Core Viewpoint - The 10th Lingxuan Award ceremony for the annual contribution of Chinese automotive parts was held on December 6, 2025, showcasing the industry's innovation and excellence in automotive components [3][5]. Group 1: Award Overview - The Lingxuan Award, initiated in 2016, aims to discover and encourage outstanding individuals and new forces in the automotive parts industry, becoming a key evaluation system for the industry [5]. - A total of 101 companies and 127 products or technology cases were submitted for evaluation, with 58 cases winning gold awards and 68 receiving excellence awards [6][9]. Group 2: Award Categories and Trends - The submitted cases were divided into two main categories: forward-looking and mass production, covering ten subcategories including power systems, chassis systems, body systems, thermal management systems, automotive software, automotive chips, intelligent driving, cockpit systems, lightweight and new materials, and intelligent equipment and processes [5][6]. - Forward-looking technology cases accounted for 61% of the entries, with intelligent cockpit, intelligent driving, automotive software, and automotive chips leading with a combined share of 58% [6]. Group 3: Notable Winners - Gold award winners included: - Ningde Times' Xiaoyao dual-core battery - Jingxi Zhixing's electronic mechanical brake system (EMB) - Chipking Technology's Longying No.1 SE1000, the first domestic 7nm automotive-grade intelligent cockpit chip [6][9]. - Popularity awards were given to Endi Innovation's Hyper Power GO and Lidu New Energy's DC fast charging module assembly for forward-looking and mass production categories, respectively [8]. Group 4: Detailed Award List - The award list includes various categories with notable entries: - Power Systems: Ningde Times' Xiaoyao dual-core battery, BIMS from Titanium Technology, and BDMU product from Octopus Doctor [11][12][14]. - Chassis Systems: EMB from Jingxi Zhixing, MRF variable inertia hydraulic bushing from Anhui Zhongding, and intelligent rear wheel steering system from Bibost [19][21][23]. - Body Systems: Smart FTC™ from Shanghai Enjing, "Eye of the Storm" mechanical motion structure from Mande Electronics, and integrated electric front cover lock from Beijing Chehejia and Shanghai Chizhu [30][32][33]. - Thermal Management Systems: R290 gas concentration sensor from Sensata, and integrated heat pump system for commercial vehicles from Shanghai Yida [38][41]. - Automotive Software: Drip OS 1.0 EVO from Zhongke Chuangda, and MotionIQ™ software suite from Nexperia [46][48]. - Automotive Chips: X10 AI cockpit chip from Beijing Xinchip, and AD1000 from Chipking Technology [56][62]. - Intelligent Cockpit Systems: i-ARS Safety from ZF, and electronic zero-gravity seatbelt from Ningbo Junsen [79][81]. - Lightweight and New Materials: Copper-clad steel wire from Aptiv, and high-performance magnesium-manganese alloy sheet from Ningbo Jiwen [95][98]. - Intelligent Equipment and Processes: Magnesium Jia's intelligent cockpit testing system [104].

Core Viewpoint - The report from Huazhong Securities indicates that Baolong Technology's sensor business is experiencing rapid growth, with a performance turning point expected to emerge [1] Group 1: Financial Performance - In Q3 2025, revenue continues to grow, although profit margins are under pressure due to year-on-year declines, leading to a decrease in gross margin compared to the previous year [1] - The company anticipates net profits attributable to the parent company for 2025-2027 to be 304 million, 467 million, and 557 million yuan, respectively, corresponding to price-to-earnings ratios of 25, 16, and 14 times [1] Group 2: Business Growth Drivers - Core business growth remains strong, with key product lines showing differentiated high growth, particularly in intelligent suspension, TPMS, and sensor businesses, which are driving overall company growth [1] - The company is focusing on high-intensity R&D to achieve breakthroughs in core technology areas, ensuring independent R&D of core components and system integration [1] Group 3: Market Strategy - The company is building a diversified market structure with "OEM + AM + non-automotive" segments and has established partnerships with several traditional automakers to ensure stable business growth [1] - Global expansion efforts include setting up production and R&D centers in the US, Germany, and Hungary to support business development [1] Group 4: Future Outlook - The sensor business is expected to maintain rapid growth, with the air suspension business likely to see quick growth as customer sales improve, alleviating price pressure from year-on-year declines [1]

Group 1 - The core viewpoint of the report is that Huazhong Technology (603197.SH) is rated as "Buy" by Huazhong Securities due to its revenue growth in Q3 2025 despite profit margin pressures from year-on-year declines [1] - The report highlights that the year-on-year decline pressure has increased, leading to a decrease in gross margin in Q3 compared to the previous year [1] - The core business of sensors is experiencing high growth, and the air suspension business is expected to grow rapidly alongside customer demand [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's sensor business continues to grow rapidly, with a potential inflection point in performance expected. In the first three quarters of 2025, the company achieved revenue of 6.048 billion yuan, a year-on-year increase of 20.32%, while the net profit attributable to shareholders was 198 million yuan, a decrease of 0.95% year-on-year [5] - The third quarter of 2025 saw revenue of 2.098 billion yuan, a year-on-year increase of 13.85% and a quarter-on-quarter increase of 2.59%. However, the net profit attributable to shareholders was 63 million yuan, down 36.92% year-on-year but up 59.99% quarter-on-quarter [5] - The company's core business is experiencing strong growth, particularly in smart suspension, TPMS, and sensor businesses, which are driving overall growth. The company is also focusing on high-intensity R&D to achieve breakthroughs in core technology areas [7] Financial Performance Summary - For the third quarter of 2025, the gross margin was 21.34%, down 3.27 percentage points year-on-year but up 0.86 percentage points quarter-on-quarter. The net profit margin was 3.02%, up 0.41 percentage points year-on-year and up 2.30 percentage points quarter-on-quarter [6] - The company expects net profits attributable to shareholders for 2025-2027 to be 304 million, 467 million, and 557 million yuan, respectively, corresponding to P/E ratios of 25, 16, and 14 times [8] - The company is projected to achieve revenue of 70.25 billion yuan in 2024, with a year-on-year growth of 19.1%, and is expected to reach 87.77 billion yuan in 2025, with a growth rate of 24.9% [11]

