Core Viewpoint - The company anticipates rapid revenue growth in Mexico this year, with plans for the EMB (Electronic Mechanical Brake) to enter mass production in the first half of next year [1] Group 1: Production Plans - The company expects to achieve small-scale production of air suspension by the end of this year [1] - The EMB is scheduled for small-scale production in the second half of this year, with formal mass production planned for the first half of next year [1] Group 2: Financial Impact - The mass production of EMB and air suspension is expected to significantly enhance the company's product gross margin and market share [1] Group 3: Expansion Projects - The company will complete the second phase of its factory project in Mexico this year, contributing to anticipated rapid revenue growth from this region [1]

Meeting Overview - The shareholders' meeting of Wuhu Berteli Automotive Safety Systems Co., Ltd. was held on May 13, 2025, with a total attendance representing 56.0091% of the shares [1] - The meeting was presided over by Chairman Yuan Yongbin, and the procedures complied with the Company Law and the Articles of Association [1] Voting Results - All proposed resolutions were approved with significant majority votes, including: - A resolution with 339,675,879 votes in favor (99.9924%) and 22,400 votes against (0.0065%) [1] - Another resolution received 338,433,159 votes in favor (99.6266%) with 22,500 votes against (0.0066%) [1] - A budget report was also approved with 338,426,899 votes in favor (99.6248%) and 28,560 votes against (0.0084%) [1] Shareholder Voting Breakdown - The voting results indicated a strong consensus among A-shareholders, with most resolutions receiving over 99% approval [2][3] - Specific resolutions included the annual audit firm and internal control audit firm, which also passed with over 99% approval [2] Legal Compliance - The meeting's procedures and the qualifications of the attending shareholders were confirmed to be in accordance with Chinese laws and regulations, ensuring the validity of the voting results [3]

Group 1 - The company held its annual general meeting on May 13, 2025, in accordance with Chinese laws and regulations [1][4] - The meeting was convened following the approval of the board of directors on April 21, 2025, and the notice was published on April 23, 2025 [2][4] - A total of 11 proposals were reviewed during the meeting, including annual reports and financial statements [3][6] Group 2 - The meeting had 7 representatives present, representing 228,454,107 shares, which is 37.6669% of the total voting shares [4] - Additionally, 484 shareholders participated through online voting, representing 111,247,292 shares, or 18.3422% of the total voting shares [4] - The voting results indicated that all proposals were approved by the shareholders present [5][10] Group 3 - The meeting's voting procedures were conducted in accordance with the company's articles of association and relevant laws [5][10] - The proposals included the annual work report, financial budget, and the appointment of the auditing firm for 2025 [3][8] - The results of the voting showed a high level of agreement among minority shareholders, with significant percentages of approval for each proposal [7][9]

中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 关于芜湖伯特利汽车安全系统股份有限公司 2024 年度股东大会的法律意见书 致：芜湖伯特利汽车安全系统股份有限公司 北京市竞天公诚律师事务所（以下称"本所"）接受芜湖伯特利汽车安全系 统股份有限公司（以下称"公司"）的委托，指派本所律师见证了公司于 2025 年 5 月 13 日在芜湖伯特利汽车安全系统股份有限公司二楼会议室召开的公司 2024 年度股东大会（以下称"本次股东大会"），并依据《中华人民共和国公 司法》《中华人民共和国证券法》等中国现行法律、法规和其他规范性文件（以 下称"中国法律法规"）及《芜湖伯特利汽车安全系统股份有限公司章程》（以 下称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出席会议 人员资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"） 出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不限于公司第四届董事会第六次会议决议、第四届监 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-032 芜湖伯特利汽车安全系统股份有限公司 2024年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：芜湖伯特利汽车安全系统股份有限公司二楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 493 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 339,701,399 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.0091 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况： 本次会议由公司董事会提议召开，公司董事长袁永彬先生主持会议，会议召 集及召开程序符合《公司法》和《公司章程》的有关规定。 (五)公司董事、 ...

Group 1 - The company, Wuhu Berteli Automotive Safety Systems Co., Ltd., will hold a performance and cash dividend briefing for the year 2024 on May 20, 2025, from 13:30 to 14:45 [1][2] - The briefing will be conducted via video live streaming and online interaction at the Shanghai Stock Exchange Roadshow Center [2][3] - Key personnel attending the meeting include the Chairman, General Manager, Secretary of the Board, Chief Financial Officer, and an Independent Director [2] Group 2 - Investors can submit questions for the briefing from May 13, 2025, to May 19, 2025, through the Shanghai Stock Exchange Roadshow Center website or via the company's email [3] - After the briefing, investors can view the meeting's details and main content on the Shanghai Stock Exchange Roadshow Center [3]

证券代码：603596 证券简称：伯特利 公告编号：2025-031 投资者可于 2025 年 05 月 13 日 （星期二） 至 05 月 19 日 （星期一）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 investor@btl-auto.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日发布公司 2024 年度报告，为便于广大投资者更全面深入地了解公司 2024 年度经营成果、财务状况，公司计划于 2025 年 05 月 20 日 （星期二） 13:30-14:45 举行 2024 年度业绩暨现金分红说明会，就投资者关心的问题进行交流。 一、 说明会类型 关于召开 2024 年度业绩暨现金分红说明会的公告 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： 会议召开时间：2025 年 05 月 20 日 （星期二） 13:30-14:45 会议召开地点：上海证券交易所上证 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company benefits from the ramp-up of new projects in smart electronic control products and the growth in sales from downstream customers, leading to a significant revenue increase. In Q1 2025, the company achieved revenue of 2.64 billion yuan, a year-on-year increase of 41.8%, and a net profit attributable to shareholders of 270 million yuan, up 28.8% year-on-year. The outlook for the company's profitability is positive, with expectations of becoming a global platform enterprise in chassis systems [2][10]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 2.64 billion yuan, representing a 41.8% increase year-on-year, while the net profit attributable to shareholders was 270 million yuan, reflecting a 28.8% year-on-year growth. The gross margin for Q1 was 18.0%, down 2.3 percentage points year-on-year, influenced by rising raw material costs and market competition [2][10]. Product and Market Development - The company has seen a significant increase in the sales of smart electronic control products, with a total of 146,200 units sold in Q1 2025, up 58% year-on-year. Additionally, lightweight braking components sales reached 3.438 million units, a 23% increase year-on-year, and disc brake sales were 933,000 sets, up 36% year-on-year. The company is also expanding its product offerings, with 120 new project approvals in Q1 2025 [10]. Future Outlook - The company is expected to continue its growth trajectory with the acceleration of new product launches and ongoing capacity expansion. Projections for net profit attributable to shareholders for 2025-2027 are 1.59 billion, 2.01 billion, and 2.49 billion yuan, respectively, with corresponding price-to-earnings ratios of 22.0X, 17.4X, and 14.1X [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].