Financial Performance - The company achieved an operating revenue of RMB 24.9 billion in 2024, marking a significant milestone in its financial performance[13]. - The net profit attributable to shareholders for the year is projected to be RMB 3.7 billion, with a cash dividend distribution plan of RMB 1.369 billion, representing 36.98% of the net profit[6]. - The company's operating revenue for 2023 reached CNY 24.91 billion, a year-on-year increase of 13.42% compared to CNY 21.80 billion in 2022[27]. - Net profit attributable to shareholders for 2023 was CNY 3.70 billion, reflecting a 21.77% increase from CNY 3.10 billion in 2022[27]. - The net profit after deducting non-recurring gains and losses was CNY 3.23 billion, up 24.28% from CNY 2.60 billion in 2022[27]. - The company's total assets increased by 20.50% to CNY 64.80 billion in 2023, compared to CNY 53.40 billion in 2022[28]. - The net assets attributable to shareholders rose to CNY 41.53 billion, marking a 12.24% increase from CNY 36.87 billion in 2022[28]. - The company's EBITDA for 2024 was CNY 5,590,883,033, representing a 28.42% increase from CNY 4,353,705,615 in the previous year[35]. - The net profit for 2024 was CNY 3,948,755,845, compared to CNY 3,085,150,423 in 2023, indicating robust financial performance[35]. - The company reported a total revenue of 28,463 million RMB for the period, with a net profit of 15,460 million RMB, reflecting a significant year-on-year growth[91]. Research and Development - The company has filed 504 patent applications and participated in the release of 38 international and national standards in the transportation and energy sectors[15]. - The company's R&D expenditure as a percentage of operating revenue rose to 11.41%, up 1.45 percentage points from 9.96% in 2023[29]. - The company achieved a 28.81% increase in expense-based R&D investment, totaling approximately ¥2.66 billion, compared to ¥2.06 billion in the previous year[73]. - The total R&D investment reached approximately ¥2.84 billion, reflecting a 29.95% increase from ¥2.19 billion in the previous year, with R&D investment accounting for 11.41% of operating revenue[73][74]. - The company has 3,762 valid domestic and international patents protecting its core technologies as of December 31, 2024[56]. - The company has established a comprehensive R&D capability for rail engineering machinery, with products already in mass application in national rail and urban rail infrastructure maintenance[57]. - The company has developed advanced IGBT chip technology with a complete proprietary technology system, widely applied in rail transit, power grids, new energy, automotive, and industrial control sectors[57]. - The company has achieved breakthroughs in silicon carbide chip technology, enhancing reliability and performance in various applications[57]. - The company has developed a complete set of advanced silicon carbide (SiC) chip manufacturing technology, applicable in various fields including new energy vehicles and industrial drives[59]. Market Position and Strategy - The traction system market share continues to lead, with significant advancements in key component systems[14]. - The company is actively pursuing strategic investments and collaborations to enhance its competitive edge in the market[14]. - The company aims to align with national strategies such as "Transportation Power" and "Dual Carbon" initiatives, focusing on technological innovation and market demand[17]. - The company is positioned in a rapidly growing new energy market, with significant potential driven by the national "dual carbon strategy" and emerging industries such as photovoltaic engineering and electric vehicle drive systems[153]. - The company is focusing on green rail transit solutions in line with national carbon neutrality goals, which are gaining popularity among users[152]. - The company is committed to enhancing user experience and strengthening its differentiated competitive advantages through continuous innovation[53]. - The company is focusing on strengthening its core technology development and market research to mitigate risks associated with new product development[105]. - The company is advancing the application of self-developed IGBT devices to enhance product competitiveness and ensure supply chain security[79]. Operational Efficiency and Cost Management - The company has implemented a digital transformation strategy to enhance operational efficiency and decision-making transparency[16]. - The company aims to enhance its operational efficiency and resource allocation through digital transformation, focusing on high-quality development and sustainable value creation for shareholders[154]. - The company plans to implement cost-cutting measures expected to save approximately 100 million yuan annually[167]. - The company reported a 5% reduction in operational costs due to improved efficiency measures[172]. - The company aims to reduce operational costs by 15% through automation and process optimization initiatives[170]. Awards and Recognition - The company has received 1 National Science and Technology Invention Award and 13 provincial and industry-level technology awards, including 3 first prizes[15]. - The company has been recognized as a benchmark for reform actions, ranking fourth nationally in the evaluation of state-owned enterprise reforms[16]. - The company has been awarded the National Technology Invention Second Prize in 2024, highlighting its strong innovation capabilities[100]. Personnel and Management - The company has a strong focus on enhancing its financial management capabilities with experienced professionals[1]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 15.23 million RMB[183]. - The company appointed Xu Shaolong as the new General Manager and Executive Director on June 27, 2024[186]. - The company experienced several personnel changes, including the resignation of Zhang Xinning and the appointment of Sun Shan as Deputy General Manager and Financial Director[184]. - The company has recognized new core technical personnel, including Dou Zechun and Qi Yu, while others were no longer recognized due to position adjustments[185]. Strategic Acquisitions and Investments - The company completed the acquisition of 100% equity in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. in December 2024, enhancing its market position[32]. - The company plans to invest approximately CNY 946 million in the low-voltage power component capacity construction project in Yixing[143]. - The company plans to introduce strategic investors and an employee stock ownership plan, raising 432.78 million RMB in capital for Zhuzhou CRRC Times Semiconductor Co., Ltd., maintaining a 77.7771% ownership stake[149]. - The company completed a strategic acquisition of a tech startup for 500 million yuan, enhancing its technological capabilities[167]. Governance and Compliance - The governance structure of the company is designed to ensure compliance with legal regulations and protect shareholder interests, enhancing governance levels[157]. - The company has established various specialized committees, including the Audit Committee and the Risk Control Committee, to enhance governance[191]. - The audit committee held five meetings during the reporting period, ensuring compliance with relevant laws and regulations[197]. - The audit committee reviewed the 2023 annual report and financial statements, approving all 13 proposals unanimously[198].

