截至本风险评估报告出具之日，中国中车集团有限公司直接持有中车财务公 司 8.64%股权，对应出资金额人民币 27,648 万元；中国中车股份有限公司直接持 有中车财务公司 91.36%股权，对应出资金额人民币 292,352 万元。 二、中车财务公司内部控制的基本情况 （一）控制环境 中车财务公司已根据《中华人民共和国公司法》《企业集团财务公司管理办 法》及其《公司章程》的有关规定，建立了股东会、董事会、监事会三权分立的 现代企业法人治理结构，并对董事会、监事会、高级管理层在内部控制中的责任 进行了明确界定。股东会是公司最高决策机构，董事会决定公司重大事项，对股 东会负责。监事会为中车财务公司经营活动的监督机构。高级管理层负责中车财 务公司的日常运作。高级管理层下设资金管理部、公司业务部、结算管理部、国 际业务部、风险法务部、规划财务部、信息技术部、审计稽核部、综合管理部（党 群工作部）九个职能部分，各部门职责清晰，建立了前中后台职责分离，相互制 约、相互监督的风险控制机制。 株洲中车时代电气股份有限公司 关于中车财务有限公司的风险评估报告 根据《企业集团财务公司管理办法》《上海证券交易所上市公司自律监管指 ...

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Overview](index=6&type=section&id=II.%20Company%20Overview) CRRC Times Electric Co., Ltd. (CRRC Times Electric) is a dual-listed company on the Shanghai STAR Market (688187) and the Hong Kong Stock Exchange Main Board (3898), with Li Donglin as its legal representative - The company is dual-listed on the Shanghai Stock Exchange STAR Market and the Hong Kong Stock Exchange Main Board[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **10.284 billion yuan**, a **19.99% year-on-year increase**, with net profit attributable to parent company shareholders reaching **1.507 billion yuan**, up **30.56%**, and net cash flow from operating activities turning positive at **0.670 billion yuan**, while basic earnings per share grew **32.10%** to **1.07 yuan** Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,283,733,393 yuan | 8,570,210,633 yuan | 19.99% | | Net Profit Attributable to Listed Company Shareholders | 1,506,841,018 yuan | 1,154,168,154 yuan | 30.56% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) | 1,158,683,608 yuan | 928,692,585 yuan | 24.77% | | Net Cash Flow from Operating Activities | 670,363,515 yuan | -468,059,212 yuan | N/A | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.07 | 0.81 | +32.10% | | Weighted Average Return on Net Assets (%) | 3.93 | 3.28 | increase of 0.65 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | decrease of 0.50 percentage points | - Net profit attributable to parent company shareholders increased by **30.56%** year-on-year, primarily due to increased operating profit driven by revenue growth[25](index=25&type=chunk) - Net cash flow from operating activities significantly improved year-on-year, mainly due to increased cash received from sales of goods and provision of services[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **0.348 billion yuan**, primarily from government subsidies recognized in current profit or loss, totaling **0.360 billion yuan** Non-recurring Gains and Losses Items for H1 2024 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 359,866,247 | | Fair value changes and disposal gains/losses of financial assets/liabilities | 56,608,780 | | Other non-operating income and expenses | 6,082,662 | | Disposal gains/losses of non-current assets | 2,958,532 | | **Total** | **348,157,410** | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial condition, and future outlook [Industry and Principal Business Overview](index=10&type=section&id=I.%20Description%20of%20Industry%20and%20Principal%20Business%20during%20the%20Reporting%20Period) The company, a leading traction converter system supplier in China's rail transit industry, focuses on R&D, design, manufacturing, and sales of rail transit equipment, while actively expanding into new industries like power semiconductors and new energy vehicle electric drive systems, benefiting from national 'Transportation Power' and 'Dual Carbon' strategies - The company's principal business is rail transit equipment, with active expansion into new industries such as power semiconductors, industrial converters, new energy vehicle electric drives, sensors, and marine engineering equipment, forming a 'device + system + complete machine' industrial structure[28](index=28&type=chunk) - National 'Transportation Power' and 'Dual Carbon' strategies provide significant development opportunities for the company's rail transit and new energy equipment industries[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Core Technologies and R&D Progress](index=12&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses multiple core technologies in electric drive, semiconductor, and industrial converter fields, with continuous R&D innovation, completing CR450 EMU key system development and achieving a breakthrough in 4500V press-pack product cosmic ray resistance technology in H1 2024, with total R&D investment of **0.974 billion yuan**, accounting for **9.47%** of operating revenue - The company holds 13 major categories of core technologies, including electrical systems, converter and control, power semiconductors, and new energy vehicle electric drive systems, protected by **3,540** valid patents[33](index=33&type=chunk) - In the rail transit sector, the company completed the development of CR450 EMU traction network key systems, achieving internationally leading technical indicators[46](index=46&type=chunk) - In new industries, a breakthrough was achieved in 4500V press-pack product cosmic ray resistance technology, reaching international advanced levels, and 1200V automotive-grade SiC module development was completed[47](index=47&type=chunk) R&D Investment for H1 2024 | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment (yuan) | 973,793,695 | 854,577,771 | 13.95% | | Total R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | decrease of 0.50 percentage points | [Analysis of Core Competencies](index=46&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's core competencies include leading market position, innovation-driven technological capabilities, high-reliability quality and service, full-产业链协同 advantages, and industry-leading talent, maintaining leadership in high-speed rail and locomotive traction converter systems, and achieving top market share in urban rail traction systems for twelve consecutive years, with emerging businesses also ranking among the top - Market Position: High-speed rail and locomotive traction converter system products have led the domestic market for consecutive years, and urban rail traction converter systems have held the top domestic market share for twelve consecutive years from 2012 to 2023[76](index=76&type=chunk) - Emerging Business Breakthroughs: Passenger vehicle power module installations ranked among the top two in the industry in H1 (market share **13.4%**), photovoltaic inverters entered the top five domestically, and new energy vehicle electric drive system installations ranked among the top nine domestically[77](index=77&type=chunk) - Technological Innovation: Possesses **6** national-level technology innovation platforms, with **3,540** patents granted, and has led or participated in formulating **50** international standards and **174** domestic standards[79](index=79&type=chunk) - Industrial Synergy: A complete industrial chain structure of 'devices + equipment and systems + complete machines and engineering' has been formed[82](index=82&type=chunk) [Discussion and Analysis of Operations](index=49&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2024, the company achieved steady development by adhering to its 'concentric diversification' strategy, with rail transit benefiting from increased passenger volume and stable market share as national railway EMU tenders exceeded last year's total, while emerging equipment businesses saw full operation in power semiconductors, steady capacity increase and overseas exports in new energy passenger vehicle electric drives, and new orders for industrial converters and marine engineering equipment - Rail Transit: National Railway Group's EMU tender volume exceeded last year's total, with the company's market share remaining stable, and new orders for urban rail traction systems continuing to lead the industry[87](index=87&type=chunk) - Power Semiconductors: Existing production lines are operating at full capacity, Yixing Phase 3 project is expected to commence production in H2 2024, and medium-low voltage device capacity continues to increase[88](index=88&type=chunk) - New Energy Passenger Vehicle Electric Drives: Completed the national '1+N' four major production base layout, with steady capacity increase, supporting Hozon and SAIC-GM-Wuling to achieve approximately **40,000** units in overseas exports[88](index=88&type=chunk) - Industrial Converters: Delivery of photovoltaic inverters and wind power converters accelerated, with most products successfully shortlisted in annual centralized procurement by central state-owned power generation groups[89](index=89&type=chunk) [Risk Factors](index=50&type=section&id=V.