Zhuzhou CRRC Times Electric Co., Ltd. (Times Electric) reported that its independent non-executive directors have completed the quarterly review of continuing connected transactions with CRRC Group Co., Ltd. (CRRC Group) for the three months ended 30 June 2026.

The review covers the mutual-supply framework agreement signed on 30 October 2025, which governs the exchange of products, equipment, raw materials, components, technical services and related engineering services between Times Electric and CRRC Group for the period from 1 January 2026 to 31 December 2028. The agreement was previously approved by independent shareholders on 15 December 2025.

Key findings for the second quarter of 2026 are as follows:

1. Business ordinary course: Transactions took place in line with the regular business activities of Times Electric. 2. Commercial terms: All dealings were executed on normal commercial terms deemed fair and reasonable for shareholders as a whole. 3. Pricing discipline: Transactions adhered strictly to the Group’s established pricing policies and the contractual provisions of the framework agreement. 4. Compliance with cap: Aggregated transaction values remained within the 2026 annual cap stipulated in the shareholder circular dated 25 November 2025.

Times Electric has implemented quarterly oversight by its independent non-executive directors and public disclosure through exchange announcements to strengthen corporate-governance safeguards for minority shareholders.

The board reiterates that no breach of the Hong Kong Listing Rules occurred during the reporting period.