Market Overview - The automotive parts sector increased by 0.07% compared to the previous trading day, with Xinpeng Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down by 0.39%, while the Shenzhen Component Index closed at 13289.0, down by 1.03% [1] Top Gainers in Automotive Parts Sector - Xinpeng Co., Ltd. (002328) closed at 7.50, up by 9.97% with a trading volume of 541,600 shares and a turnover of 406 million yuan [1] - Liangyuan Zhuomei (301398) closed at 55.80, up by 8.94% with a trading volume of 99,600 shares and a turnover of 544 million yuan [1] - Chunxing Precision (002547) closed at 5.57, up by 6.70% with a trading volume of 1,935,300 shares and a turnover of 1.078 billion yuan [1] Top Losers in Automotive Parts Sector - Moulding Technology (000700) closed at 10.36, down by 6.58% with a trading volume of 1,054,800 shares and a turnover of 1.158 billion yuan [2] - Lintai New Materials (920106) closed at 96.44, down by 5.34% with a trading volume of 13,700 shares and a turnover of 134 million yuan [2] - Chaokang Co., Ltd. (301005) closed at 49.02, down by 3.01% with a trading volume of 109,200 shares and a turnover of 547 million yuan [2] Capital Flow Analysis - The automotive parts sector experienced a net outflow of 1.129 billion yuan from institutional investors, while retail investors saw a net inflow of 1.022 billion yuan [2] - The top stocks with significant net inflows from retail investors include Wan Feng Ao Wei (002085) with 170 million yuan and Chunxing Precision (002547) with 140 million yuan [3] Individual Stock Performance - Xinpeng Co., Ltd. (002328) had a net inflow of 80.38 million yuan from institutional investors, but a net outflow of 47.73 million yuan from retail investors [3] - Moulding Technology (000700) saw a net inflow of 69.34 million yuan from institutional investors, with a net outflow of 33.70 million yuan from retail investors [3]

Group 1 - The core point of the news is the performance and financial metrics of Zhongzi Technology, which saw a stock price increase of 5.47% to 25.47 CNY per share, with a total market capitalization of 3.045 billion CNY [1] - Zhongzi Technology specializes in the research, production, and sales of environmental catalysts, with its main business revenue composition being: 96.12% from internal combustion engine exhaust purification catalysts, 2.06% from energy storage and energy storage+, 1.41% from industrial catalysts, 0.31% from other sources, and 0.09% from hydrogen energy [1] Group 2 - From the perspective of fund holdings, one fund under Furong Fund has a significant position in Zhongzi Technology, with Furong Fuyou Mixed A (012876) holding 40,700 shares, accounting for 0.6% of the fund's net value, ranking as the eighth largest holding [2] - Furong Fuyou Mixed A (012876) has a total scale of 2.6047 million CNY and has achieved a year-to-date return of 54.23%, ranking 757 out of 8147 in its category [2] - The fund manager, Li Xiang, has been in position for 5 years and 324 days, with the fund's total asset scale at 15.4 million CNY, achieving a best return of 48.75% and a worst return of -48.08% during his tenure [2]

Group 1 - The core point of the news is the performance and financial metrics of Zhongzi Technology, which saw a stock price increase of 5.06% to 25.13 CNY per share, with a total market capitalization of 3.005 billion CNY [1] - Zhongzi Technology specializes in the research, production, and sales of environmental catalysts, with its main revenue sources being internal combustion engine exhaust purification catalysts (96.12%), energy storage and energy storage+ (2.06%), industrial catalysts (1.41%), and others (0.31%) [1] - The company was established on July 15, 2005, and went public on October 22, 2021, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, Fuyong Fund has a significant position in Zhongzi Technology, with its Fuyong Fuyou Mixed A fund holding 40,700 shares, accounting for 0.6% of the fund's net value, ranking as the eighth largest holding [2] - The Fuyong Fuyou Mixed A fund has shown strong performance, with a year-to-date return of 52.95% and a one-year return of 51.03%, ranking 946 out of 8148 and 728 out of 8053 respectively [2] - The fund manager, Li Xiang, has been in charge for 5 years and 320 days, with the fund's total asset size currently at 15.4 million CNY [2]