Financial Performance - Total operating revenue for 2024 reached RMB 2,490,893.75 million, a year-on-year increase of 13.42%[3] - Operating profit amounted to RMB 430,239.11 million, reflecting a growth of 32.28% compared to the previous year[3] - Total profit for the period was RMB 433,297.86 million, up 31.52% year-on-year[3] - Net profit attributable to shareholders of the parent company was RMB 370,258.59 million, representing a 21.77% increase from the previous year[3] - Basic earnings per share were RMB 2.62, reflecting a year-on-year increase of 21.86%[4] Return on Equity - The weighted average return on equity was 9.31%, an increase of 0.83 percentage points year-on-year[4] Assets and Equity - Total assets at the end of the reporting period were RMB 6,455,202.62 million, a growth of 20.03% from the beginning of the period[6] - Shareholders' equity attributable to the parent company was RMB 4,150,226.72 million, up 12.17% from the beginning of the period[6] Strategic Initiatives - The company acquired 100% equity of Hunan CRRC Commercial Vehicle Power Technology Co., Ltd., leading to adjustments in financial data[5] - The company emphasized its commitment to high-quality development and capitalized on opportunities in "intelligent, digital, and green" growth[6]

Financial Performance - Operating revenue for the third quarter reached ¥5,972,702,299, an increase of 8.10% compared to the same period last year[4] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% year-on-year[4] - The basic earnings per share for the quarter was ¥0.70, an increase of 9.37% year-on-year[4] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[12] - Net profit attributable to shareholders for the first three quarters of 2024 was RMB 2,501,185,911, representing a 21.8% increase from RMB 2,053,097,956 in the same period of 2023[17] - Total comprehensive income for the first three quarters of 2024 was RMB 2,704,976,961, an increase of 27.0% from RMB 2,130,377,547 in the same period of 2023[18] Research and Development - Research and development expenses totaled ¥615,135,965, representing a significant increase of 31.28% compared to the previous year[4] - The ratio of R&D expenses to operating revenue increased to 10.30%, up by 1.82 percentage points from the previous year[4] - Research and development expenses increased to RMB 1,534,294,907 in the first three quarters of 2024, up 20.9% from RMB 1,268,225,480 in the same period of 2023[16] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥63,219,627,390, marking an 18.38% increase year-on-year[4] - The company's total current assets as of September 30, 2024, amounted to RMB 43.978 billion, an increase from RMB 37.515 billion at the end of 2023[13] - Non-current assets totaled RMB 19.242 billion as of September 30, 2024, compared to RMB 15.890 billion at the end of 2023[14] - Total liabilities increased to RMB 19.607 billion from RMB 15.688 billion at the end of 2023[15] Shareholder Information - The company reported a total equity attributable to shareholders of ¥40,540,547,152, an increase of 9.97% compared to the previous year[4] - The total number of common shareholders at the end of the reporting period is 16,562[7] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, representing 41.87% of total shares[7] - HKSCC NOMINEES LIMITED is the second-largest shareholder with 541,302,966 shares, accounting for 38.35%[7] - The top ten shareholders collectively hold a significant portion of the company's shares, with the top three alone holding over 80%[9] - The company has a total of 15,511 A-share shareholders and 1,051 H-share shareholders at the end of the reporting period[10] Cash Flow - The net cash flow from operating activities was not applicable for this reporting period[4] - In the first three quarters of 2024, the company generated a net cash flow from operating activities of ¥554,465,376, compared to a negative cash flow of ¥233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached ¥13,389,537,887, an increase of 12.6% from ¥11,885,470,986 in the first three quarters of 2023[20] - Cash outflow from investing activities resulted in a net cash flow of -¥4,460,077,013, a significant decline from a positive cash flow of ¥238,156,412 in the same period last year[20] - Cash inflow from financing activities increased to ¥4,891,877,377, compared to only ¥653,296,466 in the same period of 2023[21] Business Segments - The rail transportation business generated RMB 9.434 billion, up 22.16% from RMB 7.722 billion year-on-year, with rail transportation electrical equipment contributing RMB 7.631 billion, also a 22.05% increase[12] - The emerging equipment business reported revenue of RMB 6.755 billion, an 11.05% increase from RMB 6.083 billion, with power semiconductor devices growing by 26.84% to RMB 2.712 billion[12] - The company reported a significant decrease in sensor device revenue, which fell by 44.87% to RMB 2.33 billion[12]

