证券代码：002703 证券简称：浙江世宝 公告编码：2025-031 浙江世宝股份有限公司 关于使用部分闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 浙江世宝股份有限公司（以下简称"浙江世宝"、"公司"）于 2025 年 4 月 9 日通过第八届董事会书面议案以及第八届监事会书面议案审议通过了《关于使 用部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金投 资项目建设使用及公司正常生产经营的情况下，使用最高额度不超过人民币 8,000 万元的闲置募集资金购买安全性高、流动性好的投资产品（包括但不限于 协定存款、结构性存款、定期存款、通知存款、大额存单等）。在上述额度内， 资金可滚动使用。使用期限为自董事会批准之日起不超过 12 个月。董事会授权 公司管理层在授权额度和期限内行使现金管理投资决策权并签署相关合同文件， 具体事项由公司财务管理部门负责组织实施。具体内容详见公司 2025 年 4 月 10 日在巨潮资讯网（www.cninfo.com.cn）的信息披露。 近日，公司使用部分暂时闲置募集资金购买的理财 ...

Summary of Conference Call Industry Overview - The conference primarily focused on the autonomous driving and automotive industry, discussing recent trends and competitive dynamics within the sector [1][2]. Key Insights - **Price Competition**: The industry is experiencing a new wave of price competition driven by technological advancements and promotional activities from major players like Changan and Geely. This includes significant discounts and promotional events aimed at boosting sales [1][2]. - **Market Dynamics**: The competition is attributed to a mature supply chain and strong product competitiveness, leading companies to vie for market share to ensure long-term survival and growth [2]. - **Sales Impact**: There is a concern regarding the impact of price competition on component manufacturers, as the overall automotive sector and supply chain are currently in a relatively subdued state [3]. - **Differentiation Strategy**: Companies are encouraged to focus on differentiating their customer base and product offerings to avoid endless price wars. Key factors include brand building, vehicle design, and technological capabilities [4]. Component Industry Insights - **Opportunities in Component Supply**: The increasing penetration of advanced driver-assistance systems (ADAS) presents opportunities for component suppliers. The demand for mid-range and high-end ADAS features is expected to grow rapidly [5][6]. - **User Acceptance**: Consumer acceptance of advanced features, even in lower-priced models, indicates a trend towards higher adoption of sophisticated technologies [7]. - **Technological Advancements**: The industry is witnessing rapid advancements in algorithms and hardware, particularly in chip technology, which is crucial for enhancing the performance of autonomous driving systems [9][10]. Future Trends - **High-Level Autonomous Driving**: The industry is moving towards higher levels of automation (L3), with significant improvements expected in user experience and system capabilities by mid to late 2023 [8][9]. - **Robotics and Commercial Applications**: The focus on robotics, particularly in commercial vehicles, is gaining traction, with companies exploring autonomous solutions in logistics and mining sectors [16][17]. - **Regulatory Changes**: Upcoming regulations mandating advanced safety features in commercial vehicles are anticipated to drive growth in the sector [34]. Company-Specific Insights - **Growth Strategies**: Companies are expanding their customer base and product lines, with notable growth in areas such as electric vehicle components and advanced braking systems [31][32]. - **Market Positioning**: Companies like YN Technology are positioned to benefit from new regulations and increasing demand for advanced safety features in commercial vehicles [34]. - **Product Development**: Continuous innovation in product offerings, such as lightweight components and integrated systems, is crucial for maintaining competitive advantage [39][40]. Conclusion - The autonomous driving and automotive industry is at a pivotal moment, characterized by intense competition, rapid technological advancements, and evolving consumer preferences. Companies that focus on differentiation, innovation, and strategic partnerships are likely to thrive in this dynamic environment [19][20].

浙江世宝股份有限公司（以下简称"浙江世宝"、"公司"）于 2025 年 6 月 19 日在巨潮资讯网（http://www.cninfo.com.cn）披露了《关于公司控股股东减 持股份预披露的公告》（公告编号：2025-025），公司控股股东浙江世宝控股集 团有限公司（以下简称"世宝控股"） 持有公司 A 股股份 295,336,898 股（占 公司总股本的比例为 35.90%），计划自披露之日起 15 个交易日后的 3 个月内 （即 2025 年 7 月 10 日至 2025 年 10 月 7 日）减持公司 A 股股份合计不超过 8,226,323 股，不超过公司总股本的 1%。 2025 年 7 月 10 日世宝控股以集中竞价方式减持公司 A 股股份 3,261,700 股，占公司总股本的 0.40%。有关详情可参见公司于 2025 年 7 月 12 日在巨潮资 讯网（http://www.cninfo.com.cn）披露的《关于控股股东及其一致行动人权益 变动触及 1%整数倍的公告》（公告编号：2025-029）。 公司于近日收到世宝控股的《股份减持计划实施完成的告知函》，截至本公 告披露日，本次减持 ...

