Economic News - The Ministry of Culture and Tourism plans to launch a three-year action plan to boost cultural and tourism consumption, with over 330 million yuan in subsidies [2] - As of the end of August, China's electric vehicle charging infrastructure reached 17.348 million, a 53.5% increase year-on-year [2] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to 4.00%-4.25%, marking its first rate cut since December 2024 [2] - The 12th Beijing Xiangshan Forum opened with over 1,800 participants from more than 100 countries and organizations [2] - Japan's government initiated a national AI strategy to become the most AI-friendly country globally [2] - The 9th China (Tianjin) Nucleic Acid Drug Conference was held, with significant projects signed, focusing on nucleic acid drug development [2] - BP plans to invest over £3.6 billion (approximately $5 billion) annually in the U.S. over the next five years [2] - The People's Bank of China conducted a 487 billion yuan reverse repurchase operation, with a net injection of 195 billion yuan [2] - The People's Bank of China will issue a 600 billion yuan central bank bill with a maturity of six months [2] Key Company Information - Shanghai Construction Group reported that its gold business revenue is less than 0.5% of total revenue, with minimal impact on operations [5] - Guangji Pharmaceutical received approval for the re-registration of its chemical raw material drug Vitamin B6 [5] - CATL stated that sodium-ion batteries have lower energy density than lithium-ion batteries but offer better low-temperature performance and safety [5] - Jitu Express announced a share buyback plan for up to 10% of its B shares, citing undervaluation [5] - New China Life Insurance reported a cumulative premium income of 158.086 billion yuan from January to August 2025, a 21% year-on-year increase [5] Industry Analysis - In August, domestic airlines' capacity increased by approximately 1.7% year-on-year, with a notable improvement in passenger load factor [7] - The overall passenger load factor for listed airlines improved by 0.9 percentage points year-on-year and 3.3 percentage points month-on-month in August [7] - The international route capacity for listed airlines increased by 14.6% year-on-year, with a 2.8 percentage point month-on-month improvement in load factor [9] - The release of the "Self-Discipline Convention for Air Passenger Transport" in August is expected to help stabilize the industry and improve profitability [10] - The domestic automotive market saw a production and sales increase of 8.7% and 10.1% respectively in August, with significant growth in new energy vehicles [12] - New energy vehicle sales accounted for 52.1% of total domestic vehicle sales in August, with a year-on-year increase of 18.3% [13] - The export of new energy vehicles showed strong performance, with a 19.6% year-on-year increase in August [14] - The automotive industry is experiencing a shift towards electrification and intelligent technology, with domestic brands gaining market share [16][17]

Summary of Key Points Core Viewpoint - The company held a half-year performance briefing on September 2, 2025, to address investor concerns and discuss financial results and future strategies [1]. Financial Performance - For the first half of 2025 (January to June), the company reported: - Operating revenue of 786.80 million yuan, an increase of 7.83% year-on-year - Operating profit of 114.67 million yuan, up 4.56% year-on-year - Net profit of 103.29 million yuan, rising 11.63% year-on-year - Net profit attributable to shareholders of the listed company was 103.89 million yuan, an increase of 11.93% year-on-year [2]. International Market Expansion - The company is implementing a "going out" strategy to expand its international market presence, with a production base established in Malaysia and ongoing preparations for a base in Morocco [2][3]. - The company aims to promote its products to more international car manufacturers, having already entered the supply chains of Stellantis, Renault, and Proton [2]. Customer Base and Product Development - The company has successfully entered the supply chains of major automotive manufacturers such as FAW-Volkswagen and SAIC Volkswagen, covering a wide range of clients including independent, joint venture, and new energy vehicle manufacturers [2]. - The company is focusing on customer-specific market segments, particularly in the high-end new energy vehicle sector, to enhance its competitive advantage [2]. Growth Drivers - Key growth drivers include the successful integration of products like gear shifters and electronic accelerator pedals into various automotive supply chains, with ongoing efforts to maintain market expansion and product development [2][4]. - The company is also actively working on new product development, including a new energy vehicle air conditioning compressor currently in the testing phase [4]. Cost Management Strategies - The company employs centralized procurement for bulk materials to mitigate price fluctuations, negotiating better prices through increased purchasing volumes [3]. - For electronic components, the company is focusing on domestic alternatives to stabilize costs while ensuring product quality [3].

