中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 核心技术人员变动的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 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 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《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》等有关规定，就时代电气核心技术人员变动的情 况进行了审慎核查，具体情况如下： 一、核心技术人员变动的具体情况 刘永江先生在公司任职期间参与研发的知识产权均为职务成果，相关知识产 权的所有权均属于公司，不存在涉及专利等知识产权的纠纷或潜在纠纷，不再认 定其为核心技术人员并不会影响公司专利等知识产权的完整性。 1 公司核心技术人员刘永江先生近日因工作调动原因不再担任公司变流与控 制技术中心主任，不再为公司核心技术人员，刘永江先生离职后将不在公司及子 公司担任任何职务。 （一）核心技术人员的具体情况 刘永江先生，1985 年生，中国国籍，无境外永久居留权。2008 年毕业于华 东交通大学电气工程及其自动化专业，获学士学 ...

Group 1: Company Overview - Company Name: Zhuzhou CRRC Times Electric Co., Ltd. [2] - A-share Code: 688187, A-share Abbreviation: Times Electric [1] - H-share Code: 3898, H-share Abbreviation: Times Electric [1] Group 2: Event Announcement - Participation in the "2024 Annual Investor Online Collective Reception Day" organized by Hunan Securities Regulatory Bureau, Hunan Listed Companies Association, and Shenzhen Panorama Network Co., Ltd. [2] - Event Date and Time: October 10, 2024, from 14:00 to 17:00 [2] - Format: Online remote interaction via "Panorama Roadshow" website, WeChat public account, or Panorama Roadshow APP [2] Group 3: Investor Engagement - Company executives will communicate with investors regarding operational status and development strategies through online text interaction [2] - Encouragement for investors to actively participate in the event [2]

[Glossary](index=4&type=section&id=Item%201.%20Glossary) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's fundamental information and presents its key financial performance metrics [Company Overview](index=6&type=section&id=II.%20Company%20Overview) CRRC Times Electric Co., Ltd. (CRRC Times Electric) is a dual-listed company on the Shanghai STAR Market (688187) and the Hong Kong Stock Exchange Main Board (3898), with Li Donglin as its legal representative - The company is dual-listed on the Shanghai Stock Exchange STAR Market and the Hong Kong Stock Exchange Main Board[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved operating revenue of **10.284 billion yuan**, a **19.99% year-on-year increase**, with net profit attributable to parent company shareholders reaching **1.507 billion yuan**, up **30.56%**, and net cash flow from operating activities turning positive at **0.670 billion yuan**, while basic earnings per share grew **32.10%** to **1.07 yuan** Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,283,733,393 yuan | 8,570,210,633 yuan | 19.99% | | Net Profit Attributable to Listed Company Shareholders | 1,506,841,018 yuan | 1,154,168,154 yuan | 30.56% | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-recurring Items) | 1,158,683,608 yuan | 928,692,585 yuan | 24.77% | | Net Cash Flow from Operating Activities | 670,363,515 yuan | -468,059,212 yuan | N/A | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 1.07 | 0.81 | +32.10% | | Weighted Average Return on Net Assets (%) | 3.93 | 3.28 | increase of 0.65 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | decrease of 0.50 percentage points | - Net profit attributable to parent company shareholders increased by **30.56%** year-on-year, primarily due to increased operating profit driven by revenue growth[25](index=25&type=chunk) - Net cash flow from operating activities significantly improved year-on-year, mainly due to increased cash received from sales of goods and provision of services[25](index=25&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VIII.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **0.348 billion yuan**, primarily from government subsidies recognized in current profit or loss, totaling **0.360 billion yuan** Non-recurring Gains and Losses Items for H1 2024 | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 359,866,247 | | Fair value changes and disposal gains/losses of financial assets/liabilities | 56,608,780 | | Other non-operating income and expenses | 6,082,662 | | Disposal gains/losses of non-current assets | 2,958,532 | | **Total** | **348,157,410** | [Management Discussion and Analysis](index=10&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operations, financial condition, and future outlook [Industry and Principal Business Overview](index=10&type=section&id=I.