上海保隆汽车科技股份有限公司 2025 年跟踪评级报告 | 17 | | --- | | | | 121 | | # R | | 节 : ラミ | | 服务 | www.lhratings.com 1 联合〔2025〕7526 号 联合资信评估股份有限公司通过对上海保隆汽车科技股份有限公司 主体及其相关债券的信用状况进行跟踪分析和评估，确定维持上海保隆汽 车科技股份有限公司主体长期信用等级为 AA，维持"保隆转债"的信用 等级为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年七月三十日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受上海保隆汽车科技股份有限公司（以下简称 ...

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 会议资料 上海保隆汽车科技股份有限公司 目 录 为了维护投资者的合法权益，确保股东在本公司 2025 年第二次临时股东会 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、股东在会议上有权发言和提问。为维护股东会的秩序，保证各股东充分 行使发言、提问的权利，请准备发言和提问的股东事先向会议秘书处登记，并提 供发言提纲。会议秘书处与主持人视会议的具体情况安排股 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-080 | | --- | --- | --- | | 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 公司于 2024 年 12 月 30 日召开第七届董事会第二十二次会议及第七届监事 会第二十二次会议，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 3 亿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 2024 年 12 月 31 日披露于上海证券交易所网站的《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：2024-131）。 公司于 2025 年 5 月 20 日召开第七届董事会第二十五次会议及第七届监事会 第二十四次会议，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 ...

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 年第二次临时股东会 会议资料 上海保隆汽车科技股份有限公司 2025 年第二次临时股东会会议须知 为了维护投资者的合法权益，确保股东在本公司 2025 年第二次临时股东会 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： 2025 年 8 月 | 关于选举公司独立董事的议案 6 | | --- | 2025 年第二次临时股东会会议资料 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、股东在会议上 ...

Core Viewpoint - The company has completed the repurchase and cancellation of restricted stocks, leading to an adjustment in the conversion price of the "Baolong Convertible Bonds" [1][2][3] Group 1: Stock Repurchase and Cancellation - The company repurchased and canceled a total of 859,750 restricted stocks at a repurchase price of 28.20 yuan per share due to not meeting performance targets for the fiscal year 2024 [2][3] - The cancellation of these stocks was completed on July 25, 2025 [3] Group 2: Conversion Price Adjustment - The conversion price of the "Baolong Convertible Bonds" was adjusted from 39.65 yuan per share to 39.70 yuan per share as a result of the stock repurchase [4][6] - The adjustment formula used for the conversion price is P1 = (P0 + A × k) / (1 + k), where P0 is the previous conversion price, A is the repurchase price, and k is the rate of new shares issued [5][6] - The adjusted conversion price will take effect on July 29, 2025, after a suspension of conversion on July 28, 2025 [6]

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-079 | | --- | --- | --- | | 债券代码：113692 | 债券简称：保隆转债 | | 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： 证券停复牌情况：适用 因限制性股票回购注销引起"保隆转债"转股价格调整,本公司的相关证券停 复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 113692 | 保隆转债 | 可转债转股停牌 | 2025/7/28 | 全天 | 2025/7/28 | 2025/7/29 | 调整前转股价格：39.65 元/股 上海保隆汽车科技股份有限公司 关于限制性股票回购注销实施完成 暨调整"保隆转债"转股价格的公告 调整后转股价格：39.70 元/股 "保隆转债"本次转股价格调整实施日期：2025 年 7 月 29 日 根据中国证 ...

