编号：2025-020 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □其他 （线上会议调研） 参与单位名称及 人员姓名 长城证券金瑞，财通证券周逸洲 时间 2025 年 12 月 18 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书邱蓉 证券办 李琼婷 投资者关系活动 主要内容介绍 一、公司情况介绍 二、公司情况交流 1、公司除了萧山本部这边，其他地方有生产基地吗？ 答：公司目前主要有萧山本部、安徽广德和湖州安吉三大生产 基地，公司在柳州、广州、长春等各地也有生产基地便于为整 车就近配套，同时公司的摩洛哥生产基地项目目前也正在有序 推进中。 2、公司毛利率提升的原因主要有哪些？ 答：受益于国内汽车销量的增长及公司国际市场新项目的上 量，规模效应逐渐显现；同时公司持续优化产品结构，推动内 部降本增效、工艺优化等工作，有效提升制造能力，产品毛利 1 证券代码：002284 证券简称：亚太股份 浙江亚太机电股份有限公司投资者关系活动记录表 2 | | 7、公司今年的冬季测试开始了吗？ | | --- | --- | | ...

Core Viewpoint - Asia Pacific Co., Ltd. has seen a stock price increase of 5.04% on December 19, reaching 13.55 yuan per share, with a total market capitalization of 10.015 billion yuan, indicating a cumulative increase of 4.03% over the past four days [1] Company Overview - Zhejiang Asia Pacific Electromechanical Co., Ltd. is located in Xiaoshan District, Hangzhou, Zhejiang Province, established on December 7, 2000, and listed on August 28, 2009 [1] - The company's main business includes the development, production, and sales of automotive basic braking systems, automotive chassis electronic control systems, wheel hub motors, and drive-by-wire chassis [1] - Revenue composition: automotive basic braking systems account for 69.48%, automotive electronic control systems 27.35%, and others 3.17% [1] Shareholder Insights - Among the top ten circulating shareholders, a fund under China Europe Fund, specifically the China Europe Prosperity Selected Mixed A (020876), entered the top ten in Q3, holding 4.4205 million shares, representing 0.6% of circulating shares [2] - The fund has realized a floating profit of approximately 2.8733 million yuan today, with a floating profit of 2.2103 million yuan during the four-day increase [2] Fund Performance - China Europe Prosperity Selected Mixed A (020876) has a total asset scale of 1.052 billion yuan, with a year-to-date return of 44.6%, ranking 1189 out of 8098 in its category, and a one-year return of 46.84%, ranking 939 out of 8067 [2] - The fund manager, Zhang Xueming, has been in position for 1 year and 241 days, with the best fund return during his tenure being 62.73% [3] Top Holdings - Another fund under China Europe Fund, the China Europe National Certificate 2000 Index Enhanced A (018663), holds 22,800 shares of Asia Pacific Co., Ltd., accounting for 0.28% of the fund's net value [4] - This fund has achieved a floating profit of approximately 14,800 yuan today, with a floating profit of 11,400 yuan during the four-day increase [4] Additional Fund Manager Insights - The fund managers for China Europe National Certificate 2000 Index Enhanced A (018663) are Qian Yating and Song Ting, with Qian having a tenure of 4 years and 48 days and Song having a tenure of 302 days [5] - The fund has a total asset scale of 5.022 billion yuan, with the best return during Qian's tenure being 60.78% and for Song being 29.9% [5]

Investment Summary - The automotive industry is benefiting from the acceleration of smart technology and the development of the robotics industry, with the parts sector outperforming the vehicle sector. From January 1 to December 12, 2025, the CITIC passenger car index fell by 0.40%, while the CITIC automotive parts index rose by 34.76%, indicating a significant difference in performance between the two sectors [4][18][25]. Group 1: 2025 Market Performance and Earnings Review - The automotive parts sector achieved a revenue of 7,541.60 billion yuan in the first three quarters of 2025, a year-on-year increase of 8.75%, and a net profit of 460.10 billion yuan, up 19.60% year-on-year [49]. - The passenger vehicle sector's revenue reached 15,203.16 billion yuan, growing by 8.68% year-on-year, while the net profit decreased by 15.72% to 391.90 billion yuan [31][49]. - The performance of passenger vehicle companies varied, with most showing revenue growth, but some, like BYD and Great Wall Motors, experienced profit declines [39][42]. Group 2: Outlook for 2026 - The automotive market in 2026 is expected to see a decline in policies, while exports and new energy vehicles (NEVs) will continue to rise. The "old-for-new" policy is anticipated to drive high growth in vehicle sales in 2025, but its absence in 2026 may lead to a demand shortfall [5][62][66]. - The penetration rate of NEVs is expected to continue increasing, with smart and high-end vehicles becoming new growth drivers. By 2025, the penetration rate of NEVs reached 46.7% [72][73]. - The L3 commercial application is expected to reach a critical point in 2026, with smart chassis technology anticipated to be applied in large quantities [5][6]. Group 3: Investment Strategy - The investment strategy focuses on the smart automotive sector, particularly as the industry transitions from L2 to L3 autonomous driving. Companies that continue to invest in this area are expected to benefit significantly [6][8]. - Recommended companies in the vehicle sector include SAIC Motor, Jianghuai Automobile, and Chery Automobile, which are positioned to leverage advancements in smart driving technology [6][8]. - In the parts sector, companies like Baolong Technology and Top Group are highlighted for their potential to benefit from the implementation of line control steering and braking systems, which are set to enter mass application in 2026 [8][49].

