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） 2026年4月27日（星期一）舉行的 2026年第一次臨時股東會之代表委任表格 與本代表委任表格 有關之股份數目 （附註1） 本人╱吾等 （附註2） 為本人╱吾等的代表，代表本人╱吾等出席2026年4月27日（星期一）下午2時正於中國北京市海澱區西四環中路16-5號本公司 515會議室舉行的本公司2026年第一次臨時股東會（「臨時股東會」）及其任何續會，並依照下列指示代表本人╱吾等就本公司 日期為2026年4月2日的臨時股東會通告（「臨時股東會通告」）所列決議案投票，如無作出指示，則由本人╱吾等的代表自行酌 情投票表決。 | | | 以上決議案全文列載於本公司日期為2026年4月2日的臨時股東會通函中， 閣下委任代表之前，請先閱覽臨時股東會通函全文。 簽署 （附註 5） 日期︰ 附註： 1. 請填上以 閣下名義登記與本代表委任表格有關之股份數目。如未有填上數目，則本代表委任表格將被視為與本公司已發行股本中所有 以 閣下名義登記的股份有關。 2. 請用正楷填上全名（中文或英 ...

Core Viewpoint - The company reported its 2025 annual performance, achieving operating revenue of 273.06 billion yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 13.18 billion yuan, up 6.4% year-on-year [1] Financial Performance - In Q4 2025, the company generated revenue of 89.20 billion yuan, a decrease of 4.99% year-on-year, and a net profit of 3.22 billion yuan, down 37.45% year-on-year but up 18.32% quarter-on-quarter [1] - The company’s comprehensive gross margin for 2025 was 21.38%, unchanged year-on-year, while the net profit margin was 6.19%, a decrease of 0.17 percentage points [2] - The company’s railway equipment business revenue was 123.61 billion yuan, up 11.9% year-on-year, driven by the growth in the electric multiple units and locomotive segments [2] Segment Performance - The new industry segment achieved revenue of 103.12 billion yuan, a year-on-year increase of 19.39%, primarily due to the recovery in demand for clean energy equipment [2] - The urban rail and urban infrastructure business revenue was 42.09 billion yuan, down 7.37% year-on-year, mainly due to a decline in vehicle procurement in the new urban rail market [2] - The company’s international business revenue reached a record high of 34.82 billion yuan, up 22.88% year-on-year, with significant growth in new orders [3] Market Outlook - The company is expected to maintain stable operations in its railway equipment business, supported by national railway development plans, which aim to expand the railway operating mileage significantly by 2030 [3] - The new industry segment is anticipated to continue its rapid growth, benefiting from policies and demand in areas such as wind and solar energy, semiconductors, and marine equipment [3] Investment Recommendations - The company is projected to achieve net profits of 13.85 billion yuan, 14.60 billion yuan, and 15.26 billion yuan for 2026-2028, with corresponding EPS of 0.48, 0.51, and 0.53 yuan, maintaining a recommended rating [4]

Core Viewpoint - The company achieved steady revenue growth driven by railway equipment and new industries, with a year-on-year increase of 6.40% in net profit attributable to shareholders in 2025 [1] Group 1: Financial Performance - In 2025, the company reported total revenue of 273.06 billion yuan, a year-on-year increase of 10.79% [1] - Revenue from railway equipment reached 123.61 billion yuan, up 11.90% year-on-year, accounting for 45.27% of total revenue [1] - New industries generated revenue of 103.12 billion yuan, a 19.39% increase year-on-year, representing 37.76% of total revenue [1] - The company’s net profit attributable to shareholders was 13.18 billion yuan, reflecting a year-on-year growth of 6.40% [1] - The fourth quarter of 2025 saw a revenue of 89.20 billion yuan, down 4.99% year-on-year, but up 39.14% from the previous quarter [1] Group 2: Profitability Metrics - The company's gross profit margin for 2025 was 21.38%, remaining stable year-on-year [2] - The net profit margin was 4.83%, a decrease of 0.20 percentage points year-on-year [2] - The expense ratio decreased to 14.47%, down 0.56 percentage points year-on-year, with significant reductions in management expenses [2] Group 3: Order and Growth Prospects - The company secured new orders worth approximately 346.1 billion yuan in 2025, a year-on-year increase of 7%, ensuring long-term growth [2] - International business new orders amounted to about 65 billion yuan, up 38% year-on-year, indicating a strong push for international expansion [2] - The company successfully bid for its first GW-level offshore wind power project and maintained a leading position in the solar inverter market [2] Group 4: Profit Forecast and Investment Rating - The company adjusted its net profit forecast for 2026-2027 to 14.31 billion yuan and 15.56 billion yuan, respectively, with an expected net profit of 16.91 billion yuan for 2028 [3] - The current stock price corresponds to dynamic PE ratios of 12.6, 11.6, and 10.7 times for 2026, 2027, and 2028, respectively, maintaining a "buy" rating [3]

