Core Viewpoint - The acquisition of 52% stake in Fagor Aiderlan by Doli Technology raises concerns due to the significant pre-transaction dividend and the company's declining financial performance [1][2][4] Financial Performance - Doli Technology reported a revenue of 3.592 billion yuan in 2024, a decrease of 8.19% year-on-year [2] - The net profit attributable to shareholders was 425 million yuan, down 14.43% compared to the previous year [2] - The gross profit margin was 21.08%, a decline of 2.13 percentage points year-on-year [2] - In Q1 2025, total revenue was 873 million yuan, an increase of 11.82% year-on-year, but net profit decreased by 17.10% to 95.27 million yuan [2] Inventory and Operational Efficiency - Doli Technology's inventory reached 808 million yuan in 2024, an increase of 43% year-on-year, with inventory turnover days rising to 87 days, up 24% [3] - The increase in inventory may indicate declining product competitiveness or changes in market demand, posing risks in a sensitive industry like automotive parts [3] Governance and Regulatory Issues - The company faced regulatory scrutiny for governance issues, including non-compliance in the use of raised funds and internal control deficiencies [3] - The financial advisor and representatives received warnings for inadequate diligence during the IPO process, raising concerns about the company's internal controls [3] Acquisition Rationale - Doli Technology stated that the acquisition aims to enhance product structure, improve business layout, and advance internationalization [3] - The target company, Fagor Aiderlan, specializes in aluminum alloy casting and is a designated supplier for BMW and Mercedes [3] Strategic Timing Concerns - Questions arise regarding the appropriateness of pursuing international expansion given the company's declining net profit and worsening inventory turnover efficiency [4] - The substantial pre-transaction dividend raises concerns about potential harm to the interests of the listed company [4]

Transaction Overview - The company plans to acquire 52% equity of Kunshan Fagerland Automotive Parts Co., Ltd. through its wholly-owned subsidiary Kunshan Daya Automotive Parts Co., Ltd. to enhance product structure and business layout, aiming for sustainable returns for shareholders [1][10] - The transaction amount for the 52% equity is RMB 91.4653 million, which accounts for 2.01% of the company's audited net assets attributable to shareholders for 2024 [2][10] Valuation and Financial Data - The total value of 100% equity of Kunshan Fagerland as of March 31, 2025, is RMB 227.2895 million, with net assets reported at RMB 207.2059 million [2][5] - The company will receive a dividend of RMB 42.1053 million from Kunshan Fagerland before the transaction completion, adjusting the valuation of 100% equity to RMB 175.8947 million [7] Company Background - Kunshan Fagerland is a wholly-owned subsidiary of EDERLAN SUBSIDIARIES, S.A., a leading manufacturer in the automotive parts industry, specializing in chassis systems and other critical components [3][6] - The company has a registered capital of €1.51 million and focuses on aluminum alloy casting suspension components, serving major European automotive manufacturers [6][10] Strategic Implications - The acquisition aligns with the company's strategic goals to integrate resources, enhance product offerings, and expand international operations [10] - The transaction is expected to positively impact the company's financial status and operational results, enhancing overall industry scale and profitability [10]

证券代码：001311 证券简称：多利科技 公告编号：2025-029 滁州多利汽车科技股份有限公司 公司聘请具有从事证券、期货相关业务资格的独立第三方天源资产评估有限公司 对昆山法格霭德兰股权的价值进行了评估，昆山法格霭德兰 100%股权在基准日 2025 年 3 月 31 日的价值为人民币 22,728.95 万元。根据中汇会计师事务所(特殊普通合伙) 出具的审计报告，截至 2025 年 3 月 31 日，昆山法格霭德兰净资产为人民币 20,720.59 万元。鉴于昆山法格霭德兰拟于本次交易交割前向 EDERLAN 分红人民币 4,210.53 万 元，参考上述净资产和评估价值并经双方平等协商确认，昆山法格霭德兰 52%股权的 转让价款为人民币 9,146.53 万元。 本次股权转让完成后，昆山达亚持有昆山法格霭德兰 52%股权，EDERLAN 持有 昆山法格霭德兰 48%股权。 2、审议程序 本次购买昆山法格霭德兰 52%股权的交易金额为 9,146.53 万元，占公司 2024 年经 审计归属上市公司股东的股东权益的 2.01%，按照《深圳证券交易所股票上市规则》等 有关规定，该事项无需提交董事会、股 ...