Financial Performance - Operating revenue for Q3 2024 reached ¥5,972,702,299, an increase of 8.10% year-on-year[2] - Net profit attributable to shareholders was ¥994,344,893, reflecting a growth of 10.61% compared to the same period last year[2] - Basic and diluted earnings per share were both ¥0.70, up 9.37% from the previous year[3] - The company achieved operating revenue of RMB 16.256 billion in Q3 2024, representing a year-on-year increase of 15.33% from RMB 14.095 billion in the same period last year[11] - Net profit attributable to shareholders of the parent company was CNY 2,501,185,911, up 21.8% from CNY 2,053,097,956 in the previous year[19] - The company reported a gross profit of CNY 2,322,115,119, which is a 20.5% increase from CNY 1,894,215,070 in the previous year[19] - The company’s basic earnings per share for the period was CNY 1.77, compared to CNY 1.45 in the previous year, reflecting a growth of 22.1%[19] Research and Development - R&D investment totaled ¥615,135,965, representing a 31.28% increase year-on-year, accounting for 10.30% of operating revenue[3] - The company plans to continue expanding its R&D efforts and enhance its market presence through strategic initiatives[5] - The company is actively engaged in research and development of new technologies to support its growth strategy[12] - Research and development expenses for the first three quarters amounted to CNY 1,534,294,907, representing a 20.9% increase from CNY 1,268,225,480 in the same period last year[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥63,219,627,390, an increase of 18.38% from the end of the previous year[3] - Total assets increased to CNY 63,219,627,390, a growth of 18.3% from CNY 53,404,847,387 year-over-year[16] - Total liabilities rose to CNY 19,606,696,154, compared to CNY 15,688,316,505 in the previous year, reflecting an increase of 25.5%[16] Cash Flow - The net cash flow from operating activities for the year-to-date was ¥554,465,376, with no applicable comparison for the current period[2] - The net cash flow from operating activities for the first three quarters of 2024 was RMB 554,465,376, a significant improvement compared to a net outflow of RMB -233,845,840 in the same period of 2023[20] - Total cash inflow from operating activities reached RMB 13,389,537,887, up from RMB 11,885,470,986 in the previous year, reflecting a growth of approximately 12.6%[20] - Cash outflow from investment activities was RMB 16,822,719,504, an increase from RMB 13,555,765,879 in 2023, indicating a rise of about 24.5%[20] - The net cash flow from financing activities was RMB 2,690,486,512, recovering from a net outflow of RMB -501,017,915 in the same period last year[21] Market Presence and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings in the rail transportation and emerging equipment sectors[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge[19] Shareholder Information - Shareholder structure includes major stakeholders such as CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd. holding 41.87% of shares[6] - The company reported a total of 15,511 A-share shareholders and 1,051 H-share registered shareholders by the end of the reporting period[10] Inventory and Receivables - Accounts receivable increased to RMB 14.471 billion, compared to RMB 9.636 billion at the end of 2023, indicating a significant rise in outstanding payments[13] - Inventory levels rose to RMB 6.465 billion, up from RMB 5.443 billion, reflecting increased production or stockpiling[13] Cash and Cash Equivalents - The company's cash and cash equivalents stood at RMB 7.381 billion as of September 30, 2024, down from RMB 7.903 billion at the end of 2023[13] - The company’s cash and cash equivalents increased to CNY 43,977,960,941, up from CNY 37,514,972,626, indicating a growth of 17.5%[16] - The company reported a total cash and cash equivalents balance of RMB 5,792,473,531 at the end of the period, down from RMB 6,576,798,295 at the end of the previous year[21] Non-Recurring Gains and Losses - Non-recurring gains and losses amounted to ¥105,770,125 for the current period, with a total of ¥453,927,535 year-to-date[4]

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-049 证券代码： 3898（H 股） 证券简称:时代电气（H 股） 2024 年 10 月 30 日 1 株洲中车时代电气股份有限公司 关于变更公司类型并办理工商变更登记的公 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。 株洲中车时代电气股份有限公司（以下简称"公司"或"时代电气"）于 2024 年 10 月 30 日召开第七届董事会第十三次会议，审议通过了《关于变更公司类型的 议案》。具体情况如下： 株洲中车时代电气股份有限公司营业执照上现登记的公司类型为"股份有限公 司（台港澳与境内合资、上市）"，根据《中华人民共和国外商投资法》《中华人民 共和国外商投资法实施条例》等法律法规及规范性文件的规定，公司拟向市场监督 管理部门申请将企业类型变更为"股份有限公司（港澳台投资、上市）"。上述变更 事项最终以市场监督管理部门核定的内容为准。 本次变更事项尚需提交公司股东会审议。董事会提请股东会授权公司管理层及 相关人员办理工商变更相关事宜 ...

