Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the automotive industry in China, specifically focusing on Original Equipment Manufacturers (OEMs) and auto parts companies [1][2]. Core Insights and Arguments - **Payment Cycle Commitment**: Chinese OEMs, including BYD, Geely, GWM, GAC, and Chery, have pledged to shorten supplier payment terms to within 60 days. This initiative aims to stabilize the supply chain and follows government directives against harmful price competition [1][2]. - **Positive Impact on Auto Parts Companies**: The commitment to a shorter payment cycle is expected to improve cash flow for auto parts suppliers and reduce financing costs. Companies with longer accounts receivable (AR) days, such as Wuhu BTL, are likely to benefit the most [1][5]. - **Current Payment Terms**: The average payment term for suppliers currently ranges from 100 to 120 days. Reducing this to 60 days could enhance profit margins by approximately 0.3%, assuming a short-term loan cost of 2-3% [5]. - **Implementation Uncertainty**: The actual impact of the policy will depend on how it is implemented and the specific arrangements between OEMs and suppliers. Some OEMs currently use supply chain finance platforms that may not be adjusted under the new terms [5]. Important but Overlooked Content - **Accounts Receivable Days**: The report includes a comparison of AR days for various auto parts companies, indicating that most companies are experiencing lengthening AR days in 2024 compared to 2023 [4][5]. - **Potential Risks**: There is a possibility that OEMs may offset the costs associated with shortened payment terms by imposing greater annual price cuts on auto parts suppliers, which could negate some of the benefits of the new payment cycle [5]. Companies Mentioned - **Auto Parts Companies**: Wuhu BTL, Shanghai Baolong, Sanhua, Jiangsu Xinquan, Tuopu, Joyson Electronic [4][5]. - **OEMs**: BYD, Geely, GWM, GAC, Chery, SAIC [1][2]. This summary encapsulates the key points discussed in the conference call, highlighting the implications for the automotive industry and the potential benefits and risks for auto parts companies.

证券代码：603179 证券简称：新泉股份 公告编号：2025-023 债券代码：113675 债券简称：新 23 转债 江苏新泉汽车饰件股份有限公司 关于第三期员工持股计划锁定期届满的提示性公告 公司回购专用账户持有的公司股票 281.572 万股，交易对价 11,999.06 万元。具 体 内 容 详 见 公 司 于 2024 年 6 月 14 日 刊 登 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）和指定信息披露媒体的《关于第三期员工持股计划完成股票 非交易过户的公告》（公告编号：2024-049）。 中竞价交易方式累计买入公司股票 925.9136 万股，成交金额 39,617.83 万元（不 含交易费用），持有公司股票数量占公司总股本的 1.90%。公司第三期员工持股 计划购买的公司股票锁定期自公司公告最后一笔股票过户完成之日起 12 个月， 即自 2024 年 6 月 19 日起至 2025 年 6 月 18 日止。具体内容详见公司于 2024 年 股计划实施进展公告》（公告编号：2024-050）。 二、第三期员工持股计划锁定期届满后的后续安排 本公司董事会及全体董事 ...

关于第三期员工持股计划锁定期届满的提示性公告 | 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-023 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | | 江苏新泉汽车饰件股份有限公司 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： ● 第三期员工持股计划持有股票数量：9,259,136 股 ● 第三期员工持股计划锁定期届满时间：2025 年 6 月 18 日 一、第三期员工持股计划的基本情况 1、2024 年 4 月 29 日，江苏新泉汽车饰件股份有限公司（以下简称"公司"） 召开第四届董事会第二十八次会议和第四届监事会第十九次会议，审议通过了 《关于<江苏新泉汽车饰件股份有限公司第三期员工持股计划（草案）>及其摘 要的议案》及相关事项，职工代表大会审议通过上述相关事项。具体内容详见公 司于 2024 年 4 月 30 日在上海证券交易所网站（http://www.sse.com.cn）及指定 信息披露媒体披露的相关公告。 2 ...

