of the first half of 2021[150]. - The current liquidity ratio is 1.23, a decrease of 5.38% compared to the previous year, while the quick ratio is 0.91, down 9.90%[137]. - Cash outflow from operating activities decreased to CNY 82,656,821 from CNY 89,682,736, resulting in a net cash flow from operating activities of (CNY 1,929,087), an improvement from (CNY 11,571,341) in 2021[150]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 446,826,196, an increase of 4.69% from RMB 426,826,499 at the end of the previous year[9]. - The asset-liability ratio increased from 57.29% at the beginning of the year to 59.57% by June 30, 2022[62]. - The total liabilities increased to RMB 266.18 billion from RMB 244.53 billion, marking an increase of approximately 8.8%[140]. - The company's inventory rose to RMB 76.62 billion from RMB 61.42 billion, representing an increase of about 24.8%[139]. Business Strategy and Market Position - China CNR aims to become a world-class rail transportation equipment system solution provider, focusing on technological, product, and service innovations to meet advanced railway needs[12]. - The company is committed to optimizing its business structure and enhancing service quality to meet increasing user demands for safety, reliability, and comfort in rail products[10]. - The international business strategy includes expanding overseas markets through greenfield investments, strategic acquisitions, and partnerships, enhancing brand influence globally[17]. - The company is focused on achieving its "14th Five-Year Plan" for international development, enhancing its operational framework and management structure for better efficiency[17]. - The company has developed a diverse business structure centered on rail transit equipment, with strategic emerging industries as the main body, enhancing its competitive edge in railway equipment and expanding into urban rail and infrastructure[22]. Research and Development - The total R&D investment for the period was approximately 4.569 billion RMB, accounting for 5.62% of total operating revenue, focusing on key technologies and carbon neutrality initiatives[55]. - The company has established a technology talent team of 30,000, including 2 academicians and 20 scientists, and has 10 national-level R&D institutions[23]. - The R&D model follows a two-level management approach focusing on "centralized technical research, joint product development, and shared capabilities," enhancing innovation and product development[20]. Corporate Governance and Compliance - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[2]. - The company adhered to corporate governance regulations and improved its governance structure during the reporting period[90]. - The audit and risk management committee reviewed the unaudited interim financial report for the six months ending June 30, 2022, and approved it for submission to the board[93]. - The company confirmed compliance with securities trading regulations by all directors and supervisors during the reporting period[92]. Market Challenges - The ongoing impact of the pandemic continues to suppress demand for railway passenger equipment, necessitating strategic adjustments[10]. - The company faces intensified competition in the domestic market due to increased investment from state-owned, private, and foreign enterprises in the railway sector, alongside a structural adjustment in market demand[80]. - The international railway transportation industry is undergoing deep integration, with intensified competition and increased uncertainty in international markets, leading to challenges for the company's internationalization strategy[80]. Shareholder Information - The total number of employees and compensation situation remained stable with no significant changes by the end of the reporting period[89]. - As of June 30, 2022, the total number of ordinary shareholders is 693,282, with 690,579 A-share holders and 2,703 H-share holders[118]. - The largest shareholder, CRRC Group, holds 14,558,389,450 A-shares and 177,863,000 H-shares, accounting for 59.84% and 4.07% of the A and H shares respectively[122]. Financial Instruments and Accounting Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts identified regarding the company's ability to continue operations for the next 12 months[170]. - The company adheres to the Chinese Accounting Standards, ensuring that the financial statements accurately reflect the financial position as of June 30, 2022[171]. - The group recognizes foreign exchange differences arising from translation as other comprehensive income[183]. - Financial assets and liabilities are initially recognized at fair value, with transaction costs accounted for differently based on the type of financial instrument[184].