China International Capital Corporation Limited

About Zhuzhou CRRC Times Electric Co., Ltd

2024 Semi-Annual Continuous Supervision Follow-up Report

In accordance with the Administrative Measures for the Sponsorship Business of Securities Issuance and Listing, the Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, and the Self-Regulatory Guidelines for Listed Companies on the Shanghai Stock Exchange No. 11 - Continuous Supervision, China International Capital Corporation Limited (hereinafter referred to as the "Sponsor") is responsible for the continuous supervision of Zhuzhou CRRC Times Electric Co., Ltd. (hereinafter referred to as "Times Electric" or the "Company") and is responsible for the continuous supervision of Times Electric after its listing. And issue this semi-annual follow-up report for continuous supervision.

1. Continue to supervise the work

Serial No. Work Content Complete continuous supervision

The sponsor has been established and effectively enforced

1. Establish and improve and effectively implement the continuous supervision system, and implement the continuous supervision system for specific needs, which has been implemented according to the company

Supervise the work to formulate the corresponding work plan, and formulate the corresponding work

plan

According to the relevant regulations of the China Securities Regulatory Commission, before the commencement of continuous supervision, the sponsor has signed a sponsorship agreement with the company

The listed company or the relevant parties sign a continuous supervision agreement to make it clear that the two parties are discussing, and the agreement has made it clear that the two parties are continuing

The rights and obligations during the continuous supervision period shall be reported to the Shanghai Stock Exchange for the record The rights and obligations during the supervision period shall be reported to Shanghai

2. During the period of continuous supervision, if the relevant parties to the agreement make changes to the content of the agreement, they shall be filed with the stock exchange. This continuous supervision period

It shall be reported to the Shanghai Stock Exchange for filing within 5 trading days after the amendment. During the termination, the sponsor and the company did not agree on the agreement

In the case of an agreement, the parties to the agreement shall modify or terminate the agreement within 5 trading days from the date of termination

The Shanghai Stock Exchange reports and explains why

During this period of continuous supervision, the sponsor approves

3. Daily communication, regular return visits, on-site inspections, due diligence, etc

Carry out continuous supervision work methods, and carry out continuous supervision of the company

make

During the period of continuous supervision, the company did not press the violations of laws and regulations of listed companies in accordance with relevant regulations During the period of continuous supervision, the company did not press

4. If a public statement is made, it shall be reported to the Shanghai Stock Exchange before disclosure, and the relevant regulations require the sponsor to make a public statement

Violations of laws and regulations announced in designated media after review by the Shanghai Stock Exchange

During the period of continuous supervision, the listed company or relevant parties have violated laws and regulations,

Breach of commitments and other matters, shall be found or should be found within five years of continuous supervision of the company, the company and related when

5. Report to the Shanghai Stock Exchange within the same day, including that the listed company has not violated laws and regulations or violated its commitments

or the specific circumstances of the relevant parties in violation of laws and regulations, breach of commitments and other matters

and the supervisory measures taken by the sponsor

Supervise the listed company and its directors, supervisors and senior management to comply with the law, During this continuous supervision period, the sponsor has supervised

6. Regulations, departmental rules and business rules issued by the Shanghai Stock Exchange and their directors, supervisors and senior managers

He normative documents, and earnestly fulfill the commitments he has made to comply with laws, regulations, and departmental rules

Chapter and the industry published by the Shanghai Stock Exchange

Serial No. Work Content Complete continuous supervision

Rules of business and other normative documents, practical

Honour the commitments it has made

Supervise listed companies to establish, improve and effectively implement corporate governance systems, including sponsors have urged companies to comply with relevant regulations

7 But not limited to the rules of procedure of the general meeting of shareholders, the board of directors and the board of supervisors, as well as the provisions of directors, improve and improve the corporate governance system, and

Code of Conduct for Supervisors and Senior Managers, etc., Strictly implement the corporate governance system

Supervise listed companies to establish, improve and effectively implement internal control systems, including but not sponsor the establishment of internal control systems for companies

limited to the financial management system, accounting system and internal audit system, the calculation, implementation and effectiveness have been verified,

8. Related party transactions, external guarantees, foreign investment, derivatives transactions, and internal control systems of subsidiaries comply with relevant laws and regulations

The procedures and rules for major business decisions such as the company's control are required and effectively implemented, which can be ensured

