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State-owned operator of the Beijing–Shanghai high-speed rail line, one of the world's busiest.
State-owned operator of the Beijing–Shanghai high-speed rail line, one of the world's busiest.
Earns ticket revenue from passengers on the trains it runs, plus fees from other railway operators whose trains use the same tracks. Fares are set within government limits, so it does not control its pricing. Listed in 2020, it is a single-line business whose results track traffic on that one corridor.
In one line: A Chinese Amtrak Acela, but state-owned and highly profitable.
Moat: wide (regulatory licence, installed base, network effects). Sole operator of a fixed, high-traffic rail corridor with no realistic competing route.
Headquarters: Beijing, China · Founded: 2007 · Employees: 89
Size Beijing-Shanghai High-Speed Railway (601816.SS) is a China Industrials company (Railroads) with a market value of $39.3B, the 45th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.36 on 6 Nov 2026.
Performance Over six months the shares gained 9.4%, against +9.9% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 8 in its peer set.
Growth Revenue grew 3.0% over the last twelve months (peer median +6.5%); the operating margin is 44.4% (peer median 36.4%).
Valuation It trades at 18.7× forward earnings against a peer median of 21.5× (3rd cheapest of 8).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -14 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥43.9B | CN¥42.8B | CN¥41.9B | CN¥40.5B | CN¥19.3B |
| Revenue growth | — | +2% | +3% | +110% | — |
| Gross profit | CN¥24.2B | CN¥19.2B | CN¥19.0B | CN¥17.8B | CN¥1.89B |
| EBITDA | n/a | CN¥24.8B | CN¥24.8B | CN¥23.6B | CN¥7.77B |
| Net income | CN¥13.6B | CN¥13.2B | CN¥12.8B | CN¥11.5B | -CN¥576M |
| Free cash flow | CN¥21.1B | CN¥20.4B | CN¥18.9B | CN¥19.6B | CN¥5.70B |
| Capital expenditure | CN¥751M | CN¥755M | CN¥1.18B | CN¥1.49B | CN¥1.10B |
| Total debt | CN¥49.0B | CN¥50.3B | CN¥52.3B | CN¥66.3B | CN¥75.4B |
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 |
|---|---|---|---|---|---|---|
| Beijing-Shanghai High-Speed Railway 601816.SS | $39.3B | +9% | +3% | 44% | 18.7× | -2.8% |
| Daqin Railway 601006.SS | $14.5B | -7% | +3% | 6% | 16.3× | n/a |
| Guangshen Railway 0525.HK | $3.12B | -9% | +5% | 6% | 9.6× | 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 | 601816.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +6.2% | 2nd highest of 8 |
| 6-month return | +9.4% | +9.9% | 4th lowest of 8 |
| Distance from 52-week high | -0.2% | -8.1% | highest of 8 |
| Revenue growth (TTM) | +3.0% | +6.5% | lowest of 8 |
| Operating margin | 44.4% | 36.4% | highest of 8 |
| Forward P/E | 18.7× | 21.5× | 3rd cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 13.6% | least demanding of 6 |
| Growth delivered (Del g) | +11.3% | +5.9% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | -14.1 pp | +4.8 pp | least demanding of 6 |
| ROIC minus cost of capital | +1.2 pp | +0.7 pp | 3rd highest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing-Shanghai High-Speed Railway 601816.SS | China | $39.3B | +9% | +3% | 44% | 18.7× | -2.8% | +11.3% |
| East Japan Railway 9020.T | Japan | $27.4B | +13% | +9% | 14% | 15.8× | n/a | n/a |
| Norfolk Southern NSC | United States | $71.9B | +3% | +6% | 33% | 22.6× | 16.6% | +4.5% |
| Canadian National Railway CNR.TO | Canada | $75.0B | +16% | +7% | 38% | 20.0× | 9.4% | +4.6% |
| Canadian Pacific Kansas City CP.TO | Canada | $80.6B | +12% | +7% | 37% | 23.0× | 17.4% | +14.4% |
| CSX CSX | United States | $90.5B | +10% | +6% | 36% | 21.5× | 13.6% | +5.9% |
| Daqin Railway 601006.SS | China | $14.5B | -7% | +3% | 6% | 16.3× | n/a | n/a |
| Getlink GET.PA | France | $12.3B | +9% | +9% | 40% | 35.3× | 10.1% | +14.3% |