中国中车股份有限公司 关于分拆所属子公司中车戚墅堰机车车辆工艺研究 所股份有限公司至深圳证券交易所创业板上市 相关内幕信息知情人买卖公司股票情况的自查报告 本公司董事会及全体董事保证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、完整性承担法律责任。 中国中车股份有限公司（以下简称"中国中车"、"公司"或"上市公司"） 拟分拆所属子公司中车戚墅堰机车车辆工艺研究所股份有限公司（以下简称"中 车戚所"）至深圳证券交易所创业板上市（以下简称"本次分拆上市"或"本次 分拆"）。2023 年 10 月 27 日，公司召开第三届董事会第十七次会议、第三届监 事会第九次会议，审议通过了《关于〈中国中车股份有限公司关于分拆所属子公 司中车戚墅堰机车车辆工艺研究所有限公司至深圳证券交易所创业板上市的预 案〉的议案》及其他与本次分拆相关的议案，并于 2023 年 10 月 28 日披露相关 公告。2025 年 11 月 27 日，公司召开第四届董事会第四次会议，审议通过了《关 于〈中国中车股份有限公司关于分拆所属子公司中车戚墅堰机车车辆工艺研究所 股份有限公司至深圳证券交易所创业板上市的预案（ ...

Core Viewpoint - China CRRC is optimizing its business structure and breaking into new industries, with a focus on clean energy equipment and railway equipment, benefiting from the demand in the railway construction and maintenance market [1] Group 1: Business Segments - Railway equipment remains the core business, experiencing rapid growth due to the demand from mainline railway construction and maintenance markets [1] - New industries are focusing on clean energy equipment, such as wind power and energy storage, aligning with the "dual carbon" strategy and becoming a significant growth driver [1] - Urban rail and modern service businesses are steadily advancing, with multi-sector collaboration enhancing the company's ability to withstand economic cycles [1] Group 2: International Expansion - The company leverages the "Belt and Road" initiative to implement a localized approach in manufacturing, procurement, labor, maintenance, and marketing, leading to significant achievements in major overseas projects [1] - The establishment of overseas bases and channel layouts is progressing well, contributing to steady growth in foreign income and enhancing resilience against market fluctuations [1] Group 3: Research and Development - Continuous high investment in research and development supports core technology breakthroughs and product iterations, with a leading position in patent reserves and participation in industry standards [1] - Core product technologies have reached internationally advanced levels, facilitating import substitution and global market expansion [1] Group 4: Investment Outlook - Given the sustained order fulfillment, the investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains a "Buy" investment rating for the company [2][8] Core Insights - The company is optimizing its business structure, focusing on traditional railway equipment and new industries such as clean energy equipment, which aligns with the "dual carbon" strategy, becoming a significant growth driver [4] - In the first three quarters of 2025, the company achieved total revenue of 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit attributable to shareholders of 9.96 billion yuan, up 37.53% year-on-year [4] - The railway equipment segment saw revenue of 59.71 billion yuan in the first half of 2025, growing 42.21% year-on-year, driven by strong demand for high-speed trains and freight cars [4] - New industry revenue reached 40.73 billion yuan, a 35.59% increase year-on-year, with rapid expansion in clean energy equipment, including wind power and energy storage [4] - The company signed new orders worth approximately 146 billion yuan in the first half of 2025, with about 30.9 billion yuan from overseas [5] - The company is increasing R&D investment to support core technology breakthroughs and product iterations, with total R&D expenditure reaching 10.82 billion yuan in the third quarter of 2025 [7] - Revenue forecasts for 2025-2027 are 272.32 billion yuan, 289.53 billion yuan, and 306.48 billion yuan, respectively, with EPS projected at 0.49 yuan, 0.53 yuan, and 0.58 yuan [8][10] Summary by Sections Business Structure Optimization - The company is benefiting from the construction and maintenance market for railways, maintaining high growth rates [4] - The new industry focuses on clean energy equipment, which is becoming a crucial growth area [4] Global Expansion - The company is leveraging the "Belt and Road" initiative to enhance its overseas projects and localize operations, resulting in steady growth in international revenue [5] R&D and Technological Advancements - Continuous high investment in R&D supports core technology advancements, with a leading position in patent reserves and industry standards [6][7] Financial Projections - The company forecasts revenue growth rates of 10.5% for 2025, 6.3% for 2026, and 5.9% for 2027, with net profit growth rates of 13.2%, 9.3%, and 8.8% respectively [10]