Core Points - The company, Zhongzi Technology, announced that its product "CNG Natural Gas Tail Gas Purification Catalyst" has been included in the "Ninth Batch of Manufacturing Single Champion Enterprises Publicity List" released by the Sichuan Provincial Economic and Information Technology Department [2] Company Summary - Zhongzi Technology's product recognition as a manufacturing single champion indicates its competitive position in the industry and potential for growth [2] - The inclusion in the public list may enhance the company's reputation and attract further investment opportunities [2] Industry Summary - The recognition of manufacturing single champion enterprises highlights the importance of innovation and quality in the manufacturing sector within Sichuan Province [2] - This development may signal a trend towards increased support for high-quality manufacturing enterprises in the region [2]

证券代码：688737 证券简称：中自科技 公告编号：2025-067 中自科技股份有限公司 关于自愿披露入选第九批制造业单项冠军企业的 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、准确性和完整性依法承担法律责任。 高公司的知名度及市场竞争力，对公司未来发展将产生积极的影响。 三、备查文件 1、《关于第九批制造业单项冠军企业和复核通过第三批、第六批制造业单项 冠军企业名单的公示（四川省）》 特此公告。 一、基本情况 根据四川省经济和信息化厅发布的《关于第九批制造业单项冠军企业和复核 通过第三批、第六批制造业单项冠军企业名单的公示（四川省）》，中自科技股份 有限公司（以下简称"公司"）的产品"CNG 天然气尾气净化催化剂"入选"第 九批制造业单项冠军企业公示名单"。 上述名单是根据《关于加快培育发展制造业优质企业的指导意见》（工信部 联政法〔2021〕70 号）、《工业和信息化部办公厅关于开展 2024 年制造业单项冠 军企业遴选认定和复核评价工作的通知》（工信厅政法函〔2024〕328 号），经企 业申报、相关部门审核和社会公示等程序而确定。 二 ...

Core Viewpoint - Zhongzi Technology (688737.SH) has been recognized as a "Manufacturing Single Champion Enterprise" for its product "CNG Natural Gas Tail Gas Purification Catalyst" by the Sichuan Provincial Economic and Information Technology Department, highlighting its industry position and technological leadership [1] Group 1 - The "Manufacturing Single Champion Enterprise" designation is awarded to companies that focus on specific segments of the manufacturing market, achieving international or domestic leading production technology or process levels [1] - The recognition reflects the company's strong innovation capability and high quality and efficiency, positioning it among the top in market share globally or domestically [1] - This acknowledgment is expected to enhance the company's visibility and market competitiveness, positively impacting its future development [1]

Core Viewpoint - Zhongzi Technology (688737.SH) has been recognized as a "Manufacturing Single Champion Enterprise" for its product "CNG Natural Gas Tail Gas Purification Catalyst" by the Sichuan Provincial Economic and Information Technology Department, highlighting its industry position and technological leadership [1] Group 1 - The product "CNG Natural Gas Tail Gas Purification Catalyst" has been included in the "Ninth Batch of Manufacturing Single Champion Enterprises" public announcement [1] - Manufacturing Single Champion Enterprises are defined as companies that focus on specific segments of the manufacturing industry, achieving international or domestic leading levels in production technology or processes, and holding a significant market share globally or domestically [1] - The recognition reflects the company's innovation capability, quality efficiency, and comprehensive strength, which will enhance its visibility and market competitiveness, positively impacting future development [1]

