担保对象及基本情况 | 被担保人名称 | 本次担保 | 实际为其提供的 | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | 金额 | 担保余额（不含本 | | 预计额度内 | 否有反担保 | | 科博达（安徽）汽车电子有限公 | | 次担保金额） | | | | | 司（以下简称"科博达安徽汽车 | 6,000 万元 | 32,000 | 万元 | 是 | 否 | | 电子"） | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 169,000 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 32.24% | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一 期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 | | | 近一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次）达 | | | 到或超过最近一期经审计净资产 ...

证券代码：603786 证券简称：科博达 公告编号：2026-010 科博达技术股份有限公司 关于为控股子公司提供担保的进展公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保 | 实际为其提供的 | | 是否在前期 | 本次担保是 | | --- | --- | --- | --- | --- | --- | | | | 担保余额（不含本 | | | | | | 金额 | 次担保金额） | | 预计额度内 | 否有反担保 | | 科博达（重庆）智控技术有限公 | | | | | | | 司（以下简称"科博达重庆智 | 2,400 万元 | 1,600 | 万元 | 是 | 否 | | 控"） | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 163,000 | | 对外担保总额占上市公司最近一 | 31.10% | | 期经审计净 ...

科博达技术股份有限公司 关于全资子公司增资进展的公告 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个别及连带责任。 二、增资进展情况 近日，科博达德国两合公司已完成增资登记相关手续，并取得乌尔姆地方法 院商业登记处签发的增资登记证明文件，相关登记信息如下： 1、 公司名称：科博达德国两合公司（KEBODA Deutschland GmbH & Co. KG） 证券代码：603786 证券简称：科博达 公告编号：2026-011 2、 成立日期：2014 年 7 月 23 日 3、 公司类型：有限两合公司 4、 注册地址：德国乌尔姆 Magirus-Deutz-街 9 号，89077 5、 注册资本：51,275,000.00 欧元 6、 登记号：HRA724089 一、 对外投资概述 科博达技术股份有限公司（以下简称"公司"）基于全资子公司科博达德国两 合公司（KEBODA Deutschland GmbH & Co. KG）的实际经营需求，拟使用自有 资金对其增资 2,120 万欧元，增资完成后科博达德国两合公司注册资本 5,127 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, consistent with the previous rating [2] Core Insights - The automotive industry is expected to experience a stable price increase and volume growth in 2026, despite a decline in terminal sales in January and February due to consumer hesitation [15][16] - The passenger vehicle inventory has decreased for two consecutive months, and export growth has been impressive, with a 53.3% year-on-year increase in exports for the first two months of 2026 [15] - The penetration rate of new energy vehicles (NEVs) in the domestic market is under pressure, but exports have surged by 113.0% year-on-year [15] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In January and February 2026, the cumulative sales of passenger vehicles were 2.642 million units, down 14.7% year-on-year, indicating a projected annual decline of 5.3% [15] - The average selling price (ASP) of passenger vehicles increased by 8.8% year-on-year, marking five consecutive months of positive growth [15] - The inventory of passenger vehicles stood at 4.346 million units by the end of February 2026, with a dynamic inventory-to-sales ratio of 2.34 [15] 2. New Energy Vehicle Performance - The cumulative export of new energy vehicles reached 572,000 units in the first two months of 2026, reflecting a 113.0% year-on-year increase [15] - The penetration rates for pure electric and plug-in hybrid vehicles were 23.4% and 15.0%, respectively, with year-on-year declines of 9.2 percentage points and 3.0 percentage points [15] 3. Investment Recommendations - The report suggests focusing on various automotive companies based on their market positioning: - Right-side targets include Geely, BYD, Seres, Chery, Xpeng, and Leap Motor [15] - Left-side targets include Li Auto and Changan [15] - Companies at inflection points include Great Wall Motors and SAIC Motor, with a recommendation to pay attention to JAC Motors [15] - In the upstream and downstream supply chain, recommended right-side targets include Minth Group, Yinlun, and others, while left-side targets include Yongda Automotive and New Coordinates [15]

