证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-040 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 关于召开2025年第一次临时股东会的通知 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。 （五） 网络投票的系统、起止日期和投票时间。 重要内容提示： 一、 召开会议的基本情况 网络投票系统：上海证券交易所股东会网络投票系统 （一） 股东会类型和届次 2025年第一次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 12 月 15 日 11 点 00 分 召开地点：株洲市石峰区时代路时代宾馆 301 室 网络投票起止时间：自2025 年 12 月 15 日 至2025 年 12 月 15 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 股东会召开日期：2025年12月15日 本次股东 ...

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。 董事長 李東林 中國，株洲，二零二五年十一月二十四日 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：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-039 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 关于召开 2025 年第三季度业绩说明会的公告 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-039 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 关于召开 2025 年第三季度业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 25 日(星期二) 至 12 月 1 日(星期一) 16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@csrzic.com 进行提问。公司将在说明会上对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 10 月 30 日下午休市后发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地 了解公司 2025 年第三季度经营成果、财务状况，公司计划于 202 ...

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。 茲提述株洲中車時代電氣股份有限公司（「本公司」）日期為2025年10月30日的公告（「該 公 告」），有 關 本 公 司 與 中 國 中 車 集 團 公 司 的 持 續 關 連 交 易。除 另 有 所 指 外，本 公 告 所用詞彙與該公告所界定者具有相同涵義。 誠 如 該 公 告 所 披 露，一 份 載 有（其 中 包 括）(i) 2026年 至2028年中國中車集團 公 司 互 相 供 應 協 議 及 新 中 國 中 車 集 團 公 司 上 限 的 詳 情；(ii)建 泉 融 資 出 具 的 函 件，當 中 載 有其就2026年 至2028年中國中車集團公司互相供應協議及新中國中 車 集團公司上 限而向獨立董事委員會及獨立股東提供的意見；及(iii)獨 立董事委員會就2026年 至 2028年中國中車集團公司互相供應協議及新中國中車集團公司 ...

Core Viewpoint - The urban rail transit DC traction power supply system is a critical infrastructure for providing electrical energy to urban rail vehicles, ensuring efficient and safe operation in cities [1][6]. Market Overview - The global market for urban rail transit DC traction power supply systems is projected to reach approximately 6,240.81 million in 2024, with an expected growth to 9,199.40 million by 2031, reflecting a compound annual growth rate (CAGR) of 5.49% from 2025 to 2031 [3]. Industry Demand Drivers - Urbanization is accelerating globally, leading to increased investment in urban rail transit systems, which drives demand for DC traction power supply systems [10]. - China's urban rail transit construction is expanding rapidly, with 18 new operational lines and 748 kilometers added in 2024, contributing to significant market demand [6]. - The Asia-Pacific region, particularly China, is a key consumer market, with ongoing advancements in technology and international competitiveness in DC traction power supply systems [6]. Key Players - Major global manufacturers in the urban rail transit DC traction power supply system market include CRRC Times Electric, Siemens Mobility, Hitachi Energy, and others [7]. Product Segmentation - The market is primarily divided into three categories: converter products, switchgear products, and others, with converter products accounting for approximately 54.43% of the global market revenue in 2024, valued at 3,396.61 million [9]. Technological Innovations - The release of the group standard for "Active Traction Power Supply Systems" has spurred the development of bidirectional conversion technology and energy quality optimization control technology, enhancing supply efficiency and energy quality [12]. Market Opportunities - The need for upgrading existing rail lines due to aging infrastructure and increasing passenger demand presents new growth opportunities for the DC traction power supply system market [13]. - The international market expansion is being driven by Chinese and German companies leveraging their technological advantages to participate in overseas projects [14]. Policy and Regulatory Environment - Recent policies aim to optimize market access for new industries, including urban rail transit, which may influence the development speed and direction of the industry [20][21].

