Earnings release
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– 1 – 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. ʮ ̡ China Railway Signal & Communication Corporation Limited* (A joint stock limited liability company incorporated in the People’s Republic of China) (Stock Code: 3969) 2025 THIRD QUARTERLY REPORT The Board of Directors of China Railway Signal & Communication Corporation Limited* (the “Company”) hereby announces the unaudited financial information of the Company and its subsidiaries for the third quarter ended 30 September 2025, prepared in accordance with China Accounting Standards for Business Enterprises. This announcement is made pursuant to the requirements of the Inside Information Provisions under Part XIVA of the Securities and Futures Ordinance (Cap. 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 “Listing Rules”). This announcement contains the Chinese original version and English translation version of the “2025 Third Quarterly Report of China Railway Signal & Communication Corporation Limited*” as published on the website of the Shanghai Stock Exchange, and is provided for your reference only. If there is any inconsistency between the Chinese and English versions, the Chinese version shall prevail.
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– 2 – DEFINITIONS In this announcement, the following expressions have the meanings set out below unless the context otherwise requires. “Board” or “Board of Directors” the board of Directors of the Company “Company” China Railway Signal & Communication Corporation Limited* (ʮ̡ ) “Director(s)” director(s) of the Company “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited “Reporting Period” or the “Period” the period from 1 July 2025 to 30 September 2025 “Supervisor(s)” supervisor(s) of the Company “Supervisory Committee” the supervisory committee of the Company By order of the Board China Railway Signal & Communication Corporation Limited* LOU Qiliang Chairman Beijing, the PRC 28 October 2025 As at the date of this announcement, the executive D irector of the Company is Mr. LOU Qiliang , the independent non-executive D irectors of the Company are Mr. YAO Guiqing, Mr. YAO Cho Fai Andrew and Mr. FU Junyuan, and the non-executive Director of the Company is Ms. LUO Jing (employee Director). * For identification purpose only
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– 3 – Stock code: 688009 Abbreviation: CRSC China Railway Signal & Communication Corporation Limited* 2025 Third Quarterly Report The Board of Directors and all members thereof hereby warrant that there are no false representations or misleading statements contained in, or material omissions from, this announcement, and assume the legal responsibility for the truthfulness, accuracy and completeness of this announcement in accordance with the laws. IMPORTANT NOTICE: The Board of Directors, the Supervisory Committee, Directors, Supervisors and senior management of the Company undertake that the contents of this quarterly report is true, accurate and complete and contains no false representations, misleading statement or material omission, and assume several and joint liability. Person-in-charge of the Company, Chief Financial Officer, and head of accounting department (person in charge of accounting), hereby guarantee that the financial information contained in this quarterly report is true, accurate and complete. Whether the third quarterly financial statements have been audited Yes ✓ No
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– 4 – I. KEY FINANCIAL DATA (1) Key accounting data and financial indicators Unit:Yuan Currency:RMB Items The Reporting Period Change in the Reporting Period compared with the same period last year (%) From the beginning of the year to the end of the Reporting Period Change from the beginning of the year to the end of the Reporting Period compared with the same period last year (%) Revenue 7,082,947,288.33 7.91 21,747,638,747.05 4.48 Total profit 851,623,704.73 -18.10 3,135,786,019.46 -5.04 Net profit attributable to shareholders of listed company 663,601,698.58 -12.63 2,284,111,472.98 -3.16 Net profit attributable to the shareholders of listed company deducting non-recurring profit or loss 644,701,770.93 -9.56 2,203,213,611.20 -3.07 Net cash flows generated from operating activities N/A N/A -3,750,436,480.80 -210.29 Basic earnings per share (RMB per share) 0.07 – 0.22 – Diluted earnings per share (RMB per share) 0.07 – 0.22 – Weighted average return on net assets (%) 1.32 Decreased by 0.17 percentage point 4.70 Decreased by 0.21 percentage point Total research and development investment 479,762,984.75 15.97 1,328,695,062.26 10.48 Percentage of research and development investment to revenue (%) 6.77 Increased by 0.47 percentage point 6.11 Increased by 0.33 percentage point As at the end of the Reporting Period As at the end of the previous year Change as at the end of the Reporting Period compared with the end of the previous year (%) Total assets 115,662,301,853.24 117,890,875,515.13 -1.89 Ownership interests attributable to shareholders of listed company 48,576,890,764.20 48,025,007,375.97 1.15 Notes : The “Reporting Period” refers to the three-month period from the beginning of this quarter to the end of this quarter, the same below. In this report, figures shown as totals may not be an arithmetic aggregation of the figures preceding them, which is due to rounding adjustments. Unless otherwise specified, the currency of the amounts set out in this report is RMB.
