Group 1 - The company will participate in the "Hunan Province Sci-Tech Innovation Board Listed Companies 2025 Mid-Year Collective Performance Briefing" on September 2, 2025, to discuss its half-year operating results and financial status [2][3] - The briefing will be conducted in a hybrid format, combining in-person attendance and video live streaming [2][3] - Investors can submit questions in advance until September 1, 2025, at 16:00, which the company will address during the briefing within the scope of information disclosure [2][3] Group 2 - The meeting will take place at the Xiangjiang Fund Town in Changsha, Hunan Province, from 9:00 to 12:00 [2][3] - The event will feature participation from the company's executive director and general manager, Mr. Xu Shaolong, along with other senior management [3] - Contact information for inquiries includes a phone number and an email address provided in the announcement [3]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [14]. Core Views - The company has shown robust performance with a significant increase in net profit and revenue, driven by stable growth in its rail transit equipment and emerging equipment businesses [6][7][8]. - The company is well-positioned to benefit from the large-scale bidding for train sets, which opens up market opportunities, and the new capacity in the power semiconductor business continues to contribute incremental growth [6][14]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.21 billion yuan, a year-on-year increase of 17.9% (adjusted); net profit attributable to shareholders was 1.67 billion yuan, up 12.9% (adjusted); and net profit after deducting non-recurring gains and losses was 1.59 billion yuan, a growth of 37.0% (adjusted) [6]. - The gross margin was 32.0%, an increase of 4.4 percentage points year-on-year (adjusted), while the net profit margin was 14.6%, a decrease of 0.6 percentage points year-on-year (adjusted) [6]. Rail Transit Equipment Business - The rail transit equipment segment generated operating revenue of 6.91 billion yuan, reflecting a year-on-year growth of 12.6%. The revenue from various products within this segment showed positive growth, with notable increases in communication signals and other rail transit equipment [7]. - The company maintained a stable market share in the ongoing bidding for train sets and locomotives, with successful progress in the performance verification of CR450 train sets and ongoing development of series of new energy locomotives [7]. Emerging Equipment Business - The emerging equipment segment reported operating revenue of 5.24 billion yuan, a year-on-year increase of 25.9%. Key areas such as basic components and new energy vehicle drive systems saw substantial growth [8]. - The company is aligned with the national "dual carbon" strategy, leading to rapid development in businesses related to green energy and low carbon [8]. Semiconductor Business - The basic components segment achieved operating revenue of 2.42 billion yuan, a year-on-year increase of 29.1%. The company is advancing its power semiconductor projects and has made significant technological progress in IGBT reverse conduction chips [9]. - The company is positioned as a leader in the domestic new energy vehicle and power generation markets, with continuous improvements in production capacity [9]. New Energy Drive Systems - The new energy vehicle drive systems segment generated revenue of 1 billion yuan, reflecting a modest year-on-year growth of 1.3%. The company has made breakthroughs in high-voltage assembly and multi-in-one products [10]. New Energy Generation and Industrial Conversion - The new energy generation segment achieved revenue of 1.05 billion yuan, a year-on-year increase of 42.9%, with significant achievements in offshore photovoltaic projects and overseas market penetration [11]. - The industrial conversion segment reported revenue of 360 million yuan, a remarkable year-on-year growth of 110.1%, driven by successful orders in various sectors [12]. Marine Engineering Equipment - The marine engineering equipment segment generated revenue of 420 million yuan, a year-on-year increase of 4.4%. The company has secured multiple new orders and is positioned to benefit from government policies promoting deep-sea technology [13].