The company's standardized operation

Supervise the company to establish, improve and effectively implement the information disclosure system, review the information The sponsor has urged the company to strictly implement it

Disclosure documents and other relevant documents and there are sufficient reasons to believe that the listed company to the information disclosure management system, after verification, its

9. The documents submitted by the Shanghai Stock Exchange do not contain false records or misleading documents submitted to the Shanghai Stock Exchange

Statements or material omissions There are no false records, misleading statements or

Material omissions

Information disclosure documents for listed companies and to the China Securities Regulatory Commission and Shanghai Securities

Other documents submitted by the exchange are reviewed in advance, and there are problematic letters

The information disclosure documents should be timely urged to be corrected or supplemented by the listed company, and the sponsor should be in charge of the company during the continuous supervision of the listing capital

If the company does not correct or supplement, it shall report to the Shanghai Stock Exchange in a timely manner; Division's information disclosure documents were reviewed,

10. If the information disclosure documents of the listed company have not been reviewed in advance, there shall be no such thing as the company not correcting or supplementing

Within five trading days after the municipal company fulfills its information disclosure obligations, it shall complete the report to the Shanghai Stock Exchange

The review of documents should be carried out, and the information disclosure documents with problems should be supervised in a timely manner

Where the listed company is urged to make corrections or supplements, and the listed company refuses to make corrections or supplements,

It should be reported to the Shanghai Stock Exchange in a timely manner

Pay attention to listed companies or their controlling shareholders, actual controllers, directors, supervisors,

11 Senior management personnel were subject to administrative penalties by the China Securities Regulatory Commission, and the company and related owners were subject to the continuous supervision of the Shanghai Securities Exchange

There are no such matters in the circumstances of the disciplinary punishment or the regulatory concern issued by the Shanghai Stock Exchange

and urge it to improve its internal control system and take measures to correct it

Continue to pay attention to the performance of commitments by listed companies and controlling shareholders and actual controllers During the period of continuous supervision, the company and its controlling shares

12 Failure of the listed company and its controlling shareholder and actual controller to fulfill its commitments There is no failure to fulfill the commitments of the listed company and the actual controller

In the case of matters, the commitment shall be reported to the Shanghai Stock Exchange in a timely manner

Pay attention to the reports of listed companies in the public media, and respond to market rumors in a timely manner

Conduct verification. After verification, it was found that the listed company had not disclosed the non-disclosure of the company during the period of continuous supervision

13. If there is a major matter or the information disclosed is inconsistent with the facts, the superior matter shall be supervised in a timely manner

The municipal company truthfully discloses or clarifies it; Listed companies do not disclose or clarify

shall report to the Shanghai Stock Exchange in a timely manner

If one of the following circumstances is found, the sponsor institution shall urge the listed company to make a statement

Clarify and make corrections within a time limit, and report to the Shanghai Stock Exchange at the same time: (1) above

14 Municipal Companies Suspected of Violating the Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange During the period of continuous supervision, the Company and related owners

and other relevant business rules of the Shanghai Stock Exchange; (2) The securities service institution has not had such matters

and the professional opinions issued by the signatories may be false and misleading

Violations of laws and regulations such as sexual statements or material omissions or other improper circumstances;

Serial No. Work Content Complete continuous supervision

(3) The listed company has any of the circumstances specified in Article 70 of the Sponsorship Measures;

(4) The listed company does not cooperate with the sponsor's continuous supervision; (5)

Other circumstances that the Shanghai Stock Exchange or the sponsor deems necessary to report

Formulate an on-site inspection work plan for listed companies and clarify on-site inspection workers

to ensure the quality of on-site inspection work. The following situations have occurred in listed companies

If it is one of them, it shall conduct an on-site inspection of the company within 15 days from the date of knowing or should have known or should have known it

Within the time limit required by the stock exchange, the on-site inspection work plan shall be formulated before the special on-site inspection of the listed company.

15. Investigation: (1) There is a suspicion of major financial fraud; (2) The controlling shareholder, and clarify the requirements for on-site inspection; root

The actual controller, directors, supervisors or senior management personnel are suspected of embezzlement During the period of continuous supervision, the company does not need it

Municipal Corporation Interests; (3) There may be a guarantee of material violations; (4) Circumstances of conducting special on-site inspections

There is a material abnormality in the cash flow or cash flow; (5) Shanghai Stock Exchange

or other matters that the sponsor believes should be subject to on-site verification

2. Problems found by the sponsor and the sponsor representative and their rectification

Not.

