公司着眼于长远和可持续发展，综合考虑公司实际经营情况、经营发展规划、 行业发展趋势、目前及未来盈利能力、现金流情况、项目投资资金需求、股东回 报、社会资金成本及外部融资环境等因素，在平衡股东的合理投资回报和公司可 持续发展的基础上，建立对投资者持续、稳定、科学的回报规划与机制，从而对 利润分配作出制度性安排，以保证利润分配政策的连续性和稳定性。 二、本规划的制定原则 公司的利润分配应重视对社会公众股东的合理投资回报，以可持续发展和维 护股东权益为宗旨，应保持利润分配政策的连续性和稳定性，并符合《中华人民 共和国公司法》《中华人民共和国证券法》等相关法律法规、规范性文件和《公 司章程》关于利润分配政策的相关规定。 三、未来三年（2025 年-2027 年）股东分红回报规划具体如下： 株洲中车时代电气股份有限公司 未来三年（2025 年-2027 年）股东分红回报规划 为完善株洲中车时代电气股份有限公司（以下简称"公司"）科学、持续、 稳定的分红决策和监督机制，积极回报股东，保护投资者的合法权益，公司根据 中国证券监督管理委员会《上市公司监管指引第 3 号——上市公司现金分红》及 《株洲中车时代电气股份有限公司章 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,536,728,879, representing a year-on-year increase of 14.81% compared to CNY 3,924,623,207 in the same period last year[2]. - Net profit attributable to shareholders of the listed company reached CNY 631,266,879, up 13.42% from CNY 567,547,208 in the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 29.52%, amounting to CNY 597,096,663 compared to CNY 460,999,116 in the previous year[6]. - The basic earnings per share for the reporting period was CNY 0.45, an increase of 15.38% compared to CNY 0.39 in the same period last year[3]. - In Q1 2025, the company achieved revenue of RMB 4.537 billion, a year-on-year increase of 14.81% from RMB 3.951 billion in the same period last year[11]. - Net profit for Q1 2025 was ¥688,485,308, up 21.6% from ¥566,518,469 in Q1 2024[17]. - Operating profit for Q1 2025 was ¥777,887,759, a 28.6% increase from ¥604,941,540 in Q1 2024[17]. Cash Flow and Assets - The net cash flow from operating activities was CNY 54,459,641, a significant improvement from a negative cash flow of CNY -482,272,409 in the same period last year[2]. - The company's cash and cash equivalents stood at RMB 10.348 billion, slightly down from RMB 10.652 billion at the end of 2024[13]. - The company reported a decrease in cash and cash equivalents by ¥2,199,881,050 during Q1 2025[20]. - Cash flow from operating activities generated a net amount of ¥54,459,641, a significant recovery from a net outflow of ¥508,704,086 in Q1 2024[20]. - Investment activities resulted in a net cash outflow of ¥3,362,874,954, compared to a net inflow of ¥411,827,928 in Q1 2024[20]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 66,471,687,057, reflecting a 2.58% increase from CNY 64,802,246,319 at the end of the previous year[3]. - The company's total assets reached RMB 66.472 billion, an increase from RMB 64.802 billion at the end of 2024[14]. - The total liabilities of the company amounted to RMB 21.913 billion, compared to RMB 20.040 billion in the previous year[14]. - The company's equity attributable to shareholders was RMB 41.268 billion, a slight decrease from RMB 41.528 billion year-on-year[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,531[8]. - The top ten shareholders held a combined 43.84% of the shares, with the largest shareholder being CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 600,381,485 shares[8]. - The number of A-share shareholders reached 23,496, while H-share shareholders numbered 1,035[10]. Business Segments - The rail transit business generated RMB 2.347 billion, up 10.72% from RMB 2.120 billion year-on-year, with the rail transit electrical equipment segment growing by 18.89% to RMB 1.923 billion[12]. - The emerging equipment business reported revenue of RMB 2.171 billion, reflecting a growth of 20.88% compared to RMB 1.795 billion in the previous year[12]. - The company reported a significant increase in industrial conversion revenue, which surged by 400.41% to RMB 205 million[12]. Research and Development - Research and development expenses accounted for a significant portion of the operating revenue, although specific figures were not disclosed in the provided content[3]. - Research and development expenses increased to ¥523,230,356, representing a 12.7% rise compared to ¥464,214,856 in the previous year[16]. Acquisition - The company made a 100% acquisition of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[3].

