证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-014 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 关于第七届监事会第十二次会议决议公告 二、监事会会议审议情况 1、审议通过《关于本公司 2025 年第一季度报告的议案》 监事会认为：（1）公司 2025 年第一季度报告的编制和审核程序符合法律、法 规及监管机构的规定；（2）公司 2025 年第一季度报告公允地反映了公司报告期内 的财务状况和经营成果，所包含的信息能从各个方面真实地反映出公司报告期内的 经营管理和财务状况等事项；（3）公司 2025 年第一季度报告的内容真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏。 综上，监事会同意本公司 2025 年第一季度报告。 1 具体内容详见同日刊登于上海证券交易所网站（www.sse.com.cn）的《株洲中 车时代电气股份有限公司 2025 年第一季度报告》。 表决结果：4 票同意、0 票弃权、0 票反对、0 票回避。 2、审议通过《关于本公司未来三年（2025 年-2027 年）股东分红回报规划的 议案》 本公司监事 ...

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。 证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-013 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 关于调整董事会相关专门委员会 构成的公告 为进一步规范株洲中车时代电气股份有限公司（以下简称 "本公司"或"公 司"）运作，强化董事会决策功能、完善公司治理结构，公司于 2025 年 4 月 29 日召开第七届董事会第十七次会议，审议通过了《关于调整本公司董事会相关专 门委员会构成的议案》，将冯晓云女士由董事会薪酬委员会委员调整为董事会提 名委员会委员，将钟宁桦先生由董事会提名委员会委员调整为董事会薪酬委员会 委员。除上述委员会构成调整外，其他董事会专门委员会构成不变。调整完成后 董事会专门委员会构成如下： | 董事会专门委员会类别 | 成员姓名 | | --- | --- | | 战略与 委员会 ESG | 李东林（主席）、尚敬、徐绍龙、李开国、钟宁桦、冯晓云 | | 审计委员会 | 林兆丰（ ...

公司着眼于长远和可持续发展，综合考虑公司实际经营情况、经营发展规划、 行业发展趋势、目前及未来盈利能力、现金流情况、项目投资资金需求、股东回 报、社会资金成本及外部融资环境等因素，在平衡股东的合理投资回报和公司可 持续发展的基础上，建立对投资者持续、稳定、科学的回报规划与机制，从而对 利润分配作出制度性安排，以保证利润分配政策的连续性和稳定性。 二、本规划的制定原则 公司的利润分配应重视对社会公众股东的合理投资回报，以可持续发展和维 护股东权益为宗旨，应保持利润分配政策的连续性和稳定性，并符合《中华人民 共和国公司法》《中华人民共和国证券法》等相关法律法规、规范性文件和《公 司章程》关于利润分配政策的相关规定。 三、未来三年（2025 年-2027 年）股东分红回报规划具体如下： 株洲中车时代电气股份有限公司 未来三年（2025 年-2027 年）股东分红回报规划 为完善株洲中车时代电气股份有限公司（以下简称"公司"）科学、持续、 稳定的分红决策和监督机制，积极回报股东，保护投资者的合法权益，公司根据 中国证券监督管理委员会《上市公司监管指引第 3 号——上市公司现金分红》及 《株洲中车时代电气股份有限公司章 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 4,536,728,879, representing a year-on-year increase of 14.81% compared to RMB 3,924,623,207 in the same period last year[12] - Net profit attributable to shareholders for Q1 2025 was RMB 631,266,879, up 13.42% from RMB 567,547,208 in the previous year[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 29.52%, reaching RMB 597,096,663 compared to RMB 460,999,116 in the same period last year[12] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.45, reflecting a 15.38% increase from RMB 0.40 in the same period last year[12] - Total comprehensive income for Q1 2025 reached ¥706,959,160, a 21.5% increase from ¥582,119,645 in Q1 2024[45] - Basic and diluted earnings per share for Q1 2025 were both ¥0.45, up from ¥0.39 in Q1 2024, reflecting a 15.4% increase[45] Cash Flow - The company's cash flow from operating activities for Q1 2025 was RMB 54,459,641, a significant recovery from a negative cash flow of RMB -482,272,409 in the previous year[12] - Net cash flow from operating activities for Q1 2025 was ¥54,459,641, a significant recovery from a negative cash flow of ¥508,704,086 in Q1 2024[48] - Cash received from sales of goods and services in Q1 2025 was ¥3,969,482,090, representing a 35.4% increase compared to ¥2,931,910,285 in Q1 2024[48] - Net cash flow from financing activities for Q1 2025 was ¥1,109,125,592, up from ¥255,586,143 in Q1 2024, showing a strong improvement[50] - The ending cash and cash equivalents balance for Q1 2025 was ¥5,437,691,767, down from ¥7,171,026,005 in Q1 2024, reflecting a decrease of 24.2%[50] Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 66,471,687,057, representing a 2.58% increase from RMB 64,802,246,319 at the end of the previous year[14] - Total liabilities increased to RMB 21,912,599,133 as of March 31, 2025, from RMB 20,039,828,511 as of December 31, 2024[38] - The total current assets as of March 31, 2025, amounted to RMB 46.872 billion, slightly up from RMB 46.433 billion at the end of 2024[34] - The company’s total non-current assets reached RMB 19,599,338,682 as of March 31, 2025, up from RMB 18,368,895,952 as of December 31, 2024[36] Research and Development - Research and development expenses totaled RMB 538,205,522, which accounted for 11.86% of operating revenue, a slight decrease from 11.88% in the previous year[12] - Research and development expenses for Q1 2025 amounted to RMB 523,230,356, an increase of 12.7% compared to RMB 464,214,856 in Q1 2024[41] Business Segments - The rail transportation business generated RMB 2.347 billion, up 10.72% from RMB 2.120 billion year-on-year, with the rail transportation electrical equipment segment increasing by 18.89%[30] - The emerging equipment business reported RMB 2.171 billion, a growth of 20.88% from RMB 1.795 billion year-on-year, with industrial conversion showing a significant increase of 400.41%[30] Shareholder Information - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 600,381,485 shares, accounting for 43.84% of the total shares[23] - HKSCC Nominees Limited, as an overseas entity, holds 499,117,566 shares, representing 36.45% of the total shares[25] - The company has a total of 23,496 A-share shareholders and 1,035 H-share shareholders as of the report date[28] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[28] - The company is indirectly controlled by China CRRC Corporation Limited, which holds a total of 49.36% of the shares[27] Acquisitions and Investments - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[14] - Cash outflow for investment activities in Q1 2025 totaled ¥6,977,577,347, compared to ¥3,407,920,635 in Q1 2024, indicating a substantial increase in investment[48] - Cash inflow from investment recoveries in Q1 2025 was ¥3,492,800,000, slightly down from ¥3,771,000,000 in Q1 2024[48] Other Information - The total amount of non-recurring gains and losses for the period was RMB 34,170,216, with significant contributions from government subsidies and asset disposals[17] - The weighted average return on net assets for Q1 2025 was 1.52%, showing a slight increase of 0.02 percentage points compared to the previous year[12] - The company reported no net profit from merged entities in both Q1 2025 and Q1 2024, indicating no impact from mergers on earnings[45] - The company has not adopted new accounting standards for the current reporting period[51] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[40]

