中國中車股份有限公司 CRRC CORPORATION LIMITED （於中華人民共和國註冊成立的股份有限公司） （股份代碼：1766） 2026年4月27日（星期一）舉行的 2026年第一次臨時股東會之代表委任表格 與本代表委任表格 有關之股份數目 （附註1） 本人╱吾等 （附註2） 為本人╱吾等的代表，代表本人╱吾等出席2026年4月27日（星期一）下午2時正於中國北京市海澱區西四環中路16-5號本公司 515會議室舉行的本公司2026年第一次臨時股東會（「臨時股東會」）及其任何續會，並依照下列指示代表本人╱吾等就本公司 日期為2026年4月2日的臨時股東會通告（「臨時股東會通告」）所列決議案投票，如無作出指示，則由本人╱吾等的代表自行酌 情投票表決。 | | | 以上決議案全文列載於本公司日期為2026年4月2日的臨時股東會通函中， 閣下委任代表之前，請先閱覽臨時股東會通函全文。 簽署 （附註 5） 日期︰ 附註： 1. 請填上以 閣下名義登記與本代表委任表格有關之股份數目。如未有填上數目，則本代表委任表格將被視為與本公司已發行股本中所有 以 閣下名義登記的股份有關。 2. 請用正楷填上全名（中文或英 ...

Core Viewpoint - The company reported its 2025 annual performance, achieving operating revenue of 273.06 billion yuan, a year-on-year increase of 10.79%, and a net profit attributable to shareholders of 13.18 billion yuan, up 6.4% year-on-year [1] Financial Performance - In Q4 2025, the company generated revenue of 89.20 billion yuan, a decrease of 4.99% year-on-year, and a net profit of 3.22 billion yuan, down 37.45% year-on-year but up 18.32% quarter-on-quarter [1] - The company’s comprehensive gross margin for 2025 was 21.38%, unchanged year-on-year, while the net profit margin was 6.19%, a decrease of 0.17 percentage points [2] - The company’s railway equipment business revenue was 123.61 billion yuan, up 11.9% year-on-year, driven by the growth in the electric multiple units and locomotive segments [2] Segment Performance - The new industry segment achieved revenue of 103.12 billion yuan, a year-on-year increase of 19.39%, primarily due to the recovery in demand for clean energy equipment [2] - The urban rail and urban infrastructure business revenue was 42.09 billion yuan, down 7.37% year-on-year, mainly due to a decline in vehicle procurement in the new urban rail market [2] - The company’s international business revenue reached a record high of 34.82 billion yuan, up 22.88% year-on-year, with significant growth in new orders [3] Market Outlook - The company is expected to maintain stable operations in its railway equipment business, supported by national railway development plans, which aim to expand the railway operating mileage significantly by 2030 [3] - The new industry segment is anticipated to continue its rapid growth, benefiting from policies and demand in areas such as wind and solar energy, semiconductors, and marine equipment [3] Investment Recommendations - The company is projected to achieve net profits of 13.85 billion yuan, 14.60 billion yuan, and 15.26 billion yuan for 2026-2028, with corresponding EPS of 0.48, 0.51, and 0.53 yuan, maintaining a recommended rating [4]