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant growth in revenue and net profit, driven by various business segments, particularly in rail transportation and emerging equipment sectors [1][2]. Financial Performance - Revenue reached 12.21 billion RMB, a year-on-year increase of 17.9% - Net profit attributable to shareholders was 1.67 billion RMB, up 12.9% year-on-year - Non-recurring net profit stood at 1.59 billion RMB, reflecting a 37.0% year-on-year growth, accelerating from 29.5% in Q1 2025 [1]. Business Segment Analysis - Rail transportation business generated 6.91 billion RMB in revenue, a 12.6% increase year-on-year - Emerging equipment business achieved revenue of 5.24 billion RMB, growing by 25.9%, with foundational components revenue at 2.42 billion RMB (up 29.1%) and new energy generation revenue at 1.05 billion RMB (up 42.9%) - Revenue from electric drive for new energy vehicles was 1.00 billion RMB, a modest increase of 1.3% [1][2]. Profitability Metrics - The overall gross margin improved by 4.4 percentage points to 32.0% due to enhanced profitability across all business segments and changes in revenue structure - The company declared a dividend of 0.44 RMB per share (including tax), with a payout ratio of 35.75% [1]. Industry Outlook - The rail transit business is expected to continue its optimistic growth, with maintenance services accounting for approximately 23% of rail revenue, indicating strong future demand in both national rail and urban rail maintenance [2]. - The semiconductor sector is also on an upward trajectory, with the new factory's capacity ramping up, contributing to a 29.1% year-on-year increase in foundational components revenue [2]. Future Projections - The company is projected to achieve revenues of 27.4 billion RMB, 30.3 billion RMB, and 33.0 billion RMB for the years 2025-2027, with growth rates of 10.1%, 10.4%, and 9.0% respectively - Net profits are expected to be 4.27 billion RMB, 4.77 billion RMB, and 5.29 billion RMB for the same period, with growth rates of 15.4%, 11.7%, and 10.8% respectively [3]. Investment Rating - The company maintains a buy rating with a target price of 51.3 HKD, representing a potential upside of 31% from the current price, based on a 15x PE valuation for 2025 [3].

Core Viewpoint - The company reported its 1H25 performance, which met market expectations with a revenue of 12.214 billion yuan, a year-on-year increase of 17.95%, and a net profit attributable to shareholders of 1.672 billion yuan, up 12.93% year-on-year [1] Financial Performance - 1H25 revenue reached 12.214 billion yuan, with a net profit of 1.672 billion yuan and a non-recurring net profit of 1.588 billion yuan, showing a year-on-year increase of 37.04% [1] - In 2Q25, the company achieved a revenue of 7.677 billion yuan, a year-on-year increase of 19.88%, and a net profit of 1.040 billion yuan, up 12.63% year-on-year [1] - The gross margin improved significantly in 2Q25, reaching 31.13%, an increase of 4.78 percentage points year-on-year, primarily due to the improvement in the gross margin of rail transit equipment and emerging equipment businesses [1] - Operating cash flow was 1.825 billion yuan, reflecting a year-on-year increase of 58.33% [1] Segment Performance - Rail transit equipment business generated revenue of 6.910 billion yuan in 1H25, a year-on-year increase of 12.58%, with the electrical equipment segment contributing 5.515 billion yuan, up 11.48% [2] - Emerging equipment business revenue was 5.244 billion yuan, a year-on-year increase of 25.88%, with significant growth in new energy generation revenue, which rose by 42.94% to 1.047 billion yuan [2] - The company is advancing its power semiconductor projects and has received its first EROV order in the marine engineering equipment sector [2] Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to 11.4 times and 10.3 times the earnings for 2025 and 2026, respectively [3] - The target price has been raised by 20.4% to 44.00 HKD, reflecting a potential upside of 12.6% from the current stock price [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 海外監管公告 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司 關 於參加湖南省科創板上市公司2025年 半 年 度 集 體 業 績 說 明 會 的 公 告》，僅 供 參 閱。 中國，株洲，二零二五年八月二十六日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 证券代码 ...

会议召开时间：2025 年 9 月 2 日(星期二) 上午 9:00-12:00 会议召开方式：线下参会+视频直播 证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-032 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 关于参加湖南省科创板上市公司 2025 年半年度集体业绩说明会的公告 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。 重要内容提示： 线下参会地点：湖南省长沙市岳麓区滨江景观道湘江基金小镇 13 栋 5 楼 大会议厅 视频直播平台：上交所"星企航企业信息服务"微信视频号 投资者可于 2025 年 9 月 1 日(星期一)16:00 前通过邮件、电话等形式将需 要了解和关注的问题提前提供给公司。公司将通过本次业绩说明会，在信息披露允 许范围内就投资者普遍关注的问题进行回答。 株洲中车时代电气股份有限公司（以下简称"公司"）已于 2025 年 8 月 23 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 ...

智通财经APP获悉，中金发布研报称，时代电气(03898)上半年符合市场预期，当中收入同比增长 17.95%;纯利升12.93%至16.72亿元人民币(下同)。单计第二季，收入同比增19.88%;纯利升12.63%至10.4 亿元。该行维持时代电气"跑赢行业"评级，但由于行业估值中枢上行，将目标价调升20.4%至44港元。 ...