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 81,297,098, a decrease of 14.84% compared to CNY 95,464,015 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2022 was CNY 3,130,771, down 21.51% from CNY 3,988,656 in the previous year[16]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,875,154, a decrease of 33.03% compared to CNY 2,799,866 in the same period last year[16]. - Basic earnings per share for the first half of 2022 were CNY 0.11, down 21.43% from CNY 0.14 in the same period last year[17]. - The diluted earnings per share were also CNY 0.11, reflecting the same percentage decrease of 21.43%[17]. - The weighted average return on net assets was 2.08%, a decrease of 0.67 percentage points compared to 2.75% in the previous year[17]. - The company achieved operating revenue of 81.30 billion RMB in the first half of 2022, a decrease of 14.84% compared to the same period last year[39]. - The net profit attributable to shareholders was 3.13 billion RMB, down 21.51% year-on-year[39]. - The operating cost decreased by 13.87% to 64.93 billion RMB, slightly lower than the revenue decline[41]. - The railway equipment business saw a revenue drop of 33.59%, primarily due to a decline in the sales of high-speed trains[42]. - The company reported a profit margin of 5.02% in the first half of 2022, down from 5.08% in the same period of 2021[130]. - The company recorded a total comprehensive income of CNY 4,242,962 for the first half of 2022, compared to CNY 4,651,905 in the same period of 2021[130]. Cash Flow and Financial Position - The net cash flow from operating activities was CNY -1,929,087, showing a significant improvement from CNY -11,571,341 in the previous year[16]. - Cash flow from operating activities was a net outflow of 1.93 billion RMB, significantly improved from a net outflow of 11.57 billion RMB in the previous year[48]. - The company reported a cash inflow from sales of goods and services of CNY 74,650,582, slightly down from CNY 74,726,029 in the same period last year[132]. - The ending cash and cash equivalents balance was CNY 41,487,744, compared to CNY 21,467,344 at the end of the first half of 2021[132]. - The company’s cash and cash equivalents decreased to CNY 46,545,477 from CNY 48,585,115[127]. - The company’s total current assets decreased to CNY 22.08 billion from CNY 28.59 billion, reflecting a decline of approximately 22.8%[129]. - The company’s total liabilities increased to CNY 266.18 billion, up from CNY 244.53 billion year-over-year, representing an increase of approximately 8.5%[128]. - The company has a stable cash flow from operations, ensuring the ability to repay bond principal and interest[120]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 446,826,196, an increase of 4.69% from CNY 426,826,499 at the end of the previous year[16]. - The total equity attributable to shareholders decreased by CNY 2,378,613 thousand, resulting in a total equity of CNY 146,195,733 thousand as of June 30, 2022[134]. - The asset-liability ratio increased by 2.28 percentage points to 59.57%[125]. - Total liabilities increased to CNY 266.18 billion, up from CNY 244.53 billion year-over-year, representing an increase of approximately 8.5%[128]. - The company’s total liabilities at the end of June 2022 were CNY 34,453,179 thousand, indicating a significant financial position[134]. Research and Development - Research and development expenses totaled approximately 4.53 billion RMB, representing 5.62% of operating revenue[47]. - In the first half of 2022, the company achieved significant technological advancements, including the launch of the "Fuxing" high-speed train series, capable of speeds from 160 km/h to 350 km/h[36]. - The company has established a robust R&D framework with over 30,000 technology personnel, including 2 academicians and 20 scientists, and has received multiple national patent awards[36]. - The company plans to focus on market expansion and new product development in the upcoming quarters to enhance revenue growth[130]. Environmental Responsibility - The company is committed to environmental protection and has reported compliance with national pollution discharge standards, with specific emissions data provided for wastewater and air pollutants[66]. - The company reported a total pollutant discharge of 12.809 tons/year for COD, which is well below the regulatory limit of 500 mg/L[67]. - The ammonia nitrogen concentration in wastewater was recorded at 3.95 mg/L, significantly lower than the standard limit of 45 mg/L[67]. - The company has implemented advanced environmental protection technologies to reduce pollutant emissions effectively[69]. - The company has established a comprehensive environmental monitoring system, including real-time monitoring of wastewater and air emissions[72]. Market Strategy and Competition - The company is actively pursuing international cooperation under the "Belt and Road" initiative, enhancing its global market strategy[38]. - The domestic market for rail transit equipment is experiencing increased competition due to the entry of state-owned, private, and foreign enterprises, leading to structural adjustments in market demand[58]. - The international rail transit industry is undergoing deep integration, with intensified