Group 1 - The core business of the company is focused on the research, production, and sales of automotive parts, with a strong competitive advantage in scale, product range, R&D capabilities, customer coverage, and resource layout [1] - The company has adjusted its market, product, and corporate structures to establish a core product lineup that includes chassis systems, thermal systems, new energy, intelligent networking, engine accessories, steering and safety systems, braking and transmission systems, and fasteners [1] - The company emphasizes its commitment to the automotive parts sector and plans to focus on application aspects in the humanoid robot field, given the significant differences in application scenarios, technical standards, and performance requirements between the two sectors [1] Group 2 - Fusay Company, a subsidiary of the company, is a strategic resource in the fields of intelligent cockpits, autonomous driving, and connected technologies, having established R&D teams in Changchun and Dalian [2] - The subsidiary has successfully integrated into the supply chains of major automotive manufacturers such as Hongqi, Volkswagen, and Toyota, achieving rapid revenue growth through its core products like screens, instruments, radars, antennas, and intelligent domain controllers [2] - The company is pursuing international development by acquiring a German fastener company to deepen its integration into the local automotive supply chain, aiming to absorb advanced technologies and expand its business coverage [2] Group 3 - The company announced its participation in the Qizhi Automotive Industry Chain Venture Capital Fund, with a total fund size of 1 billion yuan, contributing 100 million yuan to the investment [3] - The fund aims to invest in emerging business sectors, including the flying car project of Qiyu Technology, positioning the company to tap into the trillion-level flying car market [3] - This investment is seen as a foundation for cultivating new growth drivers and establishing substantial industrial linkages [3]

Core Viewpoint - Fuyao Automotive Parts Co., Ltd. is actively engaging with investment institutions to discuss its strategic developments and growth prospects in the automotive parts industry, particularly focusing on its electric shock absorber technology and expansion into new business areas [1][2]. Group 1: Electric Shock Absorber Technology - Fuyao's electric shock absorber platform is a leading supplier in the domestic suspension system market, with a projected revenue growth of 500% year-on-year in 2024, driven by early market entry and strong product quality [2]. Group 2: Subsidiary Developments - Fusay Automotive Electronics Co., Ltd., a subsidiary of Fuyao, focuses on smart cockpit, autonomous driving, and connected technology, achieving significant growth and recognition in the industry since its establishment in 2020 [2]. Group 3: Robotics and Business Strategy - Fuyao is concentrating on the automotive parts sector while maintaining a cautious approach towards the humanoid robotics field, indicating a preference for application-oriented developments in the latter [2]. Group 4: Mergers and Acquisitions - The acquisition of German ABC Company aims to enhance Fuyao's technological capabilities and expand its business reach, with a focus on optimizing operations and exploring emerging market opportunities [2]. Group 5: Investment in Emerging Technologies - Fuyao has invested 100 million yuan in the Qizhi Fund to support the flying car project, positioning itself to capitalize on the trillion-level market potential in this new sector [2].

Group 1: Company Performance and Market Strategy - The company emphasizes its commitment to market value management despite a stagnant market value over the past ten years, focusing on strategic areas such as lightweight, electrification, and intelligent connectivity [2][3] - Since its listing in 2013, the company has distributed nearly 4.7 billion CNY in cash dividends, stock dividends, and share repurchases, reflecting a commitment to shareholder returns [3] - The company has secured 141 new orders in the first half of the year, with a projected lifecycle revenue of 32.05 billion CNY, of which 73.9% comes from the new energy sector [4][5] Group 2: Challenges and Responses - The company acknowledges the impact of external factors such as macroeconomic conditions and market sentiment on stock performance, which may not fully reflect the company's actual value [3][7] - Management recognizes the significant undervaluation compared to industry peers and is actively working to improve this perception through solid operations and enhanced communication with investors [7][8] - The company is addressing challenges in various business segments, with notable growth in suspension systems and new energy sectors, while also managing risks in traditional markets [4][5] Group 3: Investor Relations and Communication - The earnings presentation serves as a crucial platform for the company to communicate its operational results and future outlook, aiming to reduce information asymmetry with investors [6] - Continuous performance growth is seen as a key driver for attracting long-term investors, with the company committed to transparent communication regarding its intrinsic value [6][8] - The management is focused on improving investor relations by addressing concerns and showcasing the company's growth potential and operational strengths [6][8]

