Zhuzhou CRRC Times Electric Co., Ltd. (Times Electric) disclosed on 27 March 2026 that its independent non-executive directors completed the mandatory quarterly review of continuing connected transactions conducted with CRRC Group and its associates under the three-year Mutual Supply Framework Agreement signed on 29 March 2022 and effective from 1 January 2023 to 31 December 2025.

The review focused on transactions executed in the fourth quarter ended 31 December 2025, covering mutual supplies of products, parts, technical and after-sales services, management services and the provision of facilities for research, development, production and testing.

Key conclusions by the independent non-executive directors: 1. All Q4 2025 transactions were carried out in the ordinary and usual course of Times Electric’s business. 2. Terms were on normal commercial conditions and judged fair and reasonable to shareholders as a whole. 3. Pricing followed the Group’s established policies and strictly adhered to the framework agreement. 4. Aggregate transaction values remained within the 2025 annual caps approved by independent shareholders at the 17 June 2022 AGM.

These findings satisfy the Hong Kong Listing Rules’ requirements for quarterly monitoring of continuing connected transactions, reinforcing the company’s governance commitments and safeguarding minority shareholder interests.