Core Points - Wuhu Berteli Automotive Safety Systems Co., Ltd. has successfully issued convertible bonds, approved by the China Securities Regulatory Commission [1] - The total scale of the convertible bond issuance is 280,200,000 CNY, with a face value of 100 CNY per bond [2] - The bonds are referred to as "Ber 25 Convertible Bonds" with the bond code "113696" [1] Subscription Results - Original shareholders subscribed for 2,064,834 hands, amounting to 2,064,834,000 CNY [2] - Online public investors subscribed for 725,016 hands, totaling 725,016,000 CNY, while 12,150 hands were abandoned [2] - The total issuance quantity was 2,802,000 hands, with the remaining portion being underwritten by the lead underwriter and co-underwriters [2] Underwriting Details - The lead underwriter is China International Capital Corporation, with Guotai Junan Securities as the co-underwriter [1] - The total number of hands underwritten by the lead and co-underwriters due to abandonment was 12,150 hands [2] - The funds from the subscription will be transferred to the issuer after deducting underwriting fees [2]

摘要 ► 本 周数据： 2025年6月第4周（6.23-6.29）乘用车销量57.9万辆，同比+8.0%，环比+3.7%；新能源乘用车销量29.8万辆，同比+26.7%，环比+4.4%；新能源渗透率51.6%，环比 +0.3pct。 ► 本周行情 ： 汽车板块本周表现弱于市场 本周（6月30日-7月4日）A股汽车板块上涨0.65%，在申万子行业中排名第22位，表现弱于沪深300（+1.80%）。细分板块中，商用载客车、汽车零部件、汽车服 务、摩托车及其他、乘用车、商用载货车分别上涨4.91%、-0.62%、1.70%、5.68%、1.43%、0.69%。 ► 本周观点： 本月建议关注核心组合【吉利汽车、比亚迪、理想汽车、小鹏汽车、小米集团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ► 2024全球汽车零部件百强：德、日主导，中国零部件空间可期 乘用车： 看好智能化、全球化加速突破的优质自主，推荐 【吉利汽车、比亚迪、理想汽车、小米集团（与电子组联合覆盖）、小鹏汽车、赛力斯】 。 零部件：1）智能化： 推荐智能驾驶- 【伯特利、地平线机器人、科博达】 ，推荐智能座舱- 【继峰股份】；2）新势力产业链： ...

证券代码：603596 证券简称：伯特利 公告编号：2025-043 芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券发行结果公告 保荐人（主承销商）：中国国际金融股份有限公司 联席主承销商：国泰海通证券股份有限公司 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个别及连带责任。 重要内容提示： 芜湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"或"发行人"）向 不特定对象发行可转换公司债券（以下简称"可转债"）已获得中国证券监督管理委 员会证监许可[2025]631 号同意注册。本次发行的保荐人（主承销商）为中国国际 金融股份有限公司（以下简称"保荐人（主承销商）"或"中金公司"），联席主承销 商为国泰海通证券股份有限公司（以下简称"国泰海通"或"联席主承销商"）。本次 发行的可转债简称为"伯 25 转债"，债券代码为"113696"。 | 类别 | 认购数量（手） | 放弃认购数量（手） | | --- | --- | --- | | 原股东 | 2,064,834 | 0 | | 网上社会公众投资者 | 72 ...

Group 1 - The announcement pertains to Wuhu Berteli Automotive Safety Systems Co., Ltd. issuing convertible bonds to unspecified investors [1] - The online lottery for the bond issuance took place on July 2, 2025, under the supervision of relevant representatives, ensuring transparency [1] - A total of 737,166 winning numbers were announced, with each winning number eligible to subscribe for one unit (1,000 yuan) of the convertible bonds [1]

