Financial Performance - The company's operating revenue for Q1 2024 reached CNY 3,924,623,207, representing a year-on-year increase of 27.20%[10] - Net profit attributable to shareholders for the same period was CNY 567,547,208, marking a growth of 30.44% compared to the previous year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 460,999,116, which is an increase of 44.85% year-on-year[10] - Basic earnings per share for Q1 2024 were CNY 0.40, reflecting a 29.03% increase from the same period last year[10] - Operating profit for Q1 2024 was ¥616,035,912, up 31.6% from ¥467,783,206 in Q1 2023[49] - Net profit for Q1 2024 increased to ¥577,497,281, compared to ¥447,445,309 in Q1 2023, representing a growth of 29.1%[49] - Total comprehensive income for Q1 2024 was ¥592,674,740, compared to ¥461,958,859 in Q1 2023, reflecting a growth of 28.3%[53] Revenue Breakdown - The rail transportation business generated RMB 21.20 billion, up 43.74% from RMB 14.75 billion year-over-year, with the rail engineering machinery segment seeing a significant increase of 468.37%[32] - The emerging equipment business reported revenue of RMB 17.69 billion, a growth of 13.18% from RMB 15.63 billion, driven by power semiconductor devices which grew by 22.44%[32] - Total revenue for Q1 2024 reached ¥3,924,623,207, a 27.1% increase from ¥3,085,430,376 in Q1 2023[48] - Sales revenue from goods and services received cash of ¥2,917,791,196 in Q1 2024, an increase from ¥2,361,292,538 in Q1 2023[57] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 55,106,878,479, a 3.19% increase from the end of the previous year[12] - Current assets totaled RMB 39.86 billion as of March 31, 2024, compared to RMB 37.51 billion at the end of 2023, reflecting a solid liquidity position[35] - Total liabilities rose to RMB 16.87 billion as of March 31, 2024, compared to RMB 15.69 billion at the end of 2023, primarily due to an increase in short-term borrowings[41] - The company's total assets increased to RMB 55.11 billion from RMB 53.40 billion, showcasing growth in both current and non-current assets[43] Shareholder Information - The company reported a total of 18,421 common shareholders at the end of the reporting period[18] - The total equity attributable to shareholders was CNY 37,373,161,487, reflecting a 1.38% increase from the previous year-end[12] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, accounting for 41.73% of the total shares[21] - HKSCC Nominees Limited, an overseas entity, holds 546,012,266 shares, representing 38.55% of the total shares[24] - The top ten unrestricted shareholders collectively hold 610,381,485 shares, which is 47.72% of the company's total equity[26] Cash Flow - The net cash flow from operating activities was negative at CNY -482,272,409, indicating a significant cash outflow during the quarter[10] - Cash flow from operating activities for Q1 2024 was negative at -¥482,272,409, an improvement from -¥1,272,174,259 in Q1 2023[59] - The company's cash and cash equivalents increased to RMB 8.28 billion from RMB 7.90 billion, indicating improved cash flow management[35] - The ending balance of cash and cash equivalents as of Q1 2024 was $7.13 billion, compared to $6.01 billion at the end of Q1 2023, reflecting a year-over-year increase of 18.6%[63] Research and Development - Research and development expenses totaled CNY 466,397,177, which is 11.88% of operating revenue, although this represents a decrease of 0.71 percentage points compared to the previous year[10] - Research and development expenses rose to ¥457,338,479, a 23.2% increase from ¥371,341,436 in Q1 2023[48] - The development expenditure for new technologies reached RMB 282.12 million, reflecting the company's commitment to innovation[37] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, a year-on-year increase of 20.88% compared to RMB 18.03 billion in 2022[14]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[14]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[14][18]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[15]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[15]. - Basic earnings per share for 2023 were RMB 2.19, up 21.67% from RMB 1.80 in 2022[17]. - The company's operating revenue reached a historic milestone of 20 billion yuan, achieving a new high in profitability[7]. - The company's operating revenue was RMB 21.7999 billion in 2023, representing a year-on-year increase of 20.88% compared to RMB 18.034 billion in the same period last year[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1.1 billion, which represents 35.45% of the net profit attributable to shareholders for the year 2023[1]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[187]. - Foreign individuals receiving dividends from the company are exempt from personal income tax under Chinese regulations[188]. Governance and Compliance - There are no significant risks related to the company's governance or financial practices reported[2]. - The company