%20Risk%20Factors) The company faces primary risks including core competency, operational, financial, industry, and macroeconomic environment risks, specifically manifested in R&D uncertainties, complex overseas operating environments, exchange rate fluctuations, intensified competition in the new energy market, and international trade protectionism - Core Competency Risk: Technological R&D involves uncertainties, potentially leading to new product development failures or inability to generate expected returns[90](index=90&type=chunk) - Operational Risk: International political disputes and supply chain tensions increase the company's overseas operational risks[92](index=92&type=chunk) - Financial Risk: Increased international operations may lead to foreign currency asset losses or increased costs due to exchange rate fluctuations[93](index=93&type=chunk) - Industry Risk: The new energy vehicle component market faces intensifying price competition and shortened technology upgrade cycles[94](index=94&type=chunk) [Key Operating Performance](index=53&type=section&id=VI.%20Key%20Operating%20Performance%20during%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **19.99%** year-on-year, primarily driven by a **30.87%** growth in rail transit equipment business, while emerging equipment business grew **9.21%** overall, with power semiconductor devices and marine engineering equipment showing strong growth of **26.63%** and **18.61%** respectively, despite a **47.01%** decline in sensor devices, and total assets expanded by **16%** due to increased construction in progress and accounts receivable [Analysis of Principal Business](index=53&type=section&id=(I)%20Analysis%20of%20Principal%20Business) The company's rail transit equipment business revenue reached **6.139 billion yuan**, a **30.87%** year-on-year increase, with communication signal systems growing most rapidly at **131.47%**, while emerging equipment business revenue was **4.094 billion yuan**, up **9.21%**, showing differentiated performance with power semiconductor devices growing **26.63%** and sensor devices declining **47.01%** Revenue by Business Segment for H1 2024 (Unit: Billion Yuan) | Revenue Segment | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Rail Transit Equipment Business** | **6.139** | **4.691** | **30.87** | | Of which: Rail Transit Electrical Equipment | 4.947 | 3.885 | 27.33 | | Rail Engineering Machinery | 0.557 | 0.482 | 15.57 | | Communication Signal Systems | 0.416 | 0.180 | 131.47 | | **Emerging Equipment Business** | **4.094** | **3.749** | **9.21** | | Of which: Power Semiconductor Devices | 1.747 | 1.380 | 26.63 | | Conductive Devices | 0.136 | 0.257 | -47.01 | | New Energy Vehicle Electric Drive Systems | 0.903 | 0.833 | 8.23 | | Industrial Converters | 0.903 | 0.937 | -3.58 | | Marine Engineering Equipment | 0.405 | 0.342 | 18.61 | | **Total** | **10.284** | **8.570** | **19.99** | - Net cash flow from investing activities significantly decreased by **4496.47%** year-on-year, primarily due to a decrease in cash received from investment recoveries[97](index=97&type=chunk)[98](index=98&type=chunk) - Net cash flow from financing activities significantly increased by **11787.63%** year-on-year, primarily due to an increase in cash received from minority shareholder investments in subsidiaries[97](index=97&type=chunk)[98](index=98&type=chunk) [Analysis of Assets and Liabilities](index=55&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets reached **61.936 billion yuan**, a **16.0%** increase from the beginning of the year, primarily driven by increases in monetary funds, accounts receivable, and construction in progress, with construction in progress significantly rising **153.50%** due to increased investment in production lines, while other payables grew **146.21%** mainly due to declared but unpaid cash dividends Key Balance Sheet Items Variation | Item Name | Amount at Period-End (yuan) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 10,788,369,571 | 36.51% | Cash received from minority shareholder investments in subsidiaries | | Accounts Receivable | 12,653,604,811 | 31.32% | Increase in accounts receivable due to revenue growth | | Construction in Progress | 3,197,950,382 | 153.50% | Increase in investment in production lines under construction | | Other Payables | 2,819,948,208 | 146.21% | Declared but unpaid cash dividends | [Significant Asset and Equity Disposals](index=59&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company's controlling subsidiary, Zhuzhou CRRC Times Semiconductor Co., Ltd., completed a capital increase and share expansion, introducing **26** strategic investors and an employee stock ownership platform, raising **4.328 billion yuan**, after which the company's equity stake in Times Semiconductor changed from **96.17%** to **77.78%**, remaining the controlling shareholder - Controlling subsidiary CRRC Times Semiconductor completed a capital increase and share expansion, introducing strategic investors and an employee stock ownership platform, with a capital increase of **4.328 billion yuan**; after the increase, the company's shareholding decreased to **77.78%**, remaining the controlling shareholder[105](index=105&type=chunk) [Corporate Governance](index=62&type=section&id=Item%204.%20Corporate%20Governance) This section details the company's governance structure, including changes in its board, supervisors, and senior management [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=II.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company's board and senior management underwent several changes, with Mr. Shang Jing resigning as General Manager and being elected Vice Chairman, and Mr. Xu Shaolong appointed General Manager and elected Executive Director, alongside other departures and appointments of non-executive directors, deputy general managers, CFOs, and core technical personnel due to work adjustments - Mr. Shang Jing resigned as General Manager and was elected Vice Chairman and Executive Director[114](index=114&type=chunk)[115](index=115&type=chunk) - Mr. Xu Shaolong was appointed as the company's General Manager and elected Executive Director[115](index=115&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=67&type=section&id=(IV)%20Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In January 2024, the company repurchased and cancelled **4,696,800** H shares on the Hong Kong Stock Exchange for a total consideration of approximately **98.56 million HKD**, aiming to enhance net asset value per share and earnings per share H-share Repurchase Details for January 2024 | Repurchase Month | Number of H Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2024 | 4,696,800 | 21.8 | 19.64 | 98,558,789.24 | [Environmental and Social Responsibility](index=69&type=section&id=Item%205.%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitments and actions regarding environmental protection and social welfare [Environmental Information](index=69&type=section&id=I.