中国中车股份有限公司 关于中车财务有限公司风险持续评估报告 根据《企业集团财务公司管理办法》《上海证券交易所 上市公司自律监管指引第 5 号——交易与关联交易》等相关 规定，中国中车股份有限公司（以下简称"本公司"）审阅 了中车财务有限公司（以下简称"财务公司"）2023 半年度 财务报告及相关数据指标，并进行相关的风险评估，同时对 其《金融许可证》和《企业法人营业执照》的合法有效性进 行了查验，出具本风险评估报告。 一、财务公司基本情况 财务公司是经原中国银行保险监督管理委员会批准成立 的非银行金融机构，成立于 2012 年 11 月。财务公司统一社 会信用代码为 911100000573064301，注册资本为 320,000 万 元。财务公司现持有原中国银行保险监督管理委员会核发的 《金融许可证》，机构编码为 L0166H211000001。 财务公司经营范围包括:吸收成员单位存款；办理成员单 位贷款；办理成员单位票据贴现；办理成员单位资金结算与 收付；提供成员单位委托贷款、债券承销、非融资性保函、 财务顾问、信用鉴证及咨询代理业务；从事同业拆借；办理 成员单位票据承兑；从事固定收益类有价证券投资。 截 ...

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：临 2023-025 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 第三届董事会第十五次会议决议公告 本公司董事会及全体董事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）第三届董事会第十五次会议于 2023 年 8 月 11 日以书面形式发出通知，于 2023 年 8 月 25 日以现场会议的方式 在北京召开。会议应到董事 7 人，实到董事 6 人，执行董事、总裁楼齐良先生因 其他公务未能亲自出席本次会议，委托执行董事、董事长孙永才先生代其行使在 本次会议上各项议案的表决权和会议决议、会议记录等文件的签字权。公司部分 监事、高级管理人员及有关人员列席了会议。本次会议的召开符合有关法律、行 政法规、部门规章和《中国中车股份有限公司章程》的有关规定。 会议由董事长孙永才先生主持，经过有效表决，会议形成以下决议： 一、审议通过《关于中国中车股份有限公司 2023 年半年度报告的议案》。 同意公司 2023 年 ...

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：临 2023-027 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 关于会计政策变更的公告 一、会计政策变更概述 财政部于2021年底和2022年颁布了以下企业会计准则修订规定及企业会计准则 实施问答及案例，主要包括： - 《企业会计准则第 25 号——保险合同》（财会〔2020〕20 号）（以下简称"新 保险准则"）及相关实施问答 - 《企业会计准则解释第 16 号》（财会〔2022〕31 号）（以下简称"解释第 16 号"）中"关于单项交易产生的资产和负债相关的递延所得税不适用初始确认豁 免的会计处理规定"的规定 根据上述文件要求，公司对原采用的相关会计政策进行变更，于文件规定的起始 日开始执行上述会计政策。 1 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： ● 中国中车股份有限公司（以下简称"公司"）本次执行新会计准则而发生 会计政策变更系依据财政部新颁布及修订的会计准则要求实施。 ● 本次会计政 ...

证券代码：601766（A 股） 股票简称：中国中车（A 股） 编号：临 2023-026 证券代码： 1766（H 股） 股票简称：中国中车（H 股） 中国中车股份有限公司 第三届监事会第八次会议决议公告 本公司监事会及全体监事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"公司"）第三届监事会第八次会议于 2023 年 8 月 21 日以书面形式发出通知，于 2023 年 8 月 25 日以现场会议方式在 北京召开。本次会议应到监事 3 人，实到监事 2 人，监事陈震晗先生因其他公务 未能亲自出席本次会议，委托监事陈晓毅先生代其行使在本次会议上各项议案的 表决权和会议决议、会议记录等文件的签字权。本次会议的召开符合有关法律、 行政法规、部门规章和《中国中车股份有限公司章程》的有关规定。 本次会议由监事会主席赵虎先生主持，经过有效表决，会议形成以下决议： 审议通过《关于中国中车股份有限公司 2023 年半年度报告的议案》。 同意公司 2023 年半年度报告。 监事会认为：公司 2023 年半年度报告的编制和审核程序符 ...

