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 ...

Financial Performance - The company expects a net profit attributable to shareholders of RMB 150.684 million for the first half of 2024, an increase of RMB 35.267 million or 30.56% year-on-year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be RMB 126.769 million, up RMB 33.900 million or 36.50% year-on-year [2]. - The company reported a net profit of RMB 115.417 million for the first half of 2023, and a net profit of RMB 92.869 million after deducting non-recurring gains and losses [2]. Revenue Growth - The revenue growth is driven by increased railway investment and passenger flow recovery, with a year-on-year increase in the acceptance and delivery of rail transit products [3]. - The growth in net profit is primarily attributed to the increase in revenue scale compared to the previous year [3]. Forecast and Uncertainties - The company does not foresee any major uncertainties that could affect the accuracy of this earnings forecast [3]. - The forecast data is preliminary and the final financial data will be disclosed in the official 2024 semi-annual report [3].

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 3,924,623,207, representing a year-on-year increase of 27.20%[10] - Net profit attributable to shareholders for the same period was CNY 567,547,208, marking a growth of 30.44% compared to the previous year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 460,999,116, which is an increase of 44.85% year-on-year[10] - Basic earnings per share for Q1 2024 were CNY 0.40, reflecting a 29.03% increase from the same period last year[10] - Operating profit for Q1 2024 was ¥616,035,912, up 31.6% from ¥467,783,206 in Q1 2023[49] - Net profit for Q1 2024 increased to ¥577,497,281, compared to ¥447,445,309 in Q1 2023, representing a growth of 29.1%[49] - Total comprehensive income for Q1 2024 was ¥592,674,740, compared to ¥461,958,859 in Q1 2023, reflecting a growth of 28.3%[53] Revenue Breakdown - The rail transportation business generated RMB 21.20 billion, up 43.74% from RMB 14.75 billion year-over-year, with the rail engineering machinery segment seeing a significant increase of 468.37%[32] - The emerging equipment business reported revenue of RMB 17.69 billion, a growth of 13.18% from RMB 15.63 billion, driven by power semiconductor devices which grew by 22.44%[32] - Total revenue for Q1 2024 reached ¥3,924,623,207, a 27.1% increase from ¥3,085,430,376 in Q1 2023[48] - Sales revenue from goods and services received cash of ¥2,917,791,196 in Q1 2024, an increase from ¥2,361,292,538 in Q1 2023[57] Assets and Liabilities - The total assets at the end of the reporting period amounted to CNY 55,106,878,479, a 3.19% increase from the end of the previous year[12] - Current assets totaled RMB 39.86 billion as of March 31, 2024, compared to RMB 37.51 billion at the end of 2023, reflecting a solid liquidity position[35] - Total liabilities rose to RMB 16.87 billion as of March 31, 2024, compared to RMB 15.69 billion at the end of 2023, primarily due to an increase in short-term borrowings[41] - The company's total assets increased to RMB 55.11 billion from RMB 53.40 billion, showcasing growth in both current and non-current assets[43] Shareholder Information - The company reported a total of 18,421 common shareholders at the end of the reporting period[18] - The total equity attributable to shareholders was CNY 37,373,161,487, reflecting a 1.38% increase from the previous year-end[12] - The largest shareholder, CRRC Zhuzhou Electric Locomotive Research Institute, holds 591,000,716 shares, accounting for 41.73% of the total shares[21] - HKSCC Nominees Limited, an overseas entity, holds 546,012,266 shares, representing 38.55% of the total shares[24] - The top ten unrestricted shareholders collectively hold 610,381,485 shares, which is 47.72% of the company's total equity[26] Cash Flow - The net cash flow from operating activities was negative at CNY -482,272,409, indicating a significant cash outflow during the quarter[10] - Cash flow from operating activities for Q1 2024 was negative at -¥482,272,409, an improvement from -¥1,272,174,259 in Q1 2023[59] - The company's cash and cash equivalents increased to RMB 8.28 billion from RMB 7.90 billion, indicating improved cash flow management[35] - The ending balance of cash and cash equivalents as of Q1 2024 was $7.13 billion, compared to $6.01 billion at the end of Q1 2023, reflecting a year-over-year increase of 18.6%[63] Research and Development - Research and development expenses totaled CNY 466,397,177, which is 11.88% of operating revenue, although this represents a decrease of 0.71 percentage points compared to the previous year[10] - Research and development expenses rose to ¥457,338,479, a 23.2% increase from ¥371,341,436 in Q1 2023[48] - The development expenditure for new technologies reached RMB 282.12 million, reflecting the company's commitment to innovation[37] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[32]

