香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中國株洲，二零二六年一月二十一日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 （於中華人民共和國註冊成立的股份有限公司） 株洲中車時代電氣股份有限 公 司（「本公司」）董 事 會（「董事會」）謹 此公佈，本公司將 於二零二六年三月二十 七 日（星 期五）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公司及其附屬公司）截 至二零二五年十二月三十一日止年度的末期業績，並考慮建 議 派 發 末 期 股 息（如 有），及 處 理 其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 李東林 董事長 （股份代號：3898） 董事會會議通知 ...

Group 1 - The company, Times Electric (03898.HK), will hold a board meeting on March 27, 2026, to approve the release of the group's annual results for the year ending December 31, 2025 [1] - The board will also consider the proposal for the final dividend distribution, if any, along with other matters [1]

Group 1 - The company, Times Electric (03898.HK), will hold a board meeting on March 27, 2026, to approve the release of the group's annual results for the year ending December 31, 2025 [1] - The board will also consider the proposal for the final dividend distribution, if any, along with other matters [1]

株洲中車時代電氣股份有限 公 司（「本公司」）董 事 會（「董事會」）謹 此公佈，本公司將 於二零二六年三月二十 七 日（星 期五）舉 行董事會會議，以批准發佈本 集 團（包 括 本 公司及其附屬公司）截 至二零二五年十二月三十一日止年度的末期業績，並考慮建 議 派 發 末 期 股 息（如 有），及 處 理 其 他 事 宜（如 有）。 承董事會命 株洲中車時代電氣股份有限公司 李東林 董事長 香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 作 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3898） 董事會會議通知 中國株洲，二零二六年一月二十一日 於本公告日期，本公司董事長兼執行董事為李東林；副董事長兼執行董事為尚敬； 其他執行董事為徐紹龍；獨立非執行董事為李開國、鍾寧樺、林兆豐及馮曉雲；以 及職工董事為陳志漫。 ...

Core Viewpoint - The power semiconductor industry is entering a golden period driven by the boom in new energy vehicles and AI, with the Chinese market expected to exceed 180 billion yuan by 2025 [1]. Group 1: Company Overview - Changjing Technology, a leading power semiconductor company, has restarted its IPO process after more than two years, with the China Securities Regulatory Commission confirming its filing on January 15 [1]. - Established in 2018, Changjing Technology specializes in the R&D, production, and sales of semiconductor products, and has been recognized as one of China's top ten power semiconductor companies for six consecutive years [2]. - The company has built a complete industrial chain through acquisitions, including the purchase of Haide Semiconductor and the establishment of Changjing Pulian, enhancing its capabilities in wafer manufacturing [2]. Group 2: Financial Performance - According to its 2022 prospectus, Changjing Technology's revenue from 2020 to 2022 was 1.339 billion yuan, 1.902 billion yuan, and 1.884 billion yuan, respectively, with net profits of 66 million yuan, 244 million yuan, and 127 million yuan [3]. - Despite the acquisition of New Shunwei contributing to wafer revenue growth, the company's total revenue remained stable compared to 2021, while net profit saw a significant decline due to weak demand in the consumer electronics market and cyclical factors [3]. Group 3: Market Trends and Future Prospects - The power semiconductor industry is showing signs of recovery, with revenue growth entering an upward cycle since Q4 2022, creating a favorable external environment for companies [4]. - The global power semiconductor market is projected to grow from 411.5 billion yuan in 2020 to 610.1 billion yuan by 2025, with China's market expected to exceed 180 billion yuan [4]. - Changjing Technology is actively expanding into new application markets, particularly in automotive electronics, with over 3,500 AEC-Q certified automotive-grade products [5]. Group 4: Strategic Initiatives - The company plans to use the funds raised from its IPO to expand production capacity, including projects for an annual output of 8 billion new components and 600,000 6-inch power semiconductor chips [5]. - This expansion aims to enhance self-sufficiency in packaging and testing, reduce reliance on external foundries, and improve cost control and delivery capabilities [5]. Group 5: Shareholder Structure - The controlling shareholder of Changjing Technology is Shanghai Jianghao Enterprise Management Consulting Co., Ltd., which holds 6.9% of the shares and controls 31.62% of the voting rights [6]. - Notably, the company's shareholder list includes industry giants like Xiaomi and OPPO, highlighting its significant position in the consumer electronics supply chain [6].

