Core Viewpoint - The credit rating agency maintains the credit rating of Zhejiang Yinlun Machinery Co., Ltd. at AA with a stable outlook, reflecting the company's strong position in the heat exchanger sector and good operational performance, despite facing challenges such as rising raw material costs and high financial leverage [3][10][27]. Company Overview - Zhejiang Yinlun Machinery Co., Ltd. is recognized for its leading position in the heat exchanger industry, with a diversified product matrix and strong order acquisition capabilities [3][10]. - The company has shown consistent growth in production and sales volume, with significant revenue increases driven by the demand for new energy vehicles [10][11]. Financial Performance - The total assets of the company are projected to grow from 135.24 billion in 2022 to 192.06 billion by 2025 [3][22]. - The net profit is expected to rise from 4.49 billion in 2022 to 8.94 billion in 2024, indicating a robust growth trajectory [3][22]. - The operating revenue is forecasted to increase from 84.80 billion in 2022 to 127.02 billion in 2024, reflecting strong market demand [3][22]. Market Position and Strategy - The company is expanding its international presence and enhancing its technological capabilities, aiming to become a leading player in the thermal management sector [10][12]. - The strategic focus includes accelerating international development, achieving technological leadership, and improving overall competitiveness [10][12]. Risks and Challenges - The company faces challenges such as low shareholding by actual controllers, rising raw material prices, and high financial leverage, which may impact cost management [3][10]. - The financial structure requires improvement, particularly in the debt maturity profile, as the company has a high level of short-term debt [20][21]. Industry Outlook - The automotive market in China is expected to grow further in 2024, driven by policies promoting consumption and the rapid development of new energy vehicles [7][8]. - The demand for thermal management products is anticipated to rise, benefiting domestic companies like Yinlun as they enhance their competitive positions in international markets [8][10].

浙江银轮机械股份有限公司 2025 年度跟踪评级报告 编号：信评委函字[2025]跟踪 0558 号 浙江银轮机械股份有限公司 2025 年度跟踪评级报告 声 明 中诚信国际信用评级有限责任公司 2025 年 6 月 17 日 2 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次评级行为独立、 客观、公正的关联关系。 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实性、完整性、准 确性不作任何保证。 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、公正的原则。 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判断，未受评级委托 方、评级对象和其他第三方的干预和影响。 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品的依据。 中 ...

Group 1 - Dongfang Shenghong's controlling shareholder plans to increase its stake by 500 million to 1 billion yuan within six months [1] - Aiwei Electronics is set to mass-produce a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology [1] - *ST Jiuyou received a decision from the Shanghai Stock Exchange to terminate its stock listing, which will transition to the national SME share transfer system [2] Group 2 - Hangzhou Garden plans to invest up to 450 million yuan to build a smart ecological design R&D headquarters [2] - Tiancheng Self-Control intends to invest 20 million yuan to establish a subsidiary [3] - Leidi Ke is acquiring a 30% stake in a partnership fund for 40 million yuan, indirectly holding 20% equity in Beifang Machinery [5] Group 3 - Jiangbolong's subsidiary signed a memorandum of cooperation with Sandisk to develop customized UFS products for the mobile and IoT markets [6] - Tongda Co. announced plans for its directors and executives to reduce their holdings by a total of 0.029% [7] - Yinlun Co.'s subsidiary completed the counseling acceptance for its public offering and listing on the Beijing Stock Exchange [8] Group 4 - Hongli Zhihui's controlling shareholder obtained a special loan of up to 45 million yuan for stock buyback [9] - Fengshan Group's shareholders plan to reduce their holdings by a total of 983,000 shares [11] - Kuai Ke Electronics' shareholder plans to reduce their holdings by up to 2% [13] Group 5 - Zhongdian Xinlong's director plans to reduce their holdings by up to 0.81% [15] - Maihe Co.'s shareholder intends to reduce their holdings by up to 1.5% [17] - Yuandao Communication's shareholder plans to reduce their holdings by up to 1.01% [19] Group 6 - Muyuan Co. submitted its H-share issuance application to the China Securities Regulatory Commission [21] - Jiechuang Intelligent won a police equipment procurement project worth 11.2362 million yuan [21] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with the Heavy Steel Group [22]

