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） 中國株洲，二零二五年九月二十六日 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。 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 於二零二五年十月三 十 日（星 期 四）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 至二零二五年九月三十日止九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 ...

格隆汇9月26日丨时代电气(03898.HK)公布，本公司将于2025年10月30日（星期四）举行董事会会议， 以批准发布本集团（包括本公司及其附属公司）截至2025年9月30日止九个月未经审计的业绩，及处理 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，二零二五年九月二十六日 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。 （股份代號：3898） 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 於二零二五年十月三 十 日（星 期 四）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 至二零二五年九月三十日止九個月未經審計的業績，及處理其 他 事 宜（如 有）。 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） ...

[Definitions](index=5&type=section&id=First%20Section%20Definitions) [Definitions of Common Terms](index=5&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms, including stock types, key technologies, and institutional names, for clear report comprehension - The report defines A-shares and H-shares, listed on the SSE STAR Market and HKEX Main Board, respectively[14](index=14&type=chunk)[16](index=16&type=chunk) - Key technical terms include **IGBT** (Insulated Gate Bipolar Transistor), **MOSFET** (Metal-Oxide-Semiconductor Field-Effect Transistor), and **SiC** (Silicon Carbide), which are power semiconductor devices[16](index=16&type=chunk) - **FAO** (Fully Automatic Operation or Unmanned Driving System), **IPD** (Integrated Product Development), and **ROV** (Remotely Operated Underwater Vehicle) are defined as key technologies and methods[14](index=14&type=chunk)[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=7&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Basic Information](index=7&type=section&id=I.%20Company%20Basic%20Information) This section provides the company's basic information, including names, addresses, and contact details, with no historical changes in the reporting period - The company's Chinese abbreviation is 時代電氣 (Times Electric), and its English abbreviation is **Times Electric**[17](index=17&type=chunk) - The legal representative is Li Donglin, with both registered and office addresses located at Shidai Road, Shifeng District, Zhuzhou City[17](index=17&type=chunk) [Contacts and Contact Information](index=7&type=section&id=II.%20Contacts%20and%20Contact%20Information) This section provides contact information for the Board Secretary and Securities Affairs Representative for investor inquiries - The Board Secretary is Long Furong, and the Securities Affairs Representative is Xiao Ying[18](index=18&type=chunk) - Contact addresses are at Shidai Road, Shifeng District, Zhuzhou City, phone number is **0731-28498028**, and email is **ir@csrzic.com**[18](index=18&type=chunk) [Information Disclosure and Document Custody Location Changes](index=7&type=section&id=III.%20Information%20Disclosure%20and%20Document%20Custody%20Location%20Changes) The company's information disclosure newspapers and website are specified, with the document custody location unchanged during the reporting period - Information disclosure newspapers include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[18](index=18&type=chunk) - The semi-annual report is published on **www.sse.com.cn**[18](index=18&type=chunk) [Overview of Company Shares/Depositary Receipts](index=8&type=section&id=IV.%20Overview%20of%20Company%20Shares%E2%88%95Depositary%20Receipts) The company's A-shares are listed on SSE STAR Market and H-shares on HKEX Main Board, with no depositary receipts in the reporting period Company Share Overview | Share Type | Listing Exchange and Board | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-shares | SSE STAR Market | 時代電氣 (Times Electric) | 688187 | N/A | | H-shares | HKEX Main Board | 時代電氣 (Times Electric) | 3898 | CRRC Times Electric | [Company Key Accounting Data and Financial Indicators](index=8&type=section&id=VI.%20Company%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew by 17.95% to CNY 12.21 billion, net profit attributable to shareholders increased by 12.93% to CNY 1.67 billion, and operating cash flow surged by 188.52% Key Accounting Data (Jan-Jun) | Indicator | Current Period (CNY) | Prior Period Adjusted (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,213,971,602 | 10,355,639,193 | 17.95 | | Net Profit Attributable to Shareholders | 1,671,501,854 | 1,480,145,282 | 12.93 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 1,587,913,446 | 1,158,683,608 | 37.04 | | Net Cash Flow from Operating Activities | 1,879,416,373 | 651,393,081 | 188.52 | Key Financial Indicators (Jan-Jun) | Indicator | Current Period | Prior Period Adjusted | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 1.21 | 1.05 | 15.24 | | Basic EPS Excluding Non-Recurring Items (CNY/share) | 1.15 | 0.82 | 40.24 | | Weighted Average Return on Net Assets (%) | 4.14 | 3.85 | increased by 0.29 percentage points | | R&D Investment as % of Operating Revenue (%) | 10.40 | 9.54 | increased by 0.86 percentage points | - Net profit excluding non-recurring items increased by **37.04%** year-on-year, primarily due to revenue growth[24](index=24&type=chunk) - Net cash flow from operating activities increased by **188.52%** year-on-year, mainly driven by increased cash received from sales of goods and services[24](index=24&type=chunk) - Basic earnings per share excluding non-recurring items increased by **40.24%** year-on-year, primarily due to growth in non-recurring net profit and a reduction in total share capital from H-share repurchases[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=10&type=section&id=VIII.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **CNY 83.59 million**, primarily from government subsidies and fair value changes/disposal gains/losses on financial assets and liabilities Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -682,457 | | Government Subsidies Recognized in Current Profit/Loss | 83,567,707 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities | 4,672,057 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 10,823,292 | | Other Non-Operating Income and Expenses Apart from the Above | 12,629,451 | | Less: Income Tax Impact | 16,633,836 | | Impact on Minority Interests (After Tax) | 10,787,806 | | Total | 83,588,408 | [Explanation of Non-GAAP Performance Indicators](index=11&type=section&id=X.%20Explanation%20of%20Non-GAAP%20Performance%20Indicators) The company disclosed **EBITDA** as a non-GAAP financial metric, reaching **CNY 2.83 billion** with a **23.26%** year-on-year increase, reflecting core business operational and profitability strength EBITDA Calculation | Indicator | Current Period (CNY) | Prior Period (CNY) | | :--- | :--- | :--- | | Accounting Indicator: Net Profit | 1,784,196,054 | 1,574,336,829 | | Adjustment Item: Interest Expense | 10,105,440 | 25,676,823 | | Adjustment Item: Income Tax Expense | 303,550,257 | 107,711,300 | | Adjustment Item: Depreciation Expense | 598,892,075 | 459,415,685 | | Adjustment Item: Amortization Expense | 132,198,805 | 127,930,653 | | Non-GAAP Financial Indicator: EBITDA | 2,828,942,631 | 2,295,071,290 | - Current period **EBITDA** was **CNY 2.83 billion**, a **23.26%** year-on-year increase, primarily due to revenue growth leading to higher net profit[30](index=30&type=chunk) - EBITDA, by excluding depreciation, amortization, interest, and taxes, reflects the company's core business operational and profitability capabilities, especially relevant for capital-intensive enterprises[29](index=29&type=chunk) [Management Discussion and Analysis](index=12&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) [Description of Industry and Main Business During the Reporting Period](index=12&type=section&id=I.