Group 1: Company Overview and Market Position - Fawer Automotive Parts Co., Ltd. is a leading domestic supplier of suspension damping systems, with a significant market share in the electronic damping system sector [2][3] - The revenue from electronic damping systems is projected to grow fivefold year-on-year in 2024, driven by early market positioning and strong product quality [2][3] Group 2: Subsidiary and Technological Advancements - Fawer Automotive Electronics Co., Ltd., a subsidiary, focuses on intelligent cockpit, autonomous driving, and connected technology, achieving rapid growth in revenue and market presence [4] - The company has established a robust R&D foundation, obtaining multiple certifications and awards, including a ranking of 22nd in the 2024 Chinese automotive intelligent supplier revenue list [4] Group 3: Strategic Direction and Investments - The company is committed to its core business in automotive parts, with no immediate plans to expand into the robotics sector due to significant differences in application and technology [5] - Fawer has invested 100 million yuan in the Qizhi Fund to explore emerging business opportunities, particularly in the flying car sector, aiming to establish a foothold in a trillion-yuan market [6]

Company Overview - Fawer Automotive Parts Co., Ltd. is located in Changchun High-tech Zone, Jilin Province, established on October 6, 1988, and listed on September 29, 1993. The company specializes in the research, design, manufacturing, sales, and after-sales service of automotive parts and related products [1]. Financial Performance - For the first half of 2025, Fawer achieved operating revenue of 7.857 billion yuan, representing a year-on-year growth of 3.37%. However, the net profit attributable to shareholders decreased by 4.07% to 304 million yuan [2]. - Cumulatively, the company has distributed 3.739 billion yuan in dividends since its A-share listing, with 1.118 billion yuan distributed over the past three years [3]. Stock Performance - As of September 18, Fawer’s stock price was 5.63 yuan per share, with a market capitalization of 9.683 billion yuan. The stock has increased by 13.05% year-to-date but has seen a decline of 0.53% over the last five trading days and 8.60% over the last 20 days [1]. - The stock experienced a net outflow of 1.2098 million yuan in principal funds, with significant buying and selling activity from large orders [1]. Shareholder Information - As of August 20, the number of shareholders increased to 27,400, with an average of 0 circulating shares per person [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 48.9235 million shares, an increase of 8.3894 million shares from the previous period [3]. Business Segmentation - The main revenue sources for Fawer include: chassis systems (48.85%), fasteners and other products (18.73%), automotive electronic systems (15.62%), thermal systems (8.96%), engine accessory systems (7.98%), braking and transmission systems (3.40%), and steering and safety systems (1.86%) [1].

Industry Overview - EPS (Electric Power Steering) systems have become the mainstream design solution for automotive steering, replacing traditional hydraulic systems due to their high efficiency, safety, and environmental benefits [1][7] - The market size of China's EPS industry is projected to reach 38.2 billion yuan in 2024, with a year-on-year growth of 6.81% [1][7] - The industry is experiencing a clear upgrade trend, with DP-EPS (Dual Pinion Electric Power Steering) and R-EPS (Rack Electric Power Steering) systems achieving higher transmission efficiency compared to traditional systems [1][7] Market Size - The EPS market in China is expected to grow to 40.8 billion yuan by 2025, driven by increasing demand for comfort and safety in vehicles [11] - The rapid development of new energy vehicles (NEVs) is creating new opportunities for the EPS industry, as these vehicles require systems that can handle increased weight from battery packs [5][11] Key Companies - Leading companies in the EPS market include Bosch and Huayu Automotive, with domestic players like Nissin and Zhejiang Shibao gaining market share [8][9] - Zhejiang Shibao reported a revenue of 1.524 billion yuan in the first half of 2025, a year-on-year increase of 35.32%, with a net profit margin rising from 1.1% in 2022 to 5.5% in 2024 [9] - Bertli Automotive Safety Systems achieved a revenue of 5.164 billion yuan in the first half of 2025, reflecting a year-on-year growth of 30.04% [10] Industry Development Trends - Continuous technological innovation is driving the EPS industry towards higher efficiency and intelligence, with R-EPS and line-controlled steering systems (SBW) being key focus areas [11] - The industry is also seeing a push towards domestic production of core components, with local companies making significant technological advancements [11] - Environmental upgrades are being prioritized, with the adoption of recyclable materials and reduced emissions in production processes [12]