债券代码：127037 债券简称：银轮转债 浙江银轮机械股份有限公司 关于控股子公司申请公开发行股票并在北京证券交易所 证券代码：002126 证券简称：银轮股份 公告编号：2025-048 朗信电气公开发行股票并在北交所上市的申请存在无法通过北交所发行上市审 核或中国证监会注册的风险，公司存在因公开发行失败而无法在北交所上市的风险。 公司将根据相关事项进展情况严格按照法律法规的规定和要求，及时履行信息披 露义务，敬请广大投资者关注且谨慎决策投资，并注意投资风险。 特此公告 浙江银轮机械股份有限公司 董 事 会 上市辅导验收完成的提示性公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）控股子公司江苏朗信电气股份 有限公司（以下简称"朗信电气"）为全国中小企业股份转让系统挂牌企业（证券简 称：朗信电气，证券代码：874326）。公司分别于 2025 年 1 月 3 日、2025 年 1 月 20 日召开了第九届董事会第十九次会议和 2025 年第一次临时股东大会，审议通过了《关 于控股子公司拟申请向不特定合格投资者 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-048 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于控股子公司申请公开发行股票并在北京证券交易所 上市辅导验收完成的提示性公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）控股子公司江苏朗信电气股份 有限公司（以下简称"朗信电气"）为全国中小企业股份转让系统挂牌企业（证券简 称：朗信电气，证券代码：874326）。公司分别于 2025 年 1 月 3 日、2025 年 1 月 20 日召开了第九届董事会第十九次会议和 2025 年第一次临时股东大会，审议通过了《关 于控股子公司拟申请向不特定合格投资者公开发行股票并在北京证券交易所上市的 议案》，同意朗信电气申请向不特定合格投资者公开发行股票并在北京证券交易所（以 下简称"北交所"）上市。现将相关事项进展公告如下： 一、朗信电气申请公开发行股票并在北交所上市辅导进展情况 2025 年 6 月 13 日，朗信电气收到中国证 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle trade-in policy in 2025, which is anticipated to support upward consumer spending [16] - The report highlights the emergence of high-end domestic brands and the potential for increased penetration of advanced driving technologies [16] - The report emphasizes the importance of the Robotaxi initiative by Tesla, which is set to launch on June 22, 2025, as a significant development in the industry [14] Summary by Sections Recent Developments - Multiple automotive companies have announced a "60-day payment term" commitment to suppliers, aiming to alleviate financial pressure [12] - The global first L3-level AI vehicle, the Xiaopeng G7, was officially unveiled with a pre-sale price of 235,800 yuan, featuring advanced AI capabilities [13] - Tesla plans to initiate its Robotaxi pilot service in Austin, Texas, with the first deliveries expected on June 28, 2025 [14] Market Performance - From June 9 to June 13, 2025, the A-share automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.8% [17] - The performance of individual segments showed a mixed trend, with passenger vehicles down by 2.0% and commercial vehicles up by 7.2% during the same period [17] Recommendations - The report recommends several companies based on their potential to benefit from the current market dynamics: 1. Domestic brands like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors are expected to thrive in the high-end market segment [16] 2. Companies involved in advanced driving technologies, such as Xiaopeng Motors, Huayang Group, Desay SV, and Kobot, are highlighted for their growth potential [16] 3. The report suggests focusing on companies with strong positions in the supply chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [16] 4. In the commercial vehicle sector, it anticipates a recovery in heavy truck demand, recommending companies like Foton Motor and China National Heavy Duty Truck [16]

