国联民生证券承销保荐有限公司（2025年9月，原保荐机构民生证券股份有 限公司承销保荐业务整合至国联民生证券承销保荐有限公司，以下简称"保荐机 构"）作为上海汽车空调配件股份有限公司（以下简称"上海汽配"或"公司"） 首次公开发行股票并在主板上市的保荐机构，根据《证券发行上市保荐业务管理 办法》、《上市公司募集资金监管规则》等有关规定，对上海汽配使用部分暂时 闲置募集资金进行现金管理及募集资金余额以协定存款方式存放的情况进行了 核查，并发表核查意见如下： 一、募集资金的基本情况 根据中国证券监督管理委员会《关于同意上海汽车空调配件股份有限公司首 次公开发行股票注册的批复》（证监许可〔2023〕1850号），公司由主承销商民 生证券股份有限公司采用余额包销方式，向社会公众公开发行人民币普通股（A 股）股票8,433.50万股，发行价为每股人民币14.23元，共计募集资金120,008.71万 元，坐扣承销和保荐费用10,900.78万元（不含税）后的募集资金为109,107.92万 元，已由主承销商民生证券股份有限公司于2023年10月27日汇入公司募集资金监 管账户。另减除保荐费、审计及验资费、律师费、用于本 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥58,028.03 million, an increase of 12.11% compared to the same period last year[4] - Total profit for the quarter was ¥6,943.32 million, reflecting a significant increase of 72.33% year-over-year[4] - Net profit attributable to shareholders was ¥5,159.14 million, up 59.66% from the previous year[4] - The net profit excluding non-recurring gains and losses was ¥5,345.50 million, representing a substantial increase of 97.51% year-over-year[4] - Basic and diluted earnings per share both stood at ¥0.15, marking a 50.00% increase compared to the same period last year[5] - Total operating revenue for the first three quarters of 2025 reached ¥1,645,447,201, an increase of 6.4% compared to ¥1,546,380,191 in the same period of 2024[19] - Net profit for the first three quarters of 2025 was ¥134,615,227.83, slightly higher than ¥133,155,846.46 in 2024, indicating a growth of 1.1%[20] - The company reported a net profit attributable to shareholders of ¥135,067,995.10 for the first three quarters of 2025, compared to ¥134,695,505.06 in 2024, marking a 0.3% increase[20] Assets and Liabilities - Total assets at the end of the reporting period were ¥270,277.50 million, a decrease of 3.20% from the end of the previous year[5] - Current assets decreased to CNY 1,847,029,498.83 from CNY 1,993,261,029.33, reflecting a decline of approximately 7.34%[15] - Total current liabilities decreased to CNY 549,604,100.27 from CNY 578,794,852.43, a reduction of approximately 5.04%[16] - The total liabilities decreased from ¥714,042,963.43 in 2024 to ¥586,287,572.27 in 2025, a reduction of approximately 17.9%[17] - The total equity attributable to shareholders rose to ¥2,116,940,203.08 in 2025 from ¥2,077,943,637.76 in 2024, reflecting an increase of 1.9%[17] Cash Flow - The cash flow generated from operating activities for the quarter was ¥1,183.09 million, with a significant increase in customer payments compared to the previous year[10] - The net cash inflow from operating activities was $81,275,868.01, a significant improvement compared to a net outflow of -$22,854,000.17 in the previous period[24] - Cash received from sales of goods and services was ¥1,594,687,899.62 in 2025, compared to ¥1,484,189,393.95 in 2024, showing a growth of 7.4%[23] - Cash paid to employees increased to $189,633,705.14 from $182,226,322.03, reflecting a growth of approximately 4%[24] - The ending balance of cash and cash equivalents was $670,131,692.58, down from $811,160,198.32 at the beginning of the period[25] Expenses - Total operating costs for the first three quarters of 2025 were ¥1,491,103,861.33, up from ¥1,412,720,180.36 in 2024, reflecting a year-over-year increase of 5.5%[19] - Research and development expenses increased to ¥53,858,681.04 in 2025 from ¥38,963,729.68 in 2024, representing a significant rise of 38.2%[20] - The company reported a tax expense of ¥33,715,150.62 for the first three quarters of 2025, up from ¥31,700,516.99 in 2024, indicating a rise of 6.3%[20] Shareholder Information - The company reported a total of 29,359 common shareholders at the end of the reporting period[12] Other Information - The company incurred non-recurring losses due to personnel relocation costs associated with the air conditioning pipe production capacity relocation, impacting the financial results[10] - The company experienced a negative impact of -$2,868,984.31 from exchange rate fluctuations on cash and cash equivalents[25] - The company will not apply new accounting standards starting from 2025, as stated in the announcement[26]