Core Viewpoint - China CRRC (601766.SH) has reported significant contract signings in the past three months, with a total amount of approximately 53.31 billion yuan, highlighting the importance of its new energy business, particularly in wind and energy storage equipment [1][2]. Group 1: Recent Contract Signings - China CRRC and its subsidiaries signed several major contracts totaling approximately 53.31 billion yuan, with wind and energy storage equipment contracts amounting to about 16.65 billion yuan [1]. - The breakdown of the contracts includes: - High-level maintenance contracts for EMUs totaling approximately 12.04 billion yuan - Urban rail vehicles, equipment sales, and maintenance contracts totaling approximately 11.16 billion yuan - Locomotive sales and maintenance contracts totaling approximately 9.95 billion yuan - Sales contracts for power concentrated EMUs totaling approximately 2.21 billion yuan - Bus repair contracts totaling approximately 1.3 billion yuan - These contracts represent about 21.6% of the company's projected revenue for 2024 [1]. Group 2: New Energy Business Growth - The new energy business of China CRRC has shown continuous breakthroughs, becoming a major highlight of the company's new orders [2]. - From December 2024 to May 2025, China CRRC secured contracts worth 5.36 billion yuan for wind and energy storage equipment, followed by an additional 4.03 billion yuan in contracts from May to July [2]. - In November, domestic wind power integrators collectively won bids for 10,512 MW, with China CRRC Zhuzhou leading at 1,986 MW, followed by Mingyang Smart Energy (601615.SH) and Dongfang Electric (600875.SH) [2]. - The company’s revenue from urban rail and city infrastructure reached 27.288 billion yuan in the first three quarters of 2025, a year-on-year decrease of 3.99%, while revenue from new industries, including clean energy, increased by 31.91% to 66.097 billion yuan, accounting for 36% of total revenue [2].

Core Viewpoint - China CRRC (601766) has recently signed several major contracts totaling approximately 53.31 billion yuan, which accounts for about 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [1]. Group 1: Major Contracts - The contracts include approximately 16.65 billion yuan for wind power and energy storage equipment sales with companies such as China Electric Power Construction Group and China Resources New Energy [4]. - Contracts worth about 12.04 billion yuan for high-level maintenance of train sets were signed with various subsidiaries of China National Railway Group [4]. - Sales and maintenance contracts for urban rail vehicles and equipment totaling approximately 11.16 billion yuan were signed with Hefei Urban Rail Group, Shenyang Metro Group, and the São Paulo Metro in Brazil [4]. - Contracts for locomotive sales and maintenance amounting to about 9.95 billion yuan were signed with subsidiaries of China National Railway Group and other companies [4]. - A total of approximately 2.21 billion yuan in contracts for the sale of power concentrated train sets was signed with China National Railway Group [4]. - Additionally, contracts worth about 1.3 billion yuan for passenger car repairs were signed with subsidiaries of China National Railway Group [5]. Group 2: Financial Performance - For the first three quarters of 2025, China CRRC reported revenue of 183.865 billion yuan, representing a year-on-year increase of 20.49%, and a net profit of 9.964 billion yuan, up 37.53% year-on-year [5]. - The increase in revenue is primarily attributed to growth in railway equipment and new industry business [5]. Group 3: Spin-off Plans - China CRRC is advancing plans to spin off its subsidiary CRRC Qichao for listing on the Shenzhen Stock Exchange's ChiNext, which will not affect the company's ownership structure [6]. - The spin-off aims to allow China CRRC to focus on its core businesses, including railway equipment, urban rail and infrastructure, new industries, and modern services [6]. - The establishment of CRRC Qichao as an independent platform will enhance its specialization and competitiveness in high-end equipment and system solutions, contributing to its sustainable high-quality development [6].

Core Viewpoint - China CRRC announced that its subsidiaries have recently signed several major contracts totaling approximately 53.31 billion RMB [1] Group 1: Contract Details - Subsidiaries signed contracts for wind power and energy storage equipment sales totaling about 16.65 billion RMB with companies including China Electric Power Construction Group and China Green Power [1] - The subsidiary responsible for high-speed trains signed contracts for advanced maintenance of train sets totaling approximately 12.04 billion RMB with various railway bureaus under China National Railway Group [1] - Contracts for urban rail vehicles, equipment sales, and maintenance were signed totaling around 11.16 billion RMB with Hefei Urban Rail Group, Shenyang Metro Group, and the São Paulo Metro Line 4 concession company [1]

