Financial Performance - The company's operating revenue for 2023 reached ¥18.70 billion, representing a 12.06% increase compared to ¥16.69 billion in 2022[20]. - Net profit attributable to shareholders for 2023 was ¥631.63 million, an 85.44% increase from ¥340.60 million in 2022[20]. - The net profit after deducting non-recurring gains and losses was ¥568.99 million, up 96.47% from ¥289.60 million in the previous year[20]. - The total assets of the company at the end of 2023 amounted to ¥19.05 billion, reflecting a 6.60% increase from ¥17.87 billion at the end of 2022[20]. - The net cash flow from operating activities for 2023 was ¥1.36 billion, a slight decrease of 2.54% compared to ¥1.39 billion in 2022[20]. - Basic earnings per share increased by 76.92% to CNY 0.69 in 2023 from CNY 0.39 in 2022[21]. - The weighted average return on equity rose to 9.38% in 2023, up from 5.69% in 2022, an increase of 3.69 percentage points[21]. - The total profit reached 958 million yuan, up 32.52% compared to the previous year[44]. - Net profit amounted to 868 million yuan, reflecting a growth of 43.29% year-on-year, with the net profit attributable to the parent company at 632 million yuan, an increase of 85.44%[44]. Cash Flow and Investments - The net cash flow from operating activities in Q4 2023 was CNY 746,052,455.51, indicating strong cash generation capabilities[22]. - Operating cash flow decreased by 2.54% to 1.36 billion yuan due to increased payments to employees and taxes[47]. - The net cash flow from investing activities improved by 7.47% to -¥559,010,464.27, due to payments received for equipment and mold purchases[60]. - The company has a cash dividend policy that stipulates a minimum distribution of 30% of the average annual distributable profit over the last three years if conditions are met[132]. - The company distributed a cash dividend of 1.03 billion RMB in 2022, equivalent to 1.1 RMB per 10 shares[132]. Research and Development - In 2023, the company increased R&D investment to 783 million yuan, achieving an R&D intensity of 4.19%[33]. - The company completed 238 patent applications in 2023, including 46 invention patents[33]. - Research and development expenses increased by 25.78% to 782 million yuan, driven by investments in new energy vehicle products and lightweight automotive components[46]. - The company has established a product innovation platform with 1 central research institute and 7 subsidiary research institutes to enhance R&D capabilities[42]. Market and Product Development - Over 85% of the company's products in 2023 were focused on body safety structural parts, new energy battery shells, and automotive pipelines, maintaining a high market share[30]. - The company achieved a historical high in new project approvals, exceeding the annual target of CNY 26 billion by 200%[30]. - The company secured 240 new projects in the metal sector and expanded automotive pipeline products into fluid control systems with 344 new projects[30]. - The company is focused on deepening state-owned enterprise reforms and aligning with national strategic industries such as artificial intelligence and new energy vehicles[87]. Governance and Compliance - The company has received multiple awards for its governance practices, including recognition for best practices in investor relations and corporate governance in 2023[99]. - The company held a total of 3 shareholder meetings during the reporting period, ensuring compliance with legal regulations in the convening and voting procedures[100]. - The company’s board of directors convened 7 meetings, adhering to the relevant laws and regulations in the process[101]. - The company has not experienced significant changes in competition or business operations that would affect its independence[103]. Environmental Responsibility - The company invested 14.27 million yuan in environmental protection during the reporting period[145]. - The company achieved a carbon emission reduction of 13,832 tons of CO2 equivalent through various measures, including the use of photovoltaic power generation[160]. - The company completed the installation of 11.4 MWp photovoltaic power generation projects, with 5.29 million kWh generated from solar energy in 2023[160]. - The company has implemented a comprehensive environmental monitoring plan, ensuring all pollutants are within the permissible limits[155]. Strategic Initiatives - The company plans to achieve a revenue target of 19.26 billion RMB in 2024, focusing on upgrading traditional industries towards modularization and high-end transformation[82]. - The company is committed to optimizing its global layout and improving operations to mitigate overseas risks, ensuring sustainable operational capabilities[85]. - The company is implementing a special action plan for quality improvement and efficiency enhancement in 2024, focusing on cost reduction in procurement, lean management, and investment control[88]. Shareholder and Management Compensation - The total compensation for the chairman was reported at 50,000 RMB, while the general manager received 860,200 RMB[108]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 7.1842 million yuan (pre-tax)[115]. - The company has a structured process for determining the remuneration of directors and supervisors, which is subject to shareholder approval[115]. - The report indicates that stock incentive programs are a key strategy for retaining and motivating senior management[108]. Risk Management - The company has described potential risks in its management discussion and analysis section, highlighting uncertainties in future plans[6]. - The company has diversified its customer base to reduce reliance on single customers, implementing annual risk assessments to identify potential risks[92]. - The company is facing high raw material prices in 2024, particularly for steel and aluminum, and is negotiating with suppliers to secure better pricing and enhance risk resilience[96].