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [46]. Core Insights - The automotive industry is experiencing a continuous push towards "anti-involution," with recent policies aimed at regulating competition and preventing excessive price wars, which have been prevalent in the passenger car market for the past three years [2][41]. - The report highlights a significant increase in automotive production and sales, with June production reaching 2.794 million units, a year-on-year increase of 11.4%, and sales of 2.904 million units, up 13.8% year-on-year [17][18]. - The report suggests focusing on companies that enhance brand competitiveness through intelligent processes, such as BYD and Changan Automobile, as well as those in the intelligent driving supply chain, including Baolong Technology, Huayang Group, and Bertley [41][44]. Summary by Sections Automotive Industry Trends and Valuation Review - As of July 24, 2025, the Shenwan Automotive Index increased by 4.59% over the past two weeks, outperforming the CSI 300 Index by 1.12 percentage points, ranking 13th among 31 industries [10][12]. - Year-to-date, the automotive sector has risen by 12.55%, surpassing the CSI 300 Index by 7.11 percentage points, ranking 15th [10][12]. Industry Data Tracking - In June, automotive exports reached 592,000 units, marking a year-on-year increase of 22.1% [17][18]. - The dealer inventory warning index stood at 56.6%, reflecting a year-on-year decrease of 5.70 percentage points [17][18]. Industry News - The Ministry of Public Security announced plans to strengthen regulations on "intelligent driving" systems, emphasizing the need for responsible driving [27]. - The Ministry of Transport reported that the coverage rate of charging piles in highway service areas has reached 98.4% [29]. Corporate News - Li Auto has successfully adjusted its supplier payment terms to 60 days, enhancing its cash flow management [34]. - BYD celebrated the production of its 13 millionth new energy vehicle, with significant sales growth both domestically and internationally [35]. Investment Recommendations - The report recommends monitoring companies that are advancing intelligent processes and enhancing brand competitiveness, specifically BYD and Changan Automobile, as well as those in the intelligent driving supply chain [41][44].

Group 1 - The board of directors of Shanghai Baolong Automotive Technology Co., Ltd. held its 27th meeting on July 17, 2025, via email notification to all directors, complying with relevant laws and regulations [1][2] - The board approved the election of independent director Xu Hong, with a voting result of 9 votes in favor, 0 against, and 0 abstentions, confirming his qualifications under applicable regulations [1] - The proposal to convene the company's second extraordinary general meeting of 2025 was also approved, with the same voting result of 9 votes in favor, 0 against, and 0 abstentions [2]

Core Viewpoint - Shanghai Baolong Automotive Technology Co., Ltd. has nominated Mr. Xu Hong as an independent director candidate for its seventh board of directors, ensuring that he meets all qualifications and independence requirements [1][3]. Group 1: Nomination and Qualifications - The nominee, Mr. Xu Hong, has been fully vetted regarding his professional background, education, and any potential conflicts of interest [1][3]. - Mr. Xu possesses over five years of relevant experience in law, economics, accounting, finance, or management, which is essential for fulfilling the responsibilities of an independent director [1][4]. - The nomination complies with various legal and regulatory requirements, including the Company Law of the People's Republic of China and the regulations set forth by the China Securities Regulatory Commission [1][4][5]. Group 2: Independence Criteria - Mr. Xu meets the independence criteria, as he does not hold any significant shares in the company or have any familial or business relationships that could compromise his independence [1][6]. - He has no adverse records, such as administrative penalties from the China Securities Regulatory Commission or any criminal charges in the last 36 months [6][7]. - The nominee has not previously been dismissed from an independent director position due to attendance issues [6][7]. Group 3: Commitment and Compliance - Mr. Xu has committed to adhering to all relevant laws, regulations, and the rules of the Shanghai Stock Exchange during his tenure as an independent director [7][8]. - He acknowledges the responsibilities of an independent director and assures that he will maintain sufficient time and energy to fulfill these duties independently [7][8].

Core Viewpoint - The company is implementing a buyback and cancellation of restricted stocks due to not meeting performance targets set in the 2023 incentive plan [1][3]. Group 1: Buyback and Cancellation Details - The company will repurchase and cancel a total of 859,750 shares of restricted stock that have not yet been released from restrictions [1][4]. - The buyback price for the restricted stocks is set at 28.20 yuan per share [2][3]. - The decision for the buyback was approved during the 25th meeting of the Supervisory Board [1][2]. Group 2: Performance Targets - The performance targets for the second release period of the incentive plan include a net profit growth rate and an operating income growth rate, each weighted at 50% [2][3]. - The achievement rate (P) is calculated using the formula P=A/Am*50%+B/Bm*50%, where A is the actual net profit, Am is the target net profit growth rate, B is the actual operating income, and Bm is the target operating income growth rate [2][3]. - The company did not meet the performance targets for the 2024 fiscal year, leading to the decision to cancel the restricted stocks [3]. Group 3: Share Structure Changes - After the buyback and cancellation, the company will have zero shares of restricted stocks remaining from the 2023 incentive plan [4]. - The total number of shares before the buyback was 214,482,196, which will reduce to 213,622,446 after the cancellation [4]. Group 4: Legal Compliance and Commitments - The company assures that the decision-making process and information disclosure comply with relevant laws and regulations [5]. - The company has confirmed that all involved parties have been informed about the buyback and cancellation, and no objections have been raised [5].