Core Viewpoint - The rapid development of China's rail transit industry has led to an increasing demand for advanced and reliable Automatic Train Control (ATC) onboard equipment, with significant shifts in both import and export dynamics driven by policy adjustments and technological advancements [1][12]. Industry Overview - The ATC system is a comprehensive train control system that enhances the safety, reliability, punctuality, and efficiency of train operations through automation and real-time monitoring [2]. - The ATC system consists of three subsystems: Automatic Train Protection (ATP), Automatic Train Operation (ATO), and Automatic Train Supervision (ATS) [2]. Industry Development History - The ATC industry in China has evolved through four main stages: exploration (1960s-2004), rapid development (2004-2016), innovation (2016-2019), and maturity (2019-present) [4][5][6]. - The introduction of the CTCS technical specifications in 2004 marked a significant advancement, leading to the development of various levels of train control systems [4]. Current Industry Status - In the first five months of 2025, China imported 150 ATC devices, a year-on-year increase of 32.74%, while the import value decreased by 73.78% to 6.6637 million yuan [1][12]. - Exports of ATC devices saw a significant decline in quantity, with 3,834 units exported, down 88.33%, but the export value increased by 4.41% to 34.7974 million yuan, indicating a structural upgrade [1][12]. Industry Supply Chain - The upstream of the ATC industry includes raw materials, components, and software, while the midstream consists of ATC system integrators, and the downstream applications are primarily in urban rail transit and railway trunk lines [8]. Key Companies' Performance - China Railway Signal & Communication Corporation (CRSC) leads the market with its CTCS-3 level control system, which has achieved significant autonomy and is widely used in high-speed rail [19]. - China Communications Technology Co., Ltd. (CCTC) has developed the FAO system, breaking international monopolies and securing major contracts in urban rail projects [21]. Industry Development Trends - The ATC industry is moving towards intelligent and autonomous systems, integrating technologies like AI, big data, and 5G-R communication to enhance operational efficiency and safety [23]. - Chinese ATC companies are expanding globally, particularly in emerging markets, and are utilizing joint ventures and technology transfers to penetrate developed markets [24][25]. - The industry is transitioning from single system suppliers to smart transportation ecosystem builders, focusing on integrated solutions and lifecycle service models [26].

Core Insights - The integration of AI with the low-altitude economy is creating new production factors and economic forms, positioning China to carve out a unique industrial development path due to its latecomer advantage and intelligent approach [1][2][3] Low-altitude Economy Overview - The low-altitude economy refers to activities involving manned and unmanned aerial vehicles operating below 1,000 meters (up to 3,000 meters), which can significantly reduce construction and operational costs compared to ground transportation [2][3] - The global low-altitude economy is projected to reach approximately $1.5 trillion by 2040, while China's Civil Aviation Administration aims for a target of 3.5 trillion yuan by 2035 [3] AI Development in Low-altitude Economy - AI is evolving from rule-based systems to deep learning and large models, with a dual-track development of general and vertical large models [3] - The focus for Chinese enterprises should be on developing vertical large models tailored to specific business scenarios for effective AI application [3] Industry Structure and Challenges - The low-altitude economy consists of four interdependent sectors: aircraft manufacturing, digital infrastructure, airspace management, and operational services, which together form a complete industrial ecosystem [4][5] - Current challenges include a lack of unified operational rules and safety standards, leading to a situation where many manufacturers are hesitant to operate their aircraft despite having the technology [5][7] Future Development Phases - The evolution of the low-altitude economy can be divided into three phases: - Short-term (1-3 years): Empowering scenarios such as agricultural pest control and power line inspections, with significant cost advantages [5][6] - Mid-term (3-5 years): Scaling logistics scenarios, including urban delivery and cross-border transport, with successful pilot projects already underway [6] - Long-term (8-10 years): Revolutionizing manned transport, starting with tourism experiences and gradually expanding to commuting, ultimately aiming for flying cars [6] Investment Considerations - Three validation principles for investments in the low-altitude economy include the authenticity of demand, technical feasibility, and financial sustainability [6] - Lessons from the bankruptcy of German eVTOL company Volocopter highlight the risks of overextending and the importance of a stable funding chain [7] Industry Collaboration and Future Outlook - The future industrial ecosystem will require deep integration of AI, low-altitude vehicles, robotics, and traditional industries, emphasizing the need for a balanced approach to avoid blind investments [8]

