Summary of Shanghai Yanpu's Conference Call Company Overview - **Company**: Shanghai Yanpu - **Industry**: Automotive seating and robotics Key Points Growth Potential in Automotive Seating Market - Shanghai Yanpu is positioned in the automotive seating segment, similar to industry leaders like CATL and Fuyao Glass, with significant growth potential expected in seating and frame businesses, potentially leading to multiple times increase in market value [2][3][9] Performance Expectations for 2025 - The company anticipates a V-shaped recovery in performance for 2025, with a slow growth rate in Q1, followed by a 50% increase in Q2, a slowdown to 20%-30% in Q3, and a potential acceleration to 100% in Q4 [2][3][5] AI and Humanoid Robotics Expansion - Shanghai Yanpu is actively expanding into AI chains and humanoid robotics, leveraging R&D reserves and partnerships with Shanghai Electric Group, aiming for breakthroughs in humanoid robotics [2][3][6] Collaboration with Shanghai Robotics Institute - The company has partnered with the Shanghai Robotics Institute to develop humanoid robots, marking this as a second growth curve, with expectations of significant returns in the future [6][7] Market Dynamics and Demand Recovery - The company expects revenue growth to accelerate in Q3, driven by recovering demand, particularly from the Wanjie M7 and new M8 models, with significant sales increases noted for leading brands [5][9] Focus on Seating Business - The seating business is identified as a key development area, with a market potential reaching hundreds of billions, expected to support mid-term growth [2][9] Liquid Cooling Technology Market Outlook - Liquid cooling technology is gaining traction, with AMD and OpenAI's collaboration indicating its mainstream adoption, potentially leading to a market increase of over 20 billion [11] Strategic Partnerships and Resource Utilization - Shanghai Yanpu is leveraging national-level resources and platforms through collaboration with Shanghai Electric Group and the Shanghai Robotics Institute to accelerate technology development and product commercialization [7][8] Future Market Opportunities - The company is expected to see significant market opportunities by 2026, with potential sales of humanoid robots reaching tens of billions, depending on successful implementation of their strategic plans [8][9] Summary of Financial Performance - The company reported mixed performance in H1 2025, with slight revenue decline in Q1 but profit improvements, indicating a strong underlying business despite short-term challenges [4][5] Additional Insights - The focus on both traditional automotive seating and emerging robotics markets positions Shanghai Yanpu well for future growth, with a diversified strategy that addresses both immediate and long-term market needs [2][3][6][9]

Core Insights - The total import and export value of China's automotive seat industry is projected to reach $423 million in 2024, reflecting a year-on-year increase of 9.8% [1] - The trade surplus for automotive seats in 2024 is estimated at $363 million, with imports valued at $30.37 million and exports at $393 million [1] Import Overview - The import value of automotive seats in China for 2024 is $30.37 million, showing a decline of 25.3% compared to the previous year [2] - The quantity of imported automotive seats is on the rise, with 113,100 units imported in 2024, marking a year-on-year increase of 36.4% [2] Major Import Sources - Key countries supplying automotive seats to China in 2024 include Poland ($7.75 million, 25.51%), Turkey ($4.19 million, 13.79%), and Italy ($3.36 million, 11.07%) [5] Export Overview - The export value of automotive seats from China is projected to be $393 million in 2024, representing a year-on-year growth of 13.9% [7] - The quantity of exported automotive seats is expected to reach 6.85 million units in 2024, with an increase of 8.7% compared to the previous year [7] Major Export Destinations - The primary export markets for automotive seats include Iran ($8.92 million, 22.72%) and the United States ($5.08 million, 12.95%) in 2024 [9]

Core Viewpoint - Shanghai Yanpu announced the completion of the business deregistration procedures for its wholly-owned subsidiary, Liuzhou Yanpu Automotive Parts Co., Ltd, which will no longer be included in the company's consolidated financial statements, having no substantial impact on the company's consolidated financial reports [1] Group 1 - Liuzhou Yanpu is a wholly-owned subsidiary of Shanghai Yanpu [1] - The deregistration procedures for Liuzhou Yanpu have been completed [1] - Liuzhou Yanpu will not be included in the company's consolidated financial statements [1]