%20Description%20of%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) As a leading rail transit traction converter system supplier, the company pursues a "concentric diversification" strategy, expanding into emerging industries while leveraging national "transportation power" and "dual carbon" strategies for growth - The company is a leading supplier of traction converter systems in the rail transit industry, possessing comprehensive R&D, design, manufacturing, sales, and service capabilities[32](index=32&type=chunk) - The company's main businesses include rail transit electrical equipment, rail engineering machinery, and communication signal systems, with strategic layouts in emerging industries such as basic components, new energy vehicle electric drive systems, new energy power generation equipment, marine engineering equipment, and industrial converters[33](index=33&type=chunk) - National "Transportation Power Strategy" and "Dual Carbon" strategies present significant opportunities for the company's rail transit and new energy equipment industries, promoting intelligent, digital, and green low-carbon transportation equipment development[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Main Business Overview](index=12&type=section&id=%28I%29%20Main%20Business%20Overview) As a leader in rail transit traction converter systems, the company focuses on R&D, implements a "concentric diversification" strategy, and expands into emerging industries with a complete independent intellectual property system - The company is committed to becoming the preferred supplier of comprehensive solutions for global rail transit equipment[32](index=32&type=chunk) - The company possesses an industrial structure of "components + systems + complete machines," with products covering rail transit electrical equipment, rail engineering machinery, and communication signal systems[33](index=33&type=chunk) - The company holds independent intellectual property rights in various technological fields, including electrical systems, converter and control, power semiconductors, and deep-sea robots[33](index=33&type=chunk) [Industry Overview](index=12&type=section&id=%28II%29%20Industry%20Overview) National strategies like the "20th Party Congress Report," "Transportation Power Strategy," and "Dual Carbon" provide significant opportunities for the company's rail transit and new energy industries, promoting intelligent, digital, and green development - The "Outline of Building a Nation with Strong Transportation Network" explicitly promotes intelligent and digital transportation equipment, advocating green and low-carbon development[37](index=37&type=chunk) - Under the "Dual Carbon" strategy, the domestic new energy power generation industry ("wind-solar-storage-hydrogen") has vast market prospects, with rapid development in new energy vehicle electric drive systems, semiconductor devices, and sensors[38](index=38&type=chunk) [Discussion and Analysis of Operations](index=14&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, the company achieved stable development, maintaining rail transit market share, securing overseas projects, and rapidly advancing emerging equipment businesses with significant progress across multiple sectors - In the rail transit industry, national railway fixed asset investment increased by **5.5%** year-on-year, and the company maintained a stable market share in EMU and locomotive tenders[42](index=42&type=chunk) - New achievements were made in overseas market expansion, securing **13 projects** in Asia, America, and Europe, covering various products and systems[42](index=42&type=chunk) - In the basic components segment, the Yixing Phase 3 power semiconductor project reached design capacity, **SiC modules** achieved small-batch delivery, and sensor business grew significantly[43](index=43&type=chunk) - In the new energy passenger vehicle electric drive segment, multi-in-one assembly performance improved significantly, achieving the first high-voltage assembly order and initial mass production application of multi-in-one products, with **20 new projects** added[43](index=43&type=chunk) - In the new energy power generation segment, multi-industry synergy across solar, storage, wind, and hydrogen led to a leading domestic bidding capacity, with initial overseas orders for photovoltaic, energy storage PCS, and hydrogen production products[45](index=45&type=chunk) - In the marine engineering equipment segment, multiple new domestic and international orders were secured, including the first **EROV** order, accelerating technological iteration[45](index=45&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=15&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies include leading market position, innovation-driven technology, high-reliability quality and service, full industrial chain synergy, and top-tier talent, achieving significant R&D results and industry leadership in key sectors - The company has led the domestic market in high-speed rail and locomotive traction converter system products for many consecutive years, and its urban rail traction converter system market share has ranked first for **thirteen consecutive years**[46](index=46&type=chunk) - In emerging equipment businesses, passenger vehicle power module installed capacity ranks **second** in the industry, photovoltaic inverters secured over **15GW** in domestic bids, and sensor devices maintain the **first** position in domestic rail transit market share[47](index=47&type=chunk) - The company possesses **6 national-level** and **7 provincial-level** technological innovation platforms, with a cumulative total of **3,654 patents** granted, including **2,473 invention patents**[50](index=50&type=chunk) - In H1 2025, total R&D investment reached **CNY 1.27 billion**, a **28.59%** year-on-year increase, accounting for **10.40%** of operating revenue[84](index=84&type=chunk) - The number of R&D personnel reached **4,066**, accounting for **40.8%** of the total workforce, with nearly half holding postgraduate or higher degrees[54](index=54&type=chunk)[112](index=112&type=chunk) [Core Competency Analysis](index=15&type=section&id=%28I%29%20Core%20Competency%20Analysis) The company's core competencies, including market leadership, innovation, quality, supply chain synergy, and talent, collectively underpin its sustained growth and market position - The company has led the domestic market in high-speed rail and locomotive traction converter system products for many consecutive years, and its urban rail traction converter system market share has ranked first for **thirteen consecutive years**[46](index=46&type=chunk) - The company possesses **6 national-level** and **7 provincial-level** technological innovation platforms, with a cumulative total of **3,654 patents** granted, including **2,473 invention patents**[50](index=50&type=chunk) - The company has established a quality management and assurance system covering the entire lifecycle from design to service, and was awarded the **Second China Quality Award in 2016**[51](index=51&type=chunk) - The company has formed a complete industrial chain structure of "basic components + devices and systems + complete machines and engineering," providing assurance for profit growth and cost control[53](index=53&type=chunk) - The company has **4,066 R&D personnel**, accounting for **40.8%** of the total, with nearly half holding postgraduate or higher degrees, and an experienced management team[54](index=54&type=chunk)[112](index=112&type=chunk) [Core Technologies and R&D Progress](index=18&type=section&id=%28III%29%20Core%20Technologies%20and%20R%26D%20Progress) The company has developed core technologies in rail transit traction converter systems and related fields, achieving significant R&D breakthroughs in permanent magnet traction systems, CR450 EMUs, FAO signal systems, SiC chip technology, and deep-sea robots, with **165 new patents** and a **28.59%** increase in R&D investment - The company possesses multiple core technologies, including electrical system technology, converter and control technology, power semiconductor technology, communication signal technology, data and intelligent application technology, deep-sea robot technology, new energy vehicle electric drive system technology, and sensor technology[57](index=57&type=chunk) - In H1 2025, Fuxing Hao locomotives completed permanent magnet traction system and new power device installation and debugging, achieving a traction energy consumption reduction of over **20%**[77](index=77&type=chunk) - The **CR450 EMU** completed full-vehicle loop line tests, Yuqian line main line tests, and Wuyi line main line tests, achieving high-speed runs at **450km/h**[77](index=77&type=chunk) - The fully autonomous **FAO** signal system was successfully applied to Ningbo Metro Line 8, entering a new phase of **FAO** engineering application[77](index=77&type=chunk) - Breakthroughs in **SiC** dynamic characteristics and underlying reliability technology resulted in superior current output capability compared to international peers, completing the first small-batch delivery of automotive-grade **SiC modules**[43](index=43&type=chunk)[79](index=79&type=chunk) - The company completed development of its first liquid-cooled centralized energy storage converter—a **2.5MW** single-branch **PCS**, with orders exceeding **2GW** in H1[79](index=79&type=chunk) - The first domestic delivery and sea trials of **2 sets of 250-horsepower** autonomous work-class **ROVs** were completed, with a cumulative **11 dives** totaling **173 hours**[79](index=79&type=chunk) R&D Investment Overview | Indicator | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 1,214,500,454 | 959,334,678 | 26.60 | | Capitalized R&D Investment | 56,248,592 | 28,905,627 | 94.59 | | Total R&D Investment | 1,270,749,046 | 988,240,305 | 28.59 | | Total R&D Investment as % of Operating Revenue (%) | 10.40 | 9.54 | increased by 0.86 percentage points | | Proportion of Capitalized R&D Investment (%) | 4.43 | 2.92 | increased by 1.51 percentage points | R&D Personnel Overview | Indicator | Current Period | Prior Period | | :--- | :--- | :--- | | Number of Company R&D Personnel (people) | 4,066 | 3,076 | | R&D Personnel as % of Total Company Staff (%) | 40.80 | 37.08 | | Total R&D Personnel Compensation (CNY million) | 657.86 | 465.59 | | Average R&D Personnel Compensation (CNY million) | 1.62 | 1.51 | [Risk Factors](index=54&type=section&id=IV.