Core Viewpoint - The company held a half-year performance briefing on September 15, 2025, to discuss its operational performance and governance with investors, addressing key concerns raised by them [1][2]. Group 1: Performance and Financials - The company reported a net profit attributable to shareholders of 103 million yuan for the first half of 2025, primarily from its parts business with BMW [3]. - The company has been actively seeking to expand its customer base, having engaged with over 200 potential partners and nearly 100 strategic projects, although no agreements have been finalized yet [3][4]. Group 2: Investor Concerns and Responses - In response to concerns about reliance on BMW and declining sales, the company emphasized its efforts to diversify its client base, including supplying parts to Mercedes-Benz [3]. - The company acknowledged the criticism regarding its lack of financing and dividends, stating that it aims to restore cash dividend capabilities in the future [4]. - The company reassured investors about its stable financial condition, low debt ratio, and sufficient cash flow, which support future business development and investments [3][4]. Group 3: Market Sentiment - The company addressed investor concerns regarding its declining stock price, emphasizing its solid fundamentals and operational stability [4]. - The management expressed gratitude for investor support and confidence, highlighting the company's commitment to growth and development [4].

证券代码：600609 证券简称：金杯汽车 公告编号：2025-039 金杯汽车股份有限公司 关于 2025 年半年度业绩说明会召开情况的公告 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。 金杯汽车股份有限公司（以下简称"公司"、"金杯汽车"）于 2025 年 09 月 15 日上午 10:00-11:00 在上证路演中心以网络互动形式召开 "2025 年半年度业绩说明会"，现将有关事项公告如下： 一、业绩说明会召开情况 问题 1：公司客户单一，面对最大客户宝马的销量下滑，公司会 如何应对这一困境？ 回复：尊敬的投资者，您好！公司上半年实现归母净利润 1.03 亿元，主要来源于华晨宝马零部件业务，在汽车行业内卷的情况下， 上述成绩已属不易。公司继续积极拓展其他客户，目前公司已实现为 奔驰少量供货。感谢您的关注！ 问题 2：请问公司半年报中描述的"上半年累计接触 200 余家潜 在合作伙伴，近 100 个储备战略项目"，这 200 家潜在合作伙伴，一 家都没谈成，那这些营销和管理人员的差旅费和补助等等费用，是否 都是有的？或者 ...

Core Viewpoint - Jinbei Automobile's stock has experienced a significant decline of 30.69% year-to-date, with recent trading showing slight recovery in the short term [1][2]. Group 1: Stock Performance - On September 15, Jinbei Automobile's stock rose by 2.04%, reaching 4.99 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 1.65%, resulting in a total market capitalization of 6.51 billion CNY [1]. - Year-to-date, the stock has decreased by 30.69%, with a slight increase of 0.20% over the last five trading days and a 1.22% increase over the last twenty days [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent occurrence on April 8, where it recorded a net buy of -6.43 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Jinbei Automobile reported operating revenue of 2.13 billion CNY, a year-on-year decrease of 5.28%, and a net profit attributable to shareholders of 103 million CNY, down 48.08% year-on-year [2]. - As of June 30, 2025, the number of shareholders increased by 8.05% to 55,600, while the average circulating shares per person decreased by 7.45% to 23,452 shares [2]. Group 3: Company Overview - Jinbei Automobile, established on May 14, 1984, and listed on July 24, 1992, is located in Shenyang, Liaoning Province, and primarily engages in the design, production, and sale of automotive parts [1]. - The company's revenue composition includes 87.63% from parts, 7.66% from other services, and 4.71% from trade [1].

