公司多元化产品线同步推进，液力缓速器产品2024年量产交付规模显著增长，获商用车客户认可。2025年一季度经营延续向好态势，期间 费用率下降叠加新能源产品收入增长，驱动整体业绩提升。德尔股份表示将持续深化固态电池产业化进程，同时发挥卡酷思全球化布局优 势，把握汽车电动化发展机遇。 （校对/黄仁贵） 德尔股份自2018年设立日本德尔开启固态电池研发，经多轮技术路线论证后锁定"氧化物+有机复合电解质"方案。2023年其固态电池样品通 过第三方针刺、加热及过充测试，2024年获国家发明专利授权，并与江西江铃集团新能源达成战略合作，计划搭载验证整车。2025年1月上 海试制线建成后，生产工艺验证取得突破，2月携最新产品亮相东京国际电池展，展现技术实力。 在业务协同方面，子公司卡酷思作为全球领先的汽车声学与热管理方案商，持续强化在新能源汽车领域的布局。其电池阻燃防护罩等产品 已实现批量供货，为大众等品牌提供安全解决方案。依托北美、欧洲及国内生产基地，卡酷思构建起覆盖奔驰、宝马、奥迪等头部车企的 客户网络，新能源汽车产品收入占比持续提升。 近日，德尔股份在接受机构调研时表示，公司上海已经建成固态电池样品试制线，并在进行各 ...

马斯克的全天候工作计划不仅是对个人工作态度的体现，也是对其所领导的公司和项目的承诺。他的这种工作精神和对创新的追求，一直是激励全球科技界 和创业者的重要力量。 当地时间5月24日，特斯拉马斯克在社交媒体X平台宣布，"回到7*24小时工作在会议室/服务器/工厂房间睡觉的日子。我必须非常专注于X/xAI和特斯拉，还 有下周发布的星舰发射，因为我们有关键技术正在推出。" 随着关键技术的推出和星舰发射的临近，全球科技界和航天爱好者都在期待马斯克和他的团队能够带来新的突破和惊喜。马斯克的这一决定无疑为即将到来 的一系列活动增添了更多的期待和关注。 自特朗普上台后，特斯拉面临了一系列挑战。首先，马斯克与特朗普的结盟及其政治立场引起了特斯拉车主和潜在买家的疑虑，导致该公司的品牌吸引力下 降。在欧洲，特斯拉今年2月在挪威、瑞典、丹麦和法国的汽车销量同比大跌，市场份额下滑。今年前两个月，法国新注册登记机动车中，特斯拉品牌较去 年同期减少45%。德国2月新注册乘用车数据显示，特斯拉2月在德销量同比骤降76%至1429辆。在中国市场，2月特斯拉中国批发销量为30688辆，同比减少 49%，环比下降51%。 此外，特朗普政府的关税政 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for high-performance PCB products driven by advancements in AI technology and the growing needs of the electronic industry for high computing power and fast networks [1] - The PCB business of the company is benefiting from trends in high-speed communication networks, data center switches, AI accelerator cards, and memory products since 2024 [1] - The company reports that its overall business operations are normal, with a relatively high capacity utilization rate, particularly in the PCB sector due to sustained demand in computing power and automotive electronics [1] Group 2 - The company is engaged in the design, research, and manufacturing of high-end PCB products, focusing on applications in communication equipment, data centers, and automotive electronics, among others [2] - The company is upgrading existing PCB factories to enhance capacity and is progressing with the construction of its fourth phase project in Nantong to establish an HDI technology platform [2] - The total investment for the Thailand factory is 1.274 billion RMB, which is currently under orderly construction, aimed at expanding overseas market reach and meeting international customer demands [2] Group 3 - In the high-end packaging substrate sector, the company has achieved mass production capabilities for FC-BGA substrates with 20 layers or fewer, while ongoing R&D for products with more than 20 layers is on schedule [3] - The first phase of the Guangzhou packaging substrate project has commenced production in Q4 2023, with a steady increase in production capacity and acceptance of bulk orders for BT and some FC-BGA products [3] - The company is currently in the early stages of ramping up production capacity, which has led to increased costs and expenses, negatively impacting profitability [3]

