# Zhuzhou CRRC Times Electric (688187.SHG)

Canonical: https://gigainvestors.com/s/688187.SHG

Analysis as of: 2026-10-16T07:36:03.813Z. Financial observations: FY2019–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 47.00 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.19×

- FY2020: 0.18×

- FY2021: 0.13×

- FY2022: 0.14×

- FY2023: 0.12×

- FY2024: 0.14×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.0%

- ROIC, second-lowest year: 9.5%

- Typical minus recent gross margin: 5.1 pp

- Typical gross margin (annual median): 32.7%

- Recent gross margin (lower of latest and 3-year median): 27.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.9%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 18.4%

- FY2020: 14.9%

- FY2021: 10.0%

- FY2022: 9.8%

- FY2023: 8.5%

- FY2024: 10.8%

- FY2025: 9.5%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.5B

- Net income, five-year total: CNY 15B

- Return on incremental invested capital: 4.6%

- Working capital / revenue, annual change: -0.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.80×

- FY2022: 0.98×

- FY2023: 0.98×

- FY2024: 0.67×

- FY2025: -0.03×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 14.9% vs 9.5%

- Per-share earnings: 2.11 to 2.62 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 3.1%

- Per-share value growth: 5.6%

- Per-share value change: CNY 0.52

- Per-share value, starting three-year median: CNY 2.11

- Per-share value, ending three-year median: CNY 2.62

- Average buyback yield: 0.5%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 9.5%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 2.26

- FY2020: CNY 2.11

- FY2021: CNY 1.42

- FY2022: CNY 1.80

- FY2023: CNY 2.15

- FY2024: CNY 2.62

- FY2025: CNY 2.99

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 2.0%

- FY2020: 2.1%

- FY2021: -0.3%

- FY2022: 1.1%

- FY2023: 3.0%

- FY2024: 0.5%

- FY2025: 0.2%

## Holders

## Price story

Down 47% since Nov 2021 · sales +15.2%

Story as of 2026-10-16T10:00:06.651Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +15.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 16B 

- FY2020: CNY 16B 

- FY2021: CNY 15B 

- FY2022: CNY 18B 

- FY2023: CNY 22B 

- FY2024: CNY 25B 

- FY2025: CNY 29B 

### Gross margin · FY2025

gross margin 29.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 38.9% 

- FY2020: 37.2% 

- FY2021: 33.7% 

- FY2022: 32.7% 

- FY2023: 23.9% 

- FY2024: 27.6% 

- FY2025: 29.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in railroads; annual sales are CNY 28.7 billion.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2025-12-31 (filed 2026-10-16T07:36:03.813Z); FY2025: revenue 28702700063; grossProfit 8374028856; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688187.SHG: Zhuzhou CRRC Times Electric Co., Ltd., together with its subsidiaries, engages in the provision of propulsion and control systems in Mainland China and internationally. It provides traction converter systems, power supply systems, informationization and intelligent system products, test equipment, urban rail vehicle door systems, electrical system of passenger car, technological equipment of urban rail transit, braking system of urban rail transit, communication and signaling systems, and electromechanical system integration. The company also offers rail maintenance and engineering products, such as heavy-duty motor trolleys, OCS operating vehicles, engineering vehicle for urban rail transit, large track maintenance machinery, line maintenance services, electrical system of rail engineering machinery, and infrastructure inspection and monitoring systems. In addition, it provides new energy, including wind power inverter, PV inverter, storage systems, and hydrogen power supply; and industrial and component products comprising industrial electrified products, electric drive system of new energy vehicles, marine engineering equipment, power semiconductor devices, and sensors. The company was formerly known as Zhuzhou CSR Times Electric Co., Ltd. and changed its name to Zhuzhou CRRC Times Electric Co., Ltd. in March 2016. Zhuzhou CRRC Times Electric Co., Ltd. was incorporated in 2005 and is headquartered in Zhuzhou, China.

