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11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12月1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 has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 5.01%, indicating volatility in its market performance [1]. 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 transit equipment, with a product structure that includes "devices + systems + complete machines" [1]. - The main business revenue composition includes rail transit equipment business at 56.58%, emerging equipment business at 42.94%, and other revenues at 0.48% [1]. Financial Performance - For the period from January to September 2025, Times Electric achieved an operating income of 18.83 billion yuan, representing a year-on-year growth of 15.83%. The net profit attributable to shareholders was 2.72 billion yuan, reflecting an increase of 8.77% [2]. - Since its A-share listing, Times Electric has distributed a total of 5.11 billion yuan in dividends, with 3.84 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Times Electric was 22,500, an increase of 3.10% from the previous period. The average circulating shares per person rose to 40,493, an increase of 201.21% [2]. - The top circulating shareholders include Hong Kong Central Clearing Limited, holding 16.42 million shares, and various ETFs with notable changes in their holdings [3].

国家知识产权局信息显示，株洲中车时代电气股份有限公司取得一项名为"一种测试夹具自动化管理系 统及方法"的专利，授权公告号CN115965039B，申请日期为2021年10月。 天眼查资料显示，株洲中车时代电气股份有限公司，成立于2005年，位于株洲市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本141154.0112万人民币。通过天眼查 大数据分析，株洲中车时代电气股份有限公司共对外投资了37家企业，参与招投标项目5000次，专利信 息3672条，此外企业还拥有行政许可151个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 ...

Core Insights - The article discusses the rapid growth and opportunities in the energy storage industry, particularly in the context of power market reforms and digitalization [2][3]. Group 1: Industry Trends - The global energy storage market is entering a "blowout period," with an increase in both project numbers and product specifications, leading to a tight supply of energy storage PCS (Power Conversion Systems) [3]. - The mainstream price range for 2.5MW PCS is between 0.075-0.078 yuan/W, with a penetration rate rapidly increasing to 70%-80%, making it the current industry standard [7][8]. Group 2: Company Developments - CRRC Zhuzhou Electric Locomotive Co., Ltd. (中车时代电气) has received over 2GW in orders for its liquid-cooled centralized storage PCS-2.5MW, which has passed national standard certification [4][8]. - Other companies such as Sungrow Power Supply, Shenghong Electric, and Kehua Data have also actively positioned themselves in the energy storage market [5]. Group 3: Product Innovations - The 2.5MW liquid-cooled centralized storage PCS developed by CRRC Zhuzhou Electric features a response time of 5 milliseconds and can handle overload outputs of three times the rated current within 10 seconds [4][7]. - The industry is transitioning towards 3MW+ PCS models, with companies like Xingyun Co., Ltd. and CRRC Zhuzhou Electric releasing models ranging from 3.2MW to 3.5MW to match larger capacity storage systems [10]. Group 4: Market Challenges - Transitioning from 2.5MW to 3MW+ PCS involves overcoming multiple technical challenges, including increased cooling requirements and the need for more complex control algorithms [11]. - The delivery cycle for large PCS has extended from 45 days to 75 days due to increased demand and supply chain constraints [13].

Core Viewpoint - The company has achieved significant progress in its energy storage business, ranking fourth globally in shipment volume for the first three quarters of the year, and maintains a positive outlook for future developments in this sector [1] Group 1: Company Strategy - The company has no plans to merge its energy storage business with Times Electric [1] - The company is actively expanding its customer base and has established a comprehensive cooperation agreement with a well-known system integrator in the industry [1] - The company aims to leverage its collaboration with China National Power Group to accelerate market expansion with system integrators [1] Group 2: Product Development - The company completed its first liquid-cooled centralized energy storage product by the third quarter of 2025 [1] - The company is focusing on creating differentiated technological advantages in high-voltage PCS (Power Conversion System) [1] - The company expresses strong confidence in the photovoltaic energy storage business [1]

Core Viewpoint - The company is actively expanding its energy storage converter (PCS) business to meet high demand in the coming years while ensuring stable gross margins despite rising raw material costs [1] Group 1: Production Capacity and Orders - The company is collaborating with Zhuzhou Institute on energy storage integration projects and is also exploring partnerships with other clients [1] - A comprehensive cooperation agreement has been reached with a well-known system integrator in the industry [1] Group 2: Future Plans and Market Confidence - The company has completed its first liquid-cooled centralized energy storage system by the third quarter of 2025 [1] - There is strong confidence in the photovoltaic energy storage business, with plans to develop differentiated technological advantages in high-voltage PCS [1] - The company aims to leverage its collaboration with CRRC New Energy to accelerate market expansion with system integrators [1] Group 3: Production Line Development - The company is simultaneously constructing production lines to support the expansion of its energy storage PCS market [1]

Core Viewpoint - The company maintains a market share of approximately 50% in the domestic high-voltage device market, with significant growth in its high-voltage IGBT business revenue, which reached around 600 million yuan in the first three quarters, reflecting a year-on-year increase of over 30% [1] Group 1 - The company's high-voltage IGBT business revenue for the first three quarters is approximately 600 million yuan [1] - The year-on-year growth rate of the high-voltage IGBT business revenue exceeds 30% [1] - The primary growth driver for the company is its power grid business [1] Group 2 - The company's market share in the domestic high-voltage device market is maintained at about 50% [1]

格隆汇11月27日丨时代电气(688187.SH)在互动平台表示，公司2025年完成了首款液冷集中式储能PCS- 2.5MW单支路PCS开发并获得市场订单超2GW，目前提供的储能产品以PCS为主。 ...

格隆汇11月27日丨时代电气(688187.SH)在互动平台表示，公司IGBT已经在储能领域有供货，由于产能 限制，目前占比不高。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 国家知识产权局信息显示，株洲中车时代电气股份有限公司取得一项名为"一种非接触式接触网参数检 测方法及装置"的专利，授权公告号CN 116934658 B，申请日期为2022年4月。 天眼查资料显示，株洲中车时代电气股份有限公司，成立于2005年，位于株洲市，是一家以从事铁路、 船舶、航空航天和其他运输设备制造业为主的企业。企业注册资本141154.0112万人民币。通过天眼查 大数据分析，株洲中车时代电气股份有限公司共对外投资了37家企业，参与招投标项目5000次，专利信 息3672条，此外企业还拥有行政许可151个。 作者：情报员 ...