Margins varied 8.1% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 6.8%
- Worst year
- 5.5%
- Latest · 2025
- 5.5%
# CRRC (601766.SHG) Canonical: https://gigainvestors.com/s/601766.SHG Analysis as of: 2026-10-16T07:34:24.690Z. Financial observations: FY2005–FY2025. Listing currency: CNY. Reporting currency: CNY. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: CNY 6.44 per share; close as of 2026-10-15. Estimated value: low CNY 6.64 per share, central CNY 7.38 per share, high CNY 8.35 per share. Buy at or below the central value CNY 7.38 per share. Valuation as of 2026-10-16T07:34:24.690Z; scenarios are not confidence intervals. Expected annual return: 11.3% at the stated quote. About 11.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points). ## Checklist ### understandable: pass - 5 revenue declines in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 5 - Years with a net loss: 0 - Operating margin variation: 0.08× Chart: Operating margin; fiscal year observations. - FY2016: 0.07× - FY2017: 0.07× - FY2018: 0.07× - FY2019: 0.07× - FY2020: 0.07× - FY2021: 0.06× - FY2022: 0.07× - FY2023: 0.07× - FY2024: 0.07× - FY2025: 0.05× ### moat: fail - ROIC median below threshold - ROIC worst years below threshold (more than 1 bad year allowed) - ROIC, median of available years: 11.9% - ROIC, second-lowest year: 9.5% - Typical minus recent gross margin: 0.9 pp - Typical gross margin (annual median): 21.1% - Recent gross margin (lower of latest and 3-year median): 20.2% - Years with nonpositive capital: 0 - Capital spending / revenue: 3.5% - ROIC including acquisitions, ten-year median: 9.2% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2016: 12.2% - FY2017: 11.6% - FY2018: 11.7% - FY2019: 12.7% - FY2020: 10.1% - FY2021: 9.5% - FY2022: 12.2% - FY2023: 12.7% - FY2024: 14.1% - FY2025: 7.1% ### economics: fail - incremental invested capital return below threshold - Owner earnings / net income, 5-yr: 1.00× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: CNY 59B - Net income, five-year total: CNY 59B - Return on incremental invested capital: -0.4% - Working capital / revenue, annual change: 0.9 pp - Working capital / revenue, change between three-year averages: 1.9 pp - Working capital / revenue, final three-year average: 29.0% Chart: Annual owner cash / profit; fiscal year observations. - FY2021: 1.10× - FY2022: 0.98× - FY2023: 0.98× - FY2024: 0.97× - FY2025: 0.97× ### management: pass - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - buybacks unrelated to price (informational) - ROIC first 3 years vs last 3 years: 11.7% vs 12.7% - Per-share earnings: 0.39 to 0.43 (three-year endpoint medians) - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 0.1% - Ordinary dilution, 5-year annual growth: 1.4% - Market cap gain: CNY -86B - Cumulative retained earnings: CNY 49B - Diluted shares, 10-year annual growth: 0.1% - Diluted shares, 5-year annual growth: 1.4% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 1.2% - Per-share value change: CNY 0.04 - Per-share value, starting three-year median: CNY 0.39 - Per-share value, ending three-year median: CNY 0.43 - Buyback history: 0 years - Debt-funded buybacks: No - Acquisition spending: CNY 2.0B - Cumulative net income, 10 years: CNY 116B - ROIC, first three-year median: 11.7% - ROIC, last three-year median: 12.7% Chart: Earnings per share; fiscal year observations. - FY2016: CNY 0.39 - FY2017: CNY 0.34 - FY2018: CNY 0.38 - FY2019: CNY 0.47 - FY2020: CNY 0.42 - FY2021: CNY 0.47 - FY2022: CNY 0.41 - FY2023: CNY 0.41 - FY2024: CNY 0.43 - FY2025: CNY 0.46 ### accounting: pass - Sloan accruals: -2.3% - Receivables to sales index (DSRI): 0.92× - Restructuring years, last five: 0 - Stock compensation / operating cash flow: 0.0% - Earnings backed by cash: Yes - Operating cash / earnings: 1.97× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.11× Chart: Sloan accruals; fiscal year observations. - FY2016: -2.9% - FY2017: -1.4% - FY2018: -2.1% - FY2019: -2.8% - FY2020: 3.4% - FY2021: -2.4% - FY2022: -2.8% - FY2023: -0.6% - FY2024: -2.9% - FY2025: -2.3% ## Holders ## Price story Down 23% since Dec 2024 · sales +10.4% Story as of 2026-10-16T10:00:00.518Z; price observation 2026-10-15. Price needs cash profits to shrink 1.2% a year for ten years ### Sales · FY2024–2025 sales +10.