中金发布研报称，时代电气(03898)上半年符合市场预期，当中收入同比增长17.95%;纯利升12.93%至 16.72亿元人民币(下同)。单计第二季，收入同比增19.88%;纯利升12.63%至10.4亿元。该行维持时代电 气"跑赢行业"评级，但由于行业估值中枢上行，将目标价调升20.4%至44港元。 ...

Core Viewpoint - On August 25, 2023, Times Electric's stock rose by 4.45%, with a trading volume of 806 million yuan, indicating strong market interest and activity in the company's shares [1]. Financing and Margin Trading - On the same day, Times Electric recorded a financing purchase amount of 71.91 million yuan and a financing repayment of 105 million yuan, resulting in a net financing outflow of 33.24 million yuan [1]. - As of August 25, the total margin trading balance for Times Electric was 428 million yuan, with the financing balance accounting for 3.04% of the circulating market value, which is above the 50th percentile level over the past year, indicating a relatively high level of financing activity [1]. - In terms of securities lending, Times Electric repaid 15,600 shares and sold 5,501 shares on August 25, with a selling amount of 276,000 yuan based on the closing price [1]. Company Overview - Times Electric, officially known as Zhuzhou CRRC Times Electric Co., Ltd., was established on September 26, 2005, and listed on September 7, 2021. The company specializes in the research, design, manufacturing, and sales of rail transit equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition includes 56.58% from rail transit equipment and 42.94% from emerging equipment, with other sources contributing 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion yuan, representing a year-on-year growth of 18.77%, and a net profit attributable to shareholders of 1.672 billion yuan, up by 10.93% year-on-year [2]. - Since its A-share listing, Times Electric has distributed a total of 4.512 billion yuan in dividends, with 3.238 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Times Electric had 21,800 shareholders, a decrease of 11.12% from the previous period, with an average of 13,443 circulating shares per shareholder, an increase of 13.09% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder with 15.9467 million shares, a decrease of 4.5628 million shares from the previous period [3].

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant growth in both revenue and net profit, driven by robust demand in its rail transit and emerging equipment sectors [1][2][3]. Financial Performance - In H1 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95% [1] - The net profit attributable to shareholders reached 1.672 billion yuan, up 12.93% year-on-year [1] - The non-recurring net profit attributable to shareholders was 1.588 billion yuan, reflecting a substantial growth of 37.04% year-on-year [1] - Q2 2025 saw a single-quarter revenue of 7.677 billion yuan, with year-on-year and quarter-on-quarter growth of 19.88% and 69.22%, respectively [1] - Q2 net profit attributable to shareholders was 1.040 billion yuan, increasing by 12.63% year-on-year and 64.79% quarter-on-quarter [1] Business Segments - Rail transit equipment revenue in H1 2025 was 6.911 billion yuan, a year-on-year increase of 12.58% [2] - Emerging equipment revenue reached 5.244 billion yuan, growing by 25.88% year-on-year [2] - Key contributors to rail transit equipment revenue included: - Rail transit electrical equipment: 5.515 billion yuan, up 11.48% [2] - Communication signal systems: 470 million yuan, up 13.11% [2] - Other rail transit equipment: 363 million yuan, up 65.65% [2] - Emerging equipment highlights included: - Industrial converters: 359 million yuan, a significant increase of 110.08% [2] - New energy generation: 1.047 billion yuan, up 42.94% [2] Profitability and Cost Management - The company's overall gross margin was 32.01%, an increase of 4.40 percentage points year-on-year [3] - The net profit margin was 14.61%, a decrease of 0.96 percentage points year-on-year [3] - The company maintained stable expense ratios, with sales, management, financial, and R&D expense ratios at 1.87%, 3.87%, -1.46%, and 9.94%, respectively [3] Market Outlook - The rail transit business is expected to benefit from high fixed asset investment and ongoing maintenance demand, with stable market share and growth in overseas projects [3] - The emerging equipment sector is positioned for rapid growth, with significant market share in various segments, including electric drive systems for new energy vehicles and photovoltaic inverters [3][4] - The company’s semiconductor business is anticipated to accelerate revenue and profitability following the completion of its production line in Yixing [4] Investment Projections - The company is projected to achieve net profits of 4.357 billion yuan, 4.775 billion yuan, and 5.187 billion yuan for the years 2025 to 2027, with corresponding EPS of 3.21, 3.52, and 3.82 yuan [4] - The projected PE ratios for the same period are 15x, 14x, and 13x, respectively, indicating a favorable investment outlook [4]