China Railway Signal & Communication (3969) H1 2026 earnings summary Event summary combining transcript, slides, and related documents. H1 2026 earnings summary 24 Aug, 2026 Executive summary - Operating revenue for H1 2026 was RMB14.08 billion, down 3.98% year-over-year, with net profit attributable to shareholders at RMB1.47 billion, down 9.07%. - Railway sector revenue grew 2.75% year-over-year, while urban rail and overseas revenues declined 14.85% and 12.44%, respectively. - Orders in hand (excluding municipal housing construction) reached RMB51.60 billion at period end. - Newly signed contracts totaled RMB17.72 billion, up 0.84% year-over-year, with notable growth in urban rail and low-altitude economy sectors. Financial highlights - Gross margin for rail transit control systems was 31.67%; equipment manufacturing margin was 38.61%. - Net cash flow from operating activities improved to -RMB807 million from -RMB4.41 billion in H1 2025, mainly due to reduced payments to suppliers. - R&D investment rose to RMB915 million, 6.5% of revenue, up 0.71 percentage points year-over-year. - Basic EPS was RMB0.14, down from RMB0.15 in H1 2025. Outlook and guidance - Focus remains on expanding the rail transit, low-altitude economy, smart cities, and intelligent operations sectors. - The company aims to stabilize new construction, expand renovation and maintenance markets, and accelerate model replication in low-altitude infrastructure. - Continued exit from municipal housing construction and emphasis on optimizing business structure.