时代电气2025年报

2025年報 ✔ 106.8020262281,357,948,412868,907,512A489,040,900H283,900H1,357,664,512868,907,512A488,757,000H0.68923,211,868.16202520251,520,709,169.442025202537.12%2025 ✔ ✔ ✔ ✔ 6710122296118154171233248249527 1.2.3. 12100% 2025 202520 400kW+SiCSiCSiC MOSFETETCS LTCITRQMS11AI 2026 2026327 Zhuzhou CRRC Times Electric Co., Ltd.Times Electric412001www.tec.crrczic.ccir@csrzic.com 0731-284980280731-28493447ir@csrzic.com 0731-284980280731-28493447ir@csrzic.com www.cnstock.comwww.cs.com.cnwww.stcn.comwww.zqrb.cnwww.sse.com.cn 202512192025-045 ✔ 202412100% ✔ ✔ ✔ ✔ ✔ 11 ✔ ✔ ✔ EBITDA ✔ EBITDA645,374559,08815.43% ✔ ✔ 1 60 ++ ✓ IPD 1. GB/T4754-2017C37(2018)232.-2.4(2018)2.-2.4 2. 201220257350 1964IGBTIGCT SiCIDM68IGBT8SiCIGBTNE202513.8%IGBT18GWIGBTNE2015SMDROV 3. RCEP 5G/6GAI 202520259,0155.98%202516.55.0420255838213,071.582030206020251,662.61,64929%28.2%111252.3%47.9%202538.916.1%12.035.4%6.422.9%2025 CR45036453896RT202560.92%1486FAO612FAO273 IGBTNE2025260.7613.8%IGBTIGBTSiCSiC MOSFET NE57.15968.91640SiC 2000V/400kW+3.45MW18GWIGBT ROV ✓ ✓ 1. 202520254,2482,58860.92%20122025RT 13.8%NE18GW 2. 61312025530430404306871224919 3. ISO9001EN15085 CL1ISO22163IATF16949CRCC20132016 2004 4. ++ 5. 4,56042.43%(51.58%) 40200520112019502020112017313450 ✓ 1. 202512313,858 2. 2025DC3000/750V25%20%CR450PCU3620%FXD1BA220085020ETCS2CBTCCBTC8FAOLKJ156SIL4TQME6 SiC MOSFET≤2FRD50%RRSOA15%1m PitchIGBT7%ASIC100A400kW+3.XMWPCSMPPT5‰IGBTHPS2.040%SiC4.42kW/kgCLTC93.52%200kW10%0.54.3MWWK55ROV27%1,500ROV 2025404153,85860%21 ✔✔4.✔ 5. 30301,90430-4030401,74140-50405075950-605060156600 ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ 287.0315.23%40.9710.64%2.9914.12%9.81%0.50 1. ✔ 2. ✔ 287.03249.0915.23% 1. 158.06146.367.99%121.06109.9010.15%18.9918.910.39%11.4911.054.02%6.526.500.26% 2. 127.80101.1526.35%53.6041.1030.43%32.6825.6927.22%24.0120.3617.93%10.308.6519.11%7.215.3534.61% (1) 30% 2.30% (2) 20252025 (3)✔ (4) (5)✔ (6)✔ (7) A.✔ 1,579,86055.04%1,079,88237.62% 5% ✔ 50%5 ✔ 10% ✔ B. ✔ 303,47616.98%181,84310.17% 5% ✔ 50%5 ✔ 10% ✔ C.✔ 3. ✔ 5.87 12.274.97% 2.811.46 30.1113.35% 4.✔ 39.6517.96% 65.20 7.03254.04% ✔ ✔ (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)(12)(13)(14)(15)(16)✔ 2.✔ (1)2,299,027,9823.19% (2)✔ 3.✔ 22 4.✔ ✔ ✔ 80,573,52847,000,00033,573,528 813,726,934839,267,9403.04%528,664,234572,444,4207.65%25,000,00012285,062,700266,823,5206.84%13 1.