%20Description%20of%20Industry%20and%20Principal%20Business%20during%20the%20Reporting%20Period) The company, a leading traction converter system supplier in China's rail transit industry, focuses on R&D, design, manufacturing, and sales of rail transit equipment, while actively expanding into new industries like power semiconductors and new energy vehicle electric drive systems, benefiting from national 'Transportation Power' and 'Dual Carbon' strategies - The company's principal business is rail transit equipment, with active expansion into new industries such as power semiconductors, industrial converters, new energy vehicle electric drives, sensors, and marine engineering equipment, forming a 'device + system + complete machine' industrial structure[28](index=28&type=chunk) - National 'Transportation Power' and 'Dual Carbon' strategies provide significant development opportunities for the company's rail transit and new energy equipment industries[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [Core Technologies and R&D Progress](index=12&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company possesses multiple core technologies in electric drive, semiconductor, and industrial converter fields, with continuous R&D innovation, completing CR450 EMU key system development and achieving a breakthrough in 4500V press-pack product cosmic ray resistance technology in H1 2024, with total R&D investment of **0.974 billion yuan**, accounting for **9.47%** of operating revenue - The company holds 13 major categories of core technologies, including electrical systems, converter and control, power semiconductors, and new energy vehicle electric drive systems, protected by **3,540** valid patents[33](index=33&type=chunk) - In the rail transit sector, the company completed the development of CR450 EMU traction network key systems, achieving internationally leading technical indicators[46](index=46&type=chunk) - In new industries, a breakthrough was achieved in 4500V press-pack product cosmic ray resistance technology, reaching international advanced levels, and 1200V automotive-grade SiC module development was completed[47](index=47&type=chunk) R&D Investment for H1 2024 | Item | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | Total R&D Investment (yuan) | 973,793,695 | 854,577,771 | 13.95% | | Total R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | decrease of 0.50 percentage points | [Analysis of Core Competencies](index=46&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20during%20the%20Reporting%20Period) The company's core competencies include leading market position, innovation-driven technological capabilities, high-reliability quality and service, full-产业链协同 advantages, and industry-leading talent, maintaining leadership in high-speed rail and locomotive traction converter systems, and achieving top market share in urban rail traction systems for twelve consecutive years, with emerging businesses also ranking among the top - Market Position: High-speed rail and locomotive traction converter system products have led the domestic market for consecutive years, and urban rail traction converter systems have held the top domestic market share for twelve consecutive years from 2012 to 2023[76](index=76&type=chunk) - Emerging Business Breakthroughs: Passenger vehicle power module installations ranked among the top two in the industry in H1 (market share **13.4%**), photovoltaic inverters entered the top five domestically, and new energy vehicle electric drive system installations ranked among the top nine domestically[77](index=77&type=chunk) - Technological Innovation: Possesses **6** national-level technology innovation platforms, with **3,540** patents granted, and has led or participated in formulating **50** international standards and **174** domestic standards[79](index=79&type=chunk) - Industrial Synergy: A complete industrial chain structure of 'devices + equipment and systems + complete machines and engineering' has been formed[82](index=82&type=chunk) [Discussion and Analysis of Operations](index=49&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2024, the company achieved steady development by adhering to its 'concentric diversification' strategy, with rail transit benefiting from increased passenger volume and stable market share as national railway EMU tenders exceeded last year's total, while emerging equipment businesses saw full operation in power semiconductors, steady capacity increase and overseas exports in