Financial Performance - The company's operating revenue for 2024 reached RMB 53,778,787,056, representing a year-on-year increase of 20.50%[16] - Net profit attributable to shareholders for 2024 was RMB 3,948,755,845, reflecting a growth of 21.77% compared to the previous year[16] - Basic earnings per share for 2024 were RMB 2.62, up from RMB 2.15 in 2023, marking a growth of 21.86%[16] - The company's operating revenue for 2024 reached approximately ¥24.91 billion, representing a 13.9% increase from ¥21.96 billion in 2023[20] - Net profit attributable to shareholders for 2024 was approximately ¥3.70 billion, an increase of 21.8% compared to ¥3.04 billion in 2023[20] - The company achieved significant improvements in operational efficiency through digital transformation, enhancing inventory turnover rates[29] - The company achieved a historic revenue breakthrough of 24.91 billion RMB, representing a 13.42% increase compared to the previous year[41] - The net profit after deducting non-recurring gains and losses was 3.23 billion RMB, reflecting a 24.28% growth compared to the previous year[41] - The net cash flow from operating activities was 3.36 billion RMB, up 21.45% from the previous year[41] - The company's total assets increased to 64.80 billion RMB, a 20.50% rise compared to the previous year[41] - The total operating revenue for Q4 2024 reached RMB 8.52 billion, while net profit attributable to shareholders was RMB 1.25 billion, marking a significant increase[45] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 64,802,246,319, an increase of 12.24% from the previous year[16] - The total liabilities as of December 31, 2024, were RMB 20,039,828,511, indicating a strategic focus on maintaining a healthy balance sheet[16] - Total equity attributable to shareholders as of December 31, 2024, was RMB 41,527,759,522, showing an increase of 27.99% year-on-year[16] - Cash and cash equivalents at the end of the period were RMB 10.652 billion, which is 16.44% of total assets, an increase of 34.71% compared to the previous period[200] - The company's total liabilities increased by 30.83% in accounts payable, amounting to RMB 8.2896 billion, which is 12.79% of total assets[200] Research and Development - Research and development expenses for 2024 were approximately ¥2.66 billion, a 28.8% increase from ¥2.06 billion in 2023[20] - The R&D investment accounted for 11.41% of operating revenue, an increase of 1.45 percentage points from the previous year[42] - The company has applied for 504 patents and has led or participated in the release of 38 international, national, and industry standards[29] - The company has developed a total of 3,762 effective domestic and international registered patents to protect its core technologies as of December 31, 2024[84] - The total R&D investment reached approximately RMB 2.84 billion, representing a 29.95% increase year-on-year, with R&D investment accounting for 11.41% of operating revenue, up from 9.96%[110] Market Position and Strategy - The company aims to enhance its market presence in the transportation and energy sectors, aligning with its vision to become a world-class enterprise[7] - The company aims to deepen its engagement in the transportation energy sector and accelerate the development of emerging sectors such as new energy generation and automotive equipment[41] - The company is confident in leveraging its industry advantages to consolidate its market position and create greater value for shareholders in the future[65] - The company holds a leading position in the domestic rail transit industry, maintaining a market share of over 30% in the traction converter systems sector from 2012 to 2024[74] - The company is focused on developing green and intelligent high-end rail transit equipment systems, aligning with national strategies for smart and low-carbon transportation[81] Acquisitions and Investments - The company acquired 100% equity of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., which will be included in the consolidated financial statements[18] - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which will be included in the consolidated financial statements[22] - The company plans to enhance its investment layout, with the semiconductor Yixing Phase III project fully operational and the Zhuzhou Phase III project completing pile foundation construction[27] - The company has secured its first order for a new energy locomotive traction system, maintaining over 50% market share in the domestic urban rail traction system for 2024, marking 13 consecutive years as an industry leader[60] Challenges and Risks - The company faces risks related to unprofitability and significant performance declines, necessitating ongoing R&D for new technologies and products[155] - The international business strategy is challenged by economic slowdowns, trade protectionism, and supply chain issues, impacting overseas operations[158] - Financial risks arise from currency fluctuations due to increased international operations, necessitating effective foreign exchange risk management[159] - Geopolitical risks and economic uncertainties are affecting the company's overseas operations, leading to potential cost increases and order acquisition difficulties[162] Future Outlook - The company plans to focus on high-quality development and efficient operations in 2025, enhancing its core technology support[32] - The company aims to enhance profitability as a core management objective for 2024, focusing on high-quality development[59] - The company plans to continue focusing on high-quality development and seizing opportunities in intelligent, digital, and green development[164]