Company Overview - Baolong Technology (SH 603197) announced on December 1 that as of November 30, 2025, the total external guarantees provided by the company and its subsidiaries amount to approximately 3.938 billion yuan, which represents 123.17% of the company's most recent audited net assets [1][1][1] - The total guarantees provided by the company to its subsidiaries are also approximately 3.938 billion yuan, accounting for 123.17% of the company's most recent audited net assets, with no overdue guarantees reported [1][1][1] Revenue Composition - For the first half of 2025, Baolong Technology's revenue composition is as follows: 77.6% from automotive OEM, 19.0% from automotive AM, 2.31% from other businesses, and 1.09% from non-automotive products [1][1][1] Market Capitalization - As of the report date, Baolong Technology has a market capitalization of 7.6 billion yuan [1][1][1]

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-123 | | --- | --- | --- | | 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 关于提前归还部分用于临时补充流动资金的 闲置募集资金的公告 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： 截至 2025 年 12 月 1 日，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 20 日审议通过的用于临时补充流动资金的 8,000.00 万元闲置募集资金已累计归还 3,000.00 万元。 一、募集资金临时补充流动资金情况 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 ...

| 证券代码：603197 | 证券简称：保隆科技 | 公告编号：2025-122 | | --- | --- | --- | | 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 | 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 | 19,000.00 万元 | | | | 象一 | | 实际为其提供的担保余额 | 170,565.00 万元 | | | | | | 是否在前期预计额度内 | □是 | 否 | □不适用 | | | | 本次担保是否有反担保 | □是 | 否 | □不适用 | | | | 被担保人名称 | 上海保隆汽车科技（安徽）有限公 司（以下简称"合肥保隆"） | | | | 担 保 | 对 | 本次担保金额 | 5,0 ...

Core Insights - The G60 Science and Technology Innovation Corridor is entering a new phase of development, with significant policy measures and major scientific achievements announced at the recent conference in Shanghai [1][2][3] Group 1: Policy Initiatives - The Shanghai municipal government has approved measures to support the G60 Science and Technology Innovation Corridor, aiming to elevate it to a world-class innovation hub and a model for high-quality integrated development in the Yangtze River Delta [2] - A total of 23 specific measures have been introduced, focusing on building a technology innovation source, creating world-class industrial clusters, and sharing technological resources [2] - Financial support for key projects in cutting-edge fields such as smart terminals and 6G can reach up to 50 million yuan, with additional funding for collaborative research and innovation initiatives [2][3] Group 2: Financial Support and Innovation - A comprehensive financial support plan has been released, proposing 20 specific initiatives across technology finance, green finance, and digital finance to provide full lifecycle financial services for innovation enterprises [3] - The G60 region has seen a significant increase in regional competitiveness, with a projected GDP of 9 trillion yuan for the nine cities in 2024, accounting for approximately 1.1% of the global economy [4] Group 3: Collaborative Ecosystem - The establishment of a collaborative innovation ecosystem among the nine cities is emphasized, focusing on the integration of technology, industry, talent, and capital [7] - The launch of the "Long Triangle G60 Science and Technology Innovation Development Alliance" aims to inject new momentum into agricultural modernization and high-quality development [7][8] Group 4: Major Achievements - The G60 platform has showcased significant scientific innovations, including the establishment of a national metrology testing center for integrated circuit micro-nano detection, which is expected to enhance the quality of the integrated circuit industry [4] - The seventh G60 technology achievement auction saw a 66.7% increase in transaction volume, with cumulative sales exceeding 50 billion yuan [4] Group 5: Educational and Research Collaboration - The construction of the Songjiang University Town Science and Technology Innovation Source is accelerating, aiming to become a highland for technology transfer and innovation [5][6] - Strategic partnerships have been formed with various universities and research institutions to enhance collaborative research and development efforts [6]

Core Viewpoint - The company Baolong Technology (603197) is actively expanding its customer base in the energy storage sector, although it currently has no orders on hand for its liquid cooling plates and connection busbars, which are applicable in this field [1] Group 1 - The company's liquid cooling plates and connection busbars can be utilized in the energy storage sector [1] - The company is making efforts to develop customers in the energy storage direction [1] - There are currently no orders on hand for these products [1]

Core Viewpoint - Baolong Technology (603197) is currently in discussions with multiple European luxury brands regarding potential projects, with over 10 projects under negotiation, including products such as air springs, air supply units, and gas storage tanks [1] Group 1 - The company has not yet established a fixed-point project for its 4D millimeter-wave radar [1] - Ongoing communications with European luxury brands indicate a strategic focus on expanding its product offerings in the automotive sector [1]