Investment Rating - The report initiates coverage on Lingyun Co., Ltd. (600480.SH) with an "Accumulate" rating [7][22]. Core Viewpoints - Lingyun Co., Ltd. is driven by dual engines of hot forming and battery shell production, with potential to enter the robotics field [5][30]. - The company has a solid leading position in the automotive pipeline business, providing stable cash flow [6][70]. - The lightweight business is set to grow, focusing on hot forming and aluminum alloy technologies, with significant project expansions [6][81]. - The company is actively engaging in the development of robotic force sensors, which are critical components for humanoid robots, indicating a forward-looking strategic layout [6][85]. Summary by Sections 1. Company Overview - Lingyun Co., Ltd. was established in 1995 and listed in 2003, primarily engaged in lightweight safety structural components, hot forming products, and automotive pipelines [5][34]. - The acquisition of German WAG in 2015 enhanced the company's capabilities in aluminum alloy lightweight technology and allowed entry into the high-end new energy battery shell market [5][81]. 2. Business Segments - The automotive metal and plastic components business has been increasing its revenue share, reaching 87.7% in 2022 [36][62]. - The company has a diverse product matrix, including high-strength lightweight safety systems and battery system components for new energy vehicles [36][62]. 3. Financial Performance - Revenue is projected to grow from 180.23 billion CNY in 2023 to 215.73 billion CNY in 2025, with net profit expected to rise from 6.06 billion CNY to 8.59 billion CNY in the same period [7][10]. - The company has shown a stable growth trend, with a compound annual growth rate (CAGR) of 12.4% from 2014 to 2022 [40]. 4. Strategic Initiatives - The company is focusing on the development of robotic force sensors, with a projected market size of 328 billion CNY by 2030 for the humanoid robot sector [6][88]. - Lingyun Co., Ltd. is collaborating with research institutions to innovate in the field of humanoid robot force sensing technology [6][85]. 5. Investment Recommendations - The report suggests that the company's performance is expected to improve significantly due to the growth in lightweight and robotics businesses, leading to an "Accumulate" rating [7][22].

凌云工业股份有限公司 关于股东中兵投资管理有限责任公司非公开发行 可交换公司债券股份补充担保质押完成的公告 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： 证券代码：600480 证券简称：凌云股份 公告编号：2024-005 凌云工业股份有限公司（以下简称"本公司"）股东中兵投资管理有限责任公 司（以下简称"中兵投资"）持有本公司股份 114,381,060 股，占本公司总股本的 12.16%，持有本公司股份累计质押数量 30,000,000 股，占其持有本公司股份总 数的 26.23%。 本公司于 2024 年 3 月 7 日收到股东中兵投资通知，获悉其已发行的"中兵投 资管理有限责任公司 2022 年面向专业投资者非公开发行可交换公司债券（第一 期）"维持担保比例和追加担保机制，将其所持有的本公司 30,000,000 股股份进 行补充质押，质押手续已在中国证券登记结算有限责任公司上海分公司办理完毕。 具体事项公告如下： | | 是否 为控 | 本次质押 | 是否 | 是否 | 质押起始 | | 质押到期 ...

证券代码：600480 证券简称：凌云股份 公告编号：2024-004 凌云工业股份有限公司 关于股东中兵投资管理有限责任公司非公开发行 可交换公司债券拟以其持有的部分本公司股份办理 补充担保质押的公告 凌云工业股份有限公司（以下简称"本公司"）于 2024 年 2 月 29 日收到股东 中兵投资管理有限责任公司（以下简称"中兵投资"）通知，为保障中兵投资 2022 年面向专业投资者非公开发行可交换公司债券（第一期）（以下简称"本期债券"） 担保比例符合约定要求，根据《中兵投资管理有限责任公司 2022 年面向专业投 资者非公开发行可交换公司债券（第一期）募集说明书》"追加担保"条款约定， 中兵投资拟将持有的本公司 30,000,000 股无限售流通股进行补充担保质押，并 将该部分股份划转至中兵投资与债券受托管理人中信证券在中国证券登记结算 有限责任公司上海分公司开立的质押专户"中兵投资管理有限责任公司－2022 年面向专业投资者非公开发行可交换公司债券质押专户"，预备用于为可交换公 司债券换股和本息偿付提供担保。上述质押手续将在中国证券登记结算有限责任 公司上海分公司办理。本期债券期限至 2025 年 3 ...

证券代码：600480 证券简称：凌云股份 公告编号：2024-003 凌云工业股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：凌云工业股份有限公司（以下简称"公司"）2 名激励 对象因个人原因离职，根据公司《2022 年限制性股票激励计划（草案）》（以 下简称"《激励计划》"）相关规定，离职人员不再符合激励对象资格，公司需要 回购注销其已获授但尚未解除限售的限制性股票。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 97,500 股 | 97,500 | 股 | 2024 | 年 | 2 | 月 29 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2023 年 12 月 27 日，公司第八届董事会第十五次会议和第八届监事会第十 二次会议审议通过了《关于回购注销部分限制性股票及调整回购 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于凌云工业股份有限公司 回购注销 2022 年限制性股票激励计划部分限制性股票 及调整回购价格 之 法律意见书 康达法意字[2024]第 0568 号 二〇二四年二月 关于凌云工业股份有限公司 回购注销 2022 年限制性股票激励计划部分限制性股票 及调整回购价格之法律意见书 康达法意字[2024]第 0568 号 致：凌云工业股份有限公司 北京市康达律师事务所（以下简称"本所"）接受凌云工业股份有限公司（以下简称 "公司"）的委托，作为 ...

