Stock code: 688187 (A shares) Stock abbreviation: Times Electric (A shares) Announcement No.: 2025-003

Stock code: 3898 (H shares) Stock abbreviation: Times Electric (H shares)

Zhuzhou CRRC Times Electric Co., Ltd

Announcement on the change of core technical personnel

The board of directors and all directors of the company guarantee that there are no false records, misleading statements or material omissions in the content of this announcement, and assume legal responsibility for the authenticity, accuracy and completeness of its content in accordance with the law.

Important Content Notes:

Mr. Zhu Hongjun, Mr. Lv Yang, Mr. Liu Liangjie and Mr. Zhang Min, the core technical personnel of Zhuzhou CRRC Times Electric Co., Ltd. (hereinafter referred to as "Times Electric" or "the Company"), are no longer recognized as core technical personnel based on job adjustment and division of responsibilities recently, and the work they are responsible for has been successfully completed and is still working in the company. At the same time, Mr. Wu Qingli, Mr. Zheng Huaxiong, Mr. Cheng Zhenglin and Mr. Li Cheng were newly identified as core technical personnel.

As of the disclosure date of this announcement, the company's production and operation and technology research and development work are carried out normally, and the adjustment of core technical personnel will not adversely affect the company's technology research and development, production and operation.

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

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

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

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

Obtained a master's degree; Professor-level senior engineer. From July 1995 to October 2005, he served as the Ministry of Railways

Trainee, assistant engineer and engineer in the assembly workshop of Baoji Construction Machinery Factory. From December 2005 to March 2009, he served as the director of the technical department and deputy chief engineer of China Railway Baogong Co., Ltd. April 2009

From August 2013, he served as the deputy director of the technology center of Baoji CSR Times Construction Machinery Co., Ltd. September 2013

From February 2016, he served as a senior engineer in the equipment technology development department of the technology center of the company's track engineering machinery division

Cheng Shi. From March 2016 to October 2017, he served as the director of the technical center of the company's rail construction machinery division.

Senior engineer. From November 2017 to February 2018, he served as the equipment technology of the company's rail construction machinery division

Director of the Development Department, from March 2018 to February 2019, he served as the deputy chief engineer of Baoji CRRC Times. March 2019

From January 2025, he served as the deputy general manager of Baoji CRRC Times. From January 2025 to the present, he has served as the system of Baoji CRRC Times

Senior technical engineer.

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

Master's degree in engineering; Professor-level senior engineer. From September 2008 to October 2012, he served as a term

Leader of the control platform group of the transmission control department of the company's technology center. From November 2012 to February 2017, he served as CRRC

Leader of the platform hardware team of the converter control platform department of the basic and platform R&D center of Zhuzhou Institute. February 2017 to 2018

In May, he served as the EMU system engineer of the system project department of the company's technology center. May 2018 to January 2025

He served as the deputy general manager of Ningbo CRRC Times. Since January 2025, he has served as the deputy director of the company's technical management department.

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

Bachelor's degree in electrical engineering from Jiang University; Professor-level senior engineer. August 2004 to September 2011

month, served as the engineer of the company's technology center. From September 2011 to February 2016, he served as the company's rail transit technology center

Director of the Heart Drive Control Department and Director of the System Project Department. From February 2016 to March 2020, he served as the company's rail crossing

Deputy Director of Tong Technology Center. From March 2020 to July 2020, he served as the deputy director of the company's UK R&D center. 2020

From July to March 2024, he served as the director of the company's UK R&D center. He served as a public servant from March 2024 to December 2024

Director of the Data and Intelligent Technology Center of the Division. Since January 2025, he has served as the deputy chief engineer of the company.

Mr. Zhang Min, born in 1981, is a Chinese national with no right of permanent residence abroad. He graduated from Tongji in 2004

He graduated from Zhejiang University in 2016 with a bachelor's degree in electronic and information engineering

Master's degree, professor-level senior engineer. From July 2004 to July 2016, he served as the National Converter Center of CRRC

Designer and director of the technology center. From August 2016 to May 2018, he served as the equipment technology of CRRC Zhuzhou Times

Limited to the company's intelligent monitoring product line manager. From May 2018 to March 2020, he served as the company's industrial drive technology director

Deputy Director of Heart. From March 2020 to September 2021, he served as the deputy general manager of the company's power supply system division. September 2021

From October 2024, he served as the deputy general manager of Chongqing CRRC Times Electric Technology Co., Ltd. October 2024 to present

He served as the deputy general manager of CRRC National Converter Center.

1. Participated in R&D projects and patented technologies

Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min participated in the research and development of intellectual property rights during their tenure in the company are all job achievements, and the ownership of relevant intellectual property rights belongs to the company, and there are no disputes or potential disputes involving intellectual property rights such as patents, and no longer identifying them as core technical personnel will not affect the integrity of the company's patents and other intellectual property rights.

2. Confidentiality and non-competition

After the adjustment of the core technical personnel, Mr. Zhu Hongjun, Mr. Lv Yang, Mr. Liu Liangjie and Mr. Zhang Min are still working in the company, and the company and Mr. Zhu Hongjun, Mr. Lv Yang, Mr. Liu Liangjie and Mr. Zhang Min signed the labor contract to stipulate the confidentiality responsibility, and at the same time also signed the "Confidentiality Agreement". The confidentiality agreement clearly stipulates the confidentiality content, scope and confidentiality period, and clearly defines the confidentiality measures that need to be performed.