| 权 | | | | | --- | --- | --- | --- | | 有限售条件股份 | 19,793,685 2.41% | 19,793,685 | 2.41% | | 合计持有股份 321,728,478 | 39.11% | 318,466,778 | 38.71% | | 其中：无限售条件股 | | | | | 份 | | | | | 有限售条件股份 | 19,793,685 2.41% | 19,793,685 | 2.4% | | 注：上表中若出现总数与各分项数值之和尾数不符的情况，均为四舍五入原因造成 | | | | | 的。 | | | | | 证券代码：002703 | 证券简称：浙江世宝 公告编码：2025-029 | | | | | 是√ 否□ | | | | 公司于 2025 | 年 6 月 19 日在巨潮资讯网披露了《关于 | | | | 公司控股股东减持股份预披露的公告》（公告编号： | | | | | 本次变动是否为履行 | 2025-025），控股股东世宝控股计划自披露之日起 | | 15 | | 已作出的承诺、意 | 个交易日的 3 个月内减持公司 股股份合计不超 ...

证券代码：002703 证券简称：浙江世宝 公告编码：2025-029 浙江世宝股份有限公司 公司于近日收到世宝控股告知函，世宝控股于 2025 年 7 月 10 日以集中竞价 方式减持公司 A 股股份 3,261,700 股，占公司总股本的 0.40%。本次权益变动后， 世宝控股及其一致行动人合计持有公司 A 股股份 318,466,778 股，占公司总股本 比例由 39.11%变动为 38.71%，持股比例变动触及 1%整数倍。 | 1．基本情况 | | | | | --- | --- | --- | --- | | 信息披露义务人 | 浙江世宝控股集团有限公司 | | | | 住所 | | 浙江省义乌市稠江街道西江雅苑南区 | 26 幢 1 号 | | 权益变动时间 | 2025 年 7 月 10 日 | | | | 股票简称 | 浙江世宝 | 股票代码 | 002703 | | 变动类型（可多选） | 增加□ 减少√ | 一致行动人 | 有√ 无□ | | 是否为第一大股东或实际控制人 | | 是√ | 否□ | 现将有关情况公告如下： 1 关于控股股东及其一致行动人权益变动 触及 1%整数倍的公告 ...

