Company Projects - The company recently signed a significant wind turbine blade sales contract worth 3.32 billion yuan, expected to be gradually fulfilled starting in 2026, which may support its performance. This order represents approximately 16% of the total revenue for 2024, highlighting growth momentum in the wind power sector [1] - A new production line for high-performance materials, including polyamide-imide (PAI), is anticipated to commence operations in the first half of 2026. The pilot line has completed testing and customer validation, aiming to expand into new application areas such as semiconductor packaging. The Zhuzhou base plans to increase to 10 production lines, with projected annual sales revenue of about 600 million yuan upon reaching full capacity [1] - The company's Vietnam production base is expected to be operational in 2026 and has already secured customer commitments, which will enhance its competitiveness in the global market and address the expanding domestic and international demand in the wind power sector [1] Capital Movement - As of February 11, 2026, the company's main funds are experiencing a net outflow, with a single-day net sell of 12.1954 million yuan, indicating that market sentiment may be influenced by short-term capital flows. However, the long-term business fundamentals and strategic layout remain key driving factors [2]

Core Viewpoint - The railway transportation equipment sector experienced a rise of 1.54% on February 3, with Langjin Technology leading the gains. The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1]. Group 1: Sector Performance - The railway transportation equipment sector saw a net inflow of 61.85 million yuan from main funds, while retail funds experienced a net inflow of 21.69 million yuan. However, speculative funds had a net outflow of 83.54 million yuan [1]. - The top-performing stock in the sector was Langjin Technology, which closed at 26.85 yuan, reflecting a 9.24% increase with a trading volume of 95,500 shares and a transaction value of 253 million yuan [1]. Group 2: Individual Stock Performance - Other notable stocks included: - Zhonghe Technology, closing at 8.44 yuan, up 3.43%, with a trading volume of 221,000 shares and a transaction value of 185 million yuan [1]. - Tianzhixin Material, closing at 8.24 yuan, up 3.13%, with a trading volume of 187,000 shares and a transaction value of 153 million yuan [1]. - Jiaokong Technology, closing at 24.92 yuan, up 3.10%, with a trading volume of 21,200 shares and a transaction value of 52.27 million yuan [1]. Group 3: Fund Flow Analysis - The fund flow analysis indicated that: - China CNR Corporation had a main fund net inflow of 122 million yuan, but both speculative and retail funds showed net outflows of 66.39 million yuan and 55.25 million yuan, respectively [2]. - Jiuzhou Yitui had a main fund net inflow of 9.37 million yuan, with speculative funds showing a net outflow of 7.18 million yuan [2]. - The overall trend showed that while main funds were entering the sector, speculative funds were withdrawing, indicating a cautious sentiment among traders [2].

Core Viewpoint - China CRRC Group has issued a statement warning the public about fraudulent activities involving unauthorized apps that misuse its name for illegal financing scams [2][3]. Group 1: Fraudulent Activities - Fraudulent apps named "China CRRC," "China CRRC," and "CRRC Wind Power" are being used to conduct illegal financing scams, falsely claiming high returns and investment projects [2]. - The company emphasizes that it has no connection to these apps and has not authorized any activities related to them [2][3]. Group 2: Public Warning - The apps cannot be downloaded through official channels and are spread via social media platforms like WeChat, using foreign servers to evade domestic regulations [3]. - The company urges the public to remain vigilant and avoid engaging with these fraudulent apps, advising anyone who has suffered losses to report to local authorities [3]. Group 3: Company Overview - China CRRC Group is the only industrialized group in China focused on rail transit equipment, high-end manufacturing, and clean energy equipment [4]. - The group includes four listed companies and has a total asset value of 520.4 billion yuan, with 406 subsidiaries and approximately 164,000 employees [4].

