Core Viewpoint - The company reported a revenue of 6.048 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 20.32%, while the net profit attributable to shareholders decreased by 20.35% to 198 million yuan [3] Revenue Analysis - In Q3 2025, the company achieved a revenue of 2.098 billion yuan, up 13.85% year-on-year and 2.59% quarter-on-quarter, driven by increased sales from key customers, particularly NIO, which delivered 87,071 vehicles, a year-on-year increase of 40.77% [3] - The gross profit margin for Q3 2025 was 21.34%, down 3.26 percentage points year-on-year, primarily due to changes in product mix and price reductions from customers [3] - The net profit margin for Q3 2025 was 3.46%, down 2.32 percentage points year-on-year, despite a quarter-on-quarter increase of 0.98 percentage points [3] Cost Structure - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 2.95%, 4.84%, 7.52%, and 1.26%, respectively, showing slight year-on-year changes [3] Emerging Business Growth - The company's emerging business, particularly in sensor and ADAS (Advanced Driver Assistance Systems), saw rapid growth, with sensor revenue reaching 557 million yuan in the first three quarters of 2025, a year-on-year increase of 18.23% [5] - As of Q3 2025, the company had accumulated orders exceeding 6.87 billion yuan in the ADAS sector, indicating strong customer expansion [5] Intelligent Suspension Business - The intelligent suspension business experienced significant growth, with revenue of 953 million yuan in the first three quarters of 2025, up 51.73% year-on-year [6] - The company has accumulated orders exceeding 24.07 billion yuan in this sector, with new overseas orders contributing to steady growth [6] Investment Outlook - The company is expected to maintain a leading global market share in traditional businesses while developing a complete product matrix in emerging sectors, projecting revenues of 8.57 billion yuan, 10.70 billion yuan, and 12.90 billion yuan for 2025, 2026, and 2027, respectively [7] - The projected net profit attributable to shareholders for the same years is 304 million yuan, 382 million yuan, and 476 million yuan, with corresponding EPS of 1.42 yuan, 1.79 yuan, and 2.23 yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see steady revenue growth, with significant contributions from its intelligent suspension and sensor businesses, which are entering a performance realization phase [8] - The company’s revenue for 2025 is projected to be 83.24 billion yuan, with a year-on-year growth rate of 18% [8] - The forecasted net profit for 2025 is 4.08 billion yuan, reflecting a year-on-year growth of 35% [8] Financial Summary - The company’s total revenue for 2023 is reported at 5,897 million yuan, with a year-on-year growth rate of 23% [4] - The projected revenue for 2024 is 7,025 million yuan, with a growth rate of 19% [4] - The expected net profit for 2023 is 379 million yuan, with a significant year-on-year increase of 77% [4] - The net profit for 2024 is forecasted to decrease to 303 million yuan, reflecting a decline of 20% [4] - The company’s gross margin for the first three quarters of 2025 is reported at 21.65%, down 4.55 percentage points year-on-year [7] Revenue Breakdown - Revenue from TMPS & accessories and tools reached 18.22 billion yuan, up 13.11% year-on-year [7] - Revenue from intelligent suspension increased significantly by 51.73% year-on-year, totaling 9.53 billion yuan [7] - Revenue from automotive metal pipe fittings was 11.21 billion yuan, showing a slight increase of 0.35% year-on-year [7] Profitability Metrics - The company’s net profit for the first three quarters of 2025 was reported at 1.98 billion yuan, down 20.35% year-on-year [6] - The gross margin for Q3 2025 was 21.34%, reflecting a decrease of 3.26 percentage points year-on-year [6] - The company has effectively controlled its expenses, with sales, management, R&D, and financial expense ratios showing improvements [7]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company experienced revenue growth in Q3 2025, driven by increased sales from key customers, particularly NIO, which delivered 87,071 vehicles, a year-on-year increase of 40.77% [2][3]. - Despite revenue growth, the company's net profit faced significant pressure, declining by 36.92% year-on-year in Q3 2025, primarily due to increased tariffs and shipping costs [2][3]. - The company's gross margin decreased to 21.34%, down 3.26 percentage points year-on-year, attributed to changes in product mix and price reductions from customers [2][3]. Summary by Sections Revenue Performance - For the first three quarters of 2025, the company reported revenue of 60.48 billion yuan, a year-on-year increase of 20.32% [1]. - Q3 2025 revenue was 20.98 billion yuan, reflecting a year-on-year growth of 13.85% and a quarter-on-quarter increase of 2.59% [2]. Profitability Analysis - The net profit attributable to shareholders for Q3 2025 was 0.63 billion yuan, down 36.92% year-on-year, but up 59.99% quarter-on-quarter [2]. - The net profit margin for Q3 2025 was 3.46%, a decrease of 2.32 percentage points year-on-year [2]. Cost and Expense Management - The company's expense ratios for sales, management, R&D, and financial costs were 2.95%, 4.84%, 7.52%, and 1.26%, respectively, showing mixed changes compared to the previous year [2]. Market Expansion and New Business Growth - The company’s emerging businesses, particularly in sensor and ADAS (Advanced Driver Assistance Systems), are rapidly growing, with sensor revenue for the first three quarters of 2025 reaching 5.57 billion yuan, up 18.23% year-on-year [3]. - The intelligent suspension business also showed strong growth, with revenue of 9.53 billion yuan for the first three quarters of 2025, a year-on-year increase of 51.73% [3]. Financial Forecast - The company is projected to achieve revenues of 85.7 billion yuan, 107.0 billion yuan, and 129.0 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 3.0 billion yuan, 3.8 billion yuan, and 4.8 billion yuan [4][5].