Financial Performance - The company's operating revenue for Q1 2025 was RMB 4,536,728,879, representing a year-on-year increase of 14.81% compared to RMB 3,924,623,207 in the same period last year[12] - Net profit attributable to shareholders for Q1 2025 was RMB 631,266,879, up 13.42% from RMB 567,547,208 in the previous year[12] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 29.52%, reaching RMB 597,096,663 compared to RMB 460,999,116 in the same period last year[12] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.45, reflecting a 15.38% increase from RMB 0.40 in the same period last year[12] - Total comprehensive income for Q1 2025 reached ¥706,959,160, a 21.5% increase from ¥582,119,645 in Q1 2024[45] - Basic and diluted earnings per share for Q1 2025 were both ¥0.45, up from ¥0.39 in Q1 2024, reflecting a 15.4% increase[45] Cash Flow - The company's cash flow from operating activities for Q1 2025 was RMB 54,459,641, a significant recovery from a negative cash flow of RMB -482,272,409 in the previous year[12] - Net cash flow from operating activities for Q1 2025 was ¥54,459,641, a significant recovery from a negative cash flow of ¥508,704,086 in Q1 2024[48] - Cash received from sales of goods and services in Q1 2025 was ¥3,969,482,090, representing a 35.4% increase compared to ¥2,931,910,285 in Q1 2024[48] - Net cash flow from financing activities for Q1 2025 was ¥1,109,125,592, up from ¥255,586,143 in Q1 2024, showing a strong improvement[50] - The ending cash and cash equivalents balance for Q1 2025 was ¥5,437,691,767, down from ¥7,171,026,005 in Q1 2024, reflecting a decrease of 24.2%[50] Assets and Liabilities - Total assets at the end of Q1 2025 were RMB 66,471,687,057, representing a 2.58% increase from RMB 64,802,246,319 at the end of the previous year[14] - Total liabilities increased to RMB 21,912,599,133 as of March 31, 2025, from RMB 20,039,828,511 as of December 31, 2024[38] - The total current assets as of March 31, 2025, amounted to RMB 46.872 billion, slightly up from RMB 46.433 billion at the end of 2024[34] - The company’s total non-current assets reached RMB 19,599,338,682 as of March 31, 2025, up from RMB 18,368,895,952 as of December 31, 2024[36] Research and Development - Research and development expenses totaled RMB 538,205,522, which accounted for 11.86% of operating revenue, a slight decrease from 11.88% in the previous year[12] - Research and development expenses for Q1 2025 amounted to RMB 523,230,356, an increase of 12.7% compared to RMB 464,214,856 in Q1 2024[41] Business Segments - The rail transportation business generated RMB 2.347 billion, up 10.72% from RMB 2.120 billion year-on-year, with the rail transportation electrical equipment segment increasing by 18.89%[30] - The emerging equipment business reported RMB 2.171 billion, a growth of 20.88% from RMB 1.795 billion year-on-year, with industrial conversion showing a significant increase of 400.41%[30] Shareholder Information - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 600,381,485 shares, accounting for 43.84% of the total shares[23] - HKSCC Nominees Limited, as an overseas entity, holds 499,117,566 shares, representing 36.45% of the total shares[25] - The company has a total of 23,496 A-share shareholders and 1,035 H-share shareholders as of the report date[28] - The company has not reported any changes in the participation of major shareholders in margin financing and securities lending activities[28] - The company is indirectly controlled by China CRRC Corporation Limited, which holds a total of 49.36% of the shares[27] Acquisitions and Investments - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which was included in the consolidated financial statements[14] - Cash outflow for investment activities in Q1 2025 totaled ¥6,977,577,347, compared to ¥3,407,920,635 in Q1 2024, indicating a substantial increase in investment[48] - Cash inflow from investment recoveries in Q1 2025 was ¥3,492,800,000, slightly down from ¥3,771,000,000 in Q1 2024[48] Other Information - The total amount of non-recurring gains and losses for the period was RMB 34,170,216, with significant contributions from government subsidies and asset disposals[17] - The weighted average return on net assets for Q1 2025 was 1.52%, showing a slight increase of 0.02 percentage points compared to the previous year[12] - The company reported no net profit from merged entities in both Q1 2025 and Q1 2024, indicating no impact from mergers on earnings[45] - The company has not adopted new accounting standards for the current reporting period[51] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[40]

Core Viewpoint - State-owned enterprises are accelerating their green transformation under the "dual carbon" goals, with CRRC Zhuzhou Institute showcasing significant advancements in technology innovation and sustainable development [1][3]. Group 1: Technological Advancements - CRRC Zhuzhou Institute has established a demonstration production line that adheres to "Industry 4.0" standards, achieving over 80% intelligent production for its products [1]. - The manufacturing center produces traction and control systems for trains, with an annual production capacity sufficient for 200 "Fuxing" high-speed trains, 1,000 standard subways, and 840 heavy-duty locomotives [1]. - The company has developed a fully independent technology system for electric vehicle drive systems, utilizing core technologies from rail transit [2]. Group 2: New Energy Initiatives - The new energy vehicle drive industry at CRRC Zhuzhou Institute began in 2002, leveraging advanced technologies from rail transit to enhance the electric vehicle sector [2]. - The wind power sector has become a significant pillar of the new energy segment, achieving an annual output value exceeding 10 billion yuan in 2020 [3]. - The company is constructing a comprehensive "wind-solar-water-storage-hydrogen-carbon" industrial chain to facilitate its green transition [3]. Group 3: Future Prospects - The new energy industry at CRRC Zhuzhou Institute is nearing an annual output value of 20 billion yuan, with plans to explore energy IoT and digital energy directions [3]. - The establishment of a green energy division and a dual carbon research center indicates a strategic focus on integrating renewable energy resources [3].