Investment Rating - The report maintains a "Recommended" investment rating for the Robotaxi industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The Robotaxi industry is accelerating towards large-scale commercialization, driven by advancements in autonomous driving technology, favorable policies, and the maturation of the business ecosystem. Key players are rapidly iterating technologies and expanding globally, suggesting significant investment opportunities [1][10]. - Robotaxi represents a core application scenario for Level 4 (L4) autonomous driving, characterized by high technical challenges, clear business models, and substantial cost restructuring potential. The industry is expected to enter a phase of large-scale investment and application expansion from 2026 to 2030 [1][10]. Summary by Sections 1. High-Level Autonomous Driving Penetration - Autonomous driving is categorized from Level 0 to Level 5, with L3 and L4 being the focus of global regulatory and competitive landscapes. By 2025, the penetration rate of passenger cars with Level 2 and above in China is projected to reach approximately 66%, with significant growth in higher-level L2++ vehicles [14][21]. - The report highlights that the penetration of L2 and above vehicles is expected to cross 60% by 2025, marking a pivotal point for the widespread adoption of advanced driving assistance systems [21][22]. 2. Industry Catalysts - Multiple catalysts are propelling the Robotaxi industry towards commercialization: - **Policy Improvements**: Countries like China and the U.S. are gradually opening regions for L4 level paid operations, removing mandatory safety driver requirements, thus facilitating commercial operations [2][32]. - **Technological Advancements**: Hardware and algorithm iterations are enhancing safety redundancies, with companies like Waymo and Tesla leading the way in sensor fusion and vision-based approaches [2][32]. - **Cost Reductions**: The BOM (Bill of Materials) cost for vehicles has decreased significantly, enabling large-scale fleet deployments and reducing overall operational costs [2][32]. - **Unit Economics**: Robotaxi can save over 70% in labor costs, with some leading companies already achieving profitability in select cities, indicating a shift towards commercial viability [2][32]. 3. Competitive Landscape - The Robotaxi industry is characterized by a "U.S.-China dominance with multiple strong competitors" framework. In the U.S., Waymo and Tesla are leading, while in China, companies like Pony.ai, WeRide, and others are expanding aggressively [7][10]. - The report notes that the Robotaxi fleet size is increasing, with leading companies already operating fleets of over a thousand vehicles and expanding into more cities for paid operations [7][10]. 4. Market Size - The global autonomous driving mobility service market is projected to grow from $140 million in 2025 to $67.3 billion by 2030, with a compound annual growth rate (CAGR) of approximately 232.7%. In China, the market is expected to grow from $70 million to $39.4 billion during the same period, with a CAGR of about 253.6% [8][10].

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Insights - The automotive industry is experiencing a structural transformation with opportunities in high-end domestic brands and accelerated penetration of smart technologies. Despite challenges such as the reduction of new energy vehicle purchase tax incentives, the overall sentiment for 2026 remains optimistic [4][13] - The report highlights significant growth in companies like Yushu Technology, which reported a revenue of 1.71 billion yuan in 2025, a year-on-year increase of 335.4%, and a net profit of 600 million yuan, up 674.3% [11] - Xiaomi's new generation SU7 was launched with advanced safety and intelligent driving features, indicating a trend towards enhanced vehicle technology [12] Summary by Sections Recent Trends - The automotive sector's performance from March 16 to March 20 shows a decline of 4.4%, with passenger vehicles increasing by 0.8% while commercial vehicles decreased by 4.0% [14] - The report notes that the A-share automotive sector outperformed the Shanghai Composite Index during this period [14] Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, recommending stocks such as BYD, Geely, and Great Wall Motors, with various ratings from "Buy" to "Increase" based on their projected earnings per share (EPS) and price-to-earnings (PE) ratios [6][54] - For instance, BYD is projected to have an EPS of 5.33 in 2026 with a "Buy" rating, while Great Wall Motors is expected to have an EPS of 1.70 with an "Increase" rating [54] Industry Indicators - In February 2026, the automotive production and sales figures were reported at 1.672 million and 1.805 million units respectively, showing a year-on-year decline of 20.5% and 15.2% [34] - New energy vehicles accounted for approximately 42.4% of total new vehicle sales, indicating a significant market share despite the overall decline [34]

