Chang Jiang Shang Bao·2025-12-01 04:38Core Viewpoint - China CRRC plans to spin off its subsidiary CRRC Qishao for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance business focus and specialization in key sectors [1][3][4]. Group 1: Business Focus and Performance - The spin-off will allow China CRRC to concentrate on its core businesses, including railway equipment, urban rail and infrastructure, new industries, and modern services [1][4]. - For the first three quarters of 2025, China CRRC reported a revenue of 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit of 9.96 billion yuan, up 37.53% [1][6]. - The company anticipates that its total revenue for 2025 could exceed 280 billion yuan, setting a new historical record [8]. Group 2: Financial Health and Dividends - China CRRC announced a mid-term dividend of 3.16 billion yuan, marking the first time the company has issued a mid-term dividend in its history [1][12]. - Since its listing, China CRRC has distributed dividends 18 times, totaling 63.60 billion yuan [13]. - As of 2024, CRRC Qishao's total assets amounted to 9.41 billion yuan, with total liabilities of 4.4 billion yuan, resulting in a debt-to-asset ratio of 46.75% [4]. Group 3: Strategic Developments - The spin-off will create an independent platform for CRRC Qishao, focusing on high-end equipment and system solutions, enhancing its competitive edge in specialized fields [4]. - China CRRC is also expanding through acquisitions, such as the recent agreement for Long Passenger Company to acquire 100% of Equipment Technology Company for approximately 186 million yuan [9][10].