Core Viewpoint - The company aims to leverage opportunities in the automotive industry's electrification, intelligence, and low-carbon development by establishing an investment fund to enhance its industry strength and core competitiveness while strengthening partnerships with strategic clients like BMW [2] Group 1: Investment Fund Details - The company plans to invest 240 million yuan as a limited partner in the establishment of an investment fund, collaborating with several partners including BMW China and others [2] - The total subscribed capital for the investment fund is 800 million yuan, with contributions from various partners in cash [2] - The investment focus will primarily be on the automotive industry chain, particularly in areas such as electrification, intelligence, and low-carbon initiatives [2] Group 2: Partner Contributions - BMW China will contribute 220 million yuan, while Shinhua Holdings will contribute 200 million yuan [2] - Other partners include Shenyang Automotive Shengyu with 102 million yuan and Liaoyue Fund with 202 million yuan [2] - The general partners and executive partners, Yuke Mother Fund and Shenyang Automotive New Wisdom, will each contribute 8 million yuan [2]

Core Viewpoint - The collaboration between BMW China and Jinbei Automotive to establish an investment fund signifies a shift in traditional automakers from being "clients" to "limited partners" (LPs), aiming to enhance electric, intelligent, and low-carbon initiatives in the automotive industry [1][4][10]. Investment Fund Details - Jinbei Automotive will contribute 240 million yuan to the investment fund, which has a total commitment of 800 million yuan, with a focus on the automotive supply chain and emerging technologies [1][2]. - The fund will have a lifespan of seven years, with four years for investment and three years for exit, primarily targeting sectors like electronic information, new materials, and high-end manufacturing [2][5]. Strategic Implications - This partnership allows Jinbei to secure future orders by investing in early-stage projects in electric and intelligent vehicle technologies, while BMW aims to strengthen ties with local government and suppliers for better supply chain security [4][6]. - The choice of Guangdong Technology Fund as the general partner is strategic, leveraging its resources to bring advanced technologies from the Greater Bay Area to Northeast China [5][10]. Market Trends - Jinbei Automotive is focusing on a dual strategy of traditional and new energy vehicles, with plans to launch multiple electric models by 2025, while also expanding its international presence [7][8]. - The investment landscape in Northeast China is becoming more active, with government and industrial capital driving growth in sectors like healthcare and new energy vehicles [10][11]. Future Opportunities - The investment strategy is expected to evolve towards supporting local startups and technologies, with a focus on government-backed funds and partnerships with industry leaders [12][13]. - The anticipated growth in the Northeast market will likely center around government initiatives, industrial partnerships, and specific sectors like healthcare and hard technology [13].

Market Overview - On September 3, the automotive parts sector declined by 1.62%, with Sunny Optical Technology leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Notable gainers in the automotive parts sector included: - Spring High Precision (002547) with a closing price of 5.56, up 10.10% [1] - Huawai Technology (001380) at 27.15, up 10.01% [1] - Tianpu Co., Ltd. (605255) at 62.81, up 10.00% [1] - Other significant performers included: - Huayu Automotive (600741) at 20.80, up 4.58% [1] - Zhejiang Rongtai (603119) at 89.78, up 4.07% [1] Capital Flow - The automotive parts sector experienced a net outflow of 5.204 billion yuan from institutional investors, while retail investors saw a net inflow of 4.135 billion yuan [2] - Key stocks with significant capital flow included: - New Spring Co., Ltd. (603179) with a net inflow of 2.36 million yuan from institutional investors [2] - Fuyao Glass (600660) with a net inflow of 1.63 million yuan [2] - Spring High Precision (002547) had a net inflow of 92.148 million yuan from institutional investors [2]