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– 5 – (2) Non-recurring profit or loss items and amounts ✓ Applicable Not applicable Unit: Yuan Currency: RMB Non-recurring profit or loss items Amount for the Reporting Period Amount from the beginning of the year to the end of the Reporting Period Gains or losses from disposal of non-current assets, including the offsetting portion of the provision for impairment of assets -1,944,139.41 -2,429,382.20 Government grants recognized through profit or loss for the period (other than government grants which are closely related to the Company’s normal business operations, comply with national policy regulations, are received based on established criteria, and have a sustained impact on the Company’s financial statements) 25,593,984.62 124,427,250.37 Except for effective hedging transactions related to the Company’s normal business operations, gains or losses arising from changes in the fair value of financial assets and financial liabilities held by non-financial enterprises, as well as gains or losses from the disposal of financial assets and financial liabilities 1,708,945.00 3,730,291.20 Profit or loss on debt restructuring – 954,951.65 Other non-operating income and expenses other than the above items 1,872,648.91 7,325,733.22 Other profit or loss items that fall within the meaning of non-recurring profit or loss – – Less: Effect on income tax 5,012,768.98 29,481,945.73 Effect on minority interests (after tax) 3,318,742.49 23,629,036.73 Total 18,899,927.65 80,897,861.78 Reasons shall be given with respect to identifying items not listed in the Explanatory Notice on Information Disclosure of Companies with Public Offering No. 1-Non-recurring Profit and Loss (ʮ ѓୋ 1 –ฦू ) as no n-recurring profit and loss items which are of significant amount, as well as the defining the non-recurring profit and loss items listed in the Explanatory Notice on Information Disclosure of Companies with Public Offering No. 1-Non-recurring Profit and Loss (ᚣ ʮѓୋ 1 –ฦू ) as recurring profit and loss items. Applicable ✓ Not applicable
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– 6 – (3) Circumstances and reasons for changes in the key accounting data and financial indicators ✓ Applicable Not applicable Item Change ratio (%) Main reason Net cash flows generated from operating activities _ from the beginning of the year to the end of the Reporting Period -210.29 Mainly due to the changes in deposits taken by the Company’s controlled subsidiary, Finance Company, from its controlling shareholder, China Railway Signal and Communication (Group) Corporation Limited, and its subsidiaries. Customers deposits and deposits from banks and other financial institutions _ as at the end of the Reporting Period -63.30 Long-term borrowings _ as at the end of the Reporting Period 121.42 Mainly due to the provision of entrusted loans to the Company by its controlling shareholder, China Railway Signal and Communication (Group) Corporation Limited.
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– 7 – (4) Explanation of performance indicators of non-enterprise accounting standards Unit: Yuan Currency: RMB From the beginning of the year to the end of the Reporting Period The same period last year Accounting indicator: Net cash flow from operating activities -3,750,436,480.80 3,400,521,960.21 Adjustment item: Net increase in customer deposits and interbank deposits -1,899,758,156.14 5,020,275,387.83 Non-GAAP financial indicator: Net cash flow from operating activities excluding net increase in customer deposits and interbank deposits -1,850,678,324.66 -1,619,753,427.62 Reasons for selecting this non-GAAP financial indicator The main reason for the Company to select to exclude the net increase in customer deposits and interbank deposits from net cash flow from operating activities is that the net increase in customer deposits and interbank deposits reflects the changes in deposits taken by the Company’s controlled subsidiary, Finance Company, from its controlling shareholder, CRSC Group, and its subsidiaries. By excluding the impact of this item, the figure can more accurately represent the net cash flow from operating activities generated by the Company’s core businesses, and provide investors with a clearer understanding of the structure of the Company’s cash inflow from operating activities.
