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 八 月 二 十 二 日（星 期 五）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 六 月 三 十 日 止 六 個 月 未 經 審 計 的 中 期 業 績，及 處 理 其 他 事 宜（如 有）。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 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 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。 中國株洲，二零二五年七月十一日 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。 ...

Core Viewpoint - The integration of power infrastructure development with ecological protection is essential for promoting high-quality rural tourism and economic growth in the Guangdong region [1][3][7]. Group 1: Power Infrastructure and Ecological Protection - The Southern Power Grid's Guangdong Huizhou Supply Bureau has implemented optimization projects to conceal power lines in Guoqian Village, enhancing the village's aesthetic appeal and aligning with ecological preservation efforts [1][3]. - The Guangdong Power Grid is actively promoting the construction of typical demonstration villages in key areas, such as the "Two Mountains" leading area, to support integrated development of industries, counties, and rural communities [1][7]. - The power supply department has optimized power line construction plans around the tea gardens to preserve scenic views, thereby enhancing the tourism experience [3][6]. Group 2: Support for Traditional Industries - The local power supply department has upgraded power facilities in response to the increasing electricity demand from the tea industry, including the construction of 28 kilometers of new 10 kV feeder and ring network lines, and the addition of 76 transformers with a capacity increase of 25,670 kVA over the past three years [6][7]. - The introduction of electric equipment in tea production has significantly increased efficiency, allowing workers to produce 13 to 15 pounds of tea per day compared to just 3 to 4 pounds previously [7][8]. Group 3: Green Tourism Development - The "All-Electric Homestay" in Xutian Village, supported by the Southern Power Grid, features a fully electrified system that reduces carbon emissions by approximately 34 tons annually, showcasing the potential for eco-friendly tourism [8][10]. - The Guangdong Power Grid has established 72 charging stations and 369 charging piles across the county, ensuring comprehensive coverage for electric vehicle charging in rural areas [10]. - The company plans to invest approximately 1.3 billion yuan in 2024 to build 362 new electrified villages, further promoting rural modernization and sustainable tourism [10].

Group 1 - The approval of the two ultra-high voltage (UHV) projects, namely the ±800 kV UHV DC transmission project from Southeast Tibet to the Guangdong-Hong Kong-Macao Greater Bay Area and the ±800 kV UHV DC transmission project from Inner Mongolia to Beijing-Tianjin-Hebei, signifies a strong momentum for the continuous advancement of UHV construction in China [1][2][3] - The Southeast Tibet to Guangdong-Hong Kong-Macao project has a rated transmission capacity of 10 million kW and a dynamic investment of 53.168 billion yuan, highlighting its significant role in China's energy strategy [1] - The Inner Mongolia to Beijing-Tianjin-Hebei project has a rated transmission capacity of 8 million kW and a dynamic investment of 17.178 billion yuan, which will enhance power supply security in Hebei province and support the clean energy consumption increase [2] Group 2 - The continuous advancement of UHV construction is crucial for addressing the imbalance between energy resource distribution in western regions and power demand in eastern coastal areas, with UHV technology being a core solution for the "West-to-East Power Transmission" initiative [3] - The State Grid Corporation of China plans to invest over 650 billion yuan in 2025, while the Southern Power Grid will invest 175 billion yuan, indicating a significant focus on UHV projects [3] - The demand for key equipment such as transformers, switches, and cables is expected to surge, leading to rapid development in the upstream and downstream sectors of the industry [3][4] Group 3 - Companies like T时代电气 and 中国西电 are positioned to benefit from the growing demand for power semiconductor devices and have secured significant contracts for UHV projects, with total winning bids amounting to 1.443 billion yuan [4] - 平高电气 has maintained a leading market share in UHV projects and reported record-high single-bid amounts, indicating strong order backlogs [4] - Analysts believe that UHV equipment manufacturers with stable or increasing bidding shares will see significant performance support as a result of the ongoing UHV project launches and tenders [4]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Insights - The mechanical industry is experiencing significant advancements, particularly in humanoid robots and automation technologies, with major companies launching mass production of innovative products [3][4][6] - The humanoid robot sector is expected to see a breakthrough in 2025, with mass production levels reaching thousands of units, which will enhance data collection and training capabilities [6] - The agricultural machinery market is facing challenges, but long-term demand is anticipated to rise due to policy support and export opportunities [9] - The engineering machinery sector is currently under pressure domestically but is witnessing growth in exports, with a positive outlook for infrastructure investments [13] - The low-altitude economy is gaining traction, with government support and increasing applications in tourism and logistics [24] Summary by Relevant Sections Humanoid Robots - On June 30, Junpu Intelligent's subsidiary launched mass production of humanoid robots, marking a significant milestone in the industry [3] - The Sichuan provincial government is promoting the development of humanoid robots and related AI products [3] - The humanoid robot industry is expected to see substantial growth, with a focus on complex functionalities and cost reduction in production [6] Agricultural Machinery - The agricultural machinery market's sentiment index is at 40.9%, indicating a downturn [8] - Despite current challenges, tractor exports have increased by 12.6% in quantity and 31.2% in value from January to May 2025 [9] Engineering Machinery - In May 2025, excavator sales reached 18,202 units, with domestic sales declining by 1.5% but exports increasing by 5.4% [13] - The engineering machinery sector is expected to recover as infrastructure investments rise [13] Low-altitude Economy - The low-altitude economy is being actively developed, with initiatives in low-altitude tourism and support for eVTOL aircraft [24][22] - The government is encouraging the application of low-altitude equipment and services across various sectors [22]