Core Viewpoint - On November 11, Times Electric experienced a decline of 1.78% with a trading volume of 267 million yuan, indicating a negative net financing position for the day [1] Financing and Margin Trading - On November 11, Times Electric had a financing buy-in amount of 32.91 million yuan and a financing repayment of 39.39 million yuan, resulting in a net financing outflow of 6.48 million yuan [1] - As of November 11, the total margin trading balance for Times Electric was 597 million yuan, with the financing balance at 594 million yuan, accounting for 1.32% of the circulating market value, which is above the 90th percentile over the past year [1] - In terms of securities lending, Times Electric had a securities repayment of 1,225 shares and a securities sell-out of 928 shares, with a sell-out amount of 48,000 yuan based on the closing price [1] Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province, and primarily engages in the research, design, manufacturing, and sales of rail transit equipment [1] - The company's 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 - As of September 30, 2025, Times Electric reported a total of 22,500 shareholders, an increase of 3.10% from the previous period, with an average of 40,493 circulating shares per person, up by 201.21% [2] - For the period from January to September 2025, Times Electric achieved an operating income of 18.83 billion yuan, representing a year-on-year growth of 15.83%, and a net profit attributable to shareholders of 2.72 billion yuan, up by 8.77% [2] Dividend Distribution - Since its A-share listing, Times Electric has distributed a total of 5.11 billion yuan in dividends, with 3.84 billion yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder of Times Electric, holding 16.42 million shares, an increase of 477,500 shares from the previous period [3] - The sixth-largest circulating shareholder, E Fund SSE STAR 50 ETF, held 9.42 million shares, a decrease of 1.37 million shares, while the seventh-largest, Huaxia SSE STAR 50 Component ETF, held 9.20 million shares, down by 5.17 million shares [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 18.83 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 14.86%, and a net profit attributable to shareholders of 2.72 billion yuan, up 10.85% year-on-year [4] - The company's semiconductor business is experiencing rapid growth, with revenue reaching 3.923 billion yuan in Q1-Q3 2025, a year-on-year increase of 23.19% [6] - The company is actively participating in the formulation of international standards for automated rail transit, enhancing its global influence [5] Financial Summary - The latest closing price is 53.00 yuan, with a 12-month price range of 41.16-57.98 yuan [2] - The total share capital is 1,357.95 million shares, with a circulating market value of 71.971 billion yuan [2] - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 4.049 billion, 4.875 billion, and 5.802 billion yuan, respectively, with corresponding EPS of 2.98, 3.59, and 4.27 yuan [7]

Core Insights - The company reported a revenue of 18.83 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.86% [1] - The net profit attributable to shareholders reached 2.72 billion yuan, up 10.85% year-on-year, while the net profit excluding non-recurring items was 2.61 billion yuan, showing a significant increase of 30.92% [1] Revenue Breakdown - Revenue from rail transit equipment was 10.30 billion yuan, growing by 9.23% year-on-year, with specific segments such as rail electrical equipment at 8.08 billion yuan (+5.82%), rail engineering machinery at 0.90 billion yuan (+13.47%), and communication signal systems at 0.76 billion yuan (+14.47%) [1] - Emerging equipment business generated 8.43 billion yuan, reflecting a year-on-year increase of 22.26%, with notable contributions from basic components at 3.84 billion yuan (+30.40%), new energy vehicle electric drive at 1.87 billion yuan (+9.25%), and new energy power generation at 1.59 billion yuan (+25.26%) [1] Profitability Metrics - The company's overall gross margin was 32.42%, an increase of 3.14 percentage points year-on-year, while the net profit margin stood at 15.33%, up 0.36 percentage points [2] - The total expense ratio for the first three quarters was 14.40%, showing a decrease of 0.38 percentage points compared to the previous year [2] Semiconductor Business Growth - The semiconductor segment reported revenue of 3.92 billion yuan, marking a year-on-year growth of 23.19% [2] - The company's production line in Yixing reached full capacity in June, and the third phase of the Zhuzhou SiC production line is expected to be operational by the end of the year, indicating a positive outlook for capacity expansion and customer acquisition [2] Investment Outlook - The company is projected to achieve net profits of 4.30 billion yuan, 4.78 billion yuan, and 5.23 billion yuan for the years 2025 to 2027, with corresponding EPS of 3.16, 3.52, and 3.85 yuan, and PE ratios of 16x, 15x, and 13x respectively [2]

