证券代码：603596 证券简称：伯特利 公告编号：2025-098 转债代码:113696 转债简称:伯 25 转债 芜湖伯特利汽车安全系统股份有限公司 关于召开2025年第四次临时股东大会的通知 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： 一、 召开会议的基本情况 (一)股东大会类型和届次 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 29 日 14 点 00 分 召开地点：芜湖伯特利汽车安全系统股份有限公司二楼会议室 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 12 月 29 日 至2025 年 12 月 29 日 股东大会召开日期：2025年12月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-093 转债代码：113696 转债简称：伯 25 转债 一、监事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届监事会第十二次 会议于 2025 年 12 月 12 日下午 14:00 在公司五楼会议室以现场结合通讯的方式召开，本 次监事会会议于 2025 年 12 月 2 日以邮件方式发出会议通知。本次会议由公司监事会主 席张昊先生主持，会议应出席监事 3 人，实际出席监事 3 人。本次会议的召集、召开和 表决程序符合《中华人民共和国公司法》、《公司章程》的有关规定，会议合法、有效。 二、监事会会议审议情况 第四届监事会第十二次会议决议公告 （一）审议通过《关于预计公司 2026 年度日常关联交易预案的议案》。 根据《公司章程》及公司关于日常关联交易的相关规定，结合公司业务特点及经营 状况，为加强关联交易规范运作，提高决策管理效率，现对 2026 年度公司及公司控股 子公司与关联方发生的日常关联交易预计情况如下： 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 ...

| 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2025-092 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 | 转债 25 | | 芜湖伯特利汽车安全系统股份有限公司 第四届董事会第十二次会议决议公告 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。 一、董事会会议召开情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）第四届董事会第十二次 会议（定期）于 2025 年 12 月 12 日上午 10:00 在公司五楼会议室以现场及通讯相结合的 方式召开，本次董事会会议于 2025 年 12 月 2 日以邮件方式发出会议通知。本次会议由 公司董事长袁永彬先生主持，会议应出席董事 8 人，实际出席董事 8 人。本次会议的召 集、召开和表决程序符合《中华人民共和国公司法》、《公司章程》的有关规定，会议合 法、有效。 二、董事会会议审议情况 （一）审议通过《关于预计公司 2026 年度日常关联交易预案的议案》。 表决结果：8 票赞成，0 票反对，0 ...

Core Viewpoint - The company has announced a postponement of the operational availability date for its project to produce 1 million sets of Electronic Parking Brake (EPB) systems from December 2025 to December 2026 due to external macroeconomic conditions and industry developments [1] Group 1: Project Details - The planned investment amount for the EPB project is 226.14 million yuan, funded through the issuance of convertible bonds to unspecified investors [1] - The postponement does not alter the project's content, total investment, or implementing entity, and the feasibility of the project remains unchanged [1] Group 2: Financial Impact - The delay is intended to ensure the steady implementation of the fundraising project and to mitigate the risks associated with the use of raised funds [1] - The postponement is not expected to have a substantial impact on the company's main business, financial status, or overall fundraising arrangements [1]

Core Viewpoint - The company announced a postponement of the expected operational date for its electronic parking brake (EPB) production project from December 2025 to December 2026, without any changes to the fundraising projects or the use of raised funds [1] Group 1 - The fourth board meeting of the company approved the proposal regarding the delay of certain fundraising investment projects [1] - The specific project affected is the construction of a production line for 1 million sets of electronic parking brake systems [1] - The new expected operational date for the project is now set for December 2026 [1]