competition and a projected decline in global demand[58]. - The company is implementing measures to optimize its product cost structure and enhance its global management capabilities to address market challenges[59]. Corporate Governance and Compliance - The company has established a framework to regulate related party transactions, aiming to minimize such transactions and ensure fairness in pricing[84]. - The company has committed to maintaining its independence and will not interfere with its operational decisions, ensuring compliance with relevant regulations[84]. - The company has made a long-term commitment to avoid any competitive business with its controlling shareholder, ensuring no direct competition arises[83]. - The company has pledged to compensate for any losses incurred due to the failure to comply with its commitments regarding property ownership and land use rights[86]. Financial Instruments and Risk Management - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value through other comprehensive income[169]. - The company assesses credit risk changes using various indicators, including internal pricing metrics and external credit ratings[172]. - The company has not transferred or retained ownership of financial assets, indicating no significant risks or rewards have been transferred[178]. - The company continues to recognize transferred financial assets if derecognition conditions are not met, and the received consideration is recognized as a financial liability[182].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 30,647,501, a decrease of 26.25% compared to the same period last year[3]. - Net profit attributable to shareholders was CNY 219,751, representing a decline of 83.61% year-on-year[3]. - Total operating revenue for Q1 2022 was CNY 30,647,501, a decrease of 26.5% compared to CNY 41,553,935 in Q1 2021[17]. - Net profit for Q1 2022 was CNY 549,682, down 66.6% from CNY 1,649,031 in Q1 2021[17]. - Total comprehensive income for Q1 2022 was CNY 394,638, significantly lower than CNY 1,689,900 in Q1 2021[18]. - The company reported a total profit of CNY 839,168 for Q1 2022, down 59.3% from CNY 2,060,291 in Q1 2021[17]. - Basic earnings per share for Q1 2022 were CNY 0.01, down from CNY 0.05 in Q1 2021[18]. Cash Flow - The cash flow from operating activities showed a net outflow of CNY 9,017,614, a decrease of CNY 39,090,000 compared to the previous year[7]. - Cash flow from operating activities generated a net amount of CNY 625,237 thousand, significantly lower than CNY 2,208,052 thousand in the same period last year, a decline of about 71.7%[24]. - Cash flow from investing activities showed a net outflow of CNY 56,390,000, a decrease of CNY 41,110,000 year-on-year[7]. - The cash inflow from investment activities was CNY 7,486,170, compared to CNY 5,986,799 in Q1 2021, indicating a positive trend[19]. - Cash flow from investing activities showed a net inflow of CNY 2,129,619 thousand, contrasting with a net outflow of CNY -4,691,804 thousand in Q1 2021[24]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 428,401,601, an increase of 0.37% from the end of the previous year[3]. - As of March 31, 2022, the total assets of China CRRC Corporation Limited amounted to RMB 428.40 billion, a slight increase from RMB 426.83 billion at the end of 2021[15]. - The company's total liabilities were RMB 245.70 billion, compared to RMB 244.53 billion at the end of 2021, indicating a marginal increase[16]. - The company's total liabilities decreased to CNY 38,038,697 thousand from CNY 43,978,773 thousand, representing a reduction of about 13.5%[21]. - The total equity attributable to shareholders was RMB 148.62 billion, slightly up from RMB 148.57 billion at the end of 2021[16]. - The company reported a total equity of CNY 102,096,217 thousand as of March 31, 2022, slightly down from CNY 102,198,464 thousand at the end of 2021[22]. Inventory and Receivables - Inventory increased to RMB 71.97 billion, up from RMB 61.42 billion in the previous year, reflecting a growth of approximately 17.5%[15]. - The accounts receivable stood at RMB 72.30 billion, showing a slight decrease from RMB 72.99 billion year-over-year[15]. Financial Expenses - The company experienced a significant increase in financial expenses, which decreased by 68.50% year-on-year due to reduced exchange losses[6]. - The company’s financial expenses for Q1 2022 were CNY 5,307 thousand, a significant decrease from CNY 23,589 thousand in Q1 2021, reflecting a reduction of approximately 77.5%[23]. Orders and Contracts - New orders signed in Q1 2022 amounted to approximately CNY 52.2 billion, with international contracts accounting for about CNY 9.4 billion[9]. Research and Development - Research and development expenses amounted to CNY 1,881,440, a decrease of 16.9% from CNY 2,264,944 in Q1 2021[17]. Shareholder Information - The company reported a total of 699,232 A-share shareholders and 2,689 H-share shareholders as of the report date[12]. Accounting Standards - The company has not adopted the new accounting standards for the first time in 2022, indicating a continuation of previous accounting practices[25].