Macro Dynamics - The People's Bank of China and other regulatory bodies have issued opinions to support the development of marine industries, commercial aerospace, and unmanned industries in Nansha, Guangzhou, encouraging financial institutions to increase support for these sectors [1] Automotive Industry - As of May 11, 2025, the number of applications for the vehicle trade-in subsidy has exceeded 10 million, with 3.225 million applications for subsidies in 2025 alone [2] Capital Market - The Fujian Provincial Government has included market value management in the performance assessment of state-owned listed companies, promoting stock buybacks and establishing stable dividend policies to enhance investment value [3] Company Dynamics - Nissan has announced a significant restructuring plan, increasing the number of layoffs to 20,000 due to ongoing poor performance, which is a 15% reduction in workforce [4] - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion RMB, accounting for about 22.2% of its expected revenue for 2024 [13] - Sunshine Nuohong plans to acquire 100% equity of Langyan Life through share issuance and convertible bonds, focusing on high-end chemical drugs and raw materials [15]

Company Announcements - Zhaowei Electromechanical plans to reduce its shareholding by no more than 1.5%, equating to approximately 3.6 million shares [1] - China CNR Corporation has signed several major contracts totaling approximately 54.74 billion yuan, representing about 22.2% of its expected revenue for 2024 [2] - Yunnan Copper is planning to acquire a 40% stake in Liangshan Mining, leading to a temporary suspension of its stock [2] - Sunshine Nuohua intends to acquire 100% of Langyan Life, with its stock set to resume trading [3] - Wolong Materials is planning to issue H-shares and apply for a listing on the Hong Kong Stock Exchange [3] - Hanyu Pharmaceutical has signed a joint development agreement for a novel peptide drug targeting metabolic diseases [3] - Lijun Co. confirms that its operations are normal and there are no undisclosed significant matters [3] Investments & Acquisitions - China Medical plans to acquire 100% of Jinsui Technology for 302 million yuan [4] - Shuangyi Technology intends to acquire 100% of Marky Industries for 18 million AUD, along with specific assets [5] Strategic Partnerships - Sileck has signed a strategic cooperation agreement with Lihua Power for the development of large cylindrical batteries [6] - Hongchang Technology plans to invest 15 million yuan in a humanoid robot industry chain company [7] - Macroview Technology is establishing a wholly-owned subsidiary focused on artificial intelligence [8] - Yihua Jiaye has signed a strategic cooperation framework agreement with Hanyu Pharmaceutical and Hanyu Health to develop a sleep health ecosystem [9] - Wanda Film is investing in Lezi Tiancheng and will engage in strategic cooperation in IP toy product development [10] Shareholding Changes - Tiandi Online's controlling shareholder is transferring 6.97% of its shares to introduce a strategic investor [12] - Longjiang Transportation plans to reduce its shareholding by no more than 3% [13] - Boyun New Materials intends to reduce its shareholding by no more than 3% [14] - Tongrun Equipment's major shareholder plans to reduce its stake by no more than 2% [15] Financing & Capital Increase - Tangyuan Electric plans to raise no more than 864 million yuan through a private placement [16] - Shangsheng Electronics intends to issue convertible bonds to raise up to 330 million yuan [17] Other Developments - Xianju Pharmaceutical has obtained a domestic production registration certificate for Dydrogesterone tablets [18] - Rongchang Bio has received a clinical trial application acceptance notice for its antibody-drug conjugate RC278 [19] - Jiangsu Leili's subsidiary Dingzhi Technology is implementing a stock incentive plan [20]

Core Insights - Zhongqi Yunlian Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange again, aiming to capitalize on its leading position in China's industrial digital finance platform market, with a market share of 12.9% as of 2024 [1][14] - The company has achieved significant milestones, including surpassing 1 trillion yuan in cumulative accounts receivable on its "Yunlian" platform by May 2023, with projections to reach 2 trillion yuan by January 2025 [1][14] - The chairman, Liu Jiang, has a notable background in capital operations, having previously served as the deputy chief accountant of China CRRC Group and played a role in major mergers [1][12][14] Business Overview - Zhongqi Yunlian operates as an independent industrial digital finance platform, connecting core enterprises, chain enterprises, and financial institutions [2] - The platform categorizes its main business into three segments: rights confirmation and factoring services, scenario digital business, and other ecological services [3] Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was 652 million yuan, 879 million yuan, and 991 million yuan, respectively, with over 90% of revenue coming from rights confirmation and factoring services [4] - The gross profit margins for these years were 87.7%, 93.4%, and 95.9%, with the gross margin for rights confirmation and factoring services exceeding 90% and projected to reach 97.5% in 2024 [4][7] Cost Structure - Despite high gross margins, the company faces pressure on profitability due to substantial marketing, research, and administrative expenses, which reached 304 million yuan, 375 million yuan, and 419 million yuan over the same period [7][8] - Marketing expenses have steadily increased, reflecting the company's focus on business development activities [8] Shareholding Structure - The major shareholder is Yunding (Tianjin) Asset Management Center, holding 23.11%, followed by Tianjin Economic and Technological Development Zone State-owned Capital Investment Operation Co., Ltd. with 20.73% [12] - Liu Jiang, as the actual controller of Yunding Asset, holds a significant stake in the company, indicating a strong leadership presence [12][13]

