Zhuzhou Crrc Times Electric Co.,Ltd. (688187.SH) has released its annual report for 2025. During the reporting period, the company achieved revenue of 28.703 billion yuan, representing a year-on-year increase of 15.23%. Net profit attributable to shareholders reached 4.097 billion yuan, up 10.64% compared to the previous year. After deducting non-recurring gains and losses, the net profit was 3.9 billion yuan, a significant increase of 20.91%. The basic earnings per share were 2.99 yuan.
In the semiconductor segment, the delivery of IGBT modules held a substantially leading market share in the rail transportation and power grid sectors, ranking first domestically. Applications in the new energy market continued to expand rapidly. According to statistics from NE Times, the company's installation volume of power modules for new energy passenger vehicles reached 2.6076 million units in 2025, capturing approximately 13.8% of the market share, ranking second only to BYD. Shipments of IGBT modules for the new energy power generation market also grew swiftly. Beyond domestic operations, overseas revenue saw substantial growth. The Yixing IGBT production line successfully reached its designed capacity, and the Zhuzhou SiC production line commenced smooth operations, achieving a breakthrough in fourth-generation trench-gate SiC MOSFET chip technology. The sensor business within the new energy sector stabilized and showed an upward trend, with delivery volumes increasing significantly.
In the automotive sector, sales of new energy passenger vehicle electric drive systems continued to rise throughout the year. NE Times data indicates that the annual installation of stators for new energy vehicle electric drive systems was 571,500 units, ranking ninth in the market, while the installation of electronic control units was 689,100 units, ranking sixth. The company secured 40 new project nominations. For its international expansion, the first overseas project, the Indonesia base, was completed and began production. The development of the fifth-generation pure electric high-voltage SiC multi-integrated electric drive product platform was also finalized.
In the new energy segment, the company launched the new-generation "Chixiao" 2000V/400kW+ string photovoltaic inverter and the "Yunshu" energy storage converter with a single-unit power rating of 3.45MW. The photovoltaic inverter business won bids for approximately 18GW domestically, positioning it among the industry leaders. New orders for wind power converters and energy storage converters grew substantially. The company also maintained a leading domestic market share for IGBT-based hydrogen production power supplies.
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