環境、社會及 治理（ESG）報告 年度 ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT 中國中車股份有限公司 CRRC CORPORATION LIMITED 關於本報告 | 報告說明 | | | --- | --- | | | 方的期望，未來更好地履行社會責任。 | | 時間範圍 | 日，為增強報告的可比性和完整性，部分數據及內容適當追溯之前年份。 | | 報告範圍 | | | | 界與公司年報口徑一致。 | | 編制依據 | | | | 續發展目標企業行動指南》（UN SDGs）等相關指引進行編制。 | | 數據來源 | | | 報告語言 | | | | 有異，以中文版本為准。 | | 報告獲取 | | | | 電話：+86-10-51862188 傳真：+86-10-63984785 | 本報告是由中國中車股份有限公司（本報告也簡稱"中國中車""我們"或"公司"） 向社會發佈的 2024 年環境、社會及治理（ESG）報告，報告面向中國中車的所有利 益相關方，秉持重要性、可量化、平衡性及一致性的原則，如實披露了中國中車於 2024 年在 ESG 領域所作的努力，旨在回 ...

Financial Performance - The company's operating revenue for 2024 reached RMB 246,456,804,000, representing a year-on-year increase of 5.21% compared to RMB 234,261,514,000 in 2023[10]. - Net profit attributable to shareholders for 2024 was RMB 15,663,893,000, up 7.51% from RMB 14,569,647,000 in 2023[10]. - Basic earnings per share for 2024 were RMB 0.43, an increase of 4.88% from RMB 0.41 in 2023[10]. - Total assets as of December 31, 2024, amounted to RMB 512,823,630,000, a growth of 8.70% from RMB 471,791,735,000 in 2023[10]. - The company's total liabilities as of December 31, 2024, were RMB 302,629,036,000, which is an increase of 10.00% from RMB 275,268,420,000 in 2023[10]. - The company reported a total equity attributable to shareholders of RMB 168,773,774,000 as of December 31, 2024, up 4.85% from RMB 160,973,373,000 in 2023[10]. - The net cash flow from operating activities for 2024 was RMB 27,127,503,000, significantly higher than RMB 14,721,616,000 in 2023[10]. - The operating cost increased by 4.10% year-on-year, primarily due to the growth in railway equipment revenue, with the cost growth rate slightly lower than that of revenue[68]. - The gross profit margin for the railway equipment segment was 24.72%, an increase of 1.00 percentage point compared to the previous year[73]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.21 per share, totaling RMB 60.27 billion, subject to approval at the 2024 annual shareholders' meeting[4]. - For the year 2024, the proposed cash dividend is RMB 0.21 per share, amounting to RMB 6.027 billion, which accounts for 48.65% of the net profit attributable to shareholders[156]. - The cumulative cash dividend over the last three accounting years amounts to RMB 17.506 billion, with an average net profit of RMB 11.918 billion, resulting in a cash dividend ratio of 146.90%[161]. - The total share capital as of December 31, 2024, is 28,698,864,088 shares, which serves as the basis for the cash dividend distribution[156]. - The cash dividend payment for 2024 is expected to be made by August 14, 2025, pending shareholder approval[157]. - The company has established a clear cash dividend policy that complies with its articles of association and shareholder resolutions[158]. Research and Development - Research and development expenses for 2024 were RMB 15,936,698,000, reflecting an increase of 10.96% from RMB 14,363,696,000 in 2023[10]. - Research and development expenses totaled RMB 16.69 billion, accounting for 6.77% of operating revenue, with capitalized R&D expenses making up 4.49%[89]. - The company has 21,138 R&D personnel, representing 13.90% of total employees, with 462 holding doctoral degrees[90]. - The establishment of a digital industry division aims to foster growth in smart manufacturing and industrial AI, positioning it as a key future growth area[33]. - The company is committed to innovation-driven development, with a focus on independent research and development to enhance its technological capabilities[52]. Market and Business Strategy - The company aims to transform into a "manufacturing + service" and system solution provider, optimizing its business structure[28]. - The international business strategy emphasizes sustainable growth and local market adaptation, with a focus on expanding international markets for rail transportation and new industries[35]. - The company is committed to enhancing brand influence and promoting local manufacturing and procurement in international markets[35]. - The company aims to achieve breakthroughs in business layout, market expansion, technological innovation, and management improvement as part of its strategic goals[60]. - The company is focused on fostering strategic emerging industries and developing new growth engines in sectors such as aerospace and biomedicine[128]. Operational Highlights - The railway passenger and freight transport volumes reached historical highs during the reporting period[25]. - The company sold 1,940 high-speed trains, 642 locomotives, and 321 passenger cars during the reporting period[78]. - The company has developed a diverse product structure, including high-speed trains, electric locomotives, and urban rail vehicles, all possessing independent intellectual property rights[36]. - The company has achieved a 99.6% occupancy rate for the Jakarta-Bandung High-Speed Railway, which has been operational for over a year, showcasing its successful international project execution[55]. - In 2024, the company plans to accelerate the development of major products, including the CR450 high-speed train capable of 400 km/h, and has successfully launched a series of new energy locomotives[52]. Risks and Challenges - The company faces various risks including strategic, market, product quality, and foreign operation risks, which are detailed in the management discussion section of the report[5]. - Market risks include intensified competition in the rail transportation equipment market, with increased participation from state-owned, private, and foreign enterprises[148]. - Quality risks are critical, as the company’s products directly impact public safety, necessitating stringent quality management standards to ensure reliability[150]. - Currency exchange risks are heightened due to increased international operations, requiring effective hedging strategies to mitigate potential losses from currency fluctuations[151]. - Structural adjustment risks exist due to historical overcapacity in certain business areas, prompting the company to focus on core functions and competitive strengths[154]. Infrastructure and Development - In 2024, the total fixed asset investment in railways reached CNY 850.6 billion, representing a year-on-year increase of 11.3%[136]. - A total of 3,113 kilometers of new railway lines were put into operation in 2024, including 2,457 kilometers of high-speed rail[136]. - The total volume of railway freight transport was 5.17 billion tons, an increase of 2.8% compared to the previous year[136]. - The total number of railway passenger transport reached 4.31 billion person-times, marking an increase of 11.9% year-on-year[136]. - The implementation of the "14th Five-Year" plan aims to enhance urban transportation connectivity and develop intercity railways, targeting an additional 3,000 kilometers of operational rail by 2025[132]. Corporate Governance and Compliance - The independent directors have fulfilled their responsibilities and ensured the protection of minority shareholders' rights[158]. - The company will withhold a 10% corporate income tax on dividends paid to non-resident corporate shareholders listed in the H-share register[162]. - For individual H-share shareholders, a 10% personal income tax will be withheld, with potential adjustments based on tax treaties[163]. - The transactions involving equity transfers and property purchases are classified as related transactions under Hong Kong Listing Rules, with applicable percentage rates exceeding 0.1% but below 5%[168][175].