### Why customers stay

Margins ranged from 23.9% to 29.2% during 2023–25; it earns 10% on its capital.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2023-12-31 (filed 2026-10-16T07:36:03.813Z); FY2023: grossProfit / revenue = 23.9%.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2024-12-31 (filed 2026-10-16T07:36:03.813Z); FY2024: grossProfit / revenue = 27.6%.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2025-12-31 (filed 2026-10-16T07:36:03.813Z); FY2025: grossProfit / revenue = 29.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.813Z); 7-year return on capital observations [[2019,0.1842466822470254],[2020,0.1485933386812332],[2021,0.10045260952078751],[2022,0.09785624419736946],[2023,0.084524363165815],[2024,0.10837256187208305],[2025,0.0949503626936436]]; median 0.10045260952078751. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 7 years.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2019-12-31 (filed 2026-10-16T07:36:03.813Z); FY2019: growth capex 0; upkeep 750506102; owner earnings 2420958560. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2020-12-31 (filed 2026-10-16T07:36:03.813Z); FY2020: growth capex 0; upkeep 1855160516; owner earnings 1194379882. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2021-12-31 (filed 2026-10-16T07:36:03.813Z); FY2021: growth capex 0; upkeep 974003215; owner earnings 1612448381.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2022-12-31 (filed 2026-10-16T07:36:03.813Z); FY2022: growth capex 146453597; upkeep 806990106; cash acquisitions 0; owner earnings 2517081598.6. Growth capex plus acquisitions / owner earnings = 0.05818388926344599.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2023-12-31 (filed 2026-10-16T07:36:03.813Z); FY2023: growth capex 965653562; upkeep 999771086; cash acquisitions 0; owner earnings 2985647032. Growth capex plus acquisitions / owner earnings = 0.32343192334866727.

- Source: https://eodhd.com/api/fundamentals/688187.SHG.json#2024-12-31 (filed 2026-10-16T07:36:03.813Z); FY2024: growth capex 1050487156.692009; upkeep 2400047311.307991; cash acquisitions 0; owner earnings 2468497047.692009. Growth capex plus acquisitions / owner earnings = 0.42555738832022977.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.813Z); Dividend observations: [[2019,550370925],[2020,534669243],[2021,659995903],[2022,665530374],[2023,799954976],[2024,1127270869],[2025,2029782587]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 688187.SHG SharesStats.PercentInsiders = 71.88600000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:03.813Z); Closing price 47 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 20.951443146075476; price multiple 2.2432822251102933. FY2025 cash earnings/share -0.09611296820274796. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2021-09: CNY 50.70 per share

- 2021-10: CNY 53.84 per share

- 2021-11: CNY 88.06 per share

- 2021-12: CNY 82.00 per share

- 2022-01: CNY 63.72 per share

- 2022-02: CNY 65.84 per share

- 2022-03: CNY 54.75 per share

- 2022-04: CNY 49.20 per share

- 2022-05: CNY 56.38 per share

- 2022-06: CNY 64.99 per share

- 2022-07: CNY 55.26 per share

- 2022-08: CNY 61.78 per share

- 2022-09: CNY 54.20 per share

- 2022-10: CNY 62.78 per share

- 2022-11: CNY 55.65 per share

- 2022-12: CNY 54.57 per share

- 2023-01: CNY 55.83 per share

- 2023-02: CNY 51.75 per share

- 2023-03: CNY 47.74 per share

- 2023-04: CNY 46.56 per share

- 2023-05: CNY 45.76 per share

- 2023-06: CNY 41.86 per share

- 2023-07: CNY 45.00 per share

- 2023-08: CNY 43.64 per share

- 2023-09: CNY 39.78 per share

- 2023-10: CNY 38.74 per share

- 2023-11: CNY 38.49 per share

- 2023-12: CNY 36.33 per share

- 2024-01: CNY 33.30 per share

- 2024-02: CNY 38.85 per share

- 2024-03: CNY 47.50 per share

- 2024-04: CNY 47.72 per share

- 2024-05: CNY 48.01 per share

- 2024-06: CNY 49.38 per share

- 2024-07: CNY 54.43 per share

- 2024-08: CNY 46.44 per share

- 2024-09: CNY 53.07 per share

- 2024-10: CNY 48.54 per share

- 2024-11: CNY 46.37 per share

- 2024-12: CNY 47.92 per share

- 2025-01: CNY 46.30 per share

- 2025-02: CNY 46.39 per share

- 2025-03: CNY 47.27 per share

- 2025-04: CNY 45.36 per share

- 2025-05: CNY 43.82 per share

- 2025-06: CNY 42.65 per share

- 2025-07: CNY 43.73 per share

- 2025-08: CNY 48.41 per share

- 2025-09: CNY 52.63 per share

- 2025-10: CNY 52.20 per share

- 2025-11: CNY 49.81 per share

- 2025-12: CNY 51.29 per share

- 2026-01: CNY 57.14 per share

- 2026-02: CNY 59.40 per share

- 2026-03: CNY 51.95 per share

- 2026-04: CNY 48.42 per share

- 2026-05: CNY 61.00 per share

- 2026-06: CNY 68.66 per share

- 2026-07: CNY 47.28 per share

- 2026-08: CNY 47.08 per share

- 2026-09: CNY 44.60 per share

- 2026-10: CNY 46.71 per share

## Annual estimated value (CNY 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

## 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.