Earnings release
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– 1 – B_table indent _3.5 mm N_table indent _3 mm Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 3898) 2025 FIRST QUARTERLY REPORT This announcement is made pursuant to the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The board of directors (the “ Board ”) of Zhuzhou CRRC Times Electric Co., Ltd. (the “ Company ”) is pleased to announce the unaudited financial information of the Company and its subsidiaries (the “ Group”) for the first quarter period ended 31 March 2025 prepared under the Chinese Accounting Standards for Business Enterprises (set out as follows). This announcement is prepared in Chinese and English, respectively, and if there is any inconsistency between the Chinese and English versions, the Chinese version shall prevail. By order of the Board Zhuzhou CRRC Times Electric Co., Ltd. Li Donglin Chairman Zhuzhou, China, 29 April 2025 As at the date of this announcement, our chairman of the Board and executive Director is Li Donglin, our vice chairman of the Board and executive Director is Shang Jing, our other executive Director is Xu Shaolong, and our independent non-executive Directors are Li Kaiguo, Zhong Ninghua, Lam Siu Fung and Feng Xiaoyun.
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– 2 – B_table indent _3.5 mm N_table indent _3 mm Stock code: 688187 Short name: Times Electric ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 2025 FIRST QUARTERLY REPORT The board of directors and all directors of the Company warrant that the information in this announcement do not contain any false representation, misleading statement or material omission and are legally responsible for the truthfulness, accuracy and completeness of such information in accordance with the laws. IMPORTANT NOTICE The board of directors, the supervisory committee, the directors, supervisors and senior management of the Company warrant that the information stated in this quarterly report is true, accurate, complete and without any false representation, misleading statement or material omission, and assume several and joint liabilities. The person in charge of the Company, the person in charge of accounting affairs, and the person responsible for the accounting department (head of the accounting department), hereby warrant the truthfulness, accuracy and completeness of the financial statements contained in this quarterly report. Whether the first quarterly report has been audited ½ Yes ✔ No
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– 3 – B_table indent _3.5 mm N_table indent _3 mm I. MAJOR FINANCIAL INFORMATION (I) Key accounting data and financial indicators Unit: Yuan Currency: RMB Same period of last year Change during the reporting period compared to the same period of last year (%) Item Reporting period Before adjustment After adjustment After adjustment Revenue 4,536,728,879 3,924,623,207 3,951,483,100 14.81 Net profit attributable to shareholders of the listed company 631,266,879 567,547,208 556,568,395 13.42 Net profit attributable to shareholders of the listed company after deducting of non-recurring profit or loss 597,096,663 460,999,116 460,999,114 29.52 Net cash flow from operating activities 54,459,641 -482,272,409 -508,704,086 Not applicable Basic earnings per share (RMB/ share) 0.45 0.40 0.39 15.38 Diluted earnings per share (RMB/ share) 0.45 0.40 0.39 15.38 Weighted average return on net assets (%) 1.52 1.53 1.50 Increased by 0.02 percentage points Total investment in research and development 538,205,522 466,397,177 473,273,554 13.72 Percentage of investment in research and development to revenue (%) 11.86 11.88 11.98 Decreased by 0.12 percentage points At the end of last year Change as compared to the end of last year (%) At the end of the reporting period Before adjustment After adjustment After adjustment Total assets 66,471,687,057 64,802,246,319 64,802,246,319 2.58 Owners’ equity attributable to shareholders of the listed company 41,267,965,739 41,527,759,522 41,527,759,522 -0.63 Explanation for retrospective adjustments or restatements: In December 2024, the Company acquired 100% equity interest in Hunan CRRC Commercial Vehicle Power Technology Co., Ltd. and included it in the scope of the consolidated financial statements. The transaction constituted a business combination under common control, therefore, the relevant data of the same period of last year was retrospectively adjusted.