%20Risk%20Factors) The company faces multiple risks including core competency, operational, financial, industry, and macroeconomic factors, with corresponding mitigation strategies in place - Core Competency Risk: Technological R&D inherently involves uncertainties, potentially leading to failure in new technology/product development or lower-than-expected returns[115](index=115&type=chunk) - Operational Risk: Weakening global economic growth, deglobalization, and geopolitical conflicts pose risks to overseas operations, characterized by long project cycles and stringent technical requirements[116](index=116&type=chunk) - Financial Risk: Volatile international financial environment and exchange rate fluctuations may lead to losses on foreign currency assets and increased costs[117](index=117&type=chunk) - Industry Risk: The new energy vehicle market is highly competitive, with accelerating in-house production trends by OEMs and shorter technology iteration cycles[118](index=118&type=chunk) - Macroeconomic Risk: Escalating geopolitical risks, complex international security situations, and adjustments in global industrial and supply chains impact overseas business operations[119](index=119&type=chunk) [Key Operating Performance During the Reporting Period](index=56&type=section&id=V.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) In H1 2025, the company achieved stable operating performance with **CNY 12.21 billion** in revenue (+17.95%) and **CNY 1.67 billion** in net profit (+12.93%), driven by growth in both rail transit and emerging equipment businesses, while maintaining a robust asset-liability structure - During the reporting period, the company achieved operating revenue of **CNY 12.21 billion**, a year-on-year increase of **17.95%**[121](index=121&type=chunk) - Net profit attributable to the parent company was **CNY 1.67 billion**, a year-on-year increase of **12.93%**[121](index=121&type=chunk) Operating Revenue by Segment | Revenue Segment | Current Period (CNY billion) | Prior Period (CNY billion) | Change (%) | | :--- | :--- | :--- | :--- | | Rail Transit Equipment Business | 6.91 | 6.14 | 12.58 | | Emerging Equipment Business | 5.24 | 4.17 | 25.88 | | Of which: Basic Components | 2.42 | 1.87 | 29.12 | | New Energy Power Generation | 1.05 | 0.73 | 42.94 | | Industrial Converters | 0.36 | 0.17 | 110.08 | - Trading financial assets decreased by **94.82%**, primarily due to the maturity of structured deposits[129](index=129&type=chunk) - Other non-current assets increased by **206.30%**, mainly due to increased purchases of large-denomination certificates of deposit with maturities longer than one year and time deposits exceeding one year[129](index=129&type=chunk) - Employee compensation payable increased by **104.05%**, primarily due to accrued annual bonuses not yet due for payment[129](index=129&type=chunk) - Other payables increased by **139.21%**, mainly due to increased dividends payable from cash dividend accruals[129](index=129&type=chunk) [Main Business Analysis](index=56&type=section&id=%28I%29%20Main%20Business%20Analysis) Operating revenue increased by **17.95%** to **CNY 12.21 billion**, with significant growth in emerging equipment, particularly industrial converters, while operating costs, sales expenses, and R&D expenses also increased, and operating cash flow surged by **188.52%** Changes in Financial Statement Items | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 12,213,971,602 | 10,355,639,193 | 17.95 | | Operating Cost | 8,304,208,989 | 7,495,953,645 | 10.78 | | Selling Expenses | 228,177,596 | 207,140,673 | 10.16 | | Administrative Expenses | 472,313,764 | 439,058,995 | 7.57 | | Financial Expenses | -178,326,863 | -77,314,293 | N/A | | R&D Expenses | 1,214,500,454 | 959,334,677 | 26.60 | | Net Cash Flow from Operating Activities | 1,879,416,373 | 651,393,081 | 188.52 | - Changes in financial expenses were primarily due to increased exchange gains/losses and interest income from cash management[125](index=125&type=chunk) - Changes in net cash flow from investing activities were mainly due to increased cash payments for investments[125](index=125&type=chunk) - Changes in net cash flow from financing activities were mainly due to decreased cash received from minority shareholder investments in subsidiaries[125](index=125&type=chunk) [Analysis of Assets and Liabilities](index=58&type=section&id=%28III%29%20Analysis%20of%20Assets%E3%80%81Liabilities) Total assets increased by **6.75%** to **CNY 69.18 billion**, with a **94.82%** decrease in trading financial assets and a **206.30%** increase in other non-current assets, while liabilities saw significant increases in employee compensation payable and other payables Changes in Assets and Liabilities | Item Name | Current Period End (CNY) | Current Period End as % of Total Assets (%) | Prior Year End (CNY) | Prior Year End as % of Total Assets (%) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 182,972,219 | 0.26 | 3,533,861,455 | 5.45 | -94.82 | | Non-Current Assets Due Within One Year | 1,672,608,254 | 2.42 | 2,628,347,569 | 4.06 | -36.36 | | Construction in Progress | 1,229,176,438 | 1.78 | 2,312,618,688 | 3.57 | -46.85 | | Other Non-Current Assets | 10,762,742,159 | 15.56 | 3,513,755,035 | 5.42 | 206.30 | | Short-Term Borrowings | 61,216,261 | 0.09 | 39,010,667 | 0.06 | 56.92 | | Employee Compensation Payable | 461,736,678 | 0.67 | 226,286,846 | 0.35 | 104.05 | | Taxes Payable | 381,650,945 | 0.55 | 244,575,367 | 0.38 | 56.05 | | Other Payables | 4,473,163,132 | 6.47 | 1,869,975,564 | 2.89 | 139.21 | | Provisions | 885,305,160 | 1.28 | 611,111,883 | 0.94 | 44.87 | - Overseas assets amounted to **CNY 1.87 billion**, accounting for **2.70%** of total assets[130](index=130&type=chunk) [Analysis of Investment Status](index=59&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) The group made no external equity investments during the reporting period, with total equity investment decreasing by **0.95%** to **CNY 831 million**, while financial assets measured at fair value totaled **CNY 3.89 billion** - During the reporting period, the Group made no external equity investments[131](index=131&type=chunk) - As of the end of the reporting period, the Group's external equity investment balance was **CNY 831 million**, a **0.95%** decrease from the beginning of the year[131](index=131&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (CNY) | Fair Value Change Gains/Losses for the Period (CNY) | Amount Sold/Redeemed for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3,533,861,455 | 8,109,370 | 3,340,000,000 | 182,972,219 | | Notes Receivable Measured at Fair Value | 1,286,784,981 | – | – | 1,372,655,833 | | Accounts Receivable Measured at Fair Value | 2,534,918,377 | – | – | 2,069,848,119 | | Other Equity Instrument Investments | 266,823,520 | – | – | 266,823,520 | | Total | 7,622,388,333 | 8,109,370 | 3,340,000,000 | 3,892,299,691 | [Analysis of Major Controlled and Invested Companies](index=61&type=section&id=%28V%29%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Zhuzhou CRRC Times Semiconductor Co., Ltd., a key subsidiary, reported **CNY 2.44 billion** in revenue and **CNY 442 million** in net profit, significantly impacting the company's overall net profit Financial Performance of Major Subsidiaries | Company Name | Company Type | Main Business | Registered Capital (CNY) | Total Assets (CNY) | Net Assets (CNY) | Operating Revenue (CNY) | Operating Profit (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuzhou CRRC Times Semiconductor Co., Ltd. | Subsidiary | R&D, Production, and Sales of Power Semiconductor Devices | 5,647,633,598 | 16,492,812,979 | 11,267,375,855 | 2,440,250,390 | 441,867,754 | 441,962,264 | [Corporate Governance, Environment, and Society](index=63&type=section&id=Fourth%20Section%20Corporate%20Governance%E3%80%81Environment%20and%20Society) [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=I.