Loading…
Major Chinese state contractor building railways, highways, bridges and urban infrastructure, plus rail equipment manufacturing.
Major Chinese state contractor building railways, highways, bridges and urban infrastructure, plus rail equipment manufacturing.
Wins construction contracts by public tender and books revenue as work progresses, with the national railway operator and local governments the main buyers, so its order backlog shows the work ahead. State-controlled, it also makes rail equipment such as tunnel-boring machines.
In one line: China's answer to a combined Fluor/AECOM in rail & infra.
Moat: narrow (scale, regulatory licence). State-owned scale and qualification for China's largest rail tenders; thin, state-directed margins.
Headquarters: Beijing, China · Founded: 2007 · Employees: 289,250
Size China Railway (601390.SS) is a China Industrials company (Engineering & Construction) with a market value of $15.1B, the 154th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.40 on 6 Nov 2026.
Performance Over six months the shares fell 13.4%, against -17.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 7.3% over the last twelve months (peer median +2.5%); the operating margin is 3.6% (peer median 6.4%).
Valuation It trades at 6.0× forward earnings against a peer median of 15.0× (2nd cheapest of 20).
Capital Return on invested capital runs 1.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.03T | CN¥1.09T | CN¥1.16T | CN¥1.26T | CN¥1.15T |
| Revenue growth | — | -6% | -8% | +9% | — |
| Gross profit | CN¥112B | CN¥101B | CN¥112B | CN¥124B | CN¥112B |
| EBITDA | n/a | CN¥61.1B | CN¥60.9B | CN¥64.0B | CN¥57.1B |
| Net income | CN¥17.8B | CN¥20.9B | CN¥26.7B | CN¥31.8B | CN¥31.3B |
| Free cash flow | -CN¥47.9B | -CN¥26.1B | -CN¥26.0B | -CN¥17.2B | -CN¥16.6B |
| Capital expenditure | CN¥69.8B | CN¥60.3B | CN¥58.0B | CN¥58.4B | CN¥62.3B |
| Total debt | CN¥760B | CN¥669B | CN¥614B | CN¥538B | CN¥525B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| China Railway 601390.SS | $15.1B | -13% | -7% | 4% | 6.0× | n/a |
| China State Construction Engineering 601668.SS | $28.3B | -4% | -9% | n/a | 5.6× | n/a |
| China Communications Construction 601800.SS | $12.8B | -12% | -4% | 3% | 6.8× | n/a |
| China Railway Construction 601186.SS | $11.4B | -11% | -9% | 4% | 4.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 601390.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.8% | +2.4% | 10th highest of 21 |
| 6-month return | -13.4% | -17.2% | 10th highest of 21 |
| Distance from 52-week high | -32.0% | -25.8% | 8th lowest of 21 |
| Revenue growth (TTM) | -7.3% | +2.5% | 2nd lowest of 21 |
| Operating margin | 3.6% | 6.4% | 3rd lowest of 21 |
| Forward P/E | 6.0× | 15.0× | 2nd cheapest of 20 |
| ROIC minus cost of capital | -1.9 pp | +1.1 pp | 5th lowest of 21 |
| Net debt / EBITDA | 8.2× | 1.5× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Railway 601390.SS | China | $15.1B | -13% | -7% | 4% | 6.0× | n/a | n/a |
| MasTec MTZ | United States | $14.0B | -58% | +26% | 5% | 15.0× | 21.6% | +17.7% |
| China Energy Engineering 601868.SS | China | $13.6B | -18% | -5% | 4% | 17.9× | n/a | n/a |
| Acciona ANA.MC | Spain | $13.4B | -16% | +8% | 6% | 19.8× | 8.2% | +25.6% |
| WSP Global WSP.TO | Canada | $17.5B | -19% | +10% | 10% | 14.4× | 0.0% | +15.7% |
| APi APG | United States | $17.5B | -7% | +16% | 7% | 20.7× | 27.8% | +17.1% |
| China Communications Construction 601800.SS | China | $12.8B | -12% | -4% | 3% | 6.8× | n/a | n/a |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Bouygues EN.PA | France | $18.3B | -18% | -1% | 5% | 12.9× | -0.8% | +10.4% |
| Skanska SKA-B.ST | Sweden | $12.1B | +16% | -6% | 4% | 17.1× | 8.3% | +2.0% |
| Cellnex Telecom CLNX.MC | Spain | $19.6B | -7% | 0% | 13% | n/a | 29.7% | +22.5% |
| Eiffage FGR.PA | France | $11.5B | -20% | +5% | 10% | 9.3× | -6.9% | +9.4% |
| Power Construction Corporation of China 601669.SS | China | $11.5B | -20% | -2% | 4% | 8.4× | n/a | n/a |
| China Railway Construction 1186.HK | Hong Kong | $11.4B | -22% | -5% | 4% | 3.2× | n/a | n/a |
| Sichuan Road & Bridge 600039.SS | China | $11.4B | +8% | +8% | 10% | 9.7× | -5.0% | +12.3% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Geberit GEBN.SW | Switzerland | $22.1B | +14% | +3% | 29% | 29.8× | 6.6% | +1.2% |
| Tetra Tech TTEK | United States | $10.3B | +33% | -8% | 12% | 24.0× | 8.3% | +12.7% |
| Atkinsrealis ATRL.TO | Canada | $9.94B | -7% | +15% | 7% | 19.9× | 11.4% | +9.6% |
| Saipem SPM.MI | Italy | $9.38B | -9% | +2% | 4% | 27.1× | 6.9% | +16.1% |
| ACS, Actividades de Construccion y Servicios ACS.MC | Spain | $26.0B | -37% | +10% | 3% | 20.6× | -2.6% | +11.2% |