Core Insights - The company reported a third-quarter revenue of 580 million yuan, representing a year-on-year increase of 12.11% [1] - The net profit for the third quarter was 51.59 million yuan, showing a significant year-on-year growth of 59.66% [1] - For the first three quarters, the total revenue reached 1.645 billion yuan, which is a year-on-year increase of 6.41% [1] - The net profit for the first three quarters was 135 million yuan, reflecting a modest year-on-year growth of 0.28% [1]

Core Viewpoint - The company, Shanghai Automotive Air Conditioning Parts Co., Ltd., is focusing on expanding its international market presence and enhancing its core competitiveness through strategic investments and product development in the automotive parts sector, particularly in the context of new energy vehicles and global partnerships [3][7]. Company Overview - Shanghai Automotive Air Conditioning Parts Co., Ltd. was established on July 8, 1992, and is located in Pudong New District, Shanghai. The company specializes in the research, development, production, and sales of automotive air conditioning pipes and fuel distribution pipes [7]. - The company's main business revenue composition includes 79.38% from automotive thermal management system products, 18.86% from automotive engine system products, and 1.76% from other sources [7]. Market Activity - On October 28, the stock price of Shanghai Automotive increased by 0.32%, with a trading volume of 38.72 million yuan and a turnover rate of 1.12%. The total market capitalization stands at 5.316 billion yuan [1]. - The company has experienced a net outflow of 2.4766 million yuan from major investors today, with a continuous reduction in major funds over the past three days [4][5]. Strategic Developments - The company plans to establish a wholly-owned subsidiary in Morocco with an investment of up to 100 million yuan to enhance its international strategy and operational capabilities [3]. - The company has established long-term stable relationships with major global engine manufacturers, including BorgWarner and NPP ITELMA LLC, which require strict supplier certification processes [2]. Product Development - The company's R&D department has over 30 years of experience and has quickly adapted to market changes, successfully launching air conditioning pipe products that meet new energy vehicle quality standards [3]. - Shanghai Automotive's air conditioning pipe products are widely used in various traditional fuel models and have become a key supplier for several major automotive brands, including Volkswagen AG and SAIC Motor [3]. Financial Performance - For the first half of 2025, the company achieved a revenue of 1.065 billion yuan, representing a year-on-year growth of 3.54%. However, the net profit attributable to shareholders decreased by 18.47% to 83.4766 million yuan [8]. - Since its A-share listing, the company has distributed a total of 202 million yuan in dividends [8].

Core Viewpoint - The company, Shanghai Automotive Air Conditioning Parts Co., Ltd., is focusing on expanding its international market presence and enhancing its core competitiveness through strategic investments and product development in the automotive parts sector, particularly in the context of new energy vehicles and global partnerships [3][7]. Company Overview - Shanghai Automotive Air Conditioning Parts Co., Ltd. was established on July 8, 1992, and is located in Shanghai's Pudong New District. The company specializes in the research, development, production, and sales of automotive air conditioning pipes and fuel distribution pipes [7]. - The company's main business revenue composition includes 79.38% from automotive thermal management system products, 18.86% from automotive engine system products, and 1.76% from other sources [7]. Market Activity - On October 27, the stock price of Shanghai Automotive increased by 0.19%, with a trading volume of 34.44 million yuan and a turnover rate of 1.01%, leading to a total market capitalization of 5.3 billion yuan [1]. - The company is categorized under the automotive industry, specifically in the automotive parts sector, and is involved in concepts such as automotive lightweighting, thermal management, and new energy vehicles [8]. Financial Performance - For the first half of 2025, the company reported a revenue of 1.065 billion yuan, reflecting a year-on-year growth of 3.54%. However, the net profit attributable to shareholders decreased by 18.47% to 83.48 million yuan [8]. - Since its A-share listing, the company has distributed a total of 202 million yuan in dividends [9]. Strategic Initiatives - The company plans to establish a wholly-owned subsidiary in Morocco with an investment of up to 100 million yuan to enhance its international strategy and operational capabilities [3]. - The company has established long-term partnerships with globally recognized engine manufacturers, ensuring a stable customer base and adherence to strict supplier certification processes [2]. Technical Analysis - The average trading cost of the stock is 16.10 yuan, with the current stock price approaching a resistance level of 15.73 yuan, indicating potential for upward movement if this resistance is broken [6].