联席主承销商：国泰海通证券股份有限公司 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个别及连带责任。 根据《芜湖伯特利汽车安全系统股份有限公司向不特定对象发行可转换公司 债券发行公告》，发行人芜湖伯特利汽车安全系统股份有限公司及本次可转债发 行的保荐人（主承销商）中国国际金融股份有限公司、联席主承销商国泰海通证 券股份有限公司于 2025 年 7 月 2 日（T+1 日）主持了芜湖伯特利汽车安全系统 股份有限公司向不特定对象发行可转换公司债券（以下简称"伯 25 转债"）网上 发行中签摇号仪式。摇号仪式按照公开、公平、公正的原则在有关单位代表的监 督下进行，摇号结果经上海市东方公证处公证。现将中签结果公告如下： | 末尾位数 | 中签号码 | | --- | --- | | 末"5"位数 | 27053，39553，52053，64553，77053，89553，14553， | | | 02053 | | 末"6"位数 | 436452，561452，686452，811452，936452，311452，186452， | | | ...

Core Viewpoint - Wuhu Berteli Automotive Safety Systems Co., Ltd. has received approval from the China Securities Regulatory Commission to issue CNY 2,802 million convertible bonds, with the issuance process and subscription details outlined for investors [1][2][3]. Group 1: Issuance Details - The company is issuing CNY 2,802 million in convertible bonds, with a face value of CNY 100 per bond, totaling 28,020,000 bonds [4]. - The issuance includes a priority subscription for existing shareholders, which concluded on July 1, 2025 [3][4]. - The total amount allocated to existing shareholders was CNY 2,064,834,000, accounting for approximately 73.69% of the total issuance [5]. Group 2: Public Subscription Results - The total amount issued to the general public through online subscription was CNY 737,166,000, representing about 26.31% of the total issuance [5]. - The online subscription had a success rate of approximately 0.00895% with 8,265,761 valid subscription accounts [5]. - The lottery for the subscription results will take place on July 2, 2025, with results announced on July 3, 2025 [5][6]. Group 3: Underwriting and Subscription Conditions - If the combined subscription from existing shareholders and online investors is less than 70% of the total issuance, the underwriting team will consider suspending the issuance [2]. - The underwriting team, consisting of China International Capital Corporation and Guotai Junan Securities, will underwrite any shortfall up to a maximum of 30% of the total issuance [2][3]. - Investors who fail to fulfill their subscription obligations may face restrictions on future participation in new stock offerings [3].

证券代码：603596 证券简称：伯特利 公告编号：2025-041 请投资者认真阅读本公告。本次向不特定对象发行可转债在发行流程、申 购、缴款和投资者弃购处理等环节的重要提示如下： 1 1、网上投资者申购本次发行的可转债中签后，应根据《芜湖伯特利汽车安 全系统股份有限公司向不特定对象发行可转换公司债券网上中签结果公告》（以 下简称"《网上中签结果公告》"）履行资金交收义务，确保其资金账户在 2025 年 7 月 3 日（T+2 日）日终有足额的认购资金，能够认购中签后的 1 手或 1 手整 数倍的可转债，投资者款项划付需遵守投资者所在证券公司的相关规定。投资者 认购资金不足的，不足部分视为放弃认购，由此产生的后果及相关法律责任，由 投资者自行承担。根据中国证券登记结算有限责任公司上海分公司（以下简称"中 国结算上海分公司"）的相关规定，放弃认购的最小单位为 1 手。网上投资者放 弃认购的部分由主承销商和联席主承销商包销。 2、当原股东优先认购的可转债数量和网上投资者申购的可转债数量合计不 足本次发行数量的 70%时，或当原股东优先缴款认购的可转债数量和网上投资者 缴款认购的可转债数量合计不足本次发行数量的 ...

