Core Viewpoint - China CNR Corporation Limited (601766.SH) reported its Q3 2025 results, showing a slight increase in revenue but a decline in net profit compared to the previous year [1] Financial Performance - Q3 2025 revenue reached 64.107 billion yuan, representing a year-on-year increase of 2.50% [1] - The net profit attributable to shareholders for Q3 2025 was 2.719 billion yuan, a year-on-year decrease of 10.70% [1] - For the first three quarters of 2025, total revenue was 183.865 billion yuan, reflecting a year-on-year growth of 20.49% [1] - The net profit attributable to shareholders for the first three quarters was 9.964 billion yuan, showing a year-on-year increase of 37.53% [1] - Basic earnings per share for the first three quarters stood at 0.35 yuan [1] Business Segments - The increase in revenue compared to the same period last year was primarily driven by growth in the railway equipment business and new industry sectors [1]

Core Viewpoint - China CNR Corporation Limited (01766.HK) announced a strategic acquisition to enhance its high-end intelligent equipment manufacturing base in Beijing and expand its presence in the urban rail transit market by acquiring 100% equity of Beijing CRRC Equipment Technology Co., Ltd. for RMB 186 million [1] Group 1: Acquisition Details - The acquisition agreement was signed between Changchun Railway Vehicles Co., Ltd. (a non-wholly owned subsidiary of the company) and the Second Railway Locomotive Works Co., Ltd. [1] - Following the completion of the transaction, the Second Railway Locomotive Works will no longer hold any equity in the Equipment Technology Company, which will become a wholly-owned subsidiary of Changchun Railway Vehicles [1] Group 2: Financial Support and Implications - Prior to the transaction, CRRC Group provided financial assistance to the Equipment Technology Company amounting to RMB 2.533 billion, with an annual interest rate between 2.4% and 2.6% [1] - The financial assistance is subject to a maximum term of five years and will be repaid through capital increases or loans by Changchun Railway Vehicles after the acquisition [1]

Core Viewpoint - China CNR Corporation Limited (601766) (01766) aims to establish a high-end intelligent equipment manufacturing demonstration base in Beijing to expand its urban rail transit market and support the development of its strategic new industries [1] Group 1: Transaction Details - On October 30, 2025, Changchun Railway Vehicles Co., Ltd. (a non-wholly owned subsidiary of the company) signed a share transfer agreement with the Erqi Locomotive Company [1] - According to the agreement, Changchun Railway Vehicles will acquire 100% equity of the Equipment Technology Company for approximately RMB 186 million [1] - Following the completion of this transaction, Erqi Locomotive Company will no longer hold any equity in the Equipment Technology Company, which will become a wholly-owned subsidiary of Changchun Railway Vehicles [1] Group 2: Strategic Implications - The primary asset of the Equipment Technology Company is the Douduan Industrial Park, which will provide essential space and resources for Changchun Railway Vehicles [1] - This acquisition will help the company overcome existing capacity and business layout bottlenecks, facilitating the implementation of strategic new businesses such as intelligent equipment and new materials [1] - The transaction supports the company's strategic goal of creating a hub for high-end, green, and intelligent solutions for the entire lifecycle of urban rail transit and clean energy equipment in Beijing [1]

Core Viewpoint - China CNR Corporation Limited (01766) aims to establish a high-end intelligent equipment manufacturing demonstration base in Beijing and expand its urban rail transit market in the city through a strategic acquisition [1] Group 1: Acquisition Details - Changchun Railway Vehicles Co., Ltd. (a non-wholly owned subsidiary of the company) has signed a share transfer agreement with the Erqi Locomotive Company to acquire 100% equity of the Equipment Technology Company for approximately RMB 186 million [1] - Following the completion of this transaction, Erqi Locomotive Company will no longer hold any equity in the Equipment Technology Company, which will become a wholly-owned subsidiary of Changchun Railway Vehicles Co., Ltd. [1] Group 2: Strategic Implications - The primary asset of the Equipment Technology Company is the Douduan Industrial Park, which will provide essential space and resources for the development of the company [1] - This acquisition is expected to help the company overcome existing capacity and business layout bottlenecks, facilitating the implementation of strategic new businesses such as intelligent equipment and new materials [1] - The move supports the company's strategic goal of creating a high-end, green, and intelligent system solution industry cluster for the entire lifecycle of urban rail transit and clean energy equipment in Beijing [1]