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2016: CNY 229B - FY2017: CNY 211B - FY2018: CNY 219B - FY2019: CNY 229B - FY2020: CNY 228B - FY2021: CNY 226B - FY2022: CNY 223B - FY2023: CNY 234B - FY2024: CNY 246B - FY2025: CNY 272B ### Gross margin · FY2025 gross margin 20.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16. - FY2016: 20.4% - FY2017: 22.5% - FY2018: 22.0% - FY2019: 22.7% - FY2020: 22.1% - FY2021: 20.4% - FY2022: 21.1% - FY2023: 20.4% - FY2024: 21.2% - FY2025: 20.2% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in railroads; annual sales are CNY 272.1 billion. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2025: revenue 272114793000; grossProfit 55017523000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601766.SHG: CRRC Corporation Limited, with its subsidiaries, engages in the research and development, designing, manufacturing, refurbishment, sale, leasing, and technical servicing of railway locomotives in Mainland China and internationally. It provides rolling stock, including electric and diesel locomotives, trains, EMU, DMU, trams and rail vehicles, metro cars, LRVs, coaches, wagons, and track machinery; components, such as motors, electric control equipment, locomotive components, vehicle components, and casting and forging; and other products comprising trucks, buses, construction machineries, turnouts, wind turbines, and intelligent machines. The company also offers MUs, urban rail transit vehicles, engineering machinery, various electromechanical equipment, electronic equipment and components, electric devices, and environmental protection equipment, as well as sales, technical services, and equipment leasing of related products. In addition, it provides information consultation, industry investment and management, and asset management services; and engages in the import and export, software development, logistics and trading, and financing activities. The company was formerly known as CSR Corporation Limited and changed its name to CRRC Corporation Limited in June 2015. CRRC Corporation Limited was incorporated in 2007 and is headquartered in Beijing, the People's Republic of China. CRRC Corporation Limited operates as a subsidiary of CRRC GROUP Co., Ltd. ### Why customers stay Margins ranged from 20.2% to 21.2% during 2023–25; it earns 11.9% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2023: grossProfit / revenue = 20.4%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2024: grossProfit / revenue = 21.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2025: grossProfit / revenue = 20.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); 10-year return on capital observations [[2016,0.12226501437964904],[2017,0.11586958381073341],[2018,0.11651564417838012],[2019,0.12667866570244543],[2020,0.10127433946349358],[2021,0.09523855195887995],[2022,0.12177536027562683],[2023,0.1268027061359339],[2024,0.14144490118004022],[2025,0.07104467096036024]]; median 0.11914550222700347. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 21% gross margin through 2022 cost inflation. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); Gross margin observations: [[2021,0.20356446969545777],[2022,0.21112268215760197],[2023,0.20380509877520897]]; range within 2 percentage points. ### Where the cash goes Spends 4.2% of cash earnings on expansion; paid dividends in 10 of 10 years. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2016: growth capex 0; upkeep 10373021000; owner earnings 7371022000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2017: growth capex 0; upkeep 8696807000; owner earnings 8523458000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2018: growth capex 2078845535.4530678; upkeep 6962931464.546932; owner earnings 10870673535.453068. Growth capex / owner earnings = 0.19123429000725903. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2019: growth capex 1176897000; upkeep 6887930000; owner earnings 11794929000. Growth capex / owner earnings = 0.09977991389350457. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2020: growth capex 0; upkeep 7775493000; owner earnings 10553163000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2021: growth capex 0; upkeep 5906780000; owner earnings 11375451600. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2022: growth capex 0; upkeep 7417459000; owner earnings 11370976314.393045. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2023: growth capex 1036694000; upkeep 7067079000; owner earnings 11463161425.877016. Growth capex / owner earnings = 0.0904370061176806. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2024: growth capex 3586525821.421549; upkeep 6598281178.578451; owner earnings 12022958472.468098. Growth capex / owner earnings = 0.29830643012154556. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); FY2025: growth capex 537188000; upkeep 8845327000; owner earnings 12812275889.391315. Growth capex / owner earnings = 0.04192760167183074. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); Dividend observations: [[2016,5270561000],[2017,7469426000],[2018,5846698000],[2019,4304830000],[2020,4304830000],[2021,5165796000],[2022,5165796000],[2023,6834238000],[2024,6786974000],[2025,9183637000]]. Zero only counted when supported by a complete cash-flow statement. ### Are managers owners Insiders own 60.6% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601766.SHG SharesStats.PercentInsiders = 60.648 percentage points; cache date 2026-10-16. ### What the price says The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 0.7%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:24.690Z); Ten-year compound average after fade. Initial solved rate -0.029858093869867652. Price 6.44; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.41618746384717664 → FY2025 0.4464384335697509. Closing-price date 2026-10-15. ## Monthly share-price history (CNY per share) - 2016-10: CNY 9.32 per share - 2016-11: CNY 11.98 per share - 2016-12: CNY 9.77 per share - 2017-01: CNY 10.00 per share - 2017-02: CNY 10.32 per share - 2017-03: CNY 10.24 per share - 2017-04: CNY 10.10 per share - 2017-05: CNY 10.13 per share - 2017-06: CNY 10.12 per share - 2017-07: CNY 10.08 per share - 2017-08: CNY 9.94 per share - 2017-09: CNY 9.73 per share - 2017-10: CNY 11.45 per share - 2017-11: CNY 11.60 per share - 2017-12: CNY 12.11 per share - 2018-01: CNY 11.38 per share - 2018-02: CNY 10.45 per share - 2018-03: CNY 10.05 per share - 2018-04: CNY 9.67 per share - 2018-05: CNY 9.16 per share - 2018-06: CNY 7.70 per share - 2018-07: CNY 8.39 per share - 2018-08: CNY 8.19 per share - 2018-09: CNY 8.64 per share - 2018-10: CNY 8.48 per share - 2018-11: CNY 8.73 per share - 2018-12: CNY 9.02 per share - 2019-01: CNY 8.54 per share - 2019-02: CNY 9.46 per share - 2019-03: CNY 9.10 per share - 2019-04: CNY 8.66 per share - 2019-05: CNY 7.91 per share - 2019-06: CNY 8.09 per share - 2019-07: CNY 7.88 per share - 2019-08: CNY 7.28 per share - 2019-09: CNY 7.32 per share - 2019-10: CNY 7.20 per share - 2019-11: CNY 6.97 per share - 2019-12: CNY 7.14 per share - 2020-01: CNY 6.76 per share - 2020-02: CNY 6.40 per share - 2020-03: CNY 6.56 per share - 2020-04: CNY 6.19 per share - 2020-05: CNY 5.84 per share - 2020-06: CNY 5.57 per share - 2020-07: CNY 5.84 per share - 2020-08: CNY 5.86 per share - 2020-09: CNY 5.49 per share - 2020-10: CNY 5.39 per share - 2020-11: CNY 5.66 per share - 2020-12: CNY 5.31 per share - 2021-01: CNY 6.25 per share - 2021-02: CNY 6.86 per share - 2021-03: CNY 6.42 per share - 2021-04: CNY 5.97 per share - 2021-05: CNY 6.05 per share - 2021-06: CNY 6.08 per share - 2021-07: CNY 5.86 per share - 2021-08: CNY 6.75 per share - 2021-09: CNY 6.21 per share - 2021-10: CNY 5.94 per share - 2021-11: CNY 6.09 per share - 2021-12: CNY 6.09 per share - 2022-01: CNY 5.82 per share - 2022-02: CNY 5.79 per share - 2022-03: CNY 5.40 per share - 2022-04: CNY 5.05 per share - 2022-05: CNY 5.06 per share - 2022-06: CNY 5.20 per share - 2022-07: CNY 5.15 per share - 2022-08: CNY 5.01 per share - 2022-09: CNY 4.69 per share - 2022-10: CNY 4.75 per share - 2022-11: CNY 5.36 per share - 2022-12: CNY 5.11 per share - 2023-01: CNY 5.35 per share - 2023-02: CNY 5.70 per share - 2023-03: CNY 6.12 per share - 2023-04: CNY 6.99 per share - 2023-05: CNY 7.04 per share - 2023-06: CNY 6.50 per share - 2023-07: CNY 6.71 per share - 2023-08: CNY 5.94 per share - 2023-09: CNY 5.84 per share - 2023-10: CNY 5.34 per share - 2023-11: CNY 5.20 per share - 2023-12: CNY 5.26 per share - 2024-01: CNY 5.69 per share - 2024-02: CNY 6.38 per share - 2024-03: CNY 6.82 per share - 2024-04: CNY 6.99 per share - 2024-05: CNY 6.97 per share - 2024-06: CNY 7.51 per share - 2024-07: CNY 7.63 per share - 2024-08: CNY 7.14 per share - 2024-09: CNY 8.17 per share - 2024-10: CNY 8.32 per share - 2024-11: CNY 7.93 per share - 2024-12: CNY 8.38 per share - 2025-01: CNY 7.44 per share - 2025-02: CNY 7.48 per share - 2025-03: CNY 7.06 per share - 2025-04: CNY 7.02 per share - 2025-05: CNY 7.20 per share - 2025-06: CNY 7.04 per share - 2025-07: CNY 7.39 per share - 2025-08: CNY 7.67 per share - 2025-09: CNY 7.47 per share - 2025-10: CNY 7.67 per share - 2025-11: CNY 7.27 per share - 2025-12: CNY 6.82 per share - 2026-01: CNY 6.31 per share - 2026-02: CNY 6.29 per share - 2026-03: CNY 6.34 per share - 2026-04: CNY 5.97 per share - 2026-05: CNY 5.77 per share - 2026-06: CNY 5.20 per share - 2026-07: CNY 6.16 per share - 2026-08: CNY 6.22 per share - 2026-09: CNY 6.19 per share - 2026-10: CNY 6.43 per share ## Annual estimated value (CNY per share) - FY2016: low CNY 6.25 per share, central CNY 8.31 per share, high CNY 9.51 per share - FY2017: low CNY 4.80 per share, central CNY 5.20 per share, high CNY 5.74 per share - FY2018: low CNY 5.33 per share, central CNY 5.88 per share, high CNY 6.60 per share - FY2019: low CNY 6.90 per share, central CNY 7.58 per share, high CNY 8.48 per share - FY2020: low CNY 6.11 per share, central CNY 7.47 per share, high CNY 8.51 per share - FY2021: low CNY 8.71 per share, central CNY 10.44 per share, high CNY 11.78 per share - FY2022: low CNY 6.00 per share, central CNY 6.59 per share, high CNY 7.38 per share - FY2023: low CNY 6.27 per share, central CNY 7.01 per share, high CNY 7.88 per share - FY2024: low CNY 6.52 per share, central CNY 7.15 per share, high CNY 7.99 per share - FY2025: low CNY 7.03 per share, central CNY 7.73 per share, high CNY 8.66 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:40:12.407Z where newer inputs omit a numeric field or fiscal period. ## Sources Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
CRRC
601766 · SHG
CSI 300
Not a wonderful business
2 quality tests fail. A lower price would not fix the business.