证券代码：000030、200030 证券简称：富奥股份、富奥B 公告编号：2025-38 富奥汽车零部件股份有限公司 关于召开 2025 年半年度报告业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 富奥汽车零部件股份有限公司（以下简称 "公司"）于 2025 年 8 月 28 日 披露公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司情况， 公司计划召开 2025 年半年度报告业绩说明会，现将有关事项公告如下： 一、会议安排 1. 召开时间：2025 年 9 月 18 日（星期四）15:00-16:00 2. 会议召开方式：本次业绩说明会将采用网络文字互动交流的方式举行， 投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次 2025 年半年度报告业绩说明会。 3. 出席人员：董事、总经理李俊新先生，独立董事李晓先生、徐世利先生、 孙立荣女士，财务总监李志勇先生，董事会秘书张宁先生。 二、投资者问题征集及方式 为充分尊重投资者，提升交流的针对性，现就公司 2025 年半年度报告业绩 说明会 ...

Core Viewpoint - Fawer Automotive Parts Co., Ltd. and its subsidiaries have obtained a patent for a new automotive air conditioning impeller design, indicating innovation in the automotive air conditioning technology sector [1] Company Overview - Fawer Automotive Parts Co., Ltd. was established in 1988 and is located in Changchun City, primarily engaged in the automotive manufacturing industry [1] - The company has a registered capital of 1,719,810,845 RMB [1] - Fawer Automotive Parts has invested in 43 companies and participated in 102 bidding projects [1] - The company holds 55 trademark registrations and 729 patent registrations, along with 11 administrative licenses [1] Patent Details - The newly granted patent, titled "An impeller for automotive air conditioning and automotive air conditioning," was applied for on November 11, 2024, with the authorization announcement number CN 223293948 U [1] - The patent describes a structure for the impeller that includes a main body, multiple first blades arranged circumferentially, and second blades positioned between adjacent first blades, with the height of the second blades being less than that of the first blades [1]

Core Insights - The company reported a total operating revenue of 7.857 billion yuan, ranking 11th among disclosed peers, with a year-on-year increase of 256 million yuan, marking a 3.37% growth compared to the same period last year [1] - The net profit attributable to shareholders was 304 million yuan, ranking 20th among peers, showing a decrease of 12.8883 million yuan, which is a 4.07% decline year-on-year [1] - The net cash flow from operating activities was -61.9479 million yuan, ranking 178th among peers, but increased by 111 million yuan compared to the same period last year [1] Financial Ratios - The latest debt-to-asset ratio is 47.03%, ranking 120th among peers, with a decrease of 0.21 percentage points from the previous quarter and a decrease of 0.36 percentage points year-on-year [3] - The latest gross profit margin is 11.42%, ranking 174th among peers, with an increase of 0.44 percentage points from the previous quarter but a decrease of 0.10 percentage points year-on-year [3] - The latest return on equity (ROE) is 3.79%, ranking 98th among peers, showing a decrease of 0.39 percentage points compared to the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.18 yuan, ranking 111th among peers, reflecting a decrease of 0.01 yuan, which is a 4.07% decline year-on-year [3] - The latest total asset turnover ratio is 0.44 times, ranking 25th among peers, with a decrease of 0.02 times year-on-year, representing a 3.78% decline [3] - The latest inventory turnover ratio is 5.26 times, ranking 3rd among peers, with an increase of 0.06 times, marking a 1.13% growth year-on-year [3] Shareholder Structure - The number of shareholders is 27,200, with the top ten shareholders holding 1.329 billion shares, accounting for 77.25% of the total share capital [3] - The largest shareholder is FAW Equity Investment (Tianjin) Co., Ltd., holding 25.70% of the shares [3] - Other significant shareholders include Jilin Tianyi Investment Co., Ltd. (19.28%) and Ningbo Huaxiang Electronics Co., Ltd. (14.69%) [3]

Core Viewpoint - The company announced the transfer of a 40% stake in its subsidiary, Changchun Fuao Wan'an Brake Control System Co., Ltd., due to its poor operational status and lack of development prospects, aligning with market trends for consolidation [1] Summary by Sections Announcement Details - The board of directors approved the proposal to transfer the stake on August 26, 2025 [1] - The transfer will be conducted through a public listing at the Jilin Changchun Property Rights Exchange Center [1] Financial Assessment - The book value of the total equity of Fuao Wan'an as of May 31, 2025, is reported at 51.8895 million yuan, with an assessed value of 65.555 million yuan [1] - The base price for the 40% stake will be set at the assessed value multiplied by 40% [1]