Core Viewpoint - The report outlines the continuous supervision and compliance of China Railway High-speed Electric Equipment Co., Ltd. by CITIC Construction Investment Securities Co., Ltd. since its IPO, emphasizing the company's adherence to regulations and the absence of major violations during the supervision period [1][2][3]. Continuous Supervision Work - CITIC Construction Investment has established a comprehensive supervision system and effectively executed the work plan for continuous supervision [1][2]. - The company has signed a continuous supervision agreement with the listed company, clarifying the rights and obligations of both parties during the supervision period [1][2]. - No violations or breaches of commitments were reported during the supervision period [2][3]. Financial Performance - In 2024, the company's operating income was approximately CNY 1.008 billion, a decrease of 16.20% compared to CNY 1.203 billion in 2023 [9]. - The net profit attributable to shareholders was CNY 39.93 million, down 13.14% from the previous year [9]. - The total assets decreased by 4.37% to approximately CNY 3.075 billion, while net assets increased by 2.13% to CNY 1.646 billion [9]. Risks Identified - The company faces risks related to product development and technological updates, particularly in meeting the evolving demands for electric railway products [4]. - High customer concentration and significant related-party transactions pose operational risks [5]. - The cyclical nature of railway and urban rail transit construction can lead to fluctuations in product demand [6]. - Fluctuations in raw material prices and large accounts receivable balances present additional financial risks [6][7]. Core Competitiveness - The company emphasizes technological innovation and quality upgrades, maintaining a strong brand reputation and industry leadership [10]. - A stable and high-quality professional technical and management team supports the company's competitive edge [10][11]. R&D Investment - The company has increased its R&D investment, with a focus on maintaining technological leadership and market competitiveness [11]. - In 2024, the company applied for 60 patents, including 23 invention patents, and has a total of 316 valid authorized patents [11][12]. Use of Raised Funds - The company raised approximately CNY 675.64 million from its IPO, with CNY 643.18 million deposited into a special account [12][13]. - As of December 31, 2024, the company had used CNY 409.60 million of the raised funds, with a remaining balance of CNY 248.44 million [13]. Shareholding Structure - As of December 31, 2024, the major shareholders, including the controlling shareholder and senior management, maintained their shareholding status without significant changes [14][15].