Group 1 - Huazhong Securities has been approved to issue subordinate corporate bonds with a total face value of no more than 10 billion yuan [1] - Jinbei Automotive plans to invest 240 million yuan to establish an automotive industry investment fund focusing on electrification, intelligence, and low carbon [1] - Linyang Energy is expected to win a bid for a 244 million yuan metering equipment project from Southern Power Grid [1][2] Group 2 - Renfu Pharmaceutical's subsidiary has received drug registration certificates for two products, including a medication for acute hypotension [3][4] - Nanjing Steel plans to distribute a cash dividend of 0.1186 yuan per share [5][6] - Pairui Co. has signed a strategic cooperation agreement with Xi'an Power Electronics Research Institute to develop power devices [7][8] Group 3 - Haixing Electric is expected to win a bid for a 214 million yuan metering equipment project from Southern Power Grid [9][10] - Kuangda Technology is planning a change in control, leading to a continued suspension of its stock [11][12] - Samsung Medical is expected to win a bid for a 274 million yuan metering equipment project from Southern Power Grid [13][14] Group 4 - Jiukang Bio has obtained a medical device registration certificate for a specific diagnostic kit [15][16] - Hechuan Technology's minority shareholder plans to transfer a 13% stake in a subsidiary [17][18] - DiAo Micro has launched a new eUSB2 repeater product for various electronic applications [19][20] Group 5 - David Medical's electric surgical table registration application has been accepted [21][22] - Hangxin Technology plans to apply for a total of 280 million yuan in bank credit [23][24] - Liyuan Technology's non-independent director has resigned [25][26] Group 6 - Ningbo Construction's subsidiary has won a construction project bid worth 729 million yuan [27][28] - Huaren Pharmaceutical's subsidiary has received approval for a raw material drug [29][30] - Suwen Electric plans to distribute a cash dividend of 1 yuan per 10 shares [31][32] Group 7 - Solar Energy has received 1.692 billion yuan in renewable energy subsidies [33][34] - Wangli Security has obtained a patent for a new lock structure [35][36] - Zhejiang Energy's vice chairman has resigned due to age reasons [37][38] Group 8 - Beilu Pharmaceutical's subsidiary has passed GMP certification in Brazil [39][40] - Zhejiang Communications has a subsidiary that is expected to win a highway project bid [41][42] - Xinzhi Group has received a government subsidy of 11.1978 million yuan [43][44] Group 9 - Dong'an Power's engine sales in August increased by 3.44% year-on-year [45][46] - Baiyun Mountain's subsidiary has passed the consistency evaluation for two generic drugs [47][48] - Yipin Hong's subsidiary has received a drug registration certificate for a specific injection [49][50] Group 10 - Far East Holdings' subsidiary has won multiple contracts totaling 1.689 billion yuan [51][52] - Good Housekeeping's shareholder plans to reduce holdings by up to 3.5 million shares [53][54] - Guanghong Technology's shareholders have set a transfer price of 23.33 yuan per share [55][56] Group 11 - Keli Sensor plans to acquire 45% of Huahong Technology's shares for 122 million yuan [57][58] - Jianmin Group's furosemide oral solution has been approved for market launch [59][60] - Jinghua Laser's directors plan to reduce their holdings by up to 143,420 shares [61][62] Group 12 - Zhuyue Group is planning a share transfer that will change its controlling shareholder [63][64] - Terid has pre-bid for two projects totaling approximately 698 million yuan [65][66] - Zhonghuan Hailu is planning a change in control, leading to a continued suspension of its stock and convertible bonds [67][68] Group 13 - Great Wall Motors reported August sales of 115,600 vehicles, a year-on-year increase of 22.33% [69][70] - Guizhou Tire's controlling shareholder has committed not to reduce holdings for 12 months [71][72] - San Da Membrane's shareholder plans to reduce holdings by up to 1% of the company's shares [73][74] Group 14 - Chint Electric has decided to terminate the spin-off of its subsidiary for listing [75][76] - Jusaylong's shareholder plans to reduce holdings by up to 1% of the company's shares [77][78]

Core Viewpoint - The company, Jinbei Automotive Co., Ltd., plans to invest 240 million RMB as a limited partner in the establishment of the Shenyang Automotive Industry Investment Fund, representing 30% of the total subscribed capital of the fund, which amounts to 800 million RMB [2][4][28]. Group 1: Investment Fund Overview - The fund will focus on the automotive industry, particularly in areas such as electrification, intelligence, and low-carbon development, with investments in sectors including electronic information, new materials, new energy, and high-end manufacturing [30][34]. - The fund's management will be handled by Guangdong Yueke Mother Fund Investment Management Co., Ltd., with the execution partner being both Yueke Mother Fund and Shenyang Qixin Management Co., Ltd. [2][28]. - The fund's duration is set for 7 years, with a 4-year investment period and a 3-year exit period [29]. Group 2: Financial Contributions and Structure - Jinbei Automotive's contribution of 240 million RMB will be part of a larger investment structure that includes contributions from other partners such as BMW China and Shenhua Holdings [4][5]. - The total subscribed capital of the fund is 800 million RMB, with cash contributions from all partners [4][28]. - The investment will be made in four installments, with the first payment expected in September 2025 [33]. Group 3: Strategic Objectives - The primary objective of this investment is to seize opportunities in the evolving automotive industry, enhance the company's competitive strength, and strengthen relationships with strategic partners like BMW [42]. - The investment is expected to provide access to high-quality project resources with lower selection costs, thereby benefiting the company's long-term sustainable development [42].