has confirmed that it has not been profitable since its listing[1]. - The report indicates that there are no special arrangements for corporate governance[2]. - The company has received a standard unqualified audit opinion from its auditing firm[1]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[2]. - The independent non-executive directors confirmed that CRRC Zhuzhou has adhered to the Non-Competition Agreement in 2023, with no competitive overlap in business operations[185]. - The audit committee reviewed the company's annual performance and annual report for 2023, including the audited consolidated financial statements as of December 31, 2023[198]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133 in the reporting period, representing a 16.18% increase compared to the previous year[63]. - The company's R&D expenditure accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[17]. - A total of 229 new invention patents were granted in 2023, bringing the total number of effective patents to 3,558, with over 50% being invention patents[61]. - The company holds 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards[92]. - The R&D team consists of 3,180 engineering technicians, accounting for 38.03% of the workforce, with over 43% holding postgraduate degrees, ensuring a strong foundation for core technology development[97]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[7]. - The company aims to strengthen its dual-track industry development strategy, focusing on transportation and new energy sectors[9]. - The company is actively expanding into industries outside rail transit, including power semiconductors, industrial conversion products, and new energy vehicle drive systems[29]. - The company is committed to deepening market-oriented reforms, optimizing organizational structure, and enhancing operational efficiency[8]. - The company is focusing on market expansion through innovative product offerings and strategic partnerships in the rail transportation sector[66]. Risks and Challenges - The company faces risks related to unprofitable operations and potential significant declines in performance, necessitating ongoing investment in new technologies and products[101]. - The company is facing risks from international trade protectionism and fluctuating foreign exchange rates impacting overseas operations[107][104]. - The overall trend of urban rail transit construction is slowing down, with local government debt rates high and significant tightening of fiscal policies, leading to a year-on-year decrease in urban rail construction investment[152]. Investments and Financial Management - The company plans to invest approximately RMB 110,799,000 in the manufacturing base for new energy passenger vehicle electric drive systems and key components[140]. - The company’s total liabilities at the end of the reporting period were RMB 25.4 billion, with long-term borrowings increasing by 769.39% to RMB 631.94 million[134]. - The company’s cash flow from financing activities showed a net outflow of RMB 589 million, which was stable compared to the same period last year[133]. - The company has engaged in derivative investments for hedging purposes, with a total initial investment amount of RMB 8,490.90[142]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability through precise management and real-time monitoring of financial performance[8]. - The company has established a comprehensive quality management system, achieving multiple international certifications including ISO9001 and IATF16949, ensuring high reliability and efficiency of products[93]. - The company is focusing on digital transformation and improving management efficiency to adapt to the complexities of its diversified business[109]. Product Development and Innovation - The company has developed a comprehensive independent intellectual property system, enhancing its capabilities in various high-tech fields such as electrical systems and control technology[29]. - The company has successfully developed a series of traction converters that meet the application needs of high-power locomotives and urban rail vehicles[44]. - The company has achieved breakthroughs in advanced motor control technology based on direct torque control, enhancing the reliability and performance of electric drive systems[44]. - The company is focusing on enhancing system availability and reducing the impact of failures through advanced technology integration[73].

中车时代电气（3898） 更新报告 11 买入 2024年4 月2日 轨道交通回暖，新型装备高速增长 陈晓霞  2023年净利润增长21.5%：公司2023年收入218亿，增长 852-25321956 20.9%；净利润31亿，增长21.5%；每股净利润2.19元。分 xx.chen@firstshanghai.com.hk 业务看，轨道交通业务收入129.1亿，增长2%；新兴装备业务 87.3亿，增长69.6%，其中，功率半导体器件31.1亿，增长 69.4%，传感器5.94亿，增长45%，新能源汽车电驱19.1亿， 行业 电气制造 增长74.7%，工业变流23.9亿，增长73.8%。 股价 24.8港元  轨交业务持续回暖：2023年国家铁路旅客发送量完成36.85亿 目标价 38.1港元 人，比上年增加20.75亿人，增长128.8%，已经超过2019年。 (+53.6%) 国铁对机车动车的采购触底回升。2023年底全国机车拥有量 2.24万辆，标准动车组保有量4427标准列，更新替换和维修 总市值 351.23亿港元 的需求将给公司带来持续稳定的收入。轨道交通设备以旧换新 也有望带来采购增量。 ...

