Core Viewpoint - The controlling shareholder of Mould Technology, Jiangyin Mould Group, plans to reduce its stake by up to 1.00% of the company's total shares, amounting to a maximum of 9,180,153 shares, to fund its own operations [1] Group 1 - The reduction will occur within three months following the announcement, starting 15 trading days after the pre-disclosure [1] - The reduction plan is consistent with previous disclosures and commitments, and does not violate any related commitments [1] - After the reduction, Mould Group will remain the largest shareholder, and there will be no change in the controlling shareholder or actual controller of the company [1]

Core Viewpoint - Mould Technology (000700) announced that its controlling shareholder, Jiangyin Mould Group Co., Ltd., which holds 37.81% of the company, plans to reduce its shareholding by up to 9.1802 million shares, accounting for 1.00% of the total share capital, within three months after 15 trading days [1] Summary by Category - **Shareholding Reduction** - Jiangyin Mould Group intends to reduce its stake in Mould Technology by a maximum of 9.1802 million shares [1] - This reduction represents 1.00% of the total share capital of the company [1] - The planned reduction will occur within three months following a 15 trading day notice period [1]

Group 1 - The controlling shareholder, Jiangyin Mould Group Co., Ltd., plans to reduce its stake in Mould Technology by up to approximately 9.18 million shares, representing 1% of the total share capital, within three months after the announcement [1] - As of the first half of 2025, Mould Technology's revenue composition is as follows: automotive industry accounts for 92.83%, medical industry for 3.48%, casting for 2.58%, and real estate for 1.11% [1] - The current market capitalization of Mould Technology is 10.1 billion yuan [2]

Core Points - The controlling shareholder, Jiangyin Mould Group Co., Ltd., plans to reduce its stake in Mould Technology by up to 9.180153 million shares, representing 1.00% of the total share capital [1] - The reduction will occur within three months after the announcement, starting 15 trading days from the disclosure date [1] - The funds from the share reduction will primarily be used for the production and operation of Mould Group [1] - As of the announcement date, Mould Group holds 34,714.5082 million shares, accounting for 37.81% of the total share capital [1]

Group 1 - The controlling shareholder, Jiangyin Mould Group Co., Ltd., plans to reduce its holdings by up to 9.1802 million shares, which represents 1.00% of the company's total share capital [1] - The reduction will take place within three months after the announcement, starting 15 trading days from the date of the pre-disclosure [1] - The funds generated from this reduction will be used for the shareholder's own production and operations [1]

江阴模塑集团有限公司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 股票代码：000700 股票简称：模塑科技 公告编号：2025-055 江南模塑科技股份有限公司 关于控股股东股份减持计划的预披露公告 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份347,145,082股（占公司总股本的37.81%）的控股股东江阴模 塑集团有限公司（以下简称"模塑集团"）计划在自本减持预披露公告发布之日 起15个交易日后的3个月内通过集中竞价方式减持本公司股份不超过9,180,153股 （占公司总股本比例1.00%）。 一、江阴模塑集团有限公司的基本情况 （一）减持主体：江阴模塑集团有限公司 （二）持股情况：持有本公司股份共计347,145,082股（均为无限售条件流通 股），占公司总股本的37.81%。 二、本次减持计划的主要内容 （一）本次拟减持的目的、减持期间、数量和减持方式等具体安排： 1、减持原因：减持资金用于模塑集团自身的生产经营 2、股份来源：协议受让及非公开发行股份 3、减持期间：本次减持计划公告之日起15个交易日后的3个月 ...

Core Viewpoint - Bohai Automobile plans to acquire equity stakes in four core subsidiaries from its controlling shareholder, Hainachuan, for a total price of up to 2.728 billion yuan, marking a significant step in its strategic transformation amid the electric and intelligent automotive trends [1][2]. Summary by Sections Acquisition Details - The acquisition involves four key assets: 51% of Beijing Beiqi Moulding Technology Co., Ltd., 51% of Hainachuan Andautuo (Langfang) Seat Co., Ltd., 100% of Inafa Intelligent Technology (Beijing) Co., Ltd., and 50% of Langfang Leoni Wiring Systems Co., Ltd. [2] - The total transaction price is set at 2.728 billion yuan, with 2.319 billion yuan paid in shares and 409 million yuan in cash [2][3]. Financial Impact - Post-acquisition, Bohai Automobile's total assets are expected to increase from 7.410 billion yuan to 12.364 billion yuan, a growth of 66.84%, while revenue is projected to rise from 4.227 billion yuan to 9.276 billion yuan, an increase of 119.41% [6]. - Despite the anticipated revenue growth, the company is still expected to incur a net loss of 880.685 million yuan in 2024, indicating challenges in turning around profitability [7]. Valuation and Premiums - The acquisition features high valuation premiums, particularly for the 50% stake in Langfang Leoni Wiring Systems, which has an assessed value increase of 1759.98% [3][9]. - The performance of the acquired assets is subject to a three-year profit commitment from Hainachuan, with specific net profit targets set for 2025, 2026, and 2027 [9][10]. Operational Challenges - The integration of the acquired companies poses significant operational risks due to potential differences in business models and corporate cultures [10]. - The increase in related party transactions following the acquisition raises concerns about the company's independence and governance standards [11]. Future Outlook - The transaction is seen as a critical move for Bohai Automobile to enhance its market presence and operational scale, but the ability to convert this scale into sustainable profitability remains a key challenge [8][11].