Core Viewpoint - China CNR Corporation Limited (01766.HK) announced a strategic acquisition to enhance its high-end intelligent equipment manufacturing base in Beijing and expand its presence in the urban rail transit market [1] Group 1: Acquisition Details - Changchun Railway Vehicles Co., Ltd. (a non-wholly owned subsidiary of the company) entered into a share transfer agreement with the No. 2 Locomotive and Rolling Stock Works, agreeing to acquire 100% equity of Beijing CRRC Equipment Technology Co., Ltd. for RMB 186 million [1] - Following the completion of this transaction, the No. 2 Locomotive and Rolling Stock Works will no longer hold any equity in the Equipment Technology Company, which will become a wholly-owned subsidiary of Changchun Railway Vehicles [1] Group 2: Financial Support and Implications - Prior to the transaction, CRRC Group provided financial assistance to the Equipment Technology Company amounting to RMB 2.533 billion, with an annual interest rate of 2.4% to 2.6%, depending on the actual loan term [1] - The financial assistance is to be repaid through capital increases or loans by Changchun Railway Vehicles after the acquisition, and will be classified as related party financial assistance [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 關連交易公告 1. 引言 為打造本公司在京高端智能裝備製造示範基地，拓展北京市城市軌道交通市場 以及支持本公司戰新產業發展的需要，於2025年10月30日，長客股份公司（本 公司的非全資附屬公司）與二七機車公司訂立股權轉讓協議，據此，長客股份 公司同意收購且二七機車公司同意出售裝備科技公司100%股權，代價為人民幣 18,620.90萬元。本次交易完成後，二七機車公司將不再持有裝備科技公司任何 股權，裝備科技公司將成為長客股份公司的全資附屬公司。 長客股份公司收購二七機車公司將所持裝備科技公司100%股權 訂立股權轉讓協議 為打造本公司在京高端智能裝備製造示範基地，拓展北京市城市軌道交通市場以 及支持本公司戰新產業發展的需要，於2025年10月30日，長客股份公司（ ...

Core Viewpoint - China CNR Corporation Limited reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit [1][2]. Financial Performance - For the first three quarters of 2025, China CNR achieved operating revenue of 183.865 billion yuan, a year-on-year increase of 20.49% [1]. - The net profit attributable to shareholders was 9.964 billion yuan, reflecting a year-on-year growth of 37.53% [1]. - The net profit after deducting non-recurring gains and losses was 9.096 billion yuan, up 51.67% year-on-year [1]. Business Segments - The railway equipment business generated operating revenue of 87.717 billion yuan, marking a year-on-year increase of 22.23%, primarily driven by increased revenue from multiple units [2]. - New industry businesses showed robust growth, with operating revenue of 66.097 billion yuan, up 31.91% year-on-year [2]. - The urban rail and urban infrastructure business achieved revenue of 27.288 billion yuan, while the modern service business generated 2.764 billion yuan [2]. Innovation and Development - China CNR is focusing on innovation to drive business development, enhancing product research and development to offer smarter, more efficient, and environmentally friendly solutions [3]. - The company secured new orders totaling approximately 247.2 billion yuan in the first three quarters, including 46.7 billion yuan in overseas orders [3]. - Recent exhibitions showcased innovations in advanced manufacturing, including high-speed freight trains and hydrogen-powered trains, emphasizing the integration of automation, lean management, and green technology [3]. - Looking ahead, the company aims to promote high-quality development and establish a new industrial development pattern focusing on rail transportation and clean energy equipment [3].

Core Insights - China CNR Corporation Limited (01766) reported a revenue of approximately 183.87 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.49% [1] - The net profit attributable to shareholders was around 9.96 billion yuan, reflecting a year-on-year growth of 37.53% [1] - Basic earnings per share stood at 0.35 yuan [1] Revenue Breakdown - The increase in revenue was primarily driven by growth in the railway equipment and new industry sectors [1] - Revenue contributions from various segments were as follows: railway equipment business accounted for 47.71%, urban rail and infrastructure business 14.84%, new industry business 35.95%, and modern service business 1.50% [1]

Core Viewpoint - China CNR Corporation Limited (01766.HK) reported its Q3 2025 results, showing a slight increase in revenue but a decline in net profit compared to the previous year [1] Financial Performance - The company's Q3 revenue reached 64.107 billion yuan, representing a year-on-year growth of 2.50% [1] - Net profit for Q3 was 2.719 billion yuan, which is a decrease of 10.70% year-on-year [1] - Basic earnings per share for Q3 stood at 0.09 yuan [1] Year-to-Date Performance - For the first three quarters of 2025, the total revenue was 183.865 billion yuan, reflecting a year-on-year increase of 20.49% [1] - Net profit for the first three quarters amounted to 9.964 billion yuan, showing a significant year-on-year growth of 37.53% [1] - Basic earnings per share for the first three quarters was reported at 0.35 yuan [1]