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 30,647,501, a decrease of 26.25% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 219,751, reflecting a significant decline of 83.61% year-on-year[4] - Total revenue for Q1 2022 was CNY 30,647,501, a decrease of 26.4% compared to CNY 41,553,935 in Q1 2021[22] - Operating profit for Q1 2022 was CNY 743,109, down 61.0% from CNY 1,907,034 in Q1 2021[22] - Net profit attributable to shareholders for Q1 2022 was CNY 219,751, a decline of 83.7% from CNY 1,341,023 in Q1 2021[23] - Total comprehensive income for Q1 2022 was -102,846 million, slightly better than -114,096 million in Q1 2021[31] Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of CNY 9,017,614, indicating a worsening cash position[4] - Net cash flow from operating activities in Q1 2022 was -RMB 9,017,614 thousand, an improvement from -RMB 12,927,072 thousand in Q1 2021[25] - Cash inflow from investment activities totaled RMB 7,486,170 thousand in Q1 2022, up from RMB 5,986,799 thousand in Q1 2021[26] - Cash inflow from financing activities was RMB 10,057,523 thousand in Q1 2022, significantly down from RMB 34,445,058 thousand in Q1 2021[27] - Cash and cash equivalents at the end of Q1 2022 were RMB 32,440,315 thousand, compared to RMB 25,838,663 thousand at the end of Q1 2021[27] Assets and Liabilities - Total assets attributable to shareholders increased slightly by 0.37% to CNY 428,401,601 compared to the end of the previous year[4] - Total assets as of March 31, 2022, amounted to CNY 428,401,601, an increase from CNY 426,826,499 as of December 31, 2021[21] - Total liabilities as of March 31, 2022, were CNY 245,702,440, compared to CNY 244,534,993 at the end of 2021[20] - Total liabilities decreased to RMB 38,038,697 thousand as of March 31, 2022, from RMB 43,978,773 thousand as of December 31, 2021[29] Shareholder Information - The total number of A-share shareholders was 699,232, while H-share shareholders numbered 2,689 as of the report date[15] - China CNR Group holds 50.73% of the shares, totaling 14,558,389,450 shares, with no restricted shares[12] - HKSCC NOMINEES LIMITED holds 15.19% of the shares, amounting to 4,358,320,003 shares, with no restrictions[12] - The company has a total of 14,736,252,450 shares, representing approximately 51.35% of the total issued shares[15] Business Segments - The railway equipment business revenue decreased by 64.83% year-on-year, primarily due to a drop in revenue from high-speed trains[9] - The urban rail and urban infrastructure business saw a revenue increase of 19.73%, attributed to higher income from urban rail projects[9] - New orders signed in Q1 2022 totaled CNY 52.2 billion, with approximately CNY 9.4 billion from international business[9] Inventory and Receivables - The inventory increased significantly to RMB 71,969,067 thousand from RMB 61,420,021 thousand, indicating a rise of approximately 17.5%[18] - The company reported a decrease in accounts receivable from RMB 72,985,213 thousand to RMB 72,303,974 thousand[18] - The contract assets increased to RMB 21,152,234 thousand from RMB 19,696,717 thousand, reflecting a growth of approximately 7.4%[18] Research and Development - Research and development expenses for Q1 2022 were CNY 1,881,440, down from CNY 2,264,944 in Q1 2021[22]

Financial Performance - The company's operating revenue for 2021 was RMB 225.73 billion, a decrease of 0.44% compared to RMB 227.66 billion in 2020[8]. - The net profit attributable to shareholders for 2021 was RMB 12.42 billion, down 10.17% from RMB 13.82 billion in 2020[15]. - The basic earnings per share for 2021 was RMB 0.36, a decrease of 7.69% from RMB 0.39 in 2020[10]. - The company achieved operating revenue of CNY 225.73 billion, a decrease of 0.85% compared to the previous year[75]. - The net profit attributable to shareholders was CNY 10.30 billion, down 9.08% year-on-year[75]. - The company's total operating revenue decreased by 0.85% compared to the same period last year, with railway equipment business accounting for 40.17% of total revenue[88]. - Revenue from the railway equipment business increased by 0.22% year-on-year, primarily due to growth in locomotive and passenger car sales[87]. - Revenue from urban rail and urban infrastructure business decreased by 6.01%, mainly due to a decline in urban rail vehicle sales[87]. - Modern service business revenue grew by 17.23%, driven by increased income from leasing and logistics services[87]. Assets and Liabilities - The total assets as of December 31, 2021, amounted to RMB 426.83 billion, an increase of 8.78% from RMB 392.38 billion in 2020[12]. - The total liabilities increased by 9.54% to RMB 244.53 billion in 2021, compared to RMB 223.24 billion in 2020[16]. - The equity attributable to shareholders increased by 3.88% to RMB 148.57 billion in 2021, compared to RMB 143.02 billion in 2020[14]. - The debt-to-asset ratio