3. Major risk matters

During the period of continuous supervision, the key risk factors faced by the Company are as follows:

(1) Core competitiveness risks

As a supplier of rail transit equipment, the company needs to continuously carry out the research and development of new technologies and new products according to market demand and industry technology development trends, and invest a lot of manpower, financial resources and resources. Due to the uncertainty of technology research and development, if the company misjudges the development trend of technology and products, delays in the progress of technology research and development, fails to meet expectations, and fails to transform technological achievements, it may lead to the failure of research and development of new technologies and new products or the failure of new products put into the market to bring expected benefits to the company as scheduled, and the company's operating results may be adversely affected.

(2) Business risks

The world economic environment is becoming increasingly complex, and various factors such as the outbreak of international political disputes and the intensification of world turmoil and change have increased the company's overseas business risks. The shortage of overseas human resources, the tight supply chain, and the increase in project costs have adversely affected the company's existing overseas operation and management; In addition, the company's overseas projects have a long implementation cycle, strict technical requirements, high document standards, and high localization requirements, which involve the relationship between the general contractor, the owner, the supplier and other parties, and put forward higher requirements for project execution, project progress and project management.

(3) Financial risks

With the continuous promotion of the international business strategy, the company's market development, product import and export, overseas investment and other business activities continue to increase, and exchange rate fluctuations have brought various risks. For example, the turbulent international financial environment and the unpredictable exchange rate trend have led to increased asset losses and costs of foreign currency assets and liabilities held by the company, foreign currency sales and procurement business.

(4) Industry risks

The country's new energy subsidy policy has changed, the price competition in the new energy auto parts market has become increasingly fierce, and domestic and foreign giants and related enterprises may use scale advantages and low-price strategies to seize market share, compete for existing customers and potential customers and compress market share. At the same time, with the accelerated development of the new energy vehicle market, more and more enterprises will participate in market competition, and the technology replacement cycle will become shorter and shorter, which will put forward higher requirements for the technology iteration speed and technology research and development capabilities of the next generation of products.

(5) Macro environmental risks

As international trade protectionism continues to heat up, the international competition in the industry is becoming increasingly fierce, the uncertain and uncontrollable factors in the international market are increasing, and the risks of the company's import and export business, the operation of overseas subsidiaries, and the expansion of international business markets are increasing, which may lead to an increase in product costs and the difficulty of obtaining orders.

(6) Other major risks

For the new energy industry in a fully competitive market, facing the impact of uncertainties such as industry competition, customer acceptance, product technical level, quality reliability, cost control, etc., there are risks that the technical terms of the product cannot meet the requirements of the owner, the development and release of new products are not as expected, and the product update and iteration are difficult to keep up with the changes in market demand, which may have an impact on the realization of the planned development goals of the new energy industry.

4. Major violations

During the period of continuous supervision, the company did not have any major violations.

5. Reasons and reasonableness of changes in major financial indicators

The company's main financial data and indicators are as follows:

Key Financial Data January-June 2024 January-June 2023 The current period is year-over-year

Increase/decrease (%)

Operating income 1,028,373.34 857,021.06 19.99

Net profit attributable to shareholders of listed companies 150,684.10 115,416.82 30.56

moistening

Deductions attributable to shareholders of listed companies 115,868.36 92,869.26 24.77

Net profit from non-recurring gains and losses

Net cash flow from operating activities 67,036.35 -46,805.92 N/A

forehead

Key Financial Data June 30, 2024 December 31, 2023 The end of the Japan period compared to the end of the previous year

Increase/decrease (%)

Net assets attributable to shareholders of listed companies 3,951,877.59 3,686,595.66 7.20

give birth

Total assets 6,193,618.50 5,340,484.74 15.97

Key Financial Indicators January-June 2024 January-June 2023 The current period is compared to the same period last year

Increase/decrease (%)

Basic earnings per share (RMB/share) 1.07 0.81 32.10

Diluted earnings per share (RMB/share) 1.07 0.81 32.10

Basic 0.82 0.66 24.24 after deducting non-recurring gains and losses

Earnings per share (RMB/share)

