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發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 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） 海外監管公告 此海外監管公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條發出。 茲載列中國中車股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國中車股 份有限公司關於全資子公司向其參股公司提供擔保的公告》，僅供參閱。 证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2025-038 证券代码： 1766（H 股） 证券简称：中国中车（H 股） 中国中车股份有限公司 关于全资子公司向其参股公司提供担保的公告 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： ⚫ 担保对象及基本情况 | | 被担保人名称 本次担保金额 | T ...

证券代码：601766（A 股） 证券简称：中国中车（A 股） 公告编号：临 2025-038 证券代码： 1766（H 股） 证券简称：中国中车（H 股） | | 被担保人名称 | TIC TRENS S.A. | | --- | --- | --- | | | 本次担保金额 | 共计折合人民币约 亿元 3.39 | | 担保对象 | 实际为其提供的担保余 额 | 亿雷亚尔（折合人民币约 亿元） 2.825 3.71 | | | 是否在前期预计额度内 | □是 ☑否 □不适用：_________ | | | 本次担保是否有反担保 | □是 ☑否 □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（亿元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 | 589.06 | | 公司对外担保总额（亿元） | | | 对外担保总额占上市公司最近一期 | 34.90 | | 经审计净资产的比例（%） | | | 特别风险提示（如有请勾选） | □对外担保总额（含本次）超过上市公司 | | | 最近一期经审计净资产 50% | | | □对外担保总额（含本次）超过 ...

Core Viewpoint - China CRRC achieved a net profit attributable to shareholders of 7.246 billion yuan in the first half of the year, representing a year-on-year increase of 72% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 4.193 billion yuan, showing a year-on-year increase of 31% and a quarter-on-quarter increase of 37% [1] - For H1 2025, revenue from railway equipment reached 59.706 billion yuan, up 42% year-on-year, driven by the positive development of domestic railway passenger and freight transport, as well as railway construction [1] - Urban rail business revenue was 17.402 billion yuan, reflecting a year-on-year increase of 6%, aligning with initial expectations [1] - New industries generated revenue of 40.733 billion yuan, a year-on-year increase of 36%, benefiting from the growth in orders for clean energy equipment such as wind power and energy storage [1] - Modern services revenue was 1.917 billion yuan, up 16% year-on-year [1] Market Outlook - The China National Railway Group's bidding this year has already surpassed the total amount for 2024, indicating continued optimism for the rail transit industry [1] Shareholder Returns - The company emphasizes shareholder returns, with a high interim dividend payout ratio. It plans to distribute a cash dividend of 3.157 billion yuan (before tax), accounting for 43.57% of the net profit attributable to shareholders for H1 2025 [1] Rating - The company maintains an "overweight" rating [1]

中期報告 2025 重要提示 公司擬以實施權益分派股權登記日（具體日期將在權益分派實施公告中明確）登記的總股本為基數，向全體股東派發現 金紅利。截至 2025 年 6 月 30 日，公司總股本為 28,698,864,088 股，以此為基數按每股派發人民幣 0.11 元（含稅）的現 金紅利計算，合計擬派發現金紅利人民幣 31.57 億元（含稅）。如在公司利潤分配方案公告披露之日起至實施權益分派 股權登記日期間，因可轉債轉股╱回購股份╱股權激勵授予股份回購註銷╱重大資產重組股份回購註銷等致使公司 總股本發生變動的，公司擬維持分配總額不變，相應調整每股分配比例。如後續總股本發生變化，將另行公告具體 調整情況。該利潤分配預案尚需經股東會審議通過。 六、 前瞻性陳述的風險聲明 本報告存在一些基於對未來政策和經濟走勢的主觀假設和判斷而做出的預見性陳述，受諸多可變因素影響，實際結 果或趨勢可能會與這些預見性陳述出現差異。 本報告中所涉及的未來計劃、發展戰略等前瞻性描述，不構成公司對投資者的實質承諾，敬請投資者注意投資風險。 公司存在的風險因素主要有戰略風險、市場風險、產品質量風險、匯率風險、境外經營風險、產業結構調整風險 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase in stock price of over 20% within the next six months [10]. Core Insights - The company reported significant growth in its first half of 2025, achieving revenue of 1197.58 billion yuan, a year-on-year increase of 33%, and a net profit attributable to shareholders of 72.46 billion yuan, up 72% year-on-year [3][4]. - The company’s four main business segments all experienced positive growth, with the railway equipment segment showing the fastest growth at over 40% year-on-year [3]. - The company signed new orders worth approximately 1460 billion yuan in the first half of 2025, a 4.2% increase year-on-year, indicating a strong demand in the rail transit industry [4]. Financial Performance - The company’s revenue is projected to grow to 2773.87 billion yuan in 2025, with a year-on-year growth rate of 12.55%, and net profit is expected to reach 144.63 billion yuan, reflecting a 16.76% increase [5][8]. - The earnings per share (EPS) is forecasted to increase from 0.43 yuan in 2024 to 0.50 yuan in 2025 [8][9]. - The company plans to distribute cash dividends of 31.57 billion yuan, accounting for 43.57% of its net profit for the first half of 2025, highlighting its commitment to shareholder returns [4].