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-026 证券代码： 3898（H 股） 证券简称：时代电气（H 股） | 序 号 | 开户机构 | 账户名称 | 帐号 | | --- | --- | --- | --- | | 1 | 中信银行股份有限公司 株洲天台路支行 | 株洲中车时代电气股份有限公司 | 81116010210 00789990 | | 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西安 | 91890024927 | | | 株洲分行 | 中车轨道工程机械研发中心 | 900101 | | --- | --- | --- | --- | | 3 | 招商银行股份有限公司 株洲分行 | 宝鸡中车时代工程机械有限公司 | 91890024927 900115 | | 4 | 招商银行股份有限公司 | 宝鸡中车时代工程机械有限公司 | 73390069917 | | | 株洲分行 | | 900044 | | 5 | 中国工商银行股份有限 公司株洲田心支行 | 株洲中车时代电气股份有限公司 | 19030205142 00005748 | ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2025-025 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 关于部分募集资金账户注销的公告 本公司董事会及全体董事保证本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。 株洲中车时代电气股份有限公司(以下简称"时代电气"或"公司")首次公开 发行股票募集资金按照相关法律、法规和规范性文件的规定在银行开立了募集资金 专项账户。2025 年 6 月 27 日公司办理完成部分募集资金专用账户的注销手续，现 将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意株洲中车时代电气股份有限公司首次公 开发行股票注册的批复》（证监许可[2021]2112 号）核准，公司首次公开发行人 民币普通股（A 股）240,760,275 股，发行价格为人民币 31.38 元/股，募集资金总 额为人民币 755,505.74 万元，扣除不含增值税发行费用 11,184.54 万元后，募集 资金净额为 744,321.20 万元。以上 ...

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6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6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 | | | 500,432,200 | RMB | | 1 RMB | | 500,432,200 | | 增加 / 減少 (-) | | | -11,391,300 | | | RMB | | -11,391,300 | | 本月底結存 | | | 489,040,900 | RMB | | 1 RMB | | 489,040,900 | | 2. ...

Group 1 - The report indicates that the railway fixed asset investment in the first five months of 2025 reached 242.1 billion yuan, representing a year-on-year growth of 5.9% [4][24] - The national railway passenger volume for the first five months of 2025 was 1.863 billion trips, achieving a 7.3% increase despite a high base [4][27] - The report highlights that the demand for maintenance and replacement in the existing market is increasing, indicating significant market potential [5][39] Group 2 - The report emphasizes that the railway vehicle market and the signal equipment segment are expected to benefit from the ongoing maintenance and replacement cycle [6][39] - It recommends companies such as China CRRC and Siwei Control, while suggesting to pay attention to China Communication Signal, Times Electric, Times New Materials, and Jinchuan Group [6][39] - The report notes that the demand for new train sets is stable due to the addition of new lines and the densification of existing lines [39][41] Group 3 - The report states that the railway construction investment is expected to reach 900 billion yuan for the entire year of 2025 [24][22] - It mentions that the high-speed rail operating mileage is projected to reach 2,600 kilometers in 2025 [24][22] - The report indicates that the signal system renovation market has significant potential, with 30% of urban rail signal systems already undergoing upgrades [6][62] Group 4 - The report outlines that the market for high-level maintenance of train sets is expected to peak between 2026 and 2028, as many train sets are entering their maintenance cycles [52][61] - It highlights that the demand for high-speed train sets is expected to remain stable due to the ongoing expansion of the railway network [39][41] - The report also notes that the signal system renovation costs are generally higher than those for new lines, indicating a lucrative market for signal system upgrades [66][62]