new energy passenger vehicle electric drives, and new orders for industrial converters and marine engineering equipment - Rail Transit: National Railway Group's EMU tender volume exceeded last year's total, with the company's market share remaining stable, and new orders for urban rail traction systems continuing to lead the industry[87](index=87&type=chunk) - Power Semiconductors: Existing production lines are operating at full capacity, Yixing Phase 3 project is expected to commence production in H2 2024, and medium-low voltage device capacity continues to increase[88](index=88&type=chunk) - New Energy Passenger Vehicle Electric Drives: Completed the national '1+N' four major production base layout, with steady capacity increase, supporting Hozon and SAIC-GM-Wuling to achieve approximately **40,000** units in overseas exports[88](index=88&type=chunk) - Industrial Converters: Delivery of photovoltaic inverters and wind power converters accelerated, with most products successfully shortlisted in annual centralized procurement by central state-owned power generation groups[89](index=89&type=chunk) [Risk Factors](index=50&type=section&id=V.%20Risk%20Factors) The company faces primary risks including core competency, operational, financial, industry, and macroeconomic environment risks, specifically manifested in R&D uncertainties, complex overseas operating environments, exchange rate fluctuations, intensified competition in the new energy market, and international trade protectionism - Core Competency Risk: Technological R&D involves uncertainties, potentially leading to new product development failures or inability to generate expected returns[90](index=90&type=chunk) - Operational Risk: International political disputes and supply chain tensions increase the company's overseas operational risks[92](index=92&type=chunk) - Financial Risk: Increased international operations may lead to foreign currency asset losses or increased costs due to exchange rate fluctuations[93](index=93&type=chunk) - Industry Risk: The new energy vehicle component market faces intensifying price competition and shortened technology upgrade cycles[94](index=94&type=chunk) [Key Operating Performance](index=53&type=section&id=VI.%20Key%20Operating%20Performance%20during%20the%20Reporting%20Period) During the reporting period, the company's operating revenue increased by **19.99%** year-on-year, primarily driven by a **30.87%** growth in rail transit equipment business, while emerging equipment business grew **9.21%** overall, with power semiconductor devices and marine engineering equipment showing strong growth of **26.63%** and **18.61%** respectively, despite a **47.01%** decline in sensor devices, and total assets expanded by **16%** due to increased construction in progress and accounts receivable [Analysis of Principal Business](index=53&type=section&id=(I)%20Analysis%20of%20Principal%20Business) The company's rail transit equipment business revenue reached **6.139 billion yuan**, a **30.87%** year-on-year increase, with communication signal systems growing most rapidly at **131.47%**, while emerging equipment business revenue was **4.094 billion yuan**, up **9.21%**, showing differentiated performance with power semiconductor devices growing **26.63%** and sensor devices declining **47.01%** Revenue by Business Segment for H1 2024 (Unit: Billion Yuan) | Revenue Segment | Current Period Amount | Prior Year Period Amount | Change (%) | | :--- | :--- | :--- | :--- | | **Rail Transit Equipment Business** | **6.139** | **4.691** | **30.87** | | Of which: Rail Transit Electrical Equipment | 4.947 | 3.885 | 27.33 | | Rail Engineering Machinery | 0.557 | 0.482 | 15.57 | | Communication Signal Systems | 0.416 | 0.180 | 131.47 | | **Emerging Equipment Business** | **4.094** | **3.749** | **9.21** | | Of which: Power Semiconductor Devices | 1.747 | 1.380 | 26.63 | | Conductive Devices | 0.136 | 0.257 | -47.01 | | New Energy Vehicle Electric Drive Systems | 0.903 | 0.833 | 8.23 | | Industrial Converters | 0.903 | 0.937 | -3.58 | | Marine Engineering Equipment | 0.405 | 0.342 | 18.61 | | **Total** | **10.284** | **8.570** | **19.99** | - Net cash flow from investing activities significantly decreased by **4496.47%** year-on-year, primarily due to a decrease in cash received from investment recoveries[97](index=97&type=chunk)[98](index=98&type=chunk) - Net cash flow from financing