Core Viewpoint - The recent approval of L3-level conditional autonomous driving vehicles by the Ministry of Industry and Information Technology (MIIT) marks a significant step towards the commercialization of advanced autonomous driving technology in China [2][5]. Group 1: L3 Autonomous Driving Approval - Changan Automobile and BAIC BluePark Magna Automotive have submitted applications for L3-level conditional autonomous driving vehicles, which have been approved by MIIT in the 401st batch of announcements [2][3]. - L3 autonomous driving allows for conditional self-driving within a limited operational range, differing fundamentally from L2 assistance systems [2][3]. Group 2: Impact on Intelligent Chassis - The approved vehicles include Changan's Deep Blue product and BAIC's Arcfox Alpha S (L3 version), which features a high-performance redundant sensor system with 34 sensors, including three LiDARs [3][4]. - The commercialization of L3 is expected to accelerate the application of intelligent chassis technologies, such as active suspension, electronic brake-by-wire (EMB), and steer-by-wire (SBW) systems [3][4]. Group 3: Investment Strategy - The approval of L3 vehicles provides policy support for the popularization of high-level autonomous driving, benefiting companies actively engaged in this sector [5]. - Key investment areas include vehicle application, where leading companies are establishing advantages in training data and smart driving ecosystems, and the intelligent chassis sector, which is expected to see rapid mass application by 2026 [5].

Core Viewpoint - The China Securities 2000 ETF managed by Huaxia Fund has experienced a decline of 1.40% as of the midday close on December 16, with a trading volume of 11.59 million yuan [1] Group 1: Fund Performance - The China Securities 2000 ETF (562660) reported a return of 64.81% since its inception on September 6, 2023 [1] - The fund has experienced a negative return of 2.44% over the past month [1] Group 2: Major Holdings Performance - Tian'ao Electronics saw a decline of 2.87% [1] - Guoen Co. dropped by 1.86% [1] - Asia-Pacific Co. increased by 2.17% [1] - Baosheng Co. fell by 2.49% [1] - Green Power decreased by 0.58% [1] - Spring Autumn Electronics declined by 2.67% [1] - Optoelectronics Co. dropped by 5.02% [1] - Micron Technology fell by 2.09% [1] - Jepter Co. decreased by 3.36% [1] - Daon Co. declined by 2.68% [1]

