证券代码：603596 证券简称：伯特利 公告编号：2025-083 芜湖伯特利汽车安全系统股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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 11 月 10 日 （星期一） 14:00-15:00 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 10 日（星期一） 14:00-15:00 （二） 会议召开地点：上证路演中心 （三） 会议召开方式：上证路演中心网络互动 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 03 日（星期一）至 11 月 07 日（星期五）16:00 前登录 ...

2021 年第一期员工持股计划 第二个锁定期届满暨解锁条件成就的 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"或"伯特利"）的委托，根据《中华人民共和 国公司法》（以下称"《公司法》"）、《中华人民共和国证券法》（以下称"《证 券法》"）、中国证券监督管理委员会（以下称"中国证监会"）发布的《关于 上市公司实施员工持股计划试点的指导意见》（以下称"《指导意见》"）、上 海证券交易所（以下称"上交所"）发布的《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》（以下称"《规范运作》"）等有关法律、法规和规 范性文件及《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》"）、《芜湖伯特利汽车安全系统股份有限公司 2021 年第一期员工持股计 划（二次修订稿）》（以下称"《持股计划》"）、《芜湖伯特利汽车安全系统 股份有限公司 2021 年第一期员工持股计划管理办法（二次修订稿）》（以下称 "《管理办法》"）的相关规定，就公司 2021 年第一期员工持股计划（以下称 "本次员工持股计划" ...

Core Insights - The company reported third-quarter revenue of 3.193 billion, representing a year-on-year increase of 22.48% [1] - The net profit for the third quarter was 369 million, showing a year-on-year growth of 15.15% [1] - For the first three quarters, the total revenue reached 8.357 billion, reflecting a year-on-year increase of 27.04% [1] - The net profit for the first three quarters amounted to 891 million, with a year-on-year growth of 14.58% [1]

Core Viewpoint - Bertli's stock price has shown fluctuations with a year-to-date increase of 8.02%, while recent trends indicate a decline over the past 20 days by 9.21% and 4.48% over the past 60 days [1] Financial Performance - For the first half of 2025, Bertli achieved a revenue of 5.164 billion yuan, representing a year-on-year growth of 30.04%, and a net profit attributable to shareholders of 522 million yuan, up 14.19% year-on-year [2] Shareholder Information - As of September 10, 2025, the number of shareholders increased to 40,000, a rise of 65.24%, while the average circulating shares per person decreased by 39.46% to 15,162 shares [2] - As of June 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited as the third-largest shareholder with 38.4732 million shares, a decrease of 2.7464 million shares from the previous period [3] Dividend Distribution - Since its A-share listing, Bertli has distributed a total of 664 million yuan in dividends, with 499 million yuan distributed over the past three years [3] Company Overview - Bertli, established on June 25, 2004, and listed on April 27, 2018, specializes in the research, development, production, and sales of automotive brake system-related products [1] - The company's revenue composition includes 45.59% from intelligent electronic control products, 44.77% from mechanical braking products, 5.63% from mechanical steering products, and 2.92% from other supplementary products [1]

证券代码：603596 证券简称：伯特利 公告编号：2025-078 芜湖伯特利汽车安全系统股份有限公司 关于使用部分闲置募集资金进行现金管理到期赎回 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。 一、募集资金进行现金管理的基本情况 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）于 2025 年 7 月 30 日召开第四届董事会第九次会议及第四届监事会第九次会议，审议通过了 《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在不影响募 集资金项目建设和公司正常经营的情况下，合理利用部分闲置募集资金进行现金 管理，增加资金收益，为公司及股东获取更多的投资回报。使用最高额不超过 130,000 万元人民币的闲置募集资金进行现金管理，使用期限不超过 12 个月，在 上述额度及决议有效期内，可循环滚动使用。闲置募集资金现金管理到期后归还 至募集资金专户。保荐机构对该事项出具了无异议的核查意见。具体内容详见公 司 2025 年 8 月 1 日刊登在上海证券交易所网站（www.sse.com.cn）及《中国证 ...

Core Viewpoint - Bertli's stock price has experienced fluctuations, with a recent decline of 2.01% and a year-to-date increase of 6.06%, indicating volatility in market performance [1]. Financial Performance - For the first half of 2025, Bertli achieved a revenue of 5.164 billion yuan, representing a year-on-year growth of 30.04%, and a net profit attributable to shareholders of 522 million yuan, up 14.19% [2]. - Cumulative cash dividends since the A-share listing amount to 664 million yuan, with 499 million yuan distributed over the past three years [3]. Shareholder Information - As of September 10, 2025, the number of shareholders increased to 40,000, a rise of 65.24%, while the average circulating shares per person decreased by 39.46% to 15,162 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 38.4732 million shares, a decrease of 2.7464 million shares from the previous period [3]. Market Activity - Bertli's stock has seen a trading volume of 283 million yuan with a turnover rate of 0.99%, and the total market capitalization stands at 28.457 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" once this year, with the last occurrence on February 6 [1].