activities significantly increased by **11787.63%** year-on-year, primarily due to an increase in cash received from minority shareholder investments in subsidiaries[97](index=97&type=chunk)[98](index=98&type=chunk) [Analysis of Assets and Liabilities](index=55&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of the reporting period, the company's total assets reached **61.936 billion yuan**, a **16.0%** increase from the beginning of the year, primarily driven by increases in monetary funds, accounts receivable, and construction in progress, with construction in progress significantly rising **153.50%** due to increased investment in production lines, while other payables grew **146.21%** mainly due to declared but unpaid cash dividends Key Balance Sheet Items Variation | Item Name | Amount at Period-End (yuan) | Change from Prior Year-End (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Monetary Funds | 10,788,369,571 | 36.51% | Cash received from minority shareholder investments in subsidiaries | | Accounts Receivable | 12,653,604,811 | 31.32% | Increase in accounts receivable due to revenue growth | | Construction in Progress | 3,197,950,382 | 153.50% | Increase in investment in production lines under construction | | Other Payables | 2,819,948,208 | 146.21% | Declared but unpaid cash dividends | [Significant Asset and Equity Disposals](index=59&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company's controlling subsidiary, Zhuzhou CRRC Times Semiconductor Co., Ltd., completed a capital increase and share expansion, introducing **26** strategic investors and an employee stock ownership platform, raising **4.328 billion yuan**, after which the company's equity stake in Times Semiconductor changed from **96.17%** to **77.78%**, remaining the controlling shareholder - Controlling subsidiary CRRC Times Semiconductor completed a capital increase and share expansion, introducing strategic investors and an employee stock ownership platform, with a capital increase of **4.328 billion yuan**; after the increase, the company's shareholding decreased to **77.78%**, remaining the controlling shareholder[105](index=105&type=chunk) [Corporate Governance](index=62&type=section&id=Item%204.%20Corporate%20Governance) This section details the company's governance structure, including changes in its board, supervisors, and senior management [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=II.%20Changes%20in%20the%20Company's%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, the company's board and senior management underwent several changes, with Mr. Shang Jing resigning as General Manager and being elected Vice Chairman, and Mr. Xu Shaolong appointed General Manager and elected Executive Director, alongside other departures and appointments of non-executive directors, deputy general managers, CFOs, and core technical personnel due to work adjustments - Mr. Shang Jing resigned as General Manager and was elected Vice Chairman and Executive Director[114](index=114&type=chunk)[115](index=115&type=chunk) - Mr. Xu Shaolong was appointed as the company's General Manager and elected Executive Director[115](index=115&type=chunk) [Repurchase, Sale or Redemption of the Company's Listed Securities](index=67&type=section&id=(IV)%20Repurchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) In January 2024, the company repurchased and cancelled **4,696,800** H shares on the Hong Kong Stock Exchange for a total consideration of approximately **98.56 million HKD**, aiming to enhance net asset value per share and earnings per share H-share Repurchase Details for January 2024 | Repurchase Month | Number of H Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2024 | 4,696,800 | 21.8 | 19.64 | 98,558,789.24 | [Environmental and Social Responsibility](index=69&type=section&id=Item%205.%20Environmental%20and%20Social%20Responsibility) This section outlines the company's commitments and actions regarding environmental protection and social welfare [Environmental Information](index=69&type=section&id=I.