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•北京 2023年8月10日 承董事會命 中國中車股份有限公司 董事長 孫永才 （股份代碼：1766） 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2023年8 月25日（星期五）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2023年6月30日止六個月的未經審計的中期業績。 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） 於本公告日期，本公司的執行董事為孫永才先生、樓齊良先生及王銨先生；非執行 董事為姜仁鋒先生；獨立非執行董事為史堅忠先生、翁亦然先生及魏明德先生。 ...

Group 1: Event Overview - The investor communication event was held on May 24-25, 2023, in Zhuzhou, Hunan, focusing on "Focusing on New Energy and Insights into Core Opportunities" [2][3] - The event included 73 participating institutions with a total of 97 attendees, including major funds and securities firms [3] Group 2: New Industry Growth and Profitability - In 2022, the new industry segment generated revenue of 77.1 billion CNY, accounting for over one-third of the company's total revenue [4] - The gross margin for the new industry segment was 17.63%, with ongoing efforts to optimize costs and improve profitability [4] Group 3: Key Growth Areas - Besides wind power and automotive electric drive, the company is also focusing on photovoltaic, energy storage, semiconductors, and new materials as growth areas [4] - The energy storage segment shipped approximately 3 GWh of lithium iron phosphate batteries in 2022, with total orders amounting to around 4 billion CNY [5] Group 4: International Market and Demand - The global rail transit equipment market has recovered to 2019 levels, with stable growth expected in the coming years [6] - The company is actively expanding its overseas market presence and securing orders [6] Group 5: Corporate Governance and Shareholder Value - The company is implementing measures to enhance operational quality, focusing on sustainable development, market expansion, and management efficiency [7] - Continuous improvement in corporate governance and investor relations is emphasized to deepen market understanding [8] Group 6: Long-term Planning and Product Development - The company aims to establish a business structure centered on rail transit equipment, with wind power and new materials as key growth drivers by 2025 [8] - Key product development areas include wind power, automotive electric drive systems, and new materials, with a focus on enhancing competitiveness and market share [9] Group 7: Future Strategies in New Materials - The establishment of a new materials division aims to accelerate the industrialization of high-performance materials, with ongoing R&D efforts [15] - The company plans to leverage its research institute to support the development of advanced materials, targeting significant growth in the new materials sector [15][16] Group 8: Risk Management - The company advises investors to refer to official announcements for accurate information and to remain cautious regarding investment risks [17][18]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 32,378,659, representing a year-on-year increase of 5.65%[3] - Net profit attributable to shareholders was CNY 615,327, marking a significant increase of 180.01% compared to the same period last year[3] - Total operating revenue for Q1 2023 reached CNY 32,378,659 thousand, an increase of 5.34% compared to CNY 30,647,501 thousand in Q1 2022[15] - Net profit for Q1 2023 was CNY 1,045,142 thousand, up 90.06% from CNY 549,682 thousand in Q1 2022[15] - The total comprehensive income for Q1 2023 was CNY 1,072,572 thousand, significantly higher than CNY 394,638 thousand in Q1 2022[16] - The company reported a basic earnings per share of CNY 0.02 for Q1 2023, compared to CNY 0.01 in Q1 2022[16] Cash Flow - The net cash flow from operating activities was a net outflow of CNY 7,232,528, which is a decrease in outflow by CNY 1,785 million year-on-year[6] - The company reported a cash inflow from operating activities totaling CNY 41,661,330 thousand, compared to CNY 39,434,159 thousand in Q1 2022[17] - Cash flow from operating activities showed a net outflow of CNY 7,232,528 thousand, an improvement from a net outflow of CNY 9,017,614 thousand in Q1 2022[17] - The cash flow from operating activities for Q1 2023 was 417,303 thousand RMB, down from 625,237 thousand RMB in Q1 2022, showing a decline of approximately 