香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司關於全資子公司向其參股公司提供擔保的公告》，僅供參閱。 证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2025-038 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于全资子公司向其参股公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ⚫ 担保对象及基本情况 | | 被担保人名称 本次担保金额 | T ...

证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2025-038 证券代码： 1766（H 股） 证券简称：中国中车（H 股） | | 被担保人名称 | TIC TRENS S.A. | | --- | --- | --- | | | 本次担保金额 | 共计折合人民币约 亿元 3.39 | | 担保对象 | 实际为其提供的担保余 额 | 亿雷亚尔（折合人民币约 亿元） 2.825 3.71 | | | 是否在前期预计额度内 | □是 ☑否 □不适用：_________ | | | 本次担保是否有反担保 | □是 ☑否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（亿元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 | 589.06 | | 公司对外担保总额（亿元） | | | 对外担保总额占上市公司最近一期 | 34.90 | | 经审计净资产的比例（%） | | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 50% | | | □对外担保总额（含本次）超过 ...

Core Viewpoint - China CRRC achieved a net profit attributable to shareholders of 7.246 billion yuan in the first half of the year, representing a year-on-year increase of 72% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.193 billion yuan, showing a year-on-year increase of 31% and a quarter-on-quarter increase of 37% [1] - For H1 2025, revenue from railway equipment reached 59.706 billion yuan, up 42% year-on-year, driven by the positive development of domestic railway passenger and freight transport, as well as railway construction [1] - Urban rail business revenue was 17.402 billion yuan, reflecting a year-on-year increase of 6%, aligning with initial expectations [1] - New industries generated revenue of 40.733 billion yuan, a year-on-year increase of 36%, benefiting from the growth in orders for clean energy equipment such as wind power and energy storage [1] - Modern services revenue was 1.917 billion yuan, up 16% year-on-year [1] Market Outlook - The China National Railway Group's bidding this year has already surpassed the total amount for 2024, indicating continued optimism for the rail transit industry [1] Shareholder Returns - The company emphasizes shareholder returns, with a high interim dividend payout ratio. It plans to distribute a cash dividend of 3.157 billion yuan (before tax), accounting for 43.57% of the net profit attributable to shareholders for H1 2025 [1] Rating - The company maintains an "overweight" rating [1]

中期報告 2025 重要提示 公司擬以實施權益分派股權登記日（具體日期將在權益分派實施公告中明確）登記的總股本為基數，向全體股東派發現 金紅利。截至 2025 年 6 月 30 日，公司總股本為 28,698,864,088 股，以此為基數按每股派發人民幣 0.11 元（含稅）的現 金紅利計算，合計擬派發現金紅利人民幣 31.57 億元（含稅）。如在公司利潤分配方案公告披露之日起至實施權益分派 股權登記日期間，因可轉債轉股╱回購股份╱股權激勵授予股份回購註銷╱重大資產重組股份回購註銷等致使公司 總股本發生變動的，公司擬維持分配總額不變，相應調整每股分配比例。如後續總股本發生變化，將另行公告具體 調整情況。該利潤分配預案尚需經股東會審議通過。 六、 前瞻性陳述的風險聲明 本報告存在一些基於對未來政策和經濟走勢的主觀假設和判斷而做出的預見性陳述，受諸多可變因素影響，實際結 果或趨勢可能會與這些預見性陳述出現差異。 本報告中所涉及的未來計劃、發展戰略等前瞻性描述，不構成公司對投資者的實質承諾，敬請投資者注意投資風險。 公司存在的風險因素主要有戰略風險、市場風險、產品質量風險、匯率風險、境外經營風險、產業結構調整風險 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [10]. Core Insights - The company reported significant growth in its first half of 2025, achieving revenue of 1197.58 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 72.46 billion yuan, up 72% year-on-year [3][4]. - The company’s four main business segments all experienced positive growth, with the railway equipment segment showing the fastest growth at over 40% year-on-year [3]. - The company signed new orders worth approximately 1460 billion yuan in the first half of 2025, a 4.2% increase year-on-year, indicating a strong demand in the rail transit industry [4]. Financial Performance - The company’s revenue is projected to grow to 2773.87 billion yuan in 2025, with a year-on-year growth rate of 12.55%, and net profit is expected to reach 144.63 billion yuan, reflecting a 16.76% increase [5][8]. - The earnings per share (EPS) is forecasted to increase from 0.43 yuan in 2024 to 0.50 yuan in 2025 [8][9]. - The company plans to distribute cash dividends of 31.57 billion yuan, accounting for 43.57% of its net profit for the first half of 2025, highlighting its commitment to shareholder returns [4].