Group 1 - The report highlights that the A-share market is expected to trend upward after a period of consolidation, focusing on three main directions: policy catalysis, economic recovery, and benefits from interest rate cuts [4][14][17] - The report emphasizes the importance of monitoring the U.S. government shutdown and its potential impact on asset volatility, while also noting the relatively mild market reaction so far [15][16] - Domestic policies are expected to provide short-term support, with significant attention on the 14th Five-Year Plan and the upcoming APEC meeting for potential U.S.-China progress [16][17] Group 2 - The report identifies ten key stocks for October, including companies from various sectors such as electronics, automotive, and new energy, with no specific ranking among them [5][12] - The electronic sector features companies like Zhongwei Company and Fudan Microelectronics, which are expected to benefit from advancements in technology and market demand [18][22] - The automotive sector includes Moulding Technology, which is positioned to gain from increasing demand for lightweight and customized exterior parts due to the shift towards electric vehicles [34][36] Group 3 - In the electronics sector, Zhongwei Company reported a significant revenue increase of 36.46% year-on-year for the first half of 2024, although net profit saw a decline due to increased costs [18][19] - Fudan Microelectronics is facing intense competition in the market, leading to a slight decrease in revenue and profit, but is advancing its FPGA product line to maintain a competitive edge [22][23] - Moulding Technology is expected to see a recovery in profitability due to new projects with major automotive clients, projecting revenues of 71.4 billion yuan for 2024 [32][34] Group 4 - The report indicates that Meihu Co. is diversifying into new energy vehicles while maintaining strong growth in its traditional pump business, with a projected revenue increase for 2025 [39][40] - Shenzhen New Star is experiencing a significant recovery in performance, with a projected revenue of 15 billion yuan for the first half of 2025, driven by a rebound in lithium hexafluorophosphate prices [43][44] - Luoyang Molybdenum Co. reported a record net profit of 8.67 billion yuan for the first half of 2025, driven by increased production and rising prices of copper and cobalt [49][50]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [10]. Core Insights - The emergence of humanoid robots is leading a new wave of transformation in the automotive industry, with major automakers competing in this space [4]. - The report highlights the successful demonstration of multi-modal embodied robots at the recent Industrial Expo, showcasing advancements in robotics technology and its applications in various industrial settings [5][8]. - New vehicle launches are intensifying competition among mainstream automakers, with notable models introduced at the expo, including the SAIC Group's high-end and budget-friendly offerings, as well as Tesla's Model Y L [9]. Summary by Sections Investment Highlights - The humanoid robot sector presents new opportunities, with specific recommendations for companies involved in linear joint assemblies, screw rods, dexterous hands, reducers, sensors, and injection molded parts [10]. - Recommended companies include Rongtai Co., Shuanglin Co., and others, focusing on various components essential for humanoid robots [10]. Industry Performance - The automotive sector has shown strong relative performance over the past year, with a 32.8% increase compared to the Shanghai and Shenzhen 300 index [1][2]. Technological Innovations - The report emphasizes the advancements in robotics, such as the DOBOT ATOM humanoid robot, which utilizes reinforcement learning for efficient task execution in industrial environments [4]. - Innovations in multi-modal perception systems were showcased, demonstrating the capabilities of robots in real-time data processing and interaction [5]. Competitive Landscape - The report notes the competitive landscape with multiple new vehicle models launched, highlighting their specifications and market positioning [9].

Financial Performance - The company achieved a revenue of 3.399 billion yuan in the first half of 2025, a decrease of 4.24% year-on-year [1] - The net profit attributable to shareholders was 293 million yuan, down 18.12% year-on-year [1] - There was a significant change in foreign exchange, with a loss of 52.21 million yuan in the first half of 2025 compared to a gain of 73.63 million yuan in the same period of 2024 [1] Production Capacity - The production capacity utilization rate varies by subsidiary based on customer orders, but overall remains in a normal and efficient operating range [1] - The company plans to continue expanding new customers and businesses to enhance capacity utilization and operational efficiency [1] Shareholder Engagement - The company has considered various factors, including industry development and competition, in analyzing its stock incentive and dividend plans [2] - Cumulative cash dividends over the past three years amounted to 498 million yuan, representing 31.68% of the cumulative net profit during that period [2] Strategic Partnerships - The transfer of 51% equity in the company's affiliate, Beiqi Moulding, will not affect the company's shareholding ratio of 49% [2] - The company aims to strengthen long-term cooperative relationships through negotiations regarding the extension of Beiqi Moulding's operational period by 15 years [2] Future Development - The Mexican factory has available capacity and will focus on developing new orders while maintaining good cooperation with existing clients [2] - The company is committed to enhancing value management and reflecting its investment value through high-quality development [2]