Investment Rating - The report rates the automotive parts industry as "Positive" (First Time) [1] Core Viewpoints - The loosening of regulations is expected to accelerate the mass production of electronic mechanical brakes (EMB) and steer-by-wire (SBW), leading to a significant market expansion [3] - The domestic market for line-controlled chassis is projected to exceed 100 billion by 2030, driven by advancements in high-level autonomous driving [3][30] - The report emphasizes the importance of focusing on high-quality Tier 1 suppliers and upstream components such as motors and lead screws [4][9] Summary by Relevant Sections Line-Controlled Chassis - The pursuit of human-machine decoupling in line-controlled chassis is fundamental for achieving L3/L4 autonomous driving [9] - The market for line-controlled braking systems is expected to reach 50 billion by 2030, with EMB projected at 16.4 billion [3][30] - The line-controlled steering market is anticipated to reach 50 billion by 2030, with SBW projected at 21.5 billion [3][30] Regulatory Developments - Regulations allowing EMB to be implemented in vehicles will officially take effect on January 1, 2026 [3][26] - New policies regarding SBW are expected to be catalyzed within the year, although specific certification details remain unclear [3][26] Market Dynamics - The report highlights that the penetration rate of line-controlled chassis is expected to rise from 5% in 2025 to 30% by 2030 [31] - The overall market for intelligent chassis in China is projected to exceed 100 billion by 2030, with a compound annual growth rate (CAGR) of 37% from 2025 to 2030 [30][29] Key Companies to Watch - The report suggests focusing on leading Tier 1 suppliers with comprehensive platform capabilities, such as NEXTEER, ZF, and others [4][9]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [4][18]. Core Insights - The continuation of the vehicle trade-in policy is expected to bolster demand resilience in 2026, although the marginal stimulus from subsidies is diminishing, leading to increased competition among domestic automakers [15][18]. - The report emphasizes the importance of structural opportunities within the industry, particularly for companies that can differentiate their products [15][18]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the past week, with the new energy vehicle index down by 1% [2][8]. - Year-to-date, the automotive index has increased by 19%, while the new energy vehicle index has only risen by 1% [9][10]. 2. Vehicle Trade-in Policy Continuation - The central economic work conference highlighted the need to boost consumption and investment efficiency, extending the "two new" policies, which include large-scale equipment updates and trade-in programs [15]. - From January to November 2025, the trade-in policy facilitated over 11.2 million vehicle exchanges [15]. 3. Investment Strategy and Recommendations - The report suggests focusing on companies with high cost-performance ratios and emerging technologies, recommending leading firms such as Dechang Motor Holdings and Haoneng Co [18]. - It highlights the competitive pressure in the passenger vehicle market and recommends companies like Great Wall Motors and SAIC Motor for their differentiated product strategies [18]. - The report also identifies opportunities in the data center power supply sector, recommending Weichai Power and Yuchai International [18]. 4. Key Company Performance Predictions - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, all rated as "Overweight" [19]. - Notable recommendations include BYD, which has a projected EPS of 3.80 for 2025, and Great Wall Motors, with an EPS of 1.53 for the same year [19].

Group 1 - The company, Asia Pacific Holdings, announced that its ninth fifth board meeting will be held on December 12, 2025, via communication format, where it will review the proposal for conducting futures hedging business [1] - For the first half of 2025, the company's revenue composition is entirely from automotive parts, accounting for 100.0% [1] - As of the report date, the market capitalization of Asia Pacific Holdings is 9.2 billion yuan [1]

浙江亚太机电股份有限公司章程（草案） 第一章 总则 第一条 为维护浙江亚太机电股份有限公司（以下简称"公司"）、股东、 职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共和国公 司法》（以下简称"《公司法》"）《中华人民共和国证券法》（以下简称"《证券 法》"）和《上市公司监管指引第 3 号——上市公司现金分红》《上市公司章程指 引》（2025 年修订）《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第 1 号——主板上市公司规范运作》等规定，制订《浙江亚太机 电股份有限公司章程》（以下简称"本章程"）。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司。 公司于 2000 年 10 月 21 日经浙江省人民政府企业上市工作领导小组以浙上 市[2000]36 号《关于同意整体变更设立浙江亚太机电股份有限公司的批复》批 准，由浙江亚太机电集团有限公司整体变更组建发起设立，在浙江省市场监督 管理局注册登记，并于 2000 年 12 月 7 日取得企业法人营业执照（注册号原为 3300001007429，现变更为 330000000038495）。 第三条 公司注册名称： ...

证券代码：002284 证券简称：亚太股份 公告编号：2025-068 浙江亚太机电股份有限公司 并对公告中的虚假记载、误导性陈述或者重大遗漏承担责任。 重要内容提示： 1、为有效规避和降低公司生产经营相关原材料价格波动风险，保持公司经 营业绩持续、稳定，公司及下属子公司拟根据生产经营计划开展期货套期保值业 务，保证产品成本的相对稳定，降低价格波动对生产经营的影响。本次公司及下 属子公司开展期货套期保值业务品种仅限于与公司生产经营相关的境内期货交 易所铝期货交易合约。公司及下属子公司拟开展的期货套期保值保证金额度最高 不超过人民币 5,000 万元额度，使用期限自该事项经公司董事会审议通过之日起 12 个月内有效，上述额度在交易期限内可以循环使用。 2、本次开展期货套期保值业务已经董事会审计委员会 2025 年度第九次会议 及第九届董事会第五次会议审议通过。根据《深圳证券交易所上市公司自律监管 指引第 7 号—交易与关联交易》的规定，上述交易事项属于公司董事会审批权限， 无需提交公司股东会审议。 3、公司及下属子公司进行期货套期保值业务以对现货保值为目的，主要为 有效规避原材料价格波动对公司带来的不利影响，但 ...