Core Viewpoint - Ningbo Gaofa's performance in the first half of 2025 shows growth in revenue and profit, driven by increased sales of its products in the automotive sector, particularly in the context of rising market share among domestic brands [3]. Group 1: Company Overview - Ningbo Gaofa specializes in the research, production, and sales of automotive transmission control systems and acceleration control systems, with main products including transmission control system assemblies, pedal products (electronic accelerator and brake pedals), and cables [2]. - The company serves a wide range of clients, including major domestic automotive manufacturers such as Geely, Chery, BYD, SAIC-GM-Wuling, FAW-Volkswagen, and SAIC Volkswagen, and is actively expanding into joint ventures and overseas markets [2]. Group 2: Financial Performance - In the first half of 2025, Ningbo Gaofa achieved operating revenue of 787 million yuan, a year-on-year increase of 7.83%; operating profit of 115 million yuan, up 4.56%; and net profit of 103 million yuan, rising 11.63% [3]. - The net profit attributable to shareholders was 104 million yuan, reflecting an increase of 11.93%; however, the net cash flow from operating activities was -44.81 million yuan, a decrease of 311.11% [3]. Group 3: Product Development and Market Strategy - The company has successfully integrated its products into the supply chains of various automotive manufacturers, including the transmission control systems for Geely and Renault, and electronic accelerator pedals for Stellantis and others [3]. - Looking ahead, the company plans to maintain its market expansion and product development efforts, focusing on both domestic and international markets, and aims to capitalize on the trend of increasing Chinese automotive exports [3]. Group 4: Production and Procurement Strategy - Ningbo Gaofa has established a production base in Malaysia, with plans to commence production in the second half of the year, and is also working on the preliminary approval for a production base in Morocco [4]. - The company employs a centralized procurement model for bulk materials, negotiating prices based on three to six months' usage, and is actively introducing domestic substitutes to control costs while maintaining product quality [4].

Core Viewpoint - Ningbo Gaofa reported a steady increase in revenue and profits for the first half of 2025, driven by strong sales in its automotive control systems, while also expanding its international presence and production capabilities [1][2]. Group 1: Financial Performance - In the first half of 2025, Ningbo Gaofa achieved an operating income of 787 million yuan, a year-on-year increase of 7.83% [2] - The operating profit was 115 million yuan, reflecting a year-on-year increase of 4.56% [2] - The net profit reached 103 million yuan, up 11.63% year-on-year, with the net profit attributable to shareholders at 104 million yuan, an increase of 11.93% [2] - The net cash flow from operating activities was -44.81 million yuan, a decrease of 311.11% year-on-year [2] Group 2: Product Development and Market Expansion - The company’s gear shifter products have entered the supply chains of major automotive manufacturers such as Geely and Renault [2] - The electronic accelerator pedals have been integrated into the systems of Stellantis, Renault, and several other major automotive brands [2] - The company is actively expanding its product offerings, including brake pedals, into new customer supply chains [2] - Long-term strategies include maintaining market expansion and product development efforts, focusing on both domestic and international markets [2] Group 3: Production and Supply Chain Management - Ningbo Gaofa has established a production base in Malaysia, with plans to commence production in the second half of the year [3] - The company is also working on the preliminary approval for a production base in Morocco [3] - The procurement strategy includes centralized purchasing for bulk materials to enhance bargaining power and secure favorable prices [3] - The company is adapting to price fluctuations in raw materials and is negotiating with suppliers to control costs while introducing domestic alternatives to maintain product competitiveness [3]

关于2025年半年度业绩说明会召开情况的公告 证券代码：603788 证券简称：宁波高发 公告编号：2025-031 宁波高发汽车控制系统股份有限公司 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。 宁波高发汽车控制系统股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日上午 9:00-10:00 通过上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/）以网络 互动的方式召开了 2025 年半年度业绩说明会，就投资者关心的问题进行交流。现将本次 说明会召开情况公告如下： 一、本次说明会召开情况 宁波高发 2025 年半年度业绩说明会于 2025 年 9 月 2 日上午 9:00-10:00 通过上海证券 交易所上证路演中心以网络互动的方式召开。公司副董事长钱国耀先生、财务总监朱志 荣先生、独立董事吴伟明先生、董事会秘书彭丽娜女士参加了本次说明会，与投资者进 行了互动交流和沟通，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复。 二、投资者提出的主要问题及公司回复情 ...

Summary of Key Points Core Viewpoint - Ningbo Gaofa Automotive Control Systems Co., Ltd. held a half-year performance briefing on September 2, 2025, to address investor concerns and provide insights into the company's financial performance and strategic initiatives [1]. Financial Performance - For the first half of 2025 (January to June), the company achieved operating revenue of 103.2851 million yuan, an increase of 11.63% year-on-year. The net profit attributable to shareholders was 103.8853 million yuan, up 11.93% year-on-year [2]. International Market Expansion - The company is implementing a "going out" strategy to expand its international market presence, with a production base established in Malaysia and plans for a base in Morocco. The Malaysian facility is expected to commence production in the second half of the year [2][3]. Customer Base and Product Development - The company has successfully entered the supply chains of major automotive manufacturers such as FAW-Volkswagen and SAIC Volkswagen, covering a wide range of clients including independent, joint venture, and new energy vehicle manufacturers. The company is focusing on market-specific collaborations to enhance its customer coverage [2][3]. Growth Drivers - Key growth drivers include the successful integration of products like gear shifters and electronic accelerator pedals into the supply chains of various automotive manufacturers. The company aims to maintain its market expansion and product development efforts to secure a larger market share [2][3]. Material Cost Management - The company employs centralized procurement strategies for bulk materials and regularly evaluates pricing for components to manage material cost fluctuations. It is also introducing domestic alternatives to reduce costs while maintaining product quality [3]. New Product Development - The company is in the process of developing a new energy vehicle air conditioning compressor, currently in the customer engagement phase for product adjustments based on specific requirements [4].