Core Viewpoint - The report highlights the growth in China's railway locomotive production, indicating a positive trend in the industry with a projected increase in output and market potential from 2026 to 2032 [1] Group 1: Company Overview - Listed companies in the railway locomotive sector include China CNR Corporation (601766), China Railway Group (601390), China Railway Construction Corporation (601186), Jinxi Axle (600495), Taiyuan Heavy Industry (600169), Times New Material (600458), Shenzhou High-speed Railway (000008), Kanni Electromechanical (603111), Huizhong Technology (002296), and Jinyi Industrial (601002) [1] Group 2: Industry Statistics - According to the National Bureau of Statistics, the production of railway locomotives in China reached 193 units in December 2025, marking a year-on-year increase of 1.6% [1] - The cumulative production of railway locomotives from January to December 2025 was 1,105 units, reflecting a cumulative growth of 16.7% [1] Group 3: Market Research - The report titled "2026-2032 China Railway Locomotive Industry Market Status Analysis and Future Outlook" by Zhiyan Consulting provides insights into the current market conditions and future prospects for the railway locomotive industry in China [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1]

Company Overview - Zhuzhou Times New Material Technology Co., Ltd. is located in Hunan Province, China, and was established on May 24, 1994. The company was listed on December 19, 2002. Its main business involves the research and engineering application of polymer materials, focusing on products for rail transit, wind power generation, automotive, and high-performance polymer materials [1][2]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 14.949 billion yuan, representing a year-on-year growth of 14.42%. The net profit attributable to shareholders was 428 million yuan, showing a year-on-year increase of 40.52% [2]. - As of September 30, 2025, the company had a total of 41,800 shareholders, an increase of 33.69% compared to the previous period. The average circulating shares per person decreased by 25.14% to 19,353 shares [2]. Stock Performance - On January 20, the company's stock price decreased by 2.06%, trading at 14.25 yuan per share, with a total transaction volume of 98.6237 million yuan and a turnover rate of 0.80%. The total market capitalization was 13.263 billion yuan [1]. - Year-to-date, the stock price has increased by 7.39%, with a 2.37% rise over the last five trading days and an 8.28% increase over the last 20 days. However, it has seen a decline of 0.70% over the last 60 days [1]. Business Segmentation - The company's revenue composition is as follows: wind power products account for 42.25%, automotive products for 37.16%, rail transit for 11.92%, industrial and engineering for 9.14%, and unallocated projects for 3.62% [1]. Shareholder Information - Since its A-share listing, the company has distributed a total of 1.171 billion yuan in dividends, with 507 million yuan distributed over the last three years. As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 8.6737 million shares as a new shareholder [3].

Market Performance - The rail transit equipment sector increased by 1.48% on January 19, with Jiuzhou Yitui leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] Individual Stock Performance - Jiuzhou Yitui (688485) closed at 19.98, up 6.79% with a trading volume of 48,700 shares and a transaction value of 96.19 million [1] - Zhonghe Technology (000925) closed at 9.37, up 6.72% with a trading volume of 1.2818 million shares [1] - Times Electric (688187) closed at 56.56, up 5.52% with a trading volume of 126,700 shares [1] - Railway Technology (301016) closed at 27.45, up 5.41% with a trading volume of 116,000 shares [1] - Times New Materials (600458) closed at 14.55, up 4.53% with a trading volume of 280,000 shares [1] Capital Flow - The rail transit equipment sector saw a net inflow of 252 million yuan from institutional investors, while retail investors experienced a net outflow of 45.99 million yuan [2][3] - Major stocks like Zhonghe Technology and Shenzhou High-speed Railway had significant net inflows from institutional investors, indicating strong interest [3]

Market Overview - The rail transit equipment sector experienced a decline of 0.62% on January 16, with Bidu Technology leading the drop [1] - The Shanghai Composite Index closed at 4101.91, down 0.26%, while the Shenzhen Component Index closed at 14281.08, down 0.18% [1] Stock Performance - Notable gainers in the rail transit equipment sector included: - Gongda Gaoke (688367) with a closing price of 32.95, up 4.90% on a trading volume of 45,000 shares and a turnover of 146 million yuan [1] - Jiaoda Sino (300851) closed at 29.63, up 4.40% with a trading volume of 57,400 shares and a turnover of 174 million yuan [1] - Xianghe Industry (603500) closed at 12.96, up 3.43% with a trading volume of 87,000 shares and a turnover of 111 million yuan [1] Fund Flow Analysis - The rail transit equipment sector saw a net outflow of 79.08 million yuan from institutional investors, while retail investors experienced a net outflow of 75.46 million yuan [2] - Conversely, speculative funds recorded a net inflow of 155 million yuan [2] Individual Stock Fund Flow - China Railway Industry (600528) had a net inflow of 37.40 million yuan from institutional investors, but a net outflow of 34.22 million yuan from retail investors [3] - China Communication Signal (688009) saw a net inflow of 3.34 million yuan from institutional investors, while retail investors had a net outflow of 55.10 million yuan [3] - Xianghe Industry (603500) experienced a net inflow of 16.07 million yuan from institutional investors, with retail investors seeing a net outflow of 4.64 million yuan [3]

