Group 1 - The automotive service sector experienced a decline of 0.27% on September 17, with Shanghai Wumart leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] - Key stocks in the automotive service sector showed mixed performance, with notable gainers including Jiaoyun Co. (+1.00%) and Zhongqi Co. (+0.77%), while Shanghai Wumart (-1.75%) and Sunbo Holdings (-1.28%) led the declines [1][2] Group 2 - The automotive service sector saw a net outflow of 69.16 million yuan from main funds, while retail investors contributed a net inflow of 77.21 million yuan [2] - The trading volume for key stocks varied, with Jiaoyun Co. recording a volume of 174,100 shares and Zhongqi Co. at 98,700 shares, while Shanghai Wumart had a volume of 153,400 shares [1][2]

Core Insights - The company reported a revenue of 1.91 billion yuan for the first half of 2025, a year-on-year decrease of 6.4%, while the net profit attributable to shareholders was 410 million yuan, an increase of 1.8% [2][4]. Revenue Analysis - The overall revenue structure has been optimized, with the core automotive technology service business generating 1.72 billion yuan, a year-on-year increase of 2.9%, accounting for 90.0% of total revenue [2][3]. - The equipment manufacturing business generated 200 million yuan, a significant year-on-year decrease of 47.8%, leading to a decline in its revenue share [2][4]. Profitability - The gross profit margin improved to 45.4%, an increase of 4.8 percentage points, primarily due to the higher proportion of revenue from the high-margin technology service business [2][3]. - Research and development expenses amounted to 120 million yuan, a year-on-year increase of 16.5%, with a research expense ratio of 6.2% [2][3]. Automotive Technology Services - The automotive technology service business, driven by new energy and intelligent connected vehicles, achieved a revenue of 1.72 billion yuan, growing by 2.9% year-on-year [3][4]. - The revenue from new energy and intelligent connected vehicle development and testing services reached 310 million yuan, reflecting a robust growth of 22.9% [3]. - The company is expanding its national capacity layout, with the establishment of a headquarters in East China and the completion of a southern testing ground acquisition, enhancing its service capabilities [3]. Equipment Manufacturing Business - The company is strategically optimizing its structure by focusing on core components, resulting in a revenue of 200 million yuan for the equipment manufacturing business, down 47.8% year-on-year [4][5]. - The revenue from high-value-added businesses, such as rail transit and specialized vehicle components, increased significantly by 97.0% to 50 million yuan [5]. Future Outlook - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.03 billion, 1.31 billion, and 1.55 billion yuan, respectively, with corresponding EPS of 1.03, 1.31, and 1.55 yuan [5]. - Given the expansion of the pre-installation testing industry and the rapid growth in intelligent demand, the company is expected to benefit from the increasing demand for new energy vehicle testing and the implementation of intelligent connected vehicle standards [5].

9月16日，中国汽车工程研究院股份有限公司发布了"2025年度十佳低风阻低风噪车型"。此次发布的十佳车型中，低风阻和低风噪车辆各10款，自2020年 起，中国汽研陆续对超120款量产车型进行测评，并于2023年发布首批十佳低风阻低风噪车型，陆续完成了70款余车型低风阻低风噪认证，规范了行业在车 型低风阻、低风噪的宣传与发布，也为消费者提供了参考。 在燃油车时代，风阻系数通常都在0.25～0.4Cd之间，而如今汽车风阻控制和空气动力学开发已成为行业关注的重点，各大车企正在不断加大资源投入，以 提升整车气动性能。 根据中国汽研风洞中心数据显示，当前中国品牌新开发车型风阻系数呈现逐年降低趋势，整车风阻系数总体处于0.3Cd~0.2Cd水平,其中越来越多车型整车风 阻系数低于0.2Cd，达到世界先进水平。在新能源汽车时代，低风阻不仅可以使电耗更低、续驶更长，从而也可以为动力电池"减重"，从而更好地控制成 本，因此对风阻的极致追求成为了当前汽车行业的共同课题。 当前，进一步降低汽车能耗是目前全球汽车产业发展的共同趋势和转型升级方向。根据《国际清洁交通委员会(ICCT)白皮书》的研究，车辆风阻每降低 10%，油耗大约下降 ...

