证券代码：601965 股票简称：中国汽研 编号：临2025-045 为进一步提高上市公司投资者关系管理水平，促进公司完善公司治理，助力 上市公司高质量发展，在重庆证监局指导下，重庆上市公司协会联合深圳市全景 网络有限公司举办"重庆辖区上市公司 2025 年投资者网上集体接待日暨半年度 业绩说明会活动"。 本次活动将于 2025 年 9 月 25 日（星期四）15:00-17:00 举行，投资者可登 录"全景路演"网站（https://rs.p5w.net）参与本次活动。 届时，本公司相关人员将参加本次活动，通过网络在线交流形式，回复投资 者关心的问题。欢迎广大投资者积极参与。 特此公告。 中国汽车工程研究院股份有限公司董事会 2025 年 9 月 19 日 中国汽车工程研究院股份有限公司 关于参加"重庆辖区上市公司 2025 年投资者网上集 体接待日活动"的公告 本公司董事会及董事会全体成员保证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、准确和完整承担法律责任。 ...

Market Overview - On September 18, the automotive service sector rose by 4.94%, led by Dezhong Automobile, while the Shanghai Composite Index closed at 3831.66, down 1.15% [1] - The Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Dezhong Automobile (code: 838030) closed at 9.88, with a significant increase of 30.00% and a trading volume of 369,800 shares, amounting to a transaction value of 348 million yuan [1] - Zhongqi Co., Ltd. (code: 301215) saw a rise of 19.82%, closing at 7.80 with a trading volume of 1,542,300 shares, totaling 1.169 billion yuan [1] - Other notable performers include Shanghai Wumao (code: 600822) with a 6.80% increase, closing at 13.19, and China Automotive Research (code: 601965) with a 5.19% increase, closing at 19.04 [1] Capital Flow - The automotive service sector experienced a net inflow of 401 million yuan from institutional investors, while retail investors saw a net outflow of 305 million yuan [2] - Speculative funds had a net outflow of 95.21 million yuan [2] Detailed Capital Flow Analysis - Shanghai Wumao had a net inflow of 189 million yuan from institutional investors, while it faced a net outflow of 102 million yuan from speculative funds and 87.76 million yuan from retail investors [3] - China Automotive Research saw a net inflow of 113 million yuan from institutional investors, with net outflows from both speculative and retail investors amounting to 66.73 million yuan and 46.73 million yuan, respectively [3] - Other companies like Shenhua Holdings (code: 600653) and Haowu Co. (code: 000757) also showed varied capital flows, with institutional inflows and retail outflows [3]

Market Overview - The Shanghai Composite Index closed at 3831.66 points, above the annual line, with a decline of 1.15% [1] - The total trading volume of A-shares reached 31666.43 billion yuan [1] Stocks Breaking Annual Line - A total of 15 A-shares have surpassed the annual line today, with notable stocks showing significant deviation rates [1] - Stocks with the highest deviation rates include: - Gongyuan Co., Ltd. (8.27%) - Huayang International (7.83%) - China Automotive Technology & Research Center (5.07%) [1] Detailed Stock Performance - The following table summarizes the performance of stocks that broke the annual line on September 18: - Gongyuan Co., Ltd. (002641): Price increased by 9.95%, turnover rate 3.59%, annual line 4.29 yuan, latest price 4.64 yuan, deviation rate 8.27% [1] - Huayang International (002949): Price increased by 10.01%, turnover rate 8.81%, annual line 14.78 yuan, latest price 15.94 yuan, deviation rate 7.83% [1] - China Automotive Technology & Research Center (601965): Price increased by 5.19%, turnover rate 3.87%, annual line 18.12 yuan, latest price 19.04 yuan, deviation rate 5.07% [1] - Other stocks with lower deviation rates include: - ST Yigou (000024): Price increased by 1.05%, turnover rate 0.65%, annual line 1.92 yuan, latest price 1.92 yuan, deviation rate 0.03% [1]

Core Insights - A new company, China Inspection and Testing Technology (Beijing) Co., Ltd., has been established with a registered capital of 12 million yuan [1] - The company is wholly owned by China Automotive Engineering Research Institute Co., Ltd. (stock code: 601965) [1] Company Overview - The legal representative of the new company is Liang Zuoxing [1] - The business scope includes office equipment leasing, non-residential real estate leasing, conference and exhibition services, advertising publishing, and motor vehicle inspection and testing services [1]

Market Overview - The Shanghai Composite Index closed at 3893.95 points, above the six-month moving average, with an increase of 0.45% [1] - The total trading volume of A-shares reached 17203.25 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 67 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Suzhou Longjie: 6.72% - China Automotive Research: 5.94% - Yaxing Anchor Chain: 5.84% [1] Stock Performance Details - The following stocks showed notable performance: - Suzhou Longjie: Increased by 7.59% with a turnover rate of 9.42% [1] - China Automotive Research: Increased by 8.73% with a turnover rate of 2.87% [1] - Yaxing Anchor Chain: Increased by 6.44% with a turnover rate of 6.55% [1] Additional Stocks with Positive Movement - Other stocks with positive movement include: - New Nuo Wei: Increased by 7.50% [1] - Fulede: Increased by 6.07% [1] - Sanlisi: Increased by 3.74% [1] Summary of Deviation Rates - Stocks with smaller deviation rates that just crossed the six-month line include: - Baosteel: Just above the six-month line [1] - Sichuan Jiuzhou: Just above the six-month line [1] - Changan Automobile: Just above the six-month line [1]

Group 1 - The automotive service sector experienced significant gains, with Dezhong Automotive reaching a 30% limit-up, and China Automotive Technology & Research Center achieving a 20% limit-up [1] - Other companies such as Shanghai Material Trade, China Automotive Research, and Taotao Automotive also hit the limit-up, indicating a strong upward trend in the sector [1] - Additional companies like Beiba Media and Huayang Racing saw increases, reflecting a broader positive movement within the automotive service industry [1]

Group 1 - The smart driving concept experienced a significant surge in early trading on September 18, with multiple companies seeing substantial gains [1] - Dezhong Automobile reached the daily limit up, indicating strong investor interest and confidence in the sector [1] - Other companies such as Kobot, China Automotive Technology and Research Center, Guangyang Co., and others also hit the daily limit up, reflecting a broad rally in the smart driving industry [1]

Core Insights - The visit of Mandip Tack, General Manager of IDIADA China, to China Automotive Research Institute signifies a collaborative effort between the two organizations in various technical fields [1] - China Automotive Research Institute's Vice Secretary of the Party Committee, Liu Anmin, highlighted the successful cooperation in areas such as export certification, Euro NCAP, and Green NCAP [1] - There is an expressed intention to deepen collaboration in product development, integrated testing and certification, and export certification [1] Group 1 - Mandip Tack's visit represents a strategic partnership opportunity between IDIADA and China Automotive Research Institute [1] - Liu Anmin welcomed the collaboration and outlined the comprehensive technical service capabilities of China Automotive Research Institute [1] - The organizations have achieved preliminary results in their cooperative efforts, indicating a positive trajectory for future projects [1] Group 2 - Future collaboration aims to leverage strategic resource advantages from both parties [1] - There is a focus on expanding the breadth of cooperation and enhancing technical research exchanges [1] - The partnership is expected to lead to more substantial cooperation in key areas of automotive technology [1]

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].