机械设备/轨交设备Ⅱ 公 司 研 时代电气（03898.HK） 受益轨交设备更新以及电网积极规划 究 2024年04月01日 ——港股公司信息更新报告 投资评级：买入（维持） 吴柳燕（分析师） wuliuyan@kysec.cn 证 书编号：S0790521110001 日期 2024/3/28  主业受益设备更新政策，半导体业务份额扩张，维持“买入”评级 港 当前股价(港元) 24.800 考虑到公司功率产品产能利用率和良率提升带来利润率提升，我们将 2024年归 股 一年最高最低(港元) 35.300/18.100 公 母净利润预测由33亿人民币上调至36亿人民币，维持2025年归母净利润预测 司 总市值(亿港元) 351.23 40亿人民币，新增2026年归母净利润预测45亿人民币，对应2024-2026年同比 信 流通市值(亿港元) 135.74 息 增速分别为 15%/11%/13%，当前股价 24.8 港币对应 2024-2025 年 PE 分别为 总股本(亿股) 14.16 更 8.9/8.0/7.1倍。公司轨交设备业务有望受益设备更新政策，新兴装备业务构筑第 新 流通港股(亿股) 5.47 ...

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, an increase of 20.88% compared to RMB 18.03 billion in 2022[18]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[18]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[22]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[19]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[19]. - Basic earnings per share for 2023 were RMB 2.19, a rise of 21.67% compared to RMB 1.80 in 2022[21]. - The company's operating revenue reached a historic milestone of 20 billion yuan in 2023, achieving a new high in profitability[9]. - The company's total non-recurring gains and losses for 2023 amounted to RMB 510.35 million, compared to RMB 557.70 million in 2022[25]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1,101,001,287.36, which represents 35.45% of the net profit attributable to shareholders for the year 2023[3]. - As of December 31, 2023, the total share capital is 1,416,236,912 shares, after deducting 4,696,800 repurchased H shares, the base for dividend distribution is 1,411,540,112 shares[3]. Corporate Governance - The audit report issued by KPMG indicates a standard unqualified opinion[3]. - The board of directors has confirmed the accuracy and completeness of the annual report, with no significant omissions or misleading statements[3]. - The company has confirmed that all directors attended the board meeting[4]. - The company has established service contracts with all directors and supervisors, with a term of three years for each board cycle[172]. - There are no significant transactions or contracts involving directors or supervisors that would create a direct or indirect interest in the company as of December 31, 2023[176]. - The company has not provided any loans or similar financial assistance to its directors, supervisors, or senior management[177]. - The company has implemented governance measures to protect non-controlling interests, including independent reviews of transactions with suppliers and customers[184]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133, representing a 16.18% increase compared to the previous year[67]. - The R&D expenditure as a percentage of operating revenue was 9.84%, down from 10.24% in 2022[21]. - The company has developed a comprehensive independent intellectual property system in various high-tech fields, including electric systems and control technology[38]. - The R&D team consists of 3,180 engineering personnel, accounting for 38.03% of the total workforce, with over 43% holding a master's degree or higher[98]. - A total of 229 new invention patents were granted, bringing the total number of effective patents to 3,558, with over 50% being invention patents[64]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[9]. - The company is committed to deepening market-oriented reforms and optimizing organizational structure to enhance long-term industrial development[10]. - The company aims to leverage its industry advantages to consolidate its market position and create greater value for shareholders[31]. - The company is positioned in the rapidly growing new energy market, which is projected to be worth hundreds of billions, driven by the national "dual carbon" strategy[156]. - The company is actively expanding into industries outside rail transit, including power semiconductors and new energy vehicle drive systems[38]. Risks and Challenges - The company is subject to risks related to forward-looking statements regarding future plans and development strategies[4]. - The company faces risks related to core competitiveness, including uncertainties in technology development and potential delays in R&D progress[102]. - Financial risks are heightened due to international operations, with currency fluctuations impacting foreign currency assets and liabilities[105]. - The company is exposed to industry risks from changing government policies and increasing competition in the new energy vehicle parts market[106]. - Macro-environmental risks arise from rising international trade protectionism, affecting overseas operations and material procurement[108]. Investment and Expansion - The company plans to raise approximately 