Company Overview - Baolong Technology Co., Ltd. is located in Songjiang District, Shanghai, established on May 20, 1997, and listed on May 19, 2017. The company specializes in the research, production, and sales of automotive intelligence and lightweight products [1][2]. Financial Performance - For the first half of 2025, Baolong Technology achieved operating revenue of 3.95 billion yuan, representing a year-on-year growth of 24.06%. However, the net profit attributable to shareholders decreased by 9.15% to 135 million yuan [2]. - Since its A-share listing, Baolong Technology has distributed a total of 704 million yuan in dividends, with 354 million yuan distributed over the past three years [3]. Stock Performance - As of September 1, Baolong Technology's stock price was 37.77 yuan per share, with a market capitalization of 8.069 billion yuan. The stock has seen a year-to-date increase of 1.42%, but has declined by 12.08% over the last five trading days [1]. - The stock experienced a net outflow of 28.13 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 30.40% to 22,700, while the average circulating shares per person decreased by 23.31% to 9,394 shares [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 1.7708 million shares, a decrease of 1.3537 million shares from the previous period [3]. Business Segments - The main revenue sources for Baolong Technology include: TPMS and accessories (30.55%), automotive metal pipes (20.61%), intelligent suspension systems (14.14%), and other segments [1]. Industry Classification - Baolong Technology is classified under the automotive industry, specifically in the automotive parts sector, and is associated with concepts such as small-cap stocks, ideal automotive concepts, BYD concepts, and low-altitude economy [2].

今日早参 2025 年 9 月 01 日 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 易峘 首席宏观经济学家 邮箱：evayi@htsc.com 今日热点 宏观：人民币：蓄势已久的升值 近日人民币兑美元和一篮子货币加速升值。8 月 28-29 两个交易日，离岸人 民币兑美元升值 0.4%。一方面，每日美元兑人民币中间价近来有所上调，但 另一方面，市场力量也开始加速推动人民币走强——近日在岸人民币交易价 格接近中间价、而离岸人民币汇率强于在岸即是例证（图表 10）。近期，全 球对配置中国权益资产的偏好上升可能是近期人民币汇率走强的催化剂之一 （参见华泰策略组报告《外资对中国资产关注度升温》，2025/8/24）。然而， 我们认为，人民币兑美元升值"蓄势"已久，有进一步走强的空间，且可能 成为驱动美元名义有效汇率（NEER）下一轮贬值的最大权重货币。往前 看，人民币汇率有较强的基本面支撑，仍有进一步升值动力，我们重申 12 个 月美元兑人民币汇率 6.98 的预测（参见《人民币或将有升值动力》， 2025/5/22，以及《中国 2025 年下半年宏观展望："再平衡"中孕育新机 遇》,2025/6/ ...

Core Viewpoint - The automotive industry is on the brink of a revolution driven by smart technology, with 2025 expected to be a pivotal year for the adoption of Level 3 (L3) automation, particularly in urban environments [1][2]. Group 1: Automotive Smart Technology - L3 automation is anticipated to significantly influence consumer purchasing decisions, becoming one of the top three considerations when buying a car [1]. - The penetration rate of L3 automation is projected to increase from 10% in 2025 to over 80% by 2027, indicating a rapid adoption phase [1]. - The future automotive landscape is expected to be categorized into three types of companies: B-end Robotaxi operators, C-end personalized brands, and high-end vehicle manufacturers [2]. Group 2: Market Trends and Developments - In August, the penetration rate of urban NOA (Navigation on Autopilot) reached 23.2%, reflecting a month-on-month increase of 0.9 percentage points [3]. - Companies like Li Auto and XPeng are leading in smart technology adoption, with XPeng's smart technology penetration exceeding 70% and Li Auto's at 59.4%, despite a slight decline [3]. - The introduction of next-generation driving architectures, such as VLA, is being implemented in new models, enhancing the capabilities of smart driving systems [3]. Group 3: Investment Recommendations - The report suggests a focus on smart vehicles and related components, highlighting companies in both Hong Kong and A-share markets, such as XPeng Motors, Li Auto, BYD, and SAIC Motor [4]. - Investment opportunities are identified in AI chips, domain controllers, and electronic components, with specific companies recommended for each category [4].