%20Environmental%20Information) The company established environmental protection mechanisms, investing **3.96 million yuan** in environmental funds during the reporting period, with its key subsidiary Zhuzhou CRRC Times Semiconductor Co., Ltd., a major pollutant emitter, achieving compliant discharge of wastewater, exhaust gas, and noise, and lawful disposal of hazardous waste, while actively implementing carbon reduction measures through R&D of energy-saving products and use of clean energy - Environmental protection funds of **3.96 million yuan** were invested during the reporting period[130](index=130&type=chunk) - Zhuzhou CRRC Times Semiconductor Co., Ltd., a major subsidiary and key pollutant-emitting entity, processed **897.95 tons** of hazardous waste in H1 2024[129](index=129&type=chunk)[132](index=132&type=chunk) - The company reduces carbon emissions through developing energy-saving new products (e.g., SiC traction systems, hydrogen energy catenary work vehicles), utilizing clean energy (e.g., adding **3MW** of rooftop photovoltaics, purchasing green electricity), and promoting energy-saving technological upgrades[139](index=139&type=chunk)[140](index=140&type=chunk) [Significant Matters](index=74&type=section&id=Item%206.%20Significant%20Matters) This section covers major events and transactions impacting the company, including guarantees and fundraising activities [Significant Guarantees](index=109&type=section&id=(II)%20Significant%20Guarantees%20Provided%20and%20Outstanding%20during%20the%20Reporting%20Period) During the reporting period, the company provided no external guarantees, with guarantees to subsidiaries amounting to **36.14 million yuan**, and the total outstanding guarantee balance for subsidiaries at period-end was **0.262 billion yuan**, representing **0.71%** of the company's net assets, including **0.226 billion yuan** for guaranteed entities with a debt-to-asset ratio exceeding **70%** Total Company Guarantees | Item | Amount (yuan) | | :--- | :--- | | Total Guarantees (A+B) | 262,217,410.39 | | Total Guarantees as % of Company's Net Assets (%) | 0.71 | | Debt Guarantees Provided for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 226,075,000.00 | [Explanation of Progress in Use of Raised Funds](index=110&type=section&id=XI.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's net proceeds from its initial public offering amounted to **7.555 billion yuan**, with a committed investment of **7.443 billion yuan**, and as of the end of the reporting period, **5.450 billion yuan** has been cumulatively invested, representing **73.22%** of the total, while temporarily idle raised funds not exceeding **3.2 billion yuan** were used for cash management during the period Overall Use of Raised Funds | Item | Amount (yuan) | | :--- | :--- | | Net Proceeds from Issuance (after deducting expenses) | 7,555,057,430 | | Total Committed Investment | 7,443,212,046 | | Cumulative Investment as of Period-End | 5,449,575,035 | | Cumulative Investment Progress (%) | 73.22 | - The company utilized temporarily idle raised funds not exceeding **3.2 billion yuan** for cash management, with a cash management balance of **1.66 billion yuan** as of the end of the reporting period[226](index=226&type=chunk) [Share Changes and Shareholder Information](index=116&type=section&id=Item%207.%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [Share Capital Changes](index=116&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company repurchased and cancelled **4,696,800** H shares on the Hong Kong Stock Exchange in January 2024, reducing its total share capital from **1,416,236,912** shares to **1,411,540,112** shares - During the reporting period, the company's total shares decreased by **4,696,800** due to the repurchase and cancellation of H shares, resulting in a total share capital of **1,411,540,112** shares after the change[231](index=231&type=chunk)[232](index=232&type=chunk) [Shareholder Information](index=117&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **16,516** common shareholders, with its top two shareholders being CRRC Zhuzhou Institute Co., Ltd. (holding **41.87%**) and HKSCC NOMINEES LIMITED (holding **38.35%**), and the controlling shareholder CRRC Zhuzhou Institute voluntarily extended the lock-up period for its **590 million** restricted shares by **12** months until September 6, 2025 Top Ten Shareholders' Holdings (As of June 30, 2024) | Shareholder Name | Shares Held at Period-End | Proportion (%) | Share Nature | | :--- | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 591,000,716 | 41.87 | State-owned Legal Entity | | HKSCC NOMINEES LIMITED | 541,316,466 | 38.35 | Overseas Legal Entity | | Hong Kong Securities Clearing Company Limited | 26,498,358 | 1.88 | Overseas Legal Entity | | Huaxia SSE STAR Market 50 ETF | 20,052,422 | 1.42 | Unknown | | CRRC Zhuzhou Locomotive Co., Ltd. | 10,000,000 | 0.71 | State-owned Legal Entity | - The controlling shareholder, CRRC Zhuzhou Institute, voluntarily committed to extending the lock-up period for its **589,585,699** initial public offering restricted shares by **12** months, until September 6, 2025[216](index=216&type=chunk) [Preferred Shares Information](index=127&type=section&id=Item%208.