Core Insights - The company reported a revenue of 2.098 billion yuan for Q3 2025, representing a year-on-year growth of 13.85% [2] - Cumulative revenue for the year reached 6.048 billion yuan, with a year-on-year increase of 20.32%, indicating strong business expansion capabilities [2] Financial Performance - Total profit for Q3 was 110.67 million yuan, down 14.92% compared to the same period last year [3] - Net profit attributable to shareholders was 63.26 million yuan, a decrease of 36.92% year-on-year [3] - Net profit excluding non-recurring gains and losses was 33.71 million yuan, down 62.95% year-on-year [3] - Year-to-date net profit attributable to shareholders was 198 million yuan, a decline of 20.35% [4] - Year-to-date net profit excluding non-recurring gains and losses was 132 million yuan, down 36.95% [4] Market Conditions - The decline in profitability is attributed to intensified price competition in the domestic automotive market, leading to lower gross margins [3] - The overall gross margin has decreased, impacting net profit levels [3] Asset and Equity Status - As of September 30, 2025, total assets reached 12.095 billion yuan, an increase of 11.91% from the end of the previous year [4] - Shareholder equity was 3.264 billion yuan, up 2.09% from the previous year-end [4]

Core Insights - Baolong Technology (603197.SH) reported its Q3 2025 results, revealing that as of October 29, 2025, eight institutional investors held a total of 17.8843 million A-shares, accounting for 8.37% of the company's total equity, which represents a decrease of 2.96 percentage points from the previous quarter [1] Institutional Holdings - The total number of institutional investors holding Baolong Technology shares is eight, with a combined holding of 17.8843 million shares [1] - The institutional holding percentage decreased by 2.96 percentage points compared to the previous quarter [1] Public Fund Activity - Two public funds increased their holdings this period, namely Jin Xin Shenzhen Growth Mixed A and Penghua Automotive Industry Mixed Initiation A, with an increase ratio of 0.10% [2] - One public fund, Southern CSI 1000 ETF, reported a slight decrease in holdings compared to the previous quarter [2] - Three new public funds disclosed their holdings this period, including Huaxia Core Manufacturing Mixed A, Huafu Times Selected Mixed A, and Boyuan Enhanced Return Bond A [2] - A total of 194 public funds did not disclose their holdings this period, including notable funds like Xinao Craftsman Selected Two-Year Holding Mixed and Oriental New Energy Vehicle Theme Mixed [2] Social Security Fund - One social security fund, Guangfa Fund Management Co., Ltd. - Social Security Fund 420 Portfolio, did not disclose its holdings this period [2]

每经AI快讯，保隆科技（SH 603197，收盘价：39.36元）10月29日晚间发布公告称，公司第七届第二十 九次董事会会议于2025年10月28日以通讯表决的方式召开。会议审议了《关于选举公司第八届董事会独 立董事的议案》等文件。 （记者 贾运可） 每经头条（nbdtoutiao）——"十五五"规划建议的18个新提法，释放了哪些重要信号？ 2025年1至6月份，保隆科技的营业收入构成为：汽车OEM占比77.6%，汽车AM占比19.0%，其他业务占 比2.31%，非汽车产品占比1.09%。 截至发稿，保隆科技市值为84亿元。 ...

证券日报网讯10月29日晚间，保隆科技（603197）发布公告称，公司董事会同意提名张祖秋先生、陈洪 凌先生、王胜全先生、王嘉陵女士、杜硕先生为公司第八届董事会非独立董事(不含职工代表董事)，同 意提名刘启明先生、叶建木先生、徐宏先生为公司第八届董事会独立董事。 ...

Core Insights - The company reported a revenue of 2,097,848,727.21 yuan for the third quarter of 2025, reflecting a year-on-year growth of 13.85% [2] - The net profit attributable to shareholders of the listed company was 63,262,108.08 yuan, showing a year-on-year decline of 36.92% [2] Financial Performance - Revenue for Q3 2025: 2,097,848,727.21 yuan, up 13.85% year-on-year [2] - Net profit for Q3 2025: 63,262,108.08 yuan, down 36.92% year-on-year [2]

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-108 | | --- | --- | --- | | 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 2023 年限制性股票与股票期权激励计划 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 10 月 28 日召开了第七届董事会第二十九次会议、第七届监事会第二十七次会议，分别审 议通过了《关于注销公司 2023 年限制性股票与股票期权激励计划部分股票期权 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 2023 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 1,848,822 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 1、2023 年 8 月 28 日， ...

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 2023 年限制性股票与股票期权激励计划部分股票期权的 法律意见书 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 2023 年限制性股票与股 票期权激励计划部分股票期权的法律意见书 精诚磐明法字(2025)第 SHE2023054-8 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(下称"本所")接受上海保隆汽车科技股份有限公司(下称 "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》)、《上海保隆汽车科技股份有限公司 2023 年限制性股票与股票期权激励计划》 (即经公司 2023 年第三次临时股东大会审议并通过的《上海保隆汽车科技股份有限公司 2023 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， ...