China Railway Group Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Operating Revenue	1,068,526	1,082,091	1,149,036	1,251,994	1,145,706	1,066,131
Other Revenue	11,394	11,403	11,276	11,480	8,653	7,141
Revenue	1,079,920	1,093,494	1,160,311	1,263,475	1,154,358	1,073,272
Revenue Growth (YoY)	-5.60%	-5.76%	-8.16%	9.45%	7.56%	10.11%
Cost of Revenue	976,920	988,093	1,043,161	1,133,510	1,039,372	964,696
Gross Profit	103,000	105,401	117,150	129,965	114,986	108,575
Selling, General & Admin	29,936	30,625	33,125	36,216	32,765	31,256
Research & Development	22,052	22,443	26,632	30,000	27,742	24,756
Other Operating Expenses	5,157	5,157	4,965	4,700	6,605	5,909
Operating Expenses	60,667	62,154	68,798	76,459	69,003	66,567
Operating Income	42,333	43,246	48,352	53,506	45,983	42,008
Interest Expense	-14,842	-14,756	-13,346	-12,511	-9,826	-7,907
Interest & Investment Income	8,987	8,670	7,875	8,712	8,344	5,673
Currency Exchange Gain (Loss)	-65.36	-65.36	96.84	-132.49	566.38	-80.38
Other Non Operating Income (Expenses)	-3,820	-3,131	-3,129	-3,104	-2,321	-962.35
EBT Excluding Unusual Items	32,593	33,964	39,848	46,470	42,747	38,732
Impairment of Goodwill	-211.48	-211.48	-198.1	-125.13	-	-
Gain (Loss) on Sale of Investments	-987.94	-1,039	-1,692	-814.03	-1,088	-1,096
Gain (Loss) on Sale of Assets	142.32	133	482.43	476.59	510.11	426.17
Asset Writedown	-537.11	-266.81	162.14	-32.37	-578.04	-179.6
Legal Settlements	-149.26	-149.26	-57.45	-192.71	-460.07	-94.7
Other Unusual Items	969.23	969.23	127.9	85.46	1,389	-389.03
Pretax Income	31,959	33,540	38,871	46,070	42,583	37,586
Income Tax Expense	7,265	7,193	8,113	8,433	7,617	7,117
Earnings From Continuing Operations	24,694	26,347	30,758	37,636	34,967	30,470
Minority Interest in Earnings	-3,469	-3,455	-2,871	-4,154	-3,694	-2,852
Net Income	21,226	22,892	27,887	33,483	31,273	27,618
Preferred Dividends & Other Adjustments	1,979	1,979	1,179	1,697	1,832	2,149
Net Income to Common	19,247	20,913	26,708	31,785	29,441	25,468
Net Income Growth	-19.69%	-17.91%	-16.71%	7.07%	13.23%	9.65%
Shares Outstanding (Basic)	24,679	24,670	24,619	24,571	24,571	24,571
Shares Outstanding (Diluted)	24,679	24,670	24,619	24,616	24,584	24,571
Shares Change (YoY)	1.58%	0.21%	0.01%	0.13%	0.05%	-
EPS (Basic)	0.78	0.85	1.08	1.29	1.20	1.04
EPS (Diluted)	0.78	0.85	1.08	1.29	1.20	1.04
EPS Growth	-24.97%	-21.86%	-16.05%	7.87%	15.58%	7.63%
Free Cash Flow	-44,021	-31,515	-29,951	-20,082	-18,756	-42,904
Free Cash Flow Per Share	-1.78	-1.28	-1.22	-0.82	-0.76	-1.75
Dividend Per Share	0.168	0.168	0.178	0.210	0.200	0.196
Dividend Growth	-5.62%	-5.62%	-15.24%	5.00%	2.04%	8.89%
Gross Margin	9.54%	9.64%	10.10%	10.29%	9.96%	10.12%
Operating Margin	3.92%	3.96%	4.17%	4.23%	3.98%	3.91%
Profit Margin	1.78%	1.91%	2.30%	2.52%	2.55%	2.37%
Free Cash Flow Margin	-4.08%	-2.88%	-2.58%	-1.59%	-1.63%	-4.00%
EBITDA	57,309	57,739	60,912	65,325	56,423	51,918
EBITDA Margin	5.31%	5.28%	5.25%	5.17%	4.89%	4.84%
D&A For EBITDA	14,976	14,493	12,560	11,820	10,439	9,910
EBIT	42,333	43,246	48,352	53,506	45,983	42,008
EBIT Margin	3.92%	3.96%	4.17%	4.23%	3.98%	3.91%
Effective Tax Rate	22.73%	21.45%	20.87%	18.31%	17.89%	18.93%
Revenue as Reported	1,079,920	1,093,494	1,160,311	1,263,475	1,154,358	1,073,272

Source: S&P Global Market Intelligence. Standard template. Financial Sources.