CRRC’s revenue fell 5.04% to Yuan 229.7bn during the period, and its rail sales fell 17.9% due to a decrease in orders. However, CRRC’s sales of urban rail vehicles increased by 10.27% year-on-year.

Revenue from orders in China dipped 2.17%, and overseas orders fell 28.3% year-on-year. CRRC says it received new orders of Yuan 262.6bn in 2016, $US 8.1bn of which was made up in overseas orders, up 40% from 2015.

The company was formed in June 2015 through the merger of two of China’s biggest rolling stock manufacturers, China North Railway and China South Railway, meaning that 2016 was the first full year of operations for CRRC.