Core Viewpoint - The automotive industry in China is at a critical juncture, facing challenges from intense competition and declining overall profitability despite the growth of domestic brands and the electric vehicle market [3][5][13]. Group 1: Industry Challenges and Decisions - The automotive industry is experiencing "involution" or excessive competition, leading to a widening gap in profit margins compared to the average profit margins of industrial enterprises [3][5]. - The forum emphasized the need for decisive actions to address the current challenges, with a focus on long-term strategies rather than short-term gains [5][8]. - The ten key decisions proposed for the Chinese automotive industry include: 1. Consensus against involution 2. Legal regulation to ensure order 3. Safety as a fundamental requirement 4. Exceeding user expectations 5. AI empowerment in business operations 6. Collaboration over comprehensive solutions 7. The necessity of a harmonious ecosystem 8. Commitment to global localization 9. Recognition that new automotive development is just beginning 10. Building strong foundations for future leadership [9]. Group 2: Corporate Strategies and Innovations - Companies like GAC emphasize the importance of a robust supply chain as a strategic partner to ensure product safety and quality [11]. - Chery Motors is focusing on user engagement by connecting engineers directly with customers to better understand their needs [15]. - NIO is committed to long-term strategies, enhancing operational management while continuing to invest in technology and product experience [18]. - Lantu Motors highlights the importance of understanding industry essence and pursuing positive values in every decision made [21]. Group 3: Technological Advancements and Market Trends - The rapid iteration of intelligent driving technology is leading to a significant opportunity in the market, with expectations for L2 and above autonomous systems to exceed 60% penetration by 2025 [27]. - The focus on safety in intelligent driving systems is becoming paramount, with maps playing a crucial role in ensuring safety [29]. - The concept of "intelligent driving equity" is gaining traction, aiming to make advanced driving features standard across various vehicle models [33][41]. Group 4: Globalization and Market Expansion - The forum discussed the risks and strategies associated with overseas expansion, emphasizing the importance of understanding local cultures and regulations [51][63]. - Companies are encouraged to adopt a collaborative approach in international markets, creating value for local communities rather than merely competing [69]. - The need for a dual cultural integration strategy was highlighted, ensuring that both Chinese efficiency and local workplace norms are respected [73].

汽车行业 超配（上调） 汽车行业双周报（2025/05/30-2025/06/12） 行 业 车企积极响应《保障中小企业款项支付条例》 2025 年 6 月 13 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：iFinD，东莞证券研究所 分析师：刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 申万汽车行业指数涨跌幅：截至2025年6月12日，申万汽车板块近两周 下跌0.61%，跑输沪深300指数1.47个百分点，在申万31个行业中排名第 26名；申万汽车板块从6月初至今上涨1.33%，跑输沪深300指数0.02个 百分点，在申万31个行业中排名第19名；申万汽车板块从2025年初至今 上涨10.01%，跑赢沪深300指数11.10个百分点，在申万31个行业中排名 第6名。 周 报 行 业 研 究 研究助理：吴镇杰 SAC 执业证书编号： S0340124020014 电话：0769- ...

上海保隆汽车科技股份有限公司董事会 0 0 0 合计 58,031,256 27.06% 10,760,000 7,560,000 13.03% 3.52% 0 0 0 0 注：合计数尾数若存在差异系四舍五入所致。 特此公告。 | 证券代码：603197 证券简称：保隆科技 公告编号：2025-062 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | | | | | | | | 关于公司实际控制人部分股票解除质押的公告 | | | | | | | | | 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: | | | | | | | | | ? 上海保隆汽车科技股份有限公司（以下简称"公司"）实际控制人之一张祖 | | | | | | | | ...