Core Viewpoint - Jiangsu Xinquan Automotive Trim Co., Ltd. announced the implementation of its 2024 annual profit distribution plan, which includes a cash dividend of RMB 0.30 per share, totaling approximately RMB 146.19 million [2][4]. Distribution Plan - The profit distribution plan was approved at the company's annual general meeting held on May 27, 2025 [2][3]. - The distribution is based on a total share capital of 487,303,796 shares [4]. - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the record date [3]. Implementation Details - The cash dividends will be distributed through the clearing system of China Securities Depository and Clearing Corporation Limited [5]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date at their designated securities firms [5]. Taxation Information - For individual shareholders holding unrestricted shares, dividends are subject to different tax treatments based on the holding period [8][9]. - For shares held for over one year, dividends are exempt from individual income tax; for shares held within one year, no tax will be withheld at the time of distribution [9]. - The actual cash dividend after tax for shareholders holding restricted shares will be RMB 0.27 per share [9][10]. Convertible Bond Adjustment - The conversion price for the "New 23 Convertible Bond" will be adjusted from RMB 51.05 to RMB 50.75 due to the cash dividend distribution [14][19]. - The adjustment will take effect on June 19, 2025, following the record date for the dividend distribution [19]. General Information - The company issued 11.60 billion RMB worth of convertible bonds, which began trading on September 5, 2023 [14][15]. - The bond's initial conversion price was set at RMB 51.35 per share, with the adjustment reflecting the cash dividend distribution [15][18].

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]

证券代码：603179 证券简称：新泉股份 公告编号：2025-021 债券代码：113675 债券简称：新 23 转债 江苏新泉汽车饰件股份有限公司 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： ? 每股分配比例 A 股每股现金红利0.30元 ? 相关日期 股份类别 股权登记日 最后交易日 除权（息）日 现金红利发放日 Ａ股 2025/6/18 － 2025/6/19 2025/6/19 ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | | 四、 分配实施 ...

| 证券代码：603179 | 证券简称：新泉股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：113675 | 债券简称：新 23 | 转债 | 江苏新泉汽车饰件股份有限公司 关于实施2024年年度权益分派调整"新23转债"转股 价格的公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 113675 | 新 转债 | 23 | 可转债转股复牌 | | | 2025/6/18 | 2025/6/19 | 调整前转股价格：51.05 元/股 调整后转股价格：50.75 元/股 "新 23 转债"本次转股价格调整实施日期：2025 年 6 月 19 日 （二）经上海证 ...

江苏新泉汽车饰件股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.30元 | 证券代码:603179 | | --- | | 债券代码:113675 | 债券代码：113675 债券简称：新 23 转债 证券代码：603179 证券简称：新泉股份 公告编号：2025-021 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/18 | － | 2025/6/19 | 2025/6/19 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 27 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3 ...

Group 1 - The company will stop the conversion of "New 23 Convertible Bonds" from June 11, 2025, until the equity registration date due to the implementation of the 2024 annual profit distribution [1][2] - The profit distribution plan includes a cash dividend of 3.00 yuan (including tax) for every 10 shares held, with no capital reserve fund conversion or bonus shares issued [1][2] - Holders of the convertible bonds can convert their bonds into shares until June 10, 2025, to enjoy the profit distribution [2] Group 2 - The company assures that the announcement contains no false records, misleading statements, or significant omissions, and takes legal responsibility for its authenticity, accuracy, and completeness [1] - The company will adjust the total cash distribution amount if there are changes in the total share capital before the equity registration date, while maintaining the cash distribution per share [1] - The resumption of the bond conversion will occur on the first trading day after the equity registration date [2]

| 证券代码：603179 | 证券简称：新泉股份 公告编号：2025-020 | | --- | --- | | 债券代码：113675 | 债券简称：新 23 转债 | 江苏新泉汽车饰件股份有限公司 关于实施2024年年度权益分派时"新23转债"停止转 股的提示性公告 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： 证券停复牌情况：适用 因实施 2024 年年度权益分派,本公司的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113675 | 新 23 转债 | 可转债转股停牌 | 2025/6/11 | | | | ● 2024 年年度权益分派公告前一交易日（2025 年 6 月 11 日）至权益分派股权登 记日期间，"新 23 转债"将停止转股。 一、2024 年年度权益分派方案的基本情况 1、江苏新泉汽车饰件股份有限公司（以下 ...