Investment Rating - The automotive industry is rated as "Outperform the Market" [1][5][4] Core Viewpoints - The industry is entering the mid-year performance period, with a focus on the 2025 World Robot Conference. The July car market is expected to grow primarily due to the "trade-in and scrapping" policies, with an estimated retail market of 1.85 million narrow passenger cars, a year-on-year increase of 7.6% [1][3] - The long-term outlook emphasizes the rise of domestic brands and opportunities in incremental components driven by electric and intelligent trends. In the short term, the strong new product cycle of Huawei and the first year of the Xiaomi automotive industry chain are highlighted [3][12] - The report suggests that under the geopolitical backdrop, the automotive sector as a domestic consumption product is likely to see increased stimulus policies, favoring passenger cars and domestically replaced components [3][12] Monthly Production and Sales Data - In July, the narrow passenger car retail market is projected to be around 1.85 million units, with a year-on-year growth of 7.6% and a month-on-month decline of 11.2%. New energy vehicle retail is expected to be approximately 1.01 million units, with a penetration rate of 54.6% [1][22] - Weekly data indicates that from July 1 to 27, the national passenger car retail reached 1.445 million units, a year-on-year increase of 9% but a month-on-month decline of 19% [1][2] Weekly Market Performance - For the week of July 28 to August 1, the CS automotive index fell by 2.26%, with the CS passenger car index down by 2.73%. The CS electric vehicle sector saw a decline of 5.01% [2][3] - The CS automotive sector outperformed the CSI 300 index by 0.08 percentage points but underperformed the Shanghai Composite Index by 0.88 percentage points, with a year-to-date increase of 10.97% [2][3] Key Company Earnings Forecast and Investment Ratings - Key companies such as Leap Motor, Geely, and JAC are rated as "Outperform the Market" with varying earnings per share (EPS) forecasts for 2025 and 2026 [4][5] - Leap Motor is expected to have an EPS of -0.05 in 2025, while Geely is projected to have an EPS of 1.36 [4][5] Investment Recommendations - The report recommends focusing on the rise of domestic brands and opportunities in incremental components, particularly in electric and intelligent sectors. Specific recommendations include: - Vehicle manufacturers: Leap Motor, JAC, Geely - Intelligent technology: Kobot, Huayang Group, Junsheng Electronics - Robotics: Top Group, Sanhua Intelligent Control, Shuanghuan Transmission - Domestic replacements: Xingyu Co., Fuyao Glass, Jifeng Co., New Spring Co., Horizon Robotics [3][12][24]

上海保隆汽车科技股份有限公司 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603197 证券简称：保隆科技 公告编号：2025-082 债券代码：113692 债券简称：保隆转债 关于公司为控股子公司提供担保的公告 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。 （二）内部决策程序 公司于2025年4月28日召开的第七届董事会第二十四次会议、第七届监事会第二十三次会议，全票审议 通过了《关于公司2025年度为子公司提供担保总额的议案》，2025年度公司向合并报表范围内下属子公 司提供总额不超过45亿元人民币的担保。具体内容详见公司于2025年4月30日在上海证券交易所网站 （www.sse.com.cn）披露的《上海保隆汽车科技股份有限公司关于公司2025年度为子公司提供担保总额 的公告》。上述议案已经公司2024年年度股东会审议通过。 （三）担保预计基本情况 公司此次为宁国保隆、保隆工贸、保富中国、龙感电子提供的担保包含在公司2025年度为子公司提供担 保总额度内，上述担保事项无须单独召开公司董事会、股东会审 ...