%20Environmental%20Information) The company established environmental protection mechanisms, investing **3.96 million yuan** in environmental funds during the reporting period, with its key subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd., a major pollutant emitter, achieving compliant discharge of wastewater, exhaust gas, and noise, and lawful disposal of hazardous waste, while actively implementing carbon reduction measures through R&D of energy-saving products and use of clean energy - Environmental protection funds of **3.96 million yuan** were invested during the reporting period[130](index=130&type=chunk) - Zhuzhou CRRC Times Semiconductor Co., Ltd., a major subsidiary and key pollutant-emitting entity, processed **897.95 tons** of hazardous waste in H1 2024[129](index=129&type=chunk)[132](index=132&type=chunk) - The company reduces carbon emissions through developing energy-saving new products (e.g., SiC traction systems, hydrogen energy catenary work vehicles), utilizing clean energy (e.g., adding **3MW** of rooftop photovoltaics, purchasing green electricity), and promoting energy-saving technological upgrades[139](index=139&type=chunk)[140](index=140&type=chunk) [Significant Matters](index=74&type=section&id=Item%206.%20Significant%20Matters) This section covers major events and transactions impacting the company, including guarantees and fundraising activities [Significant Guarantees](index=109&type=section&id=(II)%20Significant%20Guarantees%20Provided%20and%20Outstanding%20during%20the%20Reporting%20Period) During the reporting period, the company provided no external guarantees, with guarantees to subsidiaries amounting to **36.14 million yuan**, and the total outstanding guarantee balance for subsidiaries at period-end was **0.262 billion yuan**, representing **0.71%** of the company's net assets, including **0.226 billion yuan** for guaranteed entities with a debt-to-asset ratio exceeding **70%** Total Company Guarantees | Item | Amount (yuan) | | :--- | :--- | | Total Guarantees (A+B) | 262,217,410.39 | | Total Guarantees as % of Company's Net Assets (%) | 0.71 | | Debt Guarantees Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 226,075,000.00 | [Explanation of Progress in Use of Raised Funds](index=110&type=section&id=XI.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **7.555 billion yuan**, with a committed investment of **7.443 billion yuan**, and as of the end of the reporting period, **5.450 billion yuan** has been cumulatively invested, representing **73.22%** of the total, while temporarily idle raised funds not exceeding **3.2 billion yuan** were used for cash management during the period Overall Use of Raised Funds | Item | Amount (yuan) | | :--- | :--- | | Net Proceeds from Issuance (after deducting expenses) | 7,555,057,430 | | Total Committed Investment | 7,443,212,046 | | Cumulative Investment as of Period-End | 5,449,575,035 | | Cumulative Investment Progress (%) | 73.22 | - The company utilized temporarily idle raised funds not exceeding **3.2 billion yuan** for cash management, with a cash management balance of **1.66 billion yuan** as of the end of the reporting period[226](index=226&type=chunk) [Share Changes and Shareholder Information](index=116&type=section&id=Item%207.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=116&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company repurchased and cancelled **4,696,800** H shares on the Hong Kong Stock Exchange in January 2024, reducing its total share capital from **1,416,236,912** shares to **1,411,540,112** shares - During the reporting period, the company's total shares decreased by **4,696,800** due to the repurchase and cancellation of H shares, resulting in a total share capital of **1,411,540,112** shares after the change[231](index=231&type=chunk)[232](index=232&type=chunk) [Shareholder Information](index=117&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **16,516** common shareholders, with its top two shareholders being CRRC Zhuzhou Institute Co., Ltd. (holding **41.87%**) and HKSCC NOMINEES LIMITED (holding **38.35%**), and the controlling shareholder CRRC Zhuzhou Institute voluntarily extended the lock-up period for its **590 million** restricted shares by **12** months until September 6, 2025 Top Ten Shareholders' Holdings (As of June 30, 2024) | Shareholder Name | Shares Held at Period-End | Proportion (%) | Share Nature | | :--- | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 591,000,716 | 41.87 | State-owned Legal Entity | | HKSCC NOMINEES LIMITED | 541,316,466 | 38.35 | Overseas Legal Entity | | Hong Kong Securities Clearing Company Limited | 26,498,358 | 1.88 | Overseas Legal Entity | | Huaxia SSE STAR Market 50 ETF | 20,052,422 | 1.42 | Unknown | | CRRC Zhuzhou Locomotive Co., Ltd. | 10,000,000 | 0.71 | State-owned Legal Entity | - The controlling shareholder, CRRC Zhuzhou Institute, voluntarily committed to extending the lock-up period for its **589,585,699** initial public offering restricted shares by **12** months, until September 6, 2025[216](index=216&type=chunk) [Preferred Shares Information](index=127&type=section&id=Item%208.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares information [Preferred Shares Information](index=127&type=section&id=Item%208.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares information - Not applicable[245](index=245&type=chunk) [Bonds Information](index=128&type=section&id=Item%209.%20Bonds%20Information) During the reporting period, the company had no information regarding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds [Bonds Information](index=128&type=section&id=Item%209.%20Bonds%20Information) During the reporting period, the company had no information regarding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - Not applicable[246](index=246&type=chunk) [Financial Report](index=129&type=section&id=Item%2010.%20Financial%20Report) This section presents the company's unaudited financial statements and related notes for the reporting period [Financial Statements](index=129&type=section&id=II.%20Financial%20Statements) This semi-annual financial report is unaudited; as of June 30, 2024, the company's total assets were **61.936 billion yuan**, with equity attributable to parent company owners at **39.519 billion yuan**, and for H1 2024, total operating revenue reached **10.284 billion yuan**, with net profit attributable to parent company shareholders at **1.507 billion yuan** Key Consolidated Balance Sheet Data (June 30, 2024) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 61,936,184,997 | | Total Liabilities | 19,395,527,401 | | Total Equity Attributable to Parent Company Owners | 39,518,775,875 | | Total Owners' Equity | 42,540,657,596 | Key Consolidated Income Statement Data (January-June 2024) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 10,283,733,393 | | Operating Profit | 1,702,661,203 | | Total Profit | 1,708,743,865 | | Net Profit Attributable to Parent Company Shareholders | 1,506,841,018 | [Notes to Financial Statements](index=147&type=section&id=III.%20Company%20Overview) The financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, and during the reporting period, new regulations including 'Interpretation No. 17 of Accounting Standards for Business Enterprises' were implemented, primarily involving the retrospective adjustment of guarantee-type quality assurance expenses from 'selling expenses' to 'cost of sales', with corresponding adjustments made to current and comparable period financial statement data - During the reporting period, new regulations including 'Interpretation No. 17 of Accounting Standards for Business Enterprises' were implemented, and the presentation of guarantee-type quality assurance expenses was retrospectively adjusted from 'selling expenses' to 'operating costs'[411](index=411&type=chunk)[414](index=414&type=chunk)