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– 4 – B_table indent _3.5 mm N_table indent _3 mm (II) Non-recurring profit or loss items and amounts ✔ Applicable ½ Not applicable Unit: Yuan Currency: RMB Non-recurring profit or loss items Amount for the reporting period Note Profit and loss on disposal of non-current assets (including the part of assets impairment provision already made and written off) 5,699 / Government grants recognised through profit or loss for the period (other than government grants which are closely related to the Company’s normal business operations, which comply with national policies and can be enjoyed continuously based on a fixed amount and have a lasting impact on the Company’s profit and loss) 22,375,573 / Gain or loss on changes in fair value from financial assets and financial liabilities held by non-financial enterprises, and gain or loss from disposal of financial assets and financial liabilities, except for effective hedging transactions that are related to the Company’s normal operation 7,814,594 / Reversal of the impairment provision for receivables which are tested individually for impairment 6,668,670 / Other non-operating incomes and expenses other than the above items 6,629,844 / Other profit or loss items that meet the definition of non-recurring profit or loss – / Less: Effect of income tax 6,488,889 / Effect of non-controlling interests (after tax) 2,835,275 / Total 34,170,216 / Explanations should be stated where the Company identifies items not listed in the “Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public – Non-recurring Profits or Losses” as non-recurring profit and loss items with significant amounts, or defines non-recurring profit and loss items listed in the “Explanatory Announcement No. 1 on Information Disclosure by Companies Offering Securities to the Public – Non-recurring Profits or Losses” as recurring profit and loss items. ½ Applicable ✔ Not applicable
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– 5 – B_table indent _3.5 mm N_table indent _3 mm (III) Changes in key accounting data and financial indicators and reasons for such changes ✔ Applicable ½ Not applicable Item Change Main reason (%) Net profit attributable to shareholders of the listed company after deduction of non-recurring profit or loss 29.52 This was mainly due to the year-on- year increase in net profit attributable to shareholders of the listed company and the year-on- year decrease in non-recurring profit or loss during the reporting period. Net cash flow from operating activities Not applicable This was mainly due to the increase in cash received from sales of goods and provisions of services during the reporting period as compared to the same period of last year.
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– 6 – B_table indent _3.5 mm N_table indent _3 mm II. INFORMATION OF SHAREHOLDERS (I) Statement of the total number of holders of ordinary shares and holders of preference shares with restored voting rights, and the particulars of shareholdings of the top ten shareholders Unit: share Total number of holders of ordinary shares as at the end of the reporting period 24,531 Total number of holders of preference shares with restored voting rights as at the end of the reporting period (if any) – Particulars of shareholdings of the top ten shareholders (excluding lending shares for securities financing) Name of shareholder Nature of shareholder Number of shares held Percentage of shareholding Number of shares held subject to selling restrictions Number of restricted shares including lending shares for securities financing Shares pledged, marked or frozen Status of shares Number of shares (%) CRRC Zhuzhou Institute Co., Ltd. ʮ̡ State-owned legal person 600,381,485 43.84 589,585,699 589,585,699 No – HKSCC NOMINEES LIMITED Note 1 Overseas legal person 499,117,566 36.45 0 0 Unknown – Hong Kong Securities Clearing Company Limited Overseas legal person 20,509,512 1.50 0 0 No – China Merchants Bank Co., Ltd – China AMC SSE STAR 50 Exchange Traded Fund ΅ ؐ50ක ږ Unknown 14,682,568 1.07 0 0 No – Industrial and Commercial Bank of China Limited – efunds SSE STAR 50 Exchange Traded Fund ˙༺ɪᗇ ؐ50ᅰᗇՎҳ༟ਿ ږ Unknown 10,487,688 0.77 0 0 No – CRRC Zhuzhou Locomotive Co., Ltd. ʮ̡ State-owned legal person 10,000,000 0.73 0 0 No – CRRC High-Tech Equipment Corporation Limited ʮ̡ State-owned legal person 9,800,000 0.72 0 0 No – National Social Security Fund Portfolio 110 ɓɓཧଡ଼Υ Unknown 6,309,750 0.46 0 0 No – Industrial and Commercial Bank of China Limited – Huatai-PineBridge Shanghai Shenzhen 300 Trading Open-end Index Securities Investment Fund လ ଉ 300ږ Unknown 4,551,143 0.33 0 0 No – Hunan Rail Transit Holding Group Co., Ltd. ʮ̡ State-owned legal person 3,958,888 0.29 0 0 No – Guohua Investment Development Asset Management (Beijing) Co., Ltd.ശҳ༟ක೯༟ପ၍ଣ ̏ԯ ʮ̡ State-owned legal person 3,958,888 0.29 0 0 No –
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– 7 – B_table indent _3.5 mm N_table indent _3 mm Particulars of shareholdings of the top ten shareholders not subject to selling restrictions (excluding lending shares for securities financing) Name of shareholder Number of circulating shares held not subject to selling restrictions Type and number of shares Type Number HKSCC NOMINEES LIMITED 499,117,566 Overseas listed foreign shares 499,117,566 Hong Kong Securities Clearing Company Limited 20,509,512 RMB ordinary shares 20,509,512 China Merchants Bank Co., Ltd – China AMC SSE STAR 50 Exchange Traded Fundʮ̡ Ñ ശ ؐ50׳ ږ 14,682,568 RMB ordinary shares 14,682,568 CRRC Zhuzhou Institute Co., Ltd. ʕԓ ʮ̡ 10,795,786 RMB ordinary shares 10,795,786 Industrial and Commercial Bank of China Limited – efunds SSE STAR 50 Exchange Traded Fund ʕʈਠვ ௴ ؐ50ᅰᗇՎ ږ 10,487,688 RMB ordinary shares 10,487,688 CRRC Zhuzhou Locomotive Co., Ltd. ʮ̡ 10,000,000 RMB ordinary shares 10,000,000 CRRC High-Tech Equipment Corporation Limited΅Ϟ ʮ̡ 9,800,000 RMB ordinary shares 9,800,000 National Social Security Fund Portfolio 110ɓɓཧଡ଼Υ 6,309,750 RMB ordinary shares 6,309,750 Industrial and Commercial Bank of China Limited – Huatai-PineBridge Shanghai Shenzhen 300 Trading Open-end Index Securities Investment Fund ʕʈਠ လଉ 300ᅰᗇՎҳ༟ਿ ږ 4,551,143 RMB ordinary shares 4,551,143 Hunan Rail Transit Holding Group Co., Ltd.ࠢ ʮ̡ 3,958,888 RMB ordinary shares 3,958,888 Guohua Investment Development Asset Management (Beijing) Co., Ltd. ശ ҳ༟ක೯༟ପ၍ଣ ̏ԯ ʮ̡ 3,958,888 RMB ordinary shares 3,958,888
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– 8 – B_table indent _3.5 mm N_table indent _3 mm Explanation on the related party relationship or acting-in-concert arrangement among the above shareholders CRRC Zhuzhou Institute Co., Ltd. is a direct controlling Shareholder of the Company. CRRC Corporation Limited, as the shareholder holding 100% equity interests in CRRC Zhuzhou Institute Co., Ltd., CRRC Zhuzhou Locomotive Co., Ltd. and CRRC Hong Kong Capital Management Co., Ltd., indirectly held a total of 610,381,485 RMB ordinary Shares through CRRC Zhuzhou Institute Co., Ltd. and CRRC Zhuzhou Locomotive Co., Ltd., and indirectly held 65,460,000 overseas listed foreign Shares through CRRC Hong Kong Capital Management Co., Ltd. CRRC Corporation Limited indirectly held a total of 49.36% shareholding in the Company. Save as disclosed above, the Company is not aware of any related party relationship or acting-in-concert arrangement among other shareholders above. Description of top ten shareholders and top ten shareholders not subject to selling restrictions participating in margin trading and refinancing business (if any) No Notes: As of the end of the reporting period, the Company has 23,496 holders of A shares and 1,035 registered holders of H shares. 1. The H shares held by HKSCC NOMINEES LIMITED are held on behalf of various clients. The lending of shares by the shareholders holding more than 5% of shares, top ten shareholders and top ten shareholders of circulating shares not subject to selling restrictions in the refinancing business ½ Applicable ✔ Not applicable Change from the previous period due to lending/returning of shares from/to the top ten shareholders and top ten shareholders of circulating shares not subject to selling restrictions in the refinancing business ½ Applicable ✔ Not applicable