Group 1 - The company, Doli Technology, plans to acquire 52% equity stake in Kunshan Fager Ederlan through its wholly-owned subsidiary Kunshan Daya for a consideration of 91.4653 million yuan [1] - Kunshan Fager Ederlan specializes in aluminum alloy casting suspension components and primarily provides services to traditional European automotive manufacturers [1] - Current clients of Kunshan Fager Ederlan include major automotive companies such as BMW, Mercedes-Benz, Benteler, and ZF [1]

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, which includes a cash dividend and a capital reserve increase in share capital, approved by the shareholders' meeting on May 8, 2025 [1][2]. Group 1: Profit Distribution and Capital Increase - The profit distribution plan is based on a total share capital of 238,853,334 shares, with a cash dividend of 6.70 RMB per 10 shares (before tax), totaling approximately 160.03 million RMB in cash dividends [1][2]. - The company will also increase its share capital by 3 shares for every 10 shares held, resulting in an estimated total increase of 71,656,000 shares, bringing the total share capital to approximately 310,509,334 shares post-distribution [1][2][3]. Group 2: Taxation and Dividend Distribution - The cash dividend will be subject to different tax rates based on the type of shareholder, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [2][3]. - The company will not withhold individual income tax at the time of distribution; instead, it will be calculated based on the holding period when the shares are sold [2][3]. Group 3: Key Dates and Shareholder Eligibility - The record date for the distribution is set for June 9, 2025, and the ex-dividend date is June 10, 2025 [3][4]. - Eligible shareholders are those registered with the China Securities Depository and Clearing Corporation Limited, Shenzhen Branch, as of the record date [3][4]. Group 4: Share Capital Structure Changes - The share capital structure before the increase consists of 238,853,334 shares, which will increase to 310,509,334 shares after the capital reserve transfer [5][6]. - The distribution will also involve adjustments for fractional shares, which will be allocated based on a sorting system [3][4].