Investment Rating - The report does not explicitly state an investment rating for the automotive suspension industry Core Insights - The automotive suspension industry is undergoing a profound transformation driven by electrification and intelligence, shifting the competitive focus from traditional mechanical hardware to a comprehensive system capability defined by software [4] - The demand for lightweight structural components and high-performance suspensions is increasing due to electrification, while intelligence is pushing the evolution of suspensions from passive adaptation to active prediction [4] - The value distribution across the entire industry chain will be redefined in this technological revolution, with investment opportunities focusing on leading domestic component manufacturers, system integrators with advantages in electric control suspensions, and suppliers providing key enabling technologies for intelligent suspensions [4] Summary by Sections Industry Overview - The automotive suspension system connects the vehicle body to the wheels, playing a crucial role in cushioning road impacts and ensuring good contact between the wheels and the ground [5] - The industry can be categorized into passive, semi-active, and active suspensions based on their working principles and application scenarios [5][6] Industry Characteristics - High-end market core technology barriers are significant, with foreign companies having established a "patent moat" in core suspension technologies [8] - Electrification is driving technological iterations, with new energy vehicles imposing stricter requirements on suspension systems [9] - Intelligent technology is enabling the transition of suspension systems from mechanical passive modes to electronically controlled active modes [10] Development History - The automotive suspension system has evolved from passive systems in the 1930s to semi-active systems in the 1970s, and to active systems gaining traction in the 1990s [11][12][13][14][15] Industry Chain Analysis - The automotive suspension industry chain consists of upstream (core materials and components), midstream (system design and assembly), and downstream (vehicle application and aftermarket services) [16] - The upstream component supply segment is highly concentrated, dominated by international suppliers like ZF and Continental [17][22] - Midstream, system integrators are increasingly investing in R&D to enhance differentiation and supply chain security [18][19] Market Size and Growth - The automotive suspension market size is projected to grow from 67.25 billion RMB in 2019 to 83.42 billion RMB in 2024, with a compound annual growth rate (CAGR) of 4.40% [29] - The market is expected to further expand to 111.45 billion RMB by 2029, with a CAGR of 6.10% [29] Future Trends - The demand for high-performance suspension systems is increasing, with technology being downscaled to mid-range markets [32] - The rise of line-controlled suspension systems is anticipated to support the development of automotive intelligence [33] Competitive Landscape - The competitive landscape is characterized by a "global leaders and Chinese tiered catch-up" scenario, with high market concentration [39] - Chinese manufacturers are rapidly closing the technology gap with international giants, driven by the growth of the new energy vehicle market [43][44]

Core Insights - The report maintains a bullish outlook on the automotive industry, emphasizing the synergy between policies, exports, and smart technology, which is reshaping the market landscape [1][2]. Group 1: Industry Growth Logic - The automotive industry is projected to see a total sales volume of over 34 million units in 2025, with a year-on-year growth rate of approximately 8% [8]. - In the first ten months of 2025, cumulative sales reached 27.65 million units, reflecting a year-on-year increase of 12.29% [8][7]. - The penetration rate of new energy vehicles (NEVs) reached 46.70% in the same period, with cumulative sales of 12.91 million units, up 32.42% year-on-year [21][4]. - The export growth rate for NEVs was significantly higher at 87.57%, compared to domestic demand growth of 25.71% [21][4]. Group 2: Export Dynamics - In the first ten months of 2025, China's automotive exports reached 5.58 million units, marking a year-on-year increase of 15.05%, with exports accounting for 20.19% of total sales [11][10]. - The top ten exporting companies included Chery and BYD, with Chery exporting 1.063 million units, a 12.9% increase, and BYD's exports surging by 140% to 789,000 units [11][10]. Group 3: Domestic Demand - Domestic sales in the first ten months of 2025 totaled 22.06 million units, reflecting an 11.61% year-on-year increase [15][14]. - The "trade-in" policy has been enhanced to stimulate domestic demand, expanding the scope of vehicle scrappage and increasing subsidy standards [15][14]. Group 4: Self-owned Brands - The market share of domestic brands in passenger vehicles rose to 69.48% in the first ten months of 2025, up from 38.43% in 2022, with a growth rate of 21.31% [19][18]. - The overall growth rate for passenger vehicles was 12.80%, indicating a strong performance from domestic brands [19][18]. Group 5: Smart Technology and Parts - The smart driving market in China is expected to approach 450 billion yuan by 2025, with the penetration rate of L2-level assisted driving exceeding 50% [33][31]. - The report highlights the acceleration of domestic parts replacement, driven by supportive national policies and expanding market scales, particularly in the NEV sector [38][34]. - The synergy between smart connected vehicles and humanoid robots is noted, with both industries sharing over 50% of supply chain resources, which could significantly reduce production costs for robots [41][39]. Group 6: Investment Recommendations - Recommended companies in the complete vehicle sector include BAIC Blue Valley, GAC Group, and Great Wall Motors [47]. - In the parts sector, companies such as Bertley, Yinlun, and Longsheng Technology are highlighted as potential investment opportunities [47]. - For small-cap stocks, Baihehua is suggested as a promising investment [47].

