Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 65.56 and HKD 49.94 for A/H shares [6]. Core Insights - The company achieved a revenue of RMB 28.703 billion in 2025, representing a year-on-year increase of 15.23%, and a net profit of RMB 4.097 billion, up 10.64% year-on-year. The adjusted net profit was strong at RMB 3.9 billion, reflecting a year-on-year growth of 20.91% [1]. - The report highlights that despite the peak demand in rail transit business, the company is expected to maintain stable orders through maintenance and expansion in various categories such as signaling and power supply [2]. - The semiconductor business continues to show high growth, with a revenue increase of 26.72% year-on-year, and the company has secured significant domestic and international orders in the renewable energy sector [3]. - The forecast for 2026-2028 indicates a revenue growth of RMB 322.28 billion, RMB 367.15 billion, and RMB 415.52 billion, respectively, with net profits projected at RMB 46.33 billion, RMB 51.62 billion, and RMB 58.03 billion [4]. Summary by Sections Revenue and Profitability - In 2025, the company’s rail transit business generated RMB 158.06 billion in revenue, a year-on-year increase of 7.99%. The revenue from various segments includes RMB 121.06 billion from rail transit electrical equipment, RMB 18.99 billion from rail engineering machinery, and RMB 11.49 billion from communication signaling systems [2]. - The emerging equipment business reported a revenue of RMB 127.80 billion, with significant contributions from semiconductors (RMB 55.32 billion), automotive (RMB 32.68 billion), and renewable energy (RMB 24.01 billion) [3]. Forecast and Valuation - The company is expected to benefit from its integrated layout in the semiconductor and emerging business sectors, with projected net profits for 2026 from emerging business and rail transit at RMB 13.3 billion and RMB 33.1 billion, respectively [4][12]. - The valuation analysis suggests a PE ratio of 31.4x for the emerging equipment business and 14.3x for rail transit and other businesses, reflecting a premium based on competitive advantages in the energy demand sector [12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2026年3月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 2. 股份分類 | 普通股 | 股份類別 | A ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2026年3月31日 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 688187 | 說明 | A 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 868,907,512 | RMB | | 1 RMB | | 868,907,512 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 868,907,512 | RMB | | 1 RMB | | 868,907,512 | 本月底法定/註冊股本總額： RMB 1,357,948,412 FF301 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company achieved a revenue of 28.7 billion yuan in 2025, representing a year-on-year growth of 15.2%. The net profit attributable to shareholders was 4.1 billion yuan, up 10.6% year-on-year, while the net profit excluding non-recurring items reached 3.9 billion yuan, growing by 20.9% [5]. - The gross margin was 33.4%, an increase of 0.9 percentage points year-on-year, while the net margin decreased by 0.9 percentage points to 15.0% [5]. Revenue Performance - The rail transit equipment segment generated revenue of 15.81 billion yuan in 2025, a growth of 8.0% year-on-year. The revenue breakdown includes 12.11 billion yuan from rail transit electrical equipment, 1.90 billion yuan from rail engineering machinery, 1.15 billion yuan from communication signal systems, and 0.65 billion yuan from other rail transit equipment, with respective growth rates of 10.2%, 0.4%, 4.0%, and 0.3% [6]. - The emerging equipment segment saw revenue of 12.78 billion yuan, growing by 26.4% year-on-year, with semiconductor, automotive, new energy, marine, and industrial segments contributing 5.36 billion, 3.27 billion, 2.40 billion, 1.03 billion, and 0.72 billion yuan respectively, with growth rates of 30.4%, 27.2%, 17.9%, 19.1%, and 34.6% [7]. Semiconductor Business - The semiconductor segment achieved revenue of 5.36 billion yuan, a growth of 30.4%. The company holds the largest market share in IGBT modules for rail transit and power grid applications, with a significant presence in the new energy market, where the installed capacity of power modules reached 2.6076 million sets, capturing approximately 13.8% of the market [8]. Automotive Sector - The automotive segment generated revenue of 3.27 billion yuan, up 27.2% year-on-year. The sales of new energy vehicle drive systems continued to rise, with 571,500 sets of motors and 689,100 sets of controllers installed throughout the year [9]. New Energy Business - The new energy segment reported revenue of 2.40 billion yuan, growing by 17.9%. The company launched a new generation of photovoltaic inverters and energy storage converters, securing significant orders in the domestic market [11]. Marine Equipment - The marine segment achieved revenue of 1.03 billion yuan, a growth of 19.1%. The company delivered the world's first underwater heavy-duty electric ROV and is expected to benefit from government policies promoting deep-sea technology [12]. Industrial Sector - The industrial segment generated revenue of 720 million yuan, growing by 34.6%. The company secured bulk orders for electric drive systems for mining trucks, maintaining a solid market position [13]. Future Outlook - The report slightly lowers the net profit forecast for 2026 and 2027 by 4.7% to 4.58 billion and 5.10 billion yuan respectively, while introducing a forecast for 2028 at 5.71 billion yuan. The company is expected to leverage its rail transit equipment business and emerging equipment growth for future growth [14].