33.3%[22] - The cash flow from investing activities generated a net inflow of 312,204 thousand RMB in Q1 2023, compared to 2,129,619 thousand RMB in Q1 2022, indicating a significant decrease[22] - The cash flow from financing activities resulted in a net inflow of 2,062,153 thousand RMB in Q1 2023, contrasting with a net outflow of 6,042,354 thousand RMB in Q1 2022, marking a turnaround[22] Revenue Breakdown - The railway equipment business generated revenue of CNY 8,640,972, an increase of 61.53% year-on-year, primarily due to increased sales of high-speed trains and freight cars[7] - New industry revenue reached CNY 15,100,401, reflecting a year-on-year increase of 19.72%, driven by higher sales of energy storage systems and new materials[7] Assets and Liabilities - The total assets at the end of the reporting period were CNY 442,140,146, representing a year-on-year increase of 1.41%[3] - Total assets amounted to CNY 448,389,293 thousand, compared to CNY 442,140,146 thousand at the end of the previous period[13] - The total liabilities increased to CNY 256,364,407 thousand, up from CNY 251,154,230 thousand[13] - The total liabilities as of March 31, 2023, were 52,066,202 thousand RMB, an increase from 48,350,937 thousand RMB at the end of 2022, indicating a rise of about 3.5%[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 625,965[9] - China CNR Group Co., Ltd. holds 14,558,389,450 shares, accounting for 50.73% of the total shares issued[10] Investment and Financing - The company issued short-term financing bonds totaling 7 billion RMB in the first quarter of 2023, with a balance of 7 billion RMB remaining[11] - The company reported a net cash inflow from financing activities of CNY 5,388 million, an increase of CNY 1,563 million year-on-year, mainly due to increased cash from bond issuance[6] Research and Development - Research and development expenses increased to CNY 2,077,306 thousand, a rise of 10.43% from CNY 1,881,440 thousand in the same period last year[15] Inventory and Current Assets - The total current assets as of March 31, 2023, amounted to 293,222,486 thousand RMB, compared to 290,455,050 thousand RMB at the end of 2022, showing a slight increase[12] - Cash and cash equivalents decreased from 54,861,839 thousand RMB at the end of 2022 to 47,497,449 thousand RMB[12] - Inventory increased from 63,136,015 thousand RMB at the end of 2022 to 74,600,339 thousand RMB[12] - The company's long-term equity investments were valued at 18,427,663 thousand RMB as of March 31, 2023, compared to 18,260,754 thousand RMB at the end of 2022[12] - The company reported a total of 20,033,274 thousand RMB in notes receivable, an increase from 19,579,587 thousand RMB in the previous year[12] Management and Strategy - The company continues to explore market expansion and new product development strategies, although specific details were not provided in the financial report[9]

Financial Performance - The company's operating revenue for Q1 2023 was RMB 32,378,659, representing a 5.65% increase compared to the same period last year[3]. - Net profit attributable to shareholders was RMB 615,327, marking a significant increase of 180.01% year-on-year[3]. - Total revenue for Q1 2023 reached RMB 32,378.66 million, an increase of 5.34% compared to RMB 30,647.50 million in Q1 2022[19]. - Operating profit for Q1 2023 was RMB 1,225.83 million, up 65.06% from RMB 743.11 million in Q1 2022[19]. - Net profit attributable to shareholders for Q1 2023 was RMB 615.33 million, a significant increase of 179.73% compared to RMB 219.75 million in Q1 2022[19]. - The company reported a total comprehensive income of RMB 1,072.57 million for Q1 2023, compared to RMB 394.64 million in Q1 2022[20]. - Basic earnings per share for Q1 2023 were RMB 0.02, compared to RMB 0.01 in Q1 2022[20]. Cash Flow - The net cash flow from operating activities was a net outflow of RMB 7,232,528, which is a decrease in outflow by RMB 1,785 million compared to the previous year[6]. - In Q1 2023, the cash inflow from operating activities was CNY 41,661,330, an increase of 5.5% compared to CNY 39,434,159 in Q1 2022[21]. - The net cash flow from operating activities was -CNY 7,232,528, an improvement from -CNY 9,017,614 