证券代码：603788 证券简称：宁波高发 公告编号： 2025-031 宁波高发汽车控制系统股份有限公司 关于2025年半年度业绩说明会召开情况的公告 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。 宁波高发汽车控制系统股份有限公司（以下简称"公司"）于 2025 年 9 月 2 日上午 9:00-10:00 通过上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） 以网络互动的方式召开了 2025 年半年度业绩说明会，就投资者关心的问题进行交流。现 将本次说明会召开情况公告如下： 一、本次说明会召开情况 互动问题 2：公司海外市场拓展与新业务布局如何？ 公司回复：尊敬的投资者您好，公司顺应中国汽车出口潮流，逐步推行"走出去" 战略，以期进一步扩大国际市场，将公司产品推广进入更多的国际车厂。公司已建设马 来西亚生产基地，完成了厂房租赁并有序推进产线建设和生产前期准备工作，下半年有 望投入生产。公司目前正在推进摩洛哥生产基地前期审批等工作。公司产品已进入斯特 兰蒂斯、雷诺、宝腾等 ...

Group 1: Recommended Stocks - Torch Electronics (603678.SH) shows confidence with an employee stock ownership plan despite a 20.04% decline in revenue to CNY 2.8 billion in 2024[9] - Jiejie Microelectronics (300623.SZ) reported a 35.05% increase in revenue to CNY 2.845 billion and a 115.87% rise in net profit to CNY 473 million in 2024[13] - Meige Intelligent (002881.SZ) leads in smart cockpit modules with a 35.1% market share, achieving 881,000 units shipped in 2024[19] - Kingsoft Office (688111.SH) achieved a revenue of CNY 26.57 billion in H1 2025, a 10.12% year-on-year increase[20] - Parker New Materials (605123.SH) aims for high-end markets with a focus on aerospace and energy sectors, despite a 46.37% drop in net profit in 2024[25] - Jinyinhai (300619.SZ) is a leader in lithium battery equipment, expecting revenues of CNY 18.95 billion in 2025[29] Group 2: Financial Metrics and Projections - Torch Electronics forecasts EPS of CNY 1.10, 1.40, and 1.74 for 2025-2027[12] - Jiejie Microelectronics anticipates EPS of CNY 0.78, 1.02, and 1.35 for 2025-2027[16] - Kingsoft Office projects net profits of CNY 17.68 billion, 21.50 billion, and 26.93 billion for 2025-2027, with a PE ratio of 84, 69, and 55 respectively[23] - Jinyinhai expects net profits of CNY 0.11 billion, 0.80 billion, and 2.60 billion for 2025-2027, with a PE ratio of 318.45X, 45.82X, and 14.01X[35]

Core Viewpoint - Ningbo Gaofa's stock price closed at 17.03 yuan on August 27, down 3.24% from the previous trading day, indicating a decline in market performance [1] Company Overview - Ningbo Gaofa primarily engages in the research, development, production, and sales of automotive control systems, including products such as transmission controllers and electronic throttle pedals [1] - The company is headquartered in Ningbo, Zhejiang Province, and operates within the automotive parts industry [1] Recent Developments - The company announced that its wholly-owned subsidiary, Ningbo Gaofa Electronics Co., Ltd., has changed its registered address due to operational needs, completing the necessary business registration procedures [1] Financial Performance - On August 27, the net outflow of main funds was 20.677 million yuan, accounting for 0.54% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 23.8534 million yuan, representing 0.63% of the circulating market value [1]

一、对外投资概述 证券代码：603788 证券简称：宁波高发 公告编号：2025-030 宁波高发汽车控制系统股份有限公司 关于对外投资设立全资子公司的进展公告 本公司及董事会全体成员保证公告内容不存在虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实、准确和完整承担个别及连带责任。 经营范围：许可经营项目：技术进出口；货物进出口（许可经营项目凭许可 证件经营）一般经营项目：通用零部件制造；汽车零部件及配件制造；汽车零部 件再制造；机械零件、零部件加工；机械零件、零部件销售；汽车零部件研发； 以自有资金从事投资活动（经营范围中的一般经营项目依法自主开展经营活动， 通过国家企业信用信息公示系统（海南）向社会公示） 注册资本：100 万元 成立时间：2025 年 8 月 8 日 宁波高发汽车控制系统股份有限公司（以下简称"公司"）为积极拓展国际 市场，推行"走出去"战略，根据行业发展趋势及公司业务中长期发展需要，拟 设立海南全资子公司并投资建设摩洛哥生产基地。具体内容详见公司于 2025 年 7 月 17 日在上海证券交易所网站披露的《关于拟设立全资子公司并投资境外建 设生产基地的公告》（公告编号：2025-0 ...