Summary of Key Points Core Viewpoint The announcement details Shanghai Baolong Automotive Technology Co., Ltd.'s provision of guarantees for its subsidiaries, indicating a strategic move to support their financing needs while maintaining control over associated risks. Group 1: Guarantee Details - The company provided a guarantee of 50 million RMB for Baolong (Anhui) Automotive Parts Co., Ltd., with an existing guarantee balance of 348.47 million RMB [1][2] - A guarantee of 250 million RMB was provided for Baolong Industrial Co., Ltd., with an existing balance of 881 million RMB [1][2] - The company also guaranteed 111.2 million RMB for Baolong Hofu (Shanghai) Electronics Co., Ltd., with an existing balance of 578.45 million RMB [1][2] - A guarantee of 20 million RMB was provided for Shanghai Longgan Automotive Electronics Co., Ltd., with an existing balance of 67.5 million RMB [1][2] Group 2: Cumulative Guarantee Situation - The total amount of external guarantees provided by the company and its subsidiaries as of July 31, 2025, is 2.590 billion RMB, which accounts for 81.02% of the company's latest audited net assets [2][21] - There are no overdue guarantees reported, and the company has not provided guarantees for controlling shareholders or related parties [21] Group 3: Internal Decision-Making Process - The board of directors approved the total guarantee amount for subsidiaries not exceeding 4.5 billion RMB for the year 2025 during a meeting held on April 28, 2025 [3][20] - The decision was ratified by the annual shareholders' meeting for 2024 [20] Group 4: Financial Health of Guaranteed Entities - The subsidiaries receiving guarantees have good credit status and do not have significant issues affecting their repayment capabilities, indicating manageable risk for the company [20] - The guarantees are aimed at supporting the subsidiaries' operational needs and long-term development [20]

Group 1 - The company, Baolong Technology, announced on August 1 that it has repurchased a total of 1.7662 million shares, which represents 0.8268% of its total share capital, through the Shanghai Stock Exchange trading system via centralized bidding [2]

| 证券代码：603197 | 证券简称：保隆科技 公告编号：2025-083 | | --- | --- | | 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 关于以集中竞价交易方式回购股份的进展公告 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： | 回购方案首次披露日 | 2025/4/30 | | | | | --- | --- | --- | --- | --- | | 回购方案实施期限 | 年 4 月 28 年 4 月 27 | 2025 | 日~2026 | 日 | | 预计回购金额 | 10,000万元~20,000万元 | | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | □为维护公司价值及股东权益 | | | | | 累计已回购股数 | 176.62万股 | | | | | 累计已回购股数占总股本比例 | 0.8268% | | | | | 累计已回购金额 | 6,999.37万元 | ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-082 | | --- | --- | --- | | 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 关于公司为控股子公司提供担保的公告 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： 担保对象及基本情况 | | 被担保人名称 | 保隆（安徽）汽车配件有限公司（以 下简称"宁国保隆"） | | | --- | --- | --- | --- | | | 本次担保金额 | 5,000.00 万元 | | | 担保对象一 | 实际为其提供的担保余额 | 34,847.06 万元(不含本次担保) | | | | 是否在前期预计额度内 | 是 □不适用 | □否 | | | 本次担保是否有反担保 | □是 □不适用 | 否 | | | 被担保人名称 | 上海保隆工贸有限公司（以下简称 "保隆工贸"） | | | | 本次担保金额 | 25,000.00 万元 | | | 担保对象二 | 实际为其提供的 ...

格隆汇8月1日丨保隆科技(603197.SH)公布，截至2025年7月31日，公司通过上海证券交易所交易系统以 集中竞价交易方式累计回购公司股份176.62万股，占公司总股本的比例为0.8268%，回购成交的最高价 为40.86元/股，最低价为38.68元/股，支付的资金总额为人民币6,999.37万元（不含交易佣金等交易费 用）。 ...

Core Viewpoint - Baolong Technology (603197.SH) is a supplier of intelligent suspension products for Huawei's HarmonyOS Intelligent Driving, indicating a strategic partnership in the automotive technology sector [1] Company Summary - Baolong Technology's intelligent suspension products are utilized in several models, including the Zun Jie S800, Zhi Jie R7, and Zhi Jie S7, showcasing the company's involvement in advanced automotive solutions [1]

Core Viewpoint - Baolong Technology (603197.SH) has received a designated project for its binocular stereo vision camera from a client in the low-altitude flying vehicle sector, with mass production expected next year [1] Group 1 - The company’s binocular stereo vision camera has been selected for a low-altitude flying vehicle project [1] - Mass production of the camera is anticipated to begin next year [1]

Core Viewpoint - Baolong Technology (603197.SH) currently does not supply or validate products for robotics companies [1] Company Summary - The company has confirmed through an interactive platform that there are no ongoing product supplies to robotics enterprises [1]