Market Overview - The Shanghai Composite Index is at 3757.36 points, with a decline of 1.47% and total A-share trading volume of 20349.66 billion yuan [1] - As of now, 73 A-shares have surpassed their annual line, with notable stocks showing significant deviation rates [1] Notable Stocks - Stocks with the highest deviation rates include: - Aibulu (301259) with a deviation rate of 8.09% and a price increase of 10.22% [1] - Gongxiao Daji (000564) with a deviation rate of 8.06% and a price increase of 8.56% [1] - Shenglong Co. (603178) with a deviation rate of 6.11% and a price increase of 10.02% [1] - Other stocks with lower deviation rates that have just crossed the annual line include: - Weiguang Biological, Changjiang Electric Power, and Yunnan Tourism [1] Deviation Rate Rankings - The top stocks by deviation rate on September 4 include: - Aibulu (301259): Latest price 47.35 yuan, annual line 43.81 yuan [1] - Gongxiao Daji (000564): Latest price 2.79 yuan, annual line 2.58 yuan [1] - Shenglong Co. (603178): Latest price 20.54 yuan, annual line 19.36 yuan [1] - Additional stocks with notable performance include: - Wufangzhai (603237) with a deviation rate of 4.78% [1] - Yuanzhu Co. (603886) with a deviation rate of 3.50% [1]

Core Viewpoint - Shenglong Co., Ltd. (603178) reported mixed financial results for the first half of 2025, with revenue growth but significant losses in net profit and declining profitability metrics [1] Financial Performance - Total revenue for the first half of 2025 reached 833 million yuan, a year-on-year increase of 16.56% compared to 715 million yuan in 2024 [1] - The net profit attributable to shareholders was -55.14 million yuan, a decline of 364.99% from a profit of 20.81 million yuan in the previous year [1] - The gross margin decreased to 4.15%, down 54.44% from 9.11% in 2024, while the net margin fell to -6.62%, a drop of 327.34% from 2.91% [1] - The company's operating cash flow per share was -0.03 yuan, a decrease of 116.57% from 0.19 yuan in the previous year [1] Accounts Receivable and Cash Flow - Accounts receivable increased significantly by 52.65%, rising from 308 million yuan to 471 million yuan [1] - The cash flow situation is concerning, with cash and cash equivalents decreasing by 20.91% to 173 million yuan [1][8] - The ratio of accounts receivable to profit reached 1581.49%, indicating potential collection issues [8] Expenses and Liabilities - Total selling, administrative, and financial expenses amounted to 52.67 million yuan, accounting for 6.32% of revenue, a decrease of 13.6% year-on-year [1] - Interest-bearing liabilities slightly decreased by 2.07% to 305 million yuan [1] Business Model and Historical Performance - The company's performance relies heavily on research and marketing efforts, necessitating a deeper analysis of these driving factors [7] - Historical data shows a median Return on Invested Capital (ROIC) of 9.26% since its listing, with a notably poor ROIC of -13.13% in 2019 [6]

Core Viewpoint - Shenglong Co., Ltd. (603178) reported mixed financial results for the first half of 2025, with revenue growth but significant losses in net profit and declining profitability metrics [1]. Financial Performance - Total revenue for the first half of 2025 reached 833 million yuan, a year-on-year increase of 16.56% compared to 715 million yuan in 2024 [1]. - The net profit attributable to shareholders was -55.14 million yuan, a decline of 364.99% from a profit of 20.81 million yuan in the previous year [1]. - The gross margin decreased to 4.15%, down 54.44% from 9.11% in 2024, while the net margin fell to -6.62%, a drop of 327.34% from 2.91% [1]. Key Financial Metrics - The company's accounts receivable increased by 52.65%, rising to 471 million yuan from 308 million yuan [1]. - The total of selling, administrative, and financial expenses was 52.67 million yuan, accounting for 6.32% of revenue, a decrease of 13.6% year-on-year [1]. - Earnings per share (EPS) dropped to -0.23 yuan, a decline of 355.56% from 0.09 yuan in the previous year [1]. Cash Flow and Assets - Operating cash flow per share was -0.03 yuan, down 116.57% from 0.19 yuan [1]. - The company's cash and cash equivalents decreased by 20.91%, totaling 173 million yuan [1]. - The company reported a significant increase in financial expenses, up 7123.88%, attributed to reduced time deposits and currency fluctuations [3]. Business Model and Operational Insights - The company's return on invested capital (ROIC) was 2.04%, indicating weak capital returns, with a historical median ROIC of 9.26% since its listing [3]. - The business model relies heavily on research and marketing, necessitating a thorough examination of the underlying drivers of these operations [3]. - The company has a concerning cash flow situation, with cash and cash equivalents covering only 35.14% of current liabilities [3].