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 簽訂合同公告 上述合同總金額約占本公司中國會計準則下2024年營業收入的22.2%。 承董事會命 中國中車股份有限公司 孫永才 董事長 中國‧北京 2025年5月12日 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。 中國中車股份有限公司（「本公司」）及下屬企業於近期（主要為2024年12月至2025年5 月）簽訂了若干項重大合同，合計金額約547.4億元人民幣，具體情況如下： 1 1. 本公司下屬企業與深圳市地鐵集團有限公司、杭州地鐵運營有限公司、港鐵中 鐵電化軌道交通（深圳）有限公司等分別簽訂了總計約182.2億元人民幣的城市軌 道車輛、設備銷售及維保合同。 2. 本公司下屬動車企業與中國國家鐵路集團有限公司、廣東廣湛 ...

Group 1: Technology Bonds and Financial Trends - A total of 85 technology bonds were issued from May 6 to May 15, with a combined scale of approximately 135.8 billion yuan, indicating strong support for technology enterprises [1] - The issuance of wealth management products by listed companies has decreased significantly, with a total subscription amount of nearly 290 billion yuan, a year-on-year decline of 24.5%, marking a new low since 2022 [1] Group 2: Automotive Industry Performance - In the first four months of the year, China's automotive production and sales both exceeded 10 million units for the first time, with production at 10.175 million units and sales at 10.06 million units, representing year-on-year growth of 12.9% and 10.8% respectively [2] - New energy vehicle production and sales reached 4.429 million and 4.3 million units, with year-on-year growth of 48.3% and 46.2%, accounting for 42.7% of total new car sales [2] Group 3: Consumer Electronics Market - The tablet computer market in China saw a year-on-year shipment increase of 19.5% in Q1 2025, with shipments reaching 8.52 million units [2] - The consumer market for tablets grew by 21.5% due to government subsidy policies, while the commercial market experienced a decline of 5.3% [2] Group 4: Mobile Phone Market Insights - In March, the domestic smartphone market shipped 22.765 million units, a year-on-year increase of 6.5%, with 5G smartphones accounting for 85.3% of total shipments [3] - For the first three months of 2025, smartphone shipments totaled 69.67 million units, with 5G smartphones making up 87.6% of that total [3] Group 5: Corporate Developments - Meiwai Biotechnology announced that its chairman is under investigation for suspected short-term trading, but this does not currently affect the company's plans for a Hong Kong IPO [4] - Zhi Variable Robotics completed a financing round of several hundred million yuan, led by Meituan, to accelerate the development of its intelligent robotics solutions [4] - China CRRC signed several major contracts totaling approximately 54.74 billion yuan, which represents 22.2% of its projected revenue for 2024 [4] Group 6: Financial Instruments and Shareholder Returns - Hangzhou Bank successfully issued 5 billion yuan in technology innovation bonds with a fixed interest rate of 1.67% for a three-year term [5] - Wanchen Group announced a cash dividend of 4 yuan per 10 shares, totaling approximately 71.996 million yuan, with the record date set for May 19, 2025 [8]

5月12日晚间，中国中车（601766.SH）公告称，公司及下属企业于近期（主要为2024年12月至2025年5月）签订了若干项重大合同，合计金额约547.4亿元人 民币。主要合同包括城市轨道车辆、设备销售及维保合同，动车组销售合同，动车组高级修合同，风电设备销售合同和储能设备销售合同，机车销售合同以 及货车修理合同。上述合同总金额约占公司中国会计准则下2024年营业收入的22.2%。 每经编辑｜黄胜 中国中车集团有限公司（简称中国中车集团）是我国轨道交通装备唯一一家产业化集团，全球规模领先、品种齐全、技术一流的高端装备制造商和系统解决 方案提供商，清洁能源装备骨干企业。拥有中国中车股份有限公司、沃顿科技公司、时代电气公司、时代新材公司4家上市公司。各级全资及控股子公司406 盘面上，截至A股今日收盘，中国中车股价涨1.25%，报7.3元/股，总市值2095亿元。 家，员工16.4万人，资产总额5204亿元。在中央企业负责人经营业绩考核、党建责任制考核中持续蝉联"A"级评价。品牌价值达1601.21亿元，蝉联中国机械 设备制造领域第一。 3月28日，中国中车发布年报，2024年净利润123.88亿元，同比增长 ...

