Core Insights - The company reported a total revenue of 1.893 billion yuan for the first half of 2025, representing a year-on-year increase of 9.05%, while the net profit attributable to shareholders decreased by 21.0% to 90.7416 million yuan [1] - The second quarter revenue reached 1.029 billion yuan, up 17.27% year-on-year, but the net profit for the same period fell by 21.86% to 45.4619 million yuan [1] - The company's accounts receivable are notably high, with accounts receivable accounting for 402.7% of the latest annual net profit [1] Financial Performance - Total revenue for 2024 was 1.736 billion yuan, compared to 1.893 billion yuan in 2025, showing a growth of 9.05% [1] - Net profit attributable to shareholders decreased from 115 million yuan in 2024 to 90.7416 million yuan in 2025, a decline of 21.0% [1] - Gross margin decreased to 18.67% in 2025 from 21.20% in 2024, a drop of 11.91% [1] - Net margin also fell from 7.80% in 2024 to 5.47% in 2025, a decrease of 29.78% [1] - Total expenses (selling, administrative, and financial) amounted to 112 million yuan, accounting for 5.89% of revenue, down 18.87% year-on-year [1] Cash Flow and Debt Analysis - The company reported cash flow per share of 0.61 yuan, an increase of 55.49% compared to 0.39 yuan in the previous year [1] - The cash and cash equivalents decreased to 451 million yuan, down 16.54% from 540 million yuan [1] - The interest-bearing debt slightly decreased to 997.1 million yuan, a reduction of 0.27% [1] - The company's cash flow situation is concerning, with cash and cash equivalents to current liabilities at only 41.31% and the average operating cash flow over the past three years to current liabilities at 19.36% [2] - The interest-bearing asset-liability ratio has reached 21.51% [2] Investment Return Metrics - The company's return on invested capital (ROIC) was 9.13% last year, indicating a generally average capital return [1] - Historical data shows a median ROIC of 11.47% since the company went public, with the worst year being 2021 at 5.63% [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a stable revenue growth of 9.05% year-on-year, achieving a revenue of 1.893 billion yuan in the first half of 2025 [2][3] - The gross profit margin decreased by 2.97 percentage points to 18.67%, indicating short-term pressure on profitability [4] - The company is accelerating its expansion into overseas markets, with overseas sales accounting for 24.41% of total revenue [5] - The company is actively exploring non-automotive thermal management applications, with small-scale production of liquid cooling products [7][8] - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 4.534 billion, 5.363 billion, and 6.334 billion yuan, with corresponding net profits of 252 million, 301 million, and 360 million yuan [9] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 1.893 billion yuan, with a year-on-year growth of 9.05%. The net profit attributable to the parent company was 91 million yuan, down 21% year-on-year [2][3] Gross Margin and Expenses - The gross profit margin for the first half of 2025 was 18.67%, a decrease of 2.97 percentage points compared to the previous year. The R&D expense ratio increased to 5.28%, reflecting the company's commitment to innovation [4] Market Expansion - The company achieved overseas sales of 462 million yuan, representing 24.41% of total revenue. The establishment of a factory in Poland is enhancing its presence in Europe [5] Product Development - The company is planning to build a 6,000 tons/year rubber mixing center and a 10 million meters/year air conditioning rubber hose project, expanding its product offerings [6] Non-Automotive Applications - The company is exploring thermal management applications in non-automotive fields, with small-scale production of liquid cooling products for data centers and energy storage cabinets [7][8] Financial Forecast - The company has revised its revenue and profit forecasts for 2025-2027, with expected revenues of 4.534 billion, 5.363 billion, and 6.334 billion yuan, and net profits of 252 million, 301 million, and 360 million yuan respectively [9]

格隆汇8月27日丨腾龙股份(603158.SH)发布2025年半年度报告，报告期实现营业收入18.93亿元，同比增 长9.05%；归属上市公司股东的净利润9074.16万元，同比下降21.00%；扣除非经常性损益后的归属于上 市公司股东的净利润8659.22万元，同比下降19.72%；基本每股收益0.18元。 ...

中信建投证券股份有限公司 关于常州腾龙汽车零部件股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 中信建投股份有限公司（以下简称"保荐机构"）自常州腾龙汽车零部件股 份有限公司（以下简称"腾龙股份"或"公司"）2025 年 7 月 23 日披露《关于 变更持续督导保荐机构及保荐代表人的公告》后，承继公司前次非公开发行股票 的持续督导工作。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》（中国证券监督管理委员会公告〔2025〕10 号）、上海证券交易所发 布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《上海证 券交易所上市公司自律监管指南第 1 号——公告格式》等相关文件的要求，对腾 龙股份使用部分闲置募集资金进行现金管理的事项进行了核查，核查情况及核查 意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（"中国证监会"）《关于核准常州腾龙汽车零部 件股份有限公司非公开发行股票的批复》（证监许可[2020]2839 号）核准，腾龙 股份非公开发行人民币普通股 A 股 48,555,253 股，每股发行价格为 12.24 元，募 集资金总额为 594,316 ...

