China Railway High-Speed Electrification Equipment (SH:688285) 中国基金报·2025-09-28 04:43Core Viewpoint - High-speed Electric aims to strengthen its position as a leading state-owned enterprise by focusing on "hard technology" and continuous innovation during the "14th Five-Year Plan" period [3][6]. R&D Investment - The company views R&D investment as the "lifeline" of its hard technology attributes, maintaining a high R&D expense ratio since its listing, with a projected 5.17% for 2024, up 0.21 percentage points year-on-year [6][13]. - In the first half of 2025, R&D investment accounted for 3.95%, focusing on key areas such as high-speed traction power supply and intelligent operation and maintenance [6]. Technological Breakthroughs - High-speed Electric has achieved significant technological breakthroughs, including the development of a rigid catenary system for trains traveling at 200 km/h, addressing long-standing industry challenges [7][8]. - The company has accumulated 355 valid intellectual property rights, including 79 invention patents, as of June 2025 [7]. Product and Service Innovation - The company emphasizes innovation-driven development, focusing on upgrading products and services in the rail transit electrical field through technological breakthroughs [8][12]. - High-speed Electric has established a collaborative mechanism with research institutions to promote the transformation of technological achievements into marketable products [12]. Financial Performance - In the first half of 2025, High-speed Electric reported revenue of 533 million, a 24% increase year-on-year, and a net profit of 2.81 million, up 34% [13]. Green Development - The company integrates green concepts throughout its production processes, promoting low-energy, low-emission, and high-efficiency transformations [13]. - High-speed Electric employs a "full lifecycle green design" approach, using recyclable and environmentally friendly materials [13]. Future Development Strategy - The company plans to leverage "assets + capital + technology" as a three-pronged approach to drive high-quality development during the "15th Five-Year Plan" [15]. - High-speed Electric aims to maintain its leading position in rail transit power supply equipment through technological innovation and capital operations [15][16].