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这篇报告是分析对中国铁路总公司的财务业绩分析。基于CRC在中国社会运行和发展的不可替代的作用，以及其以往的表现，认为中国铁路总公司有巨大的潜力，投资可以作为长期可观的回报，并且是可以预见的。In this report, the financial performance of the China Railway Corporation (CRC), one of the largest railway related corporations, is investigated and analyzed. Based on the irreplaceable role of CRC in the social functioning and development of China,as well as its previous performance, it is concluded that this corporation shows a great potential and investmentsshould be made as a considerable return in the long run can bepredicted.

1. The role and performance of the China Railway Corporation中国铁路公司的作用和表现

作为中国大陆的国家铁路运营商，中国铁路公司（CR）是由几个区域分公司功能单独和协调的方式。根据2013年的统计，公司总资产价值4.6万亿元人民币，员工超过200万人遍布全国（冯和秦，2015），成为三大铁路公司之一。以负担得起的价格提供全国范围的大规模运输，中华人民共和国自发展以来一直在中国的社会发展中发挥关键作用。 20多年来公司提供的大多数火车服务的票价并没有显着增加，人力资源和能源的成本却以相当高的速度增长。因此，与其极大的容量相比，CRC的年收入相当低（有时甚至是负数）。换句话说，CRC的以前财务业绩没有被优化。此外，总体债务巨大，增长率高，如图1所示（Chen et al。，2014）。

As the national railway operator of mainland China, the China Railway Corporation (CR) consists of several regional sub-companies that function both individually and in a coordinated manner.According to statistics of 2013, CRCpossesses a total asset worth 4.6 trillion CNY and over 2 million employees all over the country(Feng and Qin, 2015), making it one of the top three railway corporations. Aiming at providing nationwide massive transportation at affordable prices, CRC has been playing a key role in the social development of China since its emergence. The ticket prices of most train services provided by the corporation haven’t increasedsignificantly in over 20 years, while the costs of human resource and energy sources have been increasing at a considerable rate. As a result, the annual revenues of CRC were pretty low (sometimes even negative) compared with its extremely large capacity. In other words, the previous financial performance of CRC hasnever been optimized. Furthermore, the overall debt is huge and increasing at high rate, as shown in Fig.1(Chen et al., 2014).

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2. Relevant financial ratios of the China Railway Corporation中国铁路公司相关财务比率

3. Suggestions on investments related to CR 与CRC有关的投资建议

References

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