Market Overview - On September 16, the automotive service sector rose by 0.13% compared to the previous trading day, with Jiaoyun Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Stock Performance - Key stocks in the automotive service sector showed varied performance, with Jiaoyun Co., Ltd. closing at 6.00, up 3.63%, and Shanghai Wumao closing at 12.57, up 3.03% [1] - Other notable performers included Xiamen Xinda at 5.91, up 1.72%, and Alter at 11.95, up 1.19% [1] Trading Volume and Value - Jiaoyun Co., Ltd. had a trading volume of 206,700 shares, with a transaction value of 123 million yuan [1] - Shanghai Wumao recorded a trading volume of 262,000 shares, with a transaction value of 328 million yuan [1] Capital Flow Analysis - The automotive service sector experienced a net outflow of 38.2 million yuan from institutional investors, while retail investors saw a net inflow of 42.14 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors increased their positions [2] Individual Stock Capital Flow - Shanghai Wumao had a net inflow of 28.74 million yuan from institutional investors, while Jiaoyun Co., Ltd. saw a net outflow of 760,100 yuan [3] - Xiamen Xinda experienced a significant net outflow of 15.64 million yuan from institutional investors, indicating potential caution among larger players [3]

Core Viewpoint - The 2026 China Commercial Vehicle Product Testing event is a significant platform for showcasing advancements in the commercial vehicle industry, emphasizing the transition towards high-quality development and technological innovation in response to market demands and environmental goals [3][4][6][16]. Group 1: Event Overview - The 2026 China Commercial Vehicle Product Testing event commenced on September 15 in Chongqing, featuring major commercial vehicle manufacturers such as China National Heavy Duty Truck Group, Foton Auman, and others [3][4]. - This event has been held for eighteen years and is recognized as the most influential and market-leading activity in the domestic commercial vehicle sector [3]. Group 2: Industry Transformation - The commercial vehicle sector is a crucial pillar of China's economy and logistics, with improvements in vehicle quality directly impacting the efficiency of the logistics industry [4][7]. - The industry is currently undergoing a significant transformation, focusing on smart and new energy vehicles, driven by technological innovations and the "dual carbon" goals [6][11][16]. - The market is experiencing a shift from traditional manufacturing to a focus on intelligent, green, high-end, and globalized products [11][13]. Group 3: Market Performance - In August, commercial vehicle production and sales reached 315,000 and 316,000 units respectively, marking a month-on-month increase of 5.9% and 3.4%, and a year-on-year increase of 16.4% and 16.3% [6]. - From January to August, production and sales totaled 2.713 million and 2.744 million units, reflecting year-on-year growth of 7.1% and 5.2% [6]. Group 4: Testing and Evaluation - The testing event aims to provide a comprehensive evaluation of vehicle performance, focusing on aspects such as energy efficiency, safety, and intelligent features, to guide industry development and enhance competitiveness [7][9][16]. - The testing procedures have been upgraded to align with the industry's shift towards intelligence, connectivity, and electrification [6][9]. Group 5: Future Outlook - The commercial vehicle industry is at a critical juncture, where companies must innovate and enhance product performance to thrive in a competitive market [16][18]. - The testing event serves as both a summary of past developments and a forecast for future technological directions, promoting the advancement of Chinese commercial vehicles on a global scale [16][18].