Investment Rating - The report suggests that ROBO+ represents the strongest industrial trend in the automotive sector, with a focus on intelligent driving and humanoid robots as key directions for growth [4]. Core Insights - Tesla's Robotaxi service is set to trial in Austin, Texas, with a limited fleet of 10 to 20 Model Y vehicles equipped with new "unsupervised" FSD technology, marking a strategic shift towards autonomous driving and mobility services [9][10]. - XPeng's G7 SUV features advanced AI capabilities with three self-developed Turing AI chips, achieving over 2200 TOPS of computing power, significantly higher than the industry average [10][11]. - The establishment of the world's first embodied intelligent robot 4S store in Beijing is expected to enhance the integration of sales, parts supply, after-sales service, and feedback mechanisms in the robotics industry [18]. Summary by Sections Intelligent Driving - Tesla's Robotaxi service is a pivotal move towards commercializing autonomous driving, indicating a shift in valuation logic for the company [9]. - XPeng's G7 showcases a significant leap in AI automotive technology, emphasizing the importance of self-developed chips for competitive advantage [10][11]. - Partnerships in the automotive sector, such as GAC Toyota's collaboration with Momenta, aim to integrate advanced AI technologies into vehicle safety and driving behavior [12][13]. Robotics - The Ministry of Industry and Information Technology has initiated pilot applications for elderly care robots, deploying over 220 units across various settings to enhance service capabilities [17][22]. - The global first embodied intelligent robot 4S store in Beijing is set to open in 2025, with significant interest from over 100 companies, indicating a robust market for humanoid robots [18]. - Companies like McD Tech and Star Era are actively pursuing commercialization in the robotics sector, with new products and strategic partnerships aimed at enhancing service capabilities [25][26]. Investment Recommendations - The report emphasizes the explosive growth potential in high-level autonomous driving and humanoid robots, suggesting a focus on key players in the chip, lidar, and optical components sectors [4][45]. - Companies such as Horizon Robotics and leading lidar manufacturers are highlighted as critical players to watch in the evolving landscape of intelligent driving [45][46].

Core Viewpoint - Zhejiang Yinlun Machinery Co., Ltd. (Yinlun) is establishing a joint venture, Suzhou Yizhi Intelligent Drive Technology Co., Ltd. (Yizhi), with several partners to enhance its presence in the embodied intelligent robotics sector, leveraging the technological strengths and market resources of its collaborators [1][2]. Group 1: Joint Venture Details - Yinlun, along with Suzhou Weichuang Electric Technology Co., Ltd. (Weichuang), Shenzhen Keda Li Industrial Co., Ltd. (Keda Li), Shanghai Kepler Robotics Co., Ltd. (Kepler), and Shenzhen Weili Growth Enterprise Management Consulting Partnership (Limited Partnership) (Weili Growth), signed an agreement to jointly invest in Yizhi [1]. - The investment structure includes Weichuang contributing 40%, Keda Li 30%, and Yinlun 20%, while Weili Growth and Kepler contribute 7% and 3%, respectively [1]. Group 2: Strategic Implications - The establishment of the joint venture is seen as a strategic extension for Yinlun from the thermal management sector to the high-value intelligent equipment field, integrating key resources such as thermal management, drive control, and lithium batteries [2]. - The move is expected to facilitate the transition of embodied intelligence from laboratory stages to large-scale applications, enhancing the overall competitiveness of the involved companies [2]. Group 3: Industry Growth and Company Strategy - The embodied intelligent robotics sector is experiencing rapid growth, prompting Yinlun to position computing power and artificial intelligence as a new growth curve, alongside the establishment of an AI digital products department [3]. - Yinlun has outlined a "1+4+N" development strategy for breakthroughs in this emerging field and has already secured 10 patents in the sector by the end of 2024, indicating significant progress in key component development and market expansion [3]. - Although the current business in embodied intelligent robotics has not yet contributed significantly to revenue, there are optimistic growth expectations for the future [3].

