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 specific situation is as follows: 1. The specific situation of the change of core technical personnel

The company's core technical personnel Mr. Zhu Hongjun, Mr. Lv Yang, Mr. Liu Liangjie and Mr. Zhang Min are no longer recognized as core technical personnel due to job adjustment and division of responsibilities recently, and the work they are responsible for has been successfully completed and is still working in the company. At the same time, Mr. Wu Qingli, Mr. Zheng Huaxiong, Mr. Cheng Zhenglin and Mr. Li Cheng were newly identified as core technical personnel.

(1) The specific situation of the adjustment of core technical personnel

Mr. Zhu Hongjun, born in 1971, is a Chinese national with no right of permanent residence abroad. In 1995, he graduated from Dalian Railway Institute with a bachelor's degree in fluid control. In 2018, he graduated from Lanzhou Jiaotong University with a master's degree in vehicle engineering

Degree; Professor-level senior engineer. From July 1995 to October 2005, he successively served as Baoji Construction Machinery Factory of the Ministry of Railways

Trainee, assistant engineer and engineer in the assembly workshop of Bao factory. From December 2005 to March 2009, he served as China Railway

Director of the Technology Department and Deputy Chief Engineer of Baogong Co., Ltd. From April 2009 to August 2013, he served as a term

Deputy Director of the Technology Center of Baoji CSR Times Construction Machinery Co., Ltd. From September 2013 to February 2016, he served as the company

Senior Engineer of Equipment Technology Development Department of Technology Center of Rail Engineering Machinery Division. March 2016 to October 2017

In January, he served as the director and senior engineer of the technical center of the company's track engineering machinery division. November 2017 to February 2018

From March 2018 to February 2019, he served as the director of the equipment technology development department of the company's rail engineering machinery division

Deputy Chief Engineer of Baoji CRRC Times. From March 2019 to January 2025, he served as the deputy general manager of Baoji CRRC Times. 2025

Since January of this year, he has served as a senior engineer of system technology in Baoji CRRC Times.

Mr. Lu Yang, born in 1982, Chinese nationality, no right of permanent residence abroad. In 2004, he graduated from Xiangtan University with a bachelor's degree in electronic information engineering. In 2008, he graduated from Chongqing University of Posts and Telecommunications, majoring in control theory and control engineering

Obtained a master's degree; Professor-level senior engineer. From September 2008 to October 2012, he served as the company's technology center

Leader of the control platform group of the transmission control department. From November 2012 to February 2017, he served as the foundation and platform of CRRC Zhuzhou Institute

R&D center, converter control platform department, platform hardware team leader. From February 2017 to May 2018, he served as the company's technical officer

EMU System Engineer of Heart System Project Department. From May 2018 to January 2025, he served as the deputy general manager of Ningbo CRRC Times.

Since January 2025, he has served as the deputy director of the company's technical management department.

Mr. Liu Liangjie, born in 1982, is a Chinese national with no right of permanent residence abroad. He graduated from Zhejiang University in 2004

Bachelor's degree in electrical engineering; Professor-level senior engineer. From August 2004 to September 2011, he served as a public servant

Engineer of the technical center of the company. From September 2011 to February 2016, he served as the Transmission Control Department of the Company's Rail Transit Technology Center

Minister, Director of System Project Department. From February 2016 to March 2020, he served as the deputy director of the company's rail transit technology center.

From March 2020 to July 2020, he served as the deputy director of the company's UK R&D center. July 2020 to March 2024

He served as the director of the company's UK R&D center. From March 2024 to December 2024, he served as the director of the company's data and intelligent technology center

Allow. Since January 2025, he has served as the deputy chief engineer of the company.

Mr. Zhang Min, born in 1981, is a Chinese national with no right of permanent residence abroad. He graduated from Tongji University with a bachelor's degree in electronic information engineering in 2004 and a master's degree in electrical engineering from Zhejiang University in 2016.

Professor-level senior engineer. From July 2004 to July 2016, he served as the designer of the Technology Center of CRRC National Converter Center.

Minister. From August 2016 to May 2018, he served as the intelligent monitoring product line of Zhuzhou CRRC Times Equipment Technology Co., Ltd

Manger. From May 2018 to March 2020, he served as the deputy director of the company's industrial drive technology center. March 2020 to

In September 2021, he was appointed as the deputy general manager of the company's power supply system division. From September 2021 to October 2024, he served as CRRC Chongqing

Deputy General Manager of Times Electric Technology Co., Ltd. Since October 2024, he has served as the deputy general manager of CRRC National Converter Center.

1. Participated in R&D projects and patented technologies

Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min participated in the research and development of intellectual property rights during their tenure in the company are all job achievements, and the ownership of 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 them as core technical personnel will not affect the integrity of the company's patents and other intellectual property rights.

2. Confidentiality and non-competition

After the adjustment of the core technical personnel, Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min are still in the office

The company signed the labor contract with Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min, and also signed the "Confidentiality Agreement". The confidentiality agreement clearly stipulates the confidential content, scope and confidentiality period, and clearly defines the confidentiality measures that need to be performed, including but not limited to not disclosing, informing, publishing, publishing, imparting, transferring or any other means to make any third party aware of the confidential business secret information, not using the trade secrets in their possession to work part-time or hold any position in a competitor that has a competitive business with the company or using the same technology, and not to produce or hold any position by themselves. Operate products or businesses that compete with the company or utilize similar technologies. At the time of resignation, the employee shall return all property belonging to the company, including all carriers containing the company's confidential information. If the company fails to perform the confidentiality obligations stipulated in the confidentiality agreement, it shall bear the liability for breach of contract, and if the company suffers losses, it shall be liable for compensation.