Weighted average return on equity (%) 3.93 3.28 increased by 0.65 percentage points

The weighted 3.02 2.64 after deducting non-recurring gains and losses increased by 0.38 percentage points

Average Return on Equity (%)

The ratio of R&D investment to operating income was 9.47 9.97, a decrease of 0.50 percentage points

（%）

In the first half of 2024, the company achieved operating income of RMB 10.284 billion, a year-on-year increase of 19.99%. Its upper orbit

The revenue of the road transportation equipment business was RMB6.139 billion, an increase of 30.87% from RMB4.691 billion in the same period last year. emerging

The equipment business achieved revenue of RMB4.094 billion, an increase of 9.21% from RMB3.749 billion in the same period last year. Benefit from this issue

With the growth of the scale of main business income, the company achieved a net profit attributable to the parent company of RMB 1.507 billion, a year-on-year increase of 30.56%; Basic earnings per share was RMB1.07, representing a year-on-year increase of 32.10%.

Sixth, the core competitiveness of the changes

(1) Leading market position

As a leading supplier of traction converter system in China's rail transit industry, the company's existing traction converter system products cover a variety of models in the field of locomotives, bullet trains and urban rail, breaking the international monopoly, realizing the domestic substitution of the core system of trains, and leading the domestic market. As of the first half of 2024, high-speed railway, locomotive traction converter system product connection

It has led the domestic market for many years. In the field of urban rail, according to public information statistics such as bidding and bidding for the urban rail traction converter system market, the company has ranked first in the domestic market share for 12 consecutive years from 2012 to 2023. In the field of rail construction machinery, the company's subsidiary, Baoji CRRC Times, is one of the three major designated manufacturers of road maintenance machinery of China Railway Group, with a total of about 79 administrative licenses, which can produce more than 50 kinds of products, and continue to develop into the passenger dedicated line and urban rail market.

In addition, the company's emerging equipment business has made breakthroughs and has stood at the forefront of the industry. Among them, the installed capacity of passenger car power modules will rank among the top two in the industry in the first half of 2024, with a market share of 13.4% (from: NE Times); PV inverters won the bid of 8.35GW in the first half of 2024, ranking among the top five in China (Source: Sobi PV Network). The installed capacity of electric drive systems for new energy vehicles continued to increase, ranking among the top nine in the industry in the domestic market, and the installed capacity of electronic control for new energy vehicles increased by 57% year-on-year, ranking among the top six in the domestic industry (from: NE Times). Sensor devices rank first in the domestic market share in the field of rail transit, and rank in the forefront of the industry in the fields of new energy vehicles, wind power and photovoltaics.

(2) Innovation-driven scientific and technological capabilities

The company is deeply engaged in the field of rail transit traction converter system, forming outstanding scientific and technological innovation strength, and following the strategy of "concentric diversification" to extend technology to related fields. At present, it has established a complete R&D system and has continuous innovation capabilities in product design, manufacturing and testing. The company has set up a technical committee to provide decision-making support for scientific research and technical work, and introduced CMMI, IPD and other management systems and concepts, and established a collaborative R&D operation mode for industry product application technology and innovative cutting-edge technology. The company has strong scientific research experiments, test and testing capabilities, and the testing and testing system includes more than 20 laboratories such as electrical system laboratory, motor laboratory, large-scale vibration laboratory, reliability laboratory, TSN network consistency laboratory, etc., covering research tests, type tests and factory tests in various business fields of the company.

The company has 6 national technology innovation platforms, 7 provincial technology innovation platforms, and 1 postdoctoral workstation.

A total of 3,540 patents have been granted at home and abroad, including 2,215 invention patents; He has presided over and participated in the formulation of 50 international standards and 174 domestic standards (including national standards, industry standards and group standards); In the past five years, the company has been approved for a total of 37 national projects, and has won many important awards such as the National and Provincial Science and Technology Progress Awards, the Science and Technology Award of the China Electrotechnical Society, the Science and Technology Award of the China Machinery Industry, the Science and Technology Award of the China Railway Society, and the China Quality Award. The company's high-tech enterprises have passed the three-year review and identification; Obtained a patent in China

1 Excellence Award, 1 First Prize of Hunan Provincial Patent Award, 2 China Standard Innovation Contribution Award Project Awards for the first time, and half power

The National Key Laboratory of Conductor and Integration Technology successfully passed the review and acceptance of the Ministry of Science and Technology, and was approved as the Hunan Provincial Engineering Technology Research Center for Autonomous Driving of Heavy Haul Trains.