Financial Performance - Operating revenue for Q3 2025 was RMB 64,106,958 thousand, representing a 2.50% increase compared to the same period last year[8]. - Net profit attributable to shareholders decreased by 10.70% to RMB 2,718,596 thousand from RMB 3,044,125 thousand in the previous year[8]. - The net profit after deducting non-recurring gains and losses was RMB 2,434,557 thousand, down 7.68% year-on-year[8]. - Operating revenue increased by 20.49% year-on-year, primarily due to growth in railway equipment and new industry businesses[15]. - Railway equipment business revenue reached 87.72 billion RMB, up 22.23% from the previous year, driven by increased sales of high-speed trains[16]. - New industry business revenue increased by 31.91% year-on-year, totaling 66.10 billion RMB, mainly due to growth in clean energy equipment sales[18]. - Net profit attributable to shareholders increased by approximately 37.53% year-on-year, driven by higher product sales[16]. - Total operating revenue for the first three quarters of 2025 reached RMB 183,865,085 thousand, a 20.5% increase from RMB 152,592,557 thousand in the same period of 2024[38]. - Net profit for the first three quarters of 2025 was RMB 12,580,111 thousand, up 33.4% from RMB 9,470,643 thousand in 2024[39]. - Operating profit for the first three quarters of 2025 was RMB 14,621,908 thousand, compared to RMB 10,769,338 thousand in 2024, reflecting a growth of 36.5%[38]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 569,815,152 thousand, an increase of 11.11% compared to the end of the previous year[8]. - The total liabilities increased to RMB 332,020,268 as of September 30, 2025, compared to RMB 278,675,937 at the end of 2024, marking a rise of about 19.1%[34]. - The total liabilities increased to RMB 357,479,227 thousand as of September 30, 2025, from RMB 302,599,925 thousand at the end of 2024, marking a rise of 18.1%[35]. - The company's total assets reached RMB 569,815,152 as of September 30, 2025, compared to RMB 512,845,527 at the end of 2024, indicating an increase of about 11.1%[34]. - The total current assets amounted to RMB 393,975,284, an increase from RMB 346,314,419 as of December 31, 2024, reflecting a growth of approximately 13.8%[33]. - The inventory level rose significantly to RMB 112,392,597 as of September 30, 2025, up from RMB 78,951,355 at the end of 2024, representing a growth of approximately 42.3%[33]. - The total equity attributable to shareholders of the parent company was RMB 169,791,490 thousand as of September 30, 2025, compared to RMB 168,799,788 thousand at the end of 2024[35]. Cash Flow - Cash flow from operating activities showed a net outflow of 11.53 billion RMB, compared to a net inflow of 7.55 billion RMB in the same period last year[17]. - Cash flow from operating activities showed a net outflow of RMB 11,527,861 thousand in the first three quarters of 2025, compared to a net inflow of RMB 7,545,223 thousand in 2024[44]. - Cash flow from financing activities generated a net inflow of 4.13 billion RMB, a significant improvement from a net outflow of 8.89 billion RMB last year[17]. - Net cash flow from financing activities improved to RMB 4,128,942 in 2025, recovering from a negative RMB 8,893,448 in 2024[46]. - Cash inflow from operating activities was RMB 191,220 in 2025, significantly lower than RMB 421,910 in 2024, highlighting challenges in operational cash generation[57]. - Net cash flow from investing activities for the first three quarters of 2025 was -RMB 14,713,381, compared to -RMB 9,094,141 in 2024, indicating increased investment outflows[46]. Investments and Contracts - The company signed new contracts worth approximately 247.2 billion RMB during the first nine months of 2025, including about 46.7 billion RMB from international business[18]. - Investment income increased by approximately 35.79% year-on-year, mainly due to higher returns from investments in joint ventures[16]. - The company completed the acquisition of 100% equity in a subsidiary, which resulted in restated figures for the previous year[9]. Shareholder Information - The number of A-share shareholders was reported at 496,183, while H-share shareholders numbered 2,036 as of the report date[25]. - The company’s major shareholder, CRRC Group, held a total of 14,765,441,250 shares, representing approximately 51.45% of the total issued shares[24]. Corporate Governance - The company appointed new executives, including a new chairman and several vice presidents, following the recent board elections[27]. - The company decided to abolish the supervisory board during the extraordinary shareholders' meeting held on September 22, 2025[29].