Investment Rating - The industry investment rating is maintained as "Increase" [5] Core Views - The automotive sector is experiencing a significant improvement in weekly data, with wholesale daily averages increasing to 31,000 vehicles in the first week of March and 58,000 vehicles in the second week, alongside retail daily averages of 31,000 and 45,000 vehicles respectively. This improvement is attributed to the end of the holiday season and new vehicle launches. The rise in oil prices due to geopolitical tensions in the Middle East is expected to boost demand for new energy vehicles, accelerating the overseas expansion of automotive companies. The profitability of car manufacturers is currently at a low point, but is expected to improve from March to June as new vehicles are launched and sales recover [1][2][3] Summary by Sections Weekly Dynamics - The report highlights that new energy vehicle companies such as Xiaopeng, Li Auto, and others have achieved significant year-on-year sales growth, with Xiaopeng and Li Auto reaching profitability in Q4 2025. The overall sales growth for these companies is reported at 126% for Xiaopeng and 103% for Li Auto [10][12] Weekly Market Performance - The automotive sector saw an overall decline of 4.40% in the week from March 16 to March 22, ranking 16th out of 31 sectors. The Shanghai Composite Index fell by 3.38%, while the Shenzhen Component Index and CSI 300 Index decreased by 2.90% and 2.19% respectively. Among sub-sectors, passenger vehicles showed a slight increase of 0.78%, while other segments like automotive services and parts experienced declines of 5.53% and 6.20% respectively [13][20] Recommendations - The report suggests focusing on several companies across different segments: 1. Passenger Vehicles: Jianghuai Automobile, Geely Automobile, BYD, Xiaopeng Motors, Tesla 2. Commercial Vehicles: Weichai Power, China National Heavy Duty Truck Group, Yutong Bus, King Long Automobile 3. Liquid Cooling: Yinlun Holdings, Feilong Holdings, Ruikeda 4. Robotics: Zhejiang Rongtai, Laling Holdings, Deka Motor Holdings, Top Group, Sanhua Intelligent Controls, Xinquan, Shuanghuan Transmission, Hengshuai 5. Autonomous Driving: Horizon Robotics, Hesai Technology, Suteng Juchuang, Pony.ai, Nexperia, Coboda, Jingwei Hirun, Borsali 6. Commercial Aviation: Chaojie Holdings, Haoneng Holdings, Jingwei Hirun [3]

累计担保情况 | 对外担保逾期的累计金额（万元） 0 | | | --- | --- | | 截至本公告日上市公司及其控股 | 160,600 | | 子公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 30.64% | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一期 | | | 经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最近 | | | 一期经审计净资产 100% | | | □对合并报表外单位担保总额（含本次）达到 | | | 或超过最近一期经审计净资产 30% | | | □本次对资产负债率超过 70%的单位提供担 | | | 保 | | 其他风险提示（如有） | 无 | 证券代码：603786 证券简称：科博达 公告编号：2026-009 科博达技术股份有限公司 关于为全资孙公司提供担保的进展公告 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： 担保对象及基本情况 | 被担保人名称 | 本次担保 ...

上海科博达智能科技本次高新技术企业认定系首次认定，根据《中华人民共 和国企业所得税法》，上海科博达智能科技自通过高新技术企业认定起连续三年 （2025~2027 年）可享受国家关于高新技术企业的税收优惠政策，即按 15%的税 率缴纳企业所得税。 鉴于上海科博达智能科技目前尚存在未弥补亏损，2025 年度暂无需缴纳企 业所得税，因此，以上税收优惠政策不影响公司 2025 年度经营业绩。 特此公告。 科博达技术股份有限公司董事会 证券代码：603786 证券简称：科博达 公告编号：2026-008 科博达技术股份有限公司 关于控股子公司通过高新技术企业认定的公告 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个别及连带责任。 科博达技术股份有限公司（以下简称"公司"）控股子公司上海科博达智能科 技有限公司（以下简称"上海科博达智能科技"）于近日收到由上海市科学技术 委员会、上海市财政局、国家税务总局上海市税务局联合颁发的《高新技术企业 证书》，证书编号为：GR202531006957，发证时间：2025 年 12 月 25 日，有效 期：三 ...

股票简称：科博达 股票代码：603786 科博达技术股份有限公司 KEBODA TECHNOLOGY Co., Ltd. （中国（上海）自由贸易试验区祖冲之路 2388 号 1-2 幢） 向不特定对象发行可转换公司债券 募集说明书 （申报稿） 保荐机构（主承销商） 中国国际金融股份有限公司 （住所：北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二零二六年三月 科博达技术股份有限公司 向不特定对象发行可转换公司债券募集说明书（申报稿） 声 明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利 能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之相反的声明均属 虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发行人自 行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承担证券依法发 行后因发行人经营与收益变化或者证券价格变动引致的投资风险。 1-1-1 科博达技术股份有限公司 向不特定对象发行可转换公司债券募集说明书（申报稿） 重大 ...