Financial Performance - The company's operating revenue for 2024 reached RMB 53,778,787,056, representing a year-on-year increase of 20.50%[16] - Net profit attributable to shareholders for 2024 was RMB 3,948,755,845, reflecting a growth of 21.77% compared to the previous year[16] - Basic earnings per share for 2024 were RMB 2.62, up from RMB 2.15 in 2023, marking a growth of 21.86%[16] - The company's operating revenue for 2024 reached approximately ¥24.91 billion, representing a 13.9% increase from ¥21.96 billion in 2023[20] - Net profit attributable to shareholders for 2024 was approximately ¥3.70 billion, an increase of 21.8% compared to ¥3.04 billion in 2023[20] - The company achieved significant improvements in operational efficiency through digital transformation, enhancing inventory turnover rates[29] - The company achieved a historic revenue breakthrough of 24.91 billion RMB, representing a 13.42% increase compared to the previous year[41] - The net profit after deducting non-recurring gains and losses was 3.23 billion RMB, reflecting a 24.28% growth compared to the previous year[41] - The net cash flow from operating activities was 3.36 billion RMB, up 21.45% from the previous year[41] - The company's total assets increased to 64.80 billion RMB, a 20.50% rise compared to the previous year[41] - The total operating revenue for Q4 2024 reached RMB 8.52 billion, while net profit attributable to shareholders was RMB 1.25 billion, marking a significant increase[45] Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 64,802,246,319, an increase of 12.24% from the previous year[16] - The total liabilities as of December 31, 2024, were RMB 20,039,828,511, indicating a strategic focus on maintaining a healthy balance sheet[16] - Total equity attributable to shareholders as of December 31, 2024, was RMB 41,527,759,522, showing an increase of 27.99% year-on-year[16] - Cash and cash equivalents at the end of the period were RMB 10.652 billion, which is 16.44% of total assets, an increase of 34.71% compared to the previous period[200] - The company's total liabilities increased by 30.83% in accounts payable, amounting to RMB 8.2896 billion, which is 12.79% of total assets[200] Research and Development - Research and development expenses for 2024 were approximately ¥2.66 billion, a 28.8% increase from ¥2.06 billion in 2023[20] - The R&D investment accounted for 11.41% of operating revenue, an increase of 1.45 percentage points from the previous year[42] - The company has applied for 504 patents and has led or participated in the release of 38 international, national, and industry standards[29] - The company has developed a total of 3,762 effective domestic and international registered patents to protect its core technologies as of December 31, 2024[84] - The total R&D investment reached approximately RMB 2.84 billion, representing a 29.95% increase year-on-year, with R&D investment accounting for 11.41% of operating revenue, up from 9.96%[110] Market Position and Strategy - The company aims to enhance its market presence in the transportation and energy sectors, aligning with its vision to become a world-class enterprise[7] - The company aims to deepen its engagement in the transportation energy sector and accelerate the development of emerging sectors such as new energy generation and automotive equipment[41] - The company is confident in leveraging its industry advantages to consolidate its market position and create greater value for shareholders in the future[65] - The company holds a leading position in the domestic rail transit industry, maintaining a market share of over 30% in the traction converter systems sector from 2012 to 2024[74] - The company is focused on developing green and intelligent high-end rail transit equipment systems, aligning with national strategies for smart and low-carbon transportation[81] Acquisitions and Investments - The company acquired 100% equity of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., which will be included in the consolidated financial statements[18] - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, which will be included in the consolidated financial statements[22] - The company plans to enhance its investment layout, with the semiconductor Yixing Phase III project fully operational and the Zhuzhou Phase III project completing pile foundation construction[27] - The company has secured its first order for a new energy locomotive traction system, maintaining over 50% market share in the domestic urban rail traction system for 2024, marking 13 consecutive years as an industry leader[60] Challenges