证券代码：688187（A 股） 证券简称：时代电气（A 股） 公告编号：2024-050 证券代码： 3898（H 股） 证券简称：时代电气（H 股） 株洲中车时代电气股份有限公司 关于与中车财务有限公司签订《2024 年至 2027 年金融服务框架协议》暨日常关联交易 预计公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 是否需要提交股东会审议：是 日常关联交易对上市公司的影响：本次关联交易公允合理，对株洲中车时 代电气股份有限公司（以下简称"公司"或"本公司"）持续经营能力、损益及资 产状况无负面影响，不存在损害公司及全体股东、特别是中小股东利益的行为。公 司与关联人在业务、人员、财务、资产、机构等方面独立，本次关联交易不会对公 司的独立性构成影响，公司亦不会因此对关联人形成依赖。 一、关联交易基本情况 （一）关联交易概述 1 HK1_806553176_4 2024 年 8 月 23 日， 本公司与中车财务有限公司（以下简称"中车财务公司"） 签订了《2024 年至 2025 年金融服务框架协议 ...

截至本风险评估报告出具之日，中国中车集团有限公司直接持有中车财务公 司 8.64%股权，对应出资金额人民币 27,648 万元；中国中车股份有限公司直接持 有中车财务公司 91.36%股权，对应出资金额人民币 292,352 万元。 二、中车财务公司内部控制的基本情况 （一）控制环境 中车财务公司已根据《中华人民共和国公司法》《企业集团财务公司管理办 法》及其《公司章程》的有关规定，建立了股东会、董事会、监事会三权分立的 现代企业法人治理结构，并对董事会、监事会、高级管理层在内部控制中的责任 进行了明确界定。股东会是公司最高决策机构，董事会决定公司重大事项，对股 东会负责。监事会为中车财务公司经营活动的监督机构。高级管理层负责中车财 务公司的日常运作。高级管理层下设资金管理部、公司业务部、结算管理部、国 际业务部、风险法务部、规划财务部、信息技术部、审计稽核部、综合管理部（党 群工作部）九个职能部分，各部门职责清晰，建立了前中后台职责分离，相互制 约、相互监督的风险控制机制。 株洲中车时代电气股份有限公司 关于中车财务有限公司的风险评估报告 根据《企业集团财务公司管理办法》《上海证券交易所上市公司自律监管指 ...

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

[Definitions](index=4&type=section&id=Section%201%20Definitions) This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission - This chapter primarily explains professional terms and company entity abbreviations used in the report to ensure accurate information transmission[15](index=15&type=chunk)[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's key financial performance and indicators for the first half of 2024, highlighting significant growth in revenue and net profit [Key Accounting Data and Financial Indicators](index=7&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2024, the company reported significant financial growth with operating revenue increasing by 19.99% to 10.284 billion yuan and net profit attributable to shareholders rising by 30.56% to 1.507 billion yuan, alongside a positive shift in operating cash flow Key Accounting Data (January-June 2024) | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 10,283,733,393 | 8,570,210,633 | 19.99 | | Net Profit Attributable to Shareholders of Listed Company | 1,506,841,018 | 1,154,168,154 | 30.56 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 1,158,683,608 | 928,692,585 | 24.77 | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | Not Applicable | Key Financial Indicators (January-June 2024) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Diluted Earnings Per Share (Yuan/Share) | 1.07 | 0.81 | 32.10% | | Weighted Average Return on Net Assets (%) | 3.93 | 3.28 | Increased by 0.65 percentage points | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | - The company explained the changes in key financial indicators: - **Net profit attributable to parent company increased by 30.56%**: Primarily due to the year-on-year increase in operating profit driven by revenue growth[26](index=26&type=chunk) - **Net cash flow from operating activities turned positive**: Primarily due to the year-on-year increase in cash received from sales of goods and provision of services[26](index=26&type=chunk) - **Earnings per share increased by 32.10%**: Primarily due to the year-on-year increase in net profit attributable to the parent company[26](index=26&type=chunk) Non-recurring Gains and Losses (January-June 2024) | Non-recurring Gains and Losses | Amount (Yuan) | | :--- | :--- | | Government Subsidies | 359,866,247 | | Fair Value Changes and Disposal Gains/Losses of Financial Assets/Liabilities | 56,608,780 | | Disposal Gains/Losses of Non-current Assets | 2,958,532 | | Other Non-operating Income and Expenses | 6,082,662 | | **Total** | **348,157,410** | [Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry landscape, core business operations, technological advancements, and strategic initiatives during the reporting period [Industry and Main Business Overview](index=10&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20for%20the%20Reporting%20Period) The company, a leader in rail transit traction converter systems, pursues a concentric diversification strategy by expanding into power semiconductors and new energy sectors, benefiting from national strategic opportunities - The company's main business involves R&D, design, manufacturing, sales, and service of rail transit equipment products, forming an "device + system + complete machine" industrial structure[29](index=29&type=chunk) - The company actively expands beyond rail transit, with businesses extending to power semiconductor devices, industrial converter products (wind, solar, storage, hydrogen, mining truck electric drives, etc.), new energy vehicle electric drive systems, sensor devices, marine engineering equipment, and other fields[29](index=29&type=chunk) - National top-level strategies such as the "Outline for Building a Powerful Transportation Nation" and "Dual Carbon" targets provide important opportunities for the company's business development, especially in intelligent and green transportation equipment and new energy sectors[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Core Technologies and R&D Progress](index=12&type=section&id=II.%20Core%20Technologies%20and%20R%26D%20Progress) The company maintains its technological leadership through 13 core technologies and 3,540 patents, demonstrating significant R&D achievements in rail transit and new industries with a 13.95% increase in R&D investment in H1 2024 [R&D Achievements](index=23&type=section&id=2.