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个别及连带责任。 特别提示 芜湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"、"发行人"或"公 司"）、中国国际金融股份有限公司（以下简称"保荐人（主承销商）"、"主承销 商"或"中金公司"） 和国泰海通证券股份有限公司（以下简称"联席主承销商" 或"国泰海通"）根据《中华人民共和国证券法》、《证券发行与承销管理办法》（证 监会令〔第 228 号〕）、《上市公司证券发行注册管理办法》（证监会令〔第 227 号〕）、《上海证券交易所上市公司证券发行与承销业务实施细则（2025 年修订）》 （上证发〔2025〕47 号）（以下简称"《实施细则》"）、《上海证券交易所证券发 行与承销业务指南第 2 号——上市公司证券发行与上市业务办理》（上证函〔2021〕 323 号）、《上海证券交易所证券发行与承销业务指南第 4 号——上市公司证券发 行与承销备案（2025 年 3 月修订）》（上证发〔2025〕42 号）等相关规定组织实 施向不特定对象发行可转换公司债券（以下简称"可转债"或"伯 25 ...

Core Viewpoint - The company is issuing convertible bonds with a credit rating of AA, indicating a stable outlook, while highlighting the importance of understanding associated risks in the automotive industry and market dynamics [1][2]. Group 1: Industry and Market Risks - The automotive parts industry is closely tied to the automotive manufacturing sector, which is cyclical and influenced by macroeconomic conditions. In 2023, China's automotive production and sales reached 30.16 million and 30.09 million units, respectively, marking year-on-year growth of 11.6% and 12.0% [2]. - The automotive parts market is experiencing intensified competition, with both international giants and domestic suppliers vying for market share. The shift from price competition to technology and brand competition is notable [2][3]. Group 2: Operational and Financial Risks - The company has a high customer concentration, with the top five customers accounting for 75.34% of revenue in the latest reporting period. This reliance on major clients poses risks if their demand decreases due to market pressures [3]. - The company has significant related-party transactions, particularly with Chery Automobile, which accounted for 44.44% of revenue. While these relationships are stable, any adverse changes could impact profitability [3]. - The company's gross margin has been declining, with rates of 20.45%, 19.50%, and 18.81% over the reporting periods. Increased competition and downward pressure on vehicle prices could further affect margins [4]. Group 3: Fundraising and Investment Risks - The company is raising funds for projects related to mechanical braking and intelligent electronic control products. Successful implementation is contingent on market conditions and customer demand [5][6]. - The company faces risks related to the international trade environment, particularly for its investment project in Mexico, which could be affected by changes in trade policies and market conditions in North America [7]. Group 4: Dividend Distribution Policy - The company has a stable profit distribution policy, prioritizing cash dividends, with a minimum of 10% of distributable profits to be paid out annually. The policy emphasizes reasonable returns to investors while ensuring sustainable development [8][9].

Meeting Overview - The fourth meeting of the supervisory board of Wuhu Berteli Automotive Safety Systems Co., Ltd. was held on June 26, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2]. Convertible Bond Issuance - The supervisory board approved the proposal to clarify the issuance plan for convertible bonds to unspecified objects, with a total fundraising amount of RMB 2,802 million and an issuance of 28,020,000 bonds [2][3]. - Each bond has a face value of RMB 100 and will be issued at face value [2][3]. - The bonds will be listed on the Shanghai Stock Exchange [2][3]. Bond Characteristics - The bonds will have an annual interest rate of 2.0%, with interest paid annually starting from July 1, 2025 [3][4]. - The redemption price for unconverted bonds will be 110% of the face value, including the last annual interest [5][12]. - The bonds will not have a holding period restriction, allowing trading on the first day of listing [8][12]. Subscription and Allocation - Original shareholders will have priority in subscribing to the bonds, with the subscription date set for July 1, 2025 [5][6]. - The total number of shares eligible for priority allocation is 604,710,820, after excluding treasury shares [6][7]. - The minimum subscription unit is 1,000 RMB, with a maximum of 1,000,000 RMB per account [8][9]. Adjustments and Rights - The conversion price will be adjusted in case of stock dividends, capital increases, or cash dividends [10][11]. - Holders of the convertible bonds have the right to sell back their bonds to the company if certain conditions are met, such as the stock price falling below 70% of the conversion price [13][14]. Related Transactions - The company plans to increase and adjust the expected daily related transactions for 2025, specifically with Chery Automobile and its affiliates, increasing the procurement amount by RMB 65 million while keeping the sales amount unchanged at RMB 655.1 million [17].