Group 1 - The company announced the establishment of a wholly-owned subsidiary in Morocco [2] - The decision was approved during the 13th meeting of the third board of directors [2] - The company has received the relevant certificates for the registration of the Moroccan subsidiary [2]

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。 上海汽车空调配件股份有限公司（以下简称"公司"）第三届董事会第十三 次会议审议通过了《关于对外投资设立全资子公司的议案》，同意公司在摩洛哥 设立全资子公司等相关事项。具体内容详见公司于2024年11月30日在上海证券交 易所网站（www.sse.com.cn）披露的《上海汽车空调配件股份有限公司关于对外 投资设立全资子公司的公告》（公告编号：2024-042）。 近日，公司收到摩洛哥子公司注册完成的相关证书，现将相关情况公告如下： 1.登记名称：SAAA DE MOROCCO 2.注册资本：800 万欧元 3.注册地：摩洛哥丹吉尔 上海汽车空调配件股份有限公司 关于全资子公司完成注册登记的公告 证券代码：603107 证券简称：上海汽配 公告编号：2025-057 4.经营活动：从事汽车工业零部件和配件的制造，包括新能源汽车零部件 特此公告。 上海汽车空调配件股份有限公司董事会 2025 年 10 月 23 日 ...

Core Viewpoint - The company has established a wholly-owned subsidiary in Morocco, indicating a strategic expansion into the automotive parts manufacturing sector, including components for new energy vehicles [1] Group 1 - The company’s third board meeting approved the establishment of the subsidiary [1] - The newly registered subsidiary is named SAAADEMOROCCO with a registered capital of 8 million euros [1] - The subsidiary is located in Tangier, Morocco, and will focus on manufacturing automotive industrial parts and accessories [1]

Group 1 - The core focus of the company is the vehicle-mounted refrigerator business, which is a key product in its strategic layout and was the first major project after going public [2] - The company anticipates that the vehicle-mounted refrigerator market will transition from a "high-end option" to a "mainstream product" due to the evolution of electric vehicles towards "intelligence" and "comfort," as well as the growing outdoor lifestyle trend [2] - The integrated vehicle-mounted refrigerator has gained recognition from major OEMs due to its advantages of "rapid cooling," "long-lasting," "quiet operation," and "energy efficiency" [2] Group 2 - The company has established subsidiaries in various domestic locations such as Shenyang, Wuhu, Wuhan, Zhejiang, Liuzhou, Tianjin, and Foshan to enhance customer proximity and support [2] - Internationally, the company has set up its first overseas subsidiary in Mexico, covering North and South America, and a second subsidiary in Morocco, targeting Europe and Africa [2] - The international expansion has become a core strategy for the development of the vehicle-mounted refrigerator business [2] Group 3 - In the fuel distribution pipe export business, the company has secured multiple export projects this year, with a total expected sales revenue exceeding 500 million RMB over the lifecycle of these projects [3] - Major end customers for these projects include Stellantis, General Motors, and Ford, with primary sales regions in North and South America and Europe [3] - Samples for these projects are expected to be delivered by the end of this year, with mass production anticipated in 2027 [3]

Summary of Key Points Core Viewpoint - On October 21, Shanghai Auto Parts conducted a block trade of 500,000 shares, with a transaction value of 6.995 million yuan, representing 17.61% of the total transaction volume for the day. The transaction price was 13.99 yuan, which is a discount of 9.97% compared to the market closing price of 15.54 yuan [1][2]. Group 1 - The block trade involved 500,000 shares of Shanghai Auto Parts, with a total transaction amount of 6.995 million yuan [1]. - The transaction price of 13.99 yuan reflects a 9.97% discount from the market closing price of 15.54 yuan [1]. - The block trade accounted for 17.61% of the total trading volume on that day [1]. Group 2 - The buying brokerage for the transaction was CITIC Securities Co., Ltd., while the selling brokerage was Minsheng Securities Co., Ltd. [2].