%20R%26D%20Achievements%20During%20the%20Reporting%20Period) In H1 2024, the company achieved international leading technical standards in CR450 EMU systems and made breakthroughs in 4500V press-pack and 1200V SiC modules, adding 142 new patents to its total of 3,540 - **Rail Transit Industry**: Completed the development of key traction network systems for CR450 EMU, with technical indicators reaching international leading levels; completed the installation and debugging of Fuxinghao locomotive permanent magnet traction system; further expanded application scenarios for hybrid power traction systems[47](index=47&type=chunk) - **New Industries**: Breakthroughs in 4500V press-pack product cosmic ray resistance technology; completed development of 1200V automotive-grade L5 plastic-packaged SiC modules; completed development of offshore floating 20MW full-power wind power converters; achieved demonstration application of 120t hydrogen-electric hybrid mining truck electric drive system[48](index=48&type=chunk) Intellectual Property Overview (First Half 2024) | Category | New Applications This Period | New Grants This Period | Cumulative Grants | | :--- | :--- | :--- | :--- | | Invention Patents | 95 | 93 | 2,215 | | Utility Model Patents | 21 | 46 | 1,200 | | Design Patents | 2 | 3 | 125 | | **Total** | **124** | **148** | **3,924** | [R&D Investment](index=25&type=section&id=3.%20R%26D%20Investment%20Table) In H1 2024, total R&D investment increased by 13.95% to 0.974 billion yuan, with expensed R&D rising by 16.69% and capitalized R&D decreasing by 35.55%, while R&D intensity slightly declined to 9.47% of revenue R&D Investment (January-June 2024) | Item | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Expensed R&D Investment | 944,888,068 | 809,725,754 | 16.69 | | Capitalized R&D Investment | 28,905,627 | 44,852,017 | -35.55 | | **Total R&D Investment** | **973,793,695** | **854,577,771** | **13.95** | | R&D Investment as % of Operating Revenue (%) | 9.47 | 9.97 | Decreased by 0.50 percentage points | | Capitalization Ratio of R&D Investment (%) | 2.97 | 5.25 | Decreased by 2.28 percentage points | [R&D Personnel Information](index=45&type=section&id=5.%20R%26D%20Personnel%20Information) As of the reporting period end, the company's R&D personnel increased to 3,076, comprising 37.08% of total staff, with over 43% holding master's or higher degrees and nearly 80% under 40 years old R&D Personnel Overview | Item | Current Period | Prior Period | | :--- | :--- | :--- | | R&D Personnel Count (Persons) | 3,076 | 2,775 | | R&D Personnel as % of Total Company Headcount (%) | 37.08 | 35.26 | - The R&D team's educational background is primarily bachelor's and master's degrees, totaling over **95%**. The age structure is young, with the **30-40 age group** forming the backbone, accounting for nearly **50%**[74](index=74&type=chunk)[75](index=75&type=chunk) [Analysis of Core Competitiveness](index=46&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its leading market position in rail transit, innovation-driven technology, high-quality service, full-chain synergy, and top-tier talent, with emerging businesses also achieving significant market presence - **Market Position**: High-speed rail and locomotive traction converter products lead the domestic market; urban rail traction converter systems have held the top domestic market share for **twelve consecutive years** from 2012 to 2023[77](index=77&type=chunk) - **Breakthroughs in Emerging Businesses**: Passenger vehicle power module installations ranked among the **top two** in the industry in the first half of 2024 (market share **13.4%**); domestic winning bids for photovoltaic inverters entered the **top five** in the industry; new energy vehicle electric drive system installations ranked among the **top nine** domestically[78](index=78&type=chunk) - **Technology and Talent**: Possesses **6 national-level technology innovation platforms** and has accumulated **3,540 authorized patents**. The R&D team is led by a Chinese Academy of Engineering academician, with R&D personnel accounting for **37.08%** of the total, of whom over **43%** hold master's or doctoral degrees[80](index=80&type=chunk)[84](index=84&type=chunk) [Discussion and Analysis of Operating Conditions](index=49&type=section&id=IV.%20Discussion%20and%20Analysis%20of%20Operating%20Conditions) In H1 2024, the company achieved steady growth through its concentric diversification strategy, with rail transit maintaining market share and emerging equipment businesses expanding rapidly, though the sensor segment faced challenges - **Rail Transit Industry**: China National Railway Group's EMU tender volume exceeded last year's full-year total, and the company's market share remained stable; new orders for urban rail traction systems continued to lead the industry[88](index=88&type=chunk) - **Power Semiconductors**: Existing production lines are at full capacity, and the Yixing Phase III project is progressing steadily, expected to commence production in the **second half of 2024**. IGBT **7.5 generation chip products** achieved batch delivery, and SiC products are undergoing continuous verification[89](index=89&type=chunk) - **New Energy Passenger Vehicle Electric Drives**: The national "1+N" four major production bases layout is largely complete, with capacity steadily increasing, and approximately **40,000 units** exported overseas in partnership with Hozon and SAIC-GM-Wuling[89](index=89&type=chunk) - **Sensor Segment**: Revenue declined in the first half of 2024 due to decreased demand growth in the photovoltaic industry and a decline in the unit price of automotive sensor products[90](index=90&type=chunk) [Risk Factors](index=50&type=section&id=V.