In addition, the Company has also formulated the Measures for the Administration of Non-Competition, and signed the Non-compete Agreement with Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min respectively, stipulating that during the period of non-competition, they shall not directly or indirectly work in other units that produce the same or similar products, operate the same or similar business, use the same or similar technology or have a competitive relationship with the Company, nor shall they use their own sole proprietorship or joint ventures or cooperation with others. Partnering or other means, such as providing consulting services, to produce or assist others in the production of products, businesses, or technologies that are identical or similar to the Company's, that utilize the same or similar technology, or that are in competition with the same or similar business.

As of the date of issuance of this verification opinion, Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min do not hold shares of the Company.

(2) The situation of new core technical personnel

Mr. Wu Qingli, born in September 1982, is a Chinese national with no right of permanent residence abroad. He graduated in June 2005

He received a bachelor's degree in mechatronics engineering from Henan University of Science and Technology. He graduated from Lanzhou Jiaotong University in July 2008

He majored in mechanical and electronic engineering, obtained a master's degree, and is a senior engineer. From August 2008 to May 2019, he successively served in Zhuzhou

Technology developer, director of technology development department, deputy director of technology development department, and technology center of Times Electronic Technology Co., Ltd

Executive Deputy Director. From May 2019 to May 2020, he served as the director of Baoji CRRC Times Technology Center. May 2020 to

In March 2021, he was appointed as the deputy chief engineer and director of the technical center of Baoji CRRC Times, and the assistant to the general manager of Taiyuan CRRC Times.

From March 2021 to January 2025, he served as the deputy general manager of Taiyuan CRRC Times. From February 2025 to the present, he has served as a member of Baoji CRRC

Acting Deputy General Manager and Chief Engineer.

Mr. Zheng Huaxiong, born in September 1983, is a Chinese national with no right of permanent residence abroad. Graduated in June 2010

He obtained a master's degree in materials science from Sichuan University and is an engineer. From July 2010 to January 2011, he served as CRRC Ningbo

Trainee of the General Management Department of the Times. From February 2011 to February 2015, he successively served as the project of Ningbo CRRC Times Technology Center

Division, Director of the R&D Department of Electricity Sensor. From March 2015 to January 2022, he served as the deputy director of Ningbo CRRC Times Technology Center

Allow. From February 2022 to August 2023, he served as the director of Ningbo CRRC Times Technology Center. Since September 2023, he has served in Ningbo

Deputy General Manager of CRRC Times.

Mr. Cheng Zhenglin, born in October 1983, is a Chinese national with no right of permanent residence abroad. Graduated in June 2008

He obtained a bachelor's degree in electronic information engineering from the School of Electrical Engineering, Hunan University. Later, he studied electrical engineering at Zhejiang University

He majored in electrical engineering and obtained a master's degree in engineering, and is a senior engineer. He served as a public servant from July 2008 to August 2016

Engineer of the Rail Transit Technology Center, Leader of the System Group of the Transmission Control Department, Leader of the Locomotive Application Team and other positions. September 2016

Until July 2020, he served as the director of the industrial control department of the company's industrial drive technology center. August 2020 to October 2024

He served as the assistant general manager of Times Electric Software Co., Ltd. in January. Since November 2024, he has served as the deputy general manager of Chongqing CRRC Times Electric Technology Co., Ltd.

Mr. Li Cheng, born in June 1987, is a Chinese national with no right of permanent residence abroad. Graduated in July 2009

Bachelor's degree in Mathematics and Applied Mathematics from Shanghai University; In June 2011, he graduated from Zhejiang University with a major in mathematics.

He obtained a master's degree and is a senior engineer. From July 2011 to March 2021, he successively served as the foundation and level of the research institute of CRRC Zhuzhou Institute

Software development engineer, software design chief engineer and platform software development team leader of Taiwan R&D center, electric drive control technology

with the Minister of the Platform Department. From March 2021 to December 2024, he served as the deputy director of the company's converter and control technology center. 2024

Since December, he has served as the director of the company's data and intelligent technology center.

As of the date of issuance of this verification opinion, Mr. Zheng Huaxiong, Mr. Cheng Cheng and Mr. Li Cheng do not hold shares of the Company, and Mr. Wu Qingli does not directly hold shares of the Company, and they participated in the strategic placement of the Company's IPO on the Science and Technology Innovation Board through the participation of employees of CICC Times Electric No. 6 in the Collective Asset Management Plan for the Strategic Placement of the Science and Technology Innovation Board (hereinafter referred to as the "Times Electric No. 6 Asset Management Plan"), holding a 3.76% share of the Times Electric No. 6 Asset Management Plan.

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

Wu, for the company to maintain the advanced technology and continuous innovation ability to do a good job. As of June 30, 2024, the company

The number of R&D personnel in China was 3,076, accounting for 37.08% of the total number of employees in China. 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, Dou Zechun, Qi Yu

After this change, Wang Yeliu, Zhang Dongfang, Zhang Dinghua, Dou Zechun, Qi Yu, Wu Qingli, Zheng Huaxiong, Cheng Zhenglin, Li Cheng

The change of core technical personnel will not have a significant adverse impact on the company's overall R&D strength, 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, the company's core technical personnel are generally stable, and the existing core technical personnel can support the company's continuous research and development of 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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