China International Capital Corporation Limited

About Zhuzhou CRRC Times Electric Co., Ltd

2024 Annual Continuous Supervision and 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 annual report of 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 implementation

Continue to supervise the work and formulate the corresponding work plan, and the specific situation of the division has formulated the corresponding work

Make a 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

2. The listed company or the relevant parties sign a continuous supervision agreement to clarify that the two parties are under discussion, and the agreement has made it clear that both parties are holding

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 period of continuous supervision shall be reported and reported

Filed with the Shanghai Stock Exchange

During the period of continuous supervision, the sponsor approves

3 Through daily communication, regular return visits, on-site inspections, due diligence, etc. Daily communication, regular or irregular return visits,

Carry out continuous supervision of on-site office and visits

The Division has carried out continuous supervision work

During the period of continuous supervision, in accordance with the relevant regulations, the company will conduct violations of laws and regulations of listed companies in 2024

4. If a public statement is made, it shall be reported to the Shanghai Stock Exchange before disclosure, and there is no need for a sponsor in accordance with the relevant regulations

After being reviewed by the Shanghai Stock Exchange, the company will announce the violation of laws and regulations in the designated media

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 five from the date of discovery or should be discovered in 2024, the company and the relevant parties

5. Report to the Shanghai Stock Exchange within a day, including that the listed company has not violated the law during the period of continuous supervision

or the specific circumstances of the relevant parties violating laws and regulations, violating commitments, etc., or violating commitments

and the supervisory measures taken by the sponsor

During the period of continuous supervision, the sponsor has supervised

Supervise the listed company and its directors, supervisors and senior management to comply with the law, the company and its directors, supervisors and senior management

6. Laws, regulations, departmental rules and business rules issued by the Shanghai Stock Exchange and its personnel shall comply with laws, regulations and departmental rules

He normative documents, and earnestly fulfill the commitments he made and the business issued by the Shanghai Stock Exchange

Rules and other normative documents, earnestly implemented

Honour the commitments he has made

Serial No. Work Content Complete continuous supervision

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,

Code of conduct for supervisors and senior management personnel, etc., and strictly implement the corporate governance system

Supervise listed companies to establish, improve and effectively implement internal control systems, including but not sponsoring the internal control system of the company

Limited to the financial management system, accounting system and internal audit system, the design, implementation and effectiveness of the audit were verified

8 and related party transactions, external guarantees, foreign investment, derivatives transactions, and sub-investigations, and the company's internal control system complies with relevant laws

The company's control and other major business decisions procedures and rules and other regulatory requirements have been effectively implemented, can

Ensure the standardized operation of the company

Supervise the company to establish, improve and effectively implement the information disclosure system, review the information, and the sponsor urges the company to strictly implement the letter

Disclosure documents and other relevant documents and there are sufficient reasons to believe that the information disclosure management system of the listed company has been verified

9 The documents submitted to the Shanghai Stock Exchange are not false or misleading The documents submitted by the Shanghai Stock Exchange are not

Statements or material omissions There are false statements, 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 on the public during the period of continuous supervision of the listing

If the company does not correct or supplement, it shall promptly report to the Shanghai Stock Exchange for review of the information disclosure documents

10 Notices; If the information disclosure documents of the listed company have not been reviewed in advance, they should be read, and there is no company that will not correct or supplement them

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

The review of the relevant documents should be carried out on the information disclosure documents in question

When urging the listed company to correct or supplement, the listed company will not correct or supplement

shall report to the Shanghai Stock Exchange in a timely manner

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

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

The entity that has been disciplined or issued a regulatory concern letter by the Shanghai Stock Exchange has not seen such matters

situation, and urge it to improve the 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. In the case of the listed company, its controlling shareholder, and actual controller, etc., there is no failure to perform the undertaking and the actual controller

In the event of a promise, 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 a continuous supervision period that should be disclosed but not disclosed, and the company did not appear such a thing

13. If there is a major matter or the information disclosed is inconsistent with the facts, the above matters 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

The municipal company is suspected of violating the "Shanghai Stock Exchange Science and Technology Innovation Board Listing Regulations".