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。 | 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-062 | | --- | --- | --- | | 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 关于公司实际控制人部分股票解除质押的公告 重要内容提示: 上海保隆汽车科技股份有限公司（以下简称"公司"）实际控制人之一张祖 秋先生持有公司 20,773,630 股无限售条件流通股，占公司总股本的 9.69%。本 次质押解除后，其累计质押股份数量为 4,660,000 股，占其所持有公司股份的 22.43%。 一、本次部分股份解除质押的情况 二、实际控制人累计质押情况 | | | 持股比 | 本次解除质 | 本次解除 质押后累 | 占其所 | 占公司 | 已质押 | 已质押股份情况 已质押 | 未质押股份情况 未质押股 | 未质押 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 公司已向中国证券登记结算有限责任公司上海分公司（以下简称"中登公 司"）提交了调整上述股票期权行权价格的申请。近日，经中登公司审核确认， 上述股票期权行权价格调整事宜已办理完毕。本次股票期权行权价格调整不会对 公司的经营活动和财务状况产生任何实质性影响。 特此公告。 上海保隆汽车科技股份有限公司 上海保隆汽车科技股份有限公司董事会 关于股票期权行权价格调整完成的公告 2025 年 6 月 12 日 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。 上海保隆汽车科技股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日召开第七届董事会第二十六次会议、第七届监事会第二十五次会议，审议通过 了《关于调整公司 2021 年限制性股票与股票期权激励计划预留股票期权行权价 格的议案》《关于调整公司 2023 年限制性股票与股票期权激励计划股票期 ...

Summary of Baolong Technology Conference Call Company Overview - **Company**: Baolong Technology - **Industry**: Automotive components, specifically focusing on air suspension systems and electronic shock absorbers Key Points and Arguments 1. **Revenue Projections**: Baolong Technology expects revenue from air suspension business to reach 2 billion in 2025, maintaining a gross margin of approximately 23%, contributing about 200 million in gross profit increment, driven by model updates and mass production from brands like Li Auto, BYD, and Xpeng [2][4] 2. **Market Penetration**: The penetration rate of domestic passenger cars for air suspension is expected to exceed 10%, indicating rapid industry growth [2][4] 3. **Development in Electronic Shock Absorbers**: The company is focusing on CDC (Continuously Damping Control) as a key product in electronic shock absorbers, which can increase the value per vehicle from 4,500 to 6,000, significantly enhancing revenue and profit [2][5] 4. **Tariff Management**: Baolong Technology has effectively transferred the tariff risks associated with U.S. exports to end consumers, mitigating the direct impact of high tariffs on profits, with only minor revenue impacts expected during shipment pauses [2][6] 5. **Sensor Business Growth**: The sensor business is projected to grow at a compound annual growth rate (CAGR) of 30-40% over the next few years, with expected revenue of approximately 670 million in 2024, and an increasing contribution to overall revenue [2][7] 6. **Overall Financial Expectations**: For 2025, Baolong Technology anticipates achieving around 9 billion in revenue and approximately 500 million in net profit, with a potential growth rate of 60%. In 2026, the annual growth rate is expected to reach 40%, particularly with high growth anticipated in the second quarter [2][8] 7. **Valuation and Risks**: The current valuation at 16 times earnings is considered attractive, but the company must be cautious of global trade fluctuations, changes in industry penetration rates, and significant increases in raw material prices [3][9] Additional Important Information - **Air Suspension System Progress**: The company expects to ship around 400,000 units of air suspension systems in 2025, despite market concerns regarding the air suspension industry [4] - **Complex Systems Development**: Baolong Technology is also researching more complex active shock absorber systems, which could further drive business growth [5]

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 2025 年 5 月 20 日，公司第七届董事会第二十五次会议审议通过《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司使用不超过 8,000 万元 闲置募集资金暂时补充流动资金，使用期限自公司董事会审议通过之日起不超过 12 个月。具体内容详见公司 2025 年 5 月 21 日披露于上海证券交易所网站 (www.sse.com.cn)的《上海保隆汽车科技股份有限公司关于使用部分闲置募集资 金暂时补充流动资金的公告》(公告编号：2025-040)。 为进一步规范公司募集资金的使用和管理，保护投资者合法权益，根据《上 市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证 券交易所上市公司自律监管指引第 1 号——规范运作》等法律法规的规定，近日 公司及子公司与各募集资金专户开户银行、保荐机构签订了《募集资金临时补充 流动资金专户三方监管协议》，对上述闲置募集资金暂时补充流动资金的存放和 使用 ...