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– 8 – II. INFORMATION ON SHAREHOLDERS (1) Total number of ordinary shareholders and number of shareholders of preference shares with restored voting rights and particulars of shareholdings of the top ten shareholders Unit: Share Total number of ordinary shareholders as at the end of the Reporting Period 64,587 Total number of shareholders of preference shares with restored voting rights as at the end of the Reporting Period (if any) – Particulars of shareholdings of the top ten s hareholders (excluding shares lent through refinancing) Name of s hareholder Nature of shareholder Number of shares held Percentage of shareholding (%) Number of shares held subject to trading moratorium Number of restricted shares including lending shares for securities financing Shares pledged, marked or frozen Status of shares Number of shares China Railway Signal and Communication (Group) Corporation Limited Note 1 State-owned corporation 6,614,216,000 62.46 0 0 Nil – HKSCC NOMINEES LIMITED Note 2 Overseas corporation 1,967,812,700 18.58 0 0 Unknown – Hong Kong Securities Clearing Company Limited Others 100,135,543 0.95 0 0 Unknown – Industrial and Commercial Bank of China Limited – E Fund SSE STAR 50 Exchange Traded Fund Others 93,387,924 0.88 0 0 Unknown – China Merchants Bank Co., Ltd. – China AMC SSE STAR 50 Exchange Traded Fund Others 90,829,493 0.86 0 0 Unknown – China National Machinery Industry Corporation State-owned corporation 63,507,192 0.60 0 0 Unknown – Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund Others 44,380,396 0.42 0 0 Unknown – China Railway Investment Group Co., Ltd. State-owned corporation 34,188,000 0.32 0 0 Unknown – China Construction Bank Corporation – E Fund CSI 300 Exchange Traded Open-End Index Seed Securities Investment Fund Others 31,828,218 0.30 0 0 Unknown – Industrial and Commercial Bank of China Limited –Huaxia Shanghai-Shenzhen 300 Exchange –Traded Fund Others 23,753,109 0.22 0 0 Unknown -
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– 9 – Particulars of shareholdings of the top ten s hareholders not subject to trading moratorium (excluding shares lent through refinancing) Name of s hareholder Number of circulating shares held not subject to trading moratorium Type and number of s hares Type Number China Railway Signal and Communication (Group) Corporation Limited Note 1 6,614,216,000 RMB ordinary shares 6,614,216,000 HKSCC NOMINEES LIMITED Note 2 1,967,812,700 Overseas listed foreign shares 1,967,812,700 Hong Kong Securities Clearing Company Limited 100,135,543 RMB ordinary shares 100,135,543 Industrial and Commercial Bank of China Limited – E Fund SSE STAR 50 Exchange Traded Fund 93,387,924 RMB ordinary shares 93,387,924 China Merchants Bank Co., Ltd. – China AMC SSE STAR 50 Exchange Traded Fund 90,829,493 RMB ordinary shares 90,829,493 China National Machinery Industry Corporation 63,507,192 RMB ordinary shares 63,507,192 Industrial and Commercial Bank of China Limited – Huatai-PB CSI 300 Open-ended Index Fund 44,380,396 RMB ordinary shares 44,380,396 China Railway Investment Group Co., Ltd. 34,188,000 RMB ordinary shares 34,188,000 China Construction Bank Corporation – E Fund CSI 300 Exchange Traded Open-End Index Seed Securities Investment Fund 31,828,218 RMB ordinary shares 31,828,218 Industrial and Commercial Bank of China Limited –Huaxia Shanghai-Shenzhen 300 Exchange –Traded Fund 23,753,109 RMB ordinary shares 23,753,109 Explanation on the related party relationship or acting-in-concert arrangement among the above shareholders China Railway Signal and Communication (Group) Corporation Limited, the largest shareholder, does not have any related party relationship with the other shareholders nor is it a person acting in concert with them. The Company is not aware whether the other s hareholders have related party relationship or acting-in-concert arrangement. Explanation on margin financing and securities lending business conducted by the top 10 s hareholders and the top ten s hareholders not subject to trading moratorium (if any) –
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– 10 – Note 1: As at 30 June 2025, CRSC Group directly held 6,648,518,000 shares of the Company (including 6,614,216,000 A shares and 34,302,000 H shares), representing approximately 62.78% of the total issued shares of the Company. Note 2: H shares held by HKSCC NOMINEES LIMITED are held on behalf of various clients. Note 3: Apart from information set out in note 1 and note 2, shares held by shareholders in the table above are all A shares of the Company. Note 4: Apart from A shareholders, the Company has 216 H shareholders. Particulars of shareholders holding more than 5% of shares, the top ten shareholders and the top ten shareholders of circulating shares not subject to trading moratorium lending shares through refinancing Applicable ✓ Not applicable Changes in the top ten shareholders and the top ten shareholders of circulating shares not subject to trading moratorium as compared with the previous period due to lending/ returning through refinancing Applicable ✓ Not applicable
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– 11 – III. OTHER REMINDERS Other important information that needs to be brought to the attention of investors concerning the operation of the Company during the Reporting Period ✓ Applicable Not applicable The operating revenue breakdown of the terminal markets during the first three quarters is set out as below: Unit: 0’000 Yuan Currency: RMB Terminal markets Revenue From January to September 2025 Corresponding period of the previous year Increase/decrease in amount Increase/decrease in ratio(%) Railway 1,260,429.85 1,202,889.46 57,540.39 4.78 Urban rail transit 578,105.29 505,080.13 73,025.16 14.46 Overseas businesses 138,199.95 176,959.56 -38,759.61 -21.90 Construction contracting 182,306.13 191,722.57 -9,416.44 -4.91 Other business 15,722.65 4,763.71 10,958.94 230.05 Total 2,174,763.87 2,081,415.43 93,348.44 4.48 From January to September 2025, the aggregate amount of newly-signed external contracts amounted to RMB27.473 billion, representing a yea r-on-year decrease of 5.68% as compared to the corresponding period of the previous year. In particular, the value of newly-signed contracts in railway sector amounted to RMB17.252 billion, representing a year-on-year increase of 17.95% as compared to the corresponding period of the previous year; the value of newly-signed contracts in urban rail transit sector amounted to RMB5.656 billion, representing a year-on-year increase of 16.12% as compared to the corresponding period of the previous year; the value of newly-signed contracts in overseas business sector amounted to RMB2.022 billion, representing a yea r-on-y ear decrease of 48.30% as compared to the corresponding period of the previous year; the value of newly-signed contracts in construction contracting and other business sectors amounted to RMB 2.490 billion, representing a year-on-year decrease of 56.44% as compared to the corresponding period of the previous year; the value of newly-signed contracts in the low-altitude economy sector amounted to RMB0.053 billion.