Dividend Distribution - The company plans to distribute a cash dividend of RMB 10 per 10 shares, totaling RMB 1,369,339,712, which accounts for 36.98% of the net profit attributable to shareholders for the fiscal year 2024[14]. - The total share capital as of February 26, 2025, is 1,369,339,712 shares, which will be the basis for the dividend distribution[14]. - The company has not experienced any changes in its total share capital from the date of the profit distribution announcement to the record date[14]. - The company’s board of directors has approved the profit distribution plan, pending approval from the annual shareholders' meeting[14]. Financial Performance - The company's operating revenue for 2024 reached RMB 24,908,937,548, representing a growth of 13.42% compared to RMB 21,962,105,911 in 2023[24]. - Net profit attributable to shareholders for 2024 was RMB 3,702,585,914, an increase of 21.77% from RMB 3,040,760,113 in 2023[24]. - Total assets as of December 31, 2024, amounted to RMB 64,802,246,319, up from RMB 53,778,787,056 in 2023, reflecting a growth of 20.50%[26]. - The company's total liabilities rose to RMB 20,039,828,511 in 2024, compared to RMB 15,930,081,855 in 2023, reflecting a growth of 25.80%[26]. - Operating profit for 2024 was RMB 4,286,006,426, up from RMB 3,252,450,709 in 2023, representing an increase of 31.70%[24]. - Basic earnings per share for 2024 increased to RMB 2.62 from RMB 2.15 in 2023, marking a growth of 21.86%[24]. Audit and Governance - The company has received a standard unqualified audit opinion from BDO China Shu Lun Pan Certified Public Accountants[17]. - The company emphasizes its commitment to transparency and accuracy in its financial reporting, ensuring no false statements or significant omissions[17]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties[16]. - The company has not indicated any special arrangements in corporate governance that would affect the annual report's accuracy[16]. - The company has confirmed that all directors attended the board meeting where the annual report was discussed[17]. Research and Development - Research and development expenses for 2024 were RMB 2,656,671,063, an increase of 28.78% from RMB 2,062,404,741 in 2023, indicating a strong focus on innovation[24]. - The company applied for 504 patents and published 38 international, national, and industry standards in the transportation and energy sectors[33]. - The company has been recognized with 13 provincial and industry-level science and technology awards, including 3 first-class awards[33]. - The company has established a comprehensive independent intellectual property system across various high-tech fields, including traction power supply technology and industrial conversion technology[72]. - The company has a strong focus on R&D, implementing a dual-driven strategy of "strategic guidance" and "market orientation" for its research projects[75]. Market Position and Strategy - The company aims to enhance its market presence in the transportation and energy sectors, focusing on high-quality development and innovation[31]. - The company is focusing on high-quality development and efficient operations, enhancing its core technologies in conversion and control[36]. - The company aims to expand its market presence beyond rail transportation, focusing on high-quality operations and efficiency[70]. - The company is actively expanding into new industries beyond rail transportation, including industrial conversion and new energy generation[82]. - The company is committed to deepening reforms and building a modern management mechanism to stimulate new industrial development[33]. Investment and Growth - The company achieved a historic revenue milestone of 24.9 billion yuan, marking a significant breakthrough[35]. - The company plans to continue strengthening its core businesses in rail transportation and semiconductors while accelerating the development of emerging sectors like new energy generation[35]. - The company has completed the development of high-pressure and low-pressure hydrogen production power supply products, with a total investment of 1,627 million and current investment of 668 million[124]. - The company has developed a 320kW string photovoltaic inverter, with mass production and performance parameters reaching industry-leading levels[123]. - The company is advancing the application of IGBT devices to enhance product competitiveness in the modular inverter market[123]. Challenges and Risks - The company faces risks related to unprofitability and significant performance declines, necessitating ongoing investment in new technologies and products[159]. - The international business strategy is impacted by global economic slowdowns and trade protectionism, affecting overseas operations and project management[162]. - Financial risks arise from currency fluctuations due to increased international operations, necessitating effective foreign exchange risk management[163]. - The competitive landscape in the new energy vehicle market is intensifying, requiring the company to enhance its market strategies and technological innovation[165]. - The company is actively monitoring geopolitical risks and their potential impact on overseas operations and project costs[166]. Revenue Breakdown - Revenue from rail transportation equipment business was RMB 14.64 billion, up 13.37% year-on-year[177]. - Revenue from emerging equipment business reached RMB 10.12 billion, growing by 13.71% compared to the previous year[178]. - The gross profit margin for rail transportation equipment and its extended industries was 32.48%, an increase of 3.87 percentage points year-on-year[180]. - Revenue from mainland China amounted to CNY 23,528,651,385, with a year-on-year increase of 12.27%[182]. - The production volume of semiconductor devices was 528.74 million units, with a year-on-year increase of 22.81%[183].