Financial Performance - The company's operating revenue for Q1 2024 reached CNY 3,924,623,207, representing a year-on-year increase of 27.20%[4] - Net profit attributable to shareholders was CNY 567,547,208, up 30.44% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was CNY 460,999,116, reflecting a significant increase of 44.85% year-on-year[4] - The basic earnings per share for the quarter was CNY 0.40, an increase of 29.03%[5] - In Q1 2024, the company reported a net profit of CNY 577,497,281, an increase of 29.1% compared to CNY 447,445,309 in Q1 2023[20] - The company's operating profit reached CNY 616,035,912, up 31.6% from CNY 467,783,206 in the same period last year[20] - The company reported a total comprehensive income of CNY 592,674,740, an increase of 28.3% from CNY 461,958,859 in the previous year[21] Revenue Breakdown - The rail transit business generated RMB 2.120 billion, up 43.74% from RMB 1.475 billion year-on-year, with significant growth in rail engineering machinery by 468.37%[15] - The emerging equipment business reported revenue of RMB 1.769 billion, a 13.18% increase from RMB 1.563 billion, driven by power semiconductor devices growing by 22.44%[15] - The company’s revenue from rail transit electrical equipment was RMB 1.617 billion, reflecting a 28.95% increase year-on-year[15] - The company’s revenue from communication signal systems was RMB 143 million, a 42.00% increase compared to the previous year[15] - The company’s revenue from other rail transit equipment decreased by 4.51% to RMB 65 million[15] - The company’s revenue from other businesses fell by 24.86% to RMB 36 million[15] - Total operating revenue for Q1 2024 reached RMB 3,924,623,207, an increase of 27.2% compared to RMB 3,085,430,376 in Q1 2023[19] Costs and Expenses - Total operating costs for Q1 2024 were RMB 3,442,861,527, up 25.0% from RMB 2,753,153,062 in Q1 2023[19] - Research and development expenses totaled CNY 466,397,177, accounting for 11.88% of operating revenue, a decrease of 0.71 percentage points[5] - Research and development expenses increased to CNY 457,338,479, representing a rise of 23.2% from CNY 371,341,436 in Q1 2023[20] - The company's tax expenses for Q1 2024 were CNY 45,066,278, up from CNY 23,303,260 in Q1 2023, reflecting a growth of 93.5%[20] Cash Flow and Assets - The net cash flow from operating activities was negative CNY 482,272,409, indicating a cash outflow[5] - The company generated a net cash flow from operating activities of CNY -482,272,409, an improvement from CNY -1,272,174,259 in Q1 2023[23] - Cash and cash equivalents as of March 31, 2024, amounted to RMB 8,280,216,480, compared to RMB 7,903,177,340 at the end of 2023, reflecting a growth of 4.8%[16] - Cash and cash equivalents at the end of Q1 2024 amounted to CNY 7,134,783,664, up from CNY 6,014,183,114 at the end of Q1 2023[23] - Accounts receivable increased to RMB 10,707,530,139 as of March 31, 2024, from RMB 9,635,843,983 at the end of 2023, representing a rise of 11.1%[16] - Inventory as of March 31, 2024, was RMB 6,069,913,338, up 11.5% from RMB 5,442,956,796 at the end of 2023[16] - Total assets at the end of the reporting period were CNY 55,106,878,479, an increase of 3.19% from the end of the previous year[5] - Total assets increased to RMB 55,106,878,479 as of March 31, 2024, compared to RMB 53,404,847,387 at the end of 2023, marking a growth of 3.2%[18] - Total liabilities as of March 31, 2024, were RMB 16,871,994,328, an increase from RMB 15,688,316,505 at the end of 2023, reflecting a rise of 7.6%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,421[8] - The number of A-share shareholders reached 17,361, while H-share shareholders totaled 1,060 as of the report date[11] - The company’s major shareholder, CRRC Corporation Limited, indirectly holds 47.72% of the company's shares[11] - The top 10 shareholders participated in securities lending, with the highest lending volume from China Merchants Bank at 457,500 shares[11] Future Outlook - The company continues to invest in new technologies and market expansion, although specific figures are not provided in the report[19] - Future outlook remains positive with expectations of continued growth in revenue and market presence[19]

Financial Performance - The company's operating revenue for 2023 reached RMB 21.80 billion, a year-on-year increase of 20.88% compared to RMB 18.03 billion in 2022[14]. - Net profit attributable to shareholders for 2023 was RMB 3.11 billion, reflecting a growth of 21.51% from RMB 2.56 billion in 2022[14]. - The net cash flow from operating activities was RMB 2.78 billion, up 36.28% from RMB 2.04 billion in the previous year[14][18]. - The total assets at the end of 2023 amounted to RMB 53.40 billion, a 10.09% increase from RMB 48.51 billion at the end of 2022[15]. - The net assets attributable to shareholders increased to RMB 36.87 billion, representing a growth of 6.76% from RMB 34.53 billion in 2022[15]. - Basic earnings per share for 2023 were RMB 2.19, up 21.67% from RMB 1.80 in 2022[17]. - The company's operating revenue reached a historic milestone of 20 billion yuan, achieving a new high in profitability[7]. - The company's operating revenue was RMB 21.7999 billion in 2023, representing a year-on-year increase of 20.88% compared to RMB 18.034 billion in the same period last year[116]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 7.8 per 10 shares, totaling approximately RMB 1.1 billion, which represents 35.45% of the net profit attributable to shareholders for the year 