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares information [Preferred Shares Information](index=127&type=section&id=Item%208.%20Preferred%20Shares%20Information) During the reporting period, the company had no preferred shares information - Not applicable[245](index=245&type=chunk) [Bonds Information](index=128&type=section&id=Item%209.%20Bonds%20Information) During the reporting period, the company had no information regarding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds [Bonds Information](index=128&type=section&id=Item%209.%20Bonds%20Information) During the reporting period, the company had no information regarding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - Not applicable[246](index=246&type=chunk) [Financial Report](index=129&type=section&id=Item%2010.%20Financial%20Report) This section presents the company's unaudited financial statements and related notes for the reporting period [Financial Statements](index=129&type=section&id=II.%20Financial%20Statements) This semi-annual financial report is unaudited; as of June 30, 2024, the company's total assets were **61.936 billion yuan**, with equity attributable to parent company owners at **39.519 billion yuan**, and for H1 2024, total operating revenue reached **10.284 billion yuan**, with net profit attributable to parent company shareholders at **1.507 billion yuan** Key Consolidated Balance Sheet Data (June 30, 2024) | Item | Amount (yuan) | | :--- | :--- | | Total Assets | 61,936,184,997 | | Total Liabilities | 19,395,527,401 | | Total Equity Attributable to Parent Company Owners | 39,518,775,875 | | Total Owners' Equity | 42,540,657,596 | Key Consolidated Income Statement Data (January-June 2024) | Item | Amount (yuan) | | :--- | :--- | | Total Operating Revenue | 10,283,733,393 | | Operating Profit | 1,702,661,203 | | Total Profit | 1,708,743,865 | | Net Profit Attributable to Parent Company Shareholders | 1,506,841,018 | [Notes to Financial Statements](index=147&type=section&id=III.%20Company%20Overview) The financial statements are prepared on a going concern basis, adhering to Chinese Enterprise Accounting Standards, and during the reporting period, new regulations including 'Interpretation No. 17 of Accounting Standards for Business Enterprises' were implemented, primarily involving the retrospective adjustment of guarantee-type quality assurance expenses from 'selling expenses' to 'cost of sales', with corresponding adjustments made to current and comparable period financial statement data - During the reporting period, new regulations including 'Interpretation No. 17 of Accounting Standards for Business Enterprises' were implemented, and the presentation of guarantee-type quality assurance expenses was retrospectively adjusted from 'selling expenses' to 'operating costs'[411](index=411&type=chunk)[414](index=414&type=chunk)

时代电气（688187.SH）深度报告 轨交装备龙头，新产业助力公司成长 2024 年 09 月 17 日 ➢ 公司我国轨交设备龙头企业，历史悠久，产业布局完善。株洲中车时代电 气股份有限公司前身及母公司——中车株洲电力机车研究所有限公司创立于 1959 年，2005 年"株洲南车时代电气股份有限公司"登记成立，2006 年公司 在香港联交所成功上市，2021 公司科创板上市。公司秉承"双高双效"高速牵 引管理模式，坚持"同心多元化"发展战略，围绕技术与市场，形成了"基础 器件+装置与系统+整机与工程"的完整产业链结构，产业涉及轨道交通、新能 源发电、电力电子器件、汽车电驱、工业电气、海工装备等领域。 ➢ 轨道交通装备及新兴装备双轮驱动，助力公司腾飞。公司主要从事轨道交 通装备产品的研发、设计、制造、销售并提供相关服务，此外经过多年的研发 积淀和技术积累，公司逐步涉及新兴装备业务领域。公司成为在电气系统技 术、变流及控制技术、工业变流技术、列车控制与诊断技术、轨道工程机械技 术、功率半导体技术、通信信号技术、数据与智能应用技术、牵引供电技术、 检验测试技术、深海机器人技术、新能源汽车电驱系统技术和传感器技术等 ...

证券代码：688187 证券简称：时代电气 株洲中车时代电气股份有限公司投资者关系活动记录表 | --- | --- | --- | |------------------------|----------------|----------------------------------------| | | | | | 投资者关系活动类别 | □ | 特定对象调研 □分析师会议 | | | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 R | 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及人员姓名 | | 西部证券、西南证券、信诚基金、运舟资 | | | | 本、银河证券、中信建投、中信证券、重阳 | | | | 投资、才华资本、南方基金、博时基金、财 | | | | 通资管、东方红、东方资管、方圆基金（香 | | | | 港）、工银瑞信基金、光大证券、光大资 | | | | 管、广发证券、国泰君安机械、长江机械、 | | | | 海富通基金、花旗银行、汇丰银行、惠理基 | | | | 金、建银国际、交银国际、景顺长城基金、 ...

