Core Viewpoint - Times Electric is positioned as a leading player in the rail transit equipment sector, benefiting from a stable long-term structure and becoming a platform for electrical solutions [1] Industry Summary - The rail transit industry is supported by a robust foundation characterized by a three-pronged structure: "new mileage + existing maintenance + equipment replacement" [1] - In 2024, national railway fixed asset investment is projected to reach 850.6 billion yuan, reflecting a year-on-year increase of 11.3% [1] - New railway lines are expected to open totaling 3,113 kilometers, including 2,457 kilometers of high-speed rail, leading to a total railway operating mileage of 162,000 kilometers and high-speed rail mileage of 48,000 kilometers [1] Company Summary - As a leader in rail transit equipment, Times Electric is actively seizing industry opportunities [1] - The company's value chain is anchored by power semiconductors, creating a closed loop of "components - modules - systems" [1] - Times Electric continues to make breakthroughs in other emerging equipment sectors [1] - The initial coverage of the company has been rated as "buy" [1]

Summary of the Conference Call for Sai Electric Company Overview - Sai Electric's main business includes three segments: high-speed trains, locomotives, and urban rail, with each segment contributing 30%, 30%, and 40% to the revenue respectively [2][4][5] - The company expects to achieve a profit of approximately 2.5 billion RMB from its main business, with steady growth anticipated [2][5] Key Business Insights - **Locomotive Replacement Demand**: The plan to phase out old diesel locomotives is expected to be completed by 2027, creating significant demand for replacements. Currently, there are about 3,000-4,000 old locomotives that need updating, with historical annual delivery around 800 units [2][5] - **Emerging Business Segments**: Emerging businesses include power semiconductors, photovoltaic inverters, and deep-sea robots. Although these segments currently contribute less to profits, they have substantial revenue potential and profit elasticity [2][6] Financial Performance and Projections - **Power Semiconductor Business**: Expected revenue of 4.4 billion RMB in 2024 with a net profit of 1.2 billion RMB, yielding a net profit margin of 27%. The market share in high-voltage applications is 50%, and in low-voltage applications for passenger vehicles, it is nearly 15% [2][6][8] - **Future Growth**: By 2027, the total output value of the power semiconductor segment is projected to triple, reaching approximately 13-14 billion RMB, with revenues expected to exceed 10 billion RMB and net profits surpassing 2 billion RMB [2][8] - **Overall Profit Expectations**: The company anticipates an overall profit of 3.7 billion RMB in 2024, with expectations to reach 4.1-4.2 billion RMB this year, indicating double-digit growth [2][12] Market Position and Competitive Advantages - **Photovoltaic Inverter Market**: Sai Electric ranks among the top three in the photovoltaic inverter market, with expected revenue of 2 billion RMB in 2024. The company is poised to expand its market share rapidly due to the booming energy storage market [2][9] - **Deep-Sea Robot Market**: The company holds the largest global market share in deep-sea robots, generating approximately 1 billion RMB annually. Although current profitability is low, upcoming policies are expected to drive significant market growth [2][10] Shareholder Returns and Valuation - The current H-share price-to-earnings (P/E) ratio is around 10 times, indicating a potentially undervalued status. The dividend payout ratio is expected to increase from 38% in 2024 to 50% [2][12] - The company has initiated share buybacks and plans to continue enhancing shareholder returns, supported by decreasing capital expenditures and increasing free cash flow [2][12] Conclusion - Sai Electric is positioned for growth in both its core and emerging business segments, with strong demand drivers in the locomotive replacement market and significant potential in power semiconductors and renewable energy sectors. The company’s financial health and shareholder return strategies suggest a positive outlook for future performance [2][3][12]

Core Points - The company announced a cash dividend of 0.44 CNY per share for the first half of 2025, totaling approximately 597.5 million CNY [2][5] - The dividend distribution was approved during the annual shareholders' meeting held on June 27, 2025, and subsequently ratified by the board on August 22, 2025 [3][4] Distribution Plan - The dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [4] - The total number of shares used for the dividend calculation is 1,357,948,412 [5] Implementation Details - The cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, with specific arrangements for shareholders who have not completed designated trading [6] - H-share shareholders are not included in this cash dividend distribution [7] Taxation Information - Individual shareholders holding A-shares for over one year will not be subject to personal income tax on the dividend, while those holding for one year or less will have taxes deducted upon stock transfer [8] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% corporate income tax deducted, resulting in a net dividend of 0.396 CNY per share [9] - Hong Kong investors through the Stock Connect will also receive a net dividend of 0.396 CNY per share after a 10% tax deduction [10] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the board office at the provided phone number or email [11]