Core Viewpoint - The company achieved steady revenue growth driven by railway equipment and new industries, with a year-on-year increase of 6.40% in net profit attributable to shareholders in 2025 [1] Group 1: Financial Performance - In 2025, the company reported total revenue of 273.06 billion yuan, a year-on-year increase of 10.79% [1] - Revenue from railway equipment reached 123.61 billion yuan, up 11.90% year-on-year, accounting for 45.27% of total revenue [1] - New industries generated revenue of 103.12 billion yuan, a 19.39% increase year-on-year, representing 37.76% of total revenue [1] - The company’s net profit attributable to shareholders was 13.18 billion yuan, reflecting a year-on-year growth of 6.40% [1] - The fourth quarter of 2025 saw a revenue of 89.20 billion yuan, down 4.99% year-on-year, but up 39.14% from the previous quarter [1] Group 2: Profitability Metrics - The company's gross profit margin for 2025 was 21.38%, remaining stable year-on-year [2] - The net profit margin was 4.83%, a decrease of 0.20 percentage points year-on-year [2] - The expense ratio decreased to 14.47%, down 0.56 percentage points year-on-year, with significant reductions in management expenses [2] Group 3: Order and Growth Prospects - The company secured new orders worth approximately 346.1 billion yuan in 2025, a year-on-year increase of 7%, ensuring long-term growth [2] - International business new orders amounted to about 65 billion yuan, up 38% year-on-year, indicating a strong push for international expansion [2] - The company successfully bid for its first GW-level offshore wind power project and maintained a leading position in the solar inverter market [2] Group 4: Profit Forecast and Investment Rating - The company adjusted its net profit forecast for 2026-2027 to 14.31 billion yuan and 15.56 billion yuan, respectively, with an expected net profit of 16.91 billion yuan for 2028 [3] - The current stock price corresponds to dynamic PE ratios of 12.6, 11.6, and 10.7 times for 2026, 2027, and 2028, respectively, maintaining a "buy" rating [3]

该行将中国中车H股目标价由6.5港元下调至6.2港元，维持"买入"评级；A股目标价由5.9元下调至5.6 元，维持"中性"评级。另外，该行将时代电气H股目标价由43.9港元下调至40.7港元，A股目标价由59.3 元下调至55.6元，均维持"中性"评级。 高盛发表研报指，中国中车2025年第四季业绩略逊预期，而时代电气业绩则符合预期，两间公司在关键 业务板块的表现各异。展望未来，该行预期两间公司整体增长温和。就中国中车而言，海外业务的强劲 势头将被国内铁路及城市轨道业务的不利因素所抵消。至于时代电气，新兴产业将继续推动收入增长， 但该行料价格竞争加剧及新IGBT产能投产的初期成本，将对利润率构成一定压力。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company achieved a total operating revenue of 273.06 billion yuan in 2025, representing a year-on-year growth of 10.79%. The net profit attributable to shareholders was 13.18 billion yuan, up 6.40% year-on-year, while the net profit excluding non-recurring items was 10.98 billion yuan, increasing by 8.20% [2][6] - The railway equipment and new industries are driving steady growth, with the railway equipment business revenue increasing by 11.90% year-on-year to 123.6 billion yuan, primarily due to growth in the revenue from high-speed trains and locomotives [13] - The international business is progressing well, with new orders signed in 2025 amounting to approximately 346.1 billion yuan, of which international orders accounted for about 65 billion yuan, increasing the international business share to 19% [13] - The railway passenger and freight transport sectors are experiencing robust demand, with fixed asset investment in railways reaching 72.2 billion yuan in January-February 2026, a year-on-year increase of 5.4% [13] Summary by Relevant Sections Financial Performance - In 2025, the company reported total operating revenue of 273.06 billion yuan, with a gross profit of 58.38 billion yuan, representing a gross margin of 21% [18] - The company expects net profits for 2026 and 2027 to be 14.4 billion yuan and 16 billion yuan, respectively, corresponding to P/E ratios of 12.5 and 11.3 times [13] Business Segments - Revenue breakdown for 2025: Railway equipment business accounted for 45.27%, urban rail and infrastructure business 15.41%, new industries 37.76%, and modern services 1.56% [13] - The new industries segment saw a revenue increase of 19.39% year-on-year, driven by growth in clean energy equipment such as wind power [13] Market Outlook - The outlook for the railway business remains positive, with expectations for continued growth in urban rail and new industries, supported by government investment in railway infrastructure [13]