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– 9 – B_table indent _3.5 mm N_table indent _3 mm III. OTHER MATTERS REQUIRED ATTENTION Other important information on the Company’s operation during the reporting period that needs to be brought to the attention of investors ✔ Applicable ½ Not applicable The Company recorded revenue of RMB4,537 million in the first quarter of 2025, representing a year-on-year increase of 14.81% as compared with RMB3,951 million in the corresponding period of last year. Details of changes are set out in the table below: Unit: RMB100 million Currency: RMB Business segment Amount for the reporting period Amount for the corresponding period of last year Change (%) Rail transit business 23.47 21.20 10.72 Of which: Rail transit electric equipment business 19.23 16.17 18.89 Rail engineering machinery business 1.53 2.95 -48.00 Communication signal business 1.33 1.43 -6.50 Other rail transit equipment business 1.38 0.65 111.06 Emerging equipment business 21.71 17.95 20.88 Of which: Basic devices 11.60 8.94 29.86 New energy vehicle electric drive system 3.86 4.01 -3.92 New energy power generation 2.51 2.58 -2.54 Industrial converter 2.05 0.40 400.41 Marine equipment 1.69 2.02 -16.49 Others 0.19 0.36 -47.52 Total 45.37 39.51 14.81
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– 10 – B_table indent _3.5 mm N_table indent _3 mm IV. QUARTERLY FINANCIAL STATEMENTS (I) Type of audit opinion ½ Applicable ✔ Not applicable (II) Financial statements CONSOLIDATED BALANCE SHEET 31 March 2025 Prepared by: ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. Unit: Yuan Currency: RMB Type of Audit: Unaudited Item 31 March 2025 31 December 2024 Current assets: Cash and bank balances 10,348,302,589 10,652,179,214 Held-for-trading financial assets 2,054,911,121 3,533,861,455 Bills receivables 3,525,679,782 3,224,588,596 Account receivables 11,529,796,453 11,612,385,573 Receivables financing 4,012,113,839 3,821,703,358 Prepayments 763,345,927 581,863,392 Other receivables 254,338,226 247,407,254 Including: Interest receivables – – Dividend receivables – – Inventories 8,025,558,178 7,063,580,028 Including: Data resources – – Contract assets 1,057,072,393 995,492,991 Non-current assets due within one year 2,733,319,181 2,628,347,569 Other current assets 2,567,910,686 2,071,940,937 Total current assets 46,872,348,375 46,433,350,367
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– 11 – B_table indent _3.5 mm N_table indent _3 mm Item 31 March 2025 31 December 2024 Non-current assets: Long-term receivables 1,286,422 1,969,712 Long-term equity investments 574,336,767 572,444,420 Other equity instrument investments 266,823,520 266,823,520 Fixed assets 8,401,533,066 8,594,961,720 Construction in progress 2,511,065,342 2,312,618,688 Right-of-use assets 286,811,491 279,746,716 Intangible assets 1,333,040,329 1,390,860,997 Including: Data resources – – Development expenditure 270,773,583 254,424,273 Including: Data resources – – Goodwill 235,928,151 230,971,288 Long-term deferred expenses 18,127,317 17,940,557 Deferred income tax assets 980,558,469 932,379,026 Other non-current assets 4,719,054,225 3,513,755,035 Total non-current assets 19,599,338,682 18,368,895,952 Total assets 66,471,687,057 64,802,246,319 Current liabilities: Short-term borrowings 84,287,655 39,010,667 Bills payables 6,691,766,775 5,816,830,991 Account payables 7,968,189,936 8,289,622,832 Receipts in advance – – Contract liabilities 1,572,619,156 1,333,540,452 Employee benefit payables 296,587,722 226,286,846 Tax payables 208,605,157 244,575,367 Other payables 2,769,616,789 1,869,975,564 Including: Interest payables – – Dividend payables 55,000 – Non-current liabilities due within one year 722,636,784 743,193,133 Other current liabilities 189,456,610 166,486,362 Total current liabilities 20,503,766,584 18,729,522,214