(3) High and reliable quality and service advantages

The company has always regarded product quality as the foundation of survival, in order to comply with the changing management requirements of the international railway market, and continue to improve the company's quality system management ability and level, it has successively passed the quality management system of ISO9001, EN15085CL1, ISO22163, IATF16949 and other international standards, and the relevant railway products have passed the CRCC certification, and the company's products have implemented process quality control. In addition, the company has also established a quality management and assurance system covering the whole life cycle of design and development, procurement, manufacturing, marketing, service, etc., and identifies improvement opportunities and implements responsibilities through process review, process testing, internal and external audits, regular management reviews, irregular quality inspections, data analysis, process improvement, etc., to ensure that improvement goals are achieved. The perfect quality management system and the whole life cycle quality management mode ensure the high reliability and efficiency of the products. In 2013, the company was awarded the Ministry of Industry and Information Technology Industrial Enterprise Quality Benchmarking Enterprise, and in 2016, it won the second China Quality Award. The company has always adhered to the quality concept of "quality-driven era", implemented strict quality and safety control measures, and formed a quality culture of "quality is the lifeline, the supreme responsibility and honor of the enterprise".

In the field of after-sales service, the company established the "Green Shade Service" brand in 2004 and registered the domestic rail transit industry

Adhering to the service tenet of "fast, effective and satisfied", we provide customers with one-stop on-site services with all-weather high quality and continue to create value for customers. At the same time, combined with the strategic planning of the maintenance of China Railway Group, we have developed and continuously optimized the layout of the maintenance market, and have established maintenance branches in Qingdao and Luoyang, and established a number of localized maintenance bases across the country.

(4) The synergistic advantages of the whole industry chain

Based on the "two rails", the company has laid out a diversified industry around the two concentric "technology" and "market", and has formed a complete industrial chain structure of "basic devices + devices and systems + complete machines and engineering", and the company's main products include rail transit electrical equipment, rail construction machinery, communication signal systems, power semiconductor devices, etc. At the same time, relying on the company's accumulated technology, channels, brands and other advantageous resources in the field of rail transit equipment, it actively lays out industries other than rail transit, and comprehensively improves product realization capabilities through continuous implementation of lean production, strengthening process control capabilities, supplier management and other measures. The complete industrial chain structure and the expanding emerging equipment business not only provide the company with profit growth points, but also an important guarantee for the company to master the complete industrial chain resources and build a supplier system with independent research and development core technology and effective cost control.

(5) Industry-leading high-level talents

The company has a group of talents who have mastered the core technology, high-end skills and management of the industry, and their professional background involves machinery

Electronics, electrical engineering, automatic control, power electronics, materials and other fields, with strong cross-complementarity. Among them, the R&D team is led by academicians of the Chinese Academy of Engineering, and there are 3,076 R&D personnel, accounting for 37.08%, and more than one-third (43%) have graduate degree or above. The excellent talent team has laid a solid foundation for the company to form key core technologies and maintain technical advantages.

In addition, the company's management team has rich industry experience in the field of rail transit equipment manufacturing. Mr. Ding Rongjun, the former chairman of the board of directors, has more than 38 years of experience in the rail transit industry, and was awarded the 7th Zhan Tianyou Railway Science and Technology Award and Achievement Award in 2005, an academician of the Chinese Academy of Engineering in 2011, and a tribute figure for the 50th anniversary of China Metro in 2019. Mr. Ding Rongjun presided over the development of traction converter technology is widely used in rail transit vehicles, and led the team to build a semiconductor industry technology system with completely independent intellectual property rights. Mr. Li Donglin, the current chairman of the company, and Mr. Shang Jing, the vice chairman of the company, also have more than 20 years of experience in the rail transit industry, Mr. Li Donglin was awarded the locomotive medal of the All-China Railway Federation of Trade Unions in 2011 and the title of outstanding entrepreneur of Hunan Province, and in 2017, he was awarded the first prize of the National State-owned Enterprise Management Innovation Achievement Award. Mr. Shang Jing is a national young and middle-aged scientific and technological innovation leader, selected into the "Ten Thousand Talents Program", and enjoys the special allowance of the State Council.

