2025 年 12 月 23 日 业务结构优化，新产业破局 —中国中车（601766.SH）公司动态研究报告 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn 铁路装备作为核心主业，受益于干线铁路建设与检修后市场 需求，保持高速增长；新产业聚焦清洁能源装备（风电、储 能等），契合"双碳"战略，成为重要增长极；城轨与现代 服务业务稳步推进，多板块协同形成抗周期能力。2025 年前 三季度，公司实现总营收 1838.65 亿元，同比增长 20.49 %， 实现归母净利润 99.64 亿元，同比上升 37.53%。分业务来看 2025 年上半年公司铁路装备实现收入 597.06 亿元，同比增长 42.21%，主因动车组、货车业务需求旺盛。新产业业务收入 407.33 亿元，同比增长 35.59%，以清洁能源装备为核心增长 极，风电整机及零部件、储能设备、氢能装备等业务快速拓 展，"氢春号"氢能源有轨电车正式运行，"启航号"漂浮 式风机完成并网试运行。城轨与城市基础设施业务收入 174.02 亿元，同比增长 6.27%，主因城轨地铁车辆新造业务 增加。 -30 ...

Core Viewpoint - China CRRC (601766.SH) has reported significant contract signings in the past three months, with a total amount of approximately 53.31 billion yuan, highlighting the importance of its new energy business, particularly in wind and energy storage equipment [1][2]. Group 1: Recent Contract Signings - China CRRC and its subsidiaries signed several major contracts totaling approximately 53.31 billion yuan, with wind and energy storage equipment contracts amounting to about 16.65 billion yuan [1]. - The breakdown of the contracts includes: - High-level maintenance contracts for EMUs totaling approximately 12.04 billion yuan - Urban rail vehicles, equipment sales, and maintenance contracts totaling approximately 11.16 billion yuan - Locomotive sales and maintenance contracts totaling approximately 9.95 billion yuan - Sales contracts for power concentrated EMUs totaling approximately 2.21 billion yuan - Bus repair contracts totaling approximately 1.3 billion yuan - These contracts represent about 21.6% of the company's projected revenue for 2024 [1]. Group 2: New Energy Business Growth - The new energy business of China CRRC has shown continuous breakthroughs, becoming a major highlight of the company's new orders [2]. - From December 2024 to May 2025, China CRRC secured contracts worth 5.36 billion yuan for wind and energy storage equipment, followed by an additional 4.03 billion yuan in contracts from May to July [2]. - In November, domestic wind power integrators collectively won bids for 10,512 MW, with China CRRC Zhuzhou leading at 1,986 MW, followed by Mingyang Smart Energy (601615.SH) and Dongfang Electric (600875.SH) [2]. - The company’s revenue from urban rail and city infrastructure reached 27.288 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.99%, while revenue from new industries, including clean energy, increased by 31.91% to 66.097 billion yuan, accounting for 36% of total revenue [2].

Core Viewpoint - China CRRC (601766) has recently signed several major contracts totaling approximately 53.31 billion yuan, which accounts for about 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [1]. Group 1: Major Contracts - The contracts include approximately 16.65 billion yuan for wind power and energy storage equipment sales with companies such as China Electric Power Construction Group and China Resources New Energy [4]. - Contracts worth about 12.04 billion yuan for high-level maintenance of train sets were signed with various subsidiaries of China National Railway Group [4]. - Sales and maintenance contracts for urban rail vehicles and equipment totaling approximately 11.16 billion yuan were signed with Hefei Urban Rail Group, Shenyang Metro Group, and the São Paulo Metro in Brazil [4]. - Contracts for locomotive sales and maintenance amounting to about 9.95 billion yuan were signed with subsidiaries of China National Railway Group and other companies [4]. - A total of approximately 2.21 billion yuan in contracts for the sale of power concentrated train sets was signed with China National Railway Group [4]. - Additionally, contracts worth about 1.3 billion yuan for passenger car repairs were signed with subsidiaries of China National Railway Group [5]. Group 2: Financial Performance - For the first three quarters of 2025, China CRRC reported revenue of 183.865 billion yuan, representing a year-on-year increase of 20.49%, and a net profit of 9.964 billion yuan, up 37.53% year-on-year [5]. - The increase in revenue is primarily attributed to growth in railway equipment and new industry business [5]. Group 3: Spin-off Plans - China CRRC is advancing plans to spin off its subsidiary CRRC Qichao for listing on the Shenzhen Stock Exchange's ChiNext, which will not affect the company's ownership structure [6]. - The spin-off aims to allow China CRRC to focus on its core businesses, including railway equipment, urban rail and infrastructure, new industries, and modern services [6]. - The establishment of CRRC Qichao as an independent platform will enhance its specialization and competitiveness in high-end equipment and system solutions, contributing to its sustainable high-quality development [6].

