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
CSRC Sector Manufacturing
Has weighted voting rights structure? No



  2020 2019 2018
Earnings Per Share 0.34 0.38 0.38
R&D expenditure as a % of operating revenue 3.57% 3.80% 3.31%
Operating Revenue 40,124 41,646 40,013
Net Income 4,239 4,177 3,717

Income Statement (Unit: RMB mn)

  2020 2019 2018
Operating Revenue 40,124 41,646 40,013
Operating Costs 31,269 32,112 30,932
Operating Income 5,015 4,979 4,533
Pretax Income 5,036 5,027 4,520
Income Tax 796 850 803
Net Income 4,239 4,177 3,717

Balance Sheet(Unit: RMB mn)

  2020 2019 2018
Current Assets-Total 85,069 80,504 65,315
Non-current Assets-Total 20,259 17,008 14,363
Total Assets 105,328 97,513 79,678
Current Liabilities-Total 58,068 51,759 47,631
Non-current Liabilities-Total 2,962 3,029 1,775
Total Liabilities 61,031 54,788 49,406
Stockholder's Equity
Share Capital 27,554 27,554 18,999
Retained Profits 15,009 13,566 9,909
Minority Interests 1,734 1,605 1,364
Total Owners' Equity 44,297 42,725 30,272

Cash Flow Statement (Unit: RMB mn)

  2020 2019 2018
Net Cash Flows-Operating 3,007 3,371 -1,587
Net Cash Flows-Investing -137 -4,597 -642
Net Cash Flows-Financing -2,467 8,247 1,622

Top 10 Shareholders

Name No. of Shares Held (mn) % of Shares Held
China Railway Signal and Communication (group) Corporation Limited 6,604.43 62.37%
HKSCC NOMINEES LIMITED ① 1,967.74 18.58%
China Merchants Bank Co., Ltd – China AMC SSE STAR 50 Exchange Traded Fund 103.82 0.98%
China National Machinery Industry Corporation 63.51 0.60%
Industrial and Commercial Bank of China Limited – E Fund SSE STAR 50 Exchange Traded Fund 34.27 0.32%
China Railway Investment Co., Ltd. 34.19 0.32%
Guangdong Hengjian Capital Management Co., Ltd. 23.68 0.22%
CETC Fund Management Co., Ltd. – Zhongdian Electronics Information Industry Investment Fund (Tianjin) Partnership (Limited Partnership) 23.68 0.22%
Huatai Securities Co., Ltd. 23.53 0.22%
China Construction Bank Corporation – Huatai-PineBridge SSE STAR 50 Exchange Traded Fund 23.28 0.22%
As of 2021-03-31
Note 1: The H shares held by HKSCC NOMINEES LIMITED were held on behalf of various clients.

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