in the same period last year[21]. - Cash inflow from investment activities totaled CNY 7,970,562, up from CNY 7,486,170 in Q1 2022[22]. - The net cash flow from investment activities was -CNY 5,124,251, slightly better than -CNY 5,639,495 in Q1 2022[22]. - Cash inflow from financing activities was CNY 7,000,000, compared to CNY 11,224,031 in Q1 2022[23]. - The net cash flow from financing activities was CNY 5,387,576, an increase from CNY 3,824,681 in the previous year[23]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 448,389,293, an increase of 1.41% from the end of the previous year[3]. - Total assets as of March 31, 2023, were RMB 448,389.29 million, compared to RMB 442,140.15 million as of December 31, 2022[17]. - Total liabilities as of March 31, 2023, increased to RMB 256,364.41 million from RMB 251,154.23 million as of December 31, 2022[17]. - Non-current assets totaled RMB 155,166.81 million as of March 31, 2023, up from RMB 151,685.10 million as of December 31, 2022[17]. - Current assets increased to CNY 38,584,270 from CNY 31,712,974 at the end of 2022[24]. - Total liabilities rose to CNY 52,066,202 from CNY 48,350,937 at the end of 2022[25]. - The total equity of shareholders was CNY 103,465,740, slightly up from CNY 103,485,410 at the end of 2022[25]. Shareholder Information - China CNR Group Co., Ltd. holds 14,558,389,450 shares, representing 50.73% of the total shares issued[11]. - The company reported a total of 623,261 A-share shareholders and 2,704 H-share shareholders by the end of the reporting period[14]. - The total number of shares held by HKSCC Nominees Limited is 4,357,565,803, accounting for 15.18% of the total shares[11]. - The company has no shares under lock-up conditions among its top shareholders[11]. - The company has not reported any significant changes in the status of pledged, marked, or frozen shares among its major shareholders[11]. Business Segments - The railway equipment business generated RMB 8,640,972 in revenue, a 61.53% increase year-on-year, primarily due to increased sales of high-speed trains and freight cars[8]. - New industry revenue reached RMB 15,100,401, reflecting a 19.72% increase year-on-year, driven by sales of energy storage systems and new materials[9]. - The company signed new contracts worth approximately RMB 61.1 billion in Q1 2023, with international contracts accounting for about RMB 18.4 billion[9]. Research and Development - Research and development expenses in Q1 2023 amounted to RMB 2,077.31 million, an increase of 10.43% from RMB 1,881.44 million in Q1 2022[19].

Financial Performance - The company's total revenue for 2022 was RMB 222.94 billion, a decrease of 1.24% from RMB 225.73 billion in 2021[19]. - Net profit attributable to shareholders for 2022 was RMB 11.65 billion, an increase of 13.11% compared to RMB 10.30 billion in 2021[15]. - Basic earnings per share for 2022 rose to RMB 0.41, reflecting a growth of 13.89% from RMB 0.36 in 2021[11]. - Operating profit for 2022 was RMB 15.98 billion, an increase from RMB 12.83 billion in 2021[19]. - The net cash flow from operating activities for 2022 was RMB 23.95 billion, compared to RMB 20.59 billion in 2021[19]. - In 2022, the company achieved operating revenue of CNY 222.94 billion, a decrease of 1.24% compared to the previous year[51]. - The net profit attributable to shareholders was CNY 11.65 billion, an increase of 13.11% year-on-year[51]. - The total assets as of December 31, 2022, amounted to CNY 442.14 billion, reflecting a growth of 3.59%[51]. - The cash flow from operating activities was a net inflow of CNY 23.953 billion, an increase of CNY 3.361 billion compared to the previous year[66]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 5.74 billion, based on the total share capital of 28,698,864,088 shares[7]. - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling RMB 5.74 billion, which represents 49.25% of the net profit attributable to shareholders for the year 2022[115]. - The cash dividend is expected to be paid on or before August 11, 2023, pending approval from the annual general meeting[115]. - The cash dividend amount is included in the total cash distribution, which is RMB 5,739,773,000[118]. - The company has a tax