was 57.29%, an increase of 0.40 percentage points from the beginning of the year[75]. - Total borrowings, bonds, and notes amounted to approximately RMB 29,415 million as of December 31, 2021, an increase from RMB 23,141 million as of December 31, 2020[134]. Cash Flow - The net cash flow from operating activities was RMB 20.59 billion, a significant recovery from a negative cash flow of RMB 2.03 billion in 2020[18]. - The company reported a net cash inflow from operating activities of 20.593 billion RMB, a significant improvement from a net outflow of 2.032 billion RMB in the previous year[109]. - Cash flow from financing activities showed a net inflow of 7.111 billion RMB, compared to a net outflow of 3.953 billion RMB in the previous year[109]. Research and Development - Research and development expenses for 2021 were RMB 13.09 billion, slightly down from RMB 13.35 billion in 2020, indicating a focus on cost management[18]. - The company applied for 6,103 patents in 2021, achieving its best historical performance with 2 gold awards, 2 silver awards, and 13 excellence awards in the 22nd China Patent Awards[58]. Strategic Initiatives - The company implemented a technology innovation strategy, with the 600 km/h high-speed maglev transportation system selected as one of the top ten national key projects by state-owned enterprises in 2021[25]. - China CRRC launched a "dual carbon" action plan, leading the green low-carbon transformation and development[25]. - The company aims to achieve stable growth in 2022, focusing on high-quality development and the implementation of the "14th Five-Year" strategic plan[25]. - The company is committed to digital economy development as a key growth driver, accelerating the implementation of its "14th Five-Year" information development plan[25]. - The company aims to enhance its competitive edge in the entire industry chain of high-speed rail and other fields, promoting the development of advanced transportation equipment and technologies[158]. Market and Competition - The ongoing impact of the pandemic continues to suppress demand for railway passenger equipment, affecting the overall market[33]. - The company faces challenges from market demand shifts and intensified competition but remains optimistic about its strategic opportunities[151]. - The domestic market for rail transit equipment is experiencing increased competition due to the entry of state-owned, private, and foreign capital, leading to a structural adjustment in market demand[177]. International Business - The company aims to expand its international business by implementing the "14th Five-Year Plan" for international operations, focusing on overseas rail transit and new industry markets[45]. - CRRC has successfully expanded into new international markets, including Luxembourg, Greece, and Côte d'Ivoire, while securing new orders from countries such as the UAE, Pakistan, and Australia[63]. - The international rail transit market is expected to face a declining demand trend in 2022 due to ongoing global integration and trade protectionism[177]. Social Responsibility and Sustainability - China CRRC's social responsibility initiatives have significantly improved its social image and influence, contributing to rural revitalization efforts[24]. - The company is committed to promoting green and low-carbon transformation in transportation, aligning with ecological priorities and sustainable development goals[158]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 51.66 billion (including tax), which represents 50% of the net profit attributable to shareholders for the year 2021[188]. - The expected payment date for the cash dividend is on or before August 12, 2022, pending approval from the annual general meeting[190].

Financial Performance - In 2021, the company's operating revenue was CNY 225.73 billion, a decrease of 0.85% compared to CNY 227.66 billion in 2020[15]. - The net profit attributable to shareholders was CNY 10.30 billion, down 9.08% from CNY 11.33 billion in the previous year[15]. - The net profit excluding non-recurring gains and losses was CNY 7.52 billion, a decrease of 1.68% from CNY 7.65 billion in 2020[15]. - The net cash flow from operating activities was CNY 20.59 billion, a significant recovery from a negative cash flow of CNY -2.03 billion in 2020[15]. - As of the end of 2021, the total assets reached CNY 426.83 billion, an increase of 8.78% from CNY 392.38 billion at the end of 2020[15]. - The net assets attributable to shareholders were CNY 148.57 billion, reflecting a growth of 3.88% compared to CNY 143.02 billion in 2020[15]. - Basic earnings per share for 2021 was CNY 0.36, a decrease of 7.69% compared to 2020[16]. - The company reported a total of CNY 10,694,693 thousand in trading financial assets by the end of 2021, reflecting significant growth in this area[20]. - The company signed new orders worth approximately 221 billion RMB in 2021, with international business accounting for about 35 billion RMB[43]. - The total revenue