海外監管公告 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 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；以及獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲。 证券代码：688187（A 股） 证券简称：时代电气 （A 股） 公告编号：2025-034 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 本 公 告 乃 由 株 洲 中 車 時 代 電 氣 股 份 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公司證券上市規則第13.10B條而作出。 茲 載 列 本 公 司 在 上 海 證 券 交 易 所 網 站 刊 登 之《株 洲 中 車 時 代 電 氣 股 份 有 限 公 司 首 次公開發 行 限售股 股 票 上 市 流 通 公 告》， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - In the first half of 2025, the company's rail transit equipment business showed steady growth, while the emerging equipment business continued to make breakthroughs. The rail transit business is expected to maintain stability, and the semiconductor sector, particularly the IGBT for rail transit power grids, is on an upward trend. The company is optimistic about the dual-driven growth from rail transit equipment and emerging equipment [2][6]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.214 billion yuan, a year-on-year increase of 17.95%. The net profit attributable to the parent company was 1.672 billion yuan, up 12.93%, while the net profit after deducting non-recurring items reached 1.588 billion yuan, marking a significant growth of 37.04% [6]. Rail Transit Equipment Business - The revenue from the rail transit equipment business in the first half of 2025 was 6.911 billion yuan, reflecting a year-on-year increase of 12.58%. The breakdown includes 5.515 billion yuan from rail transit electrical equipment, 563 million yuan from rail engineering machinery, 470 million yuan from communication signal systems, and 363 million yuan from other rail transit equipment. The company maintained a stable market share in the bidding for high-speed trains and locomotives, with ongoing progress in the performance verification of the CR450 high-speed train series and continuous advancements in the development of new energy locomotives [6][11]. Emerging Equipment Business - The emerging equipment business generated revenue of 5.244 billion yuan in the first half of 2025, representing a year-on-year increase of 25.88%. The revenue breakdown includes 2.416 billion yuan from basic components, 999 million yuan from electric drive systems for new energy vehicles, 1.047 billion yuan from new energy power generation, 359 million yuan from industrial converters, and 423 million yuan from marine engineering equipment. The company made significant progress in various sectors, including power semiconductors, electric drive systems, and marine engineering equipment, achieving new orders and market breakthroughs [6][11]. Future Outlook - The company expects the rail transit business to continue its upward trend in 2025, with the semiconductor sector also showing positive prospects. The forecast for net profit attributable to the parent company is 4.3 billion yuan for 2025 and 4.92 billion yuan for 2026, corresponding to price-to-earnings ratios of 15.2 and 13.3 times, respectively [6][11].

Core Viewpoint - The company plans to utilize temporarily idle raised funds for cash management, not exceeding 1 billion yuan, while ensuring the safety of funds and not affecting project progress or normal operations [1][2]. Group 1: Fund Management - The board of directors has approved the use of up to 1 billion yuan of temporarily idle raised funds for cash management within a 12-month period from the date of approval [1]. - The funds can be used in a rolling manner within the approved limit and timeframe [1]. - The chairman or authorized personnel are granted the authority to make investment decisions and sign relevant documents during this period [1]. Group 2: Account Setup - The company and its subsidiaries have opened specialized settlement accounts for cash management of the raised funds [1]. - Specific account details include various accounts opened at China Merchants Bank and CITIC Bank, designated for cash management purposes only [1]. - These accounts will not hold non-raised funds or be used for other purposes, and will be automatically canceled after the cash management period ends [1].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 12.214 billion yuan in H1 2025, representing a year-on-year increase of 17.95%, and a net profit attributable to shareholders of 1.672 billion yuan, up 12.93% year-on-year [6] - The company is deeply engaged in the rail transportation sector, with a stable market share and ongoing advancements in its CR450 train series and new energy locomotives [7] - The emerging equipment business has seen significant growth, with revenue reaching 5.244 billion yuan in H1 2025, a year-on-year increase of 25.88% [8] - The company is expanding its overseas market presence, winning 13 projects across Asia, America, and Europe [7] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 12.214 billion yuan and a net profit of 1.672 billion yuan [6] - The company’s revenue for the rail transportation segment was 6.911 billion yuan, growing 12.58% year-on-year [7] - The emerging equipment segment generated 5.244 billion yuan in revenue, with a 25.88% year-on-year increase [8] Market Position - The company maintains a stable market share in the rail transportation sector, with significant achievements in new energy locomotive development and automated signal systems [7] - The company’s market share in the passenger vehicle power module segment is 13.6%, ranking second in the industry [8] Future Projections - The report adjusts the company's net profit forecasts for 2025-2027 to 4.173 billion, 4.817 billion, and 5.565 billion yuan, respectively, with corresponding EPS of 3.07, 3.55, and 4.10 yuan [9] - The projected revenue growth rates for 2025-2027 are 15.0%, 15.7%, and 13.3% respectively [11]