中信建投证券股份有限公司 关于凌云工业股份有限公司 2023 年度持续督导现场检查报告 上海证券交易所： 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为凌云工业股份有限公司（以下简称"凌云股份"或"公司"）非公开发行股 票项目的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督 导》等有关法律、法规和规范性文件的要求，对凌云股份进行了现场检查，现 将本次检查的情况报告如下： 一、本次现场检查的基本情况 （一）保荐机构 中信建投证券股份有限公司 （二）保荐代表人 李书存、王建 （三）现场检查时间 2024 年 1 月 31 日 （四）现场检查人员 （五）现场检查手段 结合凌云股份的实际情况，查阅、收集凌云股份有关文件、资料，实施包括 审核、查证、询问等必要程序，检查了公司治理和内部控制、三会运作、信息披 露、公司的独立性、与控股股东及其他关联方资金往来、募集资金使用、关联交 1 易、对外担保、重大对外投资以及经营状况等情况，查看了公司的主要经营、管 理场所，对公司管理人员和员工进行访谈和沟通。 二、针 ...

证券代码：600480 证券简称：凌云股份 编号：2024-002 凌云工业股份有限公司 关于向子公司提供委托贷款额度的公告 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。 ● 委托贷款对象：控股子公司 Waldaschaff Automotive Mexico S.de R.L.de C.V.（简称"墨西哥 WAM"）、北京北方凌云悬置系统科技有限公司（简称"北 方凌云悬置"） ● 委托贷款金额及期限等：向墨西哥 WAM 增加委托贷款额度 2,000 万美元， 向北方凌云悬置提供委托贷款额度 1,000 万元。额度有效期两年，利率参照银行 同期贷款利率。 ● 审议程序：本次向子公司提供委托贷款额度事项已经公司第八届董事会第 十六次会议审议通过。 一、委托贷款概述 （一）委托贷款基本情况 为更好地支持墨西哥 WAM、北方凌云悬置发展，凌云工业股份有限公司（简 称"公司"或"本公司"）拟以自有资金向墨西哥 WAM 增加委托贷款额度 2,000 万美元，向北方凌云悬置提供委托贷款额度 1,000 万元。本次向子公司提供委托 贷款额 ...

证券代码：600480 证券简称：凌云股份 公告编号：2023-061 凌云工业股份有限公司 关于对外投资成立合资公司的公告 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： 投资标的名称：凌云华工智能系统（武汉）有限公司（以工商行政机关 核准为准） 投资金额：公司出资 6,000 万元，持有合资公司 60%的股权。 相关风险提示：本次对外投资成立合资公司是公司开拓智能制造新领域， 培育智能制造能力，提升产业链质量和科技竞争力，加快推动数字化转型和智能 化升级的产业布局，未来可能面临市场开拓、技术融合、人才短缺的风险。 一、对外投资概述 （一）凌云工业股份有限公司（以下简称"本公司"或"公司"）积极把握汽车行 业电动化智能化网联化发展趋势，抓住汽车行业智能制造领域的发展机遇，拟与 武汉华工赛百数据系统有限公司（以下简称"华工赛百"）合资合作开展智能制造 业务，共同推进智能制造发展转型，开拓智能制造新领域。 经协商，公司与华工赛百拟合资成立凌云华工智能系统（武汉）有限公司（简 称"合资公司"），开展智能制造工程技术 ...

证券代码：600480 证券简称：凌云股份 公告编号：2023-059 凌云工业股份有限公司 第八届董事会第十五次会议决议公告 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。 一、 董事会会议召开情况 2023 年 12 月 27 日，凌云工业股份有限公司（以下简称"公司"或"本公司"） 以通讯表决方式召开了第八届董事会第十五次会议，会议通知已于 2023 年 12 月 20 日以电子邮件等方式向全体董事、监事和高级管理人员发出。本次会议应 出席董事七名，实际出席董事七名。会议的召开符合法律法规和《公司章程》的 规定，合法、有效。 二、 董事会会议审议情况 （一）审议通过《关于公司与武汉华工赛百数据系统有限公司合资成立凌 云华工智能系统（武汉）有限公司的议案》 同意公司与武汉华工赛百数据系统有限公司合资成立凌云华工智能系统 （武汉）有限公司（暂定名，以工商部门核定为准），开展智能制造工程技术 业务。 凌云华工智能系统（武汉）有限公司注册资本 1 亿元人民币，其中：本公 司以现金出资 6,000 万元，持股比例 60%，武汉华工 ...