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company achieved a revenue of 273.06 billion RMB in 2025, representing a year-over-year increase of 10.79%, with a net profit of 13.18 billion RMB, up 6.40% year-over-year [1][2]. - The railway equipment sector remains highly prosperous, with significant contributions from both traditional and new industries, particularly in clean energy [3][4]. - The company has a strong order backlog of approximately 357.1 billion RMB, providing robust support for future performance [4]. Revenue and Profitability - The company's gross margin for 2025 was 21.38%, remaining stable year-over-year, while the net profit margin decreased slightly to 4.83% [2]. - The revenue breakdown for 2025 shows that railway equipment accounted for 45.27% of total revenue, with new industries contributing 37.76% [3]. Order and Market Expansion - New orders signed in 2025 reached approximately 346.1 billion RMB, with international orders contributing around 65 billion RMB, indicating successful overseas market expansion [4]. - The company has made significant strides in international markets, including new orders for electric locomotives in Central Asia and wind power equipment sales in Europe and North America [4]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2026-2028 is adjusted to 0.50, 0.53, and 0.56 RMB respectively, reflecting a slight downward revision due to increased R&D expenses [5]. - The target price for the company's A/H shares is set at 9.00 RMB and 7.08 HKD, based on a price-to-earnings (PE) ratio of 18 for A shares and 12.6 for H shares [5].

公司点评 · 机械设备行业 铁路+新产业驱动增长，海外业务表现亮眼 —— 中国中车 2025 年报业绩点评 2026 年 03 月 30 日 核心观点 中国中车（股票代码：601766） 推荐 维持评级 分析师 鲁佩 ：021-20257809 ：lupei_yj@chinastock.com.cn 分析师登记编码：S0130521060001 王霞举 ：021-68596817 ：wangxiaju_yj@chinastock.com.cn 分析师登记编码：S0130524070007 | 市场数据 | 2026 年 03 月 27 日 | | --- | --- | | 股票代码 | 601766 | | A 股收盘价(元) | 6.29 | | 上证指数 | 3,913.72 | | 总股本(万股) | 2,869,886 | | 实际流通 A 股(万股) | 2,432,780 | | 流通 A 股市值(亿元) | 1,530 | 相对沪深 300 表现图 2026 年 03 月 27 日 -20% 0% 20% 40% 2025/3/27 2025/4/27 2025/5/27 2025/6/27 ...

公司点评报告 证券研究报告·公司点评报告·轨交设备Ⅱ 中国中车（601766） ◼ 新签订单充裕保障稳健成长，国际化打开成长空间： 2025年报点评：铁路装备与新产业双轮驱动， 国际业务新签订单再创新高 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 246,474 | 273,063 | 285,656 | 299,690 | 312,557 | | 同比（%） | 5.21 | 10.79 | 4.61 | 4.91 | 4.29 | | 归母净利润（百万元） | 12,388 | 13,181 | 14,307 | 15,558 | 16,910 | | 同比（%） | 5.77 | 6.40 | 8.54 | 8.74 | 8.69 | | EPS-最新摊薄（元/股） | 0.43 | 0.46 | 0.50 | 0.54 | 0.59 | | P/E（现价&最新摊薄） | 14.57 | 13.70 | ...

每经AI快讯，3月30日，中国中车(01766.HK)绩后跌超7%，截至发稿跌6.67%，报4.9港元，成交额 8641.31万港元。 ...

2025年，国际业务协同并进。新能源机车批量订单落户中亚；内燃机车首次进入喀麦隆、摩洛哥等非洲国家市场；在执行DLS项目顺利履约；风电整机实 现海外直销订单零的突破；光伏业务实现欧洲、北美认证准入突破。 高标准推进中老铁路、雅万高铁、匈塞铁路"一带一路"重大项目，打造精品工程，其中：中老铁路五列动车组上线运营表现平稳，累计安全运行超359万 公里，累计发送旅客1074万人，取得良好的社会经济效益及积极的示范效果；雅万高铁开通运营满两年，累计安全运行里程超590万公里，累计发送旅客 突破1210万人次，持续擦亮共建"一带一路"金字招牌。 营业收入比上年同期增长10.79%，铁路装备业务、城轨与城市基础设施业务、新产业业务、现代服务业务分别占总收入的45.27%，15.41%，37.76%， 1.56%。销售机车813台，客车599辆，动车组2181辆，货车30748辆，城轨车辆4582辆。 铁路装备业务中机车业务收入297.06亿元，客车业务收入85.35亿元，动车组业务收入684.23亿元，货车业务收入169.43 亿元。 城轨与城市基础设施业务中城市轨道车辆收入380.79亿元。 新产业业务中非轨道交通零部 ...