证券代码：001311 证券简称：多利科技 公告编号：2025-028 滁州多利汽车科技股份有限公司 2024 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 滁州多利汽车科技股份有限公司（简称"公司"）2024 年年度权益分派方案已 获 2025 年 5 月 8 日召开的 2024 年年度股东大会审议通过，现将权益分派事宜公告 如下： 一、股东大会审议通过利润分配及资本公积转增股本方案情况 若公司董事会、股东大会审议通过利润分配方案后到方案实施前公司的股本发 生变动的，则以实施分配方案时股权登记日的总股本为基数，公司将按照"现金分 红总额、转增总额固定不变"的原则对分配比例进行调整。 2、本次利润分配及资本公积转增股本方案自披露至实施期间，公司股本总额未 发生变化。 3、本次实施的利润分配及资本公积转增股本方案与 2024 年年度股东大会审议 通过的分配方案及其调整原则一致。 4、本次实施分配方案距离 2024 年年度股东大会审议通过的时间未超过两个月。 二、本次实施的利润分配及资本公积金转增股本方案 公司 2024 年年度权益分派方 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with revenue of 3.6 billion and a net profit of 430 million, reflecting a year-on-year decrease of 8% and 14% respectively. In Q1 2025, revenue increased by 12% year-on-year to 870 million, while net profit decreased by 17% [1]. - The growth in revenue for Q1 2025 was driven by increased demand from major clients such as Tesla, Li Auto, NIO, and BYD, despite a decline in Tesla's global production [1]. - The company is focusing on enhancing its technological and research capabilities, particularly in mold development and stamping welding technology, which are crucial for maintaining its competitive edge in the automotive parts industry [2]. - The company is expanding its business layout by venturing into integrated die-casting, hot forming, and composite materials, with expectations for large-scale production to begin in the second half of 2025 [2]. Financial Summary - The company forecasts net profits of 500 million, 580 million, and 670 million for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14, 12, and 10 times [3]. - Revenue is projected to grow from 4.1 billion in 2025 to 5.5 billion in 2027, with year-on-year growth rates of 15% and 16% [4]. - The latest diluted EPS is expected to be 2.09, 2.42, and 2.80 for 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance in 2024 met expectations, with a revenue of 3.6 billion and a net profit of 430 million, reflecting a year-on-year decrease of 8% and 14% respectively. In Q1 2025, revenue increased by 12% year-on-year to 870 million, while net profit decreased by 17% [1]. - The growth in revenue for Q1 2025 was driven by increased demand from major clients such as Tesla, Li Auto, NIO, and BYD, as domestic new energy vehicle sales rose by 47% year-on-year [1]. - The company is focusing on enhancing its technological and research capabilities, particularly in mold development and stamping welding technology, which are crucial for maintaining its competitive edge in the automotive parts industry [2]. - The company is expanding its business layout by venturing into integrated die-casting, hot forming, and composite materials, with expectations for large-scale production of integrated die-casting by the second half of 2025 [2]. Financial Summary - The company reported a revenue of 3.6 billion in 2024, with a projected revenue of 4.1 billion in 2025, reflecting a growth rate of 15% year-on-year. The net profit is expected to recover to 498 million in 2025, with a growth rate of 17.3% [4]. - The earnings per share (EPS) for 2025 is projected to be 2.09, with a price-to-earnings (P/E) ratio of 13.5 [4]. - The company’s gross margin for Q1 2025 was 20.9%, an increase of 2.2 percentage points from the previous quarter, indicating improved profitability [1].

24SH7200159/ZYZ/kw/cm/D9 上海市通力律师事务所 关于滁州多利汽车科技股份有限公司 2024 年年度股东大会的法律意见书 致: 滁州多利汽车科技股份有限公司 上海市通力律师事务所(以下简称"本所")接受滁州多利汽车科技股份有限公司(以下 简称"公司")的委托, 指派本所黄新淏律师、赵伯晓律师(以下简称"本所律师")根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司股东会规则》等法律法规和规范 性文件(以下统称"法律法规")及《滁州多利汽车科技股份有限公司章程》(以下简称"公司 章程")的规定就公司 2024 年年度股东大会(以下简称"本次股东大会")相关事宜出具法 律意见。 本所律师已经对公司提供的与本次股东大会有关的法律文件及其他文件、资料予以了核 查、验证。在进行核查验证过程中, 公司已向本所保证, 公司提供予本所之文件中的所有签 署、盖章及印章都是真实的, 所有作为正本提交给本所的文件都是真实、准确、完整和有效 的, 且文件材料为副本或复印件的, 其与原件一致和相符。 在本法律意见书中, 本所仅对本次股东大会召集和召开的程序、出席本次股东大会人员 资格和召集人资格及表 ...

证券代码：001311 证券简称：多利科技 公告编号：2025-027 滁州多利汽车科技股份有限公司 2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会通过决议的情形。 一、会议召开和出席情况 1、会议召开的时间： （1）现场会议时间：2025 年 5 月 8 日（星期四）下午 14:00 6、会议召开的合法、合规性：本次股东大会的召开符合《公司法》《上市公司 股东大会规则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公司股东 大会网络投票实施细则》等有关法律法规和《公司章程》等有关规定。 | 分类 | 人数 | 代表股份数 | 占有表决权总股份数比例 | | --- | --- | --- | --- | | 现场出席 | 7 | 176,301,450 | 73.8116% | | 网络投票 | 174 | 6,946,033 | 2.9081% | | 总体出席 | 181 | 183,247,483 | 76.7197% | ...