Core Viewpoint - The company has announced a cash dividend distribution plan, with a per-share cash dividend of 0.23 RMB (including tax), totaling approximately 43.40 million RMB to be distributed to shareholders [1][6]. Dividend Distribution Plan - The profit distribution plan was approved at the annual general meeting on May 19, 2025 [1]. - The total share capital before the distribution is 188,680,742 shares, with a total cash dividend of 43,396,570.66 RMB (including tax) to be distributed [1]. - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the registration date [1]. Relevant Dates - The key dates for the dividend distribution are as follows: - Registration date - Ex-dividend date - Cash dividend payment date [1]. Implementation Method - For shareholders with unrestricted circulating shares, dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [1]. Taxation on Dividends - For individual shareholders holding unrestricted circulating shares, dividends are subject to different tax treatments based on the holding period: - Holding period over 1 year: exempt from individual income tax, actual cash dividend per share is 0.23 RMB [3]. - Holding period within 1 year: no withholding tax at the time of distribution, tax will be calculated upon transfer of shares [3]. - For shareholders holding restricted shares, tax will be calculated based on the holding period after the lifting of restrictions [4]. - For qualified foreign institutional investors (QFII), a withholding tax rate of 10% applies, resulting in an actual cash dividend of 0.207 RMB per share after tax [5]. Contact Information - For inquiries regarding this dividend distribution, shareholders can contact the Board Office at 010-83606086 or via email at ir@bj-tct.com [6].

证券代码：688015 证券简称：交控科技 公告编号：2025-018 交控科技股份有限公司2024年年度权益分派实施公告 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。 重要内容提示： 每股现金红利0.23元（含税） 相关日期 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/3 | 2025/6/4 | 2025/6/4 | 一、通过分配方案的股东大会届次和日期 本次利润分配方案经交控科技股份有限公司（以下简称"公司"、"本公司"或"上 市公司"）2025 年 5 月 19 日的2024年年度股东大会审议通过。 二、分配方案 1.发放年度：2024年年度 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本188,680,742股为基数，每股派发现 是否涉及差异化分红送转：否 每股分配比例 金红利0 ...

本次会议是否有被否决议案：无 证券代码：688015 证券简称：交控科技 公告编号：2025-017 交控科技股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 一、会议召开和出席情况 （一）股东大会召开的时间：2025 年 5 月 19 日 （二）股东大会召开的地点：北京市丰台区智成北街 3 号院交控大厦 1 号楼 5 层 501 室 （三）出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东 及其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 42 | | --- | --- | | 普通股股东人数 | 42 | | 2、出席会议的股东所持有的表决权数量 | 115,221,724 | | 普通股股东所持有表决权数量 | 115,221,724 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 61.0670 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 61.0670 | （四）表决方式是否 ...

北京德恒律师事务所 关于交控科技股份有限公司 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于交控科技股份有限公司 北京德恒律师事务所 关于交控科技股份有限公司 法律意见书 德恒 01G20240402 号 致：交控科技股份有限公司 受交控科技股份有限公司（以下简称公司）之委托，北京德恒律师事务所（以 下简称本所）指派律师出席了公司 2024 年年度股东大会（以下简称本次会议）， 对本次会议的合法性进行见证并出具本《法律意见书》。 本所律师依据《中华人民共和国证券法》（以下简称《证券法》）、《律师 事务所从事证券法律业务管理办法》 《律师事务所证券法律业务执业规则（试行）》 北京德恒律师事务所 关于交控科技股份有限公司 等规定以及本《法律意见书》出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，进行了充分的核查验证，保证本《法 律意见书》所认定的事实真实、准确、完整，所发表的结论性意见合法、准确， 不存在虚假记载、误导性陈述或者重大遗漏，并愿意承担 ...

北京德恒律师事务所 关于交控科技股份有限公司 2024 年年度股东大会的 法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于交控科技股份有限公司 2024 年年度股东大会的法律意见书 北京德恒律师事务所 关于交控科技股份有限公司 2024 年年度股东大会的 法律意见书 德恒 01G20240402 号 致：交控科技股份有限公司 受交控科技股份有限公司（以下简称公司）之委托，北京德恒律师事务所（以 下简称本所）指派律师出席了公司 2024 年年度股东大会（以下简称本次会议）， 对本次会议的合法性进行见证并出具本《法律意见书》。 为出具本《法律意见书》，本所律师审查了公司提供的《交控科技股份有限 公司章程》（以下简称《公司章程》）、《交控科技股份有限公司股东大会议事 规则》（以下简称《股东大会议事规则》）、公司董事会为召开本次会议所作出 的决议及公告文件、本次会议的会议文件、出席会议股东及股东代表的登记证明 等必要的文件和资料。 本所律师得到如下保证：公司已提供了本所律师认为出具本《法律意 ...

交控科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688015 证券简称：交控科技 交控科技股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 交控科技股份有限公司 2024 年年度股东大会会议资料 2024 年年度股东大会会议资料 目 录 | 年年度股东大会会议须知 | 2024 | 3 | | --- | --- | --- | | 年年度股东大会会议议程 | 2024 | 5 | | 年度董事会工作报告的议案 2024 | 议案一：关于公司 | 8 | | 年年度报告及摘要的议案 2024 | 议案二：关于公司 | 18 | | 年度财务决算报告的议案 2024 | 议案三：关于公司 | 19 | | 2024 年度利润分配方案的议案 | 议案四：关于公司 | 23 | | 2025 年度薪酬方案的议案 24 | 议案五：关于公司董事、监事 | | | 议案六：关于向银行申请综合授信额度的议案 26 | | | | 2025 年日常关联交易情况预计的议案 28 | 议案七：关于公司 | | | 2025 年度财务预算报告的议案 | 议案八：关于公司 | 29 | | 年 ...

