Summary of the Conference Call for Times Electric (2025) Company Overview - **Company**: Times Electric - **Period**: First three quarters of 2025 - **Revenue**: 18.83 billion CNY, up 14.86% YoY - **Net Profit**: 2.72 billion CNY, up 10.85% YoY - **Core Business Areas**: Rail transit equipment, emerging equipment, and basic components Key Financial Highlights - **Rail Transit Equipment Revenue**: 10.30 billion CNY, up 9.23% YoY [2][5] - **Emerging Equipment Revenue**: 8.43 billion CNY, up 22.26% YoY [2][5] - **Basic Components Revenue**: 3.84 billion CNY, up 30.40% YoY [2][5] - **Comprehensive Gross Margin**: Increased by 3 percentage points YoY [2][6] - **R&D Investment**: 1.97 billion CNY, up 22% YoY [2][7] - **Operating Expenses**: Decreased to 4% of revenue [2][6] Business Segment Performance - **Power Semiconductor Revenue**: 3.9 billion CNY, up 23% YoY, but profit margin slightly declined [2][9] - **New Energy Vehicle Drive System**: Cumulative delivery of 430,000 sets, revenue of 1.8 billion CNY, up 9% YoY, but overall business incurred losses [2][20] - **High Voltage IGBT Revenue**: Increased by 63%, with a market share of approximately 50% [2][28][30] Market and Strategic Developments - **Market Expansion**: Entered supply chains of major automakers including Volkswagen, Toyota, and General Motors, with over 14 partnerships [2][10] - **Silicon Carbide Production Line**: Actively developing domestic and international customers, applicable in new energy vehicles and photovoltaic fields [2][11][12] - **New Energy Generation**: Secured over 15 GW in photovoltaic contracts, ranking third domestically, and actively expanding overseas [2][22][26] Challenges and Outlook - **Inventory Growth**: Primarily due to lower turnover rates in the emerging equipment sector compared to rail transit [2][15] - **Profitability Decline**: Notable decrease in net profit in Q3 attributed to semiconductor price drops [2][24] - **Future Revenue Growth**: Uncertainty in Q4 revenue growth due to pending settlements in rail transit [2][15] Additional Insights - **Government Subsidies**: Revenue from government subsidies is influenced by the broader economic environment [2][18] - **High Voltage IGBT Market**: Anticipated growth driven by domestic and international projects, with stable competition [2][28][30] - **Data Center Opportunities**: Exploring high voltage and high power semiconductor markets, with ongoing discussions [2][27] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment developments, market strategies, challenges, and future outlook for Times Electric.

Core Viewpoint - Times Electric (688187.SH) reported a year-on-year revenue growth of 14.86% for the first three quarters of 2025, reaching a total revenue of 18.83 billion yuan [1] - The net profit attributable to shareholders increased by 10.85% year-on-year, amounting to 2.72 billion yuan [1] - The basic earnings per share stood at 1.98 yuan [1] Financial Performance - Total operating revenue for the first three quarters: 18.83 billion yuan, a 14.86% increase year-on-year [1] - Net profit attributable to shareholders: 2.72 billion yuan, reflecting a 10.85% year-on-year growth [1] - Basic earnings per share: 1.98 yuan [1]

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-038 证券代码：3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 日常关联交易预计公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次关联交易是基于株洲中车时代电气 股份有限公司（以下简称"公司"，及其附属公司，统称"本集团"）与中国中车集 团有限公司（以下简称"中车集团"，及其直接或间接持有之附属公司及/或其各自 的联系人及/或下属企业，统称"中车集团该等公司"）长期形成的业务关系，定价 公允，不存在损害公司及中小股东利益的行为，不会对关联人形成较大的依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 2025 年 10 月 30 日，公司召开第七届董事会第二十一次会议，审议通过《关 于本公司与中国中车集团有限公司签订<2026 年-2028 年产品和配套服务互供框架 协议>并预计 2026-2028 年日常关联 ...

Core Viewpoint - Times Electric (03898.HK) reported a revenue of RMB 18.83 billion for the first three quarters of 2025, reflecting a year-on-year growth of 14.86% compared to RMB 16.39 billion in the same period last year [1] Financial Performance - The net profit attributable to shareholders reached RMB 2.72 billion, representing a year-on-year increase of 10.85% [1] - Basic earnings per share stood at RMB 1.98 [1]

Core Insights - Times Electric (03898.HK) reported a revenue of approximately 18.83 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.86% [1] - The net profit attributable to shareholders of the listed company was approximately 2.72 billion yuan, reflecting a year-on-year growth of 10.85% [1] Financial Performance - Revenue for the first three quarters of 2025: approximately 18.83 billion yuan, up 14.86% year-on-year [1] - Net profit for the same period: approximately 2.72 billion yuan, up 10.85% year-on-year [1]

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。 董事長 李東林 中國，株洲，二零二五年十月三十日 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；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 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 第 七 屆 董 事 會 獨 立 董 事 第 六 次 專 門 會 議 決 議》，僅 供 參 閱。 承董事會命 株洲中車時代電氣股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 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。 独立非执行董事一致认为：该关 ...

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） （股份代號：3898） 與中國中車集團公司的持續關連交易 鑒於預期2023年 至2025年中國中車集團公司互相供應協議將於2025年12月31日 屆 滿，於2025年10月30日，本 公 司 與 中 國 中 車 集 團 公 司 訂 立2026年 至2028年中國 中車集團公司互相供應協議，年期為由2026年1月1日起至2028年12月31日止的三年。 2026年 至2028年中國中車集團公司互相供應協議及新中國中車集團公司上限構 成 本 公 司 的 非 豁 免 持 續 關 連 交 易，須 遵 守 上 市 規 則 第14A章 的 申 報、公 告、年 度 審閱及獨立股東批准的規定。 本 公 司 已 成 立 獨 立 董 事 委 員 會，以 就2026年 至2028年中國中車集團公司互相供 應 協 議 及 新 ...