4.659 billion yuan through a capital increase and share expansion, with a proposed equity dilution of 19.1236% post-expansion[151]. - The strategic investors are expected to contribute 18.6871% of the new shares, while the employee stock ownership platform will account for 0.4366%[151]. - The company has approved an investment of 1,107.99 million RMB for the manufacturing base project of new energy vehicle electric drive systems and key components[141]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability and operational efficiency through real-time monitoring and analysis[10]. - The company emphasizes the importance of project quality, safety, and cost control in its operations[110]. - The company has established a dynamic and flexible production planning system based on sales orders and historical sales data[36]. Industry Trends - The railway market is entering a recovery phase, with a projected national railway network size of around 200,000 kilometers by 2035, including 70,000 kilometers of high-speed rail[154]. - The urban rail transit construction trend is slowing down, with local government debt rates high and investment in urban rail construction decreasing annually[155]. - The company anticipates growth in the maintenance and repair market due to the increasing stock of rail transit equipment entering the maintenance phase[154].

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之內容概不負責， 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） 2023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2023年9月30日止第三季度期間按照中國企業會計準 則 編 製 的 未 經 審 計 財 務 資 料（詳 見 下 文）。 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 李東林 董事長 中國株洲，2023年10月26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劉可 ...

Financial Performance - The company reported a mid-year financial performance with a focus on the accuracy and completeness of the financial report, ensuring no significant omissions or misleading statements[1]. - The report period ended on June 30, 2023, and the financial data is prepared according to Chinese accounting standards[5]. - The company's operating revenue for the first half of the year reached ¥8,570,210,633, representing a year-on-year increase of 31.31%[14]. - Net profit attributable to shareholders increased by 32.52% year-on-year, amounting to ¥1,154,168,154, driven by revenue growth[16]. - Basic and diluted earnings per share both increased by 32.79% to ¥0.81[15]. - The total assets at the end of the reporting period were ¥50,389,952,338, reflecting a 3.88% increase from the previous year[14]. - The company's net assets attributable to shareholders were RMB 34.97 billion, showing a year-on-year growth of 1.27%[92]. - Research and development expenses rose to RMB 809.73 million, an increase of 16.33% compared to the previous year[93]. Corporate Governance - There were no instances of non-operational fund occupation by controlling shareholders or related parties, and no violations of decision-making procedures for external guarantees[2]. - The company has established an effective corporate governance structure to enhance accountability and transparency[120]. - The company held its 2022 annual general meeting and the first A-share and H-share meetings on June 27, 2023, with all resolutions passed without any objections[113]. - Key personnel changes include the resignation of Vice General Manager Mei Wenqing and Secretary of the Board Yan Wu, while Hu Yunqing and Yao Zhonghong were appointed as new Vice General Managers[114][115]. - The seventh board of directors and supervisory board were elected on June 27, 2023, with Li Donglin as the chairman and Liu Kean as the vice chairman[116]. Research and Development - The company has developed a total of 3,746 valid domestic and foreign registered patents to protect its core technologies as of June 30, 2023[27]. - The company achieved a total R&D investment of CNY 854,577,771, representing a 17.46% increase compared to the previous year[46]. - The proportion of R&D investment to operating income decreased to 9.97% from 11.15% in the previous year[46]. - The company has a total of 2,775 R&D personnel, accounting for 35.26% of the total workforce, with an average salary of RMB 14.2 million[63]. - The company has established a robust R&D system with over 20 laboratories covering various testing and research areas, enhancing its continuous innovation capabilities in product design, manufacturing, and testing[70]. Environmental Responsibility - The company has a commitment to environmental and social responsibility, as indicated in the report[5]. - The company invested 3.6038 million yuan in environmental protection during the reporting period[129]. - The total