%20Changes%20in%20Directors%E3%80%81Supervisors%E3%80%81Senior%20Management%20and%20Core%20Technical%20Personnel) During the reporting period, the company experienced multiple changes in its Board of Directors, Supervisors, senior management, and core technical personnel, including the abolition of the Supervisory Board and appointments of new joint company secretaries - Effective **June 27, 2025**, the company abolished the Supervisory Board and supervisor positions; Li Lue, Geng Jianxin, Shen Zhulin, and Liu Shaojie ceased to be supervisors[141](index=141&type=chunk) - Zhu Hongjun, Lu Yang, Liu Liangjie, and Zhang Min are no longer designated as core technical personnel due to position adjustments, while Wu Qingli, Zheng Huaxiong, Cheng Zhenglin, and Li Cheng are newly designated as core technical personnel[140](index=140&type=chunk) - Zhang Lixia resigned as Company Secretary, and Long Furong and Leung Oi Yan were appointed as Joint Company Secretaries[141](index=141&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=64&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The Board of Directors approved a semi-annual profit distribution plan to pay a cash dividend of **CNY 4.40** (tax inclusive) per **10 shares**, totaling approximately **CNY 597.50 million**, representing **35.75%** of H1 2025 net profit - The company plans to distribute a cash dividend of **CNY 4.40** (tax inclusive) per **10 shares** to all shareholders[143](index=143&type=chunk) - As of **June 30, 2025**, the total proposed cash dividend amounts to **CNY 597,497,301.28**[143](index=143&type=chunk) - This profit distribution plan represents **35.75%** of the company's H1 2025 consolidated net profit attributable to shareholders[143](index=143&type=chunk) [Corporate Governance Status](index=65&type=section&id=V.%20Corporate%20Governance%20Status) The company maintains high corporate governance standards, complying with HKEX Listing Rules, and has repurchased and cancelled **44.37 million H-shares** totaling **HKD 1.37 billion** to enhance shareholder value - The company has adopted a code of conduct no less stringent than the "Model Code," which all directors and former supervisors have confirmed compliance with[149](index=149&type=chunk) H-Share Repurchase Status (H1 2025) | Repurchase Month | Number of H-Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (Excluding Transaction Fees) (HKD) | | :--- | :--- | :--- | :--- | :--- | | 2025年1月 | 12,351,200 | 32.6 | 29.05 | 371,044,003.86 | | 2025年2月 | 20,629,100 | 32.2 | 28.8 | 628,782,940.65 | | 2025年4月 | 1,295,000 | 32.0 | 30.5 | 40,254,427.50 | | 2025年5月 | 9,485,500 | 33.2 | 31.25 | 309,541,394.54 | | 2025年6月 | 610,800 | 33.2 | 32.35 | 20,148,589.47 | - The company cancelled **37,313,100 H-shares** on **February 26, 2025**, and **11,391,300 H-shares** on **June 19, 2025**[150](index=150&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements and is satisfied that they comply with applicable accounting standards and regulatory requirements[152](index=152&type=chunk) [Environmental Information of Listed Company and Major Subsidiaries Included in Legally Mandated Environmental Disclosure List](index=68&type=section&id=VI.%20Environmental%20Information%20of%20Listed%20Company%20and%20Major%20Subsidiaries%20Included%20in%20Legally%20Mandated%20Environmental%20Disclosure%20List) Two major subsidiaries, Zhuzhou CRRC Times Semiconductor Co., Ltd. and Baoji CRRC Times Engineering Machinery Co., Ltd., are on the legally mandated environmental information disclosure list, with their data available via respective provincial systems - The number of enterprises included in the legally mandated environmental information disclosure list is **2**[153](index=153&type=chunk) Environmental Information Disclosure Enterprises | No. | Enterprise Name | Query Index for Legally Mandated Environmental Disclosure Report | | :--- | :--- | :--- | | 1 | Zhuzhou CRRC Times Semiconductor Co., Ltd. | Enterprise Environmental Information Disclosure System (Hunan) | | 2 | Baoji CRRC Times Engineering Machinery Co., Ltd. | Enterprise Environmental Information Disclosure System (Shaanxi) | [Significant Matters](index=69&type=section&id=Fifth%20Section%20Significant%20Matters) [Fulfillment of Commitments](index=69&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholder, and related parties have diligently fulfilled all commitments during the reporting period, including share lock-ups, price stabilization measures, information disclosure accuracy, and avoidance of fund occupation and horizontal competition - CRRC Group committed to a **36-month** lock-up period for its A-shares from the listing date, with a pledge that the reduction price within two years after the lock-up period will not be lower than the issue price[155](index=155&type=chunk) - The company, controlling shareholders, directors, and senior management committed to initiating share price stabilization measures, including share purchases or buybacks, if the company's A-share price falls below its net asset value per share[159](index=159&type=chunk)[162](index=162&type=chunk) - The company, controlling shareholders, directors, and senior management committed that the prospectus and other information disclosure materials contain no false records, misleading statements, or major omissions, and will bear corresponding compensation liabilities[171](index=171&type=chunk)[174](index=174&type=chunk)[177](index=177&type=chunk)[179](index=179&type=chunk)[181](index=181&type=chunk)[183](index=183&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk)[188](index=188&type=chunk)[190](index=190&type=chunk)[192](index=192&type=chunk) - The company, controlling shareholders, directors, and senior management committed to implementing measures to mitigate the dilution of immediate returns from this offering and listing, and to strictly comply with relevant laws and regulations[181](index=181&type=chunk)[183](index=183&type=chunk)[185](index=185&type=chunk) - CRRC Zhuzhou Institute and CRRC Group committed to avoiding fund occupation and horizontal competition, ensuring no harm to the interests of the company and other shareholders[194](index=194&type=chunk)[196](index=196&type=chunk)[200](index=200&type=chunk)[202](index=202&type=chunk)[204](index=204&type=chunk)[206](index=206&type=chunk) - CRRC Zhuzhou Institute voluntarily extended the lock-up period for its Times Electric A-shares by **12 months** to **September 6, 2025**[214](index=214&type=chunk)[219](index=219&type=chunk) [Significant Contracts and Their Performance](index=104&type=section&id=X.%20Significant%20Contracts%20and%20Their%20Performance) The company provided guarantees totaling **CNY 245.75 million** to its subsidiaries, representing **0.60%** of net assets, with no external guarantees or overdue guarantees during the reporting period - During the reporting period, the company had no external guarantees (excluding guarantees to subsidiaries)[223](index=223&type=chunk) Guarantees Provided by the Company and its Subsidiaries to Subsidiaries | Guarantor | Guaranteed Party | Guaranteed Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Is Guarantee Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Zhuzhou CRRC Times Electric Co., Ltd. | Soil Machine Dynamics Limited | 245,750,000.00 | 2024年10月12日 | 2025年10月12日 | Joint and Several Liability Guarantee | No | | Zhuzhou CRRC Times Electric Co., Ltd. | Shanghai CRRC SMD Marine Equipment Co., Ltd. | 31,152,000.00 | 2024年4月25日 | 2025年6月13日 | Joint and Several Liability Guarantee | No | - As of the end of the reporting period, the total outstanding guarantees to subsidiaries amounted to **CNY 245.75 million**, accounting for **0.60%** of the company's net assets[225](index=225&type=chunk) [Explanation of Progress in Use of Raised Funds](index=105&type=section&id=XI.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's IPO raised **CNY 7.44 billion**, with **90.63%** (CNY 6.75 billion) invested to date in R&D projects, manufacturing platforms, and working capital, while **CNY 715 million** of idle funds are used for cash management Overall Use of Raised Funds | Source of Raised Funds | Net Raised Funds (1) (CNY) | Total Investment Pledged in Prospectus (2) (CNY) | Total Raised Funds Cumulatively Invested as of Period End (4) (CNY) | Cumulative Investment Progress of Raised Funds as of Period End (6)=(4)╱(1) (%) | Amount Invested This Year (8) (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | 7,443,212,046 | 7,443,212,046 | 6,745,770,060 | 90.63 | 679,168,823 | | Total | 7,443,212,046 | 7,443,212,046 | 6,745,770,060 | 90.63 | 679,168,823 | Details of Raised Fund Investment Projects | Source of Raised Funds | Project Name | Planned Total Investment of Raised Funds (1) (CNY) | Total Raised Funds Cumulatively Invested as of Period End (2) (CNY) | Cumulative Investment Progress (3)=(2)╱(1) (%) | | :--- | :--- | :--- | :--- | :--- | | Initial Public Offering | Rail Transit Traction Network Technology and System R&D and Application Project | 2,095,500,000 | 1,989,469,909 | 94.94 | | Initial Public Offering | Rail Transit Smart Bureau and Smart System R&D and Application Project | 1,070,830,000 | 1,058,411,555 | 98.84 | | Initial Public Offering | New Industry Advanced Technology R&D and Application Project | 869,270,000 | 706,144,133 | 81.23 | | Initial Public Offering | New Rail Engineering Machinery R&D and Manufacturing Platform Construction Project | 800,000,000 | 780,677,493 | 97.58 | | Initial Public Offering | Innovation Experiment Platform Construction Project | 931,000,000 | 529,706,386 | 56.90 | | Initial Public Offering | Replenishment of Working Capital | 1,676,612,046 | 1,681,360,586 | 