Group 1 - The core viewpoint of the article highlights the performance and trends in China's high-speed train industry, particularly focusing on the production statistics and future market outlook [1] - According to the National Bureau of Statistics, the production of high-speed trains in China for July 2025 was 16 units, representing a year-on-year decrease of 5.9% [1] - Cumulatively, from January to July 2025, the total production of high-speed trains reached 1,074 units, showing a significant year-on-year growth of 40.4% [1] Group 2 - The article references a report by Zhiyan Consulting titled "2025-2031 China High-Speed Train Industry Market Panorama Research and Development Prospects," indicating a comprehensive analysis of the industry's future [1] - A list of relevant companies in the high-speed train sector is provided, including China CRRC, China Railway Signal & Communication, and others, which are key players in the market [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, specializing in in-depth industry research and providing tailored consulting services to support investment decisions [1]

Group 1: High-Speed Rail Network Development - The Shenyang to Changbai Mountain high-speed rail began trial operations on September 4, 2023, as part of China's "eight vertical and eight horizontal" high-speed rail network [1] - The completion of the Shenyang to Changbai Mountain high-speed rail is expected to reduce travel times significantly, with the shortest travel time from Beijing Chaoyang Station to Changbai Mountain Station being 4 hours and 33 minutes, and from Shenyang North Station to Changbai Mountain Station being 1 hour and 53 minutes [1] - By the end of 2024, China's high-speed rail operating mileage is projected to reach 48,000 kilometers, with total railway operating mileage increasing to 162,000 kilometers [1] Group 2: Industry Growth and International Expansion - China's high-speed rail technology has reached a world-leading level, with significant advancements in intelligent high-speed rail technology and a growing number of technological innovations [2] - High-speed rail companies are actively expanding into international markets, with an increase in overseas projects and market opportunities [2] - The high-speed rail industry chain is extensive, encompassing upstream components like tracks and materials, midstream systems and vehicles, and downstream services including passenger transport and tourism [2] Group 3: Company Performance - China Railway Rolling Stock Corporation (CRRC) reported a revenue of 119.758 billion yuan for the first half of the year, a year-on-year increase of 32.99%, and a net profit of 7.246 billion yuan, up 72.48% [3] - CRRC showcased 22 innovative products at the 12th World High-Speed Rail Conference, emphasizing its commitment to innovation and international expansion [3] - Guangzhou-Shenzhen Railway Co., Ltd. reported a revenue of 13.969 billion yuan for the first half of the year, an 8.08% increase, and a net profit of 1.109 billion yuan, up 21.55% [3] - The company has seen significant growth in passenger revenue due to the introduction of new direct trains and cross-line services [3] Group 4: Operational Efficiency and Market Impact - In the first half of 2025, the Beijing-Shanghai high-speed rail transported 24.996 million passengers, a 1.2% increase from the previous year [4] - The operational efficiency of the high-speed rail network is expected to improve with the completion of the "eight vertical and eight horizontal" network, benefiting industry chain companies [4]

