6月24日早盘，港股三大指数集体高开，恒生指数涨0.61%，报23832.73点，恒生科指涨0.96%，国企指 数涨0.6%。盘面上，科网股普涨，稳定币概念多股上涨，新消费概念活跃，港股智驾概念异动拉升。 聚焦智驾概念的港股通汽车ETF（159323）一度涨近3%，持仓股中，浙江世宝、佑驾创新、知行科 技、地平线机器人、理想汽车、小鹏汽车等涨幅居前，其中浙江世宝涨超25%。 消息面上，当地时间6月22日，特斯拉在美国得克萨斯州奥斯汀正式推出无人驾驶出租车Robotaxi服 务，开始接送首批乘客。特斯拉针对此次试点服务初期投入的车队规模约为10至20辆车，均基于 ModelY车型改造，搭载特斯拉自研的视觉感知系统和FSD（全自动驾驶）软件。 东方证券表示，国内Robotaxi布局提速，特斯拉试点有望进一步加快Robotaxi商业化进程。该行认为， 特斯拉、上汽等国内外企业的Robotaxi项目推进标志着Robotaxi行业将迎来由试点向规模化落地，预计T 链特别是进入Cybercab供应链的零部件公司以及智能驾驶相关公司将有望受益。 公开信息显示，港股通汽车ETF（159323）标的指数高度聚焦港股整车板块，乘 ...

Core Insights - The article highlights the top and bottom AH share premium rates as of June 10, with Northeast Electric (00042) leading at a premium rate of 958.82% and Ningde Times (03750) at the bottom with -1.75% [1][2]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 958.82% with H-share priced at 0.255 HKD and A-share at 2.25 CNY [2]. - Hongye Futures (03678) follows with a premium rate of 271.39%, H-share at 3.390 HKD and A-share at 10.51 CNY [2]. - Andeli Juice (02218) ranks third with a premium rate of 268.02%, H-share at 15.980 HKD and A-share at 49.1 CNY [2]. Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has a premium rate of -1.75%, with H-share at 299.600 HKD and A-share at 245.75 CNY [2]. - WuXi AppTec (02359) has a premium rate of 5.05%, H-share at 74.000 HKD and A-share at 64.9 CNY [2]. - China Merchants Bank (03968) has a premium rate of 5.13%, H-share at 50.900 HKD and A-share at 44.67 CNY [2]. Group 3: Top Share Deviation Values - BYD Company (01211) leads with a deviation value of 202.33%, H-share at 135.600 HKD and A-share at 353.13 CNY [2]. - Longpan Technology (02465) follows with a deviation value of 30.49%, H-share at 6.910 HKD and A-share at 15.33 CNY [2]. - Yanzhou Coal Mining (01171) has a deviation value of 11.04%, H-share at 8.250 HKD and A-share at 12.79 CNY [2]. Group 4: Bottom Share Deviation Values - China Shipbuilding Defense (00317) has the lowest deviation value at -46.55%, H-share at 13.360 HKD and A-share at 24.9 CNY [3]. - Zhejiang Shibao (01057) follows with -37.20%, H-share at 4.650 HKD and A-share at 11.93 CNY [3]. - Junshi Biosciences (01877) has a deviation value of -35.39%, H-share at 24.600 HKD and A-share at 37 CNY [3].

Core Viewpoint - Zhejiang Shibao (002703.SZ) is gaining market attention due to its focus on the automotive steering system sector, with promising prospects in L3+ autonomous driving and regulatory relaxation [1][9]. Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 149 million yuan, a year-on-year increase of over 90% [1]. - In Q1 2024, the net profit attributable to shareholders was 49 million yuan, doubling year-on-year [1][4]. - The company reported a revenue of 718 million yuan in Q1 2024, a year-on-year growth of 45.47% [4]. - The operating cash flow for Q1 2024 was 75.9 million yuan, a significant increase of 1714.77% year-on-year [4]. Growth Drivers - The rapid growth in performance is driven by product structure optimization and increased value per vehicle [2][6]. - The company is expanding its customer base, which contributes to the rapid revenue growth [6]. R&D and Technological Advancements - Zhejiang Shibao invested 160 million yuan in R&D in 2024, developing seven core technological capabilities [3][9]. - The company has established strong design and manufacturing capabilities in electric power steering systems and intelligent steer-by-wire systems [8][9]. - The company has been recognized for its ability to integrate steering systems with autonomous driving technologies, with projects expected to be mass-produced by 2026 [1][8]. Market Position and Future Outlook - The company is well-positioned to benefit from the trends of electrification and intelligence in the automotive industry, with a projected revenue of 1.819 billion yuan in 2023 and 2.693 billion yuan in 2024, reflecting year-on-year growth of 31.24% and 48.04% respectively [5]. - The long-term outlook for steer-by-wire systems is positive, with expectations for significant growth as L3+ autonomous driving becomes more prevalent [9].

