中铁高铁电气装备股份有限公司 信息披露暂缓与豁免事务管理制度 第一章 总 则 第一条 为规范中铁高铁电气装备股份有限公司（以下简称"公司"）信息披露 暂缓与豁免事务，根据《上市公司信息披露暂缓与豁免管理规定》《科创板上市公司 持续监管办法》（试行）《上海证券交易所科创板股票上市规则》（以下简称"《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》 （以下简称"《规范运作指引》"）《上海证券交易所科创板上市公司自律监管指引 第 3 号——科创属性持续披露及相关事项》等法律、法规和规范性文件以及公司章程 的相关规定，并结合公司的实际情况，制定本制度。 第二条 本制度适用于公司各部门、各分公司、子公司或其他主体的负责人，其 他负有信息披露职责的公司人员和部门及相关信息披露义务人。 相关信息披露义务人包括公司及其董事、高级管理人员、股东、实际控制人，收 购人，重大资产重组、再融资、重大交易有关各方等自然人、单位及其相关人员，破 产管理人及其成员，以及法律、行政法规和中国证监会规定的其他承担信息披露义务 的主体。 第三条 信息披露义务人应当披露的信息存在《上市规则》《规范运作指引》及 上 ...

中铁高铁电气装备股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了规范中铁高铁电气装备股份有限公司（以下简称"公司"）的 治理结构，加强公司与投资者和潜在投资者（以下统称"投资者"）之间的沟通， 加深投资者对公司的了解和认同，促进公司诚信自律、规范运作，提升公司的投 资价值，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司与投资者关系管 理工作指引》等规范性文件及《中铁高铁电气装备股份有限公司章程》（以下简 称"《公司章程》"）等有关规定，制定本制度。 第二条 本制度所称投资者关系管理，是指公司通过便利股东权利行使、信 息披露、互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通， 增进投资者对公司的了解和认同，以提升公司治理水平和企业整体价值，实现尊 重投资者、回报投资者、保护投资者目的的相关活动。 第三条 投资者关系管理工作应严格遵守《公司法》《证券法》等有关法律、 法规及证券监管部门、上海证券交易所有关业务规则的规定。 第四条 投资者关系管理工作应体现公平、公正、公开原则，平等对待全体 投资者，保障所有投资者享有知 ...

中铁高铁电气装备股份有限公司 董事会专门委员会议事规则 1 目 录 3 审计委员会议事规则 第一章 总 则 第一条 为强化中铁高铁电气装备股份有限公司（以下简称"公司"）内部控制， 完善公司治理结构，根据《中华人民共和国公司法》（以下简称"公司法"）《中华人 民共和国证券法》《上市公司治理准则》《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》以及《公司章程》等有关法律、法规和规范性文件的规定， 公司特设立董事会审计委员会，并制定本规则。 第二条 审计委员会是董事会下设的专门机构，对董事会负责，向董事会报告工作。 审计委员会在董事会赋予的职权范围内行使监督权，行使《公司法》规定的监事会的职 权，负责公司内、外部审计的沟通、监督和核查等工作。 第三条 公司须为审计委员会提供必要的工作条件，配备专门人员或机构承担审计 委员会的工作联络、会议组织、材料准备和档案管理等日常工作。审计委员会履行职责 时，公司管理层及相关部门须给予配合。 第二章 审计委员会的构成 | 审计委员会议事规则 | | --- | | 第一章 总 则 | | 第二章 审计委员会的构成 . | | 第三章 职责权限 . | | ...

中铁高铁电气装备股份有限公司 信息披露管理制度 第一章 总 则 第一条 为了规范中铁高铁电气装备股份有限公司（以下简称"公司"）的 信息披露行为，加强信息披露事务管理，确保信息披露合法、真实、准确、完整、 及时，保护投资者合法权益，根据《中华人民共和国公司法》（以下称"《公司 法》"）、《中华人民共和国证券法》（以下称"《证券法》"）、《上市公司 信息披露管理办法》《上海证券交易所科创板股票上市规则》等法律、行政法规， 规范性文件及《中铁高铁电气装备股份有限公司章程》（以下简称"《公司章 程》"），制定本制度。 第二条 本制度所称"信息"是指将可能对公司证券及其衍生品种交易价 格产生较大影响而投资者尚未得知或影响投资者作出价值判断和投资决策的重 大信息； 本制度所称"披露"是指公司或相关信息披露义务人按法律、行政法规、部 门规章、其它规范性文件、本制度及上海证券交易所其他规定在上海证券交易所 网站和符合证券法规定条件的媒体上公告信息。 第三条 公司相关部门和人员或其他信息披露义务人不能确定其所涉及的 事项是否属于本制度所称"信息"，应及时与公司董事会秘书联系，并由公司董 事会秘书负责进行认定。 第四条 信息披 ...

[Definitions](index=4&type=section&id=第一节%20释义) This section defines key terms like the company, controlling shareholder, actual controller, and reporting period, ensuring clarity for report content [Definitions of Common Terms](index=4&type=section&id=常用词语释义) This chapter clarifies the definitions of frequently used terms within the report, including the company's identity and reporting period - Company refers to **China Railway High-speed Electrical Equipment Co., Ltd.**, with **China Railway Electrification Engineering Co., Ltd.** as the controlling shareholder and the **State-owned Assets Supervision and Administration Commission of the State Council** as the actual controller[10](index=10&type=chunk) - The reporting period spans from **January 1, 2025, to June 30, 2025**[10](index=10&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=第二节%20公司简介和主要财务指标) This section provides an overview of the company's fundamental information, including its registration details, contact information, stock profile, and key financial performance metrics [Company Basic Information](index=4&type=section&id=一、公司基本情况) This chapter outlines the company's essential registration details, such as its official name, legal representative, and primary addresses - Company Chinese Name: **China Railway High-speed Electrical Equipment Co., Ltd.**, Abbreviation: **CRH Electrical**[12](index=12&type=chunk) - Legal Representative: **Zhang Changyu**[12](index=12&type=chunk) - Company Registered Address: **No. 196 Gaoxin Avenue, High-tech Development Zone, Baoji City, Shaanxi Province**[12](index=12&type=chunk) [Contact Person and Contact Information](index=5&type=section&id=二、联系人和联系方式) This chapter lists the contact details for the company's Board Secretary and Securities Affairs Representative - Board Secretary: **Wang Shuping**, Securities Affairs Representative: **He Baoguo**[14](index=14&type=chunk) - Contact Phone: **0917-2829163**, Email: **gtdq@bjqcc.com**[14](index=14&type=chunk) [Brief Introduction to Information Disclosure and Document Placement Location Changes](index=5&type=section&id=三、信息披露及备置地点变更情况简介) This chapter specifies the official channels for the company's information disclosure and the location for report availability - Information Disclosure Newspapers: **"Shanghai Securities News"**, **"China Securities Journal"**, **"Securities Times"**, **"Securities Daily"**[15](index=15&type=chunk) - Website Address: **www.sse.com.cn**[15](index=15&type=chunk) [Brief Introduction to Company Shares/Depositary Receipts](index=5&type=section&id=四、公司股票/存托凭证简况) This chapter provides a concise overview of the company's stock type, listing details, and trading codes - Share Type: **A-shares**, Listing Exchange and Board: **Shanghai Stock Exchange STAR Market**[16](index=16&type=chunk) - Stock Abbreviation: **CRH Electrical**, Stock Code: **688285**[16](index=16&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=六、公司主要会计数据和财务指标) This chapter presents the company's key financial performance for the first half of 2025, highlighting revenue and net profit growth alongside negative operating cash flow Major Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Total Profit | 35,693,572.75 | 27,049,971.81 | 31.95 | | Net Profit Attributable to Shareholders of the Listed Company | 28,413,904.52 | 21,229,854.52 | 33.84 | | Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-recurring Gains and Losses | 25,944,069.14 | 16,356,859.33 | 58.61 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | Major Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Diluted Earnings Per Share (yuan/share) | 0.0755 | 0.0564 | 33.87 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | 0.0689 | 0.0435 | 58.39 | | Weighted Average Return on Net Assets (%) | 1.71 | 1.31 | Increased by 0.4 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 1.56 | 1.01 | Increased by 0.55 percentage points | | Proportion of R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | - **Total profit**, **net profit attributable to shareholders of the listed company**, **net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses**, **basic earnings per share**, and **diluted earnings per share** all increased due to **operating revenue growth**[18](index=18&type=chunk)[19](index=19&type=chunk) - The **proportion of R&D investment to operating revenue** decreased by **1.43 percentage points** year-on-year[18](index=18&type=chunk) [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=八、非经常性损益项目和金额) This chapter itemizes the company's non-recurring gains and losses for the reporting period, primarily government subsidies and other non-operating income Non-recurring Gains and Losses (Jan-Jun 2025) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | **Total** | **2,469,835.38** | [Management Discussion and Analysis](index=8&type=section&id=第三节%20管理层讨论与分析) This section provides an in-depth review of the company's industry, business operations, core competencies, risk factors, and key operating performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=一、报告期内公司所属行业及主营业务情况说明) This chapter details the company's industry classification and its core business activities, including railway electrification, urban rail transit, and expanding off-rail products - The company belongs to the manufacturing