Ge Long Hui A P P·2025-09-09 10:00Core Viewpoint - China CRRC achieved a net profit attributable to shareholders of 7.246 billion yuan in the first half of the year, representing a year-on-year increase of 72% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.193 billion yuan, showing a year-on-year increase of 31% and a quarter-on-quarter increase of 37% [1] - For H1 2025, revenue from railway equipment reached 59.706 billion yuan, up 42% year-on-year, driven by the positive development of domestic railway passenger and freight transport, as well as railway construction [1] - Urban rail business revenue was 17.402 billion yuan, reflecting a year-on-year increase of 6%, aligning with initial expectations [1] - New industries generated revenue of 40.733 billion yuan, a year-on-year increase of 36%, benefiting from the growth in orders for clean energy equipment such as wind power and energy storage [1] - Modern services revenue was 1.917 billion yuan, up 16% year-on-year [1] Market Outlook - The China National Railway Group's bidding this year has already surpassed the total amount for 2024, indicating continued optimism for the rail transit industry [1] Shareholder Returns - The company emphasizes shareholder returns, with a high interim dividend payout ratio. It plans to distribute a cash dividend of 3.157 billion yuan (before tax), accounting for 43.57% of the net profit attributable to shareholders for H1 2025 [1] Rating - The company maintains an "overweight" rating [1]