来源：格隆汇APP 格隆汇12月17日｜中国中车公告，下属企业近期签订若干项重大合同，合计金额约533.1亿元人民币。 具体包括：下属企业与中国电建集团中南勘测设计研究院有限公司、华润新能源（伊吾）有限公司、中 绿电（若羌）储能科技有限公司、内蒙古能源集团化德电储新能源有限公司等分别签订了总计约166.5 亿元人民币的风电设备销售合同和储能设备销售合同；下属动车企业与中国国家铁路集团有限公司下属 各路局公司分别签订了总计约120.4亿元人民币的动车组高级修合同；下属企业与合肥市轨道交通集团 有限公司、沈阳地铁集团有限公司、巴西圣保罗地铁4号线特许经营公司等分别签订了总计约111.6亿元 人民币的城轨车辆、设备销售及维保合同。 ...

12月17日晚，中国中车（601766）公告披露，公司及下属企业于近期（主要为2025年9月至12月）签订了若干项重大合同，合计金额约533.1亿元，占公司 2024年营业收入的21.6%。 值得关注的是，在若干项重大合同中，风电设备和储能设备累计合同金额高达166.5亿元。 公告显示，中国中车下属企业与中国电建集团中南勘测设计研究院有限公司、华润新能源（伊吾）有限公司、中绿电（若羌）储能科技有限公司、内蒙古 能源集团化德电储新能源有限公司等分别签订了总计约166.5亿元的风电设备销售合同和储能设备销售合同。 作为全球规模领先、品种齐全、技术一流的轨道交通装备和重要的清洁能源装备供应商，中国中车正加快向"制造+服务"和系统解决方案提供商转型。其 中，公司依托轨道交通装备领域积累的核心技术优势，已构建起覆盖风电全产业链的产业格局，产品涵盖发电机、叶片、塔筒、变流器、齿轮箱、变压器 等关键零部件的完整产业链。 在技术创新方面，中国中车持续突破，近期推出的12MW级超大功率高速传动系统永磁风力发电机，融合双馈与中速永磁技术路线的优势，进一步巩固了 其在高端风电装备领域的竞争力。 铁路设备和新产业齐头并进 2025年 ...

Core Viewpoint - China CRRC (01766.HK) has recently signed several significant contracts totaling approximately 53.31 billion RMB, primarily for the period from September to December 2025, indicating strong demand in the wind power, energy storage, and rail transport sectors [1][2] Group 1: Contract Details - The company’s subsidiaries signed contracts worth approximately 16.65 billion RMB for wind power and energy storage equipment sales with various firms including China Electric Power Construction Group and China Resources New Energy [1] - Contracts totaling about 12.04 billion RMB for advanced maintenance of high-speed trains were signed with various subsidiaries of China National Railway Group [1] - The company’s subsidiaries entered into contracts worth around 11.16 billion RMB for urban rail vehicles, equipment sales, and maintenance with entities such as Hefei Urban Rail Group and Shenyang Metro Group [1] Group 2: Additional Contracts - Contracts worth approximately 9.95 billion RMB for locomotive sales and maintenance were signed with China National Railway Group and other companies including Kazakhstan National Railway Freight Transportation [2] - The company’s subsidiaries signed contracts totaling about 2.21 billion RMB for the sale of power concentration high-speed trains with China National Railway Group [2] - Contracts amounting to approximately 1.3 billion RMB for passenger car repairs were signed with subsidiaries of China National Railway Group [2] Group 3: Financial Impact - The total value of these contracts represents about 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [2]

