智通财经APP获悉，瑞银发布研报称，中国中车(01766)2025年上半年收入及净利润同比增长33%及 72%，达1,200亿元及72亿元人民币，大致符合盈利预警。期内毛利率及净利率同比升0.4及1.4个百分 点，主要受惠于产品结构升级。公司宣派中期息每股0.11元人民币，派息率达43.6%。虽然中期派息率 未达去年平均水平，但管理层指全年派息率不会低于过往水平。该行将中国中车目标价由6.6港元升至 7.5港元，维持"买入"评级。 ...

相关事件 大行评级｜瑞银：上调中国中车目标价至7.5港元 维持"买入"评级 中国中车(601766.SH)：上半年净利润 72.46亿元，同比增长72.48% 大行评级｜瑞银：上调中国中车目标价至7.5港元 维持"买入"评级 中国中 车(601766.SH)：上半年净利润72.46亿元，同比增长72.48% 瑞银发表研报指，中国中车上半年收入及净利润按年增长33%及72%，达1200亿元及72亿元，大致符合 盈利预警。期内毛利率及净利率按年升0.4及1.4个百分点，主要受惠于产品结构升级。公司宣派中期息 每股0.11元，派息率达43.6%。虽然中期派息率未达去年平均水平，但管理层指全年派息率不会低于过 往水平。该行将中国中车目标价由6.6港元上调至7.5港元，维持"买入"评级。 ...

Core Viewpoint - China CNR Corporation Limited (01766) experienced a stock price increase of over 5% following the release of its mid-term performance report for 2025, with a reported price of HKD 6.47 and a trading volume of HKD 87.73 million [1] Financial Performance - The company reported a revenue of RMB 119.76 billion, representing a year-on-year growth of 32.99% [1] - Net profit attributable to shareholders reached RMB 7.25 billion, showing a significant increase of 72.48% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.25 [1] Revenue Breakdown - Revenue contributions from various segments include: - Railway equipment: 49.86% - Urban rail and infrastructure: 14.53% - New industries: 34.01% - Modern services: 1.60% [1] Segment Performance - The railway equipment segment saw a revenue increase of 42.21% year-on-year, driven by growth in the high-speed train and freight car businesses [1] - Operating costs increased by 37.69% year-on-year, which was lower than the revenue growth due to differences in product types [1] Order Intake - The company secured new orders totaling approximately RMB 146 billion during the reporting period, with around RMB 30.9 billion coming from overseas orders [1]

Core Viewpoint - China CNR Corporation (601766)(01766) experienced a stock price increase of over 5% following the release of its mid-term performance report for 2025, with a current price of 6.47 HKD and a trading volume of 87.73 million HKD [1] Financial Performance - The company reported a revenue of 119.758 billion RMB, representing a year-on-year growth of 32.99% [1] - Net profit attributable to shareholders reached 7.246 billion RMB, showing a significant increase of 72.48% compared to the previous year [1] - Basic earnings per share were reported at 0.25 RMB [1] Revenue Breakdown - Revenue contributions from various business segments include: - Railway equipment: 49.86% - Urban rail and infrastructure: 14.53% - New industries: 34.01% - Modern services: 1.60% [1] - The railway equipment segment saw a revenue increase of 42.21%, driven by growth in the high-speed train and freight car businesses [1] Cost Analysis - Operating costs increased by 37.69% year-on-year, primarily due to the rise in revenue [1] - The growth in costs was lower than the revenue increase due to differences in product types [1] Order Intake - The company secured new orders totaling approximately 146 billion RMB during the reporting period, with around 30.9 billion RMB coming from overseas orders [1]

Core Viewpoint - China CRRC (601766) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1] Financial Performance - Total revenue reached 119.758 billion yuan, a year-on-year increase of 32.99% [1] - Net profit attributable to shareholders was 7.246 billion yuan, up 72.48% year-on-year [1] - In Q2 2025, revenue was 71.087 billion yuan, reflecting a 22.85% increase year-on-year, while net profit for the quarter was 4.193 billion yuan, up 31.32% [1] - Gross margin improved to 21.81%, an increase of 1.9% year-on-year, and net margin rose to 7.45%, up 21.65% [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 8.627 billion yuan, accounting for 7.2% of revenue, a decrease of 18.46% year-on-year [1] - Significant changes in financial items included a 50.32% increase in other current assets due to large certificate purchases and a 30.76% rise in employee compensation payable [1] Cash Flow and Assets - Cash flow per share was -0.31 yuan, a decrease of 588.67% year-on-year, indicating potential liquidity concerns [1] - The company’s net asset per share increased to 5.92 yuan, up 5.95% year-on-year [1] Market Position and Investment Sentiment - The company’s return on invested capital (ROIC) was reported at 6.7%, indicating average capital returns [2] - Analysts expect the company's performance in 2025 to reach 13.669 billion yuan, with an average earnings per share of 0.47 yuan [2] Fund Holdings - The largest fund holding China CRRC is the Bosera Central Enterprise Innovation Driven ETF, which increased its holdings to 13.6793 million shares [3] - Other funds, including the Harvest Central Enterprise Innovation ETF and the Guangfa Central Enterprise Innovation ETF, also increased their positions in the company [3]