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– 12 – IV. QUARTERLY FINANCIAL STATEMENTS (1) Status of Audit Opinions Applicable ✓ Not applicable (2) Financial Statements Consolidated Balance Sheet 30 September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items 30 September 2025 31 December 2024 Current assets: Cash and bank balances 20,079,597,408.99 22,577,015,997.32 Bills receivable 627,474,761.00 1,105,165,396.54 Accounts receivable 27,232,192,896.59 26,973,365,116.63 Receivables for financing 566,737,166.40 775,835,849.40 Prepayments 1,477,438,718.95 1,161,308,397.54 Other receivables 1,875,664,120.28 1,612,679,459.07 Including: Interest receivable – – Dividends receivable 1,008,000.00 5,808,000.00 Inventories 4,114,252,089.63 3,453,911,412.70 Contract assets 32,104,302,270.11 32,470,218,198.16 Non-current assets due within one year 255,763,704.68 149,226,076.22 Other current assets 1,015,535,674.30 826,820,561.00 Total current assets 89,348,958,810.93 91,105,546,464.58
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– 13 – Items 30 September 2025 31 December 2024 Non-current assets: Debt investment 273,172,183.50 273,172,183.50 Long-term receivables 6,348,873,410.78 7,165,732,307.23 Long-term equity investments 2,039,320,584.42 1,806,701,815.91 Other equity instrument investment 1,446,543,806.03 1,212,543,806.03 Investment properties 324,551,804.02 348,943,627.62 Fixed assets 4,819,244,380.01 4,957,256,807.77 Construction in progress 881,311,287.65 809,309,770.26 Right-of-use assets 174,952,877.00 128,007,364.54 Intangible assets 2,444,493,592.38 2,626,900,101.76 Development expenditure 201,138,941.11 154,044,752.34 Goodwill 262,891,028.58 262,891,028.58 Long-term prepaid expenses 27,875,321.67 36,901,102.20 Deferred tax assets 612,979,108.97 611,526,035.66 Other non-current assets 6,455,994,716.19 6,391,398,347.15 Total non-current assets 26,313,343,042.31 26,785,329,050.55 Total assets 115,662,301,853.24 117,890,875,515.13
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– 14 – Items 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings 62,272,254.96 143,465,431.83 Bills payable 1,773,539,891.38 1,775,609,143.61 Accounts payable 37,781,761,069.52 42,735,743,855.81 Contract liabilities 10,269,350,699.04 10,260,720,800.40 Customers deposits and deposits from banks and other financial institutions 1,101,499,964.66 3,001,258,120.80 Employee benefits payable 962,129,757.36 908,745,583.60 Tax payable 889,863,019.64 1,278,865,585.35 Other payables 2,159,040,746.96 1,973,997,368.12 Including: Interest payable – – Dividends payable 11,019,877.60 12,169,644.46 Non-current liabilities due within one year 343,432,311.05 189,549,251.32 Other current liabilities 1,040,258,174.54 955,934,519.04 Total current liabilities 56,383,147,889.11 63,223,889,659.88 Non-current liabilities: Long-term borrowings 7,382,077,940.69 3,333,970,469.20 Lease liabilities 143,883,524.93 78,393,367.34 Long-term payables 41,345,332.84 45,383,366.45 Long-term employee benefits payable 567,968,536.11 575,630,000.00 Provisions 23,610,295.74 28,012,118.60 Deferred income 133,492,101.13 120,135,472.93 Deferred tax liabilities 56,573,292.27 49,658,734.97 Total non-current liabilities 8,348,951,023.71 4,231,183,529.49 Total liabilities 64,732,098,912.82 67,455,073,189.37
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– 15 – Items 30 September 2025 31 December 2024 Owners’ equity (or shareholders’ equity): Paid-in capital (or share capital) 10,589,819,000.00 10,589,819,000.00 Other equity instruments 2,500,000,000.00 2,500,000,000.00 Including: Preference shares – – Perpetual bonds 2,500,000,000.00 2,500,000,000.00 Capital reserve 15,959,738,219.63 15,959,738,219.63 Less: Treasury stocks – – Other comprehensive income -292,296,286.31 -300,033,350.13 Special reserve 344,241,356.07 348,771,551.18 Surplus reserve 2,482,496,646.28 2,482,496,646.28 General risk reserve 166,330,356.48 101,496,079.94 Retained earnings 16,826,561,472.05 16,342,719,229.07 Total equity attributable to o wners (or shareholders equity) of the parent company 48,576,890,764.20 48,025,007,375.97 Non-controlling interests 2,353,312,176.22 2,410,794,949.79 Total owners’ equity (or shareholders’ equity): 50,930,202,940.42 50,435,802,325.76 Total liabilities and owners’ equity (or shareholders’ equity): 115,662,301,853.24 117,890,875,515.13 Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu
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– 16 – Consolidated Statement of Profit or Loss January to September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 1. Total revenue 21,841,639,285.04 20,939,821,082.89 Including: Revenue 21,747,638,747.05 20,814,154,316.65 Interest income 93,340,160.62 125,666,766.24 Fees and commissions expense 660,377.37 – 2. Total cost of sales 18,964,738,698.67 17,854,370,460.91 Including: Cost of sales 15,574,480,347.11 14,556,518,248.80 Interest expenses 2,889,678.22 10,537,888.91 Fees and commissions expense 112,965.11 29,790.29 Taxes and surcharges 172,520,455.19 166,080,117.14 Selling and distribution expenses 503,091,867.44 547,806,203.95 General and administrative expenses 1,455,634,677.14 1,466,541,296.32 Research and development expenses 1,276,338,964.15 1,161,490,691.79 Finance costs -20,330,255.69 -54,633,776.29 Including: Interest expenses 68,033,367.65 28,148,382.94 Interest income 99,860,319.14 121,207,832.91 Add: Other income 288,820,464.00 214,786,613.73 Investment income (with “-” for losses) 51,052,737.39 70,512,770.43 Including: Share of profits of associates and joint ventures 48,320,365.97 68,051,786.70 Credit impairment losses (with “-” for losses) -84,865,250.58 -139,963,532.94 Asset impairment losses (with “-” for losses) -1,795,002.82 7,139,696.09 Gains from disposal of assets (with “-” for losses) -2,429,382.20 42,515,800.56
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– 17 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 3. Operating profits (with “-” for losses) 3,127,684,152.16 3,280,441,969.85 Add: Non-operating income 12,653,081.70 30,244,264.66 Less: Non-operating expenses 4,551,214.40 8,342,208.09 4. Total profits (with “-” for total losses) 3,135,786,019.46 3,302,344,026.42 Less: Income tax expenses 503,920,869.71 579,880,100.54 5. Net profit (with “-” for net loss) 2,631,865,149.75 2,722,463,925.88 (I) Classified by continuity of operation 1. Net profit from continuing operation (with “-” for net loss) 2,631,865,149.75 2,722,463,925.88 2. Net profits from discontinued operations (with “-” for net loss) – – (II) Classified by the ownership 1. Net profit attributable to the owners of the parent company (with “-” for net loss) 2,284,111,472.98 2,358,597,314.66 2. Profit or loss attributable to non- controlling interests (with “-” for net loss) 347,753,676.77 363,866,611.22 6. Net other comprehensive income, net of tax 7,753,159.15 -24,286,586.74 (I) Net other comprehensive income attributable to the owners of the parent company, net of tax – -24,275,738.98 1. Other comprehensive income not to be reclassified to profit or loss – -30,415,000.00 (1) Changes of re-measurement of defined benefit plans – -30,415,000.00
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– 18 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 2. Other comprehensive income to be reclassified to profit or loss 7,737,063.82 6,139,261.02 (1) Other comprehensive income under equity method that can be reclassified into profit or loss – – (2) Changes in fair value of other debt investments – – (3) The amount of financial assets reclassified into other comprehensive income – – (4) Credit impairment provisions for other debt investments – – (5) Hedging reserve arising from cash flows 8,589,550.07 7,126,606.06 (6) Exchange differences on translation of foreign operations -662,870.13 -452,057.47 (7) Others -189,616.12 -535,287.57 (II) Other comprehensive income attributable to non-controlling interests, net of tax 16,095.33 -10,847.76 7. Total comprehensive income 2,639,618,308.90 2,698,177,339.14 (I) Total comprehensive income attributable to Shareholders of the parent company 2,291,848,536.80 2,334,321,575.68 (II) Total comprehensive income attributable to non-controlling interests 347,769,772.10 363,855,763.46 8. Earnings per share: (I) Basic earnings per share (RMB/share) 0.22 0.22 (II) Diluted earnings per share (RMB/share) 0.22 0.22 For the business combination under common control during the Period, net profit of the acquiree realized before business combination was RMB0. Net profit of the acquiree realized during the last period was RMB0. Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu
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– 19 – Consolidated Statement of Cash Flows January to September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 1. Cash flows generated from operating activities: Cash received from the sale of goods or rendering of services 21,788,522,229.01 23,737,546,542.64 Net increase in customer deposits received and interbank deposits -1,899,758,156.14 5,020,275,387.83 Interests, service charges and commission received 104,864,511.35 137,752,768.58 Refunds of tax 371,176,333.46 187,938,671.89 Cash received relating to other operating activities 1,328,496,426.72 1,486,114,326.01 Subtotal of cash inflows from operating activities 21,693,301,344.40 30,569,627,696.95 Cash paid for goods and services 17,032,503,680.26 18,274,416,671.27 Net increase in deposits with the central bank and interbank funds -105,799,771.16 315,200,721.44 Interests, service charges and commission paid 1,465,539.65 4,834,825.56 Cash paid to and on behalf of employees 3,590,342,215.02 3,494,946,620.74 Cash paid for all taxes 2,061,923,152.46 1,796,700,893.90 Cash paid relating to other operating activities 2,863,303,008.97 3,283,006,003.83 Subtotal of cash outflows from operating activities 25,443,737,825.20 27,169,105,736.74 Net cash flows generated from operating activities -3,750,436,480.80 3,400,521,960.21
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– 20 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 2. Cash flows generated from investing activities: Cash received from return on investment 27,747,167.53 5,100,000.00 Net cash received from disposal of fixed assets, intangible assets and other long- term assets 683,607.62 147,936,940.89 Net cash from disposal of subsidiaries and other operating units – 4,185,000.00 Cash received relating to other investing activities – 7,048,479.76 Subtotal of cash inflows from investing activities 28,430,775.15 164,270,420.65 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 271,355,975.60 504,004,402.44 Cash paid for investments 421,524,700.00 43,075,448.34 Cash paid relating to other investing activities 441,846,160.54 1,682,503,540.75 Subtotal of cash outflows from investing activities 1,134,726,836.14 2,229,583,391.53 Net cash flows generated from investing activities -1,106,296,060.99 -2,065,312,970.88
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– 21 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 3. Cash flows generated from financing activities: Cash received as capital contributions 11,250,000.00 49,000,000.00 Including: Cash received by subsidiaries from minority shareholders’ investment 11,250,000.00 49,000,000.00 Cash received from borrowings 4,376,698,352.73 136,964,546.20 Cash received relating to other financing activities 221,115,524.45 30,855.00 Subtotal of cash inflows from financing activities 4,609,063,877.18 185,995,401.20 Cash paid on repayments for borrowings 94,296,051.37 2,165,667,808.65 Cash paid for distribution of dividends or profits and for interest expenses 2,322,710,338.22 2,066,206,757.78 Including: Dividend and profit of minority shareholder paid by subsidiaries 406,402,312.53 190,681,375.00 Cash paid for other financing activities 235,584,420.50 53,423,618.53 Subtotal of cash outflows from financing activities 2,652,590,810.09 4,285,298,184.96 Net cash flows generated from financing activities 1,956,473,067.09 -4,099,302,783.76 4. Effect of foreign exchange rate changes on cash and cash equivalents 3,701,125.83 -1,808,392.83 5. Net increase in cash and cash equivalents -2,896,558,348.87 -2,765,902,187.26 Add: Ba lance of cash and cash equivalents at the beginning of the period 16,405,869,676.39 16,020,112,696.12 6. Balance of cash and cash equivalents at the end of the period 13,509,311,327.52 13,254,210,508.86 Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu
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– 22 – Balance Sheet of the Parent Company 30 September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items 30 September 2025 31 December 2024 Current assets: Cash and bank balances 8,189,503,967.73 8,048,980,731.22 Bills receivable – 887,330.00 Accounts receivable 1,251,452,562.26 1,376,291,632.16 Receivables for financing 568,620.00 – Prepayments 250,080,899.01 204,119,039.99 Other receivables 8,223,564,484.24 7,170,426,565.52 Including: Interest receivable – – Dividends receivable 1,232,541,551.12 309,922,930.31 Inventories 38,981,526.24 27,260,241.98 Contract assets 978,975,038.51 1,431,308,274.41 Non-current assets due within one year 58,183,466.90 59,302,900.53 Other current assets 74,090,383.37 94,445,348.78 Total current assets 19,065,400,948.26 18,413,022,064.59
