China International Capital Corporation Limited

About Zhuzhou CRRC Times Electric Co., Ltd

Verification opinions on changes in core technical personnel

China International Capital Corporation Limited (hereinafter referred to as "CICC" or the "Sponsor"), as the sponsor of the initial public offering of shares of Zhuzhou CRRC Times Electric Co., Ltd. (hereinafter referred to as "Times Electric" or the "Company") and its listing on the Science and Technology Innovation Board, 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 Science and Technology Innovation Board of the Shanghai Stock Exchange No. 1 - Standardized Operation. The changes in the core technical personnel of Times Electric have been carefully verified, and the details are as follows:

First, the specific situation of the change of core technical personnel

Mr. Liu Yongjiang, the core technical personnel of the company, has recently ceased to serve as the director of the company's converter and control technology center due to job transfer, and is no longer the company's core technical personnel, and Mr. Liu Yongjiang will not hold any position in the company and its subsidiaries after his resignation.

(1) The specific situation of core technical personnel

Mr. Liu Yongjiang, born in 1985, is a Chinese national with no right of permanent residence abroad. In 2008, he graduated from East China Jiaotong University with a bachelor's degree in electrical engineering and automation. Before leaving the company, Mr. Liu Yongjiang served as the director of the company's converter and control technology center and was the company's core technical personnel.

As of the date of issuance of this verification opinion, Mr. Liu Yongjiang does not directly hold shares of the Company, and he participates in the strategic placement collective asset management plan of the Science and Technology Innovation Board (hereinafter referred to as "Times Electric") through the employees of CICC Times Electric No. 1 (hereinafter referred to as "Times Electric").

No. 1 Asset Management Plan") participated in the strategic placement of the company's IPO on the Science and Technology Innovation Board and held the No. 1 Asset Management Plan of Times Electric

16.66% share.

(2) Participated in R&D projects and patented technologies

The intellectual property rights that Mr. Liu Yongjiang participated in the research and development during his tenure in the company are all job achievements, and the ownership of the relevant intellectual property rights belongs to the company, and there are no disputes or potential disputes involving intellectual property rights such as patents, and no longer identifying him as a core technical person will not affect the integrity of the company's patents and other intellectual property rights.

(3) Confidentiality and non-competition restrictions

The confidentiality obligation was stipulated in the labor contract signed between the company and Mr. Liu Yongjiang, and the confidentiality agreement was signed. The confidentiality agreement clearly stipulates the confidentiality content, scope and duration of confidentiality, and clearly defines the confidentiality measures that need to be performed.

The Company has formulated the Measures for the Administration of Non-Competition, and signed the Non-compete Agreement with Mr. Liu Yongjiang, stipulating that during the period of non-competition, he shall not directly or indirectly work in other units that produce the same or similar products as the Company, operate the same or similar business, use the same or similar technology or have a competitive relationship, nor shall he use his own sole proprietorship or joint venture, cooperation, partnership with others or other methods such as providing consulting services to produce or assist others in producing the same or similar products as the Company. Products, businesses, or technologies that utilize the same or similar technology, operate the same or similar business, or have a competitive relationship.

Second, the impact of the change of core technical personnel on the company

Through long-term technology accumulation and development, the company has established a complete R&D system. The company has a solid foundation of highly educated talents, and has cultivated a high-quality and efficient professional R&D talent team through a perfect talent training mechanism, which provides a good guarantee for the company to maintain technological advancement and continuous innovation capabilities. As of 2023

As of December 31, the number of R&D personnel in China was 3,180, accounting for 3,180 of the total number of employees in China

38.03%, of which 10 are core technical personnel. As of the date of issuance of this verification opinion, the company has a total of 9 core technical personnel, and the specific changes are as follows:

Period: Name of core technical personnel

Before this change, Wang Yeliu, Zhu Hongjun, Zhang Dongfang, Lv Yang, Liu Liangjie, Zhang Dinghua, Zhang Min, Liu Yongjiang, Dou Ze

Spring, Qi Yu

After this change, Wang Yeliu, Zhu Hongjun, Zhang Dongfang, Lv Yang, Liu Liangjie, Zhang Dinghua, Zhang Min, Dou Zechun, Qi Yu

After the resignation of Mr. Liu Yongjiang, there is no change in the company's other key core technical personnel, and the company's overall R&D strength will not have a significant adverse impact due to Mr. Liu Yongjiang's resignation, and there is no adverse impact on the company's business development, technology research and development, product innovation, etc.

3. Measures taken by the company

As of the date of issuance of this verification opinion, the company's various R&D projects are in normal progress. At present, the company's R&D team has a complete structure, sufficient reserve personnel, and the existing R&D team and core technical personnel can support the continuous research and development of the company's core technology in the future.

4. Verification opinions of the sponsor institution

After verification, the sponsor believes that:

As of the date of issuance of this verification opinion, Mr. Liu Yongjiang has completed the handover of relevant work, and his resignation will not have a material adverse impact on the company's R&D capabilities, core competitiveness and ability to continue operations. The patents that Mr. Liu Yongjiang participated in the research and applied for during his tenure are all the results of his employment, and the intellectual property rights belong to the company, and he has signed relevant confidentiality agreements and non-compete agreements with the company, and there are no disputes or potential disputes involving service inventions, nor do they affect the integrity of the company's intellectual property rights. The company's existing core technical personnel are generally stable, which can support the continuous research and development of the company's core technologies and innovative products in the future.

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(There is no text on this page, it is the signature page of the "Verification Opinions of China International Capital Corporation Limited on the Change of Core Technical Personnel of Zhuzhou CRRC Times Electric Co., Ltd.")

Signature of the Sponsor Representative:

Liao Hanqing, Li Xin

China International Capital Corporation Limited

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