Investment Rating - The report does not provide a specific investment rating for the company, but it highlights potential growth opportunities in the rail transportation equipment sector [1]. Core Insights - The company is expected to benefit from large-scale maintenance and equipment replacement, with a peak period for high-level repairs anticipated from 2024 to 2027 [1]. - The semiconductor business is under pricing pressure, but the company is actively responding to maintain growth in its electric vehicle-related semiconductor business [2]. - Innovation is driving long-term growth, with the company aligning its products with the latest developments in new energy vehicles [2]. - The company is expanding its international market presence, particularly along the Belt and Road Initiative, despite geopolitical challenges [2]. Summary by Sections Rail Transportation Equipment Business - Large-scale maintenance and equipment replacement are expected to drive growth, with a peak in high-level repairs from 2024 to 2027 [1]. - The company anticipates revenue growth from the replacement of aging diesel engines due to government policies [1]. Semiconductor Business - The company has a current annual production capacity of 225,000 pieces (6 inches) for silicon carbide and plans to achieve significant production capacity by 2025 [2]. - Despite intense competition in the electric vehicle sector, the company aims to maintain growth in its semiconductor business due to its competitive advantages [2]. Innovation and R&D - The company is closely following the direction of new energy development and has provided traction networks and battery management systems for new energy locomotives [2]. - Continuous investment in R&D is expected to support long-term growth in rail transit equipment [2]. International Market Expansion - The company's products have served 52 countries along the Belt and Road, participating in high-quality projects like the China-Laos Railway [2]. - The company is expanding its product range and market share in international markets, following the lead of major domestic manufacturers [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 10.28 billion RMB, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.506 billion RMB, up 30.56% [3]. - The rail transit equipment business generated revenue of 6.139 billion RMB, growing by 30.87%, while the emerging equipment business saw revenue of 4.094 billion RMB, an increase of 9.21% [3]. - The company is accelerating the overhaul of high-speed trains, with a record number of tenders for major repairs, indicating strong future growth potential [3]. - New production capacity for power semiconductors is expected to come online in the second half of 2024, enhancing the company's capabilities in this sector [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 26.148 billion RMB, with a year-on-year growth of 19.9%, and a net profit of 3.702 billion RMB, reflecting a growth of 19.2% [4]. - The gross profit margin is expected to remain stable around 33.5% for 2024, with earnings per share projected at 2.61 RMB [4][7]. - The company's total assets are forecasted to grow from 53.405 billion RMB in 2023 to 77.158 billion RMB by 2026, indicating a strong asset base [6][7]. Business Growth Drivers - The increasing passenger traffic in China's railways and the growing fleet of high-speed trains provide a solid foundation for future maintenance and repair services [3]. - The planned elimination of old diesel locomotives by 2027 is anticipated to drive further growth in railway equipment [3]. - The company’s semiconductor subsidiary reported a revenue of 2.048 billion RMB in the first half of 2024, with a net profit margin reaching a record high [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for the first half of 2024 reached 10.28 billion yuan, a year-on-year increase of 20%, with a gross margin of 27.8%, down 3 percentage points year-on-year. The net profit attributable to shareholders was 1.51 billion yuan, up 31% year-on-year [2] - The railway investment in China is rapidly increasing, benefiting the company's rail transit equipment business, which saw a revenue increase of 31% year-on-year in the first half of 2024 [3] - The emerging equipment segment continues to grow, with a revenue increase of 9% year-on-year in the first half of 2024, driven by the demand for new energy vehicles and power semiconductor devices [4] Summary by Sections Financial Performance - Total revenue for 2022 was 18.034 billion yuan, with a projected increase to 22.447 billion yuan in 2023, and further to 26.672 billion yuan in 2024, reflecting a year-on-year growth rate of 19.26%, 24.47%, and 18.82% respectively [2] - The net profit attributable to shareholders was 2.556 billion yuan in 2022, expected to rise to 3.106 billion yuan in 2023 and 3.615 billion yuan in 2024, with growth rates of 26.67%, 21.51%, and 16.39% respectively [2] Business Segments Rail Transit Equipment - The company achieved revenue of 6.14 billion yuan from rail transit equipment in the first half of 2024, a 31% increase year-on-year, benefiting from a significant rise in national railway fixed asset investment [3] - The demand for rail transit equipment is expected to remain strong due to the recovery in passenger transport and increased railway investments [3] Emerging Equipment - Revenue from emerging equipment reached 4.09 billion yuan in the first half of 2024, a 9% year-on-year increase, with significant contributions from power semiconductor devices and new energy vehicle systems [4] - The company is expected to maintain growth in this segment as production capacity is released and new products are introduced [4] Profitability and Valuation - The report adjusts the expected net profit for 2024 and 2025 upwards to 3.62 billion yuan and 4.38 billion yuan respectively, with a projected net profit of 4.88 billion yuan for 2026 [4] - The price-to-earnings ratio (P/E) based on the closing price on August 28, 2024, is projected to be 10.4 for 2024, 8.6 for 2025, and 7.7 for 2026 [4]

Investment Rating - The report maintains a "Buy" rating for CRRC Times Electric (3898) with a target price of HKD 42.4, indicating a potential upside of 44.5% from the current price [1]. Core Views - The company experienced significant growth in the first half of 2024, with a revenue increase of 19.99% to CNY 10.284 billion and a net profit growth of 30.56% to CNY 1.507 billion [1]. - The rail transit business is recovering, with the company maintaining a stable market share and optimistic revenue growth expectations for the year [1]. - Emerging equipment business is also growing rapidly, particularly in power semiconductor devices, with a market share ranking second in China's passenger vehicle power semiconductor installation [1]. Summary by Sections Financial Performance - In the first half of 2024, revenue reached CNY 10.284 billion, a 19.99% increase, while net profit was CNY 1.507 billion, up 30.56% [1]. - The rail transit business generated CNY 6.139 billion in revenue, growing by 30.87%, while the emerging equipment business brought in CNY 4.094 billion, increasing by 9.21% [1]. Business Segments - Rail Transit: The demand for high-speed train maintenance and upgrades is expected to boost revenue in the coming years, with a stable market share maintained [1]. - Emerging Equipment: The power semiconductor segment is set to expand with new production capacity coming online, and the company is positioned well in the market for SiC products [1]. Future Projections - Revenue forecasts for 2024-2026 are CNY 24.218 billion, CNY 27.070 billion, and CNY 30.589 billion, with growth rates of 11.1%, 11.8%, and 13% respectively [1]. - Net profit projections for the same period are CNY 3.633 billion, CNY 4.171 billion, and CNY 4.462 billion, with growth rates of 17%, 14.8%, and 7% respectively [1].

