长城证券股份有限公司 关于上海保隆汽车科技股份有限公司 2024 年度持续督导现场检查报告 长城证券股份有限公司（以下简称"长城证券""保荐机构"）作为上海保 隆汽车科技股份有限公司（以下简称"保隆科技""公司"）向不特定对象发行 可转换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证 券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 11 号—— 持续督导》等相关法规规章的要求，对保隆科技进行了现场检查，现将本次现场 检查情况报告如下： 现场检查人员查阅了保隆科技的公司章程、股东会、董事会和监事会的议事 规则，收集了股东会、董事会和监事会的会议通知、决议和记录，核对公司相关 公告；查阅公司章程以及其他公司内控制度。 经核查，保荐机构认为：公司章程和公司治理制度完备、合规；公司组织结 构健全、清晰，并能实现有效运作；部门设置能够体现分工明确、相互制约的治 理原则；公司的董事、监事和高级管理人员能够按照相关规定的要求履行责任； 内控制度能得到有效执行。 1 （二）信息披露情况 现场检查人员查阅了保隆科技信息披露制度和披露的公告等资料，并与公司 三会文件及信息披露相关的支持性文件等信息 ...

长城证券股份有限公司 关于上海保隆汽车科技股份有限公司 2024 年度持续督导年度工作报告 经中国证券监督管理委员会（以下简称"中国证监会"）下发的《关于同意 上海保隆汽车科技股份有限公司向不特定对象发行可转换公司债券注册的批复》 （证监许可[2024]1184 号）批准，上海保隆汽车科技股份有限公司（以下简称"保 隆科技""公司"）向不特定对象发行可转换公司债券，每张面值为人民币 100 元，发行数量 1,390.00 万张，募集资金总额为人民币 139,000.00 万元。扣除本次 发行费用（不含税）后，募集资金净额为人民币 137,707.25 万元。上述募集资金 到位情况已经大信会计师事务所（特殊普通合伙）验证，并由其出具《验资报告》 （大信验字[2024]第 1-00069 号）。 长城证券股份有限公司（以下简称"长城证券""保荐机构"）担任本次向 不特定对象发行可转换公司债券的保荐机构。根据《证券发行上市保荐业务管理 办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 11 号——持续督导》等相关法规规章的要求，出具本持续督导报告书。 1 序号 工作内容 实施情况 1 建 ...

Core Insights - The automotive industry experienced stable revenue growth in Q1 2025, with a year-on-year increase of 6.8%, while total profit decreased by 8.9% to 946.5 billion yuan [11][12] - The report highlights that leading companies in the automotive sector, particularly those with efficient management, have shown better-than-average performance in terms of net profit and operating cash flow [3][8] - The anticipated release of new models and the impact of local consumption promotion policies are expected to support a gradual recovery in automotive company performance in Q2 2025 [3][12] Revenue and Profit Analysis - In 2024, the automotive industry generated a total revenue of 10.65 trillion yuan, reflecting a 5.4% year-on-year growth, while total profit fell by 9.1% to 462.26 billion yuan [11][12] - The Q1 2025 revenue for the automotive industry was 2.40 trillion yuan, with a profit total of 946.5 billion yuan, indicating a continued decline in profitability [11][12] Profitability Comparison - The profitability of passenger vehicle companies showed significant differentiation in Q1 2025, with some companies like BYD and Seres maintaining strong growth, while others like GAC Group and JAC Motors faced challenges [17][18] - In 2024, the overall profit margin for the automotive industry was 12.4%, down 0.9 percentage points year-on-year, and further decreased to 12.1% in Q1 2025 [12][27] Inventory Management - Inventory levels in the automotive sector showed improvement for bus and parts companies, while passenger vehicle companies faced slight increases in turnover pressure [8][12] - By the end of Q1 2025, the inventory of the automotive industry accounted for 20.9% of current assets, a 1.2 percentage point increase year-on-year [8][12] Cash Flow Analysis - The overall cash flow in the automotive industry faced pressure, with the net cash flow from operating activities for the vehicle sector turning negative at -22.19 billion yuan in Q1 2025 [8][12] - The cash flow for parts companies showed a decline, with a total of 123.05 billion yuan in Q1 2025, down 1.4% year-on-year [8][12] Investment Recommendations - The report suggests focusing on leading automotive companies and those involved in the Huawei and Xiaomi supply chains, as well as companies in the humanoid robot and intelligent driving sectors [3][8] - Recommended companies include SAIC Motor, JAC Motors, BYD, Changan Automobile, and several parts manufacturers such as New Spring Co., Silver Wheel Co., and Top Group [3][8]

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]

? 回购股份资金来源：自有资金及股票回购专项贷款，其中股票回购专项贷 款资金不超过回购股票总金额的 90%。截至本公告日，上海保隆汽车科技股份有限 公司（以下简称"公司"）已经取得了中信银行股份有限公司上海分行出具的《贷 款承诺函》，承诺为公司回购股份提供专项贷款支持，其提供的贷款资金不超过人 民币 18,000 万元（含），贷款用途为回购公司股票，贷款期限为 3 年。具体贷款 事宜将以双方签订的贷款合同为准。 ? 回购股份用途：用于员工持股计划或股权激励。 证券代码：603197 证券简称：保隆科技 公告编号：2025-036 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回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）； ? 回购股份价格：不超过人民币 59.00 元/股（含），该回购价格上限不高于 董事会通过回购决议前 30 个交易日公 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-036 | | --- | --- | --- | | 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回购报告书 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、准确性和完整性依法承担法律责任。 重要内容提示： 回购股份金额：不低于人民币 10,000 万元（含）且不超过人民币 20,000 万元（含）； 回购股份资金来源：自有资金及股票回购专项贷款，其中股票回购专项贷 款资金不超过回购股票总金额的 90%。截至本公告日，上海保隆汽车科技股份有限 公司（以下简称"公司"）已经取得了中信银行股份有限公司上海分行出具的《贷 款承诺函》，承诺为公司回购股份提供专项贷款支持，其提供的贷款资金不超过人 民币 18,000 万元（含），贷款用途为回购公司股票，贷款期限为 3 年。具体贷款 事宜将以双方签订的贷款合同为准。 回购股份用途：用于员工持股计划或股权激励。 回购股份价格：不超过人民币 59.00 元/股（含），该回 ...