Group 1: Macro Strategy and Policy Analysis - The "Beautiful America Act" emphasizes tax cuts for residents and businesses while neglecting social welfare and healthcare sectors [3][21] - The rising U.S. fiscal deficit is attributed to the shift from "balanced finance" to "functional finance," driven by slowing economic output and increasing government spending [3][21] - Support for the new act is divided among social groups, with small business owners and manufacturers in favor, while healthcare and clean energy sectors express dissatisfaction [3][22] - The market's reaction to the fiscal deficit has become "dull," indicating that the narrative around the impact of the deficit on broad national credit has lessened [3][24] Group 2: Industry Insights and Company Analysis - Zhejiang Shibao is a leading player in the automotive steering system industry, focusing on electric power steering systems and line control steering technology [9][32] - The company has seen a recovery in gross margin and net profit due to increased production capacity and the introduction of high-margin products [9][34] - Forecasts for Zhejiang Shibao's revenue from 2025 to 2027 are projected at 35.1 billion, 43.7 billion, and 52.0 billion CNY, with net profits expected to grow significantly [9][36] - Zhonggu Logistics is experiencing high demand in the container shipping market, with domestic shipping rates expected to rise due to capacity shortages [16][39] - The company is projected to maintain high dividend payouts, with a forecasted dividend ratio of 90% in 2025, resulting in a dividend yield of around 10% [16][40] Group 3: Pharmaceutical Developments - BeiGene's CDK4 inhibitor BGB-43395 is on track to become the second CDK4 inhibitor to enter the registration clinical phase, showing promising early efficacy signals [11][41] - The drug demonstrates higher selectivity compared to existing CDK4/6 inhibitors and has shown strong pharmacokinetic data [11][42] - Revenue forecasts for BeiGene from 2025 to 2027 are estimated at 375.17 billion, 450.24 billion, and 540.34 billion CNY, with significant growth in net profit anticipated [11][43]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 7.32 HKD, indicating an expected relative return of over 20% within six months [5][56]. Core Viewpoints - Zhejiang Shibao is positioned as a leading enterprise in the automotive steering system sector in China, with a focus on the development, manufacturing, and sales of steering systems. The company has successfully transitioned from traditional hydraulic systems to electric power steering (EPS) and is set to launch steer-by-wire systems in 2026 [1][4]. - The company has experienced significant revenue growth due to the introduction of new products and expansion into new customer segments, particularly with the rise of electric vehicles and new energy commercial vehicles [2][3][4]. Summary by Sections Company Overview - Zhejiang Shibao, established in 1993, is a key player in the automotive steering system industry in China, transitioning from mechanical and hydraulic steering systems to electric power steering [12][18]. - The company serves a diverse customer base, with 82% of revenue from passenger vehicles and 18% from commercial vehicles in 2024 [19][22]. Development Stages - From 2015 to 2019, the company faced challenges with revenue growth not translating into profit due to high costs and quality issues affecting exports [2][25]. - Post-2020, the company capitalized on the recovery of the automotive market and expanded its customer base, leading to improved capacity utilization and profitability [2][40]. Embracing New Technologies - The company is actively pursuing steer-by-wire technology, which eliminates mechanical linkages and enhances vehicle design flexibility. Initial production is expected in 2026 [3][51]. - In the commercial vehicle sector, the company has developed electric hydraulic and electric steering systems, aligning with new emission standards and increasing demand for energy-efficient solutions [3][55]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 35.1 billion, 43.7 billion, and 52.0 billion CNY, with corresponding net profits of 2.7 billion, 3.8 billion, and 5.1 billion CNY, reflecting significant growth rates [4][56]. - The company is valued at a 20X PE ratio for 2025, leading to a target market capitalization of 55 billion HKD [4][56].

Meeting Details - The 7th meeting of the 8th Supervisory Board of Zhejiang Shibao was held on June 27, 2025, in Hangzhou, China, with all 5 supervisors present via remote voting [1][2] - The meeting was chaired by Mr. Du Min and complied with relevant laws and regulations [1] Resolution Summary - The Supervisory Board approved the proposal to postpone certain fundraising investment projects, which is expected to enhance the efficiency and safety of fund usage, aligning with the company's actual development needs and benefiting all shareholders [2] - The specific project affected is the "Research and Development Center for Steering Control Technology of Intelligent Connected Vehicles," which will have its construction period extended [2] - The voting results were unanimous, with 5 votes in favor, 0 against, and 0 abstentions [2]

Summary of Key Points Core Viewpoint - The company, Zhejiang Shibao Co., Ltd., has decided to postpone certain fundraising investment projects due to the actual net amount raised being lower than initially planned, which aims to enhance the efficiency and safety of fund usage [1][2][5]. Group 1: Fundraising Overview - The company raised a total of RMB 344,087,745.02 through a specific stock issuance, with an issuance price of RMB 10.61 per share for 32,987,747 shares [1][2]. - The net amount raised is lower than the intended investment amount for the projects [2]. Group 2: Fund Management - The company has established a management system for the raised funds, ensuring they are stored in a dedicated bank account and managed according to relevant regulations [3][4]. - A tripartite agreement has been signed with the underwriting institution to clarify the rights and obligations of all parties involved in the fund management [3]. Group 3: Project Postponement Details - The company plans to extend the completion date of the "Intelligent Connected Vehicle Steering Control Technology R&D Center Project" to June 30, 2026, to adapt to market changes and enhance its R&D capabilities [4][6]. - The adjustments made to the project do not alter the intended use of the raised funds [4][6]. Group 4: Approval Process - Both the board of directors and the supervisory board have approved the postponement of the fundraising investment projects, affirming that it aligns with the company's development needs and benefits all shareholders [5][6]. - The underwriting institution has no objections to the postponement, confirming that it will not adversely affect the company's normal operations [6].

Group 1 - The core viewpoint of the article highlights a surge in A-share autonomous driving concept stocks, with several companies experiencing a limit-up in their stock prices [1] - Notable companies that reached the limit-up include Xingmin Zhitong and Jiangsu Leili, along with over ten other stocks such as Haima Automobile, Zhejiang Sebao, and Sanyou Technology [1]