Core Insights - The report maintains an "Outperform" rating for the automotive sector, emphasizing the acceleration of RoboX commercialization and the focus on the sector's performance in Q2 2025 [1][3] - The automotive industry is transitioning towards electric and intelligent vehicles, with significant growth expected in the domestic market, particularly for new energy vehicles [11][12] Sales Tracking - In May 2025, retail sales of passenger cars in China reached 1.93 million units, a year-on-year increase of 13%, with cumulative retail sales for the year at 8.802 million units, up 9% [1] - Wholesale figures for the same month showed 2.329 million units, marking a 14% increase year-on-year, with cumulative wholesale sales for the year at 10.797 million units, up 12% [2] Market Performance - The automotive sector saw a 1.88% increase in May, outperforming the CSI 300 index by 0.04 percentage points, while the overall automotive sector has risen 29.05% since the beginning of 2025 [2] - The inventory warning index for automotive dealers in May 2025 was 52.7%, indicating improved market conditions as it decreased by 5.5 percentage points year-on-year [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components driven by electric and intelligent trends, highlighting companies like Leap Motor, Xpeng, and Geely for vehicle recommendations [3][11] - For intelligent components, companies such as Coboda, Huayang Group, and Junsheng Electronics are recommended, while for robotics, Top Group and Sanhua Intelligent Control are highlighted [3][11] Company Earnings Forecasts - Key companies are projected to have varying earnings per share (EPS) and price-to-earnings (PE) ratios, with Leap Motor expected to have an EPS of -0.05 in 2025 and a PE of -1126, while Geely is forecasted to have an EPS of 1.36 and a PE of 13 [4] Industry Outlook - The automotive industry is expected to maintain a 2% annual compound growth rate over the next 20 years, with new energy vehicle sales projected to reach 1.216 million units in 2024, reflecting a 37% increase [12][16] - The report anticipates that by 2025, the sales of new energy vehicles will exceed 1.5 million units, with a year-on-year growth of over 20% [21]

Group 1 - The company plans to repurchase and cancel 859,750 restricted stocks and 4,377,750 stock options due to not meeting performance targets for the second vesting period of its 2023 incentive plan [5][6][8] - The repurchase price for the restricted stocks is set at 28.20 yuan per share, which is the same as the grant price [6][8] - Following the repurchase, the company's total share capital will decrease from 214,479,582 shares to 213,619,832 shares, and the registered capital will be reduced accordingly [8][9] Group 2 - The company will hold its first extraordinary general meeting of shareholders in 2025 on June 17 at 14:00 in Shanghai [3][4] - The meeting will include discussions on the repurchase and cancellation of restricted stocks and stock options, which have already been approved by the board and supervisory committee [4][8] - The company will also amend its articles of association to reflect the changes in registered capital and total shares [9]

证券代码：603197 证券简称：保隆科技 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 2025 年第一次临时股东会 | 关于减少注册资本及修改<公司章程>的议案 9 | | --- | 2025 年第一次临时股东会会议资料 上海保隆汽车科技股份有限公司 2025 年第一次临时股东会会议须知 会议资料 2025 年 6 月 为了维护投资者的合法权益，确保股东在本公司 2025 年第一次临时股东会 期间依法行使权利，保证股东会的正常秩序和议事效率，依据中国证券监督管理 委员会《上市公司股东会规则》的有关规定，本次股东会会议须知如下： 一、股东会设立秘书处，负责会议的程序安排和会务工作。 二、董事会在股东会的召开过程中，应当以维护股东的合法权益，确保正常 程序和议事效率为原则，认真履行法定职责。 三、股东参加股东会，依法享有发言权、表决权等各项法定权利，并认真履 行法定义务，不得侵犯其他股东的合法权益，不得扰乱会议的正常秩序。出席会 议人员发生干扰股东会秩序和侵犯股东合法权益的行为，会议秘书处将报告有关 部门处理。出席会议人员应听从会议工作人员劝导，共同维护好股东会秩序和安 全。 四 ...