[Definitions](index=4&type=section&id=Section%201%20Definitions) This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission - This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission[15](index=15&type=chunk)[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's key financial performance and indicators for the first half of 2024, highlighting significant growth in revenue and net profit [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2024, the company reported significant financial growth with operating revenue increasing by 19.99% to 10.284 billion yuan and net profit attributable to shareholders rising by 30.56% to 1.507 billion yuan, alongside a positive shift in operating cash flow Key Accounting Data (January-June 2024) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,283,733,393 | 8,570,210,633 | 19.99 | | Net Profit Attributable to Shareholders of Listed Company | 1,506,841,018 | 1,154,168,154 | 30.56 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,158,683,608 | 928,692,585 | 24.77 | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | Not Applicable | Key Financial Indicators (January-June 2024) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Diluted Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Weighted Average Return on Net Assets (%) | 3.93 | 3.28 | Increased by 0.65 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | - The company explained the changes in key financial indicators: - **Net profit attributable to parent company increased by 30.56%**: Primarily due to the year-on-year increase in operating profit driven by revenue growth[26](index=26&type=chunk) - **Net cash flow from operating activities turned positive**: Primarily due to the year-on-year increase in cash received from sales of goods and provision of services[26](index=26&type=chunk) - **Earnings per share increased by 32.10%**: Primarily due to the year-on-year increase in net profit attributable to the parent company[26](index=26&type=chunk) Non-recurring Gains and Losses (January-June 2024) | Non-recurring Gains and Losses | Amount (Yuan) | | :--- | :--- | | Government Subsidies | 359,866,247 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets/Liabilities | 56,608,780 | | Disposal Gains/Losses of Non-current Assets | 2,958,532 | | Other Non-operating Income and Expenses | 6,082,662 | | **Total** | **348,157,410** | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry landscape, core business operations, technological advancements, and strategic initiatives during the reporting period [Industry and Main Business Overview](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) The company, a leader in rail transit traction converter systems, pursues a concentric diversification strategy by expanding into power semiconductors and new energy sectors, benefiting from national strategic opportunities - The company's main business involves R&D, design, manufacturing, sales, and service of rail transit equipment products, forming an "device + system + complete machine" industrial structure[29](index=29&type=chunk) - The company actively expands beyond rail transit, with businesses extending to power semiconductor devices, industrial converter products (wind, solar, storage, hydrogen, mining truck electric drives, etc.), new energy vehicle electric drive systems, sensor devices, marine engineering equipment, and other fields[29](index=29&type=chunk) - National top-level strategies such as the "Outline for Building a Powerful Transportation Nation" and "Dual Carbon" targets provide important opportunities for the company's business development, especially in intelligent and green transportation equipment and new energy sectors[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Technologies and R&D Progress](index=12&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company maintains its technological leadership through 13 core technologies and 3,540 patents, demonstrating significant R&D achievements in rail transit and new industries with a 13.95% increase in R&D investment in H1 2024 [R&D Achievements](index=23&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) In H1 2024, the company achieved international leading technical standards in CR450 EMU systems and made breakthroughs in 4500V press-pack and 1200V SiC modules, adding 142 new patents to its total of 3,540 - **Rail Transit Industry**: Completed the development of key traction network systems for CR450 EMU, with technical indicators reaching international leading levels; completed the installation and debugging of Fuxinghao locomotive permanent magnet traction system; further expanded application scenarios for hybrid power traction systems[47](index=47&type=chunk) - **New Industries**: Breakthroughs in 4500V press-pack product cosmic ray resistance technology; completed development of 1200V automotive-grade L5 plastic-packaged SiC modules; completed development of offshore floating 20MW full-power wind power converters; achieved demonstration application of 120t hydrogen-electric hybrid mining truck electric drive system[48](index=48&type=chunk) Intellectual Property Overview (First Half 2024) | Category | New Applications This Period | New Grants This Period | Cumulative Grants | | :--- | :--- | :--- | :--- | | Invention Patents | 95 | 93 | 2,215 | | Utility Model Patents | 21 | 46 | 1,200 | | Design Patents | 2 | 3 | 125 | | **Total** | **124** | **148** | **3,924** | [R&D Investment](index=25&type=section&id=3.%20R%26D%20Investment%20Table) In H1 2024, total R&D investment increased by 13.95% to 0.974 billion yuan, with expensed R&D rising by 16.69% and capitalized R&D decreasing by 35.55%, while R&D intensity slightly declined to 9.47% of revenue R&D Investment (January-June 2024) | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 944,888,068 | 809,725,754 | 16.69 | | Capitalized R&D Investment | 28,905,627 | 44,852,017 | -35.55 | | **Total R&D Investment** | **973,793,695** | **854,577,771** | **13.95** | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | | Capitalization Ratio of R&D Investment (%) | 2.97 | 5.25 | Decreased by 2.28 percentage points | [R&D Personnel Information](index=45&type=section&id=5.