此前ST百利审议通过了《关于全资子公司对外投资的议案》，同意由公司全资子公司常州百利锂电智慧工厂有限公司（以下简 称"百利锂电"）以现金收购及增资的方式对兮然科技（江苏）股份有限公司(以下简称"兮然科技")进行投资。 ST百利于2025年5月20日审议通过了《关于兮然科技股权及238投资协议合同权利转让的议案》，董事会同意全资子公司百利锂 电签署上述股转协议。 ST百利表示，本次终止对外投资事项是公司及全资子公司百利锂电基于目前的实际情况和整体发展规划，为优化资源配置及组 织结构，降低管理成本，提高运营效率作出的审慎决定，不会对公司及百利锂电现有业务及经营发展产生重大影响，不会对公 司的财务状况和经营成果产生不利影响 （2）上述转让完成后，百利锂电将以现金800万元认购标的公司98万元新增注册资本向标的公司进行增资。2024年2月2日，兮 然科技完成工商变更登记手续。百利锂电依据该协议取得登记持有兮然科技36%的股权以及合同项下相关权利。 资料显示，截至2024年12月31日，兮然科技资产总额186,390,468.28元，资产净额74,059,565.21元；2024年1-12月实现营业收入 100,691 ...

Group 1 - The company is focusing on the recent resumption of electric vehicle tariff negotiations between China and Europe, which could help mitigate trade frictions and boost vehicle sales in the European market [2] - The company has launched its overseas strategy 3.0, termed "Glocal strategy," aiming to introduce 17 new overseas models over the next three years, leveraging its electric and intelligent network technology [2] - The company plans to cover mainstream market segments globally with new HEV hybrid models and implement disruptive technologies like solid-state batteries to better meet global consumer demands [2] Group 2 - The company is integrating high-quality resources to support the development of the SAIC brand, ensuring it possesses top-tier quality and technical capabilities from inception [3] - A professional operation and technical team of over 5,000 members has been established for the SAIC project, collaborating deeply with Huawei engineers across the entire ecosystem [3] - The project team has been dynamically expanded through internal recruitment and external hiring, aiming to build a capable and competitive workforce [3]

Core Insights - FAW Group's subsidiary, FAW Nanjing, is undergoing a comprehensive organizational restructuring, affecting over 100 employees out of more than 200, following a series of layoffs since last year [2] - FAW Nanjing, established in April 2020, focuses on autonomous driving technology and has completed over 100,000 kilometers of public road testing for the Hongqi third-generation L4 Robotaxi [2] - The company offers three options for affected employees: a special severance package of "N+4" times monthly salary, relocation to the Changchun R&D headquarters, or participation in cross-system job competitions without financial compensation [2] - FAW Group responded to rumors of layoffs, stating that the restructuring is a normal business adjustment and that all employees have reserved positions, with the highest industry compensation for voluntary contract terminations [2] - The organizational adjustment is not a sudden decision, as FAW Nanjing previously faced significant labor disputes over year-end performance issues [2] - The restructuring reflects the ongoing trend of personnel and institutional optimization in the automotive industry during its transformation phase, highlighting the need for balancing efficiency and employee rights [2] Industry Context - FAW Group has been continuously advancing its R&D system reform, announcing an investment of 15 billion yuan in 2024 for research in new energy and intelligent connected technologies [3] - The business adjustment at FAW Nanjing is seen as part of the group's efforts to deepen internal collaboration and optimize regional layout [3]

小米YU7后排135°豪华电动座椅 在动力性能方面，小米YU7搭载了小米超级电机V6s Plus，最大马力可达690PS，0-100km/h加速仅需 3.23秒，最高时速可达253km/h，而100-0km/h的最短制动距离仅为33.9米。配合豪华底盘配置，小米 YU7在运动与舒适之间达到了完美的平衡，为驾驶者带来了人车合一的驾控体验。 小米YU7搭载了小米超级电机V6s Plus 续航能力一直是消费者关注的焦点，而小米YU7在这方面表现卓越。全系配备800V碳化硅高压平台， 小米YU7的续航最高可达835km，位列中大型纯电SUV续航第一；小米YU7 Pro的CLTC续航里程为 770km，位列四驱纯电SUV续航第一。15分钟最快补能620km，彻底解决了消费者的充电焦虑。 800V碳化硅高压平台为小米YU7带来超长续航能力 安全是汽车的核心要素之一，小米YU7在这方面也毫不含糊。铠甲笼式钢铝混合车身再度升级，采用 2200MPa小米超强钢，强度全面提升，并应用于"内嵌式防滚架"和全车四门防撞梁。经过50项以上的被 动安全性能开发测试验证，覆盖了C-NCAP、C-IASI的所有碰撞标准，为驾乘者提供了全方位 ...

