Group 1 - The company announced a share buyback plan by its controlling shareholder, with a total investment amount between 80 million and 100 million yuan, and a maximum purchase of 2% of the total share capital at a price not exceeding 19 yuan per share, to be implemented within 6 months from the announcement date [1] Group 2 - The company has acquired all shares of GNS from South Korea, enhancing its market share in the hot-formed components sector [2] - The company is a leader in pipeline systems, focusing on automotive fluid pipelines and municipal network systems, and has made strategic advancements in new industries, including a partnership with Huagong Technology to establish a joint venture in intelligent manufacturing [2] Group 3 - The company's main business remains stable, driven by hot forming and battery shell operations, while also strategically expanding into energy storage and robotics, creating new growth opportunities [3] - Revenue forecasts for 2024-2026 are projected at 19.341 billion, 21.495 billion, and 23.600 billion yuan, with net profits of 819 million, 948 million, and 1.050 billion yuan, and EPS of 0.87, 1.01, and 1.12 yuan respectively [3] - As of April 8, 2025, the closing price was 12.93 yuan, corresponding to PE ratios of 14.84, 12.82, and 11.58 for 2024-2026 [3]

Group 1 - The stock of Lingyun Co., Ltd. (600480) increased by 8.82% with a turnover rate of 8.54% and a trading volume of 1.037 billion yuan, showing a volatility of 21.54% on the day [1] - Institutional investors net sold 13.69 million yuan, while the Shanghai Stock Connect saw a net sell of 21.90 million yuan, with the total net buying from brokerage seats amounting to 40.19 million yuan [1] - The top five brokerage seats accounted for a total transaction of 464 million yuan, with a net buying of 4.60 million yuan [1] Group 2 - As of April 8, the margin trading balance for the stock was 475 million yuan, with a financing balance of 473 million yuan and a securities lending balance of 1.69 million yuan [2] - Over the past five days, the financing balance decreased by 147 million yuan, representing a decline of 23.68%, while the securities lending balance decreased by 0.40 million yuan, a decline of 19.13% [2] - For the first three quarters of 2024, the company reported a revenue of 13.348 billion yuan, a year-on-year decrease of 0.42%, and a net profit of 501 million yuan, a year-on-year increase of 13.23% [2]

证券代码：600480 证券简称：凌云股份 公告编号：2025-013 凌云工业股份有限公司 关于控股股东增持计划的公告 一、增持主体的基本情况 （一）增持主体：公司控股股东北方凌云工业集团有限公司 （二）增持主体持股情况 截至本公告日，凌云集团持有本公司 295,092,102 股股份，占公司总股本 的 31.38%。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 基于对本公司未来发展前景的信心和长期投资价值的认可，控股股东 北方凌云工业集团有限公司（以下简称"凌云集团"）拟增持本公司股份。 凌云集团计划自本公告披露之日起 6 个月内通过上海证券交易所系统 以集中竞价方式增持本公司股份，增持金额不低于 8,000 万元，不高于 10,000 万元。 因资本市场发生变化等目前尚无法预判的因素，可能导致本次增持计 划无法按期完成，敬请广大投资者注意投资风险。 2025 年 4 月 8 日，凌云工业股份有限公司（以下简称"本公司"或"公司"） 收到控股股东凌云集团出具的《关于增持凌云工业股份有限公司股份的告知函》 ...

Core Viewpoint - The A-share market showed a strong performance on April 8, with major indices closing in the green, indicating a positive market sentiment driven by significant policy support from government entities [1][2]. Market Performance - The Shanghai Composite Index closed at 3145.55 points, up 1.58% - The Shenzhen Component Index closed at 9424.68 points, up 0.64% - The ChiNext Index closed at 1840.31 points, up 1.83% - Total trading volume in the Shanghai and Shenzhen markets exceeded 1.6 trillion yuan, with over 3200 stocks recording gains [1][2]. Sector Performance - Agricultural stocks surged, with companies like Qiule Seed Industry and Hualu Biology hitting the daily limit - Retail stocks continued their upward trend, with Kid King and Guofang Group also reaching the daily limit - State-owned enterprises and technology innovation stocks were active, with companies like COFCO Technology and Sinotrans both hitting the daily limit - The fruit supply chain sector experienced a collective adjustment, with companies like Luxshare Precision and Dongshan Precision hitting the daily limit - The automotive industry chain saw a decline, with companies like Jinbei Automobile and Asia-Pacific Shares collectively hitting the daily limit [4][5]. Policy Support - On April 8, the Central Huijin, the People's Bank of China, and the National Financial Regulatory Administration collectively announced measures to support the capital market, emphasizing their role as a "national team" [7][10]. - The National Financial Regulatory Administration optimized policies for insurance funds entering the market, increasing the allocation ratio for equity assets, which could potentially bring in an additional 1.66 trillion yuan in market funds [8][10]. - State-owned asset management platforms like China Chengtong and China Guoxin announced significant purchases of central enterprise and technology innovation stocks, creating a strong market support coalition [9][10]. Market Outlook - Analysts believe that the recent policy actions are crucial for maintaining market liquidity and fostering a positive feedback loop for microeconomic entities [10][11]. - The overall valuation of A-shares is considered attractive, with a focus on core assets, as the market is expected to stabilize despite short-term fluctuations [11][15]. - The government is likely to implement further fiscal policies aimed at expanding domestic demand and promoting consumption, with potential measures including accelerated issuance of special bonds and increased subsidies [25][26].