Core Viewpoint - The document outlines the fundraising management system of Zhuzhou CRRC Times Electric Co., Ltd, aiming to standardize the management and utilization of raised funds, enhance their effectiveness, and protect investors' rights [2][3]. Group 1: Fundraising Management Principles - The fundraising refers to funds raised through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [2]. - The system applies to the management of funds raised domestically and does not cover funds raised in the H-share market, which follows different regulations [2]. - The shareholders' meeting and the board of directors are responsible for decision-making regarding the fundraising plan and its usage [3]. Group 2: Fund Usage Regulations - Funds must be used strictly for the purposes disclosed in the prospectus or other public offering documents, and any changes require approval from the shareholders' meeting and relevant regulatory bodies [4][5]. - The company must establish a special account for fundraising, ensuring that funds are not mixed with other funds or used for unauthorized purposes [6][7]. - The company is required to disclose the usage of funds in a timely manner according to relevant regulations [5][6]. Group 3: Fund Storage and Management - Funds must be stored in a centralized manner, with strict management and accurate disclosure [6][7]. - A tripartite supervision agreement must be signed with the underwriter or independent financial advisor and the commercial bank where the funds are stored [6][7]. - The company must ensure that funds are not used for financial investments or for the benefit of controlling shareholders or related parties [12][13]. Group 4: Project Investment and Changes - Funds raised should primarily be invested in the main business to enhance competitiveness and innovation, and not for financial investments [8][9]. - If a project cannot be completed within the original timeframe, the company must disclose the reasons and any adjustments to the investment plan [18][19]. - Any changes to the investment projects must be approved by the board of directors and disclosed to shareholders [31][32]. Group 5: Supervision and Reporting - The company must maintain accurate records of fund usage and report any significant deviations from the investment plan [37][38]. - Independent financial advisors are required to conduct regular audits and provide reports on the management and usage of the funds [20][21]. - The board of directors must review and disclose the findings of these audits in the annual report [20][21].

Core Points - The establishment of the Risk Control Committee aims to enhance the decision-making mechanism of the board and improve corporate governance while controlling risks [2][3] - The committee is responsible for supervising compliance and risk management, reviewing risk identification, assessment, and control mechanisms, and evaluating risks associated with significant business matters [2][3] Group 1: Committee Structure - The Risk Control Committee consists of three or more directors, including at least one independent non-executive director [2] - The committee members are nominated by the chairman, more than half of the independent non-executive directors, or at least one-third of all directors, and elected by the board [2] - The committee has a chairperson responsible for leading its activities, elected from among its members and approved by the board [2] Group 2: Responsibilities and Authority - The committee formulates, reviews, and amends the company's risk strategy and evaluates the impact of strategic goals and business plans on risk [7] - It is authorized to require the management to establish internal control systems and supervise the implementation of risk management policies [7] - The committee is responsible for reviewing the company's risk reports and assessing the overall risk situation regularly [7] Group 3: Meeting Procedures - The committee holds at least one regular meeting annually and can convene temporary meetings as needed [4][13] - Meeting notifications must include details such as location, date, time, agenda, and contact information [10] - A quorum for meetings requires the presence of more than half of the committee members, and decisions are made by a majority vote [18][20] Group 4: Reporting and Documentation - The committee must report its annual work and plans to the board during the annual meeting [4] - Meeting records are essential documents and must be signed by attending members, with a retention period of 10 years [26] - The committee's resolutions and voting results must be submitted in writing to the board for consideration [27] Group 5: Compliance and Confidentiality - Members of the committee have confidentiality obligations regarding meeting discussions and must not disclose information without permission [28] - The committee operates under the regulations of national laws, listing rules, and the company's articles of association [11]