Core Viewpoint - The company announced a cash dividend distribution plan for the first half of 2025, with a payout of 0.44 yuan per share (including tax) [2] Summary by Relevant Sections - **Dividend Details** - The cash dividend of 0.44 yuan per share will be distributed to shareholders [2] - The record date for the dividend is set for October 17, 2025 [2] - The ex-dividend date and the date of cash dividend payment are both scheduled for October 20, 2025 [2]

证券代码：688187 (A 股） 证券简称：时代电气 （A 股） 公告编号：2025-036 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 2025年半年度权益分派实施公告 本公司董事会及全体董事保证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。 是否涉及差异化分红送转：否 每股分配比例 每股现金红利0.44元（含税） 相关日期 二、 分配方案 1. 发放年度：2025年半年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,357,948,412股为基数，每股派发现 金红利0.44元（含税），共计派发现金红利597,497,301.28元。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/10/17 | 2025/10/20 | 2025/10/20 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 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2025 年 半 年 度 權 益 分 派 實 施 公 告》，僅 供 參 閱。 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 株洲中车时代电气股份有限公司 2025 年半年度权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 ...

从资金流向上来看，当日轨交设备板块主力资金净流入1.78亿元，游资资金净流入452.81万元，散户资 金净流出1.82亿元。轨交设备板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688033 | 天直新材 | 6.81 | -5.29% | 41.14万 | | 2.83亿 | | 300851 | 交大思诺 | 26.16 | -3.93% | 2.13万 | | 5625.13万 | | 662509 | 必得科技 | 41.05 | -3.55% | 7.10万 | | 2.96亿 | | 688485 | 九州一轨 | 13.26 | -2.07% | 2.79万 | | 3740.38万 | | 688367 | 工大高科 | 21.39 | -1.88% | 8.53万 | | 1.90亿 | | 300594 | 朗进科技 | 17.65 | -1.45% | 2.88万 | | 5120.24万 | | 300960 | 通业科技 | ...

Group 1 - High-speed rail infrastructure stocks showed significant gains in early trading, with China Railway (00390) rising by 8.53% to HKD 4.20 [1] - China Metallurgical Group (01618) increased by 5.54%, reaching HKD 3.05 [1] - Times Electric (03898) saw a rise of 5.01%, trading at HKD 45.72 [1] - China CNR Corporation (01766) experienced a 4.50% increase, priced at HKD 6.27 [1] - Guangzhou-Shenzhen Railway (00525) rose by 1.19%, with a price of HKD 2.55 [1]

Group 1 - Hong Kong high-speed rail infrastructure stocks surged significantly, with China Railway rising over 10%, China Metallurgical increasing by 7%, and other companies like Times Electric and China CNR rising over 4% [1] - The recent rise in copper prices is attributed to supply shortages and the logic of a computing power revolution, prompting CITIC Securities to suggest focusing on investment opportunities in the non-ferrous metals sector, including gold, silver, and copper [1] - China Metallurgical's copper-gold project in Pakistan has a design production scale of 12,800 tons of ore per day and an annual smelting capacity of 20,000 tons, producing crude copper [1] Group 2 - The Aynak copper mine project in Afghanistan has a resource volume of 662 million tons, with a copper metal content of 11.08 million tons and an average copper grade of 1.67%, classified as a world-class super-large copper deposit [1] - China Railway currently has five modern mines built through wholly-owned, controlling, or joint ventures both domestically and internationally, with stable production operations in its mineral resources business [1] - Longjiang Securities previously pointed out that there is a focus on the revaluation of mineral resources for China Railway [1]

Group 1 - High-speed rail infrastructure stocks have seen significant gains, with China Railway (00390) up 8.27% to HKD 4.19, China Metallurgical (01618) up 7.61% to HKD 3.11, and China CNR (01766) up 4.83% to HKD 6.29 [1] - According to the National Railway Group, fixed asset investment in railways reached CNY 504.1 billion in the first eight months of 2025, a year-on-year increase of 5.6%, with August alone accounting for CNY 71.1 billion, also up 5.6% year-on-year [1] - The investment progress has set a historical record, with the 5.6% growth rate matching the highest record for the year, and expectations for continued investment in the third quarter and substantial growth in the fourth quarter to meet the "14th Five-Year Plan" objectives [1] Group 2 - The "15th Five-Year" railway development planning has commenced, focusing on network reinforcement, regional coordination, and smart upgrades, with plans to construct over 17,000 kilometers of railway, including 10,000 kilometers of high-speed rail [2] - Recent data indicates steady growth in capital expenditure for the railway industry, with improving demand for passenger and freight transport, and a commitment to increase railway construction investment to ensure the completion of the "14th Five-Year Plan" tasks [2]