Group 1: Revenue Growth and Performance - The company's revenue growth in 2024 and Q1 2025 is primarily driven by product structure optimization and increased value per vehicle [1] - Profit growth is attributed to effective cost control, leading to a decrease in expense ratio relative to revenue [2] - The company maintains a strong outlook for sustainable growth, focusing on smart and electric technology routes [2] Group 2: Production and Technology Development - The company has solid technical reserves in steer-by-wire technology and is progressing with several mainstream automakers, with some projects expected to be mass-produced by 2026 [2] - The steering industry is undergoing a competitive restructuring due to the acceleration of vehicle electrification and intelligence [2] - The company plans to enhance R&D investment to strengthen its position in the smart steering sector [2] Group 3: Market Expansion and Client Base - The company is actively expanding its international market presence and is in the process of qualification certification with several well-known international automakers [2] - Major clients in the passenger vehicle sector include traditional automakers like Chery and Geely, as well as new players like NIO and Li Auto [3] - The company is optimistic about revenue growth in 2025, driven by increasing penetration of new energy vehicles and demand for intelligent steering systems [3] Group 4: Future Product Launches and Collaborations - New production capacity in 2025 will focus on electric steering columns and R-EPS [3] - The company is engaged in technical exchanges for steering technology with various clients in the unmanned logistics vehicle sector [3] - The company has developed technology reserves in rear-wheel steering, with projects expected to be mass-produced by 2026 [3]

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant disparities among various companies in the market [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 1020.33%, followed by Andeli Juice (02218) at 341.81% and Chenming Paper (01812) at 263.08% [1][2] - The top three companies with the highest deviation values are Andeli Juice (44.30%), Northeast Electric (39.74%), and Qingdao Bank (11.69%) [1][2] Group 2: Bottom AH Share Premium Rates - The companies with the lowest AH share premium rates include Ningde Times (03750) at -1.48%, China Merchants Bank (03968) at 6.19%, and BYD Company (01211) at 6.45% [1][2] - The bottom three companies with the lowest deviation values are Zhejiang Shibao (-77.86%), China Shipbuilding Defense (-38.64%), and Junshi Biosciences (-32.19%) [1][3] Group 3: Additional Insights on Premium and Deviation - The top ten AH stocks by premium rate also include Sinopec Oilfield Service (01033) at 261.90% and Fudan Zhangjiang (01349) at 239.41% [2] - The bottom ten AH stocks by premium rate feature WuXi AppTec (02359) at 9.53% and Chifeng Gold (06693) at 12.81% [2][3]

3. 信达生物(01801)涨近3% ，宣布玛仕度肽在相关肥胖的III期临床研究(GLORY-3)完成首例受试者给 药。 一脉阳光(02522)盘中涨超5% 拟斥至多1亿港元回购股份 公司深入挖掘医学影像数据价值。 康希 诺生物(06185)涨超3% 吸入用结核病加强疫苗临床试验获印度尼西亚药监局批准。 4. H&H国际控股(01112)再涨超8% 市场炒作麦角硫因概念 公司旗下Swisse品牌有超光瓶产品。 ANC方 面，Swisse在抖音、跨境等高景气细分优势明显，24年增长快于行业；PNC板块需求旺盛，公司聚焦 高毛利产品并退出亏损渠道，以提升盈利水平，Q1 SolidGold已基本实现盈利。 5. 正大企业国际(03839)早盘涨超32% 一季度股东应占溢利同比增超6.7倍。 6. 浙江世宝(01057)涨近7% 近期获股东连续增持 公司出口业务主要面向新兴市场。 点击蓝字，关注我们 今日上午港股 1. 网易-S(09999)绩后高开超10% ，涨10.89%，报186.4港元，成交额3.16亿港元。消息面上，网易 公布2025年第一季度业绩，净收入为人民币288.285亿元，同比增加 7.4%；毛利 ...