- Share price
- CNY 6.44
- Buy up to
- CNY 7.38
- Expected / yr
- 11.3% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Can it raise prices
- Where the cash goes
- Are managers owners
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 11.9% (minimum 15%), and the second-worst year 9.5% (minimum 10%).
- 10y median
- 11.9%
- Worst year
- 7.1%
- Latest · 2025
- 7.1%
New investment earned -0.4% (minimum 12%).
- Five-year totals
- 1.00×
- Annual median
- 0.98×
- Latest · 2025
- 0.97×
Per-share value rose from 0.39 to 0.43, comparing three-year medians at each end (must rise and stay positive).
- 10y median
- CNY 0.42
- Worst year
- CNY 0.34
- Latest · 2025
- CNY 0.46
Profits were backed by cash: accruals were -2.3% of assets (limit 10%).
- 10y median
- -2.4%
- Worst year
- 3.4%
- Latest · 2025
- -2.3%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 6.6%, three-year average owner earnings per share 0.42 CNY.
2. Is the price low enough?
| Value range | CNY 6.64 – CNY 8.35 |
|---|---|
| Buy at or below | Central value CNY 7.38 |
| Discount to value | 1 − 6.44 / 7.38 = 12.7% |
| Return / year | About 11.3% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash CNY 0.49/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CNY 1.33/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
RevenueCNY 272B
FY2016 · Revenue: CNY 229B; FY2017 · Revenue: CNY 211B; FY2018 · Revenue: CNY 219B; FY2019 · Revenue: CNY 229B; FY2020 · Revenue: CNY 228B; FY2021 · Revenue: CNY 226B; FY2022 · Revenue: CNY 223B; FY2023 · Revenue: CNY 234B; FY2024 · Revenue: CNY 246B; FY2025 · Revenue: CNY 272B
Owner earningsCNY 13B
FY2016 · Owner earnings: CNY 7.4B; FY2017 · Owner earnings: CNY 8.5B; FY2018 · Owner earnings: CNY 11B; FY2019 · Owner earnings: CNY 12B; FY2020 · Owner earnings: CNY 11B; FY2021 · Owner earnings: CNY 11B; FY2022 · Owner earnings: CNY 11B; FY2023 · Owner earnings: CNY 11B; FY2024 · Owner earnings: CNY 12B; FY2025 · Owner earnings: CNY 13B
Operating margin5.5%
FY2016 · Operating margin: 6.6%; FY2017 · Operating margin: 7.0%; FY2018 · Operating margin: 6.7%; FY2019 · Operating margin: 6.9%; FY2020 · Operating margin: 6.7%; FY2021 · Operating margin: 5.7%; FY2022 · Operating margin: 7.2%; FY2023 · Operating margin: 6.8%; FY2024 · Operating margin: 6.9%; FY2025 · Operating margin: 5.5%
Net cash / debtCNY -11B
FY2016 · Net cash / debt: CNY 1.8B; FY2017 · Net cash / debt: CNY 13B; FY2018 · Net cash / debt: CNY 21B; FY2019 · Net cash / debt: CNY 31B; FY2020 · Net cash / debt: CNY 12B; FY2021 · Net cash / debt: CNY 27B; FY2022 · Net cash / debt: CNY 38B; FY2023 · Net cash / debt: CNY 48B; FY2024 · Net cash / debt: CNY 61B; FY2025 · Net cash / debt: CNY -11B
Diluted shares29B
FY2016 · Diluted shares: 29B; FY2017 · Diluted shares: 32B; FY2018 · Diluted shares: 30B; FY2019 · Diluted shares: 25B; FY2020 · Diluted shares: 27B; FY2021 · Diluted shares: 22B; FY2022 · Diluted shares: 29B; FY2023 · Diluted shares: 29B; FY2024 · Diluted shares: 29B; FY2025 · Diluted shares: 29B
Prices 15 Oct 2026 · FY2025