Group 1: Industry Overview - The automotive seat industry consists of upstream raw material supply and component production, midstream seat assembly manufacturers, and downstream markets including original equipment manufacturers (OEMs) and aftermarket services [2][4] - Key raw materials include steel for seat frames, plastic for adjustment components, foam for comfort, and various materials for surface coverings [2] Group 2: Investment Trends - In 2023, Huayu Automotive's subsidiary, Yanfeng Automotive, is establishing a seat component export base in Shanghai to support North American electric vehicle clients [4][6] - In 2024, Jifeng Co. plans to raise 1.81 billion yuan for expansion projects in Hefei, enhancing seat assembly and interior component capabilities [4][6] - By 2025, Fuwei Co. will invest in a magnesium alloy production base, focusing on lightweight products for automotive applications [4][6] Group 3: Policy Landscape - China's automotive seat policies emphasize safety, lightweight design, intelligence, and green recycling, with standards upgrades and industry support driving transformation [7][9] - Starting in 2024, new national standards will enhance collision test requirements and improve safety for vulnerable groups [7][9] - Policies encourage the application of composite materials to reduce seat weight by over 20% and promote the integration of health monitoring features in seats [7][9] Group 4: Regional Development - Various provinces, including Beijing and Shaanxi, are promoting automotive industry clusters and supporting innovation in seat and interior component manufacturing [13]

国泰海通证券股份有限公司 关于上海沿浦精工科技（集团）股份有限公司向特定对象发行 股票募集资金投资项目增加实施主体、实施地点的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为承接 上海沿浦精工科技（集团）股份有限公司（以下简称"上海沿浦"或"公司"）向不 特定对象发行可转换公司债券持续督导和向特定对象发行A股股票的保荐机构， 根据《证券发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第1号——规范运作》《上市公司募集资金 监管规则》等相关法律、法规和规范性文件的规定，对上海沿浦向特定对象发行 股票募集资金投资项目增加实施主体、实施地点的事项进行了核查，核查情况与 意见如下： 一、募集资金及项目基本情况 根据中国证监会出具的《关于同意上海沿浦金属制品股份有限公司向特定对 象发行股票注册的批复》（证监许可﹝2024﹞860 号），上海沿浦向特定对象发 行人民币普通股（A 股）11,584,068 股，发行价格为 32.89 元/股，募集资金总额 为 380,999,996.52 元，扣除与本次发行有关费用人民币 5,688,679.24 元 ...

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。 证券代码：605128 证券简称：上海沿浦 公告编号：2025-075 上海沿浦精工科技（集团）股份有限公司 关于向特定对象发行股票募集资金投资项目 增加实施主体、实施地点的公告 重要内容提示： 一、募集资金基本情况 根据中国证监会出具的《关于同意上海沿浦金属制品股份有限公司向特定对象发行股票 注册的批复》（证监许可﹝2024﹞860 号），上海沿浦精工科技（集团）股份有限公司向特 1 上海沿浦精工科技（集团）股份有限公司（以下简称"公司"或"上海沿浦"）向特定 对象发行股票募集资金项目"惠州沿浦高级新能源汽车座椅骨架生产项目"，原计划由 惠州沿浦汽车零部件有限公司（以下简称 "惠州沿浦"）及柳州沿浦汽车科技有限公司 （以下简称 "柳州沿浦"）实施，实施地点位于惠州市惠阳经济开发区二期拾围村矮岭 半山排地段（B-2 号仓库）第 1 单元及柳州市阳和工业新区阳和北路西 4 号。公司结合目 前募投项目的实际情况、客户需求、市场未来发展以及为进一步提高募集资金使用效率， 在募投项 ...