100.28 | - As of **June 30, 2025**, the company's balance of idle raised funds used to purchase cash management products was **CNY 715 million**[236](index=236&type=chunk) [Share Changes and Shareholder Information](index=111&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) [Share Capital Changes](index=111&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital decreased by **48.70 million shares** to **1.36 billion shares** due to H-share repurchases and cancellations, specifically impacting unrestricted foreign-listed shares Table of Share Changes | | Quantity Before Change | Percentage Before Change (%) | Change (+,-) Other | Change (+,-) Subtotal | Quantity After Change | Percentage After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 589,585,699 | 41.91 | – | – | 589,585,699 | 43.42 | | II. Unrestricted Tradable Shares | 817,067,113 | 58.09 | -48,704,400 | -48,704,400 | 768,362,713 | 56.58 | | 3. Foreign-Listed Shares | 537,745,300 | 38.23 | -48,704,400 | -48,704,400 | 489,040,900 | 36.01 | | III. Total Shares | 1,406,652,812 | 100.00 | -48,704,400 | -48,704,400 | 1,357,948,412 | 100.00 | - **37,313,100 H-shares** repurchased from **December 17, 2024**, to **February 20, 2025**, were cancelled on **February 26, 2025**[244](index=244&type=chunk) - **11,391,300 H-shares** repurchased from **April 30, 2025**, to **June 5, 2025**, were cancelled on **June 19, 2025**[244](index=244&type=chunk) [Shareholder Information](index=112&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had **21,803** common shareholders, with CRRC Zhuzhou Institute as the largest shareholder (**44.21%**) and HKSCC NOMINEES LIMITED holding **35.92%**, while CRRC Zhuzhou Institute's restricted shares are set to be unlocked on **September 7, 2025** - As of the end of the reporting period, the total number of common shareholders was **21,803**[247](index=247&type=chunk) Top Ten Shareholders' Shareholdings | Shareholder Name (Full Name) | Number of Shares Held at Period End | Percentage (%) | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 600,381,485 | 44.21 | 589,585,699 | | HKSCC NOMINEES LIMITED | 487,736,266 | 35.92 | 0 | | Hong Kong Securities Clearing Company Limited | 15,946,712 | 1.17 | 0 | Top Ten Restricted Shareholders' Shareholdings and Restrictions | No. | Restricted Shareholder Name | Number of Restricted Shares Held | Tradable Date | Restriction Conditions | | :--- | :--- | :--- | :--- | :--- | | 1 | CRRC Zhuzhou Institute Co., Ltd. | 589,585,699 | September 7, 2025 (extended if non-trading day) | 36 months from the date of the company's listing on the Shanghai Stock Exchange + voluntary extension of 12 months lock-up | - Hunan Rail Transit Holding Group Co., Ltd. and Guohua Investment Development Asset Management (Beijing) Co., Ltd. became top ten shareholders due to new share placements[257](index=257&type=chunk) [Major Shareholders' Interests and Short Positions in the Company's Shares and Related Shares](index=118&type=section&id=III.%20Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20the%20Company%27s%20Shares%20and%20Related%20Shares) As of **June 30, 2025**, CRRC Zhuzhou Institute held **44.21%** of A-shares, while CRRC Corporation and CRRC Group held significant interests in both A-shares and H-shares through controlled entities, with JPMorgan Chase & Co. and Citigroup Inc. also holding H-share long and short positions Major Shareholders' Interests and Short Positions | Major Shareholder Name | Share Class | Number of Shares Held | Capacity | Approx. % of A-Share Capital | Approx. % of H-Share Capital | Approx. % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CRRC Zhuzhou Institute | A-shares | 600,381,485 | Beneficial Owner (Long Position) | 69.10% | – | 44.21% | | CRRC Corporation Limited | A-shares | 610,381,485 | Controlled Corporation Interest (Long Position) | 70.25% | – | 44.95% | | CRRC Corporation Limited | H-shares | 65,460,000 | Controlled Corporation Interest (Long Position) | – | 13.39% | 4.82% | | CRRC Group Co., Ltd. | A-shares | 610,381,485 | Controlled Corporation Interest (Long Position) | 70.25% | – | 44.95% | | CRRC Group Co., Ltd. | H-shares | 65,460,000 | Controlled Corporation Interest (Long Position) | – | 13.39% | 4.82% | | JPMorgan Chase & Co. | H-shares | 40,706,800 | Investment Manager (Long Position) | – | 8.32% | 3.00% | | Citigroup Inc. | H-shares | 29,348,509 | Controlled Corporation Interest (Long Position) | – | 6.00% | 2.16% | | Norges Bank | H-shares | 30,227,300 | Beneficial Owner (Long Position) | – | 6.18% | 2.23% | - CRRC Corporation Limited holds **100%** of the registered capital of CRRC Zhuzhou Institute and CRRC Zhuzhou Locomotive Co., Ltd., and is thus deemed to possess their equity interests[261](index=261&type=chunk) - CRRC Group Co., Ltd. directly and indirectly holds approximately **51.45%** of CRRC Corporation Limited's shares, and is thus deemed to possess CRRC Corporation Limited's equity interests[261](index=261&type=chunk) [Bond-Related Information](index=121&type=section&id=Seventh%20Section%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=122&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments [Convertible Corporate Bonds](index=122&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds [Financial Report](index=123&type=section&id=Eighth%20Section%20Financial%20Report) [Audit Report](index=123&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[8](index=8&type=chunk) [Financial Statements](index=123&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity as of **June 30, 2025**, providing a comprehensive overview of financial position and operating results Consolidated Balance Sheet Summary (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Current Assets | 42,770,752,383 | 46,433,350,367 | | Total Non-Current Assets | 26,404,738,669 | 18,368,895,952 | | Total Assets | 69,175,491,052 | 64,802,246,319 | | Total Current Liabilities | 23,611,493,640 | 18,729,522,214 | | Total Non-Current Liabilities | 1,560,047,542 | 1,310,306,297 | | Total Liabilities | 25,171,541,182 | 20,039,828,511 | | Total Equity Attributable to Parent Company Owners | 40,652,675,072 | 41,527,759,522 | | Total Owners' Equity | 44,003,949,870 | 44,762,417,808 | Consolidated Income Statement Summary (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 12,213,971,602 | 10,355,639,193 | | Total Operating Cost | 10,137,971,280 | 9,088,046,201 | | Operating Profit | 2,075,116,861 | 1,675,743,903 | | Total Profit | 2,087,746,311 | 1,682,048,129 | | Net Profit | 1,784,196,054 | 1,574,336,829 | | Net Profit Attributable to Parent Company Shareholders | 1,671,501,854 | 1,480,145,282 | | Basic Earnings Per Share (CNY/share) | 1.21 | 1.05 | Consolidated Cash Flow Statement Summary (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,879,416,373 | 651,393,081 | | Net Cash Flow from Investing Activities | -5,123,370,146 | -3,089,824,493 | | Net Cash Flow from Financing Activities | 1,132,149,538 | 4,553,651,586 | | Net Increase in Cash and Cash Equivalents | -2,112,676,417 | 2,114,302,610 | | Cash and Cash Equivalents at Period End | 5,524,896,400 | 9,127,845,188 | [Company Basic Information](index=142&type=section&id=III.%20Company%20Basic%20Information) Zhuzhou CRRC Times Electric Co., Ltd., established on **September 26, 2005**, is listed on HKEX and SSE STAR Market, headquartered in Zhuzhou, Hunan, specializing in R&D, design, manufacturing, sales, and service of rail transit and emerging equipment products - The company was established on **September 26, 2005**, jointly initiated by CRRC Zhuzhou Institute Co., Ltd. and others[303](index=303&type=chunk) - The company's H-shares were listed on the HKEX Main Board in **December 2006**, and A-shares on the SSE STAR Market in **September 2021**[304](index=304&type=chunk) - The company's headquarters are located at Shidai Road, Shifeng District, Zhuzhou City, Hunan Province, primarily engaged in rail transit equipment products and emerging equipment products[305](index=305&type=chunk) - For the six months ended **June 30, 2025**, the company cumulatively repurchased **44,371,600 H-shares** and cancelled **48,704,400 H-shares**[305](index=305&type=chunk) [Basis of Financial Statement Preparation](index=143&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to PRC accounting standards and relevant regulations, with no significant doubts regarding its ability to continue as a going concern for the next 12 months - The company's financial statements are prepared on a going concern basis, adhering to Chinese accounting standards and relevant regulations[306](index=306&type=chunk) - The company evaluated its ability to continue as a going concern for the 12 months from **June 30, 2025**, and found no significant doubts[307](index=307&type=chunk) [Significant Accounting Policies and Estimates](index=143&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's significant accounting policies and estimates, covering financial instrument