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– 12 – B_table indent _3.5 mm N_table indent _3 mm Item 31 March 2025 31 December 2024 Non-current liabilities: Long-term borrowings 53,216,000 62,004,100 Lease liabilities 198,373,310 187,969,883 Long-term payables – 72,823 Provisions 718,957,284 611,111,883 Deferred income 410,553,235 420,037,069 Deferred income tax liabilities 23,851,959 25,014,291 Other non-current liabilities 3,880,761 4,096,248 Total non-current liabilities 1,408,832,549 1,310,306,297 Total liabilities 21,912,599,133 20,039,828,511 Owners’ equity (or shareholders’ equity): Paid up capital (or share capital) 1,369,339,712 1,406,652,812 Capital reserve 11,720,681,156 12,730,965,320 Less: Treasury shares – -124,242,646 Other comprehensive income -219,925,115 -240,610,284 Special reserve 132,451,618 120,842,834 Surplus reserve 3,530,286,607 3,530,286,607 Retained earnings 24,735,131,761 24,103,864,879 Total owners’ equity (or shareholders’ equity) attributable to the parent company 41,267,965,739 41,527,759,522 Non-controlling interests 3,291,122,185 3,234,658,286 Total owners’ equity (or shareholders’ equity) 44,559,087,924 44,762,417,808 Total liabilities and owners’ equity (or shareholders’ equity) 66,471,687,057 64,802,246,319 Legal representative: Chief financial officer: Head of accounting department: Li Donglin Sun Shan Yuan Feng
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– 13 – B_table indent _3.5 mm N_table indent _3 mm CONSOLIDATED INCOME STATEMENT January to March 2025 Prepared by: ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. Unit: Yuan Currency: RMB Type of Audit: Unaudited Item First quarter of 2025 First quarter of 2024 I. Total revenue 4,536,728,879 3,951,483,100 Including: Revenue 4,536,728,879 3,951,483,100 II. Total operating cost 3,829,332,660 3,482,815,792 Including: Cost of sales 3,016,932,317 2,779,285,599 Taxes and surcharges 33,644,721 20,357,506 Selling expenses 108,515,182 89,874,827 Administration expenses 209,698,060 177,997,818 Research and development expenses 523,230,356 464,214,856 Finance expenses -62,687,976 -48,914,814 Including: Interest expenses 12,637,733 13,218,971 Interest income 80,483,204 65,737,004 Add: Other income 103,133,614 159,443,922 Investment gains (“-” indicating loss) 2,268,399 7,685,372 Including: G ains from investment in associates and joint ventures 2,132,347 -6,729,559 Gain on derecognition financial assets measured at amortised cost – – Gains from changes in fair value (“-” indicating loss) 7,189,397 15,311,662 Credit impairment losses (“-” indicating loss) -31,029,947 -48,460,832 Assets impairment losses (“-” indicating loss) -11,075,622 2,254,987 Gains from disposal of assets (“-” indicating loss) 5,699 39,121 III. Operating profit (“-” indicating loss) 777,887,759 604,941,540 Add: Non-operating income 10,986,707 7,199,663 Less: Non-operating expenses 4,356,862 556,456 IV. Total profits (“-” indicating total losses) 784,517,604 611,584,747 Less: Income tax expenses 96,032,296 45,066,278
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– 14 – B_table indent _3.5 mm N_table indent _3 mm Item First quarter of 2025 First quarter of 2024 V. Net profits (“-” indicating net loss) 688,485,308 566,518,469 (I) Classified by continuity of operation 1. Net profit from continuing operations (“-” indicating net loss) 688,485,308 566,518,469 2. Net profit from discontinued operations (“-” indicating net loss) – – (II) Classified by ownership 1. Net profit attributable to shareholders of the parent company (“-” indicating net loss) 631,266,879 556,568,395 2. Net profit attributable to non-controlling interests (“-” indicating net loss) 57,218,429 9,950,074 VI. Other comprehensive income, net of tax 18,473,852 15,601,176 (I) Other comprehensive income attributable to owners of the parent company, net of tax 20,685,169 15,532,697 1. Other comprehensive income that cannot be reclassified to profit or loss – – 2. Other comprehensive income that will be reclassified to profit or loss 20,685,169 15,532,697 (1) Changes in fair value of other debt investments 6,604,019 17,449,785 (2) Exchange difference on translation of foreign financial statements 14,081,150 -1,917,088 (II) Other comprehensive income attributable to non-controlling interests, net of tax -2,211,317 68,479