Core Insights - The company reported a revenue of 18.83 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 14.86%, and a net profit attributable to shareholders of 2.72 billion yuan, up 10.85% year-on-year [1][2] Financial Performance - In Q3, the company achieved a revenue of 6.62 billion yuan, which is a 9.58% increase year-on-year but a 13.82% decrease quarter-on-quarter. The net profit for Q3 was 1.05 billion yuan, reflecting a 7.69% year-on-year increase and a 0.84% quarter-on-quarter increase [2] - The gross margin for Q3 was 33.18%, up 0.62 percentage points year-on-year and 2.05 percentage points quarter-on-quarter, while the net profit margin was 16.67%, down 1.18 percentage points year-on-year but up 2.40 percentage points quarter-on-quarter [2] Segment Performance - Revenue from rail transit equipment products reached 10.30 billion yuan, a year-on-year increase of 9.23%. This includes 8.08 billion yuan from rail transit electrical equipment (up 5.82%), 0.90 billion yuan from rail engineering machinery (up 13.47%), and 0.76 billion yuan from communication signal systems (up 14.47%) [3] - Emerging equipment products generated 8.43 billion yuan in revenue, marking a year-on-year growth of 22.26% [3] Product Breakdown - Revenue from basic components was 3.84 billion yuan, up 30.40% year-on-year; electric drive systems for new energy vehicles generated 1.87 billion yuan (up 9.25%); new energy power generation revenue was 1.59 billion yuan (up 25.26%); offshore engineering equipment revenue was 0.66 billion yuan (up 7.07%); and industrial conversion revenue was 0.47 billion yuan (up 33.47%) [4] - The semiconductor subsidiary reported a revenue of 3.92 billion yuan, a 23.19% increase year-on-year, with bipolar device revenue declining by 11% to 0.46 billion yuan, while IGBT revenue grew by 29.73% to 3.47 billion yuan [4] Investment Outlook - The company is a leading supplier of traction conversion systems in China's rail transit industry, with a diverse product range that includes locomotives and urban rail vehicles, achieving domestic substitution of core systems and leading the domestic market [5] - The company is also expanding into sectors outside rail transit, including basic components, new energy vehicle electric drive systems, new energy power generation, offshore engineering, and industrial conversion, creating new growth points [5] - The profit forecast for 2025-2027 has been slightly adjusted, with expected net profits of 4.31 billion yuan, 4.90 billion yuan, and 5.43 billion yuan respectively, corresponding to EPS of 3.17 yuan, 3.60 yuan, and 4.00 yuan, with PE ratios of 16.3X, 14.3X, and 12.9X based on the closing price on November 5 [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][10][14] Core Views - The company has shown steady growth in the rail transit sector and is capitalizing on opportunities in emerging equipment fields [1][10] - For the first three quarters of 2025, the company achieved revenue of 18.83 billion yuan, a year-on-year increase of 14.86%, and a net profit attributable to shareholders of 2.72 billion yuan, up 10.85% year-on-year [5][9] - The company is positioned as a leading supplier of traction and conversion systems in China's rail transit industry, with a focus on domestic market leadership and breaking international monopolies [10] Financial Performance Summary - Revenue and Profitability: - Revenue for 2025 is projected to reach 27.60 billion yuan, with a year-on-year growth of 10.8% [7][12] - Net profit for 2025 is estimated at 4.31 billion yuan, reflecting a year-on-year increase of 16.3% [7][12] - Gross margin is expected to be around 32.0% in 2025, with a net margin of 15.6% [12] - Earnings Per Share (EPS): - EPS is projected to be 3.17 yuan for 2025, increasing to 4.00 yuan by 2027 [7][12] - Valuation Ratios: - Price-to-Earnings (P/E) ratio is expected to decrease from 19.0 in 2024 to 12.9 in 2027 [12] - Price-to-Book (P/B) ratio is projected to decline from 1.7 in 2024 to 1.3 in 2027 [12] Revenue Breakdown - Rail Transit Equipment: - Revenue from rail transit equipment reached 10.30 billion yuan in the first three quarters of 2025, a growth of 9.23% year-on-year [9][10] - Emerging Equipment: - Revenue from emerging equipment products was 8.43 billion yuan, with a year-on-year increase of 22.26% [9][10] Future Outlook - The company is expected to continue its growth trajectory, with net profits projected at 4.31 billion yuan in 2025, 4.90 billion yuan in 2026, and 5.43 billion yuan in 2027 [10][11] - The focus on expanding into new sectors such as basic components, electric drive systems for new energy vehicles, and renewable energy generation is anticipated to create new growth points [10]