industry, specifically **railway, ship, aerospace, and other transportation equipment manufacturing**[25](index=25&type=chunk) - Main business includes R&D, design, manufacturing, and sales of **railway electrification contact network system equipment**, **urban rail transit power supply system equipment**, and **off-rail products**[25](index=25&type=chunk) - Off-rail product business layout covers **subframes, automotive gearbox components, wind power series, high-voltage electrical flanges, self-activating flame suppression products, and anti-loosening fasteners**[25](index=25&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=二、经营情况的讨论与分析) This chapter discusses the company's operational achievements in R&D, market expansion, talent development, and quality management during the reporting period - **R&D Innovation**: New busbar and roller-type busbar positioning clamps for urban rail transit were promoted in multiple subway lines; trough channels and 25kV rigid catenary systems for electrified railways were applied in high-speed rail projects; cast aluminum longitudinal beam semi-finished products for off-rail products achieved batch supply[25](index=25&type=chunk) - **Market Aspects**: Undertook multiple high-speed railway, passenger dedicated line, conventional railway, and urban rail transit projects, including the Guangzhou-Zhanjiang High-speed Railway, Chengdu-Chongqing Mid-line Railway, and Ningbo Metro Line 6[26](index=26&type=chunk) - **"Second Curve" Initiatives**: Continued cooperation with customers like Xi'an Shuangte Intelligent Transmission in the new energy vehicle sector, added new customers such as Baoji Xinyu Zhongyi Metal Processing Co., Ltd.; flame suppression products were applied in projects like the newly built Zhangzhou-Shantou High-speed Railway[27](index=27&type=chunk) - **Talent Development**: Strengthened the cadre and talent team, formulated the "Middle Management Cadre Management Measures" and a series of talent training systems, enhancing the comprehensive strength of the professional technical team[27](index=27&type=chunk) - **Quality and Safety Production**: Continuously improved quality, with effective operation of ISO9001 and IATF16949 quality management systems; established a "Dual Prevention Mechanism for Safety Risk Classification and Control and Hidden Hazard Investigation and Rectification," passed ISO14001 and ISO45001 certifications, awarded "National Green Factory" title, achieving a zero-accident goal[28](index=28&type=chunk)[29](index=29&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=三、报告期内核心竞争力分析) This chapter analyzes the company's core strengths in technology, market position, talent, and corporate culture, which underpin its industry leadership [Technological Competitiveness](index=9&type=section&id=1、技术竞争力) This chapter highlights the company's commitment to innovation, evidenced by national honors, R&D collaborations, increasing patent portfolio, and showcased advanced technologies - The company has been awarded "National Enterprise Technology Center Sub-center" and "National Intellectual Property Advantage Enterprise" honors, and is a **primary drafter of technical standards** in the electrified railway contact network industry[30](index=30&type=chunk) - Adopts a model primarily based on **independent R&D, supplemented by collaborative R&D**, jointly tackling key issues with enterprises, universities, and design institutes, with multiple technical products receiving **China Railway Engineering Group Co., Ltd. and China Railway Society Science and Technology Awards**[31](index=31&type=chunk) - During the reporting period, obtained **35 authorized patents (including 10 invention patents)** and applied for **16 patents (including 2 invention patents)**, accumulating **355 valid intellectual property rights (79 invention patents, including 3 PCT)**[32](index=32&type=chunk) - Showcased cutting-edge technological achievements such as the **overhead rigid catenary system** and **simplified catenary cantilever positioning device**, expanding business channels[32](index=32&type=chunk) [Market Position, Reputation, and Brand Competitiveness](index=9&type=section&id=2、市场地位、口碑及声誉竞争力) This chapter emphasizes the company's leading market position, comprehensive product range, involvement in major national and international projects, and strong brand reputation - The company is the **largest manufacturer of contact network components in China**, participates in setting industry standards, with simplified contact network products successfully tested on the Beijing-Shenyang High-speed Railway and fully applied on the Indonesia Jakarta-Bandung High-speed Railway[34](index=34&type=chunk) - Actively participates in national **"Belt and Road" initiative projects**, providing products for overseas projects such as the Indonesia Jakarta-Bandung High-speed Railway and China-Laos Railway, laying the foundation for overseas markets[34](index=34&type=chunk) - Holds a **significant market share in urban rail transit power supply equipment**, with products covering various rail transit modes, suitable for rigid catenary, flexible catenary, and contact rail systems[35](index=35&type=chunk) - Received honors such as "Excellent Supplier" and "Advanced Unit" in multiple projects, and continuously increases investment and R&D in civilian products like new energy vehicles[36](index=36&type=chunk) [Talent Competitiveness](index=10&type=section&id=3、人才竞争力) This chapter highlights the company's stable, high-caliber talent pool, supported by a robust talent development and compensation system that fosters innovation - The company has formed a **stable, high-quality, composite professional technical and management talent team**[36](index=36&type=chunk) - By establishing a **scientific, reasonable, and efficient talent training system**, improving the compensation distribution mechanism, and optimizing human resource allocation, the company stimulates talent innovation and efficiency[36](index=36&type=chunk) [Corporate Culture Competitiveness](index=10&type=section&id=4、企业文化竞争力) This chapter describes the company's strategic positioning and cultural initiatives, which align with its parent company's "Pioneer" philosophy, enhancing brand value and industry influence - The company is positioned as a **"leader in traction power supply equipment technology innovation, promoter of intelligent transformation in construction and operation & maintenance, and practitioner of green and low-carbon development"**[37](index=37&type=chunk) - Actively implements **China Railway's "Pioneer" cultural concept** and China Railway Electrification Bureau's "Tianyi Culture" concept, building a distinctive "CRH Electrical" corporate culture[37](index=37&type=chunk) - Continuously enhances **brand premium and industry leadership** through technological innovation, quality upgrades, and fulfillment of social responsibilities[38](index=38&type=chunk) [Core Technologies and R&D Progress](index=11&type=section&id=(三)%20核心技术与研发进展) This chapter details the company's sustained focus on R&D, including numerous research projects, patent achievements, standard contributions, and awards, despite a slight decrease in R&D investment - **Core Technologies and Their Advanced Nature**: During the reporting period, **50 scientific research projects** were executed, including **2 national key R&D programs**, **1 Shaanxi Province technology