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– 15 – B_table indent _3.5 mm N_table indent _3 mm Item First quarter of 2025 First quarter of 2024 VII. Total comprehensive income 706,959,160 582,119,645 (I) Total comprehensive income attributable to owners of the parent company 651,952,048 572,101,092 (II) Total comprehensive income attributable to non-controlling interests 55,007,112 10,018,553 VIII. Earnings per share: (I) Basic earnings per share (RMB per share) 0.45 0.39 (II) Diluted earnings per share (RMB per share) 0.45 0.39 For the business combination involving enterprises under common control during the reporting period, realised net profit of the merged parties before the merger was RMB0 (corresponding period of the previous year: RMB0). Legal representative: Chief financial officer: Head of accounting department: Li Donglin Sun Shan Yuan Feng
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– 16 – B_table indent _3.5 mm N_table indent _3 mm CONSOLIDATED STATEMENT OF CASH FLOWS January to March 2025 Prepared by: ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. Unit: Yuan Currency: RMB Type of Audit: Unaudited Item First quarter of 2025 First quarter of 2024 I. Cash flows from operating activities: Cash received from the sale of goods and rendering of services 3,969,482,090 2,931,910,285 Refund of taxes and surcharges 132,369,666 81,878,541 Cash received from other operating activities 221,374,074 242,484,548 Subtotal of cash inflow from operating activities 4,323,225,830 3,256,273,374 Cash paid for goods purchased and service received 2,818,938,151 2,457,861,741 Cash paid to and on behalf employees 665,986,957 556,708,670 Taxes paid 330,076,424 265,054,145 Cash paid for other operating activities 453,764,657 485,352,904 Subtotal of cash outflow from operating activities 4,268,766,189 3,764,977,460 Net cash flow from operating activities 54,459,641 -508,704,086 II. Cash flow from investing activities: Cash received from disposal of investments 3,492,800,000 3,771,000,000 Cash received from returns on investment 121,005,514 46,879,566 Net cash received from disposal of fixed assets, intangible assets and other long-term assets 896,879 1,868,997 Subtotal of cash inflow from investing activities 3,614,702,393 3,819,748,563 Cash paid to acquire fixed assets, intangible assets and other long-term assets 557,577,347 330,920,635 Cash paid to acquire investments 6,420,000,000 3,077,000,000 Subtotal of cash outflow from investing activities 6,977,577,347 3,407,920,635 Net cash flow from investing activities -3,362,874,954 411,827,928
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– 17 – B_table indent _3.5 mm N_table indent _3 mm Item First quarter of 2025 First quarter of 2024 III. Cash flow from financing activities: Cash received from capital contributions – – Including: Cash received from capital contribution by minority shareholders of subsidiaries – – Cash received from borrowings 45,276,988 374,198,435 Cash received from other financing activities 1,097,000,000 – Subtotal of cash inflow from financing activities 1,142,276,988 374,198,435 Cash paid for debt repayment 9,939,765 4,984,461 Cash paid for distribution of dividends, profits or interest expenses 9,617,095 7,446,545 Including: Dividends and profits paid by subsidiaries to non-controlling interests – – Cash paid for other financing activities 13,594,536 106,181,286 Subtotal of cash outflow from financing activities 33,151,396 118,612,292 Net cash flow from financing activities 1,109,125,592 255,586,143 IV. Effect of foreign exchange rate changes on cash and cash equivalents -591,329 -1,226,558 V. Net increase in cash and cash equivalents -2,199,881,050 157,483,427 Add: Cash and cash equivalents at the beginning of the period 7,637,572,817 7,013,542,578 VI. Cash and cash equivalents at the end of the period 5,437,691,767 7,171,026,005 Legal representative: Chief financial officer: Head of accounting department: Li Donglin Sun Shan Yuan Feng (III) Adjustments to financial statements at the beginning of the year upon initial adoption of new accounting standards or interpretation of standards since 2025 ½ Applicable ✔ Not applicable This announcement is hereby made. The Board of Zhuzhou CRRC Times Electric Co., Ltd. 29 April 2025