| 证券代码：601766（A | | 股） | 股票简称：中国中车（A | 股） | 编号：临 | 2025-022 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码： | 1766（H | 股） | 股票简称：中国中车（H | 股） | | | 中国中车股份有限公司 签订合同公告 本公司及董事会全体成员保证公告内容不存在虚假记载、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。 本公司及下属企业于近期（主要为 2024 年 12 月至 2025 年 5 月）签订了若 干项重大合同，合计金额约 547.4 亿元人民币，具体情况如下： 1. 本公司下属企业与深圳市地铁集团有限公司、杭州地铁运营有限公司、 港铁中铁电化轨道交通（深圳）有限公司等分别签订了总计约 182.2 亿元人民币 的城市轨道车辆、设备销售及维保合同。 4. 本公司下属企业与内蒙古三峡蒙能能源有限公司、金风科技股份有限公 司、中国能源建设集团东北电力第一工程有限公司等分别签订了总计约 53.6 亿 元人民币的风电设备销售合同和储能设备销售合同。 5. 本公司下属 ...

Core Viewpoint - China CNR Corporation has recently signed several significant contracts totaling approximately 54.74 billion RMB, which represents about 22.2% of the company's projected revenue for 2024 under Chinese accounting standards [1] Group 1: Contract Details - The major contracts include urban rail vehicles, equipment sales and maintenance contracts, high-speed train sales contracts, advanced repair contracts for high-speed trains, wind power equipment sales contracts, energy storage equipment sales contracts, locomotive sales contracts, and freight car repair contracts [1] - The contracts are primarily scheduled for execution between December 2024 and May 2025 [1]

Core Viewpoint - China CNR Corporation Limited (601766) has recently signed several significant contracts totaling approximately 54.74 billion RMB, indicating strong business activity and future revenue potential [1] Contract Details - The company signed a contract with Shenzhen Metro Group for urban rail vehicles, equipment sales, and maintenance worth 18.22 billion RMB [1] - A contract was also signed with Guangdong Guangzhan Railway for the sale of high-speed trains amounting to 15.12 billion RMB [1] - Contracts with various railway bureau companies for advanced repairs of high-speed trains totaled 10.55 billion RMB [1] - The company secured contracts for wind power equipment and energy storage sales with Inner Mongolia Sanxia Mengneng Energy, amounting to 5.36 billion RMB [1] - A locomotive sales contract with China National Railway Group was valued at 3.23 billion RMB [1] - Contracts for freight car repairs with various railway bureau companies totaled 2.26 billion RMB [1] Revenue Impact - The total value of these contracts represents approximately 22.2% of the company's projected revenue for 2024 [1]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Machinery Manufacturing Index reported 5990.16 points [1] - The CSI 300 Machinery Manufacturing Index has increased by 4.51% in the past month, 2.70% in the past three months, and 4.12% year-to-date [2] - The CSI 300 Index categorizes its 300 sample stocks into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] Group 2 - The top ten weights in the CSI 300 Machinery Manufacturing Index are: Huichuan Technology (18.27%), Sany Heavy Industry (14.28%), CRRC Corporation (10.71%), Weichai Power (9.94%), XCMG (9.0%), China Shipbuilding (8.24%), China Heavy Industry (6.03%), Hengli Hydraulic (4.98%), Zoomlion (4.63%), and Yutong Bus (4.29%) [2] - The market segments of the CSI 300 Machinery Manufacturing Index are composed of 54.62% from the Shanghai Stock Exchange and 45.38% from the Shenzhen Stock Exchange [2] Group 3 - The industry composition of the CSI 300 Machinery Manufacturing Index includes: Engineering Machinery (27.91%), Electric Motors and Industrial Control Automation (18.27%), Shipbuilding and Other Marine Equipment (17.25%), Commercial Vehicles (15.10%), Urban Rail and Railways (13.81%), Fluid Machinery (4.98%), and Other Specialized Machinery (2.68%) [3] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]