Core Viewpoint - High-speed Electric aims to strengthen its position as a leading state-owned enterprise by focusing on "hard technology" and leveraging technological innovation as its primary driving force since its listing on the Sci-Tech Innovation Board [2][3]. R&D Investment and Talent Development - The company views R&D investment as the "lifeline" of its hard technology attributes, maintaining a high R&D expense ratio of 5.17% in 2024, up by 0.21 percentage points year-on-year [3]. - In the first half of 2025, the R&D investment ratio was 3.95%, focusing on key areas such as high-speed traction power supply and intelligent operation and maintenance [3]. - High-speed Electric has established a talent system comprising high-level experts and a youth R&D team, with 5 experts and 13 top talents in the electrification field [3]. Technological Breakthroughs - The company has developed a rigid catenary technology for speeds of 200 km/h, addressing long-standing key pain points in the field [4]. - It has also created core components such as high-speed rigid cantilever support devices and lightweight high-speed expansion joints [4]. Strategic Goals and Market Positioning - High-speed Electric aims to achieve "full specifications, higher speeds, intelligence, and upstream and downstream collaboration" in technology, aligning with the "14th Five-Year Plan" for developing new quality productivity [5]. - The company is focused on integrating advanced technologies with its resources in the rail transit sector to accelerate the development of intelligent monitoring and maintenance, as well as fire safety in electrical equipment [5]. Application of Hard Technology - High-speed Electric emphasizes the transformation of hard technology from "laboratory" to "application field" by collaborating with research institutions to promote the conversion of technological achievements into products [8]. - The company has completed the construction of a technology industrial park, enhancing production capacity and manufacturing technology [8]. Green and Sustainable Practices - The company integrates green concepts throughout its production chain, promoting a transition to "low energy consumption, low emissions, and high efficiency" [9]. - High-speed Electric employs "full lifecycle green design" in product development, using recyclable and environmentally friendly materials [9]. Future Development Strategy - During the "15th Five-Year Plan" period, High-speed Electric will leverage "assets, capital, and technology" to drive high-quality development [11]. - The company plans to maintain its leading position in rail transit power supply equipment through technological innovation and capital operations, while also exploring new markets outside the rail sector [12].

Core 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].