Market Overview - The Hong Kong stock market experienced a decline, with all three major indices dropping over 1%. The Hang Seng Index fell by 1.05% to 26,563.9 points, with a total trading volume of 225.69 billion HKD [1] - Huatai Securities noted that the core factors driving the market rebound in the first quarter remain unchanged, including overall loose financial conditions and improved profit expectations, suggesting continued opportunities for investment in Hong Kong stocks [1] Blue-Chip Stocks Performance - Li Ning (02331) reached a new high, closing up 2.94% at 21 HKD, contributing 2.21 points to the Hang Seng Index. Morgan Stanley forecasts moderate revenue growth for Li Ning by 2025, with net profit margins stabilizing at high single digits [2] - Other blue-chip stocks included Sinopec (00386) up 3.34% and Mengniu Dairy (02319) up 2.78%, while China Biologic Products (01177) fell 6.19% and Innovent Biologics (01801) dropped 4.64%, negatively impacting the index [2] Sector Highlights Aviation Stocks - Aviation stocks performed well, with China Eastern Airlines (00670) up 9.2%, China Southern Airlines (01055) up 6.29%, and Air China (00753) up 3.76%. The 2026 Spring Festival travel period is expected to see a passenger volume of 95 million, a 5.3% increase year-on-year [3] Power Equipment Stocks - Power equipment stocks rose, with Dongfang Electric (01072) up 6.38% and Harbin Electric (01133) up 5.46%. The National Energy Administration announced that China's electricity consumption is projected to exceed 10 trillion kWh by 2025, a 5% year-on-year increase [4] Gold Stocks - Gold stocks were active, with Zhaojin Mining (01818) up 3.62% and Zijin Mining (02259) up 2.47%. The international gold price surged to a historical high of 4,690 USD per ounce due to rising market risk aversion stemming from escalating US-EU tariff disputes [5] Earnings Forecasts - Companies with positive earnings forecasts saw strong performance, including Qutoutiao (00917) up 38.78% and TCL Electronics (01070) up 13.4%. Qutoutiao expects to turn a profit with a net income between 270 million to 330 million RMB for the fiscal year ending December 31, 2025 [6] Notable Stock Movements - New World Development (00017) surged 16.28% to 11.07 HKD, reaching a two-year high, as the company’s chairman expressed confidence in creating value through strategic investments [7] - UBTECH Robotics (09880) rose 8.63% after signing a service agreement with Airbus for humanoid robots [8] - China National Offshore Oil Corporation (01138) climbed 7.39% amid favorable conditions in the oil transportation market due to geopolitical changes [9] - China Duty Free Group (01880) increased by 6.65% following strong growth in duty-free shopping in Hainan [10] - Cambridge Technology (06166) fell 12.2% after reporting lower-than-expected fourth-quarter profits despite a projected annual profit increase [11]

Market Overview - The Hong Kong stock market experienced a decline, with all three major indices dropping over 1%. The Hang Seng Index closed down 1.05% at 26,563.9 points, with a total trading volume of HKD 2,256.89 million [1] - The Hang Seng China Enterprises Index fell 0.94% to 9,134.45 points, while the Hang Seng Tech Index decreased by 1.24% to 5,749.98 points [1] Blue-Chip Stocks Performance - Li Ning (02331) reached a new high, closing up 2.94% at HKD 21, contributing 2.21 points to the Hang Seng Index. Morgan Stanley forecasts moderate revenue growth for Li Ning by 2025, with net profit margins stabilizing at high single digits [2] - Other blue-chip stocks included Sinopec (00386) up 3.34% at HKD 4.95, and Mengniu Dairy (02319) up 2.78% at HKD 15.89. China Biologic Products (01177) fell 6.19% to HKD 6.52, negatively impacting the index [2] Sector Highlights - The aviation sector showed strong performance, with China Eastern Airlines (00670) rising 9.2% to HKD 5.7, and China Southern Airlines (01055) increasing 6.29% to HKD 5.91 [3] - Electric power equipment stocks also gained, with Dongfang Electric (01072) up 6.38% at HKD 27.66 [4] - Gold stocks were active due to rising market risk aversion, with Zhaojin Mining (01818) increasing 3.62% to HKD 37.82 [5] Earnings Forecasts - Companies with positive earnings forecasts included Qutoutiao (00917), which surged 38.78% to HKD 35, and TCL Electronics (01070), which rose 13.4% to HKD 11.17. TCL expects a net profit growth of 45% to 60% for 2025 [6] - China Taiping (00966) anticipates a profit increase of 215% to 225% for the fiscal year ending December 31, 2025 [6] Notable Stock Movements - New World Development (00017) surged 16.28% to HKD 11.07, reaching a two-year high, driven by positive market sentiment [7] - UBTECH (09880) rose 8.63% to HKD 144.7 after signing a service agreement with Airbus for humanoid robots [8] - China International Marine Containers (01138) climbed 7.39% to HKD 12.94, supported by changes in global oil trade dynamics [9] - China Duty Free Group (01880) increased 6.65% to HKD 87.4, benefiting from strong growth in duty-free shopping in Hainan [10] - Cambridge Technology (06166) fell 12.2% to HKD 82.05, as its Q4 net profit forecast was below market expectations [11]

Core Viewpoint - As of December 31, 2025, the number of A-share shareholders for Times Electric is projected to be 18,596 [2] Group 1 - Times Electric responded to investor inquiries on an interactive platform [2] - The company provided a specific shareholder count forecast for the future date [2] - The information reflects the company's engagement with its investors [2]

Group 1 - The core viewpoint of the article is that Times Electric has provided updates on its Yixing chip production line, indicating that it will reach its designed capacity by the end of June 2025 and will operate at full capacity from the third quarter of 2025 [1] - The company is gradually increasing the capacity of supporting modules, which will help alleviate the bottleneck in IGBT production capacity [1]

Core Viewpoint - The company, Times Electric, has reported significant growth in its power semiconductor devices, which are widely used across various sectors including power distribution, rail transit, renewable energy generation, new energy vehicles, and industrial applications [1] Group 1: Company Performance - Times Electric's passenger vehicle power module installation volume ranks second in the industry for the first three quarters of 2025, with a year-on-year growth of 19% [1] - The market share of Times Electric in the passenger vehicle power module segment has reached 13.7% [1]