中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 | 序号 | 工作内容 | 完成持续督导情况 | | --- | --- | --- | | | （三）上市公司出现《保荐办法》第七十条规定的情形； | | | | （四）上市公司不配合保荐机构持续督导工作；（五） | | | | 上海证券交易所或保荐机构认为需要报告的其他情形 | | | | 制定对上市公司的现场检查工作计划，明确现场检查工 | | | | 作要求，确保现场检查工作质量。上市公司出现以下情 | | | | 形之一的，应自知道或应当知道之日起十五日内或上海 | 保荐机构在对公司进行现场检 | | | 证券交易所要求的期限内，对上市公司进行专项现场检 | 查前制定了现场检查工作计划， | | 15 | 查：（一）存在重大财务造假嫌疑；（二）控股股东、 | 并明确了现场检查工作要求；本 | | | 实际控制人、董事、监事或者高级管理人员涉嫌侵占上 | 持续督导期间，公司不存在需要 | | | 市公司利益；（三）可能存在重大违规担保；（四）资 | 进行专项现场检查的情形 | | | 金往来或者现金流存在重大异常；（五）上海证券交易 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11]. Core Views - The company has demonstrated stable growth in its rail transit business, with a significant increase in revenue from new energy locomotive development and overseas market expansion [5]. - The emerging equipment business is expected to see breakthroughs driven by innovation, particularly in power semiconductor devices and carbon silicon products [5]. - The company is well-positioned to capitalize on the opportunities presented by the "new infrastructure" initiative, particularly in the intercity and urban rail sectors [5]. Financial Summary - For the first half of 2024, the company achieved operating revenue of 10.284 billion yuan, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.507 billion yuan, up 30.56% year-on-year [5]. - The rail transit equipment segment generated revenue of 6.139 billion yuan in 2024H1, reflecting a year-on-year growth of 30.87% [5]. - The emerging equipment business reported revenue of 4.094 billion yuan in 2024H1, with a year-on-year increase of 9.21% [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 3.750 billion yuan, 4.374 billion yuan, and 5.285 billion yuan, corresponding to year-on-year growth rates of 20.76%, 16.61%, and 20.84% respectively [5][6]. - The earnings per share (EPS) for the same period is projected to be 2.66 yuan, 3.10 yuan, and 3.74 yuan, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [5][6]. Market Position - The company maintains a stable market share in the rail transit sector, with significant orders in the urban rail signaling system contributing to revenue growth [5]. - The company ranks among the top in the domestic market for photovoltaic inverters, with a bid-winning capacity of 8.35 GW in 2024H1 [5][7].

FF301 呈交日期: 2024年9月2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 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 542,632,600 | RMB | | 1 RMB | | 542,632,600 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | ...

首次公开发行部分限售股上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 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 发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》和《上海证券交易所上市公司自律监管 指引第 11 号——持续督导》等相关法律、法规和规范性文件的规定，对时代电 气首次公开发行部分限售股上市流通事项进行了核查，具体情况如下： 一、本次上市流通的限售股类型 中国国际金融股份有限公司 关于株洲中车时代电气股份有限公司 三、本次上市流通的限售股的有关承诺 公司内资股股东中车株洲电力机车有限公司和中车资产管理有限公司就所 持时代电气股份锁定事宜承诺："1、自中车时代电气本次发行 A 股并上市之日 起 36 个月内，不转让或者委托他人管理本公司直接或间接持有的中车时代电气 本次发行 A 股并上市前已持有的内资股股份（本次发行 A 股并上市后转换为 A 股，不包括本公司在中车时代电气本次发行 A 股并上市后从公开市场中新买入 的 A 股股票，以下简称"上述股份"），也不提议由中车时代电 ...

证券代码：688187 (A 股) 证券简称：时代电气（H 股） 公告编号：2024-041 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 首次公开发行部分限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为首发限售股份；股票认购方式为网下，上市股数为 19,380,769 股。 本次股票上市流通总数为 19,380,769 股。 本次股票上市流通日期为 2024 年 9 月 9 日。（因 2024 年 9 月 7 日为非交 易日，故顺延至下一交易日） 一、本次上市流通的限售股类型 根据中国证券监督管理委员会于 2021 年 6 月 22 日出具的《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），株洲中车时代电气股份有限公司（以下简称"公司"、"时代电气"或"中车 时代电气"）首次公开发行人民币普通股（A 股）240,760,275 股，并于 2021 年 9 月 7 日在 ...