Group 1 - Goldman Sachs reports that CRRC's Q4 2025 performance slightly underperforms expectations, while Times Electric's performance meets expectations, indicating differing results in key business segments [1] - The outlook for both companies suggests moderate overall growth, with CRRC's strong overseas business momentum being offset by adverse factors in domestic railway and urban rail businesses [1] - For Times Electric, emerging industries are expected to continue driving revenue growth, but increased price competition and initial costs from new IGBT capacity are likely to exert pressure on profit margins [1] Group 2 - Goldman Sachs lowers the target price for CRRC's H-shares from HKD 6.5 to HKD 6.2 while maintaining a "Buy" rating; the A-shares target price is reduced from CNY 5.9 to CNY 5.6, with a "Neutral" rating [1] - The target price for Times Electric's H-shares is decreased from HKD 43.9 to HKD 40.7, and the A-shares target price is lowered from CNY 59.3 to CNY 55.6, both maintaining a "Neutral" rating [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a total operating revenue of 273.06 billion yuan in 2025, representing a year-on-year growth of 10.79%. The net profit attributable to shareholders was 13.18 billion yuan, up 6.40% year-on-year, while the net profit excluding non-recurring items was 10.98 billion yuan, increasing by 8.20% [2][6] - The railway equipment and new industries are driving steady growth, with the railway equipment business revenue increasing by 11.90% year-on-year to 123.6 billion yuan, primarily due to growth in the revenue from high-speed trains and locomotives [13] - The international business is progressing well, with new orders signed in 2025 amounting to approximately 346.1 billion yuan, of which international orders accounted for about 65 billion yuan, increasing the international business share to 19% [13] - The railway passenger and freight transport sectors are experiencing robust demand, with fixed asset investment in railways reaching 72.2 billion yuan in January-February 2026, a year-on-year increase of 5.4% [13] Summary by Relevant Sections Financial Performance - In 2025, the company reported total operating revenue of 273.06 billion yuan, with a gross profit of 58.38 billion yuan, representing a gross margin of 21% [18] - The company expects net profits for 2026 and 2027 to be 14.4 billion yuan and 16 billion yuan, respectively, corresponding to P/E ratios of 12.5 and 11.3 times [13] Business Segments - Revenue breakdown for 2025: Railway equipment business accounted for 45.27%, urban rail and infrastructure business 15.41%, new industries 37.76%, and modern services 1.56% [13] - The new industries segment saw a revenue increase of 19.39% year-on-year, driven by growth in clean energy equipment such as wind power [13] Market Outlook - The outlook for the railway business remains positive, with expectations for continued growth in urban rail and new industries, supported by government investment in railway infrastructure [13]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved a revenue of 273.06 billion RMB in 2025, representing a year-over-year increase of 10.79%, with a net profit of 13.18 billion RMB, up 6.40% year-over-year [1][2]. - The railway equipment sector remains highly prosperous, with significant contributions from both traditional and new industries, particularly in clean energy [3][4]. - The company has a strong order backlog of approximately 357.1 billion RMB, providing robust support for future performance [4]. Revenue and Profitability - The company's gross margin for 2025 was 21.38%, remaining stable year-over-year, while the net profit margin decreased slightly to 4.83% [2]. - The revenue breakdown for 2025 shows that railway equipment accounted for 45.27% of total revenue, with new industries contributing 37.76% [3]. Order and Market Expansion - New orders signed in 2025 reached approximately 346.1 billion RMB, with international orders contributing around 65 billion RMB, indicating successful overseas market expansion [4]. - The company has made significant strides in international markets, including new orders for electric locomotives in Central Asia and wind power equipment sales in Europe and North America [4]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2026-2028 is adjusted to 0.50, 0.53, and 0.56 RMB respectively, reflecting a slight downward revision due to increased R&D expenses [5]. - The target price for the company's A/H shares is set at 9.00 RMB and 7.08 HKD, based on a price-to-earnings (PE) ratio of 18 for A shares and 12.6 for H shares [5].