innovation guidance project**, **1 China Railway Qinghai-Tibet Group Co., Ltd. project**, and **14 China Railway Electrification Bureau Group Co., Ltd. projects**[39](index=39&type=chunk) - Focused on major scientific research topics such as **"Online Monitoring and Early Warning System for Contact Rail Expansion Joints"** and **"Research on Electrified Road Contact Network System Technology and Key Equipment"**, promoting new technology applications and product iteration upgrades[39](index=39&type=chunk) - Scientific research achievements such as **new busbars and roller-type busbar positioning clamps** in urban rail transit were promoted in multiple subway lines; electrified railway **pre-embedded trough channels and 25kV rigid catenary products** were applied in high-speed railway projects[40](index=40&type=chunk) National Specialized, Refined, and New "Little Giant" Enterprise, Manufacturing "Single Champion" Recognition Status | Certifying Body | Title | Certification Year | Product Name | | :--- | :--- | :--- | :--- | | Ministry of Industry and Information Technology, China Federation of Industrial Economics | Single Champion Product | 2021 | Electrified Railway Contact Network Products | - **Major Scientific Research Projects**: In 2025, the company carried out a total of **50 research projects**, participated in **2 national-level projects**; participated in **1 China Railway Qinghai-Tibet Group Co., Ltd. project**; undertook **1 Shaanxi Provincial Department of Science and Technology project**; and undertook **14 China Railway Electrification Bureau Group Co., Ltd. projects**[41](index=41&type=chunk) - **Patents**: During the reporting period, the company applied for **16 patents, including 2 invention patents**; obtained **35 authorized patents, including 10 invention patents**. As of June 30, 2025, the company cumulatively owned **355 valid intellectual property rights**, including **79 invention patents (including 3 PCT)** and **8 software copyrights**[42](index=42&type=chunk) - **Standards**: During the reporting period, the company participated in the compilation of **17 standards**, adding **1 industry standard "Technical Requirements for Steel-Aluminum Composite Conductive Rails for Urban Rail Transit"**, and **2 group standards "General Technical Requirements for Fluoroketone Microcapsule Fire Extinguishing Products"** and **"Design Specifications for AC Traction Power Supply Systems for Intercity (Suburban) Railways"**. One group standard, **"T/CIET1140-2025 Technical Requirements for Microcapsule Perfluorohexanone Fire Extinguishing Agent"**, which the company participated in compiling, was released and implemented on April 2, 2025[47](index=47&type=chunk) Awards | No. | Award Date | Award Name | Technical Product | Awarding Unit | | :--- | :--- | :--- | :--- | :--- | | 1 | 2025.01.09 | Second Prize for Science and Technology Award | High-speed Railway Contact Network Vibration Fatigue Characteristics and Key Technologies and Applications | China Railway Society | | 2 | 2025.01.09 | Third Prize for Science and Technology Award | 160 Overhead Rigid Catenary System Technology and Equipment Research | China Railway Society | | 3 | 2025.01.15 | Second Prize for Science and Technology Award | Research on Key Technologies and Engineering Applications of Overseas Engineering Power Supply Systems | China Railway Engineering Group Co., Ltd. | | 4 | 2025.01.15 | Third Prize for Science and Technology Award | New Series of High-speed Railway Terminal Anchoring Clamps | China Railway Engineering Group Co., Ltd. | R&D Investment Status | Indicator | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Capitalized R&D Investment | - | - | - | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | -9.09 | | Proportion of Total R&D Investment to Operating Revenue (%) | 3.95 | 5.38 | Decreased by 1.43 percentage points | | Proportion of Capitalized R&D Investment (%) | - | - | - | In-Progress Projects (Partial) | No. | Project Name | Estimated Total Investment (yuan) | Current Period Investment (yuan) | Cumulative Investment (yuan) | | :--- | :--- | :--- | :--- | :--- | | 1 | AC27.5kV Insulated Cantilever Device Technology and Process Research | 3,500,000.00 | 418,839.01 | 3,753,948.61 | | 2 | Research on Contact Network Thread Fastener Adaptability | 1,200,000.00 | 41.50 | 2,334,541.79 | | 3 | Online Monitoring and Early Warning System for Contact Rail Expansion Joints | 1,000,000.00 | 560,691.58 | 1,873,121.12 | | 10 | Research on Electrified Road Contact Network System Equipment Application | 1,550,000.00 | 593,867.59 | 1,027,603.00 | R&D Personnel Status | Indicator | Current Period | | :--- | :--- | | Number of Company R&D Personnel (people) | 113 | | Proportion of R&D Personnel to Total Company Staff (%) | 14.39 | | Total R&D Personnel Compensation (million yuan) | 7.7996 | | Average R&D Personnel Compensation (million yuan) | 0.069 | | Education Composition: Bachelor's Degree | 89 people (78.76%) | | Age Structure: 30-40 years old | 57 people (50.44%) | [Risk Factors](index=39&type=section&id=四、风险因素) This chapter identifies key risks including R&D, customer concentration, industry cycles, policy changes, raw material costs, receivables, inventory, and gross margin, along with mitigation strategies - **Product R&D and Technology Update Risks**: Failure to keep pace with technological advancements or new products not meeting demand could lead to market share decline. Countermeasures include continuous technological innovation, proactive market positioning, building an industry-academia-research-application system, increasing R&D investment, and talent acquisition[77](index=77&type=chunk)[78](index=78&type=chunk) - **High Customer Concentration and High Proportion of Related-Party Transactions Risks**: Major customers are mostly central and state-owned enterprises, and a high proportion of related-party transactions may lead to a lack of fairness in transaction prices and impact cash recovery. Countermeasures include continuous expansion of off-rail product markets, improving related-party transaction management systems, and strengthening monitoring of related parties' operating conditions[79](index=79&type=chunk)[80](index=80&type=chunk) - **Cyclical Changes in Railway and Urban Rail Transit Construction Risks**: Influenced by macroeconomic policies and investment plans, construction projects may be delayed or reduced, leading to a decline in product demand. Countermeasures include closely monitoring policy dynamics, anticipating market changes, reasonably adjusting production scale and inventory, and expanding diversified business layouts[80](index=80&type=chunk)[81](index=81&type=chunk) - **Industry Policy Change Risks**: The company's industry development heavily relies on national industrial policies, and policy adjustments will directly affect operating performance. Countermeasures include deepening main business, increasing investment in emerging markets like urban rail transit, and continuously increasing R&D investment[81](index=81&type=chunk)[82](index=82&type=chunk) - **Raw Material Risks**: Fluctuations in raw material market prices may lead to significant fluctuations in procurement costs. Countermeasures include monitoring market conditions, public bidding for procurement, maintaining safety stock, and prudent material preparation[82](index=82&type=chunk)[83](index=83&type=chunk) - **Large Accounts Receivable