classification, inventory valuation, long-term equity investments, fixed and intangible asset depreciation/amortization, R&D capitalization, revenue recognition, government grants, and deferred taxes - The company's financial assets are classified into three categories: measured at amortized cost, measured at fair value through other comprehensive income, or measured at fair value through profit or loss[339](index=339&type=chunk) - Inventories are initially measured at cost, valued using the weighted average method upon issuance, and impairment provisions are made based on the lower of cost and net realizable value[384](index=384&type=chunk)[385](index=385&type=chunk)[388](index=388&type=chunk) - Fixed assets are depreciated using the straight-line method, with depreciation periods of **20-45 years** for buildings and structures, and **6-10 years** for machinery and equipment[404](index=404&type=chunk) - Intangible assets are initially measured at cost; those with finite useful lives are amortized over their estimated useful lives, while those with indefinite useful lives are not amortized[412](index=412&type=chunk) - R&D expenditures are categorized into research and development phases; development phase expenditures are recognized as intangible assets when specific conditions are met simultaneously[414](index=414&type=chunk)[416](index=416&type=chunk) - Revenue is recognized when customers obtain control of the related goods or services, with main business types including sales of goods and materials, repair services revenue, and construction contract revenue[428](index=428&type=chunk)[430](index=430&type=chunk) - Government grants are classified into asset-related and income-related, recognized as deferred income and amortized to profit or loss over periods, or directly recognized in current profit or loss, respectively[444](index=444&type=chunk)[445](index=445&type=chunk) [Taxation](index=188&type=section&id=VI.%20Taxation) The company's main taxes include VAT (6-13%), urban maintenance and construction tax, education surcharges, and corporate income tax (25%), with many subsidiaries enjoying preferential 15% high-tech enterprise tax rates, Western Development policies, "two-free, three-half" policies for integrated circuit enterprises, and R&D expense super deductions Major Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6-13% | | Urban Maintenance and Construction Tax | 5%、7% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | | Corporate Income Tax | 25% | - The company and several subsidiaries (e.g., CRRC Times Software, CRRC Times Electronics, Ningbo CRRC Electric) enjoy a preferential **15%** corporate income tax rate as high-tech enterprises[483](index=483&type=chunk) - Kunming CRRC Electric, Chengdu CRRC Electric, and Chongqing CRRC Electric are eligible for Western Development corporate income tax preferential policies, with a tax rate of **15%**[484](index=484&type=chunk) - CRRC Times Semiconductor benefits from the "two-free, three-half" corporate income tax policy for integrated circuit enterprises, paying at **12.5%** in **2022 and 2023**, and **15%** from **2024** onwards[486](index=486&type=chunk) - For R&D expenses not forming intangible assets, the company and several subsidiaries can claim a **100%** super deduction before tax in **2024 and 2025**; CRRC Times Semiconductor can claim a **120%** super deduction before tax from **2023-2027**[487](index=487&type=chunk) [Notes to Consolidated Financial Statement Items](index=191&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major consolidated financial statement items, including assets, liabilities, equity, income, costs, and expenses, explaining their composition, changes, measurement methods, and related risks Composition of Cash and Bank Balances (June 30, 2025) | Item | Ending Balance (CNY) | | :--- | :--- | | Cash on Hand | 18,718 | | Bank Deposits | 7,012,288,328 | | Other Cash and Bank Balances | 630,909,443 | | Deposits with Finance Company | 58,295,316 | | Total | 7,701,511,805 | | Of which: Total Funds Deposited Overseas | 453,676,961 | - The ending balance of trading financial assets was **CNY 182.97 million**, primarily structured deposits with an expected annual yield of **1.75-2.35%**[497](index=497&type=chunk) - The ending book value of accounts receivable was **CNY 13.04 billion**, with **CNY 209.34 million** provided as bad debt allowance on an individual basis[515](index=515&type=chunk)[517](index=517&type=chunk) - The ending book value of inventories was **CNY 8.20 billion**, with total inventory impairment provisions and contract performance cost impairment provisions amounting to **CNY 264.80 million**[586](index=586&type=chunk) - The ending book value of construction in progress was **CNY 1.23 billion**, with major projects including the industrialization of medium and low-voltage power devices and the construction of a new energy vehicle electric drive system and component manufacturing base[614](index=614&type=chunk) - The original book value of goodwill was **CNY 667.76 million**, with goodwill impairment provisions of **CNY 421.34 million**[628](index=628&type=chunk)[630](index=630&type=chunk) - The ending balance of employee compensation payable was **CNY 461.74 million**, of which salaries, bonuses, allowances, and subsidies amounted to **CNY 236.56 million**[674](index=674&type=chunk)[676](index=676&type=chunk) - The ending balance of other payables was **CNY 4.47 billion**, of which dividends payable amounted to **CNY 1.36 billion**[684](index=684&type=chunk)[685](index=685&type=chunk) - Operating revenue and operating costs are segmented by business type, with rail transit equipment business revenue of **CNY 6.91 billion** and emerging equipment business revenue of **CNY 5.24 billion**[736](index=736&type=chunk) - Net cash flow from operating activities for the current period was **CNY 1.88 billion**, and net cash flow from investing activities was **-CNY 5.12 billion**[790](index=790&type=chunk) [R&D Expenses](index=289&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the period were **CNY 1.27 billion**, comprising **CNY 1.21 billion** in expensed R&D and **CNY 56.25 million** in capitalized R&D, primarily for employee compensation, material consumption, and depreciation/amortization, with several capitalized projects progressing well R&D Expenses by Nature | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 657,856,905 | 509,272,827 | | Depreciation and Amortization Expenses | 157,816,728 | 131,148,490 | | Material Consumption | 321,478,230 | 192,338,310 | | Technical Service Fees | 44,180,734 | 53,641,221 | | Other | 89,416,449 | 101,839,456 | | Total | 1,270,749,046 | 988,240,304 | | Of which: Expensed R&D Investment | 1,214,500,454 | 959,334,677 | | Capitalized R&D Investment | 56,248,592 | 28,905,627 | Development Expenditures for R&D Projects Meeting Capitalization Criteria | Item | Beginning Balance (CNY) | Increase in Internal Development Expenditures for the Period (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | | Project One | 52,464,790 | 13,734,203 | 66,198,993 | | Project Three | 24,949,517 | – | 24,949,517 | | Project Four | 17,775,937 | 3,449,224 | 22,838,305 | | Project Seven | 11,803,717 | 7,680,501 | 20,770,179 | | Total | 254,424,273 | 1,270,749,046 | 283,812,179 | - **"Project One"** is **95%** complete, expected to finish by **June 2026**, and will generate economic benefits through sales[817](index=817&type=chunk) [Interests in Other Entities](index=293&type=section&id=X.%20Interests%20in%20Other%20Entities) The company holds interests in numerous subsidiaries, including CRRC Times Semiconductor (a significant non-wholly owned subsidiary with **22.17%** minority interest), and also has equity in joint ventures and associates, with total investment book values of **CNY 263 million** and **CNY 302 million**, respectively Shareholding Ratios of Selected Subsidiaries | Subsidiary Name | Shareholding Ratio (%) Direct | | :--- | :--- | | Ningbo CRRC Times | 100 | | CRRC Times Electronics | 100 | | CRRC Times Semiconductor | 77.83 | | Baoji CRRC Times | 100 | | Hunan CRRC Times Electric Drive Technology Co., Ltd. | 83.30 | | Dynex Power Inc. (Canada) | 100 | | CRRC National Converter Center | 100 | - The company controls Qingdao CRRC Electric Equipment Co., Ltd. (holding **45%** of shares) despite owning less than half of the voting rights, as it is the largest single shareholder and related parties have committed to maintaining consistency[826](index=826&type=chunk) - The company controls FAW CRRC Electric Drive System Co., Ltd. (holding **50%** of shares) because board resolutions and final decisions are subject to the company's discretion[826](index=826&type=chunk) Key Financial Information of Significant Non-Wholly Owned Subsidiary (CRRC Times Semiconductor) | Subsidiary Name | Minority Shareholding Ratio (%) | Profit/Loss Attributable to Minority Shareholders for the Period (CNY) | Minority Interests Balance