Financial Performance - Operating revenue for the third quarter reached ¥5,972,702,299, an increase of 8.10% compared to the same period last year[4] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% year-on-year[4] - The basic earnings per share for the quarter was ¥0.70, an increase of 9.37% year-on-year[4] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[12] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 2,501,185,911, representing a 21.8% increase from RMB 2,053,097,956 in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was RMB 2,704,976,961, an increase of 27.0% from RMB 2,130,377,547 in the same period of 2023[18] Research and Development - Research and development expenses totaled ¥615,135,965, representing a significant increase of 31.28% compared to the previous year[4] - The ratio of R&D expenses to operating revenue increased to 10.30%, up by 1.82 percentage points from the previous year[4] - Research and development expenses increased to RMB 1,534,294,907 in the first three quarters of 2024, up 20.9% from RMB 1,268,225,480 in the same period of 2023[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥63,219,627,390, marking an 18.38% increase year-on-year[4] - The company's total current assets as of September 30, 2024, amounted to RMB 43.978 billion, an increase from RMB 37.515 billion at the end of 2023[13] - Non-current assets totaled RMB 19.242 billion as of September 30, 2024, compared to RMB 15.890 billion at the end of 2023[14] - Total liabilities increased to RMB 19.607 billion from RMB 15.688 billion at the end of 2023[15] Shareholder Information - The company reported a total equity attributable to shareholders of ¥40,540,547,152, an increase of 9.97% compared to the previous year[4] - The total number of common shareholders at the end of the reporting period is 16,562[7] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, representing 41.87% of total shares[7] - HKSCC NOMINEES LIMITED is the second-largest shareholder with 541,302,966 shares, accounting for 38.35%[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone holding over 80%[9] - The company has a total of 15,511 A-share shareholders and 1,051 H-share shareholders at the end of the reporting period[10] Cash Flow - The net cash flow from operating activities was not applicable for this reporting period[4] - In the first three quarters of 2024, the company generated a net cash flow from operating activities of ¥554,465,376, compared to a negative cash flow of ¥233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached ¥13,389,537,887, an increase of 12.6% from ¥11,885,470,986 in the first three quarters of 2023[20] - Cash outflow from investing activities resulted in a net cash flow of -¥4,460,077,013, a significant decline from a positive cash flow of ¥238,156,412 in the same period last year[20] - Cash inflow from financing activities increased to ¥4,891,877,377, compared to only ¥653,296,466 in the same period of 2023[21] Business Segments - The rail transportation business generated RMB 9.434 billion, up 22.16% from RMB 7.722 billion year-on-year, with rail transportation electrical equipment contributing RMB 7.631 billion, also a 22.05% increase[12] - The emerging equipment business reported revenue of RMB 6.755 billion, an 11.05% increase from RMB 6.083 billion, with power semiconductor devices growing by 26.84% to RMB 2.712 billion[12] - The company reported a significant decrease in sensor device revenue, which fell by 44.87% to RMB 2.33 billion[12]

