CRRC Times Electric inks new mutual supply deal with CRRC Group

Zhuzhou CRRC Times Electric Co., Ltd. (the "Company") entered into a 2026-2028 CRRC Group Mutual Supply Agreement on October 30, 2025, with CRRC Group, its controlling shareholder. The three-year agreement, commencing January 1, 2026, covers the mutual supply of products and services between the Group and CRRC Group of Companies, including traction converters, electrical components, and technical and maintenance support.

The new agreement establishes "New CRRC Group Caps" for annual purchase and sales amounts. For expenditure, caps are RMB4,500m for 2026, RMB6,700m for 2027, and RMB10,100m for 2028. For revenue, caps are RMB16,300m for 2026, RMB21,100m for 2027, and RMB27,500m for 2028. These caps reflect anticipated growth in the railway industry, new technologies, and increased infrastructure investment.

An Extraordinary General Meeting (EGM) is scheduled for December 15, 2025, to seek Independent Shareholders' approval for the agreement and the New CRRC Group Caps, which are considered continuing connected transactions under Listing Rules. Directors with conflicts of interest, including Mr. Li Donglin, Mr. Shang Jing, and Mr. Xu Shaolong, abstained from voting on the Board resolution.