2023[1]. - The company will withhold a 10% corporate income tax on dividends distributed to non-resident corporate shareholders[187]. - Foreign individuals receiving dividends from the company are exempt from personal income tax under Chinese regulations[188]. Governance and Compliance - There are no significant risks related to the company's governance or financial practices reported[2]. - The company has confirmed that it has not been profitable since its listing[1]. - The report indicates that there are no special arrangements for corporate governance[2]. - The company has received a standard unqualified audit opinion from its auditing firm[1]. - The company has confirmed that there are no violations of decision-making procedures regarding external guarantees[2]. - The independent non-executive directors confirmed that CRRC Zhuzhou has adhered to the Non-Competition Agreement in 2023, with no competitive overlap in business operations[185]. - The audit committee reviewed the company's annual performance and annual report for 2023, including the audited consolidated financial statements as of December 31, 2023[198]. Research and Development - The company achieved a total R&D investment of CNY 2,145,457,133 in the reporting period, representing a 16.18% increase compared to the previous year[63]. - The company's R&D expenditure accounted for 9.84% of operating revenue, a decrease of 0.40 percentage points from 10.24% in 2022[17]. - A total of 229 new invention patents were granted in 2023, bringing the total number of effective patents to 3,558, with over 50% being invention patents[61]. - The company holds 3,558 patents, including 2,174 invention patents, and has participated in the formulation of 50 international standards[92]. - The R&D team consists of 3,180 engineering technicians, accounting for 38.03% of the workforce, with over 43% holding postgraduate degrees, ensuring a strong foundation for core technology development[97]. Market Position and Strategy - The company maintained a leading market share in rail transit traction systems, with continuous improvement in industry rankings for power supply and signaling systems[7]. - The company aims to strengthen its dual-track industry development strategy, focusing on transportation and new energy sectors[9]. - The company is actively expanding into industries outside rail transit, including power semiconductors, industrial conversion products, and new energy vehicle drive systems[29]. - The company is committed to deepening market-oriented reforms, optimizing organizational structure, and enhancing operational efficiency[8]. - The company is focusing on market expansion through innovative product offerings and strategic partnerships in the rail transportation sector[66]. Risks and Challenges - The company faces risks related to unprofitable operations and potential significant declines in performance, necessitating ongoing investment in new technologies and products[101]. - The company is facing risks from international trade protectionism and fluctuating foreign exchange rates impacting overseas operations[107][104]. - The overall trend of urban rail transit construction is slowing down, with local government debt rates high and significant tightening of fiscal policies, leading to a year-on-year decrease in urban rail construction investment[152]. Investments and Financial Management - The company plans to invest approximately RMB 110,799,000 in the manufacturing base for new energy passenger vehicle electric drive systems and key components[140]. - The company’s total liabilities at the end of the reporting period were RMB 25.4 billion, with long-term borrowings increasing by 769.39% to RMB 631.94 million[134]. - The company’s cash flow from financing activities showed a net outflow of RMB 589 million, which was stable compared to the same period last year[133]. - The company has engaged in derivative investments for hedging purposes, with a total initial investment amount of RMB 8,490.90[142]. Operational Efficiency - The company implemented a digital-driven management approach, enhancing profitability through precise management and real-time monitoring of financial performance[8]. - The company has established a comprehensive quality management system, achieving multiple international certifications including ISO9001 and IATF16949, ensuring high reliability and efficiency of products[93]. - The company is focusing on digital transformation and improving management efficiency to adapt to the complexities of its diversified business[109]. Product Development and Innovation - The company has developed a comprehensive independent intellectual property system, enhancing its capabilities in various high-tech fields such as electrical systems and control technology[29]. - The company has successfully developed a series of traction converters that meet the application needs of high-power locomotives and urban rail vehicles[44]. - The company has achieved breakthroughs in advanced motor control technology based on direct torque control, enhancing the reliability and performance of electric drive systems[44]. - The company is focusing on enhancing system availability and reducing the impact of failures through advanced technology integration[73].