Stock code: 688187(A shares) Stock abbreviation: Times Electric (A shares) Announcement No.: 2023-003

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

ZHUZHOU CRRC TIME ELECTRIC CO., LTD

About the holding subsidiary's foreign investment in low-voltage power devices.

Announcement on the progress of industrialization construction projects

the company's board of directors and all directors to ensure that the contents of this announcement does not exist any false records, misleading statements or major omissions, and the authenticity, accuracy and completeness of the contents of the legal responsibility.

The basic situation of 1. foreign investment.

Zhuzhou CRRC Times Electric Co., Ltd. (hereinafter referred to as the "Company") on September 22, 2022

On October 21, 2022, the 23rd meeting of the 6th board of directors and the first temporary shareholder in 2022 will be held.

The conference deliberated and passed the "Proposal on the Industrialization Construction Project of Medium and Low Voltage Power Devices in CRRC Times", and agreed to the industrialization construction project of medium and low voltage power devices with a total investment of about RMB 11,118.69 million. Among them, the industrialization of medium and low voltage power devices (Yixing) The main body of the first phase of the construction project is Yixing CRRC Times Semiconductor Co., Ltd. (hereinafter referred to as "Yixing CRRC Times Semi-Semiconductor Co., Ltd."

Body "), the investment amount is about 5,825.83 million yuan. The above matters, see the company in 2022 9.

Announcement on the Industrialization of Medium and Low Voltage Power Devices by Holding Subsidiaries (Announcement No. 2022-035) disclosed on the website of the Shanghai Stock Exchange (www.sse.com.cn) on March 23.

2. foreign investment progress

Recently, Yixing CRRC Times Semiconductor participated in the auction for the right to use state-owned construction land publicly sold by Yixing Natural Resources and Planning Bureau in the form of online listing, and successfully won the bid numbered "2022G027" state-owned construction land.

Land use rights, and signed the "Yixing City State-owned Construction Land Use Right Assignment Contract" (hereinafter referred to as the "Assignment Contract") with the Yixing Natural Resources and Planning Bureau.

The above matters do not constitute a related party transaction, nor do they constitute a major asset reorganization as stipulated in the Measures for the Administration of Major Asset Reorganization of Listed Companies.

3. the main contents of the Assignment Contract

Assignor: Yixing Municipal Bureau of Natural Resources and Planning

Assignee: Yixing CRRC Times Semiconductor Co., Ltd.

Transferred parcel number: 320282-024-168-0001-000

Land area transferred: 238,246 square meters

Location of Assigned Parcel: Sidong Village, Qiting Street, Yixing City, Sanyang Community

Land use: industrial

Transfer period: 50 years

Transfer price: RMB 143.67 million yuan

The impact of 4. signing the "transfer contract" on listed companies.

The acquisition of the right to use state-owned construction land is the premise of the company's foreign investment project construction, which is conducive to the smooth progress of the project construction and the realization of the company's strategic development layout, which is in line with the interests of the company and all shareholders. The source of funds for obtaining the right to use state-owned construction land this time is Yixing CRRC Times Semiconductor's own funds, which will not have a significant impact on the company's financial status and operating results, and there is no situation that harms the interests of the company and all shareholders.

5. Risk Alert

After the signing of the "transfer contract", the company still needs to go through the corresponding ownership certificate and other related work, and the project construction also needs to obtain the planning, environmental protection, safety, construction permit and other relevant examination and approval procedures of the government departments, and there is still a certain degree of uncertainty in related matters. The Company will closely monitor the follow-up progress of the above foreign investment matters, plus

Strong risk management. Please the majority of investors to pay attention to investment risk.

It is hereby announced.

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

13 March 2023