China Railway Signal wins $2.5bn in major rail transit projects

China Railway Signal & Communication Corporation Limited (CRSC) secured ten important projects in September and October 2025, with a combined tender value of approximately 2,539 million yuan. This amount represents approximately 7.82% of the company's audited operating income in 2024 under Chinese Accounting Standards. Five projects are in the railway market, including the CZRDJC-1 section of the Sichuan-Tibet Railway (388 million yuan) and supporting signaling for Fuxing EMU trains (363 million yuan).

Additionally, CRSC won five urban rail transit projects. Notable awards include the Shanghai Rail Transit Line 1 signaling system upgrade (551 million yuan), the STE light tail project in Mexico City (approximately 309 million yuan), and the signaling system installation and renovation for Shanghai Rail Transit Line 1 (189 million yuan). Other urban rail wins include west extension works for Shanghai Rail Transit Line 12 (153 million yuan) and a safety enhancement project for Changchun Rail Transit Lines 3 and 4 (102 million yuan).

While these projects are expected to positively impact the company during their implementation, CRSC notes uncertainties regarding the impact on 2025 results due to phased implementation across years and the need for formal contract signings.