On August 31, 2025, reports revealed that China Railway Group (CRG) experienced a 5.9% decline in revenue during the first half of 2025, signaling the challenges of slowing domestic infrastructure demand. In response, the company is actively diversifying its revenue base by securing renewable energy contracts, most notably procuring 3 GW of advanced TOPCon solar modules—and expanding its real estate and clean energy businesses to offset losses in its core construction operations. The strategic rebalance underscores the company’s recognition that renewable infrastructure must now be central to its business model.
At the same time, CRG is deepening its global footprint through the Belt & Road Initiative (BRI). It secured 11.1 trillion yuan in overseas contracts in H1 2025, including a landmark $1.13 billion Diriyah masterplan in Saudi Arabia, which integrates utilities, water systems, and district cooling. These moves illustrate CRG’s pursuit of resilient earnings through diversified global infrastructure, blending traditional engineering capabilities with sustainability-focused design.
This strategic redirection showcases how a legacy state-owned giant is adapting amid sectoral shifts. CRG’s pivot toward renewables and cross-border projects places it at the forefront of a broader industrial transformation, aligning with China’s decarbonization targets and turning global infrastructure demand into new opportunities—while providing a blueprint for how legacy firms can evolve amid market and policy headwinds.