宁波拓普集团股份有限公司 会议材料 证券代码：601689 目 录 一、2025 年第二次临时股东大会议程 网络投票时间：自2025年7月3日至2025年7月3日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即9:15-9:25，9:30-11:30，13:00-15:00。 通过互联网投票平台的投票时间为股东大会召开当日的9:15-15:00。 现场会议时间：2025年7月3日14：00 现场签到时间：2025年7月3日13：20－13：50 现场会议地点：宁波市北仑区育王山路268号公司总部 C-105 会议室 会议主持人：董事长邬建树 （一）签到 料（授权委托书、营业执照复印件、身份证复印件等）并领取表决票。 宁波拓普集团股份有限公司董事会 二、2025 年第二次临时股东大会会议须知 人录音、拍照及录像。对于干扰会议正常秩序、寻衅滋事和侵犯股东合法权益 的行为，工作人员有权予以制止，并及时报告有关部门查处。 能选择现场投票或网络投票中的一种表决方式，不能重复投票。股东可以在网 络投票时间内通过上海证券交易所的交易系统行使表决权。同一股份通过现场 方式和 ...

中国经济网北京6月17日讯拓普集团（601689）(601689.SH)昨日晚间披露实际控制人、副董事长减持股份计划公告。 2022年7月20日公司发行可转换债券，募集资金总额250,000.00万元，募集资金净额248,897.26万元。 2024年1月16日公司向特定对象发行股票，募集资金总额351,482.69万元，募集资金净额349,843.78万元； 公司实际控制人、董事长邬建树拟自减持计划公告之日起15个交易日后的3个月内(即2025年7月8日至2025年10月7日)，通过集中竞 价或大宗交易方式减持其所持有的公司股份数量不超过2,999,182股，即不超过公司总股份数的0.1726%。邬建树系公司董事，本次 拟减持数量不超过其持有的公司股份总数的25%。 公司副董事长、董事邬好年拟自减持计划公告之日起15个交易日后的3个月内(即2025年7月8日至2025年10月7日)，通过集中竞价或 大宗交易方式减持其所持有的公司股份不超过495,646股，不超过公司总股份数的0.0285%。邬好年系公司董事，本次拟减持数量不 超过其持有的公司股份总数的25%。邬好年为邬建树之子，系其一致行动人。 邬建树、其 ...

Core Viewpoint - Tesla's supply chain leader, Top Group, is experiencing a decline in performance alongside Tesla's revenue and net profit drop in Q1 2025, indicating a potential loss of its previous luster [1][2]. Financial Performance - In Q1 2025, Tesla's revenue was $19.335 billion, a year-on-year decrease of 9.23% [2]. - Top Group's revenue for Q1 2025 was 5.768 billion yuan, with a year-on-year growth of only 1.40%, a significant slowdown compared to previous years where growth rates were 100.80%, 54.34%, 19.32%, and 27.29% respectively [2]. - The net profit of Top Group declined by 12.39% in Q1 2025, with a gross margin of 19.9%, down 2.5 percentage points year-on-year [3]. Market Dynamics - The decline in performance is attributed to adjustments in major customer models, particularly Tesla's Model Y and other vehicles, which affected orders for Top Group [3]. - Tesla's global production in Q1 2025 was 362,600 units, a decrease of 16.3% year-on-year, while another client, Seres, saw a production drop of 45.7% [3]. Strategic Outlook - Top Group has indicated that while Q1 performance was impacted, there is an expectation of improvement in Q2 due to better order conditions [3]. - The company is focusing on diversifying its customer base to reduce reliance on a single major client, emphasizing its coverage of global mainstream automakers, especially in the electric vehicle sector [3]. Robotics Business Growth - Despite the slowdown in the electric vehicle parts business, Top Group's robotics segment is emerging as a growth area [4]. - The global humanoid robot market is projected to reach 12,400 units and a market size of 6.339 billion yuan in 2025, with significant growth expected through 2035 [4]. - Top Group is actively developing various robotic technologies and plans to establish a robotics industry base covering approximately 150 acres [5].