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has completed the registration procedures for the change of business scope, officially expanding its operations to include components related to robotics [2][10]. - The long-term strategy focuses on transitioning to new energy and enhancing lightweight product reserves, which is expected to improve the company's global supply capabilities and market position in the new energy lightweight sector [2][10]. - The company has seen a significant increase in new business orders, achieving 200% of its annual target of 26 billion yuan in 2023, with a total of 137 and 243 designated projects in the automotive metal and pipeline sectors, respectively [10]. Summary by Sections Business Expansion - The company has expanded its business scope to include the research and sales of key components such as sensors, intelligent joints, and robotic arms, currently in the product development and customer engagement phase [10]. Financial Performance - The company plans to distribute a cash dividend of 0.10 yuan per share (before tax) for the first half of 2024, which represents 23.56% of the net profit attributable to shareholders for that period [10]. - Expected net profits for 2024, 2025, and 2026 are projected to be 630 million, 800 million, and 900 million yuan, respectively, with corresponding price-to-earnings ratios of 25.0X, 19.8X, and 17.5X [10]. Market Position - The company is actively improving its overseas operations and optimizing its global layout, enhancing management capabilities in its foreign subsidiaries [10]. - The company is positioned to enter a profit release cycle, with a focus on battery boxes and hot-formed products, which are expected to have significant growth potential in the medium to long term [10].

Core Viewpoint - Lingyun Industrial Co., Ltd. has completed the registration of changes in its business scope, expanding into the research and sales of key components such as sensors, robotic joints, and mechanical arms, in response to business development needs [1][3]. Business Scope Changes - The company has added the following to its business scope: research and sales of sensors, robotic intelligent joints, and mechanical arms, alongside existing automotive parts manufacturing and sales [1][3]. - The approved business scope before and after the change is detailed, showing the addition of new technological areas while maintaining existing automotive-related activities [1][3]. Business Operations - The company’s main business remains focused on the production and sales of automotive metal and plastic parts, with the new sensor products aimed at the robotics industry representing an expansion rather than a shift in core operations [4]. - Currently, the sensor business is in the product development and customer engagement phase, with no related revenue generated yet, indicating uncertainty regarding future demand and product matching [4].

Group 1 - The company is named Ling Yun Industrial Corporation Limited, established on April 10, 1995, and registered in Baoding, Hebei Province [4][5] - The registered capital of the company is RMB 940,498,410, with a total of 940,498,410 shares, all of which are ordinary shares [5][19] - The company operates in various sectors, including manufacturing and sales of automotive parts, machinery, and electronic components, as well as technology services and research [6] Group 2 - The company aims to enhance economic cooperation and technological exchange, reduce costs, improve product quality, and develop new products to maintain competitiveness in domestic and international markets [6] - The company is governed by a set of articles that outline the rights and obligations of shareholders, directors, and management, ensuring legal compliance and corporate governance [11][12] Group 3 - The company has provisions for issuing shares, which must be conducted in a fair and transparent manner, ensuring equal rights for all shareholders [7][8] - The company can increase or decrease its registered capital through various methods, including public offerings and private placements, subject to shareholder approval [8][9] Group 4 - The company holds annual and extraordinary shareholder meetings to discuss and decide on key matters such as financial reports, profit distribution, and major corporate actions [15][42] - Shareholders have the right to propose agenda items for meetings and to vote on resolutions, with specific rules governing the voting process [23][75]

凌云工业股份有限公司 章 程 （二 O 二五年四月） | 第一章 | 总则 | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 | 股份 | 5 | | 第一节 股份发行 | | 5 | | 第二节 股份增减和回购 | | 5 | | 第三节 股份转让 | | 6 | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东 | 7 | | | 第二节 股东大会的一般规定 | 9 | | 第三节 股东大会的召集 | | 11 | | | 第四节 股东大会的提案与通知 | 13 | | 第五节 | 股东大会的召开 | 14 | | | 第六节 股东大会的表决和决议 | 16 | | 第五章 | 董事会 | 20 | | 第一节 董事 | | 20 | | 第二节 董事会 | | 22 | | 第六章 | 总经理及其他高级管理人员 | 27 | | 第七章 | 监事会 | 28 | | 第一节 监事 | | 28 | | 第二节 监事会 | | 29 | | 第八章 | 党委 | 30 | | 第九章 | 财务会计制度、利润分配和审计 | 31 | ...

证券代码：600480 证券简称：凌云股份 公告编号：2025-012 凌云工业股份有限公司 关于完成经营范围工商变更登记的公告 相关情况说明及风险提示： 一、经营范围规范表述与公司实际业务的差异说明 根据"经营范围规范表述查询系统"的查询结果，公司拟增加的"传感器产品、 机器人智能关节及机械臂等关键部件产品、智能感知与控制设备"研发销售等业 务，在"经营范围规范表述查询系统"中表述为"传感器、工业机器人零部件、机械 式遥控操作装置、智能感知系统"研发销售等，属于"经营范围规范表述查询系统" 中"相关活动"的内容。按照市场监督管理部门现行规定，经营范围具体内容必须 在"经营范围规范表述查询系统"的"条目名称"中选择，公司前述业务只能对应选 择"电子元器件、工业机器人、智能机器人、人工智能通用应用系统"研发销售等。 根据"经营范围规范表述查询系统"的查询结果变更经营范围，不表示公司 拟开展机器人研发销售业务，公司实际相关业务仍为传感器、机器人智能关节及 机械臂等关键部件研发销售等，保定市行政审批局最终核准的经营范围不涉及公 司实际经营内容的变更。 二、公司主营业务未发生重大变化 本公司董事会及全体董事保证本公告 ...