Balance and Low Turnover Rate Risks**: Slow collection of accounts receivable may affect financial condition and operating results. Countermeasures include assigning responsibility for accounts receivable, setting collection targets, accelerating settlement procedures, and prioritizing collection of old outstanding payments[83](index=83&type=chunk)[84](index=84&type=chunk) - **Large Inventory Balance and Impairment Risks**: A large book value of goods issued, if customers face operational difficulties or acceptance is delayed, may lead to inventory impairment. Countermeasures include setting year-end inventory targets, accelerating "collection," and formulating sales invoicing targets[84](index=84&type=chunk)[85](index=85&type=chunk) - **Gross Profit Margin Decline Risks**: The gross profit margin of the main business decreased during the reporting period; if the proportion of high-speed rail product revenue decreases or costs are not controlled, the overall gross profit margin may decline. Countermeasures include increasing operational efforts to gain market share and increasing R&D investment in new technologies and products[85](index=85&type=chunk) [Key Operating Performance During the Reporting Period](index=41&type=section&id=五、报告期内主要经营情况) This chapter summarizes the company's operational and financial performance, noting revenue and net profit growth, changes in key financial statement items, and asset-liability structure [Analysis of Main Business](index=41&type=section&id=(一)%20主营业务分析) This chapter analyzes the main business performance, showing increases in operating revenue and cost, significant rises in selling and financial expenses, and decreases in administrative and R&D expenses Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period (yuan) | Prior Year Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 533,415,177.73 | 430,117,971.30 | 24.02 | | Operating Cost | 433,808,389.38 | 344,460,143.02 | 25.94 | | Selling Expenses | 20,819,331.29 | 15,817,253.68 | 31.62 | | Administrative Expenses | 16,607,477.04 | 17,071,127.73 | -2.72 | | Financial Expenses | 1,358,441.98 | 8,543.14 | 15,800.97 | | R&D Expenses | 21,054,020.65 | 23,158,044.99 | -9.09 | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | Not Applicable | - **Selling expenses** changed primarily due to **business growth and increased operating expenses**[88](index=88&type=chunk) - **Financial expenses** changed primarily due to **lower interest expenses compared to the prior year**, which reduced the offset against financial expenses, and a **small base in the prior year**[89](index=89&type=chunk) [Analysis of Assets and Liabilities](index=42&type=section&id=(三)%20资产、负债情况分析) This chapter analyzes the company's asset and liability structure, noting a slight decrease in total assets, an increase in net assets, and significant changes in specific current asset and construction in progress items Assets and Liabilities Status (Period-end vs. Prior Year-end) | Item Name | Current Period-end (yuan) | Prior Year-end (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 476,316,136.94 | 606,730,283.50 | -21.49 | | Notes Receivable | 23,072,640.14 | 60,985,871.97 | -62.17 | | Accounts Receivable | 1,298,128,731.98 | 1,224,211,474.41 | 6.04 | | Inventories | 390,021,165.55 | 339,313,223.76 | 14.94 | | Construction in Progress | 2,945,809.05 | 436,988.65 | 574.12 | | Short-term Borrowings | 209,621,635.62 | 209,640,933.32 | -0.01 | | Notes Payable | 53,293,767.19 | 90,662,829.91 | -41.22 | | Accounts Payable | 976,112,347.11 | 945,707,878.22 | 3.21 | - **Notes receivable** period-end balance decreased by **62.17%** compared to the period-beginning, primarily because **endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period**[92](index=92&type=chunk)[273](index=273&type=chunk) - **Construction in progress** period-end balance increased by **574.12%** compared to the period-beginning, primarily due to the **construction of the science and technology industrial park staff restaurant**[93](index=93&type=chunk)[345](index=345&type=chunk) - **Notes payable** period-end balance decreased by **41.22%** compared to the period-beginning, primarily due to the **repayment of matured notes payable**[93](index=93&type=chunk)[362](index=362&type=chunk) [Analysis of Investment Status](index=43&type=section&id=(四)%20投资状况分析) This chapter confirms that the company did not engage in any significant equity or non-equity investments, nor did it measure financial assets at fair value during the reporting period - During the reporting period, there were **no significant equity investments, non-equity investments, or financial assets measured at fair value**[95](index=95&type=chunk) [Analysis of Major Holding and Participating Companies](index=44&type=section&id=(六)%20主要控股参股公司分析) This chapter focuses on Baoji Baodeli Electrical Equipment Co., Ltd., a key subsidiary, detailing its main business and financial performance for the reporting period - Controlled subsidiary **Baoji Baodeli Electrical Equipment Co., Ltd.** primarily engages in the R&D, design, manufacturing, and sales of **electrified railway contact network products**, with the company holding **95% equity**[97](index=97&type=chunk) Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Data (Jan-Jun 2025) | Indicator | Amount (yuan) | | :--- | :--- | | Total Assets | 687,103,850.25 | | Net Assets | 278,277,778.37 | | Main Business Revenue | 213,322,606.67 | | Total Profit | 56,007,437.00 | | Net Profit | 47,369,502.85 | [Corporate Governance, Environment, and Society](index=45&type=section&id=第四节%20公司治理、环境和社会) This section covers changes in the company's governance structure, including personnel adjustments and proposed profit distribution plans [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=45&type=section&id=一、公司董事、监事、高级管理人员和核心技术人员变动情况) This chapter reports a change in the company's senior management, specifically the resignation of Deputy General Manager Luo Zhen due to work transfer - Deputy General Manager **Luo Zhen resigned from his position** due to work transfer and no longer holds any position in the company after resignation[100](index=100&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=45&type=section&id=二、利润分配或资本公积金转增预案) This chapter outlines the proposed 2025 semi-annual profit distribution plan, involving a cash dividend based on 10% of the net profit attributable to shareholders - The company plans to distribute **10% of the net profit attributable to shareholders of the listed company** for the first half of the year[100](index=100&type=chunk) - Based on the total share capital as of June 30, 2025, a cash dividend of **0.08 yuan (including tax) per 10 shares** is proposed to all shareholders[100](index=100&type=chunk) - The total proposed cash dividend is **3.0103 million yuan (including tax)**, accounting for **10.59% of the consolidated net profit attributable to the parent company** for the current period[100](index=100&type=chunk) [Significant Matters](index=47&type=section&id=第五节%20重要事项) This section addresses the company's fulfillment of commitments, absence of fund occupation or illegal guarantees, and progress in using raised funds [Fulfillment of Commitments](index=47&type=section&id=一、承诺事项履行情况) This chapter confirms that the company and its related parties have strictly fulfilled all commitments made during the initial public offering and STAR Market listing - The company, China