Overall Overview - In Q1 2025, the company achieved total revenue of 403 million yuan, a decrease of 4.73% compared to the same period last year. However, the company's profitability improved, with net profit attributable to shareholders reaching 17.7 million yuan, an increase of 42.58% year-on-year. The net profit after deducting non-recurring items was 11.05 million yuan, a significant increase of 93.13% [1] Profitability Analysis - The gross profit margin in Q1 2025 reached 37.82%, an increase of 23.25 percentage points compared to the same period last year, indicating enhanced competitiveness in the company's core business. Additionally, the net profit margin improved from the previous year's level to 5.68%, with an increase of 18.39%, further confirming the improvement in profitability [2] Cost Control and Capital Structure - Despite the decline in revenue, the company demonstrated excellent cost control. The total selling, administrative, and financial expenses amounted to 53.05 million yuan, accounting for 13.16% of total revenue, a decrease of 2.06 percentage points year-on-year. Furthermore, interest-bearing debt decreased from 450.31 million yuan last year to 317.46 million yuan, a reduction of 29.50%, indicating optimization of the capital structure [3] Cash Flow and Accounts Receivable - Notably, the operating cash flow per share was -1.14 yuan, a decrease of 37.26% year-on-year, which may reflect significant cash outflow pressure in the company's operations. Additionally, accounts receivable increased from 1.481 billion yuan to 1.699 billion yuan, an increase of 14.73%, with accounts receivable to profit ratio reaching 2032.87%, suggesting that investors should closely monitor the company's future collection situation and its impact on cash flow [4] Shareholder Equity - The net asset per share increased from 13.27 yuan to 13.62 yuan, an increase of 2.64%, reflecting a steady improvement in asset quality. Earnings per share were 0.09 yuan, a year-on-year increase of 28.57%, indicating enhanced profitability [5]

Company Overview - Company Type: Limited Liability Company (Wholly Foreign-Owned Enterprise) [1] - Legal Representative: Tian Kexin [1] - Registered Capital: 130 million RMB [1] - Establishment Date: September 10, 2009 [1] - Registered Address: 39 Dongzhimenwai Street, Dongcheng District, Beijing [1] - Business Scope: Research and development of transportation system software and technology, system integration, technology transfer, technical consulting, computer technology training, sales of self-developed products, electronic products, instruments, communication equipment, hardware, electrical appliances, and cables [1] Major Shareholders - Major Shareholder: Beijing Jingtou Zhongfu Technology Co., Ltd. holds 100% [2] Financial Data - Due to confidentiality reasons, Beijing Jingtou Yijiajie Transportation Technology Co., Ltd. cannot provide the latest financial data for the most recent accounting year [2] Related Companies - Guangdong Huazhiyuan Information Engineering Co., Ltd. [3] - Company Type: Limited Liability Company (Sole Proprietorship) [3] - Legal Representative: Lin Chao [3] - Registered Capital: 251 million RMB [3] - Establishment Date: September 26, 2003 [3] - Business Scope: Security technology prevention system design and construction, rail transit communication signal system development, rail transit operation management system development, safety system monitoring services, network and information security software development, industrial control computer and system manufacturing and sales, intelligent robot research and development, and various technical services [3] - Major Shareholder: Jiadu Technology Group Co., Ltd. holds 100% [4] - Financial Data: As of December 31, 2024, total assets are 3.703 billion RMB, net assets attributable to the parent company are 539.9177 million RMB, operating income is 3.8761628 billion RMB, and net profit attributable to the parent company is 121.9032 million RMB [4] Additional Companies - Jiakong Intelligent Transportation System (Guangdong) Co., Ltd. [5] - Company Type: Other Limited Liability Company [5] - Registered Capital: 100 million RMB [6] - Major Shareholders: Jiadu Technology Group Co., Ltd. holds 40%, Jiaokong Technology Co., Ltd. holds 30%, Dongguan Rail Resources Comprehensive Development Co., Ltd. holds 30% [7] - Beijing Cheche Lianlian Technology Co., Ltd. [8] - Company Type: Limited Liability Company (Natural Person Investment or Control) [8] - Registered Capital: 25 million RMB [8] - Major Shareholders: Various stakeholders including Jiaokong Technology Co., Ltd. holding 30% [9] - Financial Data: As of December 31, 2024, total assets are 664,130 RMB, net assets are 655,650 RMB, operating income is 1.865 million RMB, and net profit is -294,350 RMB [9] Industry Context - The companies mentioned are primarily involved in the transportation technology sector, focusing on software development, system integration, and various technical services related to rail transit and intelligent transportation systems [1][3][4][5][6][8]