and Risks - The company faces risks related to unprofitability and significant performance declines, necessitating ongoing R&D for new technologies and products[155] - The international business strategy is challenged by economic slowdowns, trade protectionism, and supply chain issues, impacting overseas operations[158] - Financial risks arise from currency fluctuations due to increased international operations, necessitating effective foreign exchange risk management[159] - Geopolitical risks and economic uncertainties are affecting the company's overseas operations, leading to potential cost increases and order acquisition difficulties[162] Future Outlook - The company plans to focus on high-quality development and efficient operations in 2025, enhancing its core technology support[32] - The company aims to enhance profitability as a core management objective for 2024, focusing on high-quality development[59] - The company plans to continue focusing on high-quality development and seizing opportunities in intelligent, digital, and green development[164]

关于株洲中车时代电气股份有限公司 中国国际金融股份有限公司 首次公开发行股票并在科创板上市之持续督导保荐总结报告书 经中国证券监督管理委员会（以下简称"中国证监会"）《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）核准并 经上海证券交易所同意，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"或"上市公司"）获准在上海证券交易所上市。 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"）担任公司首次 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》 等有关规定，对公司首次公开发行股票并在科创板上市进行持续督导，持续督导期限 截至 2024 年 12 月 31 日，持续督导期已满。现根据《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》等有关法律法规和规范性文件的要求，出具 本持续督导保荐总结报告书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导性陈述 或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法律责任。 2、本机构及 ...

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 2024 年度持续督导工作现场检查报告 上海证券交易所： 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》等有关法律、法规 的规定，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"）作为正 在履行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"）持续督导 工作的保荐机构，对公司自 2024 年 1 月 1 日至 2024 年 12 月 31 日期间（以下简称"本 持续督导期"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：廖汉卿、李鑫 （三）现场检查时间：2025 年 4 月 3 日 （四）现场检查人员：廖汉卿 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状况等。 （六）现场检查手段 二、现场检查的具体事项及意见 （一）公司治理和内部控制情 ...

2024 年度持续督导跟踪报告 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》等有关法律、法规 的规定，中国国际金融股份有限公司（以下简称"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"）持续督导工作的保荐机构，负责时 代电气上市后的持续督导工作，并出具本持续督导年度报告书。 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 1 建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划 保荐机构已建立健全并有效执 行了持续督导制度，已根据公 司的具体情况制定了相应的工 作计划 2 根据中国证监会相关规定，在持续督导工作开始前，与 上市公司或相关当事人签署持续督导协议，明确双方在 持续督导期间的权利义务，并报上海证券交易所备案 保荐机构已与公司签订保荐协 议，该协议已明确了双方在持 续督导期间的权利义务，并报 上海证券交易所备案 3 通过日常沟通、定期回访、现场检查、尽职调查等方式 开展持续督导工作 持续督导期间，保荐机构 ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [2][8][5] Core Views - The company's revenue for 2024 is projected to be 24.91 billion RMB, representing a year-on-year increase of 14.27%, with a net profit of 3.70 billion RMB, up 19.22% year-on-year, aligning with previous expectations [2][5] - The rail transit equipment business is expected to benefit from a renewal and maintenance cycle, leading to a revenue increase of 13.37% year-on-year, while the emerging equipment business is projected to grow by 13.71% year-on-year [2][3] - The report highlights the company's strong market position in rail transit and the potential growth from silicon carbide applications and deep-sea equipment driven by policy support [2][4] Revenue and Profit Forecast - The company is expected to achieve total revenue of 29.10 billion RMB in 2025, with a net profit of 4.26 billion RMB, reflecting a growth rate of 15.09% [7][15] - The emerging equipment segment is projected to generate 11.70 billion RMB in revenue, while the rail transit segment is expected to contribute 17.24 billion RMB [16] Business Segments - Rail Transit: Revenue from rail transit equipment is expected to reach 14.64 billion RMB in 2025, with significant growth driven by the renewal and maintenance of existing infrastructure [3][4] - Emerging Equipment: This segment is anticipated to generate 11.70 billion RMB in revenue, with key growth areas including power semiconductor devices and new energy vehicle drive systems [4][16] Valuation Analysis - The target price for A shares is set at 58.89 RMB, while H shares are targeted at 39.17 HKD, based on a historical average AH premium of 61.2% [5][14] - The valuation for the emerging equipment business is estimated at 356 billion RMB, while the rail transit equipment and other businesses are valued at 450 billion RMB [14][15]