He has presided over and participated in 3 national science and technology projects, won 1 second prize of the National Technological Invention Award and 3 gold medals of the China Patent Award.

Mr. Xu Shaolong, the current executive director and general manager of the company, is the core representative and senior technical expert of CRRC Rail Transit Traction Transmission Control and New Energy System Technology Discipline, presided over and participated in 4 national science and technology projects, applied for more than 50 invention patents, and won the first prize of railway science and technology of China Railway Society, the first prize of Hunan Science and Technology Progress Award, Hunan Huxiang Young Talent, Locomotive Medal and other honorary awards. The management team with rich industry experience has led the company to accurately grasp the development opportunities and directions of the industry for many years and achieve leapfrog development.

In summary, during the continuous supervision period, the company did not have any incidents that seriously affected the company's core competitiveness.

7. Changes in R&D investment and R&D progress

(1) R&D investment and changes

Since its establishment, the company has been deeply engaged in the field of rail transit traction converter system, formed a prominent scientific and technological innovation strength, and followed the strategy of "concentric diversification" to extend technology to related fields. Through independent research and development, the company has formed a number of core technologies such as electrical system technology, converter and control technology, industrial converter technology, train control and diagnosis technology, rail engineering machinery technology, power semiconductor technology, communication signal technology, data and intelligent application technology, traction power supply technology, inspection and testing technology, deep-sea robot technology, new energy vehicle electric drive system technology and sensor technology.

In the first half of 2024, the company continued to maintain a high level of R&D investment, with R&D investment of 974 million yuan in the first half of the year

13.95% increase in the same period in 2023; In the first half of 2024, the company's R&D investment accounted for 9.47% of operating income

Affected by the rapid growth of the scale, the proportion of R&D investment decreased by 0.50 percentage points compared with the same period in 2023.

(2) R&D progress

In the first half of 2024, in the rail transit industry, the company completed the key systems of the CR450 EMU traction network

R&D and production, the technical indicators have reached the international leading level, continue to polish the national business card of high-speed rail, and consolidate and expand the leading edge of technology; Completed the loading and commissioning of the permanent magnet traction system matching and control technology of the Fuxing locomotive, and realized the coordinated and in-depth optimization of system efficiency, back electromotive force and switching parameters; Supporting the hybrid locomotive of the National Railway and the off-road new energy locomotive, the combination and application of multiple power sources of internal electricity, pure electric, electric and hydrogen power are realized, and the application scenarios of the hybrid traction system are further expanded; Locomotive automatic driving overcame the coupler fatigue calculation and analysis technology, optimized the traction control method of long uphill, and completed the 20,000-ton autonomous driving line test of Shuohuang West Line; Active collision avoidance overcomes high-precision mapping and positioning technology and track clearance detection algorithm in front of train operation, and the high-safety train autonomous perception system has successfully obtained the CNASSIL4-level independent safety assessment certificate. PHM technology proposes the fault early warning technology of auxiliary variable filter capacitor and lightning arrester, and constructs a hierarchical early warning model of urban rail traction PHM, which is deployed and applied for the first time in Guangzhou and successfully warned. The urban rail active traction power supply system was officially put into operation on Wuxi S1 line, completing a milestone key node in the intergenerational upgrade of the power supply industry. It has completed the verification of the automatic function and fusion control function of the outfield of Ningbo Line 8, and the function and performance of the first fully automatic operation system with full electronic interlocking have reached the conditions for batch engineering commissioning of the positive line; The reconstruction of Changsha Line 2 completed the on-site bicycle authorization and multi-vehicle commissioning, which explored a method suitable for the transformation of the urban rail transit signal system for the company's subsequent "non-inductive CBTC substitution". The unmanned driving of mining trucks has continuously improved its engineering capabilities, improved the wire control platform, and realized the normalized operation of Shenyan Xiwan mining trucks with safety officers getting off the car and mixed operation.