Group 1 - Yinlun Co., Ltd. plans to establish a joint venture company, Suzhou Yizhi Lingqiao Drive Technology Co., Ltd., with an investment of 10 million yuan, holding a 20% stake, to enhance the development of embodied intelligent robot components [1] - Zhimin Da's controlling shareholder plans to transfer 5.03 million shares, representing 3.00% of the total share capital, through an inquiry transfer method [1][2] - ST Ningke's subsidiary plans to invest 100 million yuan in a technical transformation project for the production of bio-fermentation products, aiming to enhance market competitiveness [3][4] Group 2 - Fujian Jinsen's chairman resigned due to work reasons, and the resignation will take effect after the election of a new chairman [5][6] - Kanghong Pharmaceutical's subsidiary received approval for clinical trials of Songling Xue Mai Kang capsules, aimed at treating functional ventricular premature beats [7][8] - Ruizhi Pharmaceutical plans to sell a 32.59% stake in its associate company, Guangdong Shenghetang Health Food Co., Ltd., for 60 million yuan [9] Group 3 - Meili Cloud's shareholder, China Metallurgical Paper Group, is undergoing bankruptcy reorganization, with its shares frozen and partially pledged [10] - Mongolian Grass Ecological plans to raise up to 1.495 billion yuan through a private placement for various ecological projects and working capital [11] - Aikelan's major shareholder plans to reduce their stake by up to 3% due to personal funding needs [12] Group 4 - Chaojie Co., Ltd. has three shareholders planning to reduce their stakes by a total of up to 3.73% for personal funding needs [13] - Haitai Biological's director plans to reduce their stake by up to 0.14% for personal funding needs [14] - New Guodu's executives plan to reduce their stakes by a total of up to 50.19 million shares for personal funding needs [15] Group 5 - Zhiguang Electric's vice chairman plans to reduce their stake by up to 304.06 million shares for personal funding needs [16] - *ST Jinbi's controlling shareholder plans to transfer 47.0853 million shares, making Yuan Yi Cheng Wu the new controlling shareholder [17][18] - Kaizhong Precision received a project designation from a leading global new energy battery manufacturer, with expected sales of approximately 700 million yuan [19][20] Group 6 - Defang Nano's director plans to reduce their stake by up to 133,200 shares for personal funding needs [21] - ST Hongtai's stock will have its risk warning removed, changing its name and increasing the price fluctuation limit [22] - Guoanda's directors plan to reduce their stakes by a total of up to 101,700 shares for personal funding needs [23] Group 7 - Lanshi Heavy Industry plans to acquire 100% of Qingdao Equipment for 99.9821 million yuan to enhance its delivery capabilities [24] - Qingdao Bank's major shareholder plans to increase its stake to no more than 19.99%, pending regulatory approval [25]

Investment Rating - The industry is rated as "Overweight" [6] Core Views - Multiple automakers have committed to shortening payment terms to within 60 days, which is expected to improve the automotive supply chain ecosystem [1] - The shortening of payment terms is anticipated to alleviate concerns regarding automakers' repayment capabilities and promote healthy industry development [1] - The average cash turnover rates for components, complete vehicles, and dealers in 2024 are projected to be 4.5, 2.2, and 8.9 respectively, with the new payment terms expected to enhance cash flow [1] - The reduction in payment terms aligns with international standards, potentially benefiting Chinese brands in overseas markets [2] - Price competition has paused, leading to a narrowing of discount rates, which is favorable for healthy competition within the industry [2] Summary by Sections Section 1: Impact of Shortened Payment Terms - The adjustment to a 60-day payment term is expected to have limited impact on the cash flow of complete vehicle manufacturers, as many currently operate with payment terms exceeding 110 days [2] - The new terms are expected to enhance the cash turnover ability and cash levels of upstream component manufacturers, with an estimated increase in cash funds of approximately 32 billion yuan (+37%) if accounts receivable turnover improves to 6 [3] Section 2: Export Growth of Domestic Passenger Vehicles - Domestic brands are leading in competitiveness within the market, driving foreign brands out [4] - In 2024, market shares for domestic brands in various price segments are projected to be 80%, 48%, and 42% respectively, with year-on-year increases of 7, 14, and 4 percentage points [4] - In May, domestic brand exports reached 375,000 units, a year-on-year increase of 18% and a month-on-month increase of 10% [4] - The global market is viewed as a significant growth opportunity for Chinese automakers, with a recommendation to focus on industry leaders with global competitiveness [4]