14 Rules" and other relevant business rules of the Shanghai Stock Exchange; (2) During the period of continuous supervision of securities services, the company and related entities

The professional opinions issued by the organization and its signatories may contain false records and do not appear in such matters

Misleading statements or material omissions or other violations of laws and regulations, or other improper circumstances

Shape; (3) Article 71 and Article 1 of the Sponsorship Measures appear in the listed company

the circumstances provided for in Article 72; (4) The listed company does not cooperate with the sponsor

Serial No. Work Content Complete continuous supervision

ongoing supervision; (5) In the opinion of the Shanghai Stock Exchange or the sponsoring institution

Other circumstances that need to be reported

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;

The actual controller, directors, supervisors or senior management are suspected of embezzlement in the previous 2024, and the company does not need to enter

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

There is a material abnormality in the cash flow or cash flow; (5) The firm or the sponsor

Other matters that the agency deems necessary for 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 weakening momentum of world economic growth, the unstoppable trend of anti-globalization and trade protectionism, the continuous escalation of import and export controls, changes in the pattern of international relations and other factors pose risks to the company's overseas operations; The negative impacts such as the shortage of overseas human resources, the tight supply of overseas components, and the increase in project costs are still continuing, which has an adverse impact on the operation of the company's existing overseas business; In addition, the company's overseas projects have a long implementation cycle, strict technical requirements, most of them adopt international standards and localization requirements, involving multiple related parties, which puts forward higher requirements for project execution, project progress and project management.

(3) Financial risks

With the continuous advancement of the international business strategy, the company's market development, product export, overseas investment, mergers and acquisitions and other business activities continue to increase, and exchange rate fluctuations have brought various risks. For example, the turbulent international financial environment and the difficulty in predicting the exchange rate trend have led to risks such as asset losses and increased costs of foreign currency assets and liabilities held by the company, foreign currency sales and procurement business; At the same time, due to the reverse change of the market, the forward foreign exchange lock increases the risk of foreign exchange purchase cost.

(4) Industry risks

With the accelerated development of the new energy vehicle market, new energy vehicle OEMs are competing for survival, and the trend of self-production is still advancing; The price competition in the parts market is becoming 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; Competitors are more aggressive in their competitive methods, and the adoption of market competition methods such as low-price competition and technology white box to seize new project orders has brought huge competitive pressure. At the same time, the technology replacement cycle is getting shorter and shorter, which puts forward higher requirements for the technology iteration speed and technology research and development capabilities of the next generation of products.

(5) Macro environmental risks

External geopolitical risks continue to intensify, the international security situation has undergone profound and complex changes, the global industrial and supply chains have been deeply adjusted, the volatility of the financial market has intensified, the downward pressure on the world economy has increased, and the uncertain and uncontrollable factors in the international market have increased. The company's domestic entities need to purchase some raw materials from overseas and sell overseas, and the company has also set up a number of overseas business entities to be responsible for local business operation and development. The company's overseas business operation is affected by factors such as international trade policies and the political and economic environment of local countries, which may lead to increased product costs, increased difficulty in obtaining orders, and problems in project localization execution.

(6) Other major risks

Not.

4. Major violations

In 2024, the company did not have any material violations.

5. Reasons and reasonableness of changes in major financial indicators

In 2024, the company's main financial data and indicators are as follows:

Unit: RMB 10,000 yuan

Key Accounting Data End of 2024/ End of 2023/ This period is the same as the end of 2022/

FY2024 FY2023 FY2023 FY2022

Operating income 2,490,893.75 2,196,210.59 13.42 1,812,611.93

Net profit attributable to shareholders of listed companies 370,258.59 304,076.01 21.77 254,545.34

Deductions attributable to shareholders of listed companies are not 322,559.78 259,535.47 24.28 199,811.89

Net profit from recurring gains or losses

Net cash flow from operating activities 336,112.09 276,758.01 21.45 194,331.56

Net assets attributable to shareholders of listed companies 4,152,775.95 3,699,813.09 12.24 3,472,700.76

Total assets 6,480,224.63 5,377,878.71 20.50 4,884,156.97

Key Financial Indicators FY2024 FY2023 The current period is the same as in 2022 compared to the previous year

Period increase or decrease (%)

Basic earnings per share (RMB/share) 2.62 2.15 21.86 1.80

Basic per 2.28 1.83 24.59 1.41 after deducting non-recurring gains and losses

Income per share (RMB/share)

Weighted average return on equity (%) 9.31 8.48 increased by 0.83 hundred 7.58

Equinox

Weighted flat after deducting non-recurring gains and losses 8.11 7.35 increased by 0.76 hundred 5.95