证券代码：603158 证券简称：腾龙股份 公告编号：2025-047 常州腾龙汽车零部件股份有限公司 第五届董事会第二十一次会议决议公告 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。 一、董事会召开情况： 常州腾龙汽车零部件股份有限公司（以下简称"公司"）第五届董事会第二十一次会 议通知于 2025 年 8 月 21 日以电话、邮件等形式发出，于 2025 年 8 月 27 日在公司会议 室以现场方式召开。会议由董事长蒋学真主持，应参会董事 7 名，实际参会董事 7 名， 公司高级管理人员列席会议。本次会议召开符合《中华人民共和国公司法》等法律法规 及《常州腾龙汽车零部件股份有限公司章程》的规定。 二、董事会审议情况： 经与会董事审议，审议通过如下议案： 1、关于公司 2025 年半年度报告全文及摘要的议案； 公司董事会审计委员会对公司编制的2025年半年度财务会计报表进行了事前审议， 未发现报表中存在异常情况，认为财务会计报表能够反映公司的财务状况和经营成果， 同意提交董事会审议。公司全体董事、高级管理人员对公司《202 ...

Financial Performance - The company's operating revenue for the first half of 2025 was CNY 1,892,882,035.35, representing a 9.05% increase compared to CNY 1,735,751,419.75 in the same period last year[20]. - Total profit decreased by 22.69% to CNY 125,785,191.03 from CNY 162,711,960.94 year-on-year[21]. - Net profit attributable to shareholders was CNY 90,741,636.72, down 21.00% from CNY 114,863,058.07 in the previous year[21]. - Basic earnings per share decreased by 21.74% to CNY 0.18 compared to the same period last year[22]. - Net profit after deducting share-based payment effects was CNY 102,832,057.84, a decrease of 23.11% year-on-year[24]. - The company reported a significant decrease in financial expenses, with a change of -179.71% to -¥10,058,235.42, attributed to increased foreign exchange gains[48]. - The company reported a significant loss of 1,591.26 million in operating profit for the subsidiary 麦极客, indicating challenges in the wireless charging equipment market[59]. - The company reported a decrease in total profit to ¥33,133,979.82, down from ¥35,149,452.53 in the first half of 2024[105]. - Net profit for the first half of 2025 was ¥27,604,819.07, a decrease of 17.8% from ¥33,309,803.10 in the same period of 2024[106]. Cash Flow and Assets - The net cash flow from operating activities increased by 55.49% to CNY 300,906,589.04 compared to CNY 193,520,869.81 in the same period last year[21]. - The company's cash and cash equivalents decreased by 64.91% to ¥12,854,046.91, primarily due to a reduction in unexpired financial products[51]. - The net cash flow from investing activities was -¥98,232,985.64, a decline of 44.11% compared to the previous year[48]. - Current assets totaled RMB 2,792,207,791.93 as of June 30, 2025, a decrease of 5.5% from RMB 2,954,584,364.20 on December 31, 2024[94]. - The company's cash and cash equivalents rose to RMB 451,070,110.55, up from RMB 385,810,758.78, representing an increase of about 17%[94]. - The total assets decreased to RMB 4,636,208,701.73 from RMB 4,762,103,949.59, indicating a decline of about 2.6%[96]. - The total liabilities at the end of the current period are CNY 795,079,548.04, compared to CNY 793,577,312.92 at the end of the previous year, indicating a marginal increase[117]. Investments and Projects - The company secured 138 new project designations, with 112 related to new energy projects, laying a solid foundation for future growth[34]. - The project for expanding production capacity for automotive air conditioning pipelines in Poland has a total investment of CNY 161,937,500.00, with 71.06% of the funds utilized by August 2024[78]. - The project for producing 1.5 million sets of new energy vehicle thermal management systems in Anhui has a total investment of CNY 55,000,000.00, with 100.71% of the funds utilized by April 2024[78]. - The project for the European R&D center has a total investment of CNY 8,873,800.00, with 110.71% of the funds utilized by August 2024[78]. Research and Development - R&D expenses rose by 22.40% to ¥100,277,950.78, reflecting increased investment in research and development[48]. - Research and development expenses for the first half of 2025 were ¥100,277,950.78, compared to ¥81,927,702.88 in the same period of 2024, marking a significant increase of 22.3%[102]. - Research and development expenses increased to ¥43,175,904.86, up 17.2% from ¥36,836,218.66 in the first half of 2024[105]. Risk Management and Compliance - The company has detailed risk factors in the management discussion and analysis section of the report[7]. - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[5]. - The company emphasizes compliance management and risk prevention among key personnel to strengthen governance and internal controls[64]. - The company is exposed to risks from raw material price fluctuations, particularly for aluminum, plastics, rubber, and stainless steel[60]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 36,209[85]. - The largest shareholder, Tenglong Technology Group, holds 133,768,236 shares, representing 27.26% of the total shares[87]. - The company has not experienced any changes in its total share capital or share structure during the reporting period[84]. - The company has implemented a stock repurchase program, acquiring 5,300,040 shares, which is 1.08% of the total share capital[63]. Industry and Market Position - The automotive parts industry is experiencing growth, with a 12.5% increase in production and sales in the first half of 2025 compared to the previous year[32]. - The company is focusing on accelerating the transition to new energy and implementing an internationalization strategy to enhance overall competitiveness[33]. - The company aims to provide comprehensive heat exchange solutions, evolving from a parts supplier to a collaborative partner for major manufacturers globally[33]. - The company has established long-term partnerships with major automotive manufacturers, including Volvo and BYD, enhancing its customer resource advantage[41]. Accounting and Financial Reporting - The financial report was approved by the board on August 27, 2025, ensuring compliance with accounting standards[123]. - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[125]. - The company ensures that all financial reporting adheres to the applicable accounting standards and regulations, maintaining accuracy and transparency in its financial statements[140].