Core Viewpoint - The company, Liaoning Shenhwa Holdings Co., Ltd., plans to invest 20 million RMB as a limited partner in the establishment of the Shenyang Automotive Industry Investment Fund, representing 2.5% of the total subscribed capital of the fund [1][3]. Group 1: Investment Details - The total subscribed capital of the investment fund is 800 million RMB, with the company contributing 20 million RMB, while other partners like BMW China and Jinbei Automotive will contribute 220 million RMB and 240 million RMB respectively [3][20]. - The fund will focus on investment opportunities in the automotive industry, particularly in areas such as electrification, intelligence, and low carbon development [20][25]. - The fund's duration is set for 7 years, with a 4-year investment period and a 3-year exit period [20]. Group 2: Related Transactions - The investment has been approved by the company's board of directors, with related directors abstaining from the vote, and it does not constitute a major asset restructuring as per regulations [2][4][35]. - The company has not engaged in any related transactions with the same related parties in the past 12 months, ensuring that this investment is a standalone activity [5]. Group 3: Partner Information - The fund's management will be handled by Guangdong Yueke Mother Fund Investment Management Co., Ltd., which is also a partner in the fund [1][12]. - Other partners include Shenqi Xinzhi (Shenyang) Enterprise Management Co., Ltd., Jinbei Automotive Co., Ltd., and Liao Yue Fund, all of which are under the same controlling entity as the company [1][6]. Group 4: Financial Impact and Objectives - The investment aims to leverage market opportunities in the automotive sector's transition towards advanced manufacturing and technology, enhancing the company's strategic positioning [36]. - The funding will be sourced from the company's own capital, with expected contributions of 5 million RMB annually from 2025 to 2028, which will not significantly impact the company's financial performance [36].

Core Viewpoint - Jinbei Automotive plans to invest 240 million RMB as a limited partner in the establishment of the Shenyang Automotive Industry Investment Fund, representing 30% of the total subscribed capital of 800 million RMB for the fund [2][4][30]. Summary by Sections 1. Overview of Related Transactions - The board of directors approved the proposal to participate in the establishment of the investment fund, which aims to capitalize on opportunities in the automotive industry's electrification, intelligence, and low-carbon development [4][46]. - The fund will be managed by Guangdong Yueke Mother Fund Investment Management Co., Ltd., with other partners including BMW (China) Investment Co., Ltd., and Shenyang Automotive Group-controlled companies [2][4]. 2. Investment Fund Details - The total subscribed capital for the investment fund is 800 million RMB, with Jinbei Automotive contributing 240 million RMB, BMW China contributing 220 million RMB, and other partners contributing the remaining amounts [4][30]. - The fund's duration is set for 7 years, with a 4-year investment period and a 3-year exit period, focusing on the automotive industry chain, particularly in electrification, intelligence, and low-carbon sectors [31][46]. 3. Financial and Operational Impact - The investment represents 17.21% of Jinbei Automotive's latest audited net assets, and all contributions will be made in cash [6][47]. - The company expects to contribute 60 million RMB annually from 2025 to 2028, indicating that the investment will not adversely affect its normal operations or dividend distributions [47]. 4. Governance and Compliance - The proposal was reviewed and approved by independent directors, ensuring fairness and compliance with relevant laws and regulations [46]. - The investment decision-making will involve a committee with representatives from the managing partner and other partners, ensuring a structured approach to investment decisions [40]. 5. Strategic Objectives - The primary goal of this investment is to enhance the company's industrial strength and core competitiveness while securing quality resources in the automotive and related industries [46]. - The collaboration with strategic partners like BMW is expected to strengthen relationships and leverage their resources for future projects [46].