withholding obligation of 10% for non-resident corporate shareholders receiving dividends[119]. Business Strategy and Development - China CRRC is focusing on high-quality development and aims to achieve "seven new breakthroughs" in 2023, targeting effective qualitative improvements and reasonable quantitative growth[25]. - The company is transitioning towards a "manufacturing + service" model, optimizing its business structure and enhancing lifecycle service capabilities[29]. - The company is actively promoting compliance management as a core competitive advantage, reflecting its commitment to corporate governance[24]. - The international business strategy aims to expand into international markets for rail transportation and new industries, promoting overseas investments and strategic acquisitions[35]. - The company aims to enhance its global competitiveness and innovation capabilities in the railway equipment sector, maintaining its leading position in the industry[100]. Research and Development - Research and development expenses for 2022 were RMB 13.13 billion, slightly up from RMB 13.09 billion in 2021[19]. - The R&D investment totaled CNY 13.292 billion, accounting for 5.96% of operating revenue, with capitalized R&D representing 1.22%[63]. - In 2022, the company filed 5,374 patent applications, winning 1 gold, 4 silver, and 3 excellence awards at the 23rd China Patent Awards[44]. - The company achieved significant technological advancements, including the new "Fuxing" high-speed train reaching a world record speed of 870 km/h and the successful launch of the 10MW offshore wind turbine "Hai Ping Mian No. 1"[44]. Market Presence and Expansion - The company expanded its global presence, providing products and services to 116 countries and regions, enhancing its brand value as a leading state-owned enterprise in the machinery sector[24]. - The company is actively expanding its market presence in local railways and urban transportation, with successful international bids in Mexico and Colombia[50]. - The company is focusing on digital transformation and management enhancement, with the launch of several information systems to improve operational efficiency[50]. - The company is committed to promoting high-quality development in manufacturing and aims to attract quality resources to the manufacturing sector[92]. Environmental and Social Responsibility - The company adheres to Xi Jinping's ecological civilization thought, promoting green, low-carbon, and circular development[149]. - The company achieved a reduction in carbon emissions by approximately 30,000 tons through the implementation of rooftop photovoltaic systems, generating around 50 million kWh annually[158]. - The company has established a carbon emission accounting system as part of its dual carbon action plan, enhancing its green manufacturing system[158]. - The company’s hazardous waste management practices include comprehensive identification, classification, and compliance with legal disposal requirements[155]. Governance and Compliance - The company has established a quality responsibility system to ensure product safety and reliability, addressing heightened regulatory requirements[109]. - The company has implemented a mechanism to ensure independent viewpoints and opinions are obtained for board discussions[187]. - The company continues to prioritize compliance and governance as part of its operational strategy[161]. - The board of directors actively participated in continuous professional development in 2022, with all members attending training sessions categorized under A, B, and C[191][192]. Workforce and Human Resources - The total number of employees in the company is 157,237, with 188 in the parent company and 157,049 in major subsidiaries[180]. - The company has implemented a comprehensive salary management system, integrating various compensation modules to align with market trends[181]. - In 2022, the company organized 18 key training programs, training over 8,500 participants, while subsidiaries conducted a total of 231,000 training sessions[182]. - The company has established a training plan focusing on leadership, digitalization, and internationalization to enhance talent development[182].