株洲中車時代電氣股份有限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此公佈，本公司將 於 二 零 二 六 年 四 月 二 十 七 日（星 期 一）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公司及其附屬公司）截 至二零二六年三月三十一日止三個月未經審計的業績，及處 理 其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 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 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中國株洲，二零二六年三月三十日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 董事會會議通知 ...

Investment Rating - The report maintains a "Recommend" rating for the company [1] Core Insights - The company, Times Electric (stock code: 688187), reported a revenue of 28.703 billion yuan for 2025, representing a year-on-year increase of 15.23%. The net profit attributable to shareholders was 4.097 billion yuan, up 10.64% year-on-year [3] - The rail transit business showed steady growth, with a revenue of 15.806 billion yuan in 2025, a 7.99% increase year-on-year. The emerging equipment segment experienced rapid growth, achieving a revenue of 12.780 billion yuan, up 26.35% year-on-year [3] - The company is well-positioned in the high-speed rail and locomotive traction conversion systems, maintaining a 60.92% market share in domestic urban rail traction conversion systems [3] - The report forecasts that the company will achieve net profits of 4.610 billion yuan, 5.110 billion yuan, and 5.546 billion yuan for 2026, 2027, and 2028, respectively, with corresponding EPS of 3.39, 3.76, and 4.08 yuan [4] Financial Performance Summary - In Q4 2025, the company achieved a revenue of 9.873 billion yuan, a 15.94% increase year-on-year, and a net profit of 1.376 billion yuan, up 10.23% year-on-year [3] - The gross margin for the company improved to 33.43%, an increase of 0.95 percentage points year-on-year, while the net profit margin was 15.01%, a decrease of 0.84 percentage points year-on-year [3] - The emerging equipment segment's revenue growth was driven by significant increases in the semiconductor and automotive sectors, with respective year-on-year growth rates of 30.43% and 27.22% [3] Financial Projections - The company is projected to have a revenue of 32.237 billion yuan in 2026, with a growth rate of 12.31%, and a gross margin of 33.56% [4] - The projected net profit for 2026 is 4.610 billion yuan, reflecting a profit growth rate of 12.52% [4] - The report indicates a steady decline in the P/E ratio from 17.07 in 2025 to 15.17 in 2026, suggesting an attractive valuation [4]

（股份代號：3898） 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 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） 董事會會議通知 株洲中車時代電氣股份有限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此公佈，本公司將 於 二 零 二 六 年 四 月 二 十 七 日（星 期 一）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公司及其附屬公司）截 至二零二六年三月三十一日止三個月未經審計的業績，及處 理 其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 中國株洲，二零二六年三月三十日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 ...