保隆科技（603197）公告，公司拟以1亿元至2亿元资金回购股份，回购价格不超过59元/股。本次回购 的资金来源为自有资金及股票回购专项贷款，其中专项贷款资金不超过1.8亿元。回购的股份将用于实 施员工持股计划或股权激励。回购期限为董事会审议通过之日起12个月内。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [8] Core Views - The company achieved a revenue of 7.025 billion RMB in 2024, representing a year-on-year increase of 19.12%, while the net profit attributable to shareholders was 303 million RMB, down 20.14% year-on-year, primarily due to lower gross margins in the ADAS business [1][5] - In Q1 2025, the company reported a revenue of 1.9 billion RMB, up 28.5% year-on-year, and a net profit of 100 million RMB, up 40.0% year-on-year, indicating strong growth momentum [1][2] - The company is expected to benefit from the expansion of its air suspension products and the growth of ADAS products, with a backlog of orders for ADAS reaching 7.5 billion RMB as of April 2025 [2][4] Summary by Sections Revenue and Profitability - The company’s revenue for 2024 was 7.025 billion RMB, with a year-on-year growth of 19.12%. The net profit attributable to shareholders was 303 million RMB, reflecting a decline of 20.14% year-on-year [1][7] - The Q1 2025 revenue was 1.9 billion RMB, showing a year-on-year increase of 28.5%, while the net profit was 100 million RMB, up 40.0% year-on-year [1][2] Business Segments - The TPMS business maintained steady growth with a revenue increase of 12% to 2.15 billion RMB in 2024. The sensor segment saw a 25% increase in revenue to 670 million RMB, while the air suspension segment grew by 42% to 990 million RMB [2][3] - The company has 16 projects for air suspension products expected to go into mass production within the year, contributing to revenue growth [2] Cost Management and Margins - The overall gross margin decreased by 2.1 percentage points to 25.1% in 2024, attributed to a shift in business structure with a higher revenue contribution from lower-margin ADAS and sensor products [3] - The company successfully reduced sales and management expense ratios, with sales expense ratio down by 0.4 percentage points to 3.3% and management expense ratio down by 0.6 percentage points to 5.8% in 2024 [3] Global Expansion - The company has made significant progress in expanding its overseas business, with a 108% increase in overseas revenue from its subsidiary, reaching 1.03 billion RMB [4] - The company has secured strategic partnerships and is actively pursuing global supply opportunities, particularly in Europe [4] Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards by 17% and 8% to 500 million RMB and 700 million RMB, respectively, with an expected net profit of 850 million RMB in 2027 [5] - The target price for the company is set at 49.37 RMB, based on a 21.1x PE ratio for 2025 [5][9]

Group 1 - Anxin Fund announced a minimum investment of 25 million yuan in its new mixed securities investment fund, with the fund manager committing at least 5 million yuan [1] - Over 20 fund companies are expected to submit new floating fee rate products, with management fees linked to performance benchmarks to enhance investor experience [2] - A total of 51 funds are scheduled for issuance this month, with equity funds making up over 70% of the new offerings, indicating a strong demand for low-risk assets [3] Group 2 - The total dividend payout of stock funds has increased by over 8 times year-on-year, with stock funds distributing 12.687 billion yuan and mixed funds 4.125 billion yuan [4] - In the first four months of the year, 20 consumer funds saw net value increases exceeding 10%, with several funds achieving over 20% growth, driven by strong performance in domestic brands and emerging consumer trends [5] - Zhu Ran increased holdings in Baolong Technology, with the fund's share count rising by 27,520 shares compared to the end of the previous quarter [6] Group 3 - On May 7, the market experienced a mixed performance, with the Shanghai Composite Index rising by 0.8% and significant trading volume of 1.47 trillion yuan, indicating active market participation [7]

Group 1 - Several fund companies have announced self-purchases, with Anxin Fund committing to invest no less than 20 million yuan, and fund managers contributing at least 5 million yuan for a new mixed fund [1] - Over 20 fund companies are expected to submit new floating fee rate products, indicating a trend towards innovative fund structures in the market [1] - A total of 51 funds have been scheduled for issuance this month, with equity products accounting for over 70% of the total [1] Group 2 - The ETF market saw a positive performance with the Shanghai Composite Index rising by 0.8% and total trading volume reaching 1.47 trillion yuan, an increase of 132.1 billion yuan from the previous trading day [2] - Military stocks experienced a significant surge, with over 20 stocks hitting the daily limit, and military-related ETFs showing strong performance, with some rising by as much as 4.24% [3][6] Group 3 - The S&P Biotechnology ETF led the declines, dropping by 5.08%, while several Hong Kong innovation drug-related ETFs also experienced pullbacks [5] - The military industry is projected to see a turning point in orders by 2025, with new technologies and military trade potentially creating new market opportunities [6]