Core Viewpoint - China Automotive Engineering Research Institute (China Automotive Research) experienced a stock price decline of 2.05% on September 16, 2023, with a current price of 18.19 CNY per share and a market capitalization of 18.246 billion CNY [1] Financial Performance - For the first half of 2025, China Automotive Research reported revenue of 1.911 billion CNY, a year-on-year decrease of 4.48%, while net profit attributable to shareholders increased by 1.84% to 409 million CNY [2] - The company has distributed a total of 2.747 billion CNY in dividends since its A-share listing, with 973 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 18,200, with an average of 54,684 shares held per shareholder, a decrease of 0.32% [2] - The top ten circulating shareholders include new entrants such as China Europe Pension Mixed A and China Europe Insight Mixed A, while some existing shareholders have reduced their holdings [3] Stock Performance - Year-to-date, the stock price has increased by 5.27%, with a 1.00% increase over the last five trading days, a 4.86% decrease over the last 20 days, and a 1.51% increase over the last 60 days [1] Business Overview - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, primarily engages in automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1] - The revenue breakdown includes 65.58% from complete vehicle and traditional parts development and testing, 16.21% from new energy and intelligent connected vehicle development and testing, and 8.01% from testing equipment [1] Industry Classification - The company is classified under the automotive services sector, specifically in comprehensive automotive services, and is associated with concepts such as state-owned enterprise reform and vehicle networking [2]

北京市嘉源律师事务所 关于中国汽车工程研究院股份有限公司 2025年第二次临时股东大会的 法律意见书 西城区复兴门内大街158号远洋大厦4楼 中国 · 北京 源管师事务所 A YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:中国汽车工程研究院股份有限公司 北京市嘉源律师事务所 关于中国汽车工程研究院股份有限公司 北京市嘉源律师事务所(以下简称"本所")接受中国汽车工程研究院股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称 "《公司法》"）《上市公司股东会规则》(以下简称"《股东会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 国汽车工程研究院股份有限公司章程》(以下简称"《公司章程》")的有关规定， 指派本所律师对公司2025年第二次临时股东大会(以下简称"本次股东大会")进 行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文 ...

证券代码：601965 证券简称：中国汽研 公告编号：临 2025-044 中国汽车工程研究院股份有限公司 2025年第二次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 9 月 12 日 (二)股东大会召开的地点：重庆市北部新区金渝大道 9 号中国汽研 405 会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 283 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 711,501,500 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 70.9334 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长周玉林先生主持。会议采用现场投 票和网络投票相结合的表决方式。会议的召集和召开程 ...

Market Overview - On September 12, the automotive service sector rose by 0.53% compared to the previous trading day, with Haowu Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Stock Performance - Haowu Co., Ltd. (000757) closed at 6.48, with a significant increase of 10.02%, trading volume of 412,000 shares and a turnover of 260 million yuan [1] - Other notable performers included: - Alter (300825) at 12.03, up 3.80% with a turnover of 215 million yuan [1] - Shenbo Holdings (600653) at 2.25, up 2.27% with a turnover of 228 million yuan [1] - Shanghai Wumao (600822) at 12.29, up 0.82% with a turnover of 175 million yuan [1] Capital Flow - The automotive service sector saw a net inflow of 100 million yuan from institutional investors, while retail investors experienced a net outflow of approximately 60.4 million yuan [2] - The main capital flow details indicate: - Haowu Co., Ltd. had a net inflow of 46.97 million yuan from institutional investors, while retail investors had a net outflow of 22.24 million yuan [3] - Alter experienced a net inflow of 28.15 million yuan from institutional investors, with a net outflow of 28.90 million yuan from retail investors [3]

Group 1 - The China Automotive Engineering Research Institute Co., Ltd. has obtained a patent for a testing platform designed for the durability test of air spring dust covers, with the patent announcement number CN 223307812 U and an application date of October 2024 [1] - The patent involves a testing technology specifically for automotive components, which includes a fixing component for securing the air spring dust cover and a compressing component for compressing the dust cover [1] - The design allows for the simulation of the compression and extension cycles of the air spring dust cover under actual working conditions, enabling the assessment of wear over prolonged use to verify if it meets the expected lifespan [1] Group 2 - The China Automotive Engineering Research Institute Co., Ltd. was established in 2001 and is located in Chongqing, primarily engaged in professional technical services [2] - The company has a registered capital of 1,004.18 million RMB and has made investments in 38 enterprises, participated in 5,000 bidding projects, and holds 347 trademark records and 1,899 patent records [2] - Additionally, the company possesses 98 administrative licenses [2]