at Period End (CNY) | | :--- | :--- | :--- | :--- | | CRRC Times Semiconductor | 22.17 | 97,983,034 | 2,503,126,696 | Summarized Financial Information of Insignificant Joint Ventures and Associates | | Ending Balance/Current Period Amount (CNY) | | :--- | :--- | | Joint Ventures: Total Investment Book Value | 262,925,835 | | - Net Profit | -4,742,029 | | Associates: Total Investment Book Value | 301,568,646 | | - Net Profit | -10,460,586 | [Risks Related to Financial Instruments](index=302&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate, foreign exchange) associated with financial instruments through robust policies, including dealing with reputable third parties, maintaining liquidity plans, and conducting sensitivity analyses for foreign currency fluctuations, while managing capital with a **27.66%** leverage ratio - The primary risks arising from the company's financial instruments are credit risk, liquidity risk, and market risk[845](index=845&type=chunk) - Credit risk is managed by transacting with recognized, reputable third parties and continuously monitoring receivable balances[846](index=846&type=chunk) - Liquidity risk is managed through revolving liquidity planning tools and bank credit lines to maintain financing continuity and flexibility[850](index=850&type=chunk) Interest Rate Risk Sensitivity Analysis (Impact on Net Profit) | Item | Jan-Jun 2025 Increase by 100 Basis Points (CNY) | Jan-Jun 2025 Decrease by 100 Basis Points (CNY) | | :--- | :--- | :--- | | Net Profit (Decrease)/Increase | -459,122 | 459,122 | Foreign Exchange Risk Sensitivity Analysis (Impact on Current Period Profit) | Item | Period-End Basis Point Increase/(Decrease) | Impact on Current Period Profit Increase/(Decrease) (CNY) | | :--- | :--- | :--- | | RMB Appreciation Against EUR | 10% | -16,606,530 | | RMB Appreciation Against USD | 10% | -3,232,684 | | RMB Appreciation Against HKD | 10% | -11,460,695 | | RMB Appreciation Against GBP | 10% | -49,307,576 | Leverage Ratio (June 30, 2025) | Item | Ending Balance (CNY) | | :--- | :--- | | Net Debt | 15,543,883,288 | | Equity Attributable to Parent Company Shareholders | 40,652,675,072 | | Capital and Net Debt | 56,196,558,360 | | Leverage Ratio | 27.66% | - The amount of financial assets transferred and derecognized by the company was **CNY 1.30 billion**, primarily bank acceptance bills endorsed by commercial banks with high credit ratings[876](index=876&type=chunk) [Disclosure of Fair Value](index=313&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) As of the reporting period end, the company's total assets measured at fair value on a recurring basis amounted to **CNY 3.89 billion**, primarily using Level 2 and Level 3 fair value measurements for trading financial assets, receivables financing, and other equity instrument investments Fair Value of Assets and Liabilities Measured at Fair Value at Period End | Item | Level 2 Fair Value Measurement (CNY) | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 182,972,219 | – | 182,972,219 | | (II) Receivables Financing | 3,442,503,952 | – | 3,442,503,952 | | (III) Other Equity Instrument Investments | – | 266,823,520 | 266,823,520 | | Total Assets Measured at Fair Value on a Recurring Basis | 3,625,476,171 | 266,823,520 | 3,892,299,691 | - Fair value measurement for trading financial assets uses the discounted cash flow method[880](index=880&type=chunk) - Fair value measurement for receivables financing and other equity instrument investments uses the discounted cash flow method, with unobservable inputs including discount rate, weighted average cost of capital, and long-term revenue growth rate[882](index=882&type=chunk) [Related Parties and Related Party Transactions](index=315&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The company's parent is CRRC Zhuzhou Institute, with CRRC Group as the ultimate controlling party, engaging in significant related party transactions including sales of goods (**CNY 3.38 billion**) and provision of services (**CNY 1.11 billion**) to the ultimate controlling party's group, resulting in substantial receivables and payables - The company's parent company is CRRC Zhuzhou Institute Co., Ltd., with a shareholding ratio of **44.21%**[887](index=887&type=chunk) - The company's ultimate controlling party is CRRC Group Co., Ltd., a state-owned enterprise directly managed by the State-owned Assets Supervision and Administration Commission of the State Council[889](index=889&type=chunk) Related Party Transactions for Purchase of Goods/Acceptance of Services (Current Period Amount) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | Purchase of Goods | 366,328,717 | | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | Acceptance of Services | 22,935,348 | | Companies Controlled by CRRC Zhuzhou Institute | Purchase of Goods | 336,953,213 | | CRRC Zhuzhou Institute | Acceptance of Services | 22,440,613 | Related Party Transactions for Sale of Goods/Provision of Services (Current Period Amount) | Related Party | Related Party Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | Sale of Goods | 3,375,345,941 | | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | Provision of Services | 1,109,499,502 | | CRRC Zhuzhou Institute | Sale of Goods | 200,027,933 | - Key management personnel compensation for the current period amounted to **CNY 4.79 million**[923](index=923&type=chunk) Receivables from Related Parties (Ending Balance) | Item Name | Related Party | Ending Balance (CNY) | | :--- | :--- | :--- | | Notes Receivable | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | 2,360,799,491 | | Accounts Receivable (Including Long-Term Receivables) | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | 4,379,313,912 | | Receivables Financing | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | 1,043,719,575 | Payables to Related Parties (Ending Book Balance) | Item Name | Related Party | Ending Book Balance (CNY) | | :--- | :--- | :--- | | Accounts Payable | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | 1,236,071,994 | | Other Payables | CRRC Zhuzhou Institute | 2,089,474,121 | | Long-Term Borrowings | Companies Controlled by Ultimate Controlling Party (Excluding CRRC Zhuzhou Institute Group) | 53,188,000 | [Commitments and Contingencies](index=340&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had significant external commitments totaling **CNY 3.16 billion**, including **CNY 3.02 billion** in capital commitments and **CNY 144 million** in investment commitments to joint ventures/associates, with no material contingencies to disclose Significant Commitments | Item | Ending Balance (CNY) | | :--- | :--- | | Signed but not yet recognized in financial statements - Capital Commitments | 3,016,495,684 | | Signed but not yet recognized in financial statements - Investments in Associates/Joint Ventures | 144,252,400 | | Total | 3,160,748,084 | - The company has no significant contingencies requiring disclosure[949](index=949&type=chunk) [Events After the Balance Sheet Date](index=341&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company approved a **CNY 1.00** (tax inclusive) per share cash dividend for **2024**, totaling **CNY 1.36 billion**, and proposed a **CNY 4.40** (tax inclusive) per **10 shares** cash dividend for H1 2025, totaling **CNY 597.50 million** - The company's **2024** profit distribution plan has been approved, with a cash dividend of **CNY 1.00** (tax inclusive) per share, totaling **CNY 1.36 billion**[731](index=731&type=chunk) - The company proposes to distribute a cash dividend of **CNY 4.40** (tax inclusive) per **10 shares** to all shareholders, with a total proposed cash dividend of **CNY 597.50 million**[732](index=732&type=chunk) - This proposal

Core Viewpoint - The stock of Times Electric has shown a significant increase in price and trading volume, indicating positive market sentiment and performance in the rail transportation equipment sector [1][2]. Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transportation equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition is as follows: rail transportation equipment business accounts for 56.58%, emerging equipment business for 42.94%, and others for 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved operating revenue of 12.214 billion yuan, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 1.672 billion yuan, up 10.93% year-on-year [2]. - Since its A-share listing, Times Electric has distributed a total of 4.512 billion yuan in dividends, with 3.238 billion yuan distributed in the last three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Times Electric was 21,800, a decrease of 11.12% from the previous period. The average number of circulating shares per person increased by 13.09% to 13,443 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 15.9467 million shares (a decrease of 4.5628 million shares), and Huaxia SSE STAR 50 ETF, holding 14.3741 million shares (a decrease of 308,500 shares) [3].