证券代码：601689 证券简称：拓普集团 公告编号：2025-056 宁波拓普集团股份有限公司 实际控制人、副董事长减持股份计划公告 本公司董事会、全体董事及相关股东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： 大股东及董监高持股的基本情况 截至本公告披露日： 1、宁波拓普集团股份有限公司（以下简称"拓普集团"或"公司"）控股 股东迈科国际控股（香港）有限公司（以下简称"迈科香港"）持有公司股 份1,005,836,000股，持股比例为57.8787%。邬建树先生持有迈科香港100% 股权。 2、公司实际控制人、董事长邬建树先生直接持有公司股份 11,996,731 股， 持股比例为 0.6903%。 3、公司控股股东迈科香港的一致行动人宁波筑悦投资管理有限公司（以下 简称"宁波筑悦"）持有公司股份 7,841,064 股，持股比例为 0.4512%。 4、公司控股股东迈科香港的一致行动人宁波派舍置业有限公司（以下简称 "派舍置业"）持有公司股份 2,095,395 股，持股比例为 0.1206%。 5、公司副董事长、董事邬好年 ...

Group 1 - The actual controller and chairman of Top Group (601689), Wu Jianshu, plans to reduce his holdings by no more than 2.9992 million shares, accounting for 0.1726% of the company's total share capital [1] - The vice chairman, Wu Haonian, plans to reduce his holdings by no more than 495,600 shares, representing 0.0285% of the company's total share capital [1] - The reduction period is set from July 8, 2025, to October 7, 2025, and will be conducted through centralized bidding or block trading methods [1]

Core Viewpoint - BNP Paribas Exane Research has a cautious outlook on the Chinese automotive parts industry for 2025, primarily due to concerns about weak demand in the second half of the year [2] Group 1: Industry Overview - Investor discussions focused on the impact of ongoing price pressures on Chinese automotive parts companies and the long-term growth potential in overseas markets [1] - Most investors share a short-term cautious view on the industry, aligning with BNP Paribas' perspective [2] - There is a notable interest in the potential for Chinese automotive parts companies to penetrate global supply chains, despite limited short-term revenue contributions [3] Group 2: Company Ratings and Valuations - Fuyao Glass Industry Group has a rating of "Outperform" with a target price of 76 CNY for A-shares and 75 HKD for H-shares, supported by its market leadership and broad customer base [10][11] - Xingyu has been rated "Outperform" with a target price of 183 CNY, attributed to its shift in customer structure and technology upgrades [5][6] - Ningbo Tuopu Group is rated "Neutral" with a target price of 50 CNY, facing pressure on margins and capital expenditures amid intense competition [14] - Zhejiang Sanhua is rated "Neutral" with a target price of 26 CNY, with expectations of demand slowdown and price pressure due to competition among OEMs [19][20] Group 3: Key Valuation Metrics - Fuyao Glass: Market cap of 136.318 billion CNY, P/E of 14.9x for CY25e, EV/EBITA of 14.0x for CY25e [4] - Xingyu: Market cap of 39.767 billion CNY, P/E of 22.2x for CY25e, EV/EBITA of 17.9x for CY25e [4] - Ningbo Tuopu: Market cap of 83.677 billion CNY, P/E of 25.8x for CY25e, EV/EBITA of 23.5x for CY25e [4] - Zhejiang Sanhua: Market cap of 96.721 billion CNY, P/E of 26.7x for CY25e, EV/EBITA of 22.5x for CY25e [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the automotive industry in China, specifically focusing on Original Equipment Manufacturers (OEMs) and auto parts companies [1][2]. Core Insights and Arguments - **Payment Cycle Commitment**: Chinese OEMs, including BYD, Geely, GWM, GAC, and Chery, have pledged to shorten supplier payment terms to within 60 days. This initiative aims to stabilize the supply chain and follows government directives against harmful price competition [1][2]. - **Positive Impact on Auto Parts Companies**: The commitment to a shorter payment cycle is expected to improve cash flow for auto parts suppliers and reduce financing costs. Companies with longer accounts receivable (AR) days, such as Wuhu BTL, are likely to benefit the most [1][5]. - **Current Payment Terms**: The average payment term for suppliers currently ranges from 100 to 120 days. Reducing this to 60 days could enhance profit margins by approximately 0.3%, assuming a short-term loan cost of 2-3% [5]. - **Implementation Uncertainty**: The actual impact of the policy will depend on how it is implemented and the specific arrangements between OEMs and suppliers. Some OEMs currently use supply chain finance platforms that may not be adjusted under the new terms [5]. Important but Overlooked Content - **Accounts Receivable Days**: The report includes a comparison of AR days for various auto parts companies, indicating that most companies are experiencing lengthening AR days in 2024 compared to 2023 [4][5]. - **Potential Risks**: There is a possibility that OEMs may offset the costs associated with shortened payment terms by imposing greater annual price cuts on auto parts suppliers, which could negate some of the benefits of the new payment cycle [5]. Companies Mentioned - **Auto Parts Companies**: Wuhu BTL, Shanghai Baolong, Sanhua, Jiangsu Xinquan, Tuopu, Joyson Electronic [4][5]. - **OEMs**: BYD, Geely, GWM, GAC, Chery, SAIC [1][2]. This summary encapsulates the key points discussed in the conference call, highlighting the implications for the automotive industry and the potential benefits and risks for auto parts companies.