wastewater discharge from Zhuzhou CRRC Times Semiconductor Co., Ltd. was 499,900 tons in the first half of 2023, with a reuse volume of 91,900 tons[131]. - The company achieved 100% compliance with wastewater discharge standards in the first half of 2023[130]. - The company has committed to using clean energy and has initiated energy-saving technological upgrades to reduce energy consumption and carbon emissions[141]. Market Expansion and Strategy - The company is actively expanding into the rail transportation and new energy equipment industries, leveraging its technological research and development capabilities[21]. - The ongoing implementation of national strategies such as "dual carbon" and "transportation power" provides new opportunities for the company's growth[23]. - The market for new energy industries related to the "dual carbon" strategy is expected to grow into a multi-hundred billion market, providing significant opportunities for the company[26]. - The company is focusing on the development of green and intelligent rail transit equipment systems, aligning with the national "dual carbon" strategy[26]. - The company is committed to providing comprehensive solutions throughout the entire lifecycle of rail transit equipment, focusing on system integration and optimization[24]. Financial Management - Cash and cash equivalents at the end of the period were CNY 7,449,097,496, a decrease of 0.68% from the previous year[96]. - Trade financial assets decreased by 27.74% to CNY 4,842,100,909 due to a reduction in structured deposits[96]. - Accounts receivable increased by 22.92% to CNY 9,956,405,657, attributed to revenue recognition[96]. - The company made equity investments totaling CNY 131,694,115, a significant increase from CNY 5,000,000 in the previous year[100]. - The company's leverage ratio stands at 13.69%, which is below the policy limit of 30%[111]. Compliance and Commitments - The company guarantees that the contents of the prospectus and other disclosure materials are free from false records, misleading statements, or significant omissions, and will bear corresponding legal responsibilities[178]. - The company will publicly disclose specific reasons for any failure to fulfill commitments and apologize to shareholders and the public[186]. - The company has committed to long-term obligations since December 28, 2020, ensuring compliance with relevant regulations and responsibilities[185]. - The company will bear corresponding responsibilities as required by laws and regulations if it fails to fulfill its commitments[186]. - The company has confirmed strict adherence to the commitment, with no overdue obligations reported[193].

Financial Performance - The company reported its unaudited interim results for the six months ending June 30, 2023[1]. - The company's operating revenue for the first half of 2023 reached CNY 8,570,210,633, representing a year-on-year increase of 31.31%[16]. - Net profit attributable to shareholders increased by 32.52% year-on-year, amounting to CNY 1,154,168,154, driven by revenue growth[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 50.33% year-on-year, totaling CNY 928,692,585[18]. - Basic and diluted earnings per share increased by 32.79% to CNY 0.81[17]. - Total assets at the end of the reporting period were CNY 50,389,952,338, reflecting a year-on-year increase of 3.88%[16]. - The rail transportation equipment business generated revenue of RMB 4.69 billion, growing by 1.97%, while the emerging equipment business saw revenue of RMB 3.75 billion, an increase of 105.13%[94]. - The company achieved a total R&D investment of CNY 854,577,771, representing a 17.46% increase compared to the previous year[48]. Corporate Governance - The report indicates that there are no significant risks or governance issues affecting the accuracy of the financial statements[3]. - The company confirms that all directors attended the board meeting to ensure the report's integrity[4]. - The company is committed to enhancing corporate governance and transparency to maximize long-term shareholder value[122]. - The company has established an effective corporate governance structure and regularly reviews its internal controls and governance mechanisms[122]. - Independent non-executive directors were present at the annual general meeting held on June 27, 2023, ensuring comprehensive understanding of shareholder opinions[123]. - The company continues to comply with the Hong Kong Stock Exchange's corporate governance codes and regulations[122]. Research and Development - Research and development expenses accounted for 9.97% of operating revenue, a decrease of 1.18 percentage points compared to the previous