Zhuzhou CRRC Times Electric Co Ltd

Times Electric released its 2026 interim report, with net profit attributable to the parent company of 1.712 billion yuan, up 2.44% from the same period last year. Total operating revenue was 13.071 billion yuan, an increase of 857 million yuan, up 7.01% year-on-year, marking five consecutive years of growth. Net cash inflow from operating activities was 1.481 billion yuan. The latest asset-liability ratio was 35.25%, gross margin was 32.81%, and diluted earnings per share was 1.25 yuan.

Times Semiconductor, a subsidiary of Times Electric, has partnered with five parties including the Beijing Huairou Laboratory, Huakong Technology Transfer Company Limited, and the China Southern Power Grid New Power System Research Institute to jointly invest 287 million yuan in establishing Beijing CRRC Times Huairou Semiconductor Company Limited. Times Semiconductor contributed 192 million yuan in cash for a 67 percent stake, achieving absolute control. The Beijing Huairou Laboratory, Huakong Technology Transfer Company Limited, and the China Southern Power Grid New Power System Research Institute contributed intangible assets for stakes of 22.50 percent, 6.00 percent, and 1.50 percent respectively, subject to the completion of intellectual property transfers and ownership certificate changes. The joint venture's board of directors consists of three members, with Times Electric recommending two, the Beijing Huairou Laboratory recommending one, and the chairman recommended by the Beijing Huairou Laboratory. This collaboration aims to deepen IGCT technology, expand the product portfolio and application areas, and enhance the core competitiveness of the semiconductor industry. As of December 31, 2025, Times Semiconductor had total assets of 18.083 billion yuan, net assets of 11.757 billion yuan, operating revenue of 5.532 billion yuan, and net profit of 926 million yuan.