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– 23 – Items 30 September 2025 31 December 2024 Non-current assets: Debt investment 273,172,183.50 273,172,183.50 Long-term receivables 2,161,102,745.25 2,155,416,819.31 Long-term equity investments 20,165,695,522.08 19,893,735,946.73 Other equity instrument investment 515,834,914.35 515,834,914.35 Investment properties 1,318,550,657.07 1,346,561,270.16 Fixed assets 478,598,164.63 496,844,755.33 Right-of-use assets – 103,083.49 Intangible assets 524,242,794.52 568,162,329.29 Deferred tax assets 45,249,585.40 44,311,468.29 Other non-current assets 37,130,595.82 42,676,458.17 Total non-current assets 25,519,577,162.62 25,336,819,228.62 Total assets 44,584,978,110.88 43,749,841,293.21
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– 24 – Items 30 September 2025 31 December 2024 Current liabilities: Short-term borrowings – 2,000,000,000.00 Bills payable 23,416,595.21 29,165,996.75 Accounts payable 2,497,482,870.96 3,349,901,616.94 Contract liabilities 965,561,573.28 876,659,021.30 Employee benefits payable 20,209,026.35 24,925,432.09 Tax payable 3,760,291.76 4,766,041.59 Other payables 2,533,420,144.69 3,107,395,777.36 Including: Interest payable – – Dividends payable – – Non-current liabilities due within one year 399,999.98 399,999.98 Other current liabilities 56,107,615.53 56,225,501.46 Total current liabilities 6,100,358,117.76 9,449,439,387.47 Non-current liabilities: Long-term borrowings 3,800,000,000.00 – Long-term employee benefits payable 52,342,536.11 55,638,000.00 Provisions 686,646.49 686,646.49 Deferred income 4,010,494.06 4,010,494.06 Total non-current liabilities 3,857,039,676.66 60,335,140.55 Total liabilities 9,957,397,794.42 9,509,774,528.02
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– 25 – Items 30 September 2025 31 December 2024 Owners’ equity (or shareholders’ equity) Paid-in capital (or share capital) 10,589,819,000.00 10,589,819,000.00 Other equity instruments 2,500,000,000.00 2,500,000,000.00 Including: Preference shares – – Perpetual bonds 2,500,000,000.00 2,500,000,000.00 Capital reserve 16,475,593,663.10 16,475,484,417.81 Less: Treasury stocks – – Other comprehensive income -17,211,348.97 -16,955,100.80 Special reserve 13,773,256.55 17,065,439.52 Surplus reserve 2,482,496,646.28 2,482,496,646.28 Retained earnings 2,583,109,099.50 2,192,156,362.38 Total owners’ equity (or shareholders’ equity) 34,627,580,316.46 34,240,066,765.19 Total liabilities and owners’ equity (or shareholders’ equity) 44,584,978,110.88 43,749,841,293.21 Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu
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– 26 – Statement of Profit or Loss of the Parent Company January to September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 1. Revenue 1,173,026,281.29 1,444,367,009.00 Less: Cost of sales 1,039,527,466.17 1,252,176,024.69 Taxes and surcharges 19,211,952.32 22,786,591.35 Selling and distribution expenses 765,698.85 3,568,383.75 General and administrative expenses 147,631,722.74 145,675,407.16 Research and development expenses 59,319,851.50 28,516,806.05 Finance costs -6,920,078.43 -51,472,265.25 Including: Interest expenses 82,691,037.36 80,325,618.28 Interest income 91,469,849.89 130,797,186.91 Add: Other income 2,265,787.20 988,364.14 Investment income (with “-” for losses) 2,287,923,993.50 2,138,374,267.49 Including: Share of profits of associates and joint ventures 21,959,575.35 28,281,596.94 Credit impairment losses (with “-” for losses) -11,926,996.77 -28,060,246.64 Asset impairment losses (with “-” for losses) -65,879.68 1,690,741.97 Gains from disposal of assets (with “-” for losses) -488,504.23 -13,718.60
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– 27 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 2. Operating profits (with “-” for losses) 2,191,198,068.16 2,156,095,469.61 Add: Non-operating income 111,221.17 11,426,671.56 Less: Non-operating expenses 87,322.21 200,901.45 3. Total profits (with “-” for total losses) 2,191,221,967.12 2,167,321,239.72 Less: Income tax expenses – 47,593,386.22 4. Net profit (with “-” for net loss) 2,191,221,967.12 2,119,727,853.50 (I) Net profit from continuing operation (with “-” for net loss) 2,191,221,967.12 2,119,727,853.50 (II) Net profit from discontinued operations (with “-” for net loss) – – 5. Net other comprehensive income, net of tax -256,248.17 -3,683,087.85 (I) Other comprehensive income not to be reclassified to profit or loss – -3,404,000.00 1. Changes of re-measurement of defined benefit plans – -3,404,000.00