上海沿浦精工科技（集团）股份有限公司 关于全资子公司注销完成的公告 近日柳州沿浦的工商注销手续已办理完毕，柳州沿浦将不再纳入公司合并报表范围，不 会对公司合并财务报表产生实质性影响。本次注销全资子公司事项不会影响公司正常生产经 营和整体业务发展，对公司盈利水平无重大影响，不存在损害公司及股东特别是中小股东利 益的情形。 柳州沿浦汽车零部件有限公司（以下简称"柳州沿浦"）为上海沿浦精工科技（集团） 股份有限公司（以下简称"上海沿浦"或"公司"）的全资子公司。公司根据目前的实际经 营情况及业务发展规划，为优化资源配置及组织结构，降低管理成本，提高运营管理效率， 决定对柳州沿浦予以注销。根据《公司章程》等相关规定，本次注销事项在总经理权限范围 内，无需提交董事会及股东会批准。本次注销事项不涉及关联交易，也不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。 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。 特此公告。 证券代码：605128 证券简称：上海沿浦 公告编号：2025-076 上海沿浦精工科技（集团）股份有限 ...

Core Viewpoint - Shanghai Yanpu Precision Technology (Group) Co., Ltd. announced the completion of the business deregistration of its wholly-owned subsidiary, Liuzhou Yanpu Auto Parts Co., Ltd., as part of its strategy to optimize resource allocation and reduce costs [1] Group 1 - The deregistration decision was made based on actual operations and business planning [1] - The deregistration falls within the authority of the general manager and does not involve related party transactions or significant asset restructuring [1] - Following the deregistration, Liuzhou Yanpu will no longer be included in the company's consolidated financial statements, which will have no substantial impact on the overall financial performance [1] Group 2 - The company's normal production operations and overall business development will not be affected by this deregistration [1] - The decision is not expected to have a significant impact on the company's profitability or harm the interests of the company and its shareholders [1]

Core Viewpoint - Shanghai Yanpu has shown significant stock price appreciation, with a year-to-date increase of 87.88% and a recent surge in trading volume, indicating strong investor interest and potential growth in the automotive parts sector [1][2]. Financial Performance - For the first half of 2025, Shanghai Yanpu reported revenue of 916 million yuan, a year-on-year decrease of 7.24%, while net profit attributable to shareholders was 78.004 million yuan, reflecting a year-on-year increase of 25.99% [2]. - Cumulative cash dividends since the company's A-share listing amount to 153 million yuan, with 94.658 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 26.27% to 9,575, with an average of 22,051 circulating shares per shareholder, up 28.14% [2]. - The stock has seen significant net inflows from major investors, with a net inflow of 9.1016 million yuan and substantial buying activity from large orders [1]. Business Overview - Shanghai Yanpu specializes in the research, production, and sales of automotive seat frame assemblies, seat slide assemblies, and various automotive components, with the main revenue sources being frame assemblies (67.32%) and stamped parts (24.92%) [1]. - The company operates within the automotive parts industry, specifically in body accessories and components, and is associated with several concept sectors including automotive parts, Huawei automotive, high-speed rail, BYD concepts, and new energy vehicles [1].

Group 1 - Shanghai Yanpu Precision Technology (Group) Co., Ltd. reported a stock price increase of 5.14% to 45.21 CNY per share, with a trading volume of 1.25 billion CNY and a turnover rate of 1.34%, resulting in a total market capitalization of 9.546 billion CNY [1] - The company, established on April 19, 1999, and listed on September 15, 2020, specializes in the research, production, and sales of various automotive seat frame assemblies, seat slide assemblies, and components such as seat belts and locking systems [1] - The revenue composition of the company includes: frame assemblies at 67.32%, stamped parts at 24.92%, injection molded parts at 3.45%, molds at 2.19%, and others at 2.14% [1] Group 2 - The top circulating shareholder of Shanghai Yanpu is the Fuqua Tianhui Growth Mixed Fund (LOF) A/B, which increased its holdings by 692,600 shares to a total of 4.5 million shares, representing 2.13% of the circulating shares [2] - The fund has a total scale of 22.055 billion CNY and has achieved a year-to-date return of 16.53%, ranking 4818 out of 8244 in its category, with a one-year return of 34.08%, ranking 4702 out of 8066 [2] Group 3 - The fund manager of Fuqua Tianhui Growth Mixed Fund (LOF) A/B is Zhu Shaoxing, who has a cumulative tenure of 19 years and 316 days, managing assets totaling 23.544 billion CNY [3] - During his tenure, the fund has achieved a best return of 1655.77% and a worst return of 14.04% [3]