Financial Performance - Operating revenue for Q3 2024 reached ¥5,972,702,299, an increase of 8.10% year-on-year[2] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% compared to the same period last year[2] - Basic and diluted earnings per share were both ¥0.70, up 9.37% from the previous year[3] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, representing a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[11] - Net profit attributable to shareholders of the parent company was CNY 2,501,185,911, up 21.8% from CNY 2,053,097,956 in the previous year[19] - The company reported a gross profit of CNY 2,322,115,119, which is a 20.5% increase from CNY 1,894,215,070 in the previous year[19] - The company’s basic earnings per share for the period was CNY 1.77, compared to CNY 1.45 in the previous year, reflecting a growth of 22.1%[19] Research and Development - R&D investment totaled ¥615,135,965, representing a 31.28% increase year-on-year, accounting for 10.30% of operating revenue[3] - The company plans to continue expanding its R&D efforts and enhance its market presence through strategic initiatives[5] - The company is actively engaged in research and development of new technologies to support its growth strategy[12] - Research and development expenses for the first three quarters amounted to CNY 1,534,294,907, representing a 20.9% increase from CNY 1,268,225,480 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥63,219,627,390, an increase of 18.38% from the end of the previous year[3] - Total assets increased to CNY 63,219,627,390, a growth of 18.3% from CNY 53,404,847,387 year-over-year[16] - Total liabilities rose to CNY 19,606,696,154, compared to CNY 15,688,316,505 in the previous year, reflecting an increase of 25.5%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥554,465,376, with no applicable comparison for the current period[2] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 554,465,376, a significant improvement compared to a net outflow of RMB -233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached RMB 13,389,537,887, up from RMB 11,885,470,986 in the previous year, reflecting a growth of approximately 12.6%[20] - Cash outflow from investment activities was RMB 16,822,719,504, an increase from RMB 13,555,765,879 in 2023, indicating a rise of about 24.5%[20] - The net cash flow from financing activities was RMB 2,690,486,512, recovering from a net outflow of RMB -501,017,915 in the same period last year[21] Market Presence and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the rail transportation and emerging equipment sectors[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge[19] Shareholder Information - Shareholder structure includes major stakeholders such as CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 41.87% of shares[6] - The company reported a total of 15,511 A-share shareholders and 1,051 H-share registered shareholders by the end of the reporting period[10] Inventory and Receivables - Accounts receivable increased to RMB 14.471 billion, compared to RMB 9.636 billion at the end of 2023, indicating a significant rise in outstanding payments[13] - Inventory levels rose to RMB 6.465 billion, up from RMB 5.443 billion, reflecting increased production or stockpiling[13] Cash and Cash Equivalents - The company's cash and cash equivalents stood at RMB 7.381 billion as of September 30, 2024, down from RMB 7.903 billion at the end of 2023[13] - The company’s cash and cash equivalents increased to CNY 43,977,960,941, up from CNY 37,514,972,626, indicating a growth of 17.5%[16] - The company reported a total cash and cash equivalents balance of RMB 5,792,473,531 at the end of the period, down from RMB 6,576,798,295 at the end of the previous year[21] Non-Recurring Gains and Losses - Non-recurring gains and losses amounted to ¥105,770,125 for the current period, with a total of ¥453,927,535 year-to-date[4]

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-049 证券代码： 3898（H 股） 证券简称:时代电气（H 股） 2024 年 10 月 30 日 1 株洲中车时代电气股份有限公司 关于变更公司类型并办理工商变更登记的公 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。 株洲中车时代电气股份有限公司（以下简称"公司"或"时代电气"）于 2024 年 10 月 30 日召开第七届董事会第十三次会议，审议通过了《关于变更公司类型的 议案》。具体情况如下： 株洲中车时代电气股份有限公司营业执照上现登记的公司类型为"股份有限公 司（台港澳与境内合资、上市）"，根据《中华人民共和国外商投资法》《中华人民 共和国外商投资法实施条例》等法律法规及规范性文件的规定，公司拟向市场监督 管理部门申请将企业类型变更为"股份有限公司（港澳台投资、上市）"。上述变更 事项最终以市场监督管理部门核定的内容为准。 本次变更事项尚需提交公司股东会审议。董事会提请股东会授权公司管理层及 相关人员办理工商变更相关事宜 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-050 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 关于与中车财务有限公司签订《2024 年至 2027 年金融服务框架协议》暨日常关联交易 预计公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次关联交易公允合理，对株洲中车时 代电气股份有限公司（以下简称"公司"或"本公司"）持续经营能力、损益及资 产状况无负面影响，不存在损害公司及全体股东、特别是中小股东利益的行为。公 司与关联人在业务、人员、财务、资产、机构等方面独立，本次关联交易不会对公 司的独立性构成影响，公司亦不会因此对关联人形成依赖。 一、关联交易基本情况 （一）关联交易概述 1 HK1_806553176_4 2024 年 8 月 23 日， 本公司与中车财务有限公司（以下简称"中车财务公司"） 签订了《2024 年至 2025 年金融服务框架协议 ...

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].