Zhi Tong Cai Jing·2025-08-22 12:02Core Viewpoint - China CNR Corporation (601766) reported a significant increase in revenue and net profit for the mid-2025 period, indicating strong growth in its railway equipment and new industries segments [1][2]. Revenue Breakdown - Total revenue reached 119.758 billion RMB, a year-on-year increase of 32.99% [1] - Revenue from railway equipment, urban rail, new industries, and modern services accounted for 49.86%, 14.53%, 34.01%, and 1.60% of total revenue, respectively [1]. Segment Performance - Railway equipment revenue increased by 42.21% year-on-year, driven by growth in high-speed trains and freight cars [1] - Urban rail and infrastructure revenue grew by 6.27%, primarily due to increased new construction of urban rail vehicles [1] - New industries revenue rose by 35.59%, mainly from increased sales of clean energy equipment [2] - Modern services revenue increased by 16.39%, attributed to higher service income [2]. Cost Analysis - Operating costs increased by 37.69% for railway equipment, 5.22% for urban rail, 40.74% for new industries, and 21.06% for modern services, reflecting the growth in revenue across all segments [1][2]. Order Intake - The company secured new orders totaling approximately 146 billion RMB, with about 30.9 billion RMB from overseas [3]. - Revenue from mainland China increased by 36.84%, while revenue from other countries rose by 8.43%, driven by increased orders for overseas high-speed trains and freight cars [3].