Brief Introduction

China Railway Signal & Communication Co., Ltd. is a large central enterprise directly under SASAC, a high-tech industry group featuring rail transportation control technology, and the world's largest provider of rail transportation control systems. We boast a complete industrial chain from design and R&D, to equipment manufacture and engineering services of rail transportation control systems; and serve as China's competent management authority of equipment modes, technical standards and product standards of control systems for rail transportation. CRSC were listed in the Stock Exchange of Hong Kong in 2015, and landed in the SSE STAR Market in 2019. CRSC has over 20 tier-two groups and subsidiaries with over 19,000 employees.

CRSC is a core enterprise for safe operation of China's rail transportation. We have developed world-leading train control technologies, providing safety guarantee for railways; and established and perfected more than 30,000 test cases for HSRs, surpassing the combined total of foreign multinational companies, and constituting an outstanding advantage of China's HSR construction and operation and a valuable wealth of the world's rail transportation industry. In recent years, we have developed automatic train operation (ATO) technology for HRSs with running speeds of 200 km/h and 350 km/h, indicating that China's train control system technologies for HSRs have enjoyed a world-leading position.

CRSC has followed the technological path of "introduction, digestion, absorption and secondary innovation", and accelerated independent innovation, achieving the complete independence of technologies and 100% localization of products of China's train control systems for HSRs and subways, as well as major breakthroughs in such core independent technologies of rail transportation as CTCS-3 train control system for HSRs, CBTC train control system for subways, CTCS-2+ATO train control system for intercity railways (ICRs), intelligent operation maintenance system for signaling & communication systems and integrated automation system (CIPS) for freight marshalling yards. Thus, we have taken a firm grip on the core technologies of rail transportation to provide a basic guarantee for China's railway construction and transportation safety as well as core technical support for the "Belt and Road Initiative" and the "Globalization Strategy" of China's HSRs.

As the national team and main force of China's HSR construction, CRSC has participated in the construction of all China's major HSR projects. With the mission of independent innovation, we have applied proven control system technologies for HSRs to urban transit. We have participated in the implementation of more than 100 subway projects in more than 20 cities. As an important member of the Globalization Alliance of China's HSRs, we are taking an extensive part, and has made remarkable progress in HSR projects in over 10 countries and regions, including Jakarta-Bandung HSR in Indonesia and Hungary-Serbia Railway, showing China's HSRs to the world as the country's beautiful business card.

Company Overview

Full name China Railway Signal & Communication Corporation Limited
Abbreviations CRSC
Code 688009
Founded 2010-12-29
Listing 2019-07-22
Domicile Beijing
STAR Theme High-end Equipment
CSRCSector Manufacturing
Has weighted voting rights structure? No



  2018 2017 2016
Earnings Per Share 0.38 0.37 0.35
R&D expenditure as a % of operating revenue 3.31% 3.41% 3.53%
Operating Revenue 40,013 34,586 29,770
Net Income 3,717 3,437 3,198

Income Statement (Unit: RMB mn)

  2018 2017 2016
Operating Revenue 40,013 34,586 29,770
Operating Costs 30,932 26,058 21,969
Operating Income 4,533 4,185 3,688
Pretax Income 4,520 4,210 3,823
Income Tax 803 773 625
Net Income 3,717 3,437 3,198

Balance Sheet(Unit: RMB mn)

  2018 2017 2016
Current Assets-Total 65,315 49,069 41,532
Non-current Assets-Total 14,363 12,176 8,763
Total Assets 79,678 61,245 50,295
Current Liabilities-Total 47,631 34,474 26,399
Non-current Liabilities-Total 1,775 1,546 1,206
Total Liabilities 49,406 36,020 27,605
Stockholder's Equity
Share Capital 18,999 16,199 16,199
Retained Profits 9,909 7,820 5,487
Minority Interests 1,364 1,206 1,034
Total Owners' Equity 30,272 25,225 22,690

Cash Flow Statement (Unit: RMB mn)

  2018 2017 2016
Net Cash Flows-Operating -1,587 -886 2,935
Net Cash Flows-Investing -642 -1,729 422
Net Cash Flows-Financing 1,622 -140 -641

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
China Railway Signal and Communication Corporation Limited 6,604.44 75.14%
HKSCC NOMINEES LIMITED Note 1 1,967.73 22.39%
China National Machinery Industry Corporation 63.51 0.72%
China Reform Holdings Corporation Ltd. 63.51 0.72%
China Chengtong Holdings Group Ltd. 63.51 0.72%
CICC Jiacheng Investment Management Co., Ltd. 26.07 0.30%
30 Jun 2019
Note 1: The H shares held by HKSCC NOMINEES LIMITED were held on behalf of various clients.

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