Return on equity per capita (%) points

R&D investment as a percentage of operating income (%) 11.41 9.96 decreased by 1.45 hundred 10.25

Equinox

In 2024, the company achieved operating income of RMB 24.909 billion, a year-on-year increase of 13.42%, mainly due to rail transportation

The revenue of general equipment products and the income of emerging equipment industry have grown simultaneously and steadily; The net profit attributable to shareholders of the listed company was RMB3.703 billion, representing a year-on-year increase of 21.77%, mainly driven by revenue growth. Realization of basic earnings per share

RMB 2.62, a year-on-year increase of 21.86%; The weighted average return on equity was 9.31%, an increase of 0.83% year-on-year

Percentage point. The total assets at the end of the reporting period were RMB64.802 billion, an increase of 20.50% from the beginning of the reporting period. Net assets attributable to shareholders of the listed company amounted to RMB41.528 billion, an increase of 12.24% over the beginning of the reporting period, mainly due to the increase in operating accumulation during the reporting period.

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 end of 2024, high-speed railway and locomotive traction converter system products have led the domestic market for many years. In the field of urban rail, in 2024, the company ordered a 3,656-vehicle subway traction converter system in a public tender

In the single order, 2,178 units were awarded, accounting for 59.57%, and its market share in the domestic market has been stable for 13 consecutive years from 2012 to 2024

It is one of the three 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 a breakthrough and has squeezed into the forefront of the industry. Among them, the installed capacity of passenger car power modules ranks second in the industry, with a market share of 13.7% (from: NE Times); The PV inverter won the bid of more than 20GW throughout the year, ranking among the top in the industry in China. The annual installed capacity of electric drive systems for new energy vehicles has grown steadily, and the domestic market ranks among the top in the industry. 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, testing and testing system consists of more than 20 laboratories such as electrical system laboratory, motor laboratory, large-scale vibration laboratory, reliability laboratory, TSN network consistency laboratory, etc., covering the company's various business areas of research testing, type testing and factory testing.

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

A total of 3,762 patents have been granted at home and abroad, including 2,366 invention patents; He has presided over and participated in the formulation of 51 international standards and 187 domestic standards (including national standards, industry standards and group standards); The company has been approved a total of 49 national projects (including 39 special projects of the National Key R&D Program), 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. In 2024, the company won the second prize of the National Technological Invention Award, leading the industry in terms of comprehensive scientific and technological innovation strength.

(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 covering design and development, procurement, manufacturing, and marketing

The quality management and assurance system of the whole life cycle of marketing and service identifies improvement opportunities and implements responsibilities through process review, process testing, internal and external audit, regular management review, irregular quality inspection, 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 maintenance services, the company founded the "Lvyin Service" brand in 2004 and registered the only "Lvyin" service trademark for after-sales service in the domestic rail transit industry, adhering to the service tenet of "fast, effective and satisfied", providing customers with one-stop on-site services with all-weather and high-quality, and continuing to create value for customers. At the same time, combined with the strategic planning of the maintenance of China Railway Corporation, to develop and continuously optimize the layout of the maintenance market, maintenance branches have been established in Qingdao and Luoyang, and a number of localized maintenance bases have been established 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 engineering 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 many fields such as mechanical and electronics, electrical engineering, automatic control, power electronics, materials, etc., with strong professional cross-complementarity. Among them, the R&D team is led by academicians of the Chinese Academy of Engineering, with 4,025 R&D personnel, accounting for 40.21%, and nearly half (47.90%) have graduate degrees 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, has more than 40 years of experience in the rail transit industry, and was awarded the 7th Zhan Tianyou Railway in 2005

Science and Technology Award and Achievement Award, selected as an academician of the Chinese Academy of Engineering in 2011, and named a tribute figure for the 50th anniversary of China's subway 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", enjoys the special allowance of the State Council, presided over and participated in 3 national science and technology projects, won 1 second prize of the National Technological Invention Award, and 3 gold awards 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, Mao Yisheng Science and Technology 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, in 2024, 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 2024, the company continued to maintain a high level of R&D investment, with an annual R&D investment of 2.842 billion yuan, an increase from 2023 R&D investment

29.95% long; In 2024, the company's R&D investment will account for 11.41% of operating income, an increase of 1.45 from 2023

Percentage point.