Core Viewpoint - The company aims to enhance its deep-sea robotics business through market opportunities, technological innovation, and improved manufacturing capabilities [1] Group 1: Market Opportunities - The company plans to capitalize on the growing market demand for marine equipment, expecting significant growth in new orders for its marine segment over the past year and this year [1] - The company aims to solidify its leading market share in trenching and cable-laying equipment as well as underwater ROV equipment [1] Group 2: Technological Innovation - The company emphasizes the importance of technological innovation, focusing on the electrification and intelligence of deep-sea equipment through collaboration across three locations [1] - New products will be developed to provide more reliable and intelligent solutions for specific scenarios such as subsea oil and gas, subsea wind cable laying, and subsea mining [1] Group 3: Manufacturing and Delivery Capabilities - The company is committed to enhancing its manufacturing and delivery capabilities by planning and establishing manufacturing capacity and product testing capabilities [1] - This initiative aims to support product innovation and order fulfillment, ensuring the company can meet market demands effectively [1]

Core Viewpoint - The company aims to enhance its deep-sea robotics business through market opportunities, technological innovation, and improved manufacturing capabilities [1] Group 1: Market Opportunities - The company plans to capitalize on the growing demand for marine equipment, expecting significant growth in new orders for its marine segment over the past year and this year [1] - The company aims to solidify its leading market share in trenching and cable-laying equipment as well as underwater ROV equipment [1] Group 2: Technological Innovation - The company emphasizes the importance of technological innovation, focusing on the electrification and intelligence of deep-sea equipment through collaboration across three locations [1] - New products will be developed to provide more reliable and intelligent solutions for specific scenarios such as subsea oil and gas, offshore wind cable laying, and deep-sea mining [1] Group 3: Manufacturing and Delivery Capabilities - The company is committed to enhancing its manufacturing and delivery capabilities by planning and establishing manufacturing capacity and product testing capabilities [1] - This initiative aims to support product innovation and order fulfillment, ensuring the company can meet market demands effectively [1]

Investment Rating - Industry rating is "stronger than the market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - The completion of the last concrete pour for the Chang-Jiu High-Speed Railway's main bridge over the Gan River marks a significant milestone, enhancing the high-speed rail network in China and supporting regional economic development [2][4]. - The Western Land-Sea New Corridor has achieved a milestone of over 1 million TEUs (Twenty-foot Equivalent Units) in cargo shipments this year, reflecting a year-on-year growth of 72.5%, indicating robust growth in logistics and transportation capabilities [3]. - The Chinese government has set ambitious targets for railway expansion, aiming for a total railway mileage of approximately 200,000 kilometers by 2035, which includes 70,000 kilometers of high-speed rail, creating substantial market opportunities for the rail transit equipment industry [4]. Summary by Sections Industry Development - The Chang-Jiu High-Speed Railway, part of the "Eight Vertical and Eight Horizontal" high-speed rail network, will connect Nanchang and Jiujiang, covering a distance of 138 kilometers with a design speed of 350 km/h, contributing to the modernization of the transportation system in Jiangxi Province [2]. - The Western Land-Sea New Corridor has expanded its operational routes to 24, significantly enhancing the logistics network in western China, with a focus on major ports and cities [3]. Market Opportunities - The "14th Five-Year Plan" outlines a goal for railway operating mileage to reach 165,000 kilometers by 2025, with high-speed rail accounting for 50,000 kilometers, indicating a strong growth trajectory for the rail transit equipment sector [4]. - The projected construction of approximately 35,000 kilometers of railway, including 20,000 kilometers of high-speed rail from 2026 to 2035, presents vast market potential for companies involved in rail transit equipment [4]. Recommended Companies - China CNR Corporation: A leading global supplier of rail transit equipment, maintaining a strong position in the industry [4]. - China Railway Signal & Communication Corporation: A top provider of rail transit control systems, recognized for its technological advancements [4]. - Times Electric: A leading supplier of traction and conversion systems, consistently leading the domestic market [4]. - Sifang Control: A key supplier in the field of high-speed rail monitoring, focusing on safety assurance [4]. - Shenzhou High-Speed Railway: A leader in intelligent operation and maintenance equipment for rail transit, serving a wide range of clients [4]. - Huifeng Technology: Specializes in rail transit operation and maintenance equipment, offering integrated solutions [4].

Group 1 - Foreign institutions have shown high frequency and broad coverage in their research on A-share listed companies, with 415 foreign institutions conducting a total of 1,885 research sessions since the second half of the year [1][2] - Key sectors of focus for foreign institutions include industrial machinery, electronic components, integrated circuits, electronic instruments, and medical equipment, with companies like Huichuan Technology, Estun, Huaming Equipment, and Optoelectronics receiving over 80 research sessions each [1][2] - Notable foreign institutions such as Point72, Goldman Sachs, Bank of America Securities, and Citigroup have been particularly active, with Point72 leading with 63 research sessions [2] Group 2 - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, with China being viewed as a stable environment with strong economic resilience [2][3] - Emerging trends such as the rise of new consumption, strong demand for export trade, and investments related to artificial intelligence (AI) are boosting market confidence in China's economic growth prospects [3] - Foreign institutions are optimistic about sectors like technology, high-end manufacturing, and healthcare, with a clear investment logic emerging in these areas [4] Group 3 - The healthcare equipment sector has also attracted significant attention from foreign institutions, driven by long-term growth factors such as an aging population and increased health awareness among residents [5] - Foreign institutions recognize the long-term growth resilience of the Chinese economy and the trend of industrial upgrading, capturing investment opportunities through in-depth research [6]

Key Points - The top three stocks with net inflow of southbound funds are Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [1] - The top three stocks with net outflow of southbound funds are Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [1] - In terms of net inflow ratio, Yuexiu Transportation Infrastructure (01052) leads with 63.76%, followed by Crystal International (02232) with 56.34%, and China Resources Gas (01193) with 53.63% [1] - The stocks with the highest net outflow ratio include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [1] Net Inflow Rankings - The top ten stocks by net inflow include Alibaba-W (09988) with 5.278 billion, Yingfu Fund (02800) with 2.782 billion, and Hang Seng China Enterprises (02828) with 1.566 billion [2] - Other notable stocks in the net inflow list are Meituan-W (03690) with 0.670 billion and Southern Hang Seng Technology (03033) with 0.620 billion [2] Net Outflow Rankings - The top ten stocks by net outflow include Xiaomi Group-W (01810) with -0.721 billion, Innovent Biologics (01801) with -0.466 billion, and Pop Mart (09992) with -0.458 billion [2] - Other significant stocks in the net outflow list are Li Auto-W (02015) with -0.298 billion and China Construction Bank (00939) with -0.254 billion [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio are Yuexiu Transportation Infrastructure (01052) at 63.76%, Crystal International (02232) at 56.34%, and China Resources Gas (01193) at 53.63% [3] - Additional stocks with high net inflow ratios include China Ship Leasing (03877) at 49.13% and Jiangsu Ninghu Expressway at 45.49% [3] Net Outflow Ratio Rankings - The stocks with the highest net outflow ratios include QuanFeng Holdings (02285) at -59.36%, Yadea Group (01585) at -54.53%, and TCL Electronics (01070) at -54.28% [3] - Other notable stocks with significant net outflow ratios are Kangji Medical (09997) at -53.77% and QiuTai Technology (01478) at -47.17% [3]