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– 28 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) (II) Other comprehensive income to be reclassified to profit or loss -256,248.17 -279,087.85 1. Other comprehensive income under equity method that can be reclassified into profit or loss – – 2. Changes in fair value of other debt investments – – 3. The amount of financial assets reclassified into other comprehensive income – – 4. Credit impairment provisions for other debt investments – – 5. Hedging reserve arising from cash flows – – 6. Exchange differences on translation of foreign operations -256,248.17 -279,087.85 6. Total comprehensive income 2,190,965,718.95 2,116,044,765.65 7. Earnings per share: (I) Basic earnings per share (RMB/share) – – (II) Diluted earnings per share (RMB/share) – – Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu
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– 29 – Statement of Cash Flows of the Parent Company January to September 2025 Prepared by: China Railway Signal & Communication Corporation Limited* Unit: Yuan Currency: RMB Audit type: Unaudited Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 1. Cash flows generated from operating activities: Cash received from the sale of goods or rendering of services 1,330,283,429.23 2,463,905,271.48 Refunds of tax 42,214,554.25 59,537,821.88 Cash received relating to other operating activities 246,010,276.10 409,782,958.36 Subtotal of cash inflows from operating activities 1,618,508,259.58 2,933,226,051.72 Cash paid for goods and services 1,251,647,524.33 2,492,980,946.12 Cash paid to and on behalf of employees 104,788,900.67 115,333,172.47 Cash paid for all taxes 94,263,793.89 182,006,482.50 Cash paid relating to other operating activities 522,427,598.50 376,166,561.22 Subtotal of cash outflows from operating activities 1,973,127,817.39 3,166,487,162.31 Net cash flows generated from operating activities -354,619,557.81 -233,261,110.59
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– 30 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 2. Cash flows generated from investing activities: Cash received from return on investment 1,261,359,912.97 1,222,367,801.45 Net cash received from disposal of fixed assets, intangible assets and other long- term assets 93,099.96 200,250.00 Cash received relating to other investing activities 356,507,035.35 1,326,204,418.54 Subtotal of cash inflows from investing activities 1,617,960,048.28 2,548,772,469.99 Cash paid for acquisition of fixed assets, intangible assets and other long-term assets 41,790,606.60 28,933,328.42 Cash paid for investments 250,000,000.00 267,282,900.00 Cash paid relating to other investing activities 758,175,457.56 1,503,951,818.43 Subtotal of cash outflows from investing activities 1,049,966,064.16 1,800,168,046.85 Net cash flows generated from investing activities 567,993,984.12 748,604,423.14
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– 31 – Items First three quarters of 2025 (January to September) First three quarters of 2024 (January to September) 3. Cash flows generated from financing activities: Cash received from borrowings 3,800,000,000.00 2,000,000,000.00 Cash received relating to other financing activities 16,900,000.00 – Subtotal of cash inflows from financing activities 3,816,900,000.00 2,000,000,000.00 Cash paid on repayments for borrowings 2,000,000,000.00 2,000,000,000.00 Cash paid for distribution of dividends or profits and for interest expenses 1,823,098,992.19 1,823,193,336.47 Cash paid relating to other financing activities – 408,150.00 Subtotal of cash outflows from financing activities 3,823,098,992.19 3,823,601,486.47 Net cash flows generated from financing activities -6,198,992.19 -1,823,601,486.47 4. Effect of foreign exchange rate changes on cash and cash equivalents -439,632.74 485,414.77 5. Net increase in cash and cash equivalents 206,735,801.38 -1,307,772,759.15 Add: Ba lance of cash and cash equivalents at the beginning of the period 5,302,768,166.35 6,877,909,214.40 6. Balance of cash and cash equivalents at the end of the period 5,509,503,967.73 5,570,136,455.25 Person-in-charge of the Company: LOU Qiliang Chief Financial Officer: LI Lianqing Head of Accounting Department: ZHANG Shihu Adjustments to financial statements as at the beginning of the year upon initial adoption of new accounting standards or interpretation of standards since 2025 Applicable ✓ Not applicable It is hereby announced as above. Board of China Railway Signal & Communication Corporation Limited* 28 October 2025 * For identification purpose only