(2) R&D progress

In 2024, in the rail transit business segment, we will complete the development and production of key systems for the CR450 EMU traction network.

The technical indicators have reached the international leading level, helping the CR450 prototype to be successfully released, further consolidating and expanding China's leading advantage in high-speed rail technology in the world; Assisted the new energy locomotive to complete the global release of 7 models, and the company's self-developed core products such as traction/energy storage/control system achieved full coverage of all models, injecting strong impetus into the green transformation of old diesel locomotives; 9

In January, China's unmanned heavy-haul train was successfully tested in the Shuohuang Railway of the National Energy Group, and the company provided core technologies such as operation simulation platform, remote control, and intelligent operation and maintenance, and some technologies filled the gap in the industry; The autonomous driving technology of heavy-haul trains has passed the appraisal of scientific and technological achievements organized by the China Communications and Transportation Association, reached the international leading level, and won the first prize of science and technology of the China Communications and Transportation Association in 2024. The industry-leading core subsystem of the tSafer-UC4000 train autonomous operation system (TACS) has passed the safety certification, completed the review of the Ningbo Line 8 Positive Line Test and Verification Program Association, and pioneered the direct connection and collaboration architecture of the system, empowering the smart city with the new paradigm of intelligent control and opening a new era of rail transit digitalization. The Changsha Line 2 reconstruction project completed the reverse switching of the old and new systems at one time, marking that the company has the ability to transform the CBTC signaling system and successfully realized the localization of the old foreign system. Completed the release of the intercity city traction system 3.0 platform, which is miniaturized, lightweight, highly reliable, and low noise, providing the optimal traction system solution for intercity city trains. The locomotive autonomous driving overcame the modeling problem of the air brake system based on the fluid model, and the automatic driving of 20,000 tons of heavy-haul trains was put into batch use. The long-distance wireless reconnection has completed the trial operation of the 30,000-ton heavy-haul train, becoming the longest-marshalling and the largest heavy-haul combination train in China. Active collision avoidance overcomes target detection algorithms based on map positioning and prior information, solves the technical problems of long-distance accurate encroachment judgment, carries out third-party independent evaluation of all scenarios in the urban rail field, and comprehensively outperforms competing products in terms of performance, and passes SIL4 safety certification. Based on the data analysis of the actual degradation process of field faults, PHM technology constructs a graded early warning technology system for PHM of main and auxiliary converters, overcomes the technical problems of supporting the real-time estimation of the remaining service life of capacitors, and realizes the state repair of a total of 11 components of capacitance/resistance and filter. DWL-32 Continuous Double-Pillow Intelligent Tamping Stabilized Vehicle Electrical System was successfully developed, and technologies such as intelligent diagnosis, key circuit monitoring, new measurement system, and automatic line compensation were fully applied, and the system response time was achieved <5ms, job accuracy improved by 20%, and troubleshooting time was reduced by 50%.

In the emerging equipment business segment, we completed the development of PT technology and the introduction of products, and achieved the international performance of automotive FRD

Leading level; Carry out the research of the fourth-generation planar gate and the fifth-generation trench gate SiCMOSFET technology, and achieve advanced technical indicators of 11mΩ and 7mΩ, reaching the international leading level; 320kW string PV inverter for mass application; heir

The outdoor type converter is available in a 2500kW liquid-cooled model and a modular 1250kW model with 314Ah cells

The string energy storage converter launched the 215kW liquid-cooled fusion model, establishing the industry's most complete centralized and string energy storage product platform; The offshore floating 20MW full-power wind power converter was developed and installed on site, realizing the islanded operation of the first 20MW floating unit in China. Tiangong mining truck unmanned driving system has passed the appraisal of scientific and technological achievements of National Energy Group, reached the international leading level, and won the only innovation award in the field of mining truck unmanned driving in the "Intelligent Technology Innovation Application Case of Energy Industry" at the 3rd "Belt and Road" Energy Ministers' Conference; Completed the creation of the company's first P1+P3 architecture hybrid powertrain product

The development of technologies such as deep integration of dual systems and efficient thermal management has increased the efficiency of working conditions by 1% to the advanced level in the industry, and has been accepted by key customers in stages. Completed the pedigree development of 80~180A large range current sensor; The 250~300A AC side current sensor overcomes strong anti-interference technology and realizes batch application. Chifeng Yuanlian 1150mm hot continuous rolling project was successfully launched

