Core Viewpoint - CITIC Securities has given a "outperform" rating to Times Electric (03898), highlighting strong order growth and market demand for high-speed trains in China [1] Group 1: Company Performance - Times Electric announced a total of 54 billion RMB in new orders from July to September, including 37.8 billion RMB from high-speed train sales [1] - The sales from high-speed trains are attributed to the second batch of high-speed train tenders released by China National Railway Group on August 19 [1] Group 2: Industry Trends - As of this year, a total of 278 high-speed train units have been tendered, surpassing the total of 247 units from the previous year, indicating strong demand for rail passenger transport and replacement needs [1] - The stable tendering momentum from China National Railway Group and the upcoming railway equipment maintenance cycle are expected to drive sustainable growth in Times Electric's railway business over the next three years [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H 股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 489,040,900 | | 0 | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 489,040,900 | | 0 | | 489,040,900 | | 2. 股 ...

Market Overview - On September 30, the rail transit equipment sector rose by 0.89% compared to the previous trading day, with Tianyi New Materials leading the gains [1] - The Shanghai Composite Index closed at 3882.78, up 0.52%, while the Shenzhen Component Index closed at 13526.51, up 0.35% [1] Stock Performance - Key stocks in the rail transit equipment sector showed varied performance, with Tianyi New Materials (688033) closing at 7.19, up 8.77% with a trading volume of 568,500 shares and a turnover of 401 million yuan [1] - Other notable performers included: - China CRRC (601766) at 7.47, up 1.77%, with a trading volume of 1,758,600 shares and a turnover of 1.326 billion yuan [1] - Times Electric (688187) at 52.63, up 1.74%, with a trading volume of 106,200 shares and a turnover of 559 million yuan [1] Capital Flow - The rail transit equipment sector experienced a net outflow of 51.8466 million yuan from institutional investors, while retail investors saw a net inflow of 30.6624 million yuan [2] - The capital flow for key stocks included: - China CRRC had a net outflow of 42.9406 million yuan from institutional investors [3] - Times Electric saw a net inflow of 11.2494 million yuan from institutional investors [3] - Tianyi New Materials experienced a net inflow of 9.6395 million yuan from retail investors [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 株洲中車時代電氣股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03898 | 說明 | H 股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - The stock of Times Electric (03898) has risen over 4%, driven by significant growth in its rail transit business and the upcoming capacity release in emerging sectors [1] Group 1: Rail Transit Business - The second round of bidding for CRRC's new train sets has reached 210 units, in addition to the 68 units from the first round, totaling 278 units, which is a 13.5% increase compared to the 245 units planned for the entire year of 2024 [1] - The National Railway Administration aims to phase out old diesel locomotives by 2027, which is expected to drive growth in railway equipment as related regulations are gradually introduced [1] - The urban rail sector is recovering due to reduced local debt pressures, leading to improved profitability in subways and regional railways, indicating an overall upward trend in the company's rail transit business [1] Group 2: Emerging Business Prospects - The power semiconductor segment in Zhuzhou has reached full operational capacity, while the Yixing Phase III project is set to be fully operational by the end of 2024 [1] - The production capacity of medium and low-voltage devices is continuously increasing, with the Zhuzhou Phase III project currently under construction and expected to be operational by 2026 [1] - The rapid growth in power semiconductor capacity is anticipated with the upcoming launches of the Yixing Phase III and Zhuzhou Phase III projects [1]

Group 1 - The core point of the article highlights that Times Electric (03898) has seen a stock increase of over 4%, currently trading at HKD 42.46, with a transaction volume of HKD 98.28 million [1] - The second round of bidding for high-speed trains by the national railway has reached 210 sets, in addition to the 68 sets from the first bidding this year, totaling 278 sets, which represents a 13.5% increase compared to the 245 sets planned for the entire year of 2024 [1] - The company is expected to benefit from the national railway bureau's goal to phase out old diesel locomotives by 2027, which will drive growth in railway equipment as the relevant regulations are gradually introduced [1] Group 2 - The urban rail sector is entering a recovery phase due to reduced local debt pressure, leading to improved profitability for subways and regional railways [1] - The company's overall rail transit business is experiencing an upward trend in market conditions [1] - The company's emerging business prospects are promising, with the power semiconductor segment in Zhuzhou fully operational, and the Yixing Phase 3 project expected to be fully operational by the end of 2024 [1] - The production capacity of medium and low-voltage devices is continuously increasing, and the Zhuzhou Phase 3 project is under construction, with an expected launch in 2026, indicating rapid growth in the company's power semiconductor capacity [1]

Core Viewpoint - The stock of Times Electric has shown a significant increase in price and trading volume, indicating positive market sentiment and performance in the rail transportation equipment sector [1][2]. Company Overview - Times Electric, established on September 26, 2005, and listed on September 7, 2021, is located in Zhuzhou, Hunan Province. The company specializes in the research, design, manufacturing, and sales of rail transportation equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition is as follows: rail transportation equipment business accounts for 56.58%, emerging equipment business for 42.94%, and others for 0.48% [1]. Financial Performance - For the first half of 2025, Times Electric achieved an operating income of 12.214 billion yuan, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 1.672 billion yuan, with a year-on-year increase of 10.93% [2]. - Since its A-share listing, Times Electric has distributed a total of 4.512 billion yuan in dividends, with 3.238 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Times Electric was 21,800, a decrease of 11.12% from the previous period. The average circulating shares per person increased by 13.09% to 13,443 shares [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 15.9467 million shares (a decrease of 4.5628 million shares), and various ETFs such as Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, with changes in their holdings [3]. Market Activity - On September 30, the stock price of Times Electric rose by 2.01% to 52.77 yuan per share, with a trading volume of 1.01 billion yuan and a turnover rate of 0.22%. The total market capitalization reached 71.659 billion yuan [1]. - Year-to-date, the stock has increased by 12.47%, with notable gains of 5.20% over the last five trading days, 11.24% over the last 20 days, and 25.14% over the last 60 days [1]. Industry Context - Times Electric operates within the mechanical equipment sector, specifically in rail transit equipment, and is associated with concepts such as direct current transmission, the Belt and Road Initiative, ultra-high voltage, and margin financing [2].

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） 中國株洲，二零二五年九月二十六日 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。 董事會會議通知 株洲中車時代電氣股份有限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此公佈，本公司將 於二零二五年十月三 十 日（星 期 四）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公 司及其附屬公司）截 至二零二五年九月三十日止九個月未經審計的業績，及處理其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 ...

格隆汇9月26日丨时代电气(03898.HK)公布，本公司将于2025年10月30日（星期四）举行董事会会议， 以批准发布本集团（包括本公司及其附属公司）截至2025年9月30日止九个月未经审计的业绩，及处理 其他事宜（如有）。 ...

承董事會命 株洲中車時代電氣股份有限公司 董事長 李東林 中國株洲，二零二五年九月二十六日 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。 （股份代號：3898） 董事會會議通知 株洲中車時代電氣股份有限 公 司（「本 公 司」）董 事 會（「董 事 會」）謹 此公佈，本公司將 於二零二五年十月三 十 日（星 期 四）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公 司及其附屬公司）截 至二零二五年九月三十日止九個月未經審計的業績，及處理其 他 事 宜（如 有）。 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） ...