%20Risk%20Factors) The company faces various risks, including uncertainties in core technology R&D, complexities of overseas operating environments, financial risks from exchange rate fluctuations, fierce market competition in new energy vehicles and other industries, and macro-environmental risks from international trade protectionism - The main risks identified by the company include: - **Core Competitiveness Risk**: High R&D investment with uncertainties, potentially leading to R&D failure or lower-than-expected returns from new products[91](index=91&type=chunk) - **Operating Risk**: Overseas operations face political, supply chain, and increased cost risks[93](index=93&type=chunk) - **Financial Risk**: Increased international operations may lead to asset losses or increased costs due to exchange rate fluctuations[94](index=94&type=chunk) - **Industry Risk**: Fierce price competition and rapid technological iteration in the new energy vehicle component market[95](index=95&type=chunk) - **Macro-environmental Risk**: International trade protectionism may lead to increased costs and greater difficulty in securing orders[96](index=96&type=chunk) [Key Operating Conditions](index=53&type=section&id=VI.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) During the reporting period, the company achieved robust financial performance with operating revenue up 19.99% to 10.284 billion yuan and net profit up 30.56% to 1.507 billion yuan, driven by growth in both rail transit and emerging equipment businesses, alongside significant asset increases and a strategic capital increase for a subsidiary [Main Business Analysis](index=53&type=section&id=(I)%20Main%20Business%20Analysis) In H1 2024, the company's main business showed strong performance, with rail transit equipment revenue growing by 30.87% to 6.139 billion yuan, notably in communication signal systems, and emerging equipment revenue increasing by 9.21% to 4.094 billion yuan, despite a decline in sensor devices Revenue by Business Segment (Unit: Billion Yuan) | Revenue Segment | Current Period (Billion Yuan) | Prior Period (Billion Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | **Rail Transit Equipment Business** | **6.139** | **4.691** | **30.87** | | Of which: Rail Transit Electrical Equipment | 4.947 | 3.885 | 27.33 | | Rail Engineering Machinery | 0.557 | 0.482 | 15.57 | | Communication Signal Systems | 0.416 | 0.180 | 131.47 | | **Emerging Equipment Business** | **4.094** | **3.749** | **9.21** | | Of which: Power Semiconductor Devices | 1.747 | 1.380 | 26.63 | | Sensor Devices | 0.136 | 0.257 | -47.01 | | New Energy Vehicle Electric Drive Systems | 0.903 | 0.833 | 8.23 | | Industrial Converters | 0.903 | 0.937 | -3.58 | | Marine Engineering Equipment | 0.405 | 0.342 | 18.61 | | **Total** | **10.284** | **8.570** | **19.99** | [Analysis of Assets and Liabilities](index=55&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) As of the reporting period end, total assets grew 16% to 61.936 billion yuan, primarily driven by increases in monetary funds, accounts receivable, and construction in progress, while other payables significantly rose due to unpaid dividends Major Balance Sheet Item Changes | Item Name | End of Current Period (Yuan) | End of Prior Period (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 10,788,369,571 | 7,903,177,340 | 36.51 | | Notes Receivable | 986,313,390 | 2,376,882,219 | -58.50 | | Accounts Receivable | 12,653,604,811 | 9,635,843,983 | 31.32 | | Construction in Progress | 3,197,950,382 | 1,261,506,969 | 153.50 | | Other Payables | 2,819,948,208 | 1,145,345,758 | 146.21 | [Significant Asset and Equity Disposals](index=59&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company completed a 4.328 billion yuan capital increase and share expansion for its controlling subsidiary CRRC Times Semiconductor, reducing its stake to 77.7771% while retaining control - Controlling subsidiary CRRC Times Semiconductor completed capital increase and share expansion, introducing strategic investors and an employee stock ownership platform, with a capital increase of **4.328 billion yuan**. The company's shareholding decreased to **77.7771%**, but it maintained its controlling position[106](index=106&type=chunk) [Corporate Governance](index=62&type=section&id=Section%204%20Corporate%20Governance) This section details significant changes in the company's board, supervisory committee, senior management, and core technical personnel, along with share repurchase activities during the reporting period [Changes in Directors, Supervisors, Senior Management, and Core Technical Personnel](index=63&type=section&id=II.