本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條由中 國鐵路通信信號股份有限公司（「本公司」）作 出。 茲載列本公司在上海證券交易所網站刊登之《中國鐵路通信信號股份有 限公司2025年年度報告摘 要》，僅 供 參 閱。 承董事會命 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公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中 國 鐵 路 通 信 信 號 股 份 有 限 公 司 China Railway Signal & Communication Corporation Limited* （在中華人民共和國註冊成立的股份有限公司） （股份代號：3969） 海外監管公告 中國鐵路通信信號股份有限公司 樓齊良 董事長 中 國，北 京 2026年3月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 樓 齊 良 先 生 及董寶良先生，本 公 司 獨 立 非 執 行 董 事 為 姚 桂 清 先 生、姚 祖 ...

Company Overview - Suzhou Huazhi Jie Electric Co., Ltd. focuses on the smart control industry, providing power management and drive solutions for lithium battery electric tools and consumer electronics[8] - The company has established a leading market position in the electric tool components sector, expanding into lithium-powered garden machinery, smart home, and new energy vehicles[14] Market Trends - The global electric tool market is projected to grow by 24.8% in 2024, reaching 566.4 billion USD, driven by the shift towards cordless and lithium-powered tools[32] - The outdoor power equipment market is expected to exceed 57 billion USD by 2032, benefiting from advancements in lithium battery technology and environmental concerns[33] - The consumer electronics market is forecasted to grow from 1.046 trillion USD in 2024 to 1.177 trillion USD by 2028[34] - The global new energy vehicle sales are anticipated to increase by 24.4% in 2024, reaching 18.236 million units, with a domestic penetration rate of 44.3%[34] Financial Performance - The company's revenue is projected to show significant growth, with a target of a 50% increase in 2026 compared to 2025[40] - The net profit growth target for 2026 is also set at a minimum of 50% compared to the previous year[40] Competitive Advantages - The company holds 303 patents, including 72 invention patents, and has established two provincial engineering technology research centers[26] - Huazhi Jie has a comprehensive supply capability for smart switches, controllers, and brushless motors, enhancing customer loyalty and market share[27] Risks - Potential risks include a downturn in the real estate market, exchange rate fluctuations, raw material price volatility, and underperformance of new product sales[4]

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Insights - The company has a strong growth trajectory, with a net profit margin consistently above 10%. In the first three quarters of 2025, the company achieved a revenue of 1.03 billion yuan, a year-on-year increase of 23%, and a net profit of 110 million yuan, up 9% year-on-year. The CAGR for revenue and net profit from 2017 to 2024 is 12% and 21%, respectively [2][24] - The company has established a robust global presence with manufacturing bases in Suzhou, Zhangjiagang, Vietnam, and Mexico, and has partnerships with major brands such as Stanley Black & Decker and TTI Group [1][15] - The company is diversifying into various sectors, including automotive components, drones, and liquid cooling servers, leveraging its expertise in smart control technology [1][8] Summary by Sections 1. Company Overview - Founded in 2001, the company has over 20 years of experience in smart control, initially focusing on electric tools and later expanding into automotive, drones, and liquid cooling servers [1][15] - The company has a stable revenue structure, with over 90% of its income derived from electric tool components, including smart switches and brushless motors [17][19] 2. Financial Performance - The company reported a revenue of 1.51 billion yuan for 2025, with a projected net profit of 162 million yuan, reflecting a year-on-year growth of 22.7% and 5.6%, respectively [12] - The gross margin has remained above 25%, with a net profit margin consistently above 10% [24][25] 3. Product Segmentation - The electric tool components segment is the primary revenue driver, with smart switches contributing significantly to profitability, achieving a gross margin of around 30% [3][56] - The automotive components segment is being developed, with products like electronic brake motors and liquid cooling systems already in the pipeline [4][62] 4. Market Position and Strategy - The company is well-positioned to capture market share in the electric tools market, which is expected to grow significantly, with projections indicating a market size exceeding 130 billion to 160 billion USD by 2032-2034 [2][39] - The company has established long-term partnerships with leading global brands, ensuring a stable revenue stream and enhancing its competitive edge [20][44] 5. Future Outlook - The company aims for substantial revenue growth, targeting a revenue increase of at least 50% in 2026, 120% in 2027, and 200% in 2028 based on its stock option incentive plan [10][36] - The report forecasts revenues of 1.5 billion, 2.3 billion, and 3.3 billion yuan for 2025, 2026, and 2027, respectively, indicating a strong growth trajectory [10][12]