Group 1 - The company Bertley (603596.SH) has established a lead screw company and a motor company focused on key components for robotics [1] - The robotics company is currently in the process of being set up, with production equipment for lead screws and motors in the selection phase [1] - Mass production is expected to be achieved by mid-next year [1]

Core Viewpoint - Berteli, a listed company, has filed a lawsuit against former employees and associated companies for alleged intellectual property infringement related to the EMB (Electronic Mechanical Brake) technology, which is on the verge of mass production [1][2][3]. Group 1: Company Background and Lawsuit Details - Berteli was established in 2004 and went public in April 2018, focusing on the research, manufacturing, and sales of automotive chassis systems and intelligent driving systems [3]. - The lawsuit involves five patents related to EMB technology, which Berteli claims were illegally obtained by the defendants, including former employees who allegedly disclosed trade secrets [3][4]. - The defendants include three former employees of Berteli, with one, Yan Shifu, having briefly served as the company's general manager [2][3]. Group 2: EMB Technology and Market Potential - EMB technology is positioned as a significant advancement in automotive braking systems, moving from mechanical to hydraulic and now to fully electronic control, offering advantages such as reduced weight and improved energy recovery [5]. - According to a report by Guotai Junan Securities, EMB is expected to achieve mass production by 2025, with a projected market size of 11.98 billion yuan by 2030 [6]. - The industry anticipates that 2026 will mark the year of large-scale production for EMB systems in China, with several companies, including Geely and others, planning to launch their EMB systems [7]. Group 3: Competitive Landscape and Patent Activity - There are over 260 patent applications related to EMB technology in China, with Berteli having 8 applications and the defendant company, Suzhou Coordinate System, having 10 applications [8]. - Yan Shifu has claimed that his company holds the largest number of EMB patents in the industry, asserting that one in three EMB patents belongs to them [8]. - Berteli has also made significant investments in EMB technology, including a planned investment of 2.81 billion yuan for a production line capable of producing 600,000 sets of EMB annually [9].

Core Viewpoint - Berteli has filed a lawsuit against former employees and their new companies for alleged intellectual property infringement related to EMB (Electronic Mechanical Brake) patents, as the industry is on the verge of mass production of this technology [2][3]. Company Overview - Berteli, established in 2004 and listed on A-shares in April 2018, focuses on the research, manufacturing, and sales of automotive chassis systems and intelligent driving systems [3]. - The defendants include Suzhou Coordinate Intelligent Technology Co., Ltd. and Suzhou Shiruichansi Technology Co., Ltd., along with three former Berteli employees, including former general manager Yan Shifu [2][5]. Legal Context - Berteli claims that the patents obtained by Coordinate are illegally acquired, as the former employees used confidential technology from Berteli to apply for patents in China [3][6]. - The lawsuit centers on the assertion that the patents in question are considered "service inventions," which should belong to Berteli due to the nature of the employees' previous work [5][12]. Industry Dynamics - EMB technology is at a critical juncture, transitioning from research and development to mass production, with significant competition among domestic and international manufacturers [2][7]. - The EMB system is seen as a key advancement in automotive braking technology, offering advantages such as reduced weight, higher energy recovery efficiency, faster response times, and lower maintenance costs [7]. Market Potential - According to a report, EMB is expected to achieve mass production breakthroughs by 2025, with a projected market size of 11.98 billion yuan by 2030 [8]. - Various companies, including Yatai Co. and Great Wall Motors, are actively developing EMB systems, with significant advancements expected in the coming years [8][9]. Competitive Landscape - Berteli has made substantial investments in EMB technology, including a planned investment of up to 2.81 billion yuan for a production project [11]. - Coordinate claims to have the largest number of EMB patents in the industry, with rapid progress in developing their first-generation systems [9][10]. Legal Proceedings - The outcome of the lawsuit will depend on the quality of evidence presented by both parties, particularly regarding the timeline of development and the use of resources from Berteli [12].