Summary of Conference Call on China CRRC's Financial Report Company and Industry - **Company**: China CRRC Corporation Limited - **Industry**: Railway Equipment and Transportation Core Points and Arguments 1. **Positive Outlook on Railway Equipment**: The company maintains a strong outlook on the railway equipment sector, particularly in the context of domestic infrastructure investment under the "internal circulation" strategy [1][2] 2. **Strong Performance Despite Market Conditions**: China CRRC achieved a notable stock price increase following the release of its financial report, indicating resilience in a challenging market environment [2] 3. **Inventory and Contract Liabilities Growth**: The company's inventory and contract liabilities grew by 15% to 20%, while revenue growth was only 6%, attributed to the delivery cycle of railway equipment [3] 4. **High Repair Cycle**: The high repair cycle for railway vehicles is expected to lead to significant revenue recognition in the first half of 2025, as repairs typically have a short turnaround time [4] 5. **Profit Surpassing Expectations**: The company reported profits that exceeded expectations due to a faster growth rate in railway equipment, particularly in the high-margin passenger train segment, and a decrease in expense ratios [5] 6. **Stable Industry Demand**: The demand for new vehicles and high-level repairs remains strong, with an estimated order volume of approximately 17 billion for the last quarter of the previous year [6] 7. **Focus on Asset Quality Improvement**: The company is prioritizing stable profitability and asset quality improvement, with growth being a secondary focus [7] 8. **Future Revenue Projections**: The company anticipates stable performance in 2025, with a cautious outlook on growth rates, while 2026's performance will depend on this year's order volume [8] 9. **Replacement Cycle for Equipment**: The replacement cycle for locomotives is expected to contribute positively to revenue in 2025 and 2026, despite a potential decline in new passenger train orders [9] 10. **Long-term Profitability Potential**: The company aims to achieve profits exceeding 50 billion, driven by stable growth in the railway sector and new industries [10] 11. **Market Recovery Potential**: The company is seen as a stable growth asset, with potential for market recovery and an increase in market capitalization [13] 12. **Overall Industry Sentiment**: The railway equipment sector remains optimistic, with continuous growth in related industries and a stable demand outlook [14] Other Important but Possibly Overlooked Content - **Market Dynamics**: The company is positioned well within the domestic market, with a growing customer base and increasing demand for high-level repairs, which could provide additional revenue streams [12] - **Valuation Considerations**: The current market valuation of the company is seen as attractive, especially in comparison to historical price-to-book ratios, indicating potential for future price appreciation [13]

金融界4月14日消息，上证指数高开高走，上证优势制造产业指数 (优势制造，000146)上涨0.42%，报 6030.74点，成交额268.9亿元。 从指数持仓来看，上证优势制造产业指数十大权重分别为：三一重工（6.29%）、国电南瑞 （5.27%）、隆基绿能（4.74%）、中国中车（4.67%）、中国船舶（4.59%）、江淮汽车（4.42%）、特 变电工（4.26%）、中航沈飞（3.61%）、中国重工（3.54%）、通威股份（3.44%）。 从上证优势制造产业指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证优势制造产业指数持仓样本的行业来看，发电设备占比27.29%、交通运输设备占比24.13%、航 空航天占比15.17%、电网设备占比13.88%、通用机械占比9.96%、专用机械占比8.26%、储能设备占比 1.32%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从 ...