Group 1 - Goldman Sachs raised the target price for CRRC Corporation Limited (H-shares) from HKD 6.2 to HKD 6.8, maintaining a "Buy" rating; the target price for A-shares increased from CNY 5.7 to CNY 6.2, maintaining a "Neutral" rating [1] - For Times Electric (H-shares), the target price was raised from HKD 35.3 to HKD 37, maintaining a "Buy" rating; the target price for A-shares increased from CNY 48.7 to CNY 51, maintaining a "Neutral" rating [1] - Both CRRC and Times Electric's performance in the first half of the year met expectations, with a stable but differentiated pattern in railway and emerging businesses [1] Group 2 - The bidding volume for multiple units (MU) and locomotives reached 278 standard trains and 455 units, exceeding previous expectations of 230 standard trains and 400 units, providing substantial support for the group's annual profitability [1] - Earnings per share (EPS) forecasts for CRRC for 2025 to 2030 were raised by 8% to 12%; for Times Electric, EPS forecasts for 2026 to 2030 were increased by 4% to 7%, although the 2025 forecast was slightly lowered by 1% due to lower-than-expected profit margins [1]

Group 1 - Goldman Sachs raised the target price for China CRRC H-shares (01766) from HKD 6.2 to HKD 6.8, maintaining a "Buy" rating; the target price for A-shares (601766.SH) was increased from CNY 5.7 to CNY 6.2, maintaining a "Neutral" rating [1] - The target price for Times Electric H-shares (03898) was raised from HKD 35.3 to HKD 37, maintaining a "Buy" rating; the target price for A-shares (688187.SH) was increased from CNY 48.7 to CNY 51, maintaining a "Neutral" rating [1] - Both China CRRC and Times Electric's performance in the first half of the year was generally in line with expectations, with a stable but differentiated pattern in railway and emerging businesses [1] Group 2 - The bidding volume for high-speed trains (MU) and locomotives has reached 278 standard trains and 455 units, exceeding previous expectations of 230 standard trains and 400 units, providing substantial support for the group's annual profitability [1] - Earnings per share (EPS) forecasts for China CRRC for 2025 to 2030 were raised by 8% to 12%; for Times Electric, EPS forecasts for 2026 to 2030 were increased by 4% to 7%, although the 2025 forecast was slightly lowered by 1% due to lower-than-expected profit margins [1]

Core Insights - The company reported a revenue of 12.214 billion yuan for H1 2025, representing a year-on-year increase of 17.95%, and a net profit attributable to shareholders of 1.672 billion yuan, up 12.93% year-on-year [1] Group 1: Industry Performance - The company is deeply engaged in the rail transit sector, with a steady advancement of its "diversified focus" strategy. In H1 2025, the national railway completed fixed investments of 355.9 billion yuan, a year-on-year increase of 5.5%, while maintaining stable market share in the bidding for new trains and locomotives [2] - The company achieved a revenue of 6.911 billion yuan in the rail transit sector for H1 2025, reflecting a year-on-year growth of 12.58% [2] Group 2: Emerging Equipment Business - The emerging equipment business saw significant breakthroughs, with revenue reaching 5.244 billion yuan in H1 2025, a year-on-year increase of 25.88%. The basic components segment contributed 2.416 billion yuan, growing by 29.12% year-on-year [3] - The company ranks second in the industry for passenger vehicle power module installation volume, with a market share of 13.6% as of H1 2025 [3] - The company has become the first domestic equipment manufacturing enterprise to deliver over 100 units of self-developed IGBT hydrogen power supply equipment by April 2025 [3] Group 3: Investment Recommendations - The company maintains a "buy" rating, with adjusted net profit forecasts for 2025-2027 at 4.173 billion, 4.817 billion, and 5.565 billion yuan, respectively, corresponding to EPS of 3.07, 3.55, and 4.10 yuan, and PE valuations of 16, 14, and 12 times [4]