Group 1 - The company has approved the use of idle raised funds for cash management up to 200 million yuan and idle self-owned funds for entrusted wealth management up to 1.5 billion yuan, with a validity of 12 months for these amounts [2][4] - The company has recently invested 12.5 million yuan in cash management products using idle raised funds [3] - The company and its subsidiaries have purchased entrusted wealth management products totaling 763.29 million yuan using idle self-owned funds [4] Group 2 - The company has redeemed entrusted wealth management products amounting to 369.31 million yuan [5] - The company has implemented risk control measures for entrusted wealth management, including selecting qualified financial institutions and adhering to internal management regulations [6] - The use of idle self-owned funds for entrusted wealth management is expected to enhance capital efficiency and provide returns without affecting the company's main business operations [7] Group 3 - As of the announcement date, the company has an outstanding balance of 12.5 million yuan in cash management products and 1.2157129 billion yuan in entrusted wealth management products, both within the approved investment limits [8] - The company plans to change its name from "Qingniao Fire Protection Co., Ltd." to "Qingniao Smart Control Technology Co., Ltd." to better reflect its current business focus and future direction [10][14] - The proposed name change has been approved by the board and will be submitted for shareholder approval [11][15] Group 4 - The first extraordinary general meeting of 2026 is scheduled for February 26, 2026, with provisions for both on-site and online voting [21][23] - The meeting will allow all shareholders registered by February 12, 2026, to participate and vote [24] - The company will ensure compliance with relevant laws and regulations during the meeting [21][22]

Core Viewpoint - The company is evolving its business structure and technological direction, transitioning from traditional fire safety product manufacturing to a technology-driven enterprise focused on intelligent control and systematic solutions [1] Group 1: Business Evolution - The company aims to strengthen its capabilities in intelligent control and digital technology while maintaining its core advantages in fire safety [1] - The existing name "青鸟消防" (Qingniao Fire) no longer accurately reflects the company's current business layout and future development direction [1] Group 2: Name Change - The company plans to change its name from "青鸟消防股份有限公司" (Qingniao Fire Co., Ltd.) to "青鸟智慧控制科技股份有限公司" (Qingniao Intelligent Control Technology Co., Ltd.) [1] - The stock abbreviation will also change from "青鸟消防" (Qingniao Fire) to "青鸟智控" (Qingniao Intelligent Control) [1]

Core Viewpoint - The company is changing its name from "Qingniao Fire Protection Co., Ltd." to "Qingniao Smart Control Technology Co., Ltd." and its stock abbreviation from "Qingniao Fire Protection" to "Qingniao Smart Control" to reflect its evolving business focus and technological advancements [1] Group 1 - The company has been deeply engaged in the fire safety sector, focusing on the research, production, and sales of fire safety system products [1] - The company is continuously promoting technological upgrades and business extensions into related fields such as smart IoT and intelligent control [1] - The company's products and solutions have been applied in smart city and smart building scenarios, indicating a diversification of its application areas [1] Group 2 - The company aims to strengthen its capabilities in intelligent control and digital technology while maintaining its core advantages in fire safety [1] - The transition from traditional fire product manufacturing to a technology-driven enterprise characterized by intelligent control and systematic solutions is a key strategic move [1]

Core Viewpoint - The company is evolving its business structure and technological direction, transitioning from traditional fire safety product manufacturing to a technology-driven enterprise focused on smart control and systematic solutions [1] Group 1: Business Evolution - The company aims to enhance its core advantages in fire safety while strengthening its capabilities in smart control and digital technology [1] - The existing name "青鸟消防" no longer accurately reflects the company's current business layout and future development direction [1] Group 2: Name Change - To better represent its strategic positioning in smart control and technological innovation, the company plans to change its name from "青鸟消防股份有限公司" to "青鸟智慧控制科技股份有限公司" [1] - The stock abbreviation will also change from "青鸟消防" to "青鸟智控" [1]

Core Viewpoint - The company is changing its name from "Qingniao Fire Protection Co., Ltd." to "Qingniao Smart Control Technology Co., Ltd." and its stock abbreviation from "Qingniao Fire Protection" to "Qingniao Smart Control" to reflect its evolving business focus and technological advancements [1] Group 1 - The company has been deeply engaged in the fire safety sector, focusing on the research, production, and sales of fire safety system products [1] - The company is continuously promoting technological upgrades and business extensions into related fields such as smart IoT and intelligent control [1] - The company's products and solutions have been applied in smart city and smart building scenarios, indicating a diversification of its application areas [1] Group 2 - The company is transitioning from a traditional fire product manufacturer to a technology-driven enterprise characterized by intelligent control and systematic solutions [1] - The company aims to strengthen its capabilities in smart control and digital technology while maintaining its core advantages in fire safety [1]

Core Viewpoint - The company intends to change its name to Qingniao Smart Control Technology Co., Ltd. to better reflect its current business layout and future development direction in the field of smart control and technological innovation [1] Group 1 - The company's board of directors has approved the proposal for the name change, which will be submitted to the shareholders' meeting for further approval [1] - The current name "Fire Protection" is deemed insufficient to accurately represent the company's strategic positioning in its evolving business landscape [1]

Group 1 - The company, Shantui, has established multiple research institutions including the Engineering Machinery Research Institute and the Smart Construction Research Institute [1] - It possesses national-level enterprise technology centers, industrial design centers, and post-doctoral research stations [1] - The company has provincial-level platforms such as the Shandong Provincial Key Laboratory for Earthmoving Machinery Smart Construction Technology [1] Group 2 - Shantui has developed experimental platforms focused on intelligent control, new energy, smart networking, industrial design, and transmission hydraulics [1]