Group 1 - The core viewpoint of the article highlights that Shenglong Co., Ltd. (603178.SH) reported a revenue increase of 16.56% year-on-year, reaching 833 million yuan, marking five consecutive years of growth [1] - The company reported a net profit attributable to shareholders of -55.14 million yuan and a negative cash flow from operating activities of -7.34 million yuan [1] - The latest debt-to-asset ratio is 45.45%, a decrease of 1.06 percentage points from the previous quarter [3] Group 2 - The company's gross profit margin is 4.15%, an increase of 0.98 percentage points from the previous quarter [3] - The return on equity (ROE) stands at -4.47% [3] - The diluted earnings per share are -0.23 yuan [4] Group 3 - The total asset turnover ratio is 0.36 times, ranking 42nd among disclosed peers, with a year-on-year increase of 9.97% [4] - The inventory turnover ratio is 3.09 times, ranking 18th among disclosed peers, with a year-on-year increase of 4.55% [4] - The number of shareholders is 33,300, with the top ten shareholders holding 64.64% of the total shares, led by Ningbo Shenglong (Group) Co., Ltd. with a 52.45% stake [4]

Core Points - The document outlines the management measures for the subsidiaries of Ningbo Shenglong Automotive Power System Co., Ltd, aiming to enhance supervision, promote standardized operations, and optimize resource allocation [1][2] - The management framework emphasizes the importance of compliance with laws and regulations, as well as the company's internal guidelines for effective governance and risk management [5][6] Group 1: General Principles - The company establishes a management system for its subsidiaries to ensure compliance with legal requirements and internal regulations [2][5] - Subsidiaries are required to develop specific implementation rules based on their actual situations to ensure adherence to the management measures [2][3] - The company will oversee subsidiaries in areas such as human resources, finance, operational decision-making, and special matters [5][6] Group 2: Governance Structure - Subsidiaries must operate independently while adhering to the company's overall goals and legal requirements [11][12] - The company appoints directors and supervisors to subsidiaries, who are responsible for protecting shareholder interests [13][14] - Subsidiaries are required to report significant operational matters to the company's board or shareholders for review [10][13] Group 3: Human Resources Management - The company appoints personnel to subsidiaries based on investment ratios, and these personnel must comply with the company's guidelines [23][24] - Directors and senior management in subsidiaries must fulfill their duties with loyalty and diligence, avoiding conflicts of interest [25][26] - Subsidiaries must establish their own human resources management systems and report them to the company's human resources department [27] Group 4: Financial Management - Subsidiaries must adhere to the company's unified financial management regulations and accounting systems [28][29] - Financial personnel in subsidiaries are responsible for maintaining accurate financial records and reporting to the company [30][31] - Subsidiaries are required to submit financial statements and reports to the company in a timely manner [36][37] Group 5: Operational Decision-Making and Investment Management - Subsidiaries must align their operational activities with national laws and the company's strategic objectives [42][43] - Annual work reports and operational plans must be prepared and submitted for approval by the subsidiary's board and shareholders [44][45] - Significant investment decisions require thorough feasibility studies and must be approved by the company [46][47] Group 6: Administrative Affairs and Document Management - Administrative affairs of subsidiaries are managed by the company's human resources department, and relevant documents must be reported [50][51] - Subsidiaries must maintain proper documentation for significant agreements and contracts [52][53] - The use of the company's trademarks and branding must be authorized by the company [55][56] Group 7: Asset Management - Subsidiaries must seek company approval for bank financing and provide necessary documentation for guarantees [60][61] - Subsidiaries are prohibited from providing guarantees for other companies without company approval [62] - Subsidiaries must focus on their core business activities and ensure compliance with their operational scope [62][63] Group 8: Internal Audit and Inspection - The company conducts regular audits of subsidiaries to ensure compliance with laws and internal regulations [64][65] - Subsidiaries must cooperate with audits and provide necessary documentation [66][67] - Management personnel must undergo exit audits when leaving their positions [68][69]

Core Points - The company has established a decision-making system for external guarantees to protect its and investors' legal rights, regulate guarantee behavior, and ensure asset safety [1] - The system applies to the company and its wholly-owned and controlling subsidiaries, emphasizing unified management of external guarantees [3][4] - The company must conduct risk assessments for guarantee business to ensure compliance with national laws and internal policies [2][5] Group 1 - External guarantees include guarantees, asset pledges, and other forms provided by the company using its own assets or credit [1] - The company must strictly control risks associated with external guarantees, including legal violations, improper approvals, and inadequate monitoring [2][4] - The company cannot provide guarantees for controlling shareholders or entities with less than 50% ownership [3][8] Group 2 - The company must evaluate the creditworthiness of the applicant for guarantees, considering factors such as asset quality and repayment ability [5][6] - Guarantees exceeding 10% of the company's latest audited net assets or 30% of total assets require approval from the shareholders' meeting [5][9] - The company must charge a risk compensation fee of 0.5%-1.5% of the guaranteed amount as a risk control measure [10][11] Group 3 - The company must disclose all external guarantee matters to registered accountants and in designated information disclosure media [11][12] - The company is responsible for daily management of guarantees, including tracking the economic performance of guaranteed entities [11][12] - Any violations of the guarantee management system will lead to accountability for responsible personnel, including potential economic penalties [13][14]