%20Changes%20in%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Core%20Technical%20Personnel) During the reporting period, several changes occurred in the company's directors, supervisors, senior management, and core technical personnel, including resignations and new appointments across various key positions - Changes in Board of Directors members: - **Resignations**: Zhang Xinning (Non-executive Director), Liu Ke'an (Vice Chairman, Executive Director), Gao Feng (Independent Non-executive Director)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - **New Appointments/Elections**: Shang Jing (Vice Chairman, Executive Director), Xu Shaolong (Executive Director), Feng Xiaoyun (Independent Non-executive Director)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - Changes in Senior Management: - **Resignations**: Yan Changqi (Deputy General Manager), Liu Zehua (Deputy General Manager, CFO), Shang Jing (General Manager), Yi Weihua (Deputy General Manager), Li Peng (Deputy General Manager)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) - **Appointments**: Gan Weiwei (Deputy General Manager), Sun Shan (Deputy General Manager, CFO), Xu Shaolong (General Manager)[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk) [Repurchase, Sale or Redemption of Listed Securities of the Company](index=67&type=section&id=(IV)%20Repurchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities%20of%20the%20Company) During the reporting period, the company repurchased a total of 4,696,800 H shares on the Hong Kong Stock Exchange in January 2024, which have since been cancelled, with a total consideration of approximately 98.56 million HKD, aiming to enhance shareholder value H-share Repurchase Details (January 2024) | Repurchase Month | Number of H-shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | January 2024 | 4,696,800 | 21.8 | 19.64 | 98,558,789.24 | [Environmental and Social Responsibility](index=69&type=section&id=Section%205%20Environmental%20and%20Social%20Responsibility) This section outlines the company's environmental protection efforts, including investments, compliance, and initiatives to reduce carbon emissions through product innovation and clean energy adoption [Environmental Information](index=69&type=section&id=I.%20Environmental%20Information) The company has established environmental protection mechanisms, investing 3.96 million yuan in environmental protection during the reporting period, ensuring compliance for key pollutant-discharging subsidiaries and actively pursuing carbon reduction through energy-saving products and clean energy initiatives - Environmental protection investment of **3.96 million yuan** during the reporting period[131](index=131&type=chunk) - Contributes to carbon reduction through R&D and production of new products, for example: - **SiC Traction System**: Implemented in Shenzhen Metro lines, with actual measured energy savings exceeding **10%**[140](index=140&type=chunk) - **Hydrogen Energy Catenary Maintenance Vehicle**: Completed online trial operation, with a single vehicle expected to reduce CO2 emissions by over **75 tons** annually[140](index=140&type=chunk) - Achieves carbon reduction through the use of clean energy and energy-saving technical upgrades: - Added **3MW** of rooftop photovoltaic capacity, with an annual power generation capacity of approximately **3 million kWh**[141](index=141&type=chunk) - Purchased over **5 million kWh** of green electricity in the first half of the year, with a full-year plan to purchase **18 million kWh**, expected to reduce emissions by approximately **10,000 tons**[142](index=142&type=chunk) - Implemented energy-saving optimization for production line equipment and smart air conditioning and lighting upgrades[141](index=141&type=chunk)[142](index=142&type=chunk) [Significant Matters](index=74&type=section&id=Section%206%20Significant%20Matters) This section covers key corporate actions and financial disclosures, including significant guarantees and the progress of raised funds utilization [Significant Guarantees Provided and Outstanding During the Reporting Period](index=109&type=section&id=(II)%20Significant%20Guarantees%20Provided%20and%20Outstanding%20During%20the%20Reporting%20Period) During the reporting period, the company had no external guarantees, only guarantees for its subsidiaries, totaling 0.262 billion yuan, with 0.226 billion yuan provided for entities with an asset-liability ratio exceeding 70% Company Guarantee Total | Item | Amount (Yuan) | | :--- | :--- | | Total Guarantees (A+B) | 262,217,410.39 | | Total Guarantees as % of Company's Net Assets (%) | 0.71 | | Debt Guarantees for Guaranteed Entities with Asset-Liability Ratio > 70% (D) | 226,075,000.00 | [Explanation of Progress in Use of Raised Funds](index=110&type=section&id=XI.