| 序 号 | 开户机构 | 账户名称 | 帐号 | | --- | --- | --- | --- | | 1 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司西安 | 73390069917 | | | 株洲分行 | 中车轨道工程机械研发中心 | 900058 | | 2 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司 | 91890024927 | | | 株洲分行 | | 900132 | | --- | --- | --- | --- | | 3 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司 | 91890024927 | | | 株洲分行 | | 900129 | | 4 | 中信银行股份有限公司 | 株洲中车时代电气股份有限公司 | 81116010225 | | | 株洲天台路支行 | | 00801043 | 根据《上市公司募集资金监管规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号——规范运作》等相关规定，上述账户将专用于暂时闲置募集资 金现金管理的结算，不会存放非募集资金或作其他用途，现金管理到期后将自动 注销该账户。 特此公告。 株洲中车 ...

Group 1 - The company will participate in the "Hunan Province Sci-Tech Innovation Board Listed Companies 2025 Mid-Year Collective Performance Briefing" on September 2, 2025, to discuss its half-year operating results and financial status [2][3] - The briefing will be conducted in a hybrid format, combining in-person attendance and video live streaming [2][3] - Investors can submit questions in advance until September 1, 2025, at 16:00, which the company will address during the briefing within the scope of information disclosure [2][3] Group 2 - The meeting will take place at the Xiangjiang Fund Town in Changsha, Hunan Province, from 9:00 to 12:00 [2][3] - The event will feature participation from the company's executive director and general manager, Mr. Xu Shaolong, along with other senior management [3] - Contact information for inquiries includes a phone number and an email address provided in the announcement [3]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [14]. Core Views - The company has shown robust performance with a significant increase in net profit and revenue, driven by stable growth in its rail transit equipment and emerging equipment businesses [6][7][8]. - The company is well-positioned to benefit from the large-scale bidding for train sets, which opens up market opportunities, and the new capacity in the power semiconductor business continues to contribute incremental growth [6][14]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 12.21 billion yuan, a year-on-year increase of 17.9% (adjusted); net profit attributable to shareholders was 1.67 billion yuan, up 12.9% (adjusted); and net profit after deducting non-recurring gains and losses was 1.59 billion yuan, a growth of 37.0% (adjusted) [6]. - The gross margin was 32.0%, an increase of 4.4 percentage points year-on-year (adjusted), while the net profit margin was 14.6%, a decrease of 0.6 percentage points year-on-year (adjusted) [6]. Rail Transit Equipment Business - The rail transit equipment segment generated operating revenue of 6.91 billion yuan, reflecting a year-on-year growth of 12.6%. The revenue from various products within this segment showed positive growth, with notable increases in communication signals and other rail transit equipment [7]. - The company maintained a stable market share in the ongoing bidding for train sets and locomotives, with successful progress in the performance verification of CR450 train sets and ongoing development of series of new energy locomotives [7]. Emerging Equipment Business - The emerging equipment segment reported operating revenue of 5.24 billion yuan, a year-on-year increase of 25.9%. Key areas such as basic components and new energy vehicle drive systems saw substantial growth [8]. - The company is aligned with the national "dual carbon" strategy, leading to rapid development in businesses related to green energy and low carbon [8]. Semiconductor Business - The basic components segment achieved operating revenue of 2.42 billion yuan, a year-on-year increase of 29.1%. The company is advancing its power semiconductor projects and has made significant technological progress in IGBT reverse conduction chips [9]. - The company is positioned as a leader in the domestic new energy vehicle and power generation markets, with continuous improvements in production capacity [9]. New Energy Drive Systems - The new energy vehicle drive systems segment generated revenue of 1 billion yuan, reflecting a modest year-on-year growth of 1.3%. The company has made breakthroughs in high-voltage assembly and multi-in-one products [10]. New Energy Generation and Industrial Conversion - The new energy generation segment achieved revenue of 1.05 billion yuan, a year-on-year increase of 42.9%, with significant achievements in offshore photovoltaic projects and overseas market penetration [11]. - The industrial conversion segment reported revenue of 360 million yuan, a remarkable year-on-year growth of 110.1%, driven by successful orders in various sectors [12]. Marine Engineering Equipment - The marine engineering equipment segment generated revenue of 420 million yuan, a year-on-year increase of 4.4%. The company has secured multiple new orders and is positioned to benefit from government policies promoting deep-sea technology [13].