Financial Performance - The company's operating revenue for 2022 was RMB 222.94 billion, a decrease of 1.24% compared to RMB 225.73 billion in 2021[18]. - The net profit attributable to shareholders for 2022 was RMB 11.65 billion, an increase of 13.11% from RMB 10.30 billion in 2021[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 7.97 billion, up 5.99% from RMB 7.52 billion in 2021[18]. - The net cash flow from operating activities for 2022 was RMB 23.95 billion, an increase of 16.32% compared to RMB 20.59 billion in 2021[18]. - The total assets at the end of 2022 were RMB 442.14 billion, a 3.59% increase from RMB 426.83 billion at the end of 2021[18]. - The net assets attributable to shareholders at the end of 2022 were RMB 155.04 billion, up 4.35% from RMB 148.57 billion at the end of 2021[18]. - Basic earnings per share for 2022 increased to CNY 0.41, a 13.89% increase compared to 2021[19]. - The company reported a total revenue of CNY 87,375,295 for Q4 2022, contributing to a strong annual performance[22]. - The company signed new orders worth approximately CNY 279.1 billion in 2022, with international business orders accounting for about CNY 50.9 billion[48]. - The company reported a total revenue of 100 billion RMB for the year 2022, representing a year-on-year growth of 15%[104]. - The net profit attributable to shareholders was 20 billion RMB, an increase of 10% compared to the previous year[106]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 57.40 billion to shareholders, calculated at RMB 2 per 10 shares[4]. - For 2022, the company plans to distribute a cash dividend of RMB 2 per 10 shares, totaling RMB 5.740 billion, representing 49.25% of the net profit attributable to shareholders[136]. - The total cash dividend amount (including tax) is 5,739,773,000 RMB, which accounts for 49.25% of the net profit attributable to ordinary shareholders in the consolidated financial statements[139]. Market and Business Strategy - The company aims to achieve "seven new breakthroughs" in 2023 as part of its strategic plan[27]. - The company is focusing on high-quality development and market-oriented reforms to enhance operational efficiency[26]. - The company is expanding its market presence in urban transportation, with projects like the Taizhou S1 line officially commencing operations[28]. - The company is actively pursuing strategic mergers and acquisitions to enhance its international market presence and operational efficiency[37]. - The company continues to focus on international expansion, leveraging the "Belt and Road" initiative to enhance its global presence[47]. - The company is focusing on the development of smart urban rail systems and aims to promote standardized metro train applications[85]. - The company is set to implement a strategic plan focusing on high-quality development and aims to achieve effective qualitative improvements and reasonable quantitative growth in 2023[89]. Research and Development - Total R&D investment amounted to 13.292 billion RMB, representing 5.96% of operating revenue, with capitalized R&D accounting for 1.22%[60]. - The number of R&D personnel reached 36,334, making up 23.11% of the total workforce, with 10,561 holding master's degrees[61]. - The company applied for 5,374 patents in 2022, winning multiple awards at the 23rd China Patent Awards, including one gold and four silver[45]. - The company is investing 2 billion RMB in R&D for new technologies aimed at reducing carbon emissions by 25% over the next five years[104]. - The company has invested 3 billion RMB in R&D for new technologies, focusing on electric and autonomous vehicles[106]. Environmental and Social Responsibility - The company has committed to the "dual carbon" strategy, focusing on green product development and low-carbon technology applications[162]. - The company has invested approximately 50 million kWh in rooftop photovoltaic systems, resulting in a carbon emission reduction of about 30,000 tons annually[164]. - The company has contributed 21.88 million yuan to poverty alleviation and rural revitalization projects, benefiting 21,880 people[170]. - The company has implemented a comprehensive environmental monitoring system, including real-time monitoring of pollutant emissions through online monitoring systems[158]. - The company has established a digital carbon management platform to support energy management and carbon management in its operations[165]. Governance and Management - The total compensation for executives during the reporting period amounted to 1,135.43 million yuan, with the highest individual compensation being 100.50 million yuan for the chairman, Sun Yongcai[100]. - The company has a stable executive team with no changes in shareholding or significant turnover during the reporting period[100]. - The company emphasizes equal employment principles and aims to increase the proportion of female members in senior management[120]. - The company has adopted a board diversity policy that includes measurable targets for board composition[119]. - The company has established a comprehensive internal control system, which includes 68 risk management and internal control guidelines and manuals[142]. Risks and Challenges - The company faces various risks including strategic, market, product quality, exchange rate, overseas operation, and industrial structure adjustment risks[7]. - The company is exposed to exchange rate risks due to its increasing international operations, which may affect project competitiveness and profitability[93]. - The company is facing increased market risks due to intensified competition in the domestic rail transit equipment market, with a notable rise in social capital investment and cross-industry competition[91]. - The company is addressing structural overcapacity in its rail transit segments through business restructuring and capacity reduction strategies[93].