Railway Engineering Group, China Railway Electrification Engineering, Aiderui, and other committing parties have all **strictly fulfilled various commitments** regarding fraudulent issuance repurchase, prospectus truthfulness, avoidance of horizontal competition, standardization of related-party transactions, and profit distribution[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - All commitments had fulfillment deadlines and were **timely and strictly fulfilled**, with **no instances of failure to fulfill on time**[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) [Non-operating Fund Occupation by Controlling Shareholder and Other Related Parties During the Reporting Period](index=58&type=section&id=二、报告期内控股股东及其他关联方非经营性占用资金情况) This chapter states that there was no non-operating occupation of company funds by the controlling shareholder or other related parties during the reporting period - During the reporting period, there was **no non-operating occupation of funds by the controlling shareholder or other related parties**[116](index=116&type=chunk) [Illegal Guarantees](index=58&type=section&id=三、违规担保情况) This chapter confirms the absence of any illegal external guarantees provided by the company during the reporting period - During the reporting period, there were **no instances of providing external guarantees in violation of regulatory procedures**[6](index=6&type=chunk)[116](index=116&type=chunk) [Major Litigation and Arbitration Matters](index=59&type=section&id=七、重大诉讼、仲裁事项) This chapter states that the company had no major litigation or arbitration matters during the reporting period - The company had **no major litigation or arbitration matters** in the current reporting period[117](index=117&type=chunk) [Major Related-Party Transactions](index=59&type=section&id=十、重大关联交易) This chapter confirms the absence of undisclosed significant related-party transactions, including those related to operations, asset/equity changes, joint investments, or debt - During the reporting period, there were **no related-party transactions related to daily operations that were not disclosed in temporary announcements**[117](index=117&type=chunk) - During the reporting period, there were **no related-party transactions involving asset or equity acquisition/disposal**[117](index=117&type=chunk) - During the reporting period, there were **no significant related-party transactions involving joint external investments**[118](index=118&type=chunk) - During the reporting period, there were **no related-party creditor-debtor relationships**[118](index=118&type=chunk) [Explanation of Progress in Use of Raised Funds](index=62&type=section&id=十二、募集资金使用进展说明) This chapter details the progress of the company's initial public offering funds, with a cumulative investment of 424.572 million yuan, representing 66.82% of the total Overall Use of Raised Funds | Indicator | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 675.6380 | | Net Raised Funds | 635.3896 | | Cumulative Raised Funds Invested as of Period-end | 424.5720 | | Cumulative Raised Funds Investment Progress as of Period-end (%) | 66.82 | | Amount Invested in Current Year | 14.9734 | | Total Raised Funds with Changed Purpose | 88.9800 | Details of Raised Fund Investment Projects | Project Name | Committed Investment of Raised Funds (million yuan) | Cumulative Raised Funds Invested as of Period-end (million yuan) | Cumulative Raised Funds Investment Progress as of Period-end (%) | Amount Invested in Current Year (million yuan) | | :--- | :--- | :--- | :--- | :--- | | High-speed Railway Contact Network Production Equipment Intelligent Manufacturing Project | 49.9037 | 44.6945 | 89.56 | 10.1100 | | Rail Transit Power Supply Equipment Smart Industrial Park Construction Project | 346.1369 | 213.8472 | 61.78 | 107.5664 | | R&D Center Construction Project | 109.5612 | 35.4610 | 32.37 | 75.2078 | | Supplementary Working Capital/Repayment of Bank Loans Project | 129.7879 | 130.5693 | 100.60 | 0.970 | - All raised fund investment projects have **reached their intended usable state** and have **not undergone significant changes**[123](index=123&type=chunk)[124](index=124&type=chunk) [Share Changes and Shareholder Information](index=65&type=section&id=第六节%20股份变动及股东情况) This section provides an overview of the company's share capital stability and detailed information on its shareholder structure, including the top ten shareholders [Changes in Share Capital](index=65&type=section&id=一、股本变动情况) This chapter confirms that there were no changes in the company's total ordinary shares or share capital structure during the reporting period - During the reporting period, there were **no changes in the company's total ordinary shares or share capital structure**[127](index=127&type=chunk) [Shareholder Information](index=66&type=section&id=二、股东情况) This chapter details the company's shareholder base, including the total number of ordinary shareholders and the holdings of the top ten shareholders, with China Railway Electrification Engineering Co., Ltd. as the largest - As of the end of the reporting period, the total number of ordinary shareholders was: **7,504**[129](index=129&type=chunk) Top Ten Shareholders' Holdings (Period-end) | Shareholder Name | Shares Held at Period-end (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | 268,681,583 | 71.40 | State-owned Legal Entity | | Sichuan Aiderui Electrical Co., Ltd. | 13,508,330 | 3.59 | State-owned Legal Entity | | Li Shengjun | 8,389,112 | 2.23 | Domestic Natural Person | | Li Baifeng | 2,485,065 | 0.66 | Domestic Natural Person | | Cao Dong | 2,442,548 | 0.65 | Domestic Natural Person | | Li Li | 1,528,424 | 0.41 | Domestic Natural Person | | Chen Feng | 1,407,900 | 0.37 | Domestic Natural Person | | Yuan Donghong | 1,260,000 | 0.33 | Domestic Natural Person | | Tang Youchui | 1,183,682 | 0.31 | Domestic Natural Person | | Wang Kefang | 1,000,000 | 0.27 | Domestic Natural Person | - **China Railway Electrification Engineering** and **Aiderui** have an **associated relationship**, being controlled by the **same actual controller (China Railway Engineering Group)**[131](index=131&type=chunk) [Bond-Related Information](index=69&type=section&id=第七节%20债券相关情况) This section confirms that the company did not have any corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=69&type=section&id=一、公司债券（含企业债券）和非金融企业债务融资工具) This chapter states that the company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[135](index=135&type=chunk) [Convertible Corporate Bonds](index=69&type=section&id=二、可转换公司债券情况) This chapter confirms the absence of any convertible corporate bonds for the company during the reporting period - During the reporting period, the company had **no convertible corporate bonds**[135](index=135&type=chunk) [Financial Report](index=70&type=section&id=第八节%20财务报告) This section encompasses the company's unaudited financial statements, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [Audit Report](index=70&type=section&id=一、审计报告) This chapter states that the semi-annual report has not been audited - This semi-annual report is **unaudited**[4](index=4&type=chunk)[137](index=137&type=chunk) [Financial Statements](index=70&type=section&id=二、财务报表) This chapter presents the company's consolidated and parent company financial statements for the first half of 2025, offering a comprehensive view of its financial position and