免責聲明 其他信息 不適用 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 股票發行人現金股息公告 發行人名稱 浙江世寶股份有限公司 股份代號 01057 多櫃檯股份代號及貨幣 不適用 相關股份代號及名稱 不適用 公告標題 有關派發H股末期股息及更改H股末期股息派付日期之公告 公告日期 2025年5月15日 公告狀態 更新公告 更新/撤回理由 H股股息率、暫停辦理H股股份過戶登記及更改H股末期股息派付日期 股息信息 股息類型 末期 股息性質 普通股息 財政年末 2024年12月31日 宣派股息的報告期末 2024年12月31日 宣派股息 每 股 0.06 RMB 股東批准日期 2025年5月15日 香港過戶登記處相關信息 派息金額及公司預設派發貨幣 每 股 0.0648 HKD 匯率 1 RMB : 1.08007 HKD 除淨日 2025年5月19日 為符合獲取股息分派而遞交股份過戶 文件之最後時限 暫停辦理股份過戶登記手續之日期 由 2025年5月 ...

Core Viewpoint - Zhejiang Shibao Company Limited announced the distribution of its final H-share dividend and the change in the payment date for the dividend, which is subject to approval at the upcoming annual general meeting on May 15, 2025 [1]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.60 per 10 shares (including tax) based on a total share capital of 822,632,384 shares as of December 31, 2024 [1]. - The final dividend for H-share holders will be paid in HKD, with the exchange rate set at RMB 1.00 to HKD 1.08007, resulting in a final dividend of HKD 0.0648 per H-share (including tax) [2]. Taxation on Dividends - The company is obligated to withhold a 10% corporate income tax for non-resident H-share holders when distributing the final dividend [2]. - For individual H-share holders from Hong Kong or Macau, or those from countries with a 10% tax treaty with China, the withholding tax will also be 10% [3]. - If individual H-share holders are from countries with lower or higher tax treaty rates, the company will withhold taxes according to the respective agreements, with a maximum rate of 20% applicable in certain cases [3]. Shareholder Identification and Tax Refunds - The company will determine the residency status of individual H-share holders based on their registered addresses. Holders must notify the company by May 20, 2025, if they wish to apply for a tax refund for over-withheld taxes [4]. - For investors through the Shenzhen-Hong Kong Stock Connect, dividends will be distributed in RMB, with a 10% withholding tax applied [5]. Suspension of Share Transfer - To determine eligibility for profit distribution, the company will suspend the handling of H-share transfers from May 21, 2025, to May 26, 2025, with the last transfer request accepted by May 20, 2025, at 4:30 PM [6].