Core Insights - The article highlights the performance and stock selection strategy of Chen Liangdong, a fund manager, showcasing significant returns from various stocks under his management [1][2][4] Fund Performance - The Long城新兴产业混合A fund achieved a cumulative return of 81.71% during Chen Liangdong's tenure, with an average annualized return of 7.91% [1] - The Long城久富LOF fund reported an annualized return of 8.80% and a 2025 Q3 increase of 35.37% [1] Stock Selection and Performance - Notable stocks with high returns during Chen's management include: - Jianlang Hardware: Estimated return of 384.72% with a company performance growth of 86.01% [2][4] - Berteli: Estimated return of 255.67% with a company performance growth of 214.79% [2] - CaiXun Co.: Estimated return of 251.17% with a company performance growth of 24.18% [2] - Conversely, some stocks underperformed, such as: - Zijin Mining: Estimated return of -87.80% despite a company performance growth of 51.76% [3][4] - Hengxuan Technology: Estimated return of -45.73% with a company performance decline of 15.89% [3] Trading Strategy - Chen Liangdong's trading strategy involved frequent adjustments, with a total of 141 adjustments during his tenure, achieving a win rate of 52.48% [1] - The strategy included both successful and unsuccessful trades, with six instances of doubling returns [1][4]

Investment Rating - The report does not explicitly state an investment rating for the smart driving industry Core Insights - The smart driving industry is experiencing rapid evolution driven by "end-to-end" and "smart driving equity" concepts, with significant growth in both new energy vehicle sales and smart driving functionalities [3][4][9] - The penetration rate of L2-level smart driving in new energy vehicles in China has increased from approximately 7% in 2019 to around 65% by the first half of 2025, indicating a strong correlation between new energy vehicle sales and the adoption of smart driving technologies [9][10] - The smart driving market is projected to exceed 5 trillion yuan by 2030, with a compound annual growth rate driven by technological advancements and increased consumer acceptance [15][16] Summary by Sections 1. "Equity + End-to-End" Accelerating Smart Driving Evolution - The smart driving industry has seen a significant increase in new energy vehicle sales, which has created a positive feedback loop for the adoption of smart driving technologies [9][10] - The penetration of L2-level smart driving features in new energy vehicles has rapidly increased, reflecting the growing consumer acceptance and market expansion of smart driving technologies [9][10] 2. End-to-End Smart Driving Review - The evolution of end-to-end smart driving can be categorized into four main stages, with advancements in perception, decision-making, and control processes [30][32] - The introduction of the "occupancy network" has enhanced environmental perception capabilities, allowing for more accurate and stable decision-making in complex driving scenarios [46][47] 3. VLA Technology Route - The VLA (Vision-Language-Action) model is emerging as a key driver of paradigm shifts in autonomous driving, integrating visual, linguistic, and action modalities into a cohesive framework [70][71] - The VLA model's development is divided into four stages, with significant advancements in task understanding and execution capabilities [76][77] 4. World Model Technology Route - The world model approach emphasizes physical reasoning and spatial understanding, representing a long-term evolution path for smart driving technologies [69][70] - The integration of world models with cloud computing is expected to enhance the iterative optimization of end-to-end smart driving systems [65][66]

Core Viewpoints - The automotive sector is experiencing a mixed performance, with passenger car sales showing a slight year-on-year increase while the overall market sentiment remains weak [3][4][5]. Passenger Cars - In the week of September 22-28, 2025, passenger car sales reached 653,000 units, a year-on-year increase of 1.5% and a month-on-month increase of 26.6% [2]. - For Q3 2025, wholesale passenger car sales are projected to be 7.686 million units, representing a year-on-year growth of 14.7% and a month-on-month growth of 8.1% [5][58]. - The penetration rate of new energy vehicles (NEVs) in Q3 2025 is expected to be 52.4%, with NEV wholesale sales reaching 4.024 million units, a year-on-year increase of 24.2% [5][19]. - The export of passenger cars in Q3 2025 is anticipated to be 1.592 million units, a year-on-year increase of 23.1% [19][62]. Market Performance - The automotive sector underperformed the broader market, with the A-share automotive sector declining by 6.1% during the week of October 13-17, 2025 [3]. - The performance of various sub-sectors varied, with commercial passenger vehicles increasing by 3.7%, while other segments like passenger cars and automotive parts saw declines ranging from 2.9% to 8.0% [3]. Investment Recommendations - Key companies to watch include Geely, Xpeng, Li Auto, BYD, and Xiaomi, among others, focusing on those with strong performance in the NEV sector [4][8][58]. - In the parts sector, companies involved in intelligent driving and smart cockpit technologies are recommended, such as Berteli and Jifeng [8]. Heavy Trucks - The heavy truck market is experiencing significant growth, with Q3 2025 wholesale sales reaching 282,000 units, a year-on-year increase of 58.1% [40][62]. - New energy heavy trucks are particularly strong, with sales of 58,000 units in Q3 2025, reflecting a year-on-year increase of 181.5% [45][62]. Motorcycles - The market for large-displacement motorcycles (over 250cc) is projected to see wholesale sales of 258,000 units in Q3 2025, a year-on-year increase of 18.9% [56][63]. - Exports of large-displacement motorcycles are expected to grow significantly, with a year-on-year increase of 50.5% [52][63]. Component Sector - The component sector is benefiting from a decrease in raw material costs and shipping fees, which is expected to alleviate cost pressures for companies [34][35][62]. - Companies in the supply chain for leading manufacturers like Xiaomi, Xpeng, and NIO are expected to perform well in terms of revenue [38][62].

证券代码：603596 证券简称：伯特利 公告编号：2025-077 关于使用部分闲置募集资金进行现金管理的公告 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： 现金管理产品基本情况 1、券商理财 | 产品名称 | | | | "银河金鼎"收益凭证 | | 5290 | | | 期-保守看涨(中 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 证 A500) | | | | | | | | | 受托方名称 | 中国银河证券股份有限公司 | | | | | | | | | | 购买金额 | | 万元 5,000 | | | | | | | | | 产品期限 | 17 | 2025 年 | 10 | 月 | 日-2026 | 年 | 4 月 | 15 | 日 | | 特别风险提示（如有请勾选） | | 其他：不适用 | | | | | | | | 2、券商理财 | 产品名称 | "银河金鼎"收益凭证 | | | | 5291 ...