performance Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 3,019,219,812.93 | 3,075,351,274.37 | | Total Liabilities | 1,335,905,333.89 | 1,413,056,659.38 | | Total Owners' Equity Attributable to Parent Company | 1,670,046,299.99 | 1,646,147,874.43 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 533,415,177.73 | 430,117,971.30 | | Total Profit | 35,693,572.75 | 27,049,971.81 | | Net Profit Attributable to Parent Company Shareholders | 28,413,904.52 | 21,229,854.52 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -97,013,337.47 | -14,315,257.74 | | Net Cash Flow from Investing Activities | -23,212,306.29 | -48,399,178.91 | | Net Cash Flow from Financing Activities | -10,188,502.80 | -15,956,033.36 | | Net Increase in Cash and Cash Equivalents | -130,414,146.56 | -78,670,470.01 | [Company Basic Information](index=96&type=section&id=三、公司基本情况) This chapter provides an overview of the company's foundational details, including its registration, historical development, listing status, and core business focus in rail transit equipment - Company registered place and headquarters address: **No. 196 Gaoxin Avenue, Baoji City, Shaanxi Province**, company type is **joint-stock limited company**[175](index=175&type=chunk) - The company's predecessor was **Baoji Material Factory of China Railway Electrification Bureau Group**, and it was listed on the **STAR Market of the Shanghai Stock Exchange on October 20, 2021**[175](index=175&type=chunk)[176](index=176&type=chunk) - Main business focuses on the R&D, design, manufacturing, and sales of **electrified railway contact network products and urban rail transit power supply equipment**[176](index=176&type=chunk) [Basis of Financial Statement Preparation](index=96&type=section&id=四、财务报表的编制基础) This chapter explains that the financial statements are prepared on a going concern basis, adhering to accounting standards and regulatory requirements, using the accrual basis and historical cost - Financial statements are prepared on a **going concern basis**, in accordance with **enterprise accounting standards and relevant disclosure regulations of the China Securities Regulatory Commission**[177](index=177&type=chunk) - Accounting is based on the **accrual method**, and except for certain financial instruments, all are measured at **historical cost**[177](index=177&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=96&type=section&id=五、重要会计政策及会计估计) This chapter comprehensively details the company's significant accounting policies and estimates, covering various financial instruments, assets, liabilities, revenue recognition, and recent accounting standard interpretations - The company's accounting year runs from **January 1 to December 31** of the Gregorian calendar, and the **functional currency is RMB**[180](index=180&type=chunk)[182](index=182&type=chunk) Materiality Standards | Item | Materiality Standard | | :--- | :--- | | Material Accounts Receivable | Top five accounts receivable balances at period-end | | Material Construction in Progress Projects | Single project's current period investment amount accounts for 0.5% of total assets | | Material Accounts Payable Over One Year Old | Amount greater than or equal to 5 million yuan | | Material Other Payables Over One Year Old or Overdue | Amount greater than or equal to 0.6 million yuan | | Material Non-wholly Owned Subsidiaries | Non-wholly owned subsidiary's absolute revenue amount ≥ 30% of company's total revenue | - Financial assets are classified into three categories: **measured at amortized cost**, **measured at fair value with changes recognized in other comprehensive income**, and **measured at fair value with changes recognized in profit or loss**[198](index=198&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Useful Life (years) | Salvage Rate (%) | Annual Depreciation Rate (%) | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 10-30 | 0-5.00 | 3.17-10.00 | | Machinery and Equipment | Straight-line method | 5-15 | 0-5.00 | 6.33-20.00 | | Transportation Equipment | Straight-line method | 4-10 | 0-5.00 | 9.50-25.00 | | Office Equipment | Straight-line method | 3-10 | 0-5.00 | 9.50-33.33 | Intangible Asset Amortization Methods | Asset Category | Useful Life (years) | Amortization Method | | :--- | :--- | :--- | | Land Use Rights | Useful life on land use right certificate | Straight-line method | | Software | 3-10 | Straight-line method | - Revenue recognition principle is to recognize revenue when the **customer obtains control of the related goods**, primarily including revenue from **electrified railway contact network components, urban rail transit power supply products, and off-rail products**[248](index=248&type=chunk)[251](index=251&type=chunk) - **Significant Accounting Policy Changes**: The Ministry of Finance issued "Interpretation No. 17 of Enterprise Accounting Standards" on November 9, 2023, and "Interpretation No. 18 of Enterprise Accounting Standards" on December 31, 2024, clarifying the classification of current and non-current liabilities and the accounting treatment of guarantee-type quality deposits, but these had **no significant impact on the company's financial statements** during the reporting period[265](index=265&type=chunk) [Taxation](index=116&type=section&id=六、税项) This chapter details the company's primary tax categories and rates, and explains the income tax preferential policy for high-tech enterprises and the VAT additional deduction for advanced manufacturing Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | 7% | | Enterprise Income Tax | 15% | - The company and its subsidiary, **Baoji Baodeli Electrical Equipment Co., Ltd.**, are both recognized as **high-tech enterprises**, enjoying a **15% reduced enterprise income tax rate** from 2023 to 2025[267](index=267&type=chunk) - The company and its subsidiary, as **advanced manufacturing enterprises**, enjoy a **5% additional VAT deduction** from January 1, 2023, to December 31, 2027[268](index=268&type=chunk) [Notes to Consolidated Financial Statement Items](index=116&type=section&id=七、合并财务报表项目注释) This chapter provides detailed explanations and period-end/period-beginning comparisons for various items within the consolidated financial statements, including assets, liabilities, income, and expenses Cash and Bank Balances (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Deposits | 476,316,136.94 | 606,730,283.50 | | Total | 476,316,136.94 | 606,730,283.50 | Notes Receivable (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 9,834,500.00 | 51,147,772.92 | | Commercial Acceptance Bills | 15,007,571.14 | 10,193,454.78 | | Subtotal | 24,842,071.14 | 61,341,227.70 | | Less: Impairment Provision | 1,769,431.00 | 355,355.73 | | Total | 23,072,640.14 | 60,985,871.97 | - **Notes receivable** period-end balance decreased by **62.17%** compared to the period-beginning, primarily because **endorsed but unmatured acceptance bills at the beginning of the period matured in the current reporting period**[92](index=92&type=chunk)[273](index=273&type=chunk) Accounts Receivable (Period-end vs. Period-beginning) | Age | Period-end Book Balance (yuan) | Period-beginning Book Balance (yuan) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 712,631,030.34 | 631,581,987.91 | | 1 to 2 years | 236,995,536.28 | 253,957,112.09 | | 2 to 3 years | 185,731,269.95 | 205,367,744.62 | | Over 3 years | 225,970,647.15 | 191,478,999.29 | | Subtotal | 1,361,338,483.72 | 1,282,385,843.91 | | Less: Impairment Provision | 63,209,751.74 | 58,174,369.50 | | Total | 1,298,128,731.98 | 1,224,211,474.41 | Inventory Classification (Period-end Book Value vs. Period-beginning Book Value) | Item | Period-end Book Value (yuan) | Period-beginning Book Value (yuan) | | :--- | :--- | :--- | | Raw Materials | 63,496,777.83 | 46,023,289.47 | | Work in Progress and Semi-finished Goods | 115,657,078.97 | 121,172,235.05 | | Finished Goods | 37,981,594.49 | 26,490,777.37 | | Goods Issued | 172,796,424.15 | 145,561,024.66 | | Consigned Processing Materials | 89,290.11 | 65,897.21 | | Total | 390,021,165.55 | 339,313,223.76 | Construction in Progress (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | TMS Software System | 436,988.65 | 436,988.65 | | Science and Technology Industrial Park Staff Restaurant | 2,508,820.40 | - | | Total | 2,945,809.05 | 436,988.65 | - **Construction in progress** period-end balance increased by **574.12%** compared to the period-beginning, primarily due to the **construction of the science and technology industrial park staff restaurant**[93](index=93&type=chunk)[345](index=345&type=chunk) Short-term Borrowings (Period-end vs. Period-beginning) | Item | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Credit Loans | 209,621,635.62 | 209,640,933.32 | | Total | 209,621,635.62 | 209,640,933.32 | Notes Payable (Period-end vs. Period-beginning) | Type | Period-end Balance (yuan) | Period-beginning Balance (yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 10,231,815.95 | 66,223,153.77 | | Commercial Acceptance Bills | 43,061,951.24 | 24,439,676.14 | | Total | 53,293,767.19 | 90,662,829.91 | - **Notes payable** period-end balance decreased by **41.22%** compared to the period-beginning, primarily due to the **repayment of matured notes payable**[93](index=93&type=chunk)[362](index=362&type=chunk) Operating Revenue and Operating Cost (Current Period vs. Prior Period) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 523,017,259.74 | 425,884,558.19 | | Other Business | 10,397,917.99 | 7,923,831.19 | | Total | 533,415,177.73 | 433,808,389.38 | Selling Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 5,269,535.77 | 4,246,946.15 | | Business Entertainment Expenses | 4,466,832.50 | 3,726,831.06 | | Travel Expenses | 2,906,365.88 | 3,040,664.50 | | Bidding Expenses | 4,952,800.11 | 3,219,094.29 | | Other | 3,223,178.03 | 1,583,718.78 | | Total | 20,819,331.29 | 15,817,253.68 | - **Selling expenses** for the current period increased by **31.62%** year-on-year, primarily due to **business growth and increased operating expenses**[88](index=88&type=chunk)[409](index=409&type=chunk) Financial Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Interest Expense | 2,549,304.15 | 2,698,182.72 | | Less: Interest Income | 1,633,263.38 | 3,014,342.98 | | Exchange Gains/Losses | 3,908.23 | -2,432.88 | | Handling Fees | 438,492.98 | 327,136.28 | | Total | 1,358,441.98 | 8,543.14 | - **Financial expenses** for the current period increased by **15,800.97%** year-on-year, primarily because **interest income decreased compared to the prior year**, reducing the offset against financial expenses, and the **prior year's base was small**[89](index=89&type=chunk)[414](index=414&type=chunk) R&D Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Travel Expenses | 426,832.62 | 1,521,683.54 | | Depreciation and Amortization | 1,787,749.08 | 1,807,602.11 | | Office Expenses | 172,544.95 | 159,348.25 | | Lease Expenses | 28,280.58 | 208,057.38 | | Business Entertainment Expenses | 302,836.05 | 469,719.16 | | Outsourced R&D Expenses | 150,000.00 | 779,059.89 | | Other | 13,330.00 | 995,039.05 | | Total | 21,054,020.65 | 23,158,044.99 | Other Income (Current Period vs. Prior Period) | Classified by Nature | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Government Grants | 3,479,809.88 | 3,882,112.97 | | VAT Input Tax Additional Deduction | 2,780,093.43 | 1,906,913.99 | | Handling Fee Refund for Withholding Individual Income Tax | 27,350.14 | 55,477.72 | | Total | 6,287,253.45 | 5,844,504.68 | Credit Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Notes Receivable Impairment Loss | -1,414,075.27 | -53,470.71 | | Accounts Receivable Impairment Loss | -5,035,382.24 | -4,194,059.97 | | Other Receivables Impairment Loss | 723,097.97 | -105,970.51 | | Total | -5,726,359.54 | -4,353,501.19 | Asset Impairment Losses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Contract Asset Impairment Loss | -98,846.09 | -1,995.42 | | Inventory Write-down and Contract Performance Cost Impairment Loss | -30,099.72 | -125,356.25 | | Total | -128,945.81 | -127,351.67 | Income Tax Expenses (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Current Income Tax Expense | 9,328,578.98 | 8,208,276.72 | | Deferred Income Tax Expense | -4,416,704.48 | -4,699,893.29 | | Total | 4,911,874.50 | 3,508,383.43 | [R&D Expenses](index=168&type=section&id=八、研发支出) This chapter details the company's R&D expenditures for the reporting period, totaling 21.05402065 million yuan, all expensed, with a 9.09% year-on-year decrease R&D Expenditures by Expense Nature (Current Period vs. Prior Period) | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 10,852,013.49 | 9,954,062.95 | | Design and Testing Fees | 3,624,155.31 | 3,150,672.66 | | Material Costs | 3,696,278.57 | 4,112,800.00 | | Total R&D Investment | 21,054,020.65 | 23,158,044.99 | | Expensed R&D Expenditure | 21,054,020.65 | 23,158,044.99 | - **Total R&D investment** for the current period decreased by **9.09%** year-on-year[443](index=443&type=chunk) [Changes in Consolidation Scope](index=168&type=section&id=九、合并范围的变更) This chapter confirms that there were no changes in the company's consolidation scope during the reporting period due to business combinations or subsidiary disposals - During the reporting period, the company experienced **no changes in its consolidation scope** due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries[446](index=446&type=chunk) [Interests in Other Entities](index=170&type=section&id=十、在其他主体中的权益) This chapter details the company's equity interests in subsidiaries, including the corporate group structure and key financial data for its significant non-wholly owned subsidiary Composition of the Enterprise Group | Subsidiary Name | Main Operating Location | Registered Capital (million yuan) | Registered Place | Business Nature | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | Baoji City, Shaanxi Province | 80.00 | Baoji City, Shaanxi Province | Manufacturing of Railway Special Equipment and Parts | 95 | Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholder Holding Ratio (%) | Current Period Profit or Loss Attributable to Minority Shareholders (yuan) | Dividends Declared and Distributed to Minority Shareholders in Current Period (yuan) | Period-end Minority Shareholder Equity Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Baoji Baodeli Electrical Equipment Co., Ltd. | 5 | 2,367,793.73 | 5,246,355.24 | 13,268,179.05 | Baoji Baodeli Electrical Equipment Co., Ltd. Key Financial Information (Period-end) | Item | Amount (yuan) | | :--- | :--- | | Current Assets | 613,296,679.50 | | Non-current Assets | 73,807,170.75 | | Total Assets | 687,103,850.25 | | Current Liabilities | 408,402,683.29 | | Non-current Liabilities | 423,388.59 | | Total Liabilities | 408,826,071.88 | Baoji Baodeli Electrical Equipment Co., Ltd. Current Period Operating Performance | Item | Amount (yuan) | | :--- | :--- | | Operating Revenue | 221,072,591.59 | | Net Profit | 47,369,502.85 | | Total Comprehensive Income | 47,369,502.85 | | Net Cash Flow from Operating Activities | 36,811,153.26 | [Government Grants](index=174&type=section&id=十一、%20政府补助) This chapter reports the company's government grants received during the period, totaling 1.6 million yuan, primarily as deferred income, with 3.47980988 million yuan recognized in current profit or loss Liability Items Involving Government Grants (Deferred Income) | Item | Period-beginning Balance (yuan) | New Grants in Current Period (yuan) | Transferred to Other Income in Current Period (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 13,738,840.14 | 1,600,000.00 | 1,020,809.88 | 14,318,030.26 | Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Other | 3,479,809.88 | 3,882,112.97 | | Total | 3,479,809.88 | 3,882,112.97 | [Disclosure of Fair Value](index=176&type=section&id=十三、%20公允价值的披露) This chapter discloses that the company's total assets measured at fair value on a recurring basis amounted to 12.93424852 million yuan at period-end, primarily notes receivable financing, categorized as Level 2 Total Assets Measured at Fair Value on a Recurring Basis (Period-end) | Item | Level 2 Fair Value Measurement (yuan) | Total (yuan) | | :--- | :--- | :--- | | Notes Receivable Financing | 12,934,248.52 | 12,934,248.52 | | **Total Assets Measured at Fair Value on a Recurring Basis** | **12,934,248.52** | **12,934,248.52** | [Related Parties and Related-Party Transactions](index=177&type=section&id=十四、%20关联方及关联交易) This chapter provides comprehensive details on the company's related parties and transactions, including purchases, sales, key management compensation, and outstanding balances with related entities Information on the Company's Parent Company | Parent Company Name | Registered Place | Business Nature | Registered Capital (yuan) | Parent Company's Shareholding Ratio in the Company (%) | Parent Company's Voting Rights Ratio in the Company (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Baoding, Hebei | General Equipment Manufacturing | 521,965,912.02 | 71.40 | 71.40 | Related-Party Transactions for Purchase of Goods/Acceptance of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Engineering Co., Ltd. | Material Procurement | 0.3525 | | China Railway Electrification Bureau Group Co., Ltd. Shijiazhuang Sida Branch | Material Procurement | 0.0221 | Related-Party Transactions for Sale of Goods/Provision of Services (Current Period) | Related Party | Related-Party Transaction Content | Current Period Amount (million yuan) | | :--- | :--- | :--- | | China Railway Electrification Bureau Group Co., Ltd. Urban Rail Company | Sale of Goods | 25.6899 | | China Railway Electrification Bureau Group Co., Ltd. Shenyang Electrification Engineering Branch | Sale of Goods | 25.2759 | | China Railway Fourth Bureau Group Co., Ltd. | Sale of Goods | 24.8807 | | China Railway Electrification Bureau Group First Engineering Co., Ltd. | Sale of Goods | 23.2627 | Key Management Personnel Compensation | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Key Management Personnel Compensation | 1,803,351.00 | 1,843,194.00 | Receivables from Related Parties (Period-end) | Item Name | Book Balance (million yuan) | Impairment Provision (million yuan) | | :--- | :--- | :--- | | Accounts Receivable | 810.2004 | 46.6510 | | Notes Receivable | 18.4763 | 0.7134 | | Receivables Financing | 6.6647 | - | | Prepayments | 0.6304 | - | | Other Receivables | 3.8861 | 0.2676 | | Contract Assets (including other non-current assets) | 113.6761 | 0.5682 | Payables to Related Parties (Period-end) | Item Name | Period-end Book Balance (million yuan) | | :--- | :--- | | Accounts Payable | 27.0284 | | Other Payables | 4.5513 | | Contract Liabilities | 1.7954 | [Supplementary Information](index=203&type=section&id=二十、%20补充资料) This chapter provides additional financial details, including a breakdown of non-recurring gains and losses, and key profitability and earnings per share metrics Detailed Statement of Non-recurring Gains and Losses (Current Period) | Item | Amount (yuan) | | :--- | :--- | | Government subsidies included in current profit or loss | 2,486,350.14 | | Other non-operating income and expenses apart from the above | 449,717.04 | | Less: Income tax impact | 440,410.08 | | Impact on minority interests (after tax) | 25,821.72 | | **Total** | **2,469,835.38** | Return on Net Assets and Earnings Per Share (Current Period) | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (yuan) | Diluted Earnings Per Share (yuan) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | 1.71 | 0.0755 | 0.0755 | | Net Profit Attributable to Ordinary Shareholders of the Company After Deducting Non-recurring Gains and Losses | 1.56 | 0.0689 | 0.0689 |

证券代码：688285 证券简称：高铁电气 公告编号：2025-026 中铁高铁电气装备股份有限公司 一、股东分红回报规划制定考虑因素 公司着眼于实际经营情况和长远可持续发展，在综合分析企业发 展战略、外部融资环境等因素的基础上，充分考虑股东的要求和意愿、 资金成本、公司发展所处阶段、盈利规模、银行信贷等情况，建立对 投资者持续、稳定、科学合理的回报机制。利润分配政策应保持持续 性、稳定性、公司利润分配不得影响公司的持续经营。 二、股东分红回报规划制定原则 公司实行同股同利的股利分配政策，股东依照其所持有的股份份 额获得股利和其他形式的利益分配。公司实行持续、稳定的利润分配 政策，重视对投资者合理投资回报，结合公司的盈利情况和公司业务 的可持续发展，建立对投资者持续、稳定的回报机制。公司制定利润 分配规划应依据现行有效的《公司章程》，公司利润分配不得超过累 计可供分配利润的范围，不得损害公司的持续经营能力。公司股东会、 董事会对利润分配政策的决策和论证过程中应充分考虑独立董事、股 东（特别是中小投资者）的意见。 关于公司未来三年分红回报规划的公告 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 ...

证券代码：688285 证券简称：高铁电气 公告编号：2025-022 中铁高铁电气装备股份有限公司 关于取消监事会、修订《公司章程》及修订、制定 公司治理制度的公告 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。 中铁高铁电气装备股份有限公司（以下简称"公司"）于2025 年8月26日召开第三届董事会第十一次会议、第三届监事会第九次会 议，审议通过《关于修订<公司章程><股东会议事规则><董事会议 事规则>及取消监事会、废止<监事会议事规则>的议案》《关于修 订<独立董事工作制度>等22项制度，制定<董事和高级管理人员离 职管理制度>等2项制度的议案》。 一、修订《公司章程》及附件、取消监事会，废止《监事会 议事规则》情况 为进一步提升公司规范运作及内控管理水平，完善公司治理结 构，根据《中华人民共和国公司法》《中华人民共和国证券法》 《关于新<公司法>配套制度规则实施相关过渡期安排》《上市公司 章程指引》《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》等有关法 律 ...

提质增效重回报 中铁高铁电气装备股份有限公 司 前 言 中铁高铁电气装备股份有限公司（以下简称"高铁电气""公司"） 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进 一步提高上市公司质量的意见》要求，响应上海证券交易所关于开展沪 市公司"提质增效重回报"专项行动的倡议，践行"以投资为本"的上 市公司发展理念，推动公司持续高质量发展，树立回报股东意识，积极 提升投资者回报能力和水平，于2025年3月26日发布《高铁电气：关于 2024年度"提质增效重回报"专项行动方案的评估报告暨2025年度 "提质增效重回报"专项行动方案的公告》。 2025年上半年，公司依旧秉承"打造世界一流的牵引供电装备制 造商和系统方案服务商"的愿景，致力于推动轨道交通供电装备的技术 革新与发展，在做强主营业务、强化科技研发、持续深化改革、提升投 资者回报、提高信息披露质量、促进规范运作、着眼"关键少数"等方 面取得了新的进展。公司董事会于2025年8月26日召开第三届董事会第 十一次会议，审议评估2025年半年度提质增效重回报执行情况。 聚焦做强主业 提升经营质效 2025 年，随着国家 "十四五"规划的各项工作稳步推进 ...

证券代码：688285 证券简称：高铁电气 公告编号：2025-023 中铁高铁电气装备股份有限公司 关于计提信用减值损失和资产减值损失的公告 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。 一、2025 年半年度计提减值准备情况概述 根据《企业会计准则》及公司的会计政策、会计估计的相关规定， 为客观、公允地反映公司 2025 年半年度的财务状况及经营成果，基 于谨慎性原则，公司拟对 2025 年半年度合并报表范围内可能发生信 用及资产减值损失的有关资产计提减值准备。截至 2025 年 6 月 30 日， 公司计提信用减值损失和资产减值损失共计 585.53 万元，具体情况 如下表所示： 单位：万元 | 序号 | 项目 | 截至 | 2025 年 6 | 月 | 备注 | | --- | --- | --- | --- | --- | --- | | | | 30 | 日计提金额 | | | | 1 | 信用减值损失 | | | | 572.64应收票据坏账准备、应收账款坏账准备、 其他应收款坏账准备 | | 2 | 资产 ...

何保国先生已取得上海证券交易所科创板董事会秘书资格证书， 具备履行职责所需的专业知识、工作经验及相关素质，符合《中华人 民共和国公司法》《上海证券交易所科创板股票上市规则》等相关法 律法规和规范性文件的规定。何保国先生的个人简历详见附件。 公司证券事务代表联系方式如下： 联系电话：0917-2829163 公司传真：0917-3432524 电子邮箱：gtdq@bjqcc.com 联系地址：陕西省宝鸡市高新开发区高新大道 196 号 特此公告。 证券代码：688285 证券简称：高铁电气 公告编号：2025-027 中铁高铁电气装备股份有限公司 关于聘任证券事务代表的公告 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。 中铁高铁电气装备股份有限公司（以下简称"公司"或"高铁电 气"）于 2025 年 8 月 26 日召开第三届董事会第十一次会议，审议通 过了《关于聘任何保国先生为公司证券事务代表的议案》，公司董事 会同意聘任何保国先生担任公司证券事务代表，协助董事会秘书开展 相关工作，任期自本次董事会审议通过之日起至第三届 ...