4月10日，ESIE2025第十三届储能国际峰会暨展览会在北京首都国际会展中心盛大启幕。公司以 700平米超大型展台，全景呈现从系统集成、智慧运维到商业应用的全链条创新实力，并围绕 "新品 发布、技术赋能、生态共建" 三大主线，打造一场深度交互的储能行业盛宴。 新品全球首发，定义行业标杆 中车株洲所全新一代6.X储能电池舱适用于电源侧、电网侧、用户侧等全方位储能应用场 景。通过能量密度跃迁、全域安全防护、智控融合架构、全维兼容架构及静音工程体系五大 技术维度，驱动全场景储能一体化解决方案升级，重新定义储能技术边界。 兼容100%技术路线和应用场景，运输运维灵活性提高50% 能量密度跃迁 能量密度提升38%，场站投资成本降低20% 全域安全防护体系 搭载多模态传感矩阵，4S消防体系，热失控风险降至最低 智控融合架构 搭载AI全时均衡+智能运维系统，电站综合收益提高10% 全维兼容架构 中国中车集团产业发展事业部总经理刘建勋莅临展会现场并致辞。 静音工程体系 横卧顶出风设计+智能变频温控，噪音低至70dB 技术深度赋能，共话储能未来 在中车展台的技术盛宴中，企业专家团队倾力奉上多场深度技术分享，全景展现储能领域创 ...

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） 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2025年4 月29日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2025年3月31日止三個月未經審計的季度業績。 承董事會命 中國中車股份有限公司 董事長 孫永才 中國‧北京 2025年4月11日 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為史 堅忠先生、翁亦然先生及魏明德先生；職工董事為易冉女士。 ...

承董事會命 中國中車股份有限公司 董事長 孫永才 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） 董事會會議通知 中國中車股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，董事會將於2025年4 月29日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其子公司截至 2025年3月31日止三個月未經審計的季度業績。 於本公告日期，本公司的執行董事為孫永才先生及王銨先生；獨立非執行董事為史 堅忠先生、翁亦然先生及魏明德先生；職工董事為易冉女士。 中國‧北京 2025年4月11日 ...

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, representing a year-on-year growth of 5.21%, with a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [3] - The first quarter of 2025 is projected to see a significant increase in net profit, estimated between 2.82 billion and 3.23 billion yuan, reflecting a year-on-year growth of 180-220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 - Largest shareholder: China CNR Group [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, up 25% year-on-year [4] - The company forecasts revenues of 269.16 billion, 285.93 billion, and 299.99 billion yuan for 2025-2027, with corresponding net profits of 13.23 billion, 14.53 billion, and 15.14 billion yuan [6]

Investment Rating - The report maintains a "Buy" rating for China CNR Corporation Limited [6][8] Core Views - The company is expected to achieve a revenue of 246.46 billion yuan in 2024, with a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, reflecting a growth of 5.77% [3] - The first quarter of 2025 is projected to show a significant increase in net profit, estimated between 2.82 billion to 3.23 billion yuan, representing a year-on-year growth of 180% to 220% [3] - The railway equipment segment is experiencing strong growth, particularly in the high-speed train business, which is expected to continue benefiting from increased investment in railway infrastructure [5] Company Overview - Latest closing price: 6.99 yuan - Total shares: 2.8699 billion, circulating shares: 2.4328 billion - Total market capitalization: 200.6 billion yuan, circulating market capitalization: 170.1 billion yuan - 52-week high/low: 8.82/6.38 yuan - Debt-to-asset ratio: 59.0% - Price-to-earnings ratio: 16.26 [2] Financial Performance - In 2024, the railway equipment revenue reached 110.46 billion yuan, a year-on-year increase of 12.50%, driven by the growth in the high-speed train business [4] - The company sold 1,940 high-speed trains in 2024, with maintenance services generating approximately 41.8 billion yuan in revenue, a year-on-year increase of 25% [4] - The company forecasts revenues of 269.16 billion yuan, 285.93 billion yuan, and 299.99 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 13.23 billion yuan, 14.53 billion yuan, and 15.14 billion yuan [6]

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].