year[17]. - The company has established a robust R&D system with over 20 laboratories covering various business areas, enhancing its continuous innovation capabilities[72]. - The company has developed a new generation of IGBT chip products across all voltage levels[46]. - The company has achieved breakthroughs in advanced motor control technology based on direct torque control, including sensorless motor control and AI-based fault prediction and diagnosis[30]. - The company has successfully delivered over 50 big data platform products in the urban rail and railway sectors, enhancing data integration, governance, and processing capabilities[22]. - The company has made significant progress in the development of new materials and technologies for track engineering, focusing on structural strength and vibration reduction[34]. Market Strategy and Expansion - The company aims to expand its market presence in the rail transit sector while maintaining a focus on high-quality operations and efficiency[22]. - The company is actively expanding into industries outside rail transit, including power semiconductor devices and new energy vehicle drive systems, aligning with national strategies for carbon neutrality[23][28]. - The company has successfully entered overseas markets in Asia and the Americas, capitalizing on the growing demand for freight and passenger services[82]. - The company is committed to continuous monitoring of industry dynamics and enhancing risk assessment for overseas projects[93]. Environmental Commitment - The company achieved 100% compliance in wastewater, waste gas, and noise emissions during the first half of 2023, with all hazardous waste disposed of in accordance with regulations[138]. - The company has implemented energy-saving measures that achieved a 15% energy-saving rate in the Wenzhou S2 permanent magnet traction system project, marking it as the first large-scale project of its kind in the domestic market[141]. - The company is actively responding to the national "dual carbon" strategy by developing new products and technologies aimed at reducing carbon emissions[142]. - The company has established a comprehensive energy system in the Tianxin Industrial Park, focusing on the integration of solar and storage systems to reduce carbon emissions from electricity[142]. Shareholder Commitments - The company reported a commitment to maintain the accuracy and completeness of its information disclosure materials, ensuring no false statements or significant omissions[160]. - The company has committed to transparency and accountability in its financial reporting and disclosures[160]. - The company will bear legal responsibility for any inaccuracies in the prospectus that lead to losses for shareholders and the public[163]. - The company has established specific measures for stabilizing stock prices, including share buybacks and increases by directors and senior management[150]. - The company will ensure that any illegal gains from share reductions will be returned to the company, and any non-compliance will result in withholding of cash dividends equivalent to the illegal gains[147]. Investment and Financial Assets - Cash and cash equivalents at the end of the period amounted to CNY 7,449,097,496, accounting for 14.78% of total assets, a decrease of 0.68% compared to the previous year[98]. - The total amount of external equity investments at the end of the period was CNY 739,792,759, up 20.05% from CNY 616,224,407 at the beginning of the year[103]. - The company approved an investment of CNY 1,107,990,000 for the new energy passenger vehicle electric drive system and key components manufacturing base project, which is currently under implementation[104]. - The company's leverage ratio was reported at 13.69%, which is below the policy limit of 30%[113]. Risk Management - The company faces risks from international trade policies and local political and economic environments affecting overseas operations[92]. - The company has faced challenges in overseas operations due to international political events and supply chain issues, necessitating improved risk management strategies[88]. - The company is committed to continuous innovation and improving product competitiveness to address the increasing market competition in the new energy vehicle components sector[90].

B_table indent_4.5 mm N_table indent_4 mm 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之內容概不負責， 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） 2023年第一季度報告 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2023年3月31日止第一季度期間按照中國企業會計準 則編製的未經審計財務資料（詳見下文）。 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 李東林 董事長 中國株洲，2023年4月28日 ...