%20R%26D%20Personnel%20Information) As of the reporting period end, the company's R&D personnel increased to 3,076, comprising 37.08% of total staff, with over 43% holding master's or higher degrees and nearly 80% under 40 years old R&D Personnel Overview | Item | Current Period | Prior Period | | :--- | :--- | :--- | | R&D Personnel Count (Persons) | 3,076 | 2,775 | | R&D Personnel as % of Total Company Headcount (%) | 37.08 | 35.26 | - The R&D team's educational background is primarily bachelor's and master's degrees, totaling over **95%**. The age structure is young, with the **30-40 age group** forming the backbone, accounting for nearly **50%**[74](index=74&type=chunk)[75](index=75&type=chunk) [Analysis of Core Competitiveness](index=46&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its leading market position in rail transit, innovation-driven technology, high-quality service, full-chain synergy, and top-tier talent, with emerging businesses also achieving significant market presence - **Market Position**: High-speed rail and locomotive traction converter products lead the domestic market; urban rail traction converter systems have held the top domestic market share for **twelve consecutive years** from 2012 to 2023[77](index=77&type=chunk) - **Breakthroughs in Emerging Businesses**: Passenger vehicle power module installations ranked among the **top two** in the industry in the first half of 2024 (market share **13.4%**); domestic winning bids for photovoltaic inverters entered the **top five** in the industry; new energy vehicle electric drive system installations ranked among the **top nine** domestically[78](index=78&type=chunk) - **Technology and Talent**: Possesses **6 national-level technology innovation platforms** and has accumulated **3,540 authorized patents**. The R&D team is led by a Chinese Academy of Engineering academician, with R&D personnel accounting for **37.08%** of the total, of whom over **43%** hold master's or doctoral degrees[80](index=80&type=chunk)[84](index=84&type=chunk) [Discussion and Analysis of Operating Conditions](index=49&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2024, the company achieved steady growth through its concentric diversification strategy, with rail transit maintaining market share and emerging equipment businesses expanding rapidly, though the sensor segment faced challenges - **Rail Transit Industry**: China National Railway Group's EMU tender volume exceeded last year's full-year total, and the company's market share remained stable; new orders for urban rail traction systems continued to lead the industry[88](index=88&type=chunk) - **Power Semiconductors**: Existing production lines are at full capacity, and the Yixing Phase III project is progressing steadily, expected to commence production in the **second half of 2024**. IGBT **7.5 generation chip products** achieved batch delivery, and SiC products are undergoing continuous verification[89](index=89&type=chunk) - **New Energy Passenger Vehicle Electric Drives**: The national "1+N" four major production bases layout is largely complete, with capacity steadily increasing, and approximately **40,000 units** exported overseas in partnership with Hozon and SAIC-GM-Wuling[89](index=89&type=chunk) - **Sensor Segment**: Revenue declined in the first half of 2024 due to decreased demand growth in the photovoltaic industry and a decline in the unit price of automotive sensor products[90](index=90&type=chunk) [Risk Factors](index=50&type=section&id=V.%20Risk%20Factors) The company faces various risks, including uncertainties in core technology R&D, complexities of overseas operating environments, financial risks from exchange rate fluctuations, fierce market competition in new energy vehicles and other industries, and macro-environmental risks from international trade protectionism - The main risks identified by the company include: - **Core Competitiveness Risk**: High R&D investment with uncertainties, potentially leading to R&D failure or lower-than-expected returns from new products[91](index=91&type=chunk) - **Operating Risk**: Overseas operations face political, supply chain, and increased cost risks[93](index=93&type=chunk) - **Financial Risk**: Increased international operations may lead to asset losses or increased costs due to exchange rate fluctuations[94](index=94&type=chunk) - **Industry Risk**: Fierce price competition and rapid technological iteration in the new energy vehicle component market[95](index=95&type=chunk) - **Macro-environmental Risk**: International trade protectionism may lead to increased costs and greater difficulty in securing orders[96](index=96&type=chunk) [Key Operating Conditions](index=53&type=section&id=VI.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, the company achieved robust financial performance with operating revenue up 19.99% to 10.284 billion yuan and net profit up 30.56% to 1.507 billion yuan, driven by growth in both rail transit and emerging equipment businesses, alongside significant asset increases and a strategic capital increase for a subsidiary [Main Business Analysis](index=53&type=section&id=(I)%20Main%20Business%20Analysis) In H1 2024, the company's main business showed strong performance, with rail transit equipment revenue growing by 30.87% to 6.139 billion yuan, notably in communication signal systems, and emerging equipment revenue increasing by 9.21% to 4.094 billion yuan, despite a decline in sensor devices Revenue by Business Segment (Unit: Billion Yuan) | Revenue Segment | Current Period (Billion Yuan) | Prior Period (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Rail Transit Equipment Business** | **6.139** | **4.691** | **30.87** | | Of which: Rail Transit Electrical Equipment | 4.947 | 3.885 | 27.33 | | Rail Engineering Machinery | 0.557 | 0.482 | 15.57 | | Communication Signal Systems | 0.416 | 0.180 | 131.47 | | **Emerging Equipment Business** | **4.094** | **3.749** | **9.21** | | Of which: Power Semiconductor Devices | 1.747 | 1.380 | 26.63 | | Sensor Devices | 0.136 | 0.257 | -47.01 | | New Energy Vehicle Electric Drive Systems | 0.903 | 0.833 | 8.23 | | Industrial Converters | 0.903 | 0.937 | -3.58 | | Marine Engineering Equipment | 0.405 | 0.342 | 18.61 | | **Total** | **10.284** | **8.570** | **19.99** | [Analysis of Assets and Liabilities](index=55&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, total assets grew 16% to 61.936 billion yuan, primarily driven by increases in monetary funds, accounts receivable, and construction in progress, while other payables significantly rose due to unpaid dividends Major Balance Sheet Item Changes | Item Name | End of Current Period (Yuan) | End of Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 10,788,369,571 | 7,903,177,340 | 36.51 | | Notes Receivable | 986,313,390 | 2,376,882,219 | -58.50 | | Accounts Receivable | 12,653,604,811 | 9,635,843,983 | 31.32 | | Construction in Progress | 3,197,950,382 | 1,261,506,969 | 153.50 | | Other Payables | 2,819,948,208 | 1,145,345,758 | 146.21 | [Significant Asset and Equity Disposals](index=59&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company completed a 4.328 billion yuan capital increase and share expansion for its controlling subsidiary CRRC Times Semiconductor, reducing its stake to 77.7771% while retaining control - Controlling subsidiary CRRC Times Semiconductor completed capital increase and share expansion, introducing strategic investors and an employee stock ownership platform, with a capital increase of **4.328 billion yuan**. The company's shareholding decreased to **77.7771%**, but it maintained its controlling position[106](index=106&type=chunk) [Corporate Governance](index=62&type=section&id=Section%204%20Corporate%20Governance) This section details significant changes in the company's board, supervisory committee, senior management, and core technical personnel, along with share repurchase activities during the reporting period [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=II.