Core Insights - The company emphasizes its research and development capabilities, particularly in the field of new energy thermal management, which is expected to yield practical benefits from its investments [2][3] - The company has set a strategic goal to achieve a revenue of 3 billion RMB by 2025, with a projected revenue of 2.45 billion RMB in 2024 and 1.29 billion RMB in the first half of 2025 [8] Research and Development - The company has three strategic considerations for R&D investment: supporting future orders, driving new market entries, and transitioning to a high-tech enterprise through core technology development [3] - The company has maintained significant R&D investment in the first half of 2025, focusing on new business growth points [2] Market Performance - The company's revenue from automotive fluid pipes and assemblies increased by 35% compared to the same period last year, driven by a focus on new energy vehicle cooling pipe projects [6] - The company's revenue from the sealing components business increased by 18.24% year-on-year in the first half of 2025, reflecting successful market expansion efforts [11] Strategic Partnerships and Market Expansion - The company has established long-term stable partnerships with several well-known automotive manufacturers, leveraging its extensive customer base [5] - In the first half of 2025, the company formed business collaborations with a Japanese automotive group and a strategic partnership with the French Delmon Group, indicating a proactive approach to international market expansion [9] Cost Management and Supply Chain - The company is focused on cost reduction and efficiency improvement through enhanced market research, price assessment, and inventory management [10] - In the first half of 2025, the company established institutional strategic cooperation with major material suppliers to optimize its supply chain [10] Talent Development - The company has been actively enhancing its talent pool by attracting high-end technical personnel in thermal management and fluid mechanics, and implementing innovative incentive mechanisms [7]

Group 1: Research and Development - The company emphasizes its capability in transforming research into practical applications, highlighting successful cases from the first half of 2025 that contributed to actual benefits [2][3] - In the first half of 2025, the company maintained significant R&D investments, focusing on new business areas and technological advancements to support its strategic planning [3][4] - The R&D strategy includes supporting future orders through current investments, entering new market segments, and enhancing product value to improve profitability [3][6] Group 2: Market Performance - The company reported a 35% increase in revenue from its automotive fluid pipeline and assembly business compared to the same period last year [6][11] - The sales of new energy vehicle-related products have improved due to the company's proactive adjustments to market demands, leading to better overall sales performance [5][6] - The overall revenue for the first half of 2025 increased by 18.24%, reflecting successful market expansion and strategic execution [11][12] Group 3: Competitive Advantages - The company has established long-term partnerships with several well-known automotive manufacturers, creating a stable customer base and a robust supply chain [6][11] - The focus on technological innovation and product quality enhancement has strengthened the company's competitive position in the automotive parts industry [6][12] - The company is exploring new business opportunities in response to the growing demand for integrated products in the automotive sector, particularly in the context of electric vehicles [10][12] Group 4: Strategic Planning and Future Outlook - The company aims to achieve a revenue target of 3 billion RMB by 2025, with 2024 revenue reaching 2.45 billion RMB, indicating a strong growth trajectory [8][9] - The next three-year strategic plan is under development, focusing on expanding market presence and addressing operational challenges identified in the previous plan [9][12] - The company is actively pursuing international market opportunities, having formed partnerships with foreign automotive groups to enhance its global footprint [9][12] Group 5: Talent and Organizational Development - The company is enhancing its talent acquisition strategies, focusing on high-end technical personnel to support its R&D efforts in new energy and fluid dynamics [7][12] - A dynamic incentive mechanism has been implemented to align employee interests with company growth, fostering a culture of innovation and efficiency [7][12] - The company is committed to optimizing its organizational structure to improve operational efficiency and support long-term strategic goals [7][12]

华泰联合证券有限责任公司 关于天津鹏翎集团股份有限公司 2025 年半年度持续督导跟踪报告 | 保荐人名称：华泰联合证券有限责任公司 | 被保荐公司简称：鹏翎股份 | | --- | --- | | 保荐代表人姓名：丁璐斌 | 联系电话：025-83387733 | | 保荐代表人姓名：孟超 | 联系电话：025-83387733 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1．公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于 防止关联方占用公司资源的制度、募集资金管理制 | 是 | | 度、内控制度、内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3．募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 不适用，公司 2022 年度向特定对象 发行股票募集资金已于 年 月 2023 3 使用完毕，且募集资金账户已注 ...

Core Viewpoint - Pengling Co., Ltd. reported mixed financial results for the first half of 2025, with revenue growth but significant declines in net profit and cash flow [1] Financial Performance - Total revenue for the first half of 2025 reached 1.29 billion yuan, an increase of 18.24% year-on-year [1] - Net profit attributable to shareholders was 27.44 million yuan, a decrease of 57.2% year-on-year [1] - In Q2 2025, total revenue was 655.6 million yuan, up 15.08% year-on-year, while net profit dropped 86.95% to 4.27 million yuan [1] - Gross margin was 19.53%, down 5.29% year-on-year, and net margin was 2.04%, down 65.24% [1] - Total operating expenses reached 140 million yuan, accounting for 10.87% of revenue, an increase of 10.59% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable increased by 55.89% year-on-year, reaching 973 million yuan [1] - Cash and cash equivalents decreased by 25.81% to 276.67 million yuan [1] - Interest-bearing debt rose by 43.84% to 334 million yuan [1] - Operating cash flow per share was -0.03 yuan, a decline of 136.77% year-on-year [1] Historical Performance and Business Model - The company's return on invested capital (ROIC) was 2.51% last year, indicating weak capital returns [3] - The historical median ROIC over the past decade was 4.92%, with a notable low of -2.69% in 2020 [3] - The business model relies heavily on research and marketing efforts, necessitating further