Financial Performance - The company's operating revenue for Q1 2025 reached RMB 717,806,101.77, representing a year-on-year increase of 45.47% compared to RMB 493,440,384.78 in Q1 2024[9] - Net profit attributable to shareholders for Q1 2025 was RMB 48,734,998.79, a significant increase of 123.77% from RMB 21,779,300.91 in the same period last year[9] - Basic and diluted earnings per share for Q1 2025 were both RMB 0.0592, reflecting a growth of 114.49% from RMB 0.0276 in Q1 2024[9] - Total operating revenue for Q1 2025 reached RMB 717.81 million, a significant increase of 45.6% compared to RMB 493.44 million in Q1 2024[20] - Net profit for Q1 2025 was RMB 52.95 million, up 106.8% from RMB 25.58 million in Q1 2024[21] Cash Flow and Liquidity - The net cash flow from operating activities surged to RMB 75,905,954.92, marking a dramatic increase of 1,714.77% compared to RMB 4,182,677.79 in Q1 2024[9] - Operating cash flow for Q1 2025 was $75,905,954.92, a significant increase from $4,182,677.79 in Q1 2024, reflecting strong sales growth[23] - Cash inflow from operating activities totaled $558,792,537.30 in Q1 2025, compared to $305,304,118.30 in Q1 2024, indicating a year-over-year increase of approximately 83%[23] - The net increase in cash and cash equivalents for Q1 2025 was $1,652,351.39, a decrease from $341,118,724.26 in Q1 2024, indicating tighter liquidity[23] - The company reported cash and cash equivalents at the end of Q1 2025 of $214,621,306.21, down from $460,950,534.36 at the end of Q1 2024[23] Assets and Liabilities - The company's total assets as of March 31, 2025, were RMB 3,289,665,874.93, a slight increase of 0.77% from RMB 3,264,667,069.57 at the end of 2024[9] - Total liabilities decreased to RMB 1.29 billion as of March 31, 2025, from RMB 1.31 billion at the end of 2024, indicating improved financial stability[19] - The net assets attributable to shareholders increased to RMB 1,991,814,731.15, up by 2.51% from RMB 1,943,079,732.36 at the end of 2024[9] Operational Efficiency - The company experienced a significant reduction in the proportion of operating expenses relative to revenue, contributing to the overall profit increase[13] - The company reported a gross profit margin of approximately 15.9% for Q1 2025, compared to 10.5% in Q1 2024, highlighting enhanced operational efficiency[20] Research and Development - Research and development expenses increased to RMB 37.69 million in Q1 2025, up from RMB 25.78 million in Q1 2024, reflecting a commitment to innovation[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 67,102[14] Accounting Adjustments - The company has implemented adjustments in accounting standards affecting the profit statement, specifically impacting operating costs and sales expenses by RMB 8,972,218.95[13] Other Financial Activities - Cash outflow for investment activities in Q1 2025 was $207,124,553.35, up from $65,279,224.82 in Q1 2024, resulting in a net cash flow from investment activities of -$63,382,246.33[23] - Total cash inflow from financing activities was $427,387,745.02 in Q1 2024, while in Q1 2025, the net cash flow from financing activities was -$10,709,378.76, indicating a shift in financing strategy[23] - The company received $512,067,212.86 in cash from sales in Q1 2025, compared to $258,138,891.46 in Q1 2024, marking an increase of approximately 98%[23] - Cash received from investment returns in Q1 2025 was $2,795,095.28, compared to $894,992.72 in Q1 2024, showing a growth of about 212%[23] - The company paid $85,919,455.69 in cash for other operating activities in Q1 2025, up from $53,598,103.19 in Q1 2024, reflecting increased operational costs[23] - The company experienced a foreign exchange impact of -$161,978.44 on cash and cash equivalents in Q1 2025, compared to -$89,710.14 in Q1 2024, highlighting currency volatility effects[23] Strategic Overview - The company has no significant new strategies or important matters reported during the reporting period[16]