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, several changes occurred in the company's directors, supervisors, senior management, and core technical personnel, including resignations and new appointments across various key positions - Changes in Board of Directors members: - **Resignations**: Zhang Xinning (Non-executive Director), Liu Ke'an (Vice Chairman, Executive Director), Gao Feng (Independent Non-executive Director)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - **New Appointments/Elections**: Shang Jing (Vice Chairman, Executive Director), Xu Shaolong (Executive Director), Feng Xiaoyun (Independent Non-executive Director)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Changes in Senior Management: - **Resignations**: Yan Changqi (Deputy General Manager), Liu Zehua (Deputy General Manager, CFO), Shang Jing (General Manager), Yi Weihua (Deputy General Manager), Li Peng (Deputy General Manager)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - **Appointments**: Gan Weiwei (Deputy General Manager), Sun Shan (Deputy General Manager, CFO), Xu Shaolong (General Manager)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [Repurchase, Sale or Redemption of Listed Securities of the Company](index=67&type=section&id=(IV)%20Repurchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) During the reporting period, the company repurchased a total of 4,696,800 H shares on the Hong Kong Stock Exchange in January 2024, which have since been cancelled, with a total consideration of approximately 98.56 million HKD, aiming to enhance shareholder value H-share Repurchase Details (January 2024) | Repurchase Month | Number of H-shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2024 | 4,696,800 | 21.8 | 19.64 | 98,558,789.24 | [Environmental and Social Responsibility](index=69&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) This section outlines the company's environmental protection efforts, including investments, compliance, and initiatives to reduce carbon emissions through product innovation and clean energy adoption [Environmental Information](index=69&type=section&id=I.%20Environmental%20Information) The company has established environmental protection mechanisms, investing 3.96 million yuan in environmental protection during the reporting period, ensuring compliance for key pollutant-discharging subsidiaries and actively pursuing carbon reduction through energy-saving products and clean energy initiatives - Environmental protection investment of **3.96 million yuan** during the reporting period[131](index=131&type=chunk) - Contributes to carbon reduction through R&D and production of new products, for example: - **SiC Traction System**: Implemented in Shenzhen Metro lines, with actual measured energy savings exceeding **10%**[140](index=140&type=chunk) - **Hydrogen Energy Catenary Maintenance Vehicle**: Completed online trial operation, with a single vehicle expected to reduce CO2 emissions by over **75 tons** annually[140](index=140&type=chunk) - Achieves carbon reduction through the use of clean energy and energy-saving technical upgrades: - Added **3MW** of rooftop photovoltaic capacity, with an annual power generation capacity of approximately **3 million kWh**[141](index=141&type=chunk) - Purchased over **5 million kWh** of green electricity in the first half of the year, with a full-year plan to purchase **18 million kWh**, expected to reduce emissions by approximately **10,000 tons**[142](index=142&type=chunk) - Implemented energy-saving optimization for production line equipment and smart air conditioning and lighting upgrades[141](index=141&type=chunk)[142](index=142&type=chunk) [Significant Matters](index=74&type=section&id=Section%206%20Significant%20Matters) This section covers key corporate actions and financial disclosures, including significant guarantees and the progress of raised funds utilization [Significant Guarantees Provided and Outstanding During the Reporting Period](index=109&type=section&id=(II)%20Significant%20Guarantees%20Provided%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company had no external guarantees, only guarantees for its subsidiaries, totaling 0.262 billion yuan, with 0.226 billion yuan provided for entities with an asset-liability ratio exceeding 70% Company Guarantee Total | Item | Amount (Yuan) | | :--- | :--- | | Total Guarantees (A+B) | 262,217,410.39 | | Total Guarantees as % of Company's Net Assets (%) | 0.71 | | Debt Guarantees for Guaranteed Entities with Asset-Liability Ratio > 70% (D) | 226,075,000.00 | [Explanation of Progress in Use of Raised Funds](index=110&type=section&id=XI.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The net proceeds from the company's initial public offering amounted to 7.443 billion yuan, with 5.450 billion yuan cumulatively invested as of the reporting period end, representing a 73.22% investment progress, while temporarily idle funds are utilized for cash management Overall Use of Raised Funds | Item | Amount (Yuan) | | :--- | :--- | | Net Proceeds from IPO (after deducting issuance expenses) | 7,443,212,046 | | Cumulative Raised Funds Invested as of End of Reporting Period | 5,449,575,035 | | Cumulative Investment Progress as of End of Reporting Period (%) | 73.22 | - The company used temporarily idle raised funds not exceeding **3.2 billion yuan** for cash management to increase returns on the company's cash assets. As of the end of the reporting period, the cash management balance was **1.66 billion yuan**[227](index=227&type=chunk) [Share Changes and Shareholder Information](index=116&type=section&id=Section%207%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to repurchases and provides an overview of its shareholder structure, including major shareholders and lock-up commitments [Share Capital Changes](index=116&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital decreased from 1,416,236,912 shares to 1,411,540,112 shares due to the repurchase and cancellation of 4,696,800 H shares in January 2024 - The company repurchased and cancelled **4,696,800 H shares** in January 2024, leading to a reduction in total share capital[233](index=233&type=chunk) Share Capital Change Table | Share Class | Quantity