Core Viewpoint - China CRRC (601766) has recently announced the signing of several major contracts totaling approximately 53.31 billion yuan, accounting for 21.6% of the company's projected revenue for 2024 [2] Group 1: Major Contracts - The contracts include significant orders for wind power and energy storage equipment, amounting to 16.65 billion yuan [4][5] - The company has signed contracts with various entities, including China Power Construction Group and China Resources New Energy, for a total of about 16.65 billion yuan in wind and energy storage equipment sales [5] Group 2: Financial Performance - For the first three quarters of 2025, China CRRC reported revenues of 183.87 billion yuan, a year-on-year increase of 20.49%, and a net profit attributable to shareholders of 9.96 billion yuan, up 37.53% [6] - The company's new industry segment has shown strong growth, with revenues reaching 66.10 billion yuan, a 31.91% increase year-on-year [8] Group 3: Market Trends and Innovations - The railway equipment business achieved revenues of 87.72 billion yuan, growing by 22.23% due to increased delivery of high-speed trains [8] - China CRRC is focusing on innovation and has introduced a 12MW high-power wind turbine generator, enhancing its competitiveness in the high-end wind power equipment sector [5] - The company is also advancing its international strategy, with new orders totaling approximately 247.2 billion yuan, including 46.7 billion yuan from overseas [8] Group 4: Future Outlook - The company aims to ensure the orderly delivery of existing orders while continuing to expand its market presence and improve efficiency [9]

Core Viewpoint - China CRRC (01766.HK) has recently signed several significant contracts totaling approximately 53.31 billion RMB, primarily for the period from September to December 2025, indicating strong demand in the wind power, energy storage, and rail transport sectors [1][2] Group 1: Contract Details - The company’s subsidiaries signed contracts worth approximately 16.65 billion RMB for wind power and energy storage equipment sales with various firms including China Electric Power Construction Group and China Resources New Energy [1] - Contracts totaling about 12.04 billion RMB for advanced maintenance of high-speed trains were signed with various subsidiaries of China National Railway Group [1] - The company’s subsidiaries entered into contracts worth around 11.16 billion RMB for urban rail vehicles, equipment sales, and maintenance with entities such as Hefei Urban Rail Group and Shenyang Metro Group [1] Group 2: Additional Contracts - Contracts worth approximately 9.95 billion RMB for locomotive sales and maintenance were signed with China National Railway Group and other companies including Kazakhstan National Railway Freight Transportation [2] - The company’s subsidiaries signed contracts totaling about 2.21 billion RMB for the sale of power concentration high-speed trains with China National Railway Group [2] - Contracts amounting to approximately 1.3 billion RMB for passenger car repairs were signed with subsidiaries of China National Railway Group [2] Group 3: Financial Impact - The total value of these contracts represents about 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [2]

Core Viewpoint - China CRRC (601766) has announced the signing of several significant contracts totaling approximately 53.31 billion RMB, primarily scheduled between September and December 2025 [1][2] Group 1: Wind and Energy Contracts - The company's subsidiaries signed contracts worth approximately 16.65 billion RMB for wind power and energy storage equipment sales with various entities, including China Electric Power Construction Group and China Green Power [1] Group 2: High-Speed Train Maintenance Contracts - The company's subsidiaries entered into contracts totaling about 12.04 billion RMB for advanced maintenance of high-speed trains with China National Railway Group's various regional companies [2] Group 3: Urban Rail Vehicle and Equipment Contracts - Contracts worth approximately 11.16 billion RMB were signed for urban rail vehicles, equipment sales, and maintenance with entities such as Hefei Urban Rail Group and Shenyang Metro Group [1] Group 4: Locomotive Sales and Maintenance Contracts - The company's locomotive subsidiaries signed contracts totaling around 9.95 billion RMB for locomotive sales and maintenance with China National Railway Group and Kazakhstan National Railway [2] Group 5: Additional Train Contracts - Additional contracts were signed for the sale of power concentrated trains worth about 2.21 billion RMB and passenger car repair contracts totaling approximately 1.3 billion RMB with China National Railway Group [2] Group 6: Revenue Impact - The total value of these contracts represents approximately 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [2]

Core Viewpoint - China CRRC Corporation Limited (01766) has recently signed several significant contracts totaling approximately 53.31 billion RMB, primarily scheduled between September and December 2025 [1][2] Group 1: Contract Details - The company’s subsidiaries signed wind power and energy storage equipment sales contracts totaling approximately 16.65 billion RMB with various entities including China Electric Power Construction Group and China Resources New Energy [1] - The company’s subsidiary responsible for high-speed trains signed advanced maintenance contracts worth approximately 12.04 billion RMB with various bureaus under China National Railway Group [1] - Contracts for urban rail vehicles, equipment sales, and maintenance worth approximately 11.16 billion RMB were signed with Hefei Urban Rail Group, Shenyang Metro Group, and São Paulo Metro Line 4 Concessionaire [1] Group 2: Additional Contracts - The company’s locomotive subsidiary signed locomotive sales and maintenance contracts totaling approximately 9.95 billion RMB with entities including China National Railway Group and Kazakhstan National Railway Freight Transportation [2] - Advanced train set sales contracts worth approximately 2.21 billion RMB were signed with China National Railway Group [2] - Passenger car repair contracts totaling approximately 1.3 billion RMB were signed with various bureaus under China National Railway Group [2] Group 3: Financial Impact - The total value of these contracts represents approximately 21.6% of the company's projected revenue for 2024 under Chinese accounting standards [2]