In terms of new industries, the company's 4500V crimp products have made breakthroughs in the research of anti-cosmic ray technology, reaching the international level

advanced level; Conquered large-area sintering technology, completed 1200V automotive-grade L5 plastic SiC modules, and completed various key indicators

Reach the international mainstream. In line with the new energy field, we plan the upgrade and application of three-level topology and industrial-grade IGBT devices in the field of rail transit, fully explore the matching design of system application boundaries and device capabilities, and develop a high-performance and low-cost permanent magnet traction system that can cover all subway models; String PV 225kW and 320kW inverters are used in batches; The energy storage outdoor converter covers 1725kW, 1575kW, 1375kW, 1250kW, 2500kW, 2750kW, 3150kW, 3400kW and other power levels, and the key indicators of the product have reached the industry-leading level; Offshore floating 20MW full-power wind power converter was developed. The company has built the company's first P1+P3 architecture hybrid powertrain product, and completed the development of technologies such as deep integration of dual systems and efficient thermal management. The 120t hydrogen hybrid mining vehicle electric drive system realizes the demonstration application of mines; Breakthrough in the key technology of dam maintenance robot and tool system, and complete the demonstration and verification; A new type of satellite survey ship equipped with a self-developed 10MW ship medium-voltage inverter was successfully tested.

Focusing on the company's core technology and main products, the company adheres to and actively plans the layout of intellectual property rights to improve the industry

influence. In the first half of 2024, 142 new patents will be authorized, and 3 patents will be authorized in Europe, America and Japan, which are currently granted by the company

The number of patents in force is 3,540, of which invention patents account for more than 60%; He has presided over or participated in 3 international standard stage documents in the field of transportation and energy, and 4 national and industry standards for approval, continuously consolidating and improving the status of the industry.

8. Whether the progress of the new business is consistent with the previous information disclosure (if any)

Not applicable.

9. The use of the raised funds and whether they are compliant

(1) The use of raised funds

With the approval of the China Securities Regulatory Commission on the approval of the registration of the initial public offering of shares of Zhuzhou CRRC Times Electric Co., Ltd. (Zheng Jian Xu Xu [2021] No. 2112), the company issued RMB ordinary shares for the first time

(A shares) 240,760,275 shares, the issue price is 31.38 yuan per share, and the total amount of funds raised is 755,505.74 million yuan,

After deducting the issuance expenses of 111,845,400 yuan excluding VAT, the net amount of funds raised was 7,443,212,000 yuan. In 2021

On September 1, the amount of funds raised by the company was 746,240.11 million yuan. The above-mentioned funds have been in place by Deloitte China

Yong Certified Public Accountants (Special General Partnership) audited and issued the Capital Verification Report (21) No. 00467 of Deshi Bao (Verification) for confirmation.

As of June 30, 2024, the company has used a total of RMB 544,957.51 million of raised funds, which is 2021

Until the first half of 2024, the unused balance of raised funds is RMB2,283,059,200 (including cash management income and interest income of raised funds deducting bank charges of RMB289,422,200). The details are as follows:

Unit: RMB

Project amount

The amount of funds actually raised received was 7,462,401,064.80

Less: 4,669,381,047.93 were directly invested in fundraising projects

Payment of listing and issuance fees of 12,556,977.30

Replacement of self-raised funds that have been invested in the fundraising project in advance 780,193,985.74

Replacement prepaid listing and issuance fees 6,632,041.84

Add: Net amount of interest income from raised funds less handling fees 68,000,829.14

Gains for cash management 221,421,341.52

Less: Amount for cash management 1,660,000,000.00

Project amount

The closing balance of the special account for raising funds was 623,059,182.65

As of June 30, 2024, the specific deposit of the company's raised funds is as follows:

Unit: RMB

Name of the opening bank, bank account number, closing balance

China CITIC Bank Zhuzhou Tiantai Road Branch 8111601012200526384 4,119,564.49

China CITIC Bank Zhuzhou Tiantai Road Branch 8111601012300526512 305.98

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Sub-branch 810000137950000005 25,479,680.38

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Branch 810000287437000001 15,405,022.61

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Sub-branch 810000413620000001 17,478,884.00

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Branch 810000398712000002 10,859,406.18

Changsha Bank Co., Ltd. Zhuzhou Tianxin Branch 810000412229000001 13,255,843.82

China Construction Bank Corporation Zhuzhou Tianxin Sub-branch 43050162783600000402 297,191,106.76

China Construction Bank Corporation Zhuzhou Tianxin Sub-branch 43050162783600000401 34,848,326.81