Core Points - The company reported a revenue of 1.191 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 12.65% [1] - The net profit attributable to shareholders was -26.95 million yuan, and the net profit after deducting non-recurring gains and losses was -46.19 million yuan [1][2] - The net cash flow from operating activities was -320.88 million yuan, a decrease of 1,309.22% year-on-year [1][2] Financial Performance - For the current reporting period, the revenue was approximately 410.40 million yuan, an increase of 28.92% compared to the same period last year [2] - The total profit for the period was -21.26 million yuan, with a year-to-date total profit of -37.86 million yuan [2] - The net cash flow from operating activities for the year-to-date was -1.57 billion yuan, compared to -3.61 billion yuan in the same period last year [2] Company Background - The company was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on October 22, 2021, with an initial offering price of 70.90 yuan per share [3] - The stock has been trading below its initial offering price since its debut, indicating a state of underperformance [3] - The company raised a total of 1.525 billion yuan through its public offering, with a net amount of 1.407 billion yuan after deducting issuance costs [3] Shareholder Distribution - As of July 11, 2023, the company announced a capital increase of 4 shares for every 10 shares held, resulting in a total share capital of approximately 120.24 million shares post-distribution [4]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Zhongzi Technology, which saw a 5% increase in stock price, reaching 23.50 yuan per share, with a total market capitalization of 2.81 billion yuan [1] - Zhongzi Technology specializes in the research, production, and sales of environmental catalysts, with the majority of its revenue (96.12%) coming from internal combustion engine exhaust purification catalysts [1] - The company was established on July 15, 2005, and went public on October 22, 2021, indicating a relatively recent entry into the public market [1] Group 2 - From the perspective of fund holdings, Fuyong Fund has a significant position in Zhongzi Technology, with its Fuyong Fuyue Mixed A fund holding 40,700 shares, representing 0.6% of the fund's net value [2] - The Fuyong Fuyue Mixed A fund has shown a year-to-date return of 51.1%, ranking 804 out of 8,150 in its category, and a one-year return of 52.54%, ranking 645 out of 8,043 [2] - The fund manager, Li Xiang, has been in charge for 5 years and 318 days, with the fund's total asset size currently at 15.4 million yuan [2]

Summary of Zhongzi Technology Conference Call Industry Overview - Zhongzi Technology holds the highest market share in the natural gas catalyst market, estimated at 30%-40%, with the fastest growth driven by increased sales of natural gas heavy-duty trucks. Gasoline catalysts account for approximately 30%, while diesel catalysts represent 15%-20% [2][4][5] - The company is positioned to benefit from the upcoming National VII emission standards and the divestment of certain catalyst businesses by BASF, which will enhance domestic production rates [2][6] Key Points and Arguments Revenue and Product Segmentation - In the first three quarters of 2025, Zhongzi Technology achieved nearly 1.2 billion yuan in revenue, primarily from mobile pollution source catalysts, including natural gas, diesel, and gasoline catalysts [4] - The sales performance of natural gas heavy-duty trucks exceeded expectations, significantly boosting the growth of natural gas catalysts [4] Market Trends and Standards - The National VII standard is expected to increase the per-vehicle catalyst usage by 30%-50%, providing a market opportunity for the company to adjust its offerings based on emission regulation upgrades [2][7] - The company is focusing on both passenger and commercial vehicle sectors, with a notable supply of gasoline catalysts to range-extended hybrid electric vehicles [6] Fixed Source Emission Management - Zhongzi Technology is concentrating on industrial VOC management, having initiated pollution control projects in regions like Hebei, collaborating with major companies such as PetroChina and Sinopec [2][8] Hydrogen Fuel Cell Development - The company has begun generating sales revenue from its hydrogen fuel cell business, with a production line capable of producing 100 kg of platinum-carbon catalysts annually. However, the end-market remains immature, leading to relatively low sales volumes [9][10] - Collaborations with companies like Dongfang Electric and SAIC are in place, with five hydrogen fuel cell engine models already secured [10][11] Energy Storage Business Model - The energy storage business includes selling energy storage cabinets in overseas markets and engaging in Energy Management Contracting (EMC) in domestic markets, primarily in the Sichuan-Chongqing region [3][12] - The EMC projects have a total installed capacity of approximately 20-30 MW, generating about 5 million yuan in stable cash flow monthly, with an investment payback period of 7-9 years and a profit margin exceeding 40% [3][12][16] Composite Materials and Future Projects - The composite materials business is expected to reach operational status by the end of 2025, targeting aerospace and civilian drone markets [3][17] - The carbon valley industry VOCs catalyst is anticipated to contribute to performance by 2026, while solid-state batteries are still in the experimental phase [3][17] Future Outlook - The company is optimistic about future revenue and profit growth, primarily driven by catalyst business and large orders from key clients like Weichai, as well as collaborations with automakers such as Changan and Li Auto [20] - New business investments may exert some pressure, but overall profit is expected to improve as these ventures begin to contribute to revenue [20]