✔2.✔3.✔ ✔✔ (1)✔ (2)✔4.✔5.✔✔✔10%✔ ✔✔✔ ✔ 20301856Siemens AGAlstom SABombardier Inc. 2025600200 2025NE202519.1%80.958.2%1.1%35%IDMSiCLEM2025 ✔ 1246 ✔ 2026 ✔ 2005926H20061220A202197 43 2025 2026224H144,655,500H1,382,096,613.38 202522620241217202522037,313,100H2025619202543020256511,391,300H20262102026224283,900H 20251231 H202462720232024A2024H202562720242025A2025HH 123120251231 202512312332 20251416 20256272025627 5(7) 20251231 20251231 20251231XVXV352C3 8 (1)(2)(3)(4)(5)(1)(6) 200611302015201585 • •••• 20251231 (1)2025(2)2025(3) 202012A2020 2008200811200811HHH10% [1994]020HH [2014]81HH20%H [2016]127HH20%H 20251231HH 2025 202520251231 41 2025627202420252025 2022 2025(ESG) (ESG)(ESG) 2025(ESG) 3.20256275(7) 197720007200342016122003720059201152011620152201522016120162201612020920209202452024520246 ✔ ✔ 202533 2025328(i)(ii) 2025429(i)(ii) 2025627 202512920251215ESG 202611 ✔ 4,7575,98910,7460 ✔ ✔ 2025102,000AI ✔ 17,535,02478,762.46 ✔ ✔ C1202611202571 F.2.2202571F.1.32025627 ✔ ✔ ✔ ✔ ✔ ✔ 1.1. 10%10 5 1010% 5 9010% 2.2. 2012329 H1834618317MA412001 3.3. 1% 1%102 4.4. (1)(2)(3)(4)(5)(6) 1. 20251231811141 2. 4 3.13 3. 4. 5. 2019112019326 6. 7. 1.2.3.4.5. 1.202562720242025A2025H 2.2025822 3.2025129 ✔ 7205 ✔ ✔ 20251293.09D 2025 AB CAB CAB C AB C DAB C DAB C DAB C D AB C E AB C DE ABCDE ✔ ESGESG ESGESGESGESG 220251215ESG 2025627 2013101120193262019112025627 1.12.13.14.5.842646066026.8 ESG20251231 2025627 202512311118% 22025429 ✔ ✔ ✔ 1. 2.2024 202532820241010.002025871,357,948,412868,907,512A489,040,900H1,357,948,412.00202436.68%20242025882024 3.2025 2025627202420252025202582220252025102020251,357,948,412868,907,512A489,040,900H0.44597,497,301.28202535.75% 4.2025 20263272025106.8020262281,357,948,412868,907,512A489,040,900H283,900H1,357,664,512868,907,512A488,757,000H0.68923,211,868.16202520251,520,709,169.442025202537.12%2025 ✔ ✔✔✔✔✔ ✔ ✔ 10–1011.2010–1,520,709,1694,096,540,421(%)37.12–1,520,709,169(%)37.12 20252025 ✔ 4,096,540,42124,131,097,793(1)3,979,658,869(2)–(3)=(1)+(2)3,979,658,869(4)3,613,295,483(%)(5)=(3)(4)110.148,205,314,689(%)10.86 ✔ ✔✔✔✔ 1.✔ 2.✔ 3.✔ ✔ 20251231 ✔ ✔ ✔ ✔ ✔ 2025 2019326201911 (i)(ii)(iii)(iv)(v)(vi) 20251231 20251231249254 2023627(i)(ii)3.05(iii19A.13(2)622162025328 2025328 3.292025123115 14 202562720242025627 ✔ 20051959 BI ESG ESGESGESG 1.ESG2.ESG3.ESGESG4.ESG5.ESG6.ESG ESG ✓ ESGESG ✓ 2000V/455kW 3.X MW3.45MW587Ah~688