Core Viewpoint - The company, Zhuzhou Times New Material Technology Co., Ltd., is conducting a buyback and cancellation of 426,980 restricted shares due to various reasons related to the eligibility of incentive plan participants [2][4][8]. Group 1: Reasons for Share Buyback - The buyback is initiated because 26 incentive plan participants no longer qualify due to job changes, retirement, death, or personal reasons, leading to a total of 426,980 restricted shares being subject to cancellation [2][8]. - Specific cases include 71,400 shares from two participants who were transferred to the controlling shareholder's units, 95,200 shares from three retirees, and 33,500 shares from one deceased participant [4][5][6]. Group 2: Buyback Process and Approval - The decision for the buyback was approved in a board meeting held on July 16, 2025, and was disclosed on July 17, 2025, with no objections from creditors during the public notice period [3][4]. - The company has opened a dedicated securities account for the buyback and submitted the necessary applications, with the buyback expected to be completed by January 16, 2026 [9]. Group 3: Changes in Share Capital Structure - Following the buyback, the total number of shares will decrease from 931,180,500 to 930,753,520 [8][10]. - The company assures that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive participants or creditors [11][13].

Core Viewpoint - The company, Zhuzhou Times New Material Technology Co., Ltd., is implementing a buyback and cancellation of 426,980 restricted stocks due to various reasons related to the eligibility of incentive plan participants [2][7]. Group 1: Reasons for Stock Buyback and Cancellation - The buyback is due to 26 incentive plan participants losing their eligibility because of job changes, retirement, death, or personal reasons, resulting in 426,980 shares being subject to cancellation [2][7]. - Specific reasons include: - 71,400 shares from 2 participants who were transferred to the controlling shareholder's units [4]. - 95,200 shares from 3 participants who retired and did not meet performance conditions [4]. - 33,500 shares from 1 participant who passed away [5]. - 50,000 shares from 1 participant who left for personal reasons [6]. - 166,980 shares from 17 participants who did not meet the 100% release ratio for the first release period [6]. Group 2: Stock Buyback and Cancellation Details - The decision for the buyback was approved in a board meeting held on July 16, 2025, and the announcement was made on July 17, 2025 [3]. - The total number of shares after the buyback will decrease from 931,180,500 to 930,753,520 [7][8]. - The buyback is expected to be completed by January 16, 2026, with necessary legal registrations to follow [8]. Group 3: Compliance and Legal Assurance - The company assures that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of incentive participants or creditors [9]. - A legal opinion confirms that the buyback has obtained necessary approvals and adheres to applicable laws and regulations [10].

证券代码：600458 证券简称：时代新材 公告编号：临 2026-009 1 株洲时代新材料科技股份有限公司 关于部分限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购注销原因：株洲时代新材料科技股份有限公司（以下简称"时代新 材"、"公司"）2022 年限制性股票激励计划（以下简称"本激励计划"）授 予的 26 名激励对象因工作调动、退休、身故、离职及个人层面解除限售比例未 达到 100%不再具备激励对象资格或所持股份不得解除限售，前述激励对象不得 解除限售的 426,980 股限制性股票，公司将进行回购注销。 本次注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | | 426,980 | 426,980 | 2026 | 年 | 1 月 | 16 | 日 | 一、本次限制性股票回购注销的决策与信息披露 1、公司于 2025 年 7 月 16 ...