Core Viewpoint - China CRRC (601766) has announced the signing of several significant contracts totaling approximately 53.31 billion RMB, primarily scheduled between September and December 2025 [1][2] Group 1: Wind and Energy Contracts - The company's subsidiaries signed contracts worth approximately 16.65 billion RMB for wind power and energy storage equipment sales with various entities, including China Electric Power Construction Group and China Green Power [1] Group 2: High-Speed Train Maintenance Contracts - The company's subsidiaries entered into contracts totaling about 12.04 billion RMB for advanced maintenance of high-speed trains with China National Railway Group's various regional companies [2] Group 3: Urban Rail Vehicle and Equipment Contracts - Contracts worth approximately 11.16 billion RMB were signed for urban rail vehicles, equipment sales, and maintenance with entities such as Hefei Urban Rail Group and Shenyang Metro Group [1] Group 4: Locomotive Sales and Maintenance Contracts - The company's locomotive subsidiaries signed contracts totaling around 9.95 billion RMB for locomotive sales and maintenance with China National Railway Group and Kazakhstan National Railway [2] Group 5: Additional Train Contracts - Additional contracts were signed for the sale of power concentrated trains worth about 2.21 billion RMB and passenger car repair contracts totaling approximately 1.3 billion RMB with China National Railway Group [2] Group 6: Revenue Impact - The total value of these contracts represents approximately 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [2]

4. 本公司下属机车企业与中国国家铁路集团有限公司下属各路局公司、中铁十一局集团第三工程有限公 司、哈萨克斯坦国家铁路货运有限责任公司(KTZFreight Transportation LLC)等分别签订了总计约99.5亿 元人民币的机车销售及维保合同。 5. 本公司下属动车企业与中国国家铁路集团有限公司分别签订了总计约22.1亿元人民币的动力集中动车 组销售合同。 智通财经APP讯，中国中车(01766)发布公告，本公司及下属企业于近期(主要为2025年9月至12月)签订 了若干项重大合同，合计金额约533.1亿元人民币，具体情况如下： 1. 本公司下属企业与中国电建集团中南勘测设计研究院有限公司、华润新能源(伊吾)有限公司、中绿电 (若羌)储能科技有限公司、内蒙古能源集团化德电储新能源有限公司等分别签订了总计约166.5亿元人民 币的风电设备销售合同和储能设备销售合同。 2. 本公司下属动车企业与中国国家铁路集团有限公司下属各路局公司分别签订了总计约120.4亿元人民 币的动车组高级修合同。 3. 本公司下属企业与合肥市轨道交通集团有限公司、沈阳地铁集团有限公司、巴西圣保罗地铁4号线特 许经营公司(CO ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何 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 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 中國中車股份有限公司（「本公司」）及下屬企業於近期（主要為2025年9月至12月）簽訂 了若干項重大合同，合計金額約533.1億元人民幣，具體情況如下： 1 1. 本公司下屬企業與中國電建集團中南勘測設計研究院有限公司、華潤新能源（伊 吾）有限公司、中綠電（若羌）儲能科技有限公司、內蒙古能源集團化德電儲新能 源有限公司等分別簽訂了總計約166.5億元人民幣的風電設備銷售合同和儲能設 備銷售合同。 2. 本公司下屬動車企業與中國國家鐵路集團有限公司下屬各路局公司分別簽訂了 總計約120.4億元人民幣的動車組高級修合同。 3. 本公司下屬企業與合肥市軌道交通集團有限公司、瀋陽地鐵集團有限公司、 巴西聖保羅地鐵4號線特許經營公司(CONCESSIONÁRIA D ...

Core Viewpoint - China CNR Corporation Limited (601766) has announced the signing of significant contracts totaling approximately 53.31 billion RMB from September to December 2025, indicating strong future revenue prospects for the company [1] Contract Details - The contracts include a 16.65 billion RMB wind power equipment sales contract with China Electric Power Construction Group [1] - A 12.04 billion RMB advanced maintenance contract for train sets with various subsidiaries of China National Railway Group [1] - A 11.16 billion RMB sales and maintenance contract for urban rail vehicles with Hefei Urban Rail Transit Group [1] - A 9.95 billion RMB sales and maintenance contract for locomotives with subsidiaries of China National Railway Group [1] - A 2.21 billion RMB sales contract for power concentrated train sets with China National Railway Group [1] - A 1.3 billion RMB repair contract for passenger cars with subsidiaries of China National Railway Group [1] Revenue Impact - The total value of these contracts represents approximately 21.6% of the company's projected revenue for 2024 [1]