Before This Change | Change (Increase/Decrease) | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 608,966,468 | 0 | 608,966,468 | | II. Unrestricted Tradable Shares | 807,270,444 | -4,696,800 | 802,573,644 | | Of which: Overseas Listed Foreign Shares (H-shares) | 547,329,400 | -4,696,800 | 542,632,600 | | **III. Total Shares** | **1,416,236,912** | **-4,696,800** | **1,411,540,112** | [Shareholder Information](index=117&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 16,516 common shareholders, with CRRC Zhuzhou Institute Co., Ltd. and HKSCC NOMINEES LIMITED as the top two largest shareholders, and the controlling shareholder extending its pre-IPO share lock-up period Top Ten Shareholders' Shareholding (As of June 30, 2024) | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 591,000,716 | 41.87 | | HKSCC NOMINEES LIMITED | 541,316,466 | 38.35 | | Hong Kong Securities Clearing Company Limited | 26,498,358 | 1.88 | | China Merchants Bank - Huaxia SSE STAR Market 50 ETF | 20,052,422 | 1.42 | | CRRC Zhuzhou Electric Locomotive Co., Ltd. | 10,000,000 | 0.71 | - Controlling shareholder CRRC Zhuzhou Institute pledged to voluntarily extend the lock-up period for its **589,585,699 pre-IPO shares** by **12 months**, until **September 6, 2025**[217](index=217&type=chunk)[240](index=240&type=chunk) [Preferred Shares Information](index=127&type=section&id=Section%208%20Preferred%20Shares%20Information) This section confirms the company had no preferred shares outstanding or related activities during the reporting period - During the reporting period, the company had no preferred shares information[246](index=246&type=chunk) [Bond Information](index=128&type=section&id=Section%209%20Bond%20Information) This section confirms the company had no outstanding bonds or bond-related activities during the reporting period - During the reporting period, the company had no bond information[247](index=247&type=chunk) [Financial Report](index=129&type=section&id=Section%2010%20Financial%20Report) This section presents the company's comprehensive financial statements for the first half of 2024, providing a detailed view of its financial position, performance, and cash flows [Financial Statements](index=129&type=section&id=II.%20Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, showing growth in total assets, revenue, and profit, with significantly improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2024) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **61,936,184,997** | **53,404,847,387** | | **Total Liabilities** | **19,395,527,401** | **15,688,316,505** | | Owners' Equity Attributable to Parent Company | 39,518,775,875 | 36,865,956,579 | | **Total Owners' Equity** | **42,540,657,596** | **37,716,530,882** | Consolidated Income Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 10,283,733,393 | 8,570,210,633 | | Operating Profit | 1,702,661,203 | 1,211,280,886 | | Total Profit | 1,708,743,865 | 1,225,639,966 | | Net Profit | 1,601,032,565 | 1,188,316,862 | | Net Profit Attributable to Parent Company Shareholders | 1,506,841,018 | 1,154,168,154 | Consolidated Cash Flow Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | | Net Cash Flow from Investing Activities | -3,074,478,598 | 69,930,686 | | Net Cash Flow from Financing Activities | 4,495,429,019 | 37,816,024 | | Net Increase in Cash and Cash Equivalents | 2,090,396,372 | -355,366,109 |

三、 公司全体董事出席董事会会议。 2024 年半年度报告 公司代码：688187 公司简称：时代电气 株洲中车时代电气股份有限公司 2024 年半年度报告 1 / 239 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 请查阅本报告第三节"管理层讨论与分析"中有关风险的说明。 四、 本半年度报告未经审计。 五、 公司负责人李东林、主管会计工作负责人孙珊及会计机构负责人（会计主管人员）袁峰声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 是否存在违反规定决策程序对外提供担保的情况 否 十一、 是否 ...

证券代码:688187(A 股) 证券简称:时代电气(A 股) 公告编号:2024-029 证券代码: 3898(H 股) 证券简称:时代电气(H 股) 株洲中车时代电气股份有限公司 关于 2024 年半年度业绩预告的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏,并对其内容的真实性、准确性和完整性依法承担法律责任。 一、本期业绩预告情况 (一)业绩预告期间 2024 年 1 月 1 日至 2024 年 6 月 30 日。 (二)业绩预告情况 1、预计业绩:同比增长 2、经财务部门初步测算,株洲中车时代电气股份有限公司(以下简称"公司") 预计 2024 年半年度实现归属于母公司所有者的净利润人民币 150,684 万元,较上年同 期增加人民币 35,267 万元,同比增长 30.56%。 3、预计公司 2024 年半年度实现归属于母公司所有者的扣除非经常性损益的净利 润人民币 126,769 万元,较上年同期增加人民币 33,900 万元,同比增长 36.50%。 (三)本次业绩预告未经注册会计师审计。 二、上年同期业绩情况 公司 2023 年半年度实现归属 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's main business is expected to benefit from equipment update policies, and its semiconductor business is expanding its market share. The forecast for net profit attributable to shareholders for 2024-2026 is 3.6 billion, 4.0 billion, and 4.5 billion RMB, corresponding to year-on-year growth rates of 15%, 11%, and 13% respectively. The current stock price of 30.15 HKD corresponds to P/E ratios of 11.0, 10.0, and 8.8 for 2024-2026 [2] - In Q1 2024, the company's rail transit revenue grew by 44% year-on-year, primarily due to the delivery of train orders at the end of 2023. The traditional rail transit equipment business achieved revenue of 2.1 billion RMB, with a gross margin improvement driven by new train manufacturing and maintenance business growth [2] - The new equipment business's revenue in Q1 2024 was 1.8 billion RMB, with a year-on-year growth of 13%. The power semiconductor segment saw a 22% increase in revenue, while sensor revenue declined by 49% due to decreased demand in the photovoltaic sector [3] Summary by Sections Rail Transit Business - The rail transit business is expected to benefit from equipment update policies, with Q1 2024 revenue showing a significant increase of 44% year-on-year, mainly from the delivery of 55 new trains [2] - Maintenance revenue continued to grow rapidly, with a 50% increase in 2023 and a 30% increase in Q1 2024, driven by the trend of replacing old equipment [2] - The company conservatively guides for a slight increase in rail transit revenue for 2024 due to the unclear implementation of the old-for-new policy and the lack of new locomotive tenders [2] New Equipment Business - The new equipment business's revenue in Q1 2024 was 1.8 billion RMB, with a year-on-year growth of 13%, although the growth rate was below expectations [3] - The power semiconductor segment's revenue grew by 22%, with the IGBT production line expected to contribute to revenue in 2024 [3] - The sensor segment experienced a significant decline in revenue, primarily due to reduced demand in the photovoltaic sector, but recovery is anticipated in Q2 2024 [3] Financial Metrics - The company's projected revenue for 2024 is 25.602 billion RMB, with a year-on-year growth of 17.4%. Net profit is expected to reach 3.579 billion RMB, reflecting a 15.2% year-on-year increase [4] - The gross margin is projected to be 34.1% in 2024, with a net margin of 14.0% [4] - The company's P/E ratio is expected to decrease from 11.0 in 2024 to 8.8 in 2026, indicating a potentially attractive valuation [4]