Core Viewpoint - The company plans to distribute a cash dividend of RMB 31.57 billion to shareholders, amounting to RMB 1.10 per 10 shares, based on the total share capital as of June 30, 2025 [1] Group 1: Company Overview - The company is known as China CRRC Corporation Limited, with stock codes 601766 for A-shares and 1766 for H-shares [5] - As of the report period, the total number of A-share shareholders is 511,114, while H-share shareholders number 2,060 [3] - The controlling shareholder, CRRC Group Co., Ltd., holds 14,765,441,250 shares, representing approximately 51.45% of the total issued shares [3] Group 2: Financial Data - The company completed the acquisition of 100% equity in a subsidiary, which resulted in a re-statement of the previous year's financial data [2] - The report indicates that the financial data is presented in thousands of RMB [2] Group 3: Important Events - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit and risk management committee of the board [5] - Amendments to the company's articles of association and related rules are proposed to enhance corporate governance and comply with regulatory requirements [5][7]

Core Insights - China CRRC reported a significant increase in net profit by 72.48% year-on-year, reaching 7.246 billion RMB in the first half of 2025, driven by strong revenue growth and new orders [3] - The company achieved total revenue of 119.758 billion RMB, marking a 32.99% increase compared to the previous year, with new orders totaling approximately 146 billion RMB, including 30.9 billion RMB from overseas [3] - The railway equipment business remains the largest revenue contributor, accounting for 49.86% of total revenue, followed by new industries at 34.01% [3][4] Revenue Breakdown - The railway equipment business saw a revenue increase of 42.21% year-on-year, generating 59.706 billion RMB [4] - New industries, particularly in clean energy equipment, reported a revenue increase of 35.59%, totaling 40.733 billion RMB [4][5] - The company’s revenue composition includes railway equipment (49.86%), urban rail and infrastructure (14.53%), new industries (34.01%), and modern services (1.60%) [3] Strategic Developments - China CRRC is focusing on optimizing its layout and structural adjustments, enhancing its position in the rail transit equipment industry [3] - The company is expanding its new industries, which include wind power equipment, new materials, and other emerging sectors such as solar energy and hydrogen [5] - A total of 69.4 billion RMB was invested in R&D during the reporting period, representing 5.79% of total revenue, with 1,630 new patent applications filed [5]

Core Points - The company held the 19th meeting of the third Supervisory Board, where several key resolutions were passed regarding the 2025 semi-annual report and profit distribution [1][2][3] Group 1: 2025 Semi-Annual Report - The Supervisory Board approved the 2025 semi-annual report, confirming that the preparation and review processes complied with legal and regulatory requirements, and the report's content is true, accurate, and complete [1][3] Group 2: Profit Distribution Plan - The profit distribution plan for the first half of 2025 was approved, proposing a cash dividend of 1.1 RMB per 10 shares, totaling approximately 3.157 billion RMB, based on a total share capital of 28,698,864,088 shares as of June 30, 2025 [2][3] - The plan considers the company's profitability, cash flow, and funding needs, ensuring no harm to minority shareholders' interests [3] Group 3: Governance Changes - The company decided to abolish the Supervisory Board, transferring its powers to the Audit and Risk Management Committee of the Board, and corresponding amendments to the company's articles of association were approved [2][3] - Revised rules for shareholder meetings were also approved, which will be submitted for shareholder approval [3]

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：临 2025-032 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 第三届董事会第三十五次会议决议公告 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，并对其内容的真实性、准确性、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）第三届董事会第三十五次会议 于 2025 年 8 月 8 日以书面形式发出通知，于 2025 年 8 月 22 日以现场与通讯相 结合的方式在北京召开。会议应到董事 6 人，实到董事 6 人。公司监事、部分高 级管理人员及有关人员列席了会议。本次会议的召开符合有关法律、行政法规、 部门规章和《中国中车股份有限公司章程》的有关规定。 会议由董事长孙永才先生主持，经过有效表决，会议形成以下决议： 一、审议通过《关于中国中车股份有限公司 2025 年半年度报告的议案》 同意公司 2025 年半年度报告。由于公司财务总监已辞职，同意公司副总裁 王锋先生在公司聘任新任财务总监之前代行财务负责人职责并签署相关文件。 表决结果：同意票 6 票，反对 ...

（编辑 任世碧） 证券日报网讯 8月22日晚间，中国中车发布2025年半年度报告摘要称，2025年半年度公司实现营业收入 119，758，127千元，同比增长32.99%；归属于上市公司股东的净利润为7，245，652千元，同比增长 72.48%。 ...