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。 本公告分別以中、英文兩種語言編訂，如中英文版本有任何不一致，以中文版本為 準。 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，二零二五年十月三十日 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；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 – 1 – （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 2025年第三季度報告 本公告乃根據香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文及香 港聯合交易所有限公司證券上市規則第13.09(2)和 第13.10B條的要求作出。 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）之 董 事 會（「董事會」）欣 然 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 ...

本次独立董事会议各位独立董事经过谨慎查询及讨论，通过决议 如下： 公司独立非执行董事一致同意将该议案提交董事会审议。 株洲中车时代电气股份有限公司独立董事 林兆丰、李开国、钟宁桦、冯晓云 1、以 4 票同意、0 票弃权、0 票反对，通过了《关于本公司与中 国中车集团有限公司签订<2026 年-2028 年产品和服务互供框架协议 >并预计 2026-2028 年日常关联交易金额的议案》。 独立非执行董事一致认为：该关联交易是基于公司与中国中车集 团有限公司长期形成的业务关系，为保持生产经营的连续性所需，相 关交易的上限合理，交易价格公允，不存在损害公司及非关联股东、 特别是中小股东利益的情形，且该交易遵循了平等、自愿、等价、有 偿的原则，履行了必要程序，符合国家有关法律、法规的要求及中国 证券监督管理委员会和上海证券交易所的有关规定，不会对公司的独 立性造成不利影响，符合公司及全体股东的利益。 会议同意委任建泉融资有限公司作为独立财务顾问，向独立董事 委员会及独立股东提供意见。 株洲中车时代电气股份有限公司 第七届董事会独立董事第六次专门会议决议 株洲中车时代电气股份有限公司（以下简称"公司"）第七届董 事会独 ...

Financial Performance - The company's operating revenue for Q3 2025 reached ¥6,616,119,109, representing a year-on-year increase of 9.58% compared to ¥5,972,702,299 in the same period last year[5] - The total profit for the quarter was ¥1,185,169,909, a 2.94% increase from ¥1,171,543,008 in the previous year[5] - Net profit attributable to shareholders was ¥1,048,996,114, up 7.69% from ¥994,344,893 year-on-year[5] - The net profit after deducting non-recurring gains and losses was ¥1,025,631,731, reflecting a significant increase of 30.92% compared to ¥888,574,768 in the same period last year[9] - The company achieved operating revenue of RMB 18.83 billion in Q3 2025, a year-on-year increase of 14.86% from RMB 16.39 billion in the same period last year[17] - Total operating revenue for the first three quarters of 2025 reached ¥18,830,090,711, an increase of 14.9% compared to ¥16,393,523,464 in the same period of 2024[26] - Operating profit for the first three quarters of 2025 was ¥3,255,025,448, up 15.8% from ¥2,809,706,680 in the first three quarters of 2024[28] - Net profit attributable to shareholders of the parent company for the first three quarters of 2025 was ¥2,720,497,968, representing a 10.8% increase from ¥2,454,223,730 in the same period of 2024[28] - Basic earnings per share for the first three quarters of 2025 were ¥1.98, up from ¥1.74 in the same period of 2024[28] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date period was ¥2,116,958,001, a remarkable increase of 303.02% compared to ¥554,465,376 in the previous year[9] - Cash flow from operating activities for the first three quarters of 2025 was ¥2,116,958,001, a substantial increase from ¥525,274,580 in the same period of 2024[30] - The company's total assets reached RMB 69.55 billion as of September 30, 2025, compared to RMB 64.80 billion at the end of 2024[21] - The total assets of the company reached ¥69,547,876,862 in 2025, an increase from ¥64,802,246,319 in 2024, indicating growth in the company's asset base[23] - The company's cash and cash equivalents stood at RMB 6.08 billion, down from RMB 10.65 billion at the end of 2024[21] - Accounts receivable increased to RMB 14.31 billion from RMB 11.61 billion, indicating a rise in credit sales[21] - The company reported a significant increase in inventory, which rose to RMB 9.47 billion from RMB 7.06 billion, suggesting higher production or slower sales[21] Research and Development - Research and development expenses totaled ¥699,666,408 for the quarter, representing 10.58% of operating revenue, an increase of 0.21 percentage points year-on-year[9] - The company continues to focus on R&D, with development expenditures amounting to RMB 315.44 million, up from RMB 254.42 million in the previous year[21] - Research and development expenses for the first three quarters of 2025 totaled ¥1,877,955,245, compared to ¥1,559,710,234 in the first three quarters of 2024, indicating a significant investment in innovation[28] Shareholder Information - The top ten shareholders include CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., holding 44.21% of shares, and HKSCC Nominees Limited, holding 35.92%[14] - The company is indirectly controlled by CRRC Corporation Limited, which holds a total of 49.77% of the shares[17] Liabilities and Equity - Total liabilities increased to ¥24,998,004,242 in 2025 from ¥20,039,828,511 in 2024, reflecting a growth of 24.5%[23] - The total equity attributable to shareholders of the parent company decreased slightly to ¥41,108,561,140 in 2025 from ¥41,527,759,522 in 2024[23] Acquisitions - The company completed the acquisition of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., which was included in the consolidated financial statements, leading to retrospective adjustments[6] Return on Assets - The weighted average return on net assets was 2.42%, a slight decrease of 0.01 percentage points compared to the previous year[9]