for the year was 2,253.32 billion RMB, with the top five customers accounting for 43.78% of total sales, and the largest customer, China Railway Group, contributing 35.82%[53]. Cash Flow and Investments - The company reported a net cash inflow from operating activities of 20.593 billion RMB, a significant improvement from a net outflow of 2.032 billion RMB in the previous year[59]. - The company's cash and cash equivalents increased by approximately 45.06%, attributed to concentrated year-end collections[61]. - Long-term equity investments increased by 1.084 billion RMB, a rise of 6.73% compared to the beginning of the year, primarily due to additional investments in joint ventures[64]. - The company has entrusted cash asset management with a total amount of 7,520,000 thousand RMB from its own funds[199]. - The company has not reported any overdue amounts for entrusted financial management[199]. Strategic Initiatives and Future Plans - The company plans to enhance its digital economy development as a key growth driver, with a focus on technological innovation and modern industrial chain integration[21]. - The company aims to achieve stable growth and high-quality development in 2022, focusing on the implementation of its "14th Five-Year" strategic plan[22]. - The company is focusing on the development of new energy projects, including its first fully autonomous rooftop photovoltaic project and a wind power system solution[23]. - The company is actively pursuing international business opportunities, with a strategy that includes overseas greenfield investments and strategic acquisitions[32]. - The company plans to expand its market presence in international markets, focusing on Southeast Asia and Europe, aiming for a 20% increase in overseas revenue by 2023[102]. Research and Development - Research and development (R&D) expenses totaled 13,204.89 million RMB, representing 5.85% of operating revenue, with capitalized R&D accounting for 0.91%[55]. - The number of R&D personnel reached 35,083, making up 21.84% of the total workforce, with 398 holding doctoral degrees[56]. - The company applied for 6,103 patents in 2021, achieving its best results in the China Patent Awards with 2 gold, 2 silver, and 13 excellence awards[40]. - New product development initiatives include advancements in high-speed rail technology, with an investment of 10 billion RMB allocated for R&D in the next two years[103]. - The company is focusing on innovative market expansion strategies, leveraging overseas subsidiaries and local partners to strengthen target market development[92]. Environmental and Social Responsibility - The company is committed to promoting green and low-carbon transformation, releasing a "dual carbon" action plan in 2021[21]. - The company has made progress in ecological environment protection, aligning with Xi Jinping's ecological civilization thought and promoting high-quality development[152]. - The company has established a strict classification and management system for hazardous waste, ensuring safe disposal by qualified units[156]. - The company promotes the use of water-based coatings in its railway vehicles, significantly reducing environmental impact[156]. - The company is actively involved in poverty alleviation and rural revitalization efforts, investing in local projects and enhancing product sales channels in supported areas[167]. Corporate Governance - The company has maintained compliance with corporate governance regulations, enhancing operational management levels[94]. - The total remuneration for the chairman and president, Sun Yongcai and Lou Qiliang, is 84.85 million and 76.37 million CNY respectively for the reporting period[99]. - The company has established a comprehensive internal control system, which includes 68 risk management and internal control guidelines and manuals[148]. - The company has made improvements in corporate governance, addressing issues related to cumulative voting and attendance of independent directors[150]. - The company has a remuneration and assessment committee that proposes remuneration for directors and senior management to the board[114]. Market Competition and Challenges - The company faces challenges such as intensified industry competition and changes in market demand, but remains optimistic about its strategic opportunities[71]. - Market competition is intensifying, with increased participation from state-owned, private, and foreign enterprises in the rail transit sector, leading to potential structural adjustments in market demand[88]. - The company faces strategic risks due to structural changes in customer demand for rail equipment and the shift towards integrated lifecycle services[87]. - The ongoing COVID-19 pandemic poses challenges to the company's overseas operations, including restrictions on travel and supply chain disruptions[91]. - The company is focusing on developing new business models and optimizing its product offerings to adapt to changing market conditions and customer needs[89].