Company Overview - Zhejiang Shibao reported a strategic goal to provide intelligent driving solutions and products for leading global automotive groups[10]. - The company has over 30 years of experience in system matching within the automotive industry, with a diversified and international customer base[10]. - Zhejiang Shibao is one of the first domestic companies to independently develop electric power steering systems and intelligent steering systems for automobiles[10]. - The company operates production bases in Hangzhou, Yiwu, Siping, Wuhu, and Changzhou, and has a research institute in Hangzhou[10]. - The company aims to enhance the research and production capabilities of steering systems and key components to an internationally competitive level[10]. - Zhejiang Shibao's H shares were listed on the Hong Kong Stock Exchange on May 16, 2006, and later transferred to the main board on March 9, 2011[10]. - The company is committed to improving automotive driving safety and comfort through its products[10]. - Zhejiang Shibao has established an automotive intelligent technology research and development center in Beijing[10]. - The company provides various steering products for commercial vehicles, passenger cars, and new energy vehicles[10]. - The company is focused on expanding into modular related key components of steering system integration[10]. Financial Performance - The company's operating revenue for the year ended December 31, 2024, reached RMB 269,346.89 million, a 48% increase from RMB 181,944.22 million in 2023[21]. - The total profit for 2024 was RMB 15,226.84 million, representing an 81% increase compared to RMB 8,400.31 million in 2023[21]. - The net profit attributable to the parent company was RMB 14,912.38 million, up 93% from RMB 7,720.43 million in 2023[21]. - The net asset value of current assets increased to RMB 99,577.03 million in 2024, compared to RMB 55,892.46 million in 2023, indicating improved liquidity[22]. - The total assets of the company reached RMB 326,466.71 million in 2024, a significant increase from RMB 265,067.88 million in 2023[22]. - The company achieved a revenue of RMB 2,693,468,867.27, representing a year-on-year increase of 48.04%[28]. - The gross profit from core business was RMB 517,235,591.89, an increase of RMB 219,895,821.50 year-on-year, with a gross margin of 19.82% compared to 17.09% in the previous year[28]. - The overall gross margin for the reporting period was 20.94%, up from 19.33% in the previous year, attributed to improved production costs due to increased sales volume[28]. - Research and development expenses amounted to RMB 159,714,979.19, a year-on-year increase of 35.13%, representing 5.93% of total revenue[29]. - The net profit attributable to shareholders was RMB 149,123,766.76, reflecting a year-on-year increase of 93.15%[33]. Research and Development - The company has a strong focus on R&D, with seven core technological capabilities developed, including electric steering ECU technology and intelligent steer-by-wire technology[14]. - The company plans to focus on the development and commercialization of new technologies such as steer-by-wire and rear-wheel steering to support advanced autonomous driving[25]. - The company is focused on providing advanced active steering solutions for autonomous vehicles, integrating economic growth, environmental protection, and social responsibility into its business strategy[169]. - The company focuses on the research and development of automotive steering products, including steering gears and key components of steering systems[109]. Market and Sales - The sales of electric and intelligent steering system products saw significant growth, benefiting from trends in automotive electrification and globalization[28]. - The company reported a significant increase in overseas sales, which reached RMB 202,454,017.39, a year-on-year growth of 107.21%[35]. - The automotive industry in China saw a production and sales volume of 31.28 million and 31.44 million vehicles respectively, with a year-on-year growth of 3.70% and 4.50%[27]. - The company's revenue for automotive parts manufacturing reached ¥2,609,786,667.29, a year-on-year increase of 2.73%[37]. - Sales volume for automotive parts increased by 58.04% to 4,458,978 units compared to 2,821,409 units in the previous year[38]. Operational Efficiency - The company has implemented the Toyota Production System to enhance efficiency, reduce waste, and control production costs effectively[18]. - The company maintains a stable and experienced team, with an average of 15 years of industry experience among core personnel, supporting future growth initiatives[19]. - The company has established a comprehensive quality control system, with all major subsidiaries certified under IATF 16949:2016, ensuring stable product quality[15]. - The gross profit margin for steering systems and components was 19.04%, up from 16.06% in the previous year, reflecting improved cost management[40]. Corporate Governance - The company has a strong governance structure with independent non-executive directors, enhancing oversight and strategic direction[100]. - The board includes experienced professionals from various sectors, contributing to diverse insights and decision-making[101]. - The company is committed to maintaining high standards of corporate governance to align with stakeholder interests and adapt to external changes[158]. - The supervisory board expressed confidence in the company's future prospects and the performance of the board and senior management[155]. - The company has established a robust internal control system, which contributed to the decision not to purchase liability insurance for directors and senior executives[159]. Employee and Compensation - The total employee compensation and benefits amounted to RMB 303,884,490.90, an increase from RMB 246,070,420.51 in the previous year, reflecting a growth of approximately 23.4%[93]. - The company has 2,224 employees as of December 31, 2024, up from 1,940 employees in 2023, indicating an increase of about 14.6%[93]. - The company provides ongoing professional development training for all directors to enhance their knowledge and skills related to governance and compliance[174]. Environmental Compliance - The company has maintained good environmental compliance, with all emissions meeting standards and no pollution incidents reported during the reporting period[111]. - The company has established a comprehensive environmental management system and has achieved ISO 14001 certification for several subsidiaries[111]. - The company has implemented strict environmental protection measures to comply with current laws and contribute to environmental conservation[172]. Risks and Challenges - The company faces risks from industry fluctuations, as the automotive parts manufacturing sector is heavily influenced by the macroeconomic cycle and national policies[71]. - Product quality is critical, as any defects could lead to recalls, impacting the company's brand and market expansion[72]. - The company must continuously innovate to meet the increasing demands for safety, intelligence, and energy efficiency in the automotive sector[73]. - The pricing of automotive parts is subject to pressure from the overall vehicle pricing trends, which could affect the company's profitability[74]. - Fluctuations in raw material prices significantly impact production costs and gross margins, posing operational risks[75]. - The company is expanding into overseas markets, which may be affected by international political and economic changes[76]. - The company must adapt its management practices to handle the increased complexity from business expansion, or it risks affecting operational efficiency and performance[77].