宁波圣龙汽车动力系统股份有限公司 内部审计管理制度 （2025 年 8 月修订） 为了规范内部审计工作，明确内部审计机构和人员的责任，发挥内部审计在 强化内部控制、改善经营管理、提高经济效益中的作用，进一步促进公司经济运 行健康发展，实现内部审计工作的制度化、规范化，根据《中华人民共和国审计 法》《上市公司治理准则》《上海证券交易所股票上市规则》《审计署关于内部 审计工作的规定》《中国内部审计准则》及其他相关法律、法规、规范性文件以 及《宁波圣龙汽车动力系统股份有限公司公司章程》的相关规定，结合公司实际， 特制定本制度。 适用于股份公司及下属公司，包括分公司、全资子公司及控股子公司的审计 管理活动。 内部审计:本制度所称的"内部审计"是指公司内部的一种独立客观的监督、 评价活动，通过对经营活动及内部控制的适当性、合法性和有效性进行审查、评 价和提出建议，促进改善公司运行的效率和效果，帮助实现公司发展目标，实现 公司健康发展。 计委员会报告工作。经授权实施各类审计业务、进行内部控制检查监督，并对公 司内部控制进行评价等。审计部成员原则上独立于公司的日常经营管理事务。内 部审计机构在对公司业务活动、风险管理、内部 ...

Core Viewpoint - The internal reporting system for significant information at Ningbo Shenglong Automotive Power System Co., Ltd. is established to ensure timely, accurate, and comprehensive disclosure of information that may significantly impact the trading prices of the company's securities and derivatives, thereby protecting the legitimate rights and interests of investors [2][3]. Group 1: General Provisions - The internal reporting system is designed to standardize the reporting of significant information within the company, ensuring rapid transmission and effective management of such information [2]. - The system applies to the company, its branches, subsidiaries, and associated companies [3]. Group 2: Scope of Significant Information - Significant information includes matters proposed for board review, resolutions from subsidiary or associated company meetings, and major transactions [5]. - Major transactions that require reporting include asset purchases or sales, financial assistance, guarantees, and other significant dealings that meet specified thresholds [5][6]. Group 3: Reporting Procedures - Information report obligors must report significant information to the chairman and board secretary on the same day it is known, using various communication methods [14]. - Reports must include details such as the reasons for the significant event, its impact on the company, and relevant documentation [14]. Group 4: Management and Responsibilities - The board office is responsible for managing significant information, including receiving, summarizing, and analyzing it for external disclosure [17]. - Information report obligors are the primary responsible parties for internal reporting obligations and must ensure the accuracy and completeness of the information reported [17][18]. Group 5: Penalties - The company reserves the right to hold responsible parties accountable for failing to report significant information in a timely manner, which may lead to economic losses or other adverse consequences [20].

Core Viewpoint - Ningbo Shenglong Automotive Power System Co., Ltd. reported a significant decline in net profit for the first half of 2025, with a net loss of approximately 55.14 million yuan, contrasting with a profit of 20.81 million yuan in the same period last year [1]. Financial Summary - Total assets at the end of the reporting period were approximately 2.26 billion yuan, a decrease of 4.22% compared to the previous year [1]. - Net assets attributable to shareholders decreased by 4.97% to approximately 1.23 billion yuan [1]. - Operating revenue increased by 16.56% to approximately 833 million yuan compared to the same period last year [1]. - The total profit for the period was a loss of approximately 55.14 million yuan, compared to a profit of approximately 21.47 million yuan in the previous year [1]. - The net profit attributable to shareholders was a loss of approximately 55.14 million yuan, compared to a profit of approximately 20.81 million yuan in the previous year [1]. - The net profit after deducting non-recurring gains and losses was a loss of approximately 65.33 million yuan, a decrease of 77.37% compared to the previous year [1]. - The net cash flow from operating activities was approximately -7.34 million yuan, a significant decline from 44.31 million yuan in the previous year [1]. - The weighted average return on net assets was -4.34%, a decrease of 5.95 percentage points from the previous year [1]. - Basic and diluted earnings per share were both -0.23 yuan, compared to 0.09 yuan in the previous year [1]. Shareholder Information - The total number of shareholders at the end of the reporting period was 33,271 [1]. - The largest shareholder, Ningbo Shenglong (Group) Co., Ltd., holds 52.45% of the shares [2]. - Other notable shareholders include Ningbo Yushun Trading Co., Ltd. with 4.35% and Ningbo Shengdal Investment Partnership with 2.18% [2].

Group 1 - The company, Ningbo Shenglong Automotive Power System Co., Ltd., is holding a half-year performance briefing in 2025 [1] - The meeting will be attended by key personnel including the Chairman, General Manager, and independent directors [1] - Investors can participate online through the Shanghai Stock Exchange Roadshow Center and submit questions in advance [1] Group 2 - The company emphasizes the importance of transparency and accountability in its announcements [1] - Contact information for inquiries is provided, including phone numbers and email addresses [1] - After the briefing, investors can access the meeting's details and main content through the Shanghai Stock Exchange Roadshow Center [1]