Group 1: Overall Performance of Listed Companies - The total operating revenue of listed companies in Shanghai and Shenzhen reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan for the first half of 2025 [1] - Shenzhen companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Sector Performance - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rapidly rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw 253 companies generate 984.76 billion yuan in revenue, a 14.1% increase, and a net profit of 454.57 billion yuan, up 24.59% [3] - The computer industry in Shenzhen reported 501.25 billion yuan in revenue, a 13.74% increase, and a net profit of 122.85 billion yuan, up 26% [5] Group 3: R&D Investment - Shenzhen companies invested a total of 352.97 billion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen reached 92.46 billion yuan, a year-on-year increase of 22.36% [9] - Shanghai's R&D investment also hit a record high of 432.6 billion yuan, growing by 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a 5% increase [11] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, a 23.59% increase, with a 29.22% share of total revenue [11] - Companies are diversifying their overseas markets, with significant growth in exports from firms like Huayou Cobalt and Quectel [12] Group 5: Dividend and Shareholder Returns - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.81 billion yuan [12] - Shenzhen companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in dividend amounts [12] - Companies are also increasing share buybacks, with Shenzhen firms announcing 230 buyback plans totaling 68.21 billion yuan [13]

Market Overview - On September 4, the rail transit equipment sector declined by 0.74%, with Bid Technology leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers in the rail transit equipment sector included: - Xianghe Industrial (603500) with a closing price of 11.12, up 3.35% [1] - Kyushu One Track (688485) at 13.38, up 1.75% [1] - Jiao Da Si Nuo (300851) at 27.22, up 1.64% [1] - Bid Technology (605298) experienced the largest decline, closing at 33.00, down 5.42% [2] Trading Volume and Capital Flow - The rail transit equipment sector saw a net outflow of 59.99 million yuan from institutional investors, while retail investors contributed a net inflow of 52.30 million yuan [2][3] - The trading volume for major stocks included: - China Railway (601766) with a trading volume of 1.22 million shares and a net outflow of 28.16 million yuan from institutional investors [3] - China Communication Signal (600889) with a trading volume of 510,400 shares and a net outflow of 6.12 million yuan from institutional investors [3] Individual Stock Capital Flow - Key individual stock capital flows included: - China Railway (601766) with a net outflow of 28.16 million yuan from institutional investors and a net inflow of 1.48 million yuan from retail investors [3] - Jiao Da Si Nuo (300851) with a net inflow of 1.83 million yuan from retail investors despite a net outflow of 2.24 million yuan from institutional investors [3]

Core Viewpoint - The Ningbo Public Transport Group has announced the candidates for the procurement of pure electric buses for 2025, highlighting the competitive landscape among various manufacturers in the electric bus sector [1][4]. Summary by Sections Bid Section 1 - The first candidate is Zhejiang CRRC Electric Vehicle Co., Ltd. with a bid price of 1,072,400.00 CNY per vehicle and a comprehensive score of 95.22 [4][5]. - The second candidate is Geely Sichuan Commercial Vehicle Co., Ltd. with a bid price of 1,075,000.00 CNY per vehicle and a comprehensive score of 94.49 [6][7]. - The third candidate is Yutong Bus Co., Ltd. with a bid price of 1,075,000.00 CNY per vehicle and a comprehensive score of 93.63 [7]. Bid Section 2 - The first candidate is Geely Sichuan Commercial Vehicle Co., Ltd. with a bid price of 863,000.00 CNY per vehicle and a comprehensive score of 94.14 [8]. - The second candidate is Suzhou Jinlong United Automobile Industry Co., Ltd. with a bid price of 866,200.00 CNY per vehicle and a comprehensive score of 93.45 [9]. Bid Section 3 - The first candidate is Shanghai Shenwo Bus Co., Ltd. with a bid price of 853,000.00 CNY per vehicle and a comprehensive score of 93.16 [10]. - The second candidate is Zhejiang CRRC Electric Vehicle Co., Ltd. with a bid price of 854,700.00 CNY per vehicle and a comprehensive score of 92.88 [11]. Bid Section 4 - The only candidate is Xiamen Jinlong United Automobile Industry Co., Ltd. with a bid price of 630,000.00 CNY per vehicle and a comprehensive score of 94.3 [12].