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Maker of tunnel boring machines (shield machines) for subways, railways and water tunnels.
Maker of tunnel boring machines (shield machines) for subways, railways and water tunnels.
Sells tunnel boring machines in large single orders to metro, rail and water-tunnel builders, so revenue follows tunnelling project starts and delivery acceptance; orders often come from its parent China Railway Construction, the state contractor, which also tenders the work.
In one line: China's Herrenknecht.
Moat: narrow (scale, process know-how, installed base). Largest TBM maker by volume with a deep China metro-build reference base.
Headquarters: Changsha, Hunan, China · Employees: 4,501
Size China Railway Construction Heavy Industry (688425.SS) is a China Industrials company (Trucks/Construction/Farm Machinery) with a market value of $3.29B, the 790th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.11 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -16.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 0.8% over the last twelve months (peer median +11.1%); the operating margin is 12.0% (peer median 7.7%).
Valuation It trades at 12.4× forward earnings against a peer median of 13.5× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (5.6% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.80B | CN¥10.0B | CN¥10.0B | CN¥10.00B | CN¥10.1B |
| Revenue growth | — | 0% | 0% | -1% | — |
| Gross profit | CN¥3.22B | CN¥2.80B | CN¥2.96B | CN¥3.04B | CN¥3.33B |
| EBITDA | n/a | CN¥2.30B | CN¥2.32B | CN¥2.19B | CN¥2.36B |
| Net income | CN¥1.22B | CN¥1.48B | CN¥1.51B | CN¥1.59B | CN¥1.84B |
| Free cash flow | CN¥939,980 | CN¥1.02B | CN¥1.77B | -CN¥926M | CN¥178M |
| Capital expenditure | CN¥91.6M | CN¥82.9M | CN¥273M | CN¥1.63B | CN¥893M |
| Total debt | CN¥3.57B | CN¥3.39B | CN¥3.90B | CN¥3.70B | CN¥3.60B |
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 Construction Heavy Industry 688425.SS | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Kanadevia 7004.T | $979M | -23% | +8% | 2% | 6.3× | 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 | 688425.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.8% | +1.2% | 8th highest of 21 |
| 6-month return | -13.1% | -16.6% | 10th highest of 21 |
| Distance from 52-week high | -27.1% | -27.3% | 11th highest of 21 |
| Revenue growth (TTM) | -0.8% | +11.1% | 6th lowest of 21 |
| Operating margin | 12.0% | 7.7% | 5th highest of 21 |
| Forward P/E | 12.4× | 13.5× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 0.6% | 4th most demanding of 15 |
| Growth delivered (Del g) | +5.7% | +9.9% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | -3.8 pp | -9.5 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +0.7 pp | +0.9 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Railway Construction Heavy Industry 688425.SS | China | $3.29B | -13% | -1% | 12% | 12.4× | 1.9% | +5.7% |
| Tiandi Science & Technology 600582.SS | China | $3.30B | -6% | -6% | 4% | 10.4× | n/a | n/a |
| Cochin Shipyard COCHINSHIP.NS | India | $3.40B | -33% | -1% | 13% | 34.3× | n/a | n/a |
| CITIC Heavy Industries 601608.SS | China | $3.15B | -24% | +5% | 4% | 45.9× | 14.5% | +5.1% |
| Hiab HIAB.HE | Finland | $3.52B | -5% | +6% | 12% | 16.9× | 15.5% | -13.7% |
| Modec 6269.T | Japan | $3.03B | -46% | +17% | 9% | 7.7× | -21.3% | +18.6% |
| Doosan Bobcat 241560.KS | South Korea | $3.64B | -28% | +11% | 9% | 9.0× | -13.3% | +15.5% |
| Construcciones y Auxiliar de Ferrocarriles CAF.MC | Spain | $2.92B | +21% | +12% | 6% | 13.5× | 1.0% | +10.2% |
| Craftsman Automation CRAFTSMAN.NS | India | $2.90B | +21% | +36% | 10% | 44.5× | n/a | n/a |
| Sany Heavy Equipment International 0631.HK | Hong Kong | $2.82B | -46% | +19% | 6% | 8.9× | 1.4% | +26.1% |
| Stadler Rail SRAIL.SW | Switzerland | $3.84B | +38% | +26% | 5% | 19.8× | 0.2% | +3.6% |
| Hd Ce 267270.KS | South Korea | $2.80B | -56% | +115% | 8% | 8.6× | -9.6% | +9.6% |
| Bucher Industries BUCN.SW | Switzerland | $3.93B | +4% | -4% | 7% | 19.1× | -2.9% | +1.2% |
| CSSC Offshore & Marine Engineering (Group) 0317.HK | Hong Kong | $4.04B | -22% | +10% | 1% | 9.6× | 1.5% | +11.3% |
| Garden Reach Shipbuilders & Engineers GRSE.NS | India | $2.60B | -31% | +40% | 10% | 26.5× | n/a | n/a |
| Guangxi Liugong Machinery 000528.SZ | China | $2.58B | -13% | +10% | 6% | 10.5× | -3.5% | +5.0% |
| Cadeler A/S CADLR.OL | Norway | $2.41B | -14% | +53% | 36% | 9.4× | n/a | n/a |
| China Railway Hi-tech Industry 600528.SS | China | $2.37B | -9% | -8% | 5% | n/a | -4.0% | +2.6% |
| Zhejiang Dingli Machinery 603338.SS | China | $4.57B | +9% | +29% | 22% | 14.8× | 1.6% | +23.7% |
| Trinity Industries TRN | United States | $2.30B | -20% | -2% | 13% | 15.8× | n/a | n/a |
| Seatrium 5E2.SI | Singapore | $4.77B | -19% | +11% | 4% | 13.0× | 4.0% | +50.0% |