Financial Performance - The company plans to distribute a cash dividend of RMB 6.80 per 10 shares, amounting to a total of RMB 923,211,868.16 (including tax) for the fiscal year 2025, which represents approximately 37.12% of the net profit attributable to shareholders[13]. - Operating revenue for 2025 reached RMB 28,702,700,063, an increase of 15.23% compared to RMB 24,908,937,548 in 2024[25]. - Net profit attributable to shareholders of the parent company for 2025 was RMB 4,096,540,421, up 10.64% from RMB 3,702,585,914 in 2024[25]. - Total assets increased to RMB 72,084,237,098 in 2025, a growth of 11.24% from RMB 64,802,246,319 in 2024[27]. - The company’s total liabilities rose to RMB 26,159,454,776 in 2025, reflecting a 30.54% increase from RMB 20,039,828,511 in 2024[27]. - Basic earnings per share for 2025 were RMB 2.99, compared to RMB 2.62 in 2024, marking a growth of 14.12%[25]. - Total profit for 2025 was RMB 4.87 billion, reflecting a 12.90% growth compared to RMB 4.32 billion in 2024[44]. - The net cash flow from operating activities for 2025 was RMB 3.96 billion, an increase of 17.96% from RMB 3.36 billion in 2024[44]. - The company reported a gross profit margin of 33.43%, an increase of 0.95 percentage points compared to the previous year[189]. Research and Development - Research and development expenses for 2025 amounted to RMB 3,011,318,327, an increase of 13.33% from RMB 2,656,671,063 in 2024[25]. - The company has a R&D team of 4,560 people, accounting for 42.43% of the workforce, with nearly half (51.58%) holding a master's degree or higher[94]. - The company has established 6 national-level and 13 provincial-level technology innovation platforms, applying for 530 patents in 2025, with 404 patents granted, including 306 invention patents[88]. - The company achieved a total R&D investment of RMB 3,176,527,098, an increase of 11.77% compared to the previous year[128]. - The proportion of R&D investment to operating revenue is 11.07%, a decrease of 0.34 percentage points from the previous year[128]. - The company added 404 new patents, bringing the total number of authorized and valid patents to 3,858, with over 60% being invention patents[126]. Market Expansion and Strategy - The company is focused on expanding its market presence in the transportation and energy sectors, aiming to become a world-class enterprise[10]. - The company aims to enhance core competitiveness and functionality while focusing on high-quality development strategies for the "14th Five-Year Plan" period[32]. - The company is positioned to benefit from national policies supporting strategic emerging industries, digital economy, and green low-carbon initiatives, providing a solid policy barrier and broad development space[75]. - The company is leveraging the opportunities presented by the "Belt and Road" initiative and RCEP for international expansion in rail transportation and new energy sectors[74]. - The company is actively expanding into semiconductor, automotive, new energy, marine, and industrial sectors, leveraging its core technologies[67]. Governance and Compliance - The company has not reported any unremedied losses for the parent company, indicating a stable financial position[14]. - The company has received a standard unqualified audit opinion from KPMG, ensuring the accuracy and completeness of the financial report[15]. - The company has no significant non-operational fund occupation by controlling shareholders or related parties, indicating sound governance practices[18]. - The company’s financial data is prepared in accordance with Chinese accounting standards, ensuring compliance and transparency[19]. - The company has maintained a focus on R&D in traction and control systems, positioning itself as a leader in the electrification of railway equipment in China[61]. Technology and Innovation - Significant advancements in technology include the completion of a 400kW+ photovoltaic inverter application and breakthroughs in SiC MOSFET chip technology[33]. - The company has implemented 11 AI application scenarios, marking a new phase in business intelligence development[35]. - Key technologies include advanced electrical systems, control technologies, and power semiconductor technologies, which have significantly improved product performance, quality, and cost[99]. - The company has established a comprehensive R&D capability covering chip design, drive control, module packaging, and system testing for power semiconductor devices[101]. - The company has achieved significant improvements in power density and system efficiency through advanced control algorithms and multi-physical field simulation optimization[101]. Operational Performance - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[27]. - The company has established a unified procurement system and centralized procurement model to ensure quality and reduce costs[64]. - The company adopts a production model based on sales orders, ensuring production plans are aligned with market demand[64]. - The company has a global after-sales service network covering key customers and regions, ensuring timely customer support and feedback[65]. - The company has maintained a leading market share in domestic traction conversion systems for high-speed rail and urban rail for fourteen consecutive years[70]. Risks and Challenges - The company faces operational risks due to potential slowdowns in infrastructure investment and increased competition from low-price strategies adopted by domestic competitors[166]. - Financial risks are heightened due to international operations, including currency fluctuation losses and accounts receivable management challenges[167]. - The company is actively enhancing market risk warning mechanisms and optimizing supply chains to address industry competition challenges[168].

株洲中車時代電氣股份有限公司 2026年度「提質增效重回報」行動方案 前 言 為踐行以"投資者為本"的上市公司發展理念，積極響應上海證券交易所"提質增效重回報"的實踐要求，維護株洲中車 時代電氣股份有限公司（以下簡稱"公司"或"時代電氣"）全體股東利益，制定本行動方案。 2025年，基於對公司未來發展前景的信心及價值的認可，公司於2025年3月29日發佈了《株洲中車時代電氣股份有限公 司2025年度"提質增效重回報"行動方案》（以下簡稱"行動方案"），於2025年8月23日發佈了《2025年度"提質增效 重回報"行動方案半年度評估報告》。2025年度，公司根據行動方案內容，積極開展和落實各項工作，在高質量經營、科 技創新、提升股東回報等方面取得了良好成效。 堅持以專業化拓業務， 1 聚焦主業深耕細作新興業務 2025年，公司緊扣服務現代化產業體系建設，依托高鐵自主核心技術優勢，聚合優質資源，大力培育戰略性新 興產業，加速推進業務轉型升級。在開拓新領域、競逐新賽道、培育新動能中，持續增強核心功能，推動實現 更高質量的發展。公司深耕交通與能源雙賽道，秉持"同心多元"發展戰略，深化產業協同，經營質效穩步提 升，核心 ...

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 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司 關 於 提 請 股 東 會 授 權 董 事 會 決 定 中 期 利 潤 分 配 的 公 告》，僅 供 參 閱。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 公司现金分红金额不超过 2026 年相应期间归属于上市公司股东的净利润。 中國，株洲，二零二六年三月二十七日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事 ...