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The net proceeds from the company's initial public offering amounted to 7.443 billion yuan, with 5.450 billion yuan cumulatively invested as of the reporting period end, representing a 73.22% investment progress, while temporarily idle funds are utilized for cash management Overall Use of Raised Funds | Item | Amount (Yuan) | | :--- | :--- | | Net Proceeds from IPO (after deducting issuance expenses) | 7,443,212,046 | | Cumulative Raised Funds Invested as of End of Reporting Period | 5,449,575,035 | | Cumulative Investment Progress as of End of Reporting Period (%) | 73.22 | - The company used temporarily idle raised funds not exceeding **3.2 billion yuan** for cash management to increase returns on the company's cash assets. As of the end of the reporting period, the cash management balance was **1.66 billion yuan**[227](index=227&type=chunk) [Share Changes and Shareholder Information](index=116&type=section&id=Section%207%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to repurchases and provides an overview of its shareholder structure, including major shareholders and lock-up commitments [Share Capital Changes](index=116&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital decreased from 1,416,236,912 shares to 1,411,540,112 shares due to the repurchase and cancellation of 4,696,800 H shares in January 2024 - The company repurchased and cancelled **4,696,800 H shares** in January 2024, leading to a reduction in total share capital[233](index=233&type=chunk) Share Capital Change Table | Share Class | Quantity Before This Change | Change (Increase/Decrease) | Quantity After This Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 608,966,468 | 0 | 608,966,468 | | II. Unrestricted Tradable Shares | 807,270,444 | -4,696,800 | 802,573,644 | | Of which: Overseas Listed Foreign Shares (H-shares) | 547,329,400 | -4,696,800 | 542,632,600 | | **III. Total Shares** | **1,416,236,912** | **-4,696,800** | **1,411,540,112** | [Shareholder Information](index=117&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had 16,516 common shareholders, with CRRC Zhuzhou Institute Co., Ltd. and HKSCC NOMINEES LIMITED as the top two largest shareholders, and the controlling shareholder extending its pre-IPO share lock-up period Top Ten Shareholders' Shareholding (As of June 30, 2024) | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | CRRC Zhuzhou Institute Co., Ltd. | 591,000,716 | 41.87 | | HKSCC NOMINEES LIMITED | 541,316,466 | 38.35 | | Hong Kong Securities Clearing Company Limited | 26,498,358 | 1.88 | | China Merchants Bank - Huaxia SSE STAR Market 50 ETF | 20,052,422 | 1.42 | | CRRC Zhuzhou Electric Locomotive Co., Ltd. | 10,000,000 | 0.71 | - Controlling shareholder CRRC Zhuzhou Institute pledged to voluntarily extend the lock-up period for its **589,585,699 pre-IPO shares** by **12 months**, until **September 6, 2025**[217](index=217&type=chunk)[240](index=240&type=chunk) [Preferred Shares Information](index=127&type=section&id=Section%208%20Preferred%20Shares%20Information) This section confirms the company had no preferred shares outstanding or related activities during the reporting period - During the reporting period, the company had no preferred shares information[246](index=246&type=chunk) [Bond Information](index=128&type=section&id=Section%209%20Bond%20Information) This section confirms the company had no outstanding bonds or bond-related activities during the reporting period - During the reporting period, the company had no bond information[247](index=247&type=chunk) [Financial Report](index=129&type=section&id=Section%2010%20Financial%20Report) This section presents the company's comprehensive financial statements for the first half of 2024, providing a detailed view of its financial position, performance, and cash flows [Financial Statements](index=129&type=section&id=II.%20Financial%20Statements) This chapter provides the company's unaudited consolidated and parent company financial statements for the first half of 2024, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, showing growth in total assets, revenue, and profit, with significantly improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2024) | Item | End of Period Balance (Yuan) | Beginning of Period Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **61,936,184,997** | **53,404,847,387** | | **Total Liabilities** | **19,395,527,401** | **15,688,316,505** | | Owners' Equity Attributable to Parent Company | 39,518,775,875 | 36,865,956,579 | | **Total Owners' Equity** | **42,540,657,596** | **37,716,530,882** | Consolidated Income Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 10,283,733,393 | 8,570,210,633 | | Operating Profit | 1,702,661,203 | 1,211,280,886 | | Total Profit | 1,708,743,865 | 1,225,639,966 | | Net Profit | 1,601,032,565 | 1,188,316,862 | | Net Profit Attributable to Parent Company Shareholders | 1,506,841,018 | 1,154,168,154 | Consolidated Cash Flow Statement Summary (January-June 2024) | Item | Amount for Current Period (Yuan) | Amount for Prior Period (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 670,363,515 | -468,059,212 | | Net Cash Flow from Investing Activities | -3,074,478,598 | 69,930,686 | | Net Cash Flow from Financing Activities | 4,495,429,019 | 37,816,024 | | Net Increase in Cash and Cash Equivalents | 2,090,396,372 | -355,366,109 |

三、 公司全体董事出席董事会会议。 2024 年半年度报告 公司代码：688187 公司简称：时代电气 株洲中车时代电气股份有限公司 2024 年半年度报告 1 / 239 2024 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 请查阅本报告第三节"管理层讨论与分析"中有关风险的说明。 四、 本半年度报告未经审计。 五、 公司负责人李东林、主管会计工作负责人孙珊及会计机构负责人（会计主管人员）袁峰声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 九、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 十、 是否存在违反规定决策程序对外提供担保的情况 否 十一、 是否 ...