China Merchants Bank Co., Ltd. Zhuzhou Branch 918900249210928 43,183,706.94

China Merchants Bank Co., Ltd. Zhuzhou Branch 918900249210806 59,366,647.23

China Merchants Bank Co., Ltd. Zhuzhou Branch 733900699110906 27,101,724.70

Industrial and Commercial Bank of China Co., Ltd. Zhuzhou Tianxin Branch 1903020529200083928 74,768,962.75

China Merchants Bank Co., Ltd. Zhuzhou Branch (Note 1) 731902818710908 0.00

Agricultural Bank of China Co., Ltd. Zhuzhou High-tech Development Zone 18112901040019469 0.00

Sub-branches (Note 2)

Bank of China Limited Zhuzhou Branch (Note 3) 600277378277 0.00

Total 623,059,182.65

Note 1: Since the funds raised in the supplementary liquidity project account have been used up, in order to facilitate the management of the company's capital account, the management is reduced

cost, the company on January 26, 2022 to cancel the supplementary liquidity project to raise funds account.

Note 2: Because the raised funds in the account of the R&D and application project of industrial transmission devices have been used up, in order to facilitate the special account for the raised funds

To reduce management costs, the company raised funds for the R&D and application project of industrial transmission devices on December 19, 2023

The account shall be cancelled.

Note 3: Because the raised funds in the account of the new sensor R&D and application project have been used up, in order to facilitate the special account for the raised funds

To manage and reduce management costs, the company will grant the fund-raising account for the new sensor R&D and application project on May 30, 2024

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(2) Compliance with the raised funds

In order to standardize the management and use of the company's raised funds and protect the rights and interests of investors, the company has set up a special account for raised funds.

After the above-mentioned raised funds are received, all of them have been deposited in the special account for raised funds, and the company has signed a tripartite/quadripartite supervision agreement with the sponsor institution and the commercial bank that stores the raised funds, clarifying the rights and obligations of all parties. There is no material difference between the above-mentioned tripartite/quadripartite regulatory agreement and the tripartite regulatory agreement on the storage of special accounts for raised funds (template) of the Shanghai Stock Exchange.

The deposit and use of the company's raised funds in the first half of 2024 are in accordance with the Regulatory Guidelines for Listed Companies No. 2 - above

Regulatory Requirements for the Management and Use of Funds Raised by Municipal Companies", Rules for the Listing of Stocks on the Science and Technology Innovation Board of the Shanghai Stock Exchange, Self-Regulatory Guidelines for Listed Companies on the Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation, and other laws, regulations, normative documents and the requirements of the Company's Management System for A-share Raised Funds; The company has stored and used the raised funds in a special account, and fulfilled the obligation to disclose relevant information in a timely manner, and the specific use of the raised funds is consistent with the company's disclosure, and there is no disguised change in the use of raised funds and damage to the interests of shareholders, and there is no illegal use of raised funds. 10. Shareholding, pledge, freezing and reduction of shareholdings, pledges, freezes and holdings of controlling shareholders, actual controllers, directors, supervisors and senior managers

As of June 30, 2024, the company's direct controlling shareholder, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., is direct

It holds 591,000,716 RMB ordinary shares of the Company, with a shareholding ratio of 41.87%. The actual controller of the company is the State Council

State-owned Assets Supervision and Administration Commission (hereinafter referred to as the "State-owned Assets Supervision and Administration Commission of the State Council"), as of June 30, 2024, the State

The State-owned Assets Supervision and Administration Commission of the State Council directly holds 100% of the shares of CRRC Group Co., Ltd., which is the controlling shareholder of CRRC Co., Ltd., which is owned by CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., CRRC Zhuzhou Electric Locomotive Co., Ltd., CRRC Asset Management Co., Ltd., and CRRC Hong Kong Capital Management

The limited company indirectly holds a total of 47.88% of the company's equity. As of June 30, 2024, the controlling shareholder of the company, actual

There is no pledge or freezing of the company's shares held by the controller.

During the period of continuous supervision, the directors, supervisors and senior management of the company did not hold shares of the company.

11. Other matters on which the Shanghai Stock Exchange or the sponsor institution deems it necessary to express its opinions

Not.

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(There is no text on this page, it is the signature page of the "China International Capital Corporation Limited's 2024 Semi-annual Continuous Supervision and Tracking Report on Zhuzhou CRRC Times Electric Co., Ltd.")

Signature of the Sponsor Representative:

Liao Hanqing, Li Xin

China International Capital Corporation Limited

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