本次财报公布的各项数据指标表现一般。其中，毛利率21.81%，同比减18.9%，净利率4.02%，同比减 18.77%，销售费用、管理费用、财务费用总计3.48亿元，三费占营收比8.82%，同比减26.12%，每股净 资产15.3元，同比增7.07%，每股经营性现金流0.75元，同比增69.03%，每股收益0.63元，同比减11.27% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 31.84亿 | 39.5亿 | 24.06% | | 归母净利润(元) | 1.48亿 | 1.35亿 | -9.15% | | 扣非净利润(元) | 1.19亿 | 9842.95万 | -17.01% | | 货币资金(元) | 10.51亿 | 7.99亿 | -23.94% | | 应收账款(元) | 16.57亿 | 19.29 亿 | 16.42% | | 有息负债 (元) | 39.69亿 | 47.45 Z | 19.55% | | 手利率 | 26.90% | 21.81% | -18.90% | | 净利率 | ...

证券代码：603197 证券简称：保隆科技 公告编号：2025-090 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 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： ? 每股分配金额：每股派发现金股利 0.32 元（含税）。 ? 本次利润分配股本以实施权益分派股权登记日登记的总股本（扣除公 司回购专用证券账户中的股份）为基数，具体日期将在权益分派实施公告中明确。 ? 在实施权益分派的股权登记日前公司总股本（扣除公司回购专用证券 账户中的股份）发生变动的，拟维持每股分配金额不变，相应调整分配总额，并 将在相关公告中披露。 一、利润分配方案内容 （一）利润分配方案的具体内容 截至 2025 年 6 月 30 日，上海保隆汽车科技股份有限公司（以下简称"公司"） 母公司报表中期末未分配利润为人民币 113,279,428.28 元（未经审计）。经董 事会决议，公司 2025 年半年度拟以实施权益分派股权登记日登记的总股本（扣 除公司回购专用证券账户中的股份）为基数分配利润。本次利润分配方案 ...

上海精诚磐明律师事务所 关于上海保隆汽车科技股份有限公司 注销 2021 年限制性股票与股票期权激励计划预留期权第二个行 权期到期未行权的股票期权 之 法律意见书 精诚磐明法字(2025)第 SHF2022019-15 号 二〇二五年八月 上海精诚磐明律师事务所 关于上海保隆汽车科技股份有限公司 法律意见书 精诚磐明法字(2025)第 SHF2022019-15 号 致：上海保隆汽车科技股份有限公司 上海精诚磐明律师事务所(以下简称"本所")接受上海保隆汽车科技股份有限公司 (以下简称"公司")的委托，根据《中华人民共和国公司法》(以下简称《公司法》)、《中 华人民共和国证券法》(以下简称《证券法》)、中国证券监督管理委员会(以下简称"中国 证监会")发布的《上市公司股权激励管理办法》(以下简称《管理办法》)等法律、行政法 规、中国证监会行政规章、规范性文件和《上海保隆汽车科技股份有限公司章程》(以下 简称《公司章程》)及《上海保隆汽车科技股份有限公司 2021 年限制性股票与股票期权 激励计划(草案)》(以下简称《激励计划》)的有关规定，就公司拟注销 2021 年限制性股 票与股票期权激励计划(以下简称"本 ...