Core Viewpoint - Zhejiang Shibao has established a solid foundation in the field of steer-by-wire technology, with multiple mainstream automakers already engaged in project development, and the first mass production expected as early as 2026 [2] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 718 million yuan, representing a year-on-year increase of 45.47%, and a net profit attributable to shareholders of 48.735 million yuan, up 123.77% year-on-year [2] - The growth in Q1 performance is primarily attributed to the concentrated delivery of previous orders and an increased proportion of electric and intelligent products, with a balanced customer structure [2] Group 2: Cost Management and Strategy - The company is enhancing its cost control capabilities through systematic cost reduction measures, including organizational optimization, modular product design innovation, and strategic procurement collaboration [2] - Financial targets will be disclosed in periodic reports [2] Group 3: Industry Outlook and Product Development - The transition to new energy and intelligent vehicles in the commercial vehicle sector is creating structural growth opportunities [2] - The company’s self-developed electric and hydraulic steering systems are expected to drive the growth of its commercial vehicle business through technological advantages [2] Group 4: Future Performance Expectations - Future revenue growth in 2025 is anticipated to benefit from increased industry demand and enhanced product competitiveness [3] - The company plans to focus on the construction of production lines for electric and intelligent products, adhering to a production strategy of "sales-driven production with moderate foresight" [3]

Core Viewpoint - The company has initiated mass production of its line control braking products, with expected total sales of approximately 1 billion yuan over a 5-year lifecycle, starting from Q1 2026, although actual supply may vary due to several market factors [2] Group 1: Product Development and Sales - The line control braking products are projected to begin significant volume production in Q1 2026, with a total estimated sales amount of around 1 billion yuan over five years [2] - The actual supply volume may be influenced by the production schedules of automotive manufacturers, market acceptance, competition from other models, and international conditions, indicating a level of uncertainty [2] - The company aims to secure more customers and projects based on client production timelines [2] Group 2: Production Bases and Partnerships - The company has established three core production bases in Xiaoshan, Anhui Guangde, and Huzhou Anji, along with supporting production bases in Liuzhou, Guangzhou, and Changchun, while construction in Morocco is progressing [2] - The company is deepening its collaboration with Geely Auto, providing brake and automotive electronic products for Geely and Galaxy brands, with significant sales growth in recent years [2] - The company is actively expanding its business with other brands under Geely [2] Group 3: Technological Innovation - The company focuses on integrated module solutions, combining core technologies such as hub motors, electronic mechanical brakes (EMB), and steering systems to enable innovative vehicle functionalities like lateral movement and pivot steering [2] - In response to smart driving demands, the company is developing two technical routes in line control braking, One-box and Two-Box, to offer diverse system solutions [2] Group 4: Market Expansion and Financial Performance - The company is achieving gross margin growth through product structure optimization, improved process levels, and economies of scale, supported by a recovery in the domestic automotive market and the launch of international projects [3] - The company plans to continue expanding its global procurement platform for joint ventures and the independent brand market, accelerating the promotion of automotive electronic products [3] - Internal management upgrades are being implemented to address the annual decline pressures faced by automotive manufacturers [3]

Group 1 - The company has stated that recent changes in the international trade environment have had a limited impact on its business, with tariffs being manageable [2] - The company is enhancing its operational resilience by accelerating overseas industrial chain layout, with established production bases in Thailand, South Korea, and France [2] - Significant progress has been made in the company's three major sectors: tungsten-molybdenum, rare earth, and energy new materials, with multiple projects either completed or underway [2] Group 2 - In the tungsten-molybdenum sector, six projects, including the production line for Jiujiang Jinlu blades and the tungsten oxide production base in South Korea, have been put into operation [2] - The rare earth sector has completed the acquisition of a rare earth mine in Laos and is steadily implementing various magnetic materials and recycling projects [2] - The energy new materials sector is expanding production in locations such as Fujian, Sichuan, and France, with ongoing capacity expansion for ternary precursors and lithium iron phosphate [2] Group 3 - The company is committed to protecting investor rights through standardized governance mechanisms, with plans for five shareholder meetings in 2024, over half of which will have participation from minority shareholders [2] - The company has distributed a total of 1.786 billion yuan in dividends over the past five years, with a planned dividend payout ratio of 38.59% for 2024 and a mid-term dividend implementation planned for 2025 [2] - Independent directors have consistently fulfilled their supervisory responsibilities, with information disclosure receiving an A rating from the Shanghai Stock Exchange for six consecutive years [2] Group 4 - In business expansion, the company has achieved mass production of tungsten wire with a diameter of 28μ and is constructing a production line with an annual output of 100 billion meters [3] - The rare earth permanent magnet materials are being rapidly deployed in new scenarios such as humanoid robots, with a 5000-ton magnetic material project in Baotou expected to be operational in the second half of 2025 [3] - The company is simultaneously advancing the divestment of its real estate business, having transferred part of its equity in Xiamen Tengwang Pavilion, with future capital expenditures focused on integrating the tungsten and rare earth supply chains and technology research and development [3]