点击 关注我们 报告发布日期：2025年3月24日 报告名称:《 能源电子月报： 汽车功率持续升高，碳化硅渗透率稳步提升 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 能源电子月报: 汽车功率持续升高,碳化硅 渗透率稳步提升 2025-03-24 | 胡剑 胡慧 叶子 詹浏洋 连欣然 新能源汽车:我国新能源汽车功率200kW以上的主驱 占比由22年的9%提升至25年1月的28%. 电驱最高峰值 功率由22年255kW升至25年1月的450kW。整车情况:根 据中汽协数据,我国2月新能源汽车单月销量89万辆(YoY +87.1%,MoM-5.5%),产量88.8万辆(YoY+91.6%,MoM- 12.5%),单月新能源车渗透率为41.9%。主驱功率模块情 况: 主驱IGBT模块主力厂商芯联集成、时代电气、土兰微 、斯达半导领先优势逐步确立,海外厂商份额逐步下降 ...

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]

| --- | --- | --- | |-------------------------|-------|------------------------------| | 交银国际研究 \n消息快报 | | | | 汽车及工业行业 | | 2024 年 9 月 12 日 | | 汽车及工业行业 | | | | | | | 时代电气（3898 HK）：大规模检修和以旧换新有望带动增长 我们参加了时代电气（3898 HK/未评级）的反向路演活动，以更新公司近况和 前景： 大规模检修和设备以旧换新有望带动轨道交通装备业务增长。根据过往数 据，和谐机车/高速动车组的 C6 修/C5 修平均周期大概是 12 年。和谐号机 车于 2019 年进入 C6 修，2022 年开始逐步放量，近几年处于相对高峰期； 高速动车组于 2010 年大批量投运，2020 年首次进入五级修，由于修程修 制改革，检修的高峰期延迟了近两年，公司预计 2024-2027 年将处于高级 修的相对高峰期。以旧换新方面，国家铁路局于 2024 年 2 月提出，到 2027 年达年限之老旧内燃机基本淘汰，随着更新补贴政策的完善，我们 预计有望给时代 ...

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].