Investment Rating - The report maintains a "Recommended" rating for China CRRC (stock code: 601766) [1] Core Views - China CRRC's revenue for 2025 reached 273.06 billion yuan, a year-on-year increase of 10.79%, with a net profit attributable to shareholders of 13.18 billion yuan, up 6.4% year-on-year [4] - The growth is driven by the railway equipment and new industries, with significant contributions from the EMU and locomotive segments [4] - The company achieved a record overseas revenue of 34.82 billion yuan, reflecting a 22.88% year-on-year increase, with notable international market breakthroughs [4] - The report forecasts steady growth in railway equipment and rapid development in new industries, supported by national policies and market demand [4] Financial Performance Summary - In 2025, the railway equipment segment generated 123.61 billion yuan in revenue, up 11.9% year-on-year, with EMU revenue at 68.42 billion yuan (+9.6%) and locomotive revenue at 29.71 billion yuan (+25.73%) [4] - New industries achieved over 100 billion yuan in revenue, totaling 103.12 billion yuan, a 19.39% increase year-on-year, primarily driven by demand for clean energy equipment [4] - The company’s gross margin for 2025 was 21.38%, stable compared to the previous year, with a net profit margin of 6.19% [4] Future Financial Projections - The report projects that China CRRC will achieve net profits of 13.85 billion yuan, 14.60 billion yuan, and 15.26 billion yuan for 2026, 2027, and 2028 respectively, with corresponding EPS of 0.48, 0.51, and 0.53 yuan [5] - Revenue is expected to grow to 286.87 billion yuan in 2026, reflecting a growth rate of 5.06% [5] - The company maintains a dividend payout ratio of 50.08% across the forecast period [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 273.06 billion yuan in 2025, representing a year-on-year increase of 10.79%. The net profit attributable to shareholders was 13.18 billion yuan, up 6.40% year-on-year. The growth in revenue was driven by the railway equipment sector, which saw an increase of 11.90%, and the new industries sector, which grew by 19.39% [2][4] - The company secured new orders worth approximately 346.1 billion yuan in 2025, a 7% increase year-on-year, with international business orders reaching about 65 billion yuan, up 38% year-on-year. This indicates a strong pipeline for future growth [4] Revenue and Profitability - The company's total revenue for 2025 is projected at 273,063 million yuan, with a year-on-year growth rate of 10.79%. The railway equipment business contributed 123,608 million yuan, accounting for 45.27% of total revenue, while the new industries segment generated 103,121 million yuan, making up 37.76% [2] - The gross profit margin for 2025 was 21.38%, remaining stable compared to the previous year. The net profit margin was 4.83%, a slight decrease of 0.20 percentage points year-on-year [3] Cost Management - The company managed to reduce its expense ratio, with the total period expense ratio decreasing by 0.56 percentage points to 14.47%. The management expenses saw a significant decline, indicating effective cost control [3] International Expansion - The company is actively pursuing international growth, with significant progress in overseas projects, particularly in the high-speed train and urban rail sectors. The successful bid for a GW-level offshore wind power project and strong performance in photovoltaic inverters further highlight its expansion into new industries [4]

Group 1 - The core viewpoint of the article indicates that China CNR Corporation Limited (01766.HK) experienced a significant decline in stock price following its earnings report, dropping over 7% at one point and currently trading down 6.67% at HKD 4.9 [1] - The trading volume reached HKD 86.41 million, indicating a notable level of market activity surrounding the stock [1]

Core Insights - The company is expanding its international business with significant orders in Central Asia and Africa, while also achieving milestones in various projects under the Belt and Road Initiative [2][10]. Group 1: Financial Performance - The company's revenue increased by 10.79% year-on-year, with the railway equipment business contributing 45.27% of total revenue, urban rail and infrastructure at 15.41%, new industries at 37.76%, and modern services at 1.56% [5]. - Specific sales figures include 813 locomotives, 599 passenger cars, 2,181 EMUs, 30,748 freight cars, and 4,582 urban rail vehicles [5]. - Revenue breakdown for railway equipment includes 29.706 billion yuan from locomotives, 8.535 billion yuan from passenger cars, 68.423 billion yuan from EMUs, and 16.943 billion yuan from freight cars [5]. Group 2: International Business Development - The company has signed multiple contracts for international projects, including a strategic cooperation agreement with Hafizet Railway Company for freight cars, and contracts for metro trains in Portugal and Malaysia [9][12]. - Notable contracts also include the supply of locomotives and components to Azerbaijan and Australia, as well as light rail vehicles in Mexico [12]. Group 3: Market Trends and Strategic Planning - The rail transportation equipment industry is experiencing stable growth, transitioning towards high-quality development and deep integration with green and intelligent technologies [10]. - The international business strategy focuses on building an organizational structure that supports international operations, enhancing marketing networks, and expanding overseas market share [11]. - The company aims to optimize its business structure by increasing the share of overseas DLS business and new industries, while establishing a global management model that allows for rapid response and resource synergy [11].