Core Viewpoint - The company plans to utilize up to 0.80 billion yuan of temporarily idle raised funds for cash management, focusing on low-risk and high-liquidity investment products [1] Group 1: Investment Strategy - The company will invest in safe, liquid, and low-risk financial products, including but not limited to principal-protected financial products, structured deposits, large-denomination certificates of deposit, time deposits, notice deposits, and income certificates [1] - The investment period is set to be effective within 12 months, allowing for rolling use of funds within the specified limit [1] Group 2: Impact on Operations - This cash management operation will not affect the progress of the raised funds investment projects or the company's normal production and operations [1]

二、募投项目的具体情况 根据公司《2020 年非公开发行 A 股股票预案（修订稿）》及实际募集资金使 中信建投股份有限公司关于 常州腾龙汽车零部件股份有限公司 部分募投项目结项并将节余募集资金用于其他募投 项目的核查意见 中信建投股份有限公司（以下简称"保荐机构"）自常州腾龙汽车零部件股 份有限公司（以下简称"腾龙股份"或"公司"）2025 年 7 月 23 日披露《关于 变更持续督导保荐机构及保荐代表人的公告》后，承继公司前次非公开发行股票 的持续督导工作。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》（中国证券监督管理委员会公告〔2025〕10 号）、上海证券交易所发 布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》及《上海证 券交易所上市公司自律监管指南第 1 号——公告格式》等相关文件的要求，对腾 龙股份部分募投项目结项并将节余募集资金用于其他募投项目的事项进行了核 查，核查情况及核查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准常州腾龙 汽车零部件股份有限公司非公开发行股票的批复》（证监许可[2020]2839 号 ...

证券代码：603158 证券简称：腾龙股份 公告编号：2025-048 常州腾龙汽车零部件股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 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。 2025年8月27日，常州腾龙汽车零部件股份有限公司（以下简称"腾龙股份"、 "公司"）召开第五届董事会第二十一次会议，审议通过了《关于使用暂时闲置募 集资金进行现金管理的议案》，同意公司在不影响募集资金投资项目进度和公司 正常生产经营及确保资金安全的情况下进行现金管理，使用额度不超过人民币 8,000万元（含本数）的暂时闲置募集资金购买安全性高、流动性好、风险低的 投资产品（包括但不限于购买保本型理财产品、结构性存款、大额存单、定期存 款、通知存款、收益凭证等），使用期限自公司董事会审议通过之日起12个月之 内有效。在前述额度及使用期限范围内，资金可以循环滚动使用。 一、本次委托理财概况 （一）委托理财目的 为提高公司资金使用效率，合理利用暂时闲置募集资金，在不影响募集资金 投资项目建设和公司正常经营的情况下，增加公司资金收益，为公 ...

常州腾龙汽车零部件股份有限公司 关于募集资金2025年半年度存放、管理与实际使用情况的专项报告 根据中国证券监督管理委员会《上市公司募集资金监管规则》（中国证券监督管理 委员会公告〔2025〕10号）、上海证券交易所发布的《上海证券交易所上市公司自律监 管指引第1号——规范运作》及《上海证券交易所上市公司自律监管指南第1号——公告 格式》等有关规定，公司董事会编制了2025年半年度募集资金存放、管理与实际使用情 况专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到账情况 经中国证券监督管理委员会《关于核准常州腾龙汽车零部件股份有限公司非公开发 行股票的批复》（证监许可[2020]2839号）核准，腾龙股份非公开发行人民币普通股A股 48,555,253股,每股发行价格为12.24元，募集资金总额为594,316,296.72元，扣除发行费用 （不含税）11,088,018.60元后，公司非公开发行股票募集资金净额为583,228,278.12元。 上述资金已于2021年8月26日到位，中天运会计师事务所（特殊普通合伙）对募集资金到 （二）募集资金以前年度已使用金额、2025年半年度使用金额及当前 ...