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle trade-in policy in 2025, which is anticipated to support upward consumer spending [16] - The report highlights the emergence of high-end domestic brands and the potential for increased penetration of advanced driving technologies [16] - The report emphasizes the importance of the Robotaxi initiative by Tesla, which is set to launch on June 22, 2025, as a significant development in the industry [14] Summary by Sections Recent Developments - Multiple automotive companies have announced a "60-day payment term" commitment to suppliers, aiming to alleviate financial pressure [12] - The global first L3-level AI vehicle, the Xiaopeng G7, was officially unveiled with a pre-sale price of 235,800 yuan, featuring advanced AI capabilities [13] - Tesla plans to initiate its Robotaxi pilot service in Austin, Texas, with the first deliveries expected on June 28, 2025 [14] Market Performance - From June 9 to June 13, 2025, the A-share automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.8% [17] - The performance of individual segments showed a mixed trend, with passenger vehicles down by 2.0% and commercial vehicles up by 7.2% during the same period [17] Recommendations - The report recommends several companies based on their potential to benefit from the current market dynamics: 1. Domestic brands like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors are expected to thrive in the high-end market segment [16] 2. Companies involved in advanced driving technologies, such as Xiaopeng Motors, Huayang Group, Desay SV, and Kobot, are highlighted for their growth potential [16] 3. The report suggests focusing on companies with strong positions in the supply chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [16] 4. In the commercial vehicle sector, it anticipates a recovery in heavy truck demand, recommending companies like Foton Motor and China National Heavy Duty Truck [16]

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

一、本次委托理财概况 2025 年 6 月 10 日、11 日，宁波拓普集团股份有限公司（以下简称"公 司"）分别在中国银行北仑分行、平安银行宁波北仑支行、杭州银行宁波北仑支 行使用暂时闲置募集资金进行结构性存款，具体情况如下： 证券代码：601689 证券简称：拓普集团 公告编号：2025-055 宁波拓普集团股份有限公司 关于使用部分暂时闲置募集资金委托理财的进展公告 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个别及连带责任。 重要内容提示： （一）委托理财目的 通过使用部分暂时闲置募集资金进行适度的保本型理财，有利于提高募 集资金使用效率，增加资金收益，降低财务费用。 （二）资金来源 本次购买理财的资金来源为 2024 年 1 月完成的向特定对象发行 A 股股 票的募集资金。 （三）募集资金的基本情况 经中国证监会出具的《关于同意宁波拓普集团股份有限公司向特定对象 发行股票注册的批复》（证监许可[2023] 1443 号）核准，公司于 2024 年 1 月完成向特定对象发行人民币普通股（A 股）60,726,104 股，发行价 ...