证券代码：603197 证券简称：保隆科技 公告编号：2025-092 债券代码：113692 债券简称：保隆转债 上海保隆汽车科技股份有限公司 关于注销公司 2021 年限制性股票与股票期权激励计划 预留授予的部分股票期权的公告 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。 上海保隆汽车科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日 召开了第七届董事会第二十八次会议、第七届监事会第二十六次会议，分别审议 通过了《关于注销公司 2021 年限制性股票与股票期权激励计划预留授予的部分 股票期权的议案》，根据《上市公司股权激励管理办法》（以下简称"《管理办 法》"）《上海保隆汽车科技股份有限公司 2021 年限制性股票与股票期权激励 计划》（以下简称 "本次激励计划"或"《激励计划》"）的相关规定，公司 拟注销已获授尚未行权的股票期权 114,000 份，现将有关事项说明如下： 一、本次激励计划已履行的相关审批程序 《关于 <上海保隆汽车科技股份有限公司 ensp="ensp" 年限制性股票与股票期权激励计 ...

0 1 事 件 概 述 公司披露2025年半年度报告：2025H1营收39.50亿元，同比+24.06%；归母净利润1.35亿元，同比-9.15%；扣非归母净利润0.98亿元， 同比-17.01%。公司披露2025年半年度利润分配方案，每股派发现金股利0.32元，合计派发现金红利0.68亿元。 0 2 分 析 判 断 ► 2 025Q2业绩承压 静待订单释放 1 ）收入端： 公司2025Q2营收20.45亿元，同比+20.23%，环比+7.34%，我们认为营收同环比实现增长系重点客户销量增长所致： 2025Q2理想汽车交付111,074辆，同比+2.30%，环比+19.61% ； 2 ）利润端： 公司2025Q2归母净利润0.40亿元，同比-50.76%，环 比-58.47%，受全球关税政策及海运费影响，利润有所承压；公司2025Q2毛利率为20.48%，同比-4.60pct，环比-2.77pct，我们认为 毛利率同环比大幅下降主要系产品结构改变及降价影响；公司2025Q2净利率为2.48%，同比+2.76pct，环比-3.19pct。 3 ）费用端： 公 司2025Q2销售/管理/研发/财务费用率分别为3. ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 3.95 billion yuan for the first half of 2025, representing a year-on-year increase of 24.06%, while the net profit attributable to shareholders decreased by 9.15% to 135 million yuan [1]. - The company is experiencing pressure on its performance in Q2 2025, with a revenue of 2.045 billion yuan, up 20.23% year-on-year, but a significant drop in net profit by 50.76% year-on-year due to global tariff policies and shipping costs [2]. - Emerging businesses are accelerating growth, with sensor and ADAS businesses gaining new orders, contributing to a revenue of 368 million yuan for the sensor business in H1 2025, up 18.71% year-on-year [3]. - The smart suspension business is also growing rapidly, with a revenue of 637 million yuan in H1 2025, up 50.22% year-on-year, and a backlog of orders exceeding 23.87 billion yuan [3]. Summary by Sections Financial Performance - For H1 2025, the company reported a revenue of 3.95 billion yuan and a net profit of 135 million yuan, with a cash dividend of 0.32 yuan per share [1]. - In Q2 2025, the company achieved a revenue of 2.045 billion yuan, with a net profit of 40 million yuan, reflecting a significant decline in profitability [2]. Business Development - The company is expanding its emerging business segments, with the sensor business and ADAS business seeing substantial growth and new orders [3]. - The smart suspension business is also on an upward trajectory, with significant order backlogs and new international contracts [3]. Future Projections - The report forecasts revenues of 8.68 billion yuan, 10.84 billion yuan, and 13.06 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 400 million yuan, 504 million yuan, and 642 million yuan [5]. - The expected EPS for the same years is 1.87 yuan, 2.36 yuan, and 3.01 yuan, with corresponding PE ratios of 23, 18, and 14 [4][5].

（文章来源：证券日报） 证券日报网讯 8月28日晚间，保隆科技发布公告称，公司第七届监事会第二十六次会议审议通过了《公 司2025年半年度报告全文及摘要》等多项议案。 ...