This includes, but is not limited to, not disclosing it, informing the company, publicizing it, publishing, imparting, transferring or in any other way to make any third party aware of the confidential trade secret information, not using the trade secrets in its possession to hold a part-time job or holding any position in a competitor that competes with the company or uses the same technology, and does not produce or operate products or businesses that are competitive with the company or use the same technology. At the time of resignation, the employee shall return all property belonging to the company, including all carriers containing the company's confidential information. If the company fails to perform the confidentiality obligations stipulated in the confidentiality agreement, it shall bear the liability for breach of contract, and if the company suffers losses, it shall be liable for compensation.

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

As of the disclosure date of this announcement, Mr. Zhu Hongjun, Mr. Lu Yang, Mr. Liu Liangjie and Mr. Zhang Min did not hold shares of the company.

(2) The situation of new core technical personnel

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

Graduated from Henan University of Science and Technology with a bachelor's degree in mechatronics engineering; He graduated from Lanzhou in July 2008

Master of Mechatronic Engineering, Jiaotong University; Senior Engineer. August 2008 to 2019

In May, he successively served as the technology developer, director of the technology development department and technology development department of Zhuzhou Times Electronic Technology Co., Ltd

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

Director of the Heart. From May 2020 to March 2021, he served as the deputy chief engineer and director of the technical center of Baoji CRRC Times.

Assistant to the general manager of Taiyuan CRRC Times. From March 2021 to January 2025, he served as the deputy general manager of Taiyuan CRRC Times.

Since February 2025, he has served as the deputy general manager and chief engineer of Baoji CRRC Times.

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

Graduated from Sichuan University with a master's degree in materials science; Engineer. He served from July 2010 to January 2011

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

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

Deputy Director of the Technology Center. From February 2022 to August 2023, he served as the director of Ningbo CRRC Times Technology Center. 2023

Since September, he has served as the deputy general manager of Ningbo CRRC Times.

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

He graduated from the School of Electrical Engineering of Hunan University with a bachelor's degree in electronic information engineering. Later, he studied electrical engineering at the School of Electrical Engineering of Zhejiang University and obtained a master's degree in engineering. Senior Engineer. From July 2008 to August 2016, he successively served as an engineer of the company's rail transit technology center, the head of the system team of the transmission control department, and the leader of the locomotive application team

Business. From September 2016 to July 2020, he served as the director of the Industrial Control Department of the Company's Industrial Drive Technology Center. 2020

From August to October 2024, he served as the assistant to the general manager of Times Electric Software Company. Since November 2024

Deputy General Manager of Chongqing CRRC Times Electric Technology Co., Ltd.

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

Graduated from Shanghai University with a bachelor's degree in mathematics and applied mathematics; He graduated from Zhejiang University in June 2011

major, master's degree; Senior engineer. From July 2011 to March 2021, he successively served as the research institute of CRRC Zhuzhou

Software Development Engineer, Chief Software Design Engineer and Platform Software Development Group of the Basic and Platform R&D Center of the Institute

Director of Electric Drive Control Technology and Platform Department. From March 2021 to December 2024, he served as the company's flow change and control

Deputy Director of the Technology Center. Since December 2024, he has served as the director of the company's data and intelligent technology center.

As of the disclosure date of this announcement, Mr. Zheng Huaxiong, Mr. Cheng Cheng and Mr. Li Cheng do not hold shares of the company, and Mr. Wu Qingli does not directly hold shares of the company

The Slightly Placed Collective Asset Management Plan (hereinafter referred to as the "Times Electric No. 6 Asset Management Plan") participated in the Company Division

The strategic placement of the IPO of Chuangban holds a 3.76% share of the No. 6 asset management plan of Times Electric.

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

Through long-term technology accumulation and development, the company has established a complete R&D system. The company has a solid foundation of highly educated talents, and has cultivated a high-quality and efficient professional R&D talent team through a perfect talent training mechanism, which provides a good guarantee for the company to maintain technological advancement and continuous innovation capabilities. As of June 30, 2024, the number of domestic R&D personnel was 3,076, accounting for 37.08% of the total number of domestic employees. As of the disclosure date of this announcement, the company has a total of 9 core technical personnel, and the specific changes are as follows:

Period: Name of core technical personnel

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

Qi Yu

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

Lin, Li Cheng

The change of core technical personnel will not have a significant adverse impact on the company's overall R&D strength, and there is no adverse impact on the company's business development, technology research and development, product innovation, etc.

3. Measures taken by the company

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

4. Verification opinions of the sponsor institution

After verification, the sponsor believes that:

The company's core technical personnel are generally stable, and the existing core technical personnel can support the company's continuous research and development of core technologies and innovative products in the future.

5. Attachments to online announcements

"China International Capital Corporation Limited's Verification Opinions on the Change of Core Technical Personnel of Zhuzhou CRRC Times Electric Co., Ltd."

The announcement is hereby made.

Board of Directors of Zhuzhou CRRC Times Electric Co., Ltd

March 3, 2025