Financial Performance - The company achieved operating revenue of RMB 18.034 billion, a year-on-year increase of 19.26%[112]. - Net profit attributable to the parent company was RMB 2.556 billion, reflecting a year-on-year growth of 26.67%[111]. - Basic earnings per share increased to RMB 1.80, up 10.43% compared to the previous year[111]. - The total assets at the end of the reporting period reached RMB 48.510 billion, a growth of 9.87% from the beginning of the period[111]. - Revenue from emerging equipment products surged to RMB 5.147 billion, a remarkable increase of 100.09% year-on-year[118]. - Revenue from rail transit equipment products was RMB 12.656 billion, showing a modest growth of 3.30% year-on-year[119]. - Gross profit margin for emerging equipment business improved by 5.66 percentage points to 25.71%[121]. - Operating cash flow net amount decreased by 5.07% year-on-year, remaining relatively stable[114]. - Research and development expenses rose to RMB 1.762 billion, an increase of 4.25% year-on-year[114]. Strategic Focus and Development - The company is focusing on opportunities in "intelligent, digital, and green" development, aligning with national strategies to enhance operational quality[21]. - The company is committed to high-quality development, focusing on enhancing profitability and leveraging technological innovation as a core management task[27]. - The company aims to enhance its operational resilience and adaptability to complex business environments through various strategic initiatives[25]. - The company is actively pursuing opportunities in the energy market transformation under the "dual carbon" strategy, focusing on semiconductor and new energy generation sectors[27]. - The company emphasizes the importance of collaborative efforts across technology, market, management, and supply chain to achieve stable growth[27]. Research and Development - The company has filed over 500 patents and received multiple awards, including a silver medal at the 2021 China Patent Awards and a first-class award in Hunan Province[23]. - Research and development expenses accounted for 10.24% of operating revenue in 2022, down from 11.81% in 2021[33]. - The company has established a robust R&D system with over 20 laboratories, enhancing its continuous innovation capabilities in product design, manufacturing, and testing[94]. - The company has obtained a total of 3,588 patent authorizations, including 2,048 invention patents, and has participated in setting 48 international standards and 149 domestic standards[95]. Market Position and Competition - The company has maintained a leading position in the domestic traction conversion system market, with a market share that has ranked first for eleven consecutive years from 2012 to 2022 in the urban rail sector[51]. - The company achieved a market share of 12.4% in the passenger car power module segment, ranking among the top four in the industry in 2022[52]. - The company entered the top six in the new energy vehicle electric drive industry in 2022, facing intense competition from companies like Nidec Corporation and Shenzhen Inovance Technology Co., Ltd.[144]. - The photovoltaic inverter market is dominated by a few companies, with market shares exceeding 80% held by Huawei Technologies Co., Ltd., Sungrow Power Supply Co., Ltd., and others[144]. Operational Efficiency and Management - The company has implemented market-oriented talent recruitment and management reforms to boost employee motivation and engagement[26]. - The company has established a long-term tracking mechanism for market project information to effectively maintain customer relationships[104]. - The company has established governance measures to protect non-controlling interests, including independent management teams for transaction reviews[172]. - The company provides a harmonious and professional working environment for employees, ensuring reasonable compensation and regular updates to policies regarding remuneration, benefits, training, and occupational health and safety[194]. Investment and Financial Strategy - The company plans to distribute a cash dividend of RMB 5.5 per 10 shares, totaling approximately RMB 778.93 million, which accounts for 30.48% of the net profit attributable to shareholders for 2022[1]. - The company has approved an investment of approximately RMB 1.11 billion for the industrialization of medium and low voltage power devices, with specific projects in Yixing and Zhuzhou[138]. - The company aims to strengthen its influence in the third-generation semiconductor industry through strategic investments and capacity enhancements[137]. - The company invested RMB 250 million in a joint venture for electric drive systems, holding a 50% stake funded by its own capital[136]. Challenges and Risks - The company faces risks related to core competitiveness, requiring continuous R&D investment in new technologies and products to adapt to market demands and industry trends[103]. - Financial risks are heightened due to international operations, with currency fluctuations potentially leading to increased asset losses and costs[106]. - The international business environment is increasingly complex, with geopolitical events and supply chain issues impacting overseas operations[104]. - The company is expanding into the new energy sector, facing competition and uncertainties in technology, customer acceptance, and cost control[109]. Corporate Governance and Compliance - The company has complied with applicable laws and regulations, ensuring no significant violations or non-compliance that would materially impact its business and operations during the year[193]. - The audit committee reviewed the company's annual performance and audited consolidated financial statements for the year ending December 31, 2022[188]. - The company has established appropriate liability insurance for its directors, supervisors, and senior management to cover responsibilities arising from corporate activities[163]. - The company has not reported any significant changes in business, products, or services during the reporting period[126].