Group 1: High-Speed Rail Network Development - The Shenyang to Changbai Mountain high-speed rail began trial operations on September 4, 2023, as part of China's "eight vertical and eight horizontal" high-speed rail network [1] - The completion of the Shenyang to Changbai Mountain high-speed rail is expected to reduce travel times significantly, with the shortest travel time from Beijing Chaoyang Station to Changbai Mountain Station being 4 hours and 33 minutes, and from Shenyang North Station to Changbai Mountain Station being 1 hour and 53 minutes [1] - By the end of 2024, China's high-speed rail operating mileage is projected to reach 48,000 kilometers, with total railway operating mileage increasing to 162,000 kilometers [1] Group 2: Industry Growth and International Expansion - China's high-speed rail technology has reached a world-leading level, with significant advancements in intelligent high-speed rail technology and a growing number of technological innovations [2] - High-speed rail companies are actively expanding into international markets, with an increase in overseas projects and market opportunities [2] - The high-speed rail industry chain is extensive, encompassing upstream components like tracks and materials, midstream systems and vehicles, and downstream services including passenger transport and tourism [2] Group 3: Company Performance - China Railway Rolling Stock Corporation (CRRC) reported a revenue of 119.758 billion yuan for the first half of the year, a year-on-year increase of 32.99%, and a net profit of 7.246 billion yuan, up 72.48% [3] - CRRC showcased 22 innovative products at the 12th World High-Speed Rail Conference, emphasizing its commitment to innovation and international expansion [3] - Guangzhou-Shenzhen Railway Co., Ltd. reported a revenue of 13.969 billion yuan for the first half of the year, an 8.08% increase, and a net profit of 1.109 billion yuan, up 21.55% [3] - The company has seen significant growth in passenger revenue due to the introduction of new direct trains and cross-line services [3] Group 4: Operational Efficiency and Market Impact - In the first half of 2025, the Beijing-Shanghai high-speed rail transported 24.996 million passengers, a 1.2% increase from the previous year [4] - The operational efficiency of the high-speed rail network is expected to improve with the completion of the "eight vertical and eight horizontal" network, benefiting industry chain companies [4]

Group 1: Overall Performance of Listed Companies - The total operating revenue of listed companies in Shanghai and Shenzhen reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan for the first half of 2025 [1] - Shenzhen companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Sector Performance - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rapidly rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw 253 companies generate 984.76 billion yuan in revenue, a 14.1% increase, and a net profit of 454.57 billion yuan, up 24.59% [3] - The computer industry in Shenzhen reported 501.25 billion yuan in revenue, a 13.74% increase, and a net profit of 122.85 billion yuan, up 26% [5] Group 3: R&D Investment - Shenzhen companies invested a total of 352.97 billion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen reached 92.46 billion yuan, a year-on-year increase of 22.36% [9] - Shanghai's R&D investment also hit a record high of 432.6 billion yuan, growing by 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a 5% increase [11] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, a 23.59% increase, with a 29.22% share of total revenue [11] - Companies are diversifying their overseas markets, with significant growth in exports from firms like Huayou Cobalt and Quectel [12] Group 5: Dividend and Shareholder Returns - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.81 billion yuan [12] - Shenzhen companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in dividend amounts [12] - Companies are also increasing share buybacks, with Shenzhen firms announcing 230 buyback plans totaling 68.21 billion yuan [13]

Core Viewpoint - China CRRC Group's chairman Sun Yongcai met with Kazakhstan's President Tokayev and signed a cooperation agreement with Kazakhstan National Railway Company for future project collaboration [1] Group 1: Meeting and Agreements - The meeting included discussions on practical cooperation in rail transportation and clean energy equipment, aiming to deepen collaboration between the two countries [1] - The cooperation agreement was signed in the presence of President Tokayev, highlighting the importance of the partnership [1] Group 2: Strategic Initiatives - The discussions focused on implementing the important consensus reached by the leaders of both countries [1] - The initiative aims to promote high-quality construction of the "Belt and Road" initiative [1]

Group 1 - The company will hold its second extraordinary general meeting of shareholders in 2025 on September 22, 2025, at 14:00 in Beijing [2][5] - The voting method for the meeting will combine on-site voting and online voting through the Shanghai Stock Exchange's system [5][6] - The meeting will review several special resolutions that require more than two-thirds of the valid voting shares to pass [6][7] Group 2 - The online voting system will be available from 9:15 to 15:00 on the day of the meeting, with specific time slots for trading system voting [2][5] - Shareholders must register to attend the meeting by September 16, 2025, and can delegate their voting rights to a representative [13][14] - The company will provide a reminder service for small and medium-sized investors to ensure they can participate in the voting process [8][9] Group 3 - The company will also hold a half-year performance briefing on September 9, 2025, from 16:00 to 17:00, via the Shanghai Stock Exchange's online platform [24][26] - The briefing will focus on the company's operational results and financial status for the first half of 2025, allowing for interactive communication with investors [25][27] - Investors can submit questions in advance through the designated online platform or via email [27][28]

Core Viewpoint - China CNR announced that it will hold the second extraordinary general meeting of shareholders on September 22, 2025, to review the proposal to cancel the supervisory board and amend related articles [2] Group 1 - The extraordinary general meeting is scheduled for September 22, 2025 [2] - The agenda includes the review of the proposal to cancel the supervisory board [2] - The announcement was made on the evening of September 1 [2]