For the first time, the application of "5 rough rolling + 8 finishing rolling" full continuous rolling process was realized; Domestic marine 10MW medium voltage IGCT inverter

The first shipment application to ensure a smooth sea trial; Breakthrough in the key technology of dam maintenance robot and tool system, and complete the demonstration and verification; The first 6,000-meter-class deep-sea heavy-duty ROV system successfully passed the sea test verification, supporting the "Dream" combustible ice drilling, filling the gap in the field of ultra-deepwater ocean scientific research drilling and exploration and production technology in China. Focusing on the company's core technology and main products, the company adheres to and actively plans the layout of intellectual property rights to enhance the influence of the industry. In 2024, 504 patents will be applied.

278 new authorized patents, 6 authorized patents in Europe, America and Japan, and the number of authorized and effective patents of the company is 3,762.

Among them, invention patents account for more than 60%; He has presided over or participated in the release of 38 international, national, industry and group standards in the field of transportation and energy, 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 December 31, 2024, the company has used a total of RMB 606,660.12 million of raised funds, which is 2021

The unused balance of raised funds will be RMB1,683,186,400 (including RMB306,575,600 of cash management income and interest income from raised funds after deducting bank charges). The details are as follows:

Unit: RMB

Project amount

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

Less: 5,286,407,250.80 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

Plus: Net amount of interest income from raised funds less handling fees 71,084,464.07

Gains for cash management were 235,491,122.31

Less: Amount for cash management 1,230,000,000.00

The balance at the end of the year in the special account for raising funds was 453,186,395.50

As of December 31, 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 11,595,739.12

China CITIC Bank Zhuzhou Tiantai Road Branch 8111601012300526512 306.20

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Sub-branch 810000137950000005 24,742,201.24

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Sub-branch 810000287437000001 4,955,261.46

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Branch 810000413620000001 59,286,612.64

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Sub-branch 810000398712000002 51,580,231.24

Bank of Changsha Co., Ltd. Zhuzhou Tianxin Branch 810000412229000001 14,939,091.47

China Construction Bank Corporation Zhuzhou Tianxin Sub-branch 43050162783600000402 85,956,344.91

China Construction Bank Corporation Zhuzhou Tianxin Sub-branch 43050162783600000401 7,935.00

China Construction Bank Corporation Zhuzhou Tianxin Sub-branch 43050162783600000763 9,999,814.11

China Merchants Bank Co., Ltd. Zhuzhou Branch 918900249210928 42,169,816.93

China Merchants Bank Co., Ltd. Zhuzhou Branch 918900249210806 15,827,436.09

China Merchants Bank Co., Ltd. Zhuzhou Branch 733900699110906 13,025,909.95

Industrial and Commercial Bank of China Co., Ltd. Zhuzhou Tianxin Sub-branch 1903020529200083928 119,099,695.14

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

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

Development District Sub-branch (Note 2)

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

Total 453,186,395.50

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 raise funds for the new sensor R&D and application project on May 30, 2024

to log out.

(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 2024 raised funds are in accordance with the "Regulatory Guidelines for Listed Companies No. 2 - Listed Companies".

Regulatory Requirements for the Management and Use of Funds Raised by the Company, 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, as well as 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 December 31, 2024, CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., the company's direct controlling shareholder

Received 600,381,485 RMB ordinary shares of the Company, representing a shareholding ratio of 42.68%. The actual controller of the company is the state affairs

State-owned Assets Supervision and Administration Commission of the Academy of Sciences (hereinafter referred to as the "State-owned Assets Supervision and Administration Commission of the State Council"), as of December 31, 2024,

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 managed by CRRC Zhuzhou Electric Locomotive Research Institute Co., Ltd., CRRC Zhuzhou Electric Locomotive Co., Ltd., CRRC Investment Leasing Co., Ltd., and CRRC Hong Kong Capital Management

The limited company indirectly holds a total of 48.05% of the company's equity. As of December 31, 2024, the company's controlling shareholder, real

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

As of December 31, 2024, except for Wang Yeliu, the company's core technical personnel, bought and held the company through the secondary market

Except for 1,000 shares, other directors, supervisors, senior managers and core technical personnel of the company do not directly 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 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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