10月30日晚，中国中车股份有限公司（601766.SH，以下简称"中国中车"）发布的三季报显示，2025年 前三季度，中国中车实现营业收入1838.65亿元，同比增长20.49%；扣非归母净利润为90.96亿元，同比 增长51.67%。 2025年4月，国铁集团年度第一次招标动车组，共招标了68标准组复兴号，总金额约115亿元。8月19 日，国铁集团启动年内第二次招标动车组，共招标210标准组复兴号，总价约357亿元。此次招标也成为 有史以来，国铁集团单轮最大规模的复兴号动车组招标，亦是中国铁路进入高铁时代以来，数量与金额 第二高的高速动车组采购大单。 中国中车人士对《中国经营报》记者透露，目前，不排除年内还会进行第三次复兴号招标，这都将利好 中国中车全年业绩。 就城轨与城市基础设施业务的未来前景，上述中国中车人士表示，城轨和城市基础设施建设高峰期已 过，且当前国家层面对城轨审批较为严格，未来城轨市场新增车辆订单整体会呈现下降态势。未来，中 国中车将大力开拓城市交通业务的前伸后延市场，不断向服务领域、机电总包领域、运维领域拓展。 财报数据显示，2025年前三季度，中国中车新签订单约2472亿元，其中国际业务 ...

Core Viewpoint - China CRRC (601766.SH) achieved its best half-year performance since its establishment, with significant increases in both revenue and net profit [3][4]. Financial Performance - In the first half of 2025, China CRRC reported revenue of 119.758 billion yuan, a year-on-year increase of 32.99%, and a net profit of 7.246 billion yuan, up 72.48% [3]. - This marks the first time in 11 years that the company's half-year revenue exceeded 100 billion yuan and net profit surpassed 5 billion yuan [3]. Business Segments - Revenue from the four main business segments: - Railway Equipment: 59.706 billion yuan (up 37.69%) - Urban Rail and Infrastructure: 17.402 billion yuan (up 5.22%) - New Industries: 40.733 billion yuan (up 40.74%) - Modern Services: 1.917 billion yuan (up 21.06%) [3][4]. - The railway equipment segment continues to dominate, accounting for 49.86% of total revenue, with the highest revenue coming from the EMU (Electric Multiple Unit) business [4]. Order Intake - In the first half of 2025, China CRRC secured new orders worth approximately 146 billion yuan, including about 30.9 billion yuan in overseas orders, marking the highest order intake for the same period in five years [4][5]. - The company’s performance is closely linked to large-scale tenders for locomotives and increased maintenance contracts from the China State Railway Group [5]. Future Outlook - The company anticipates continued growth in 2025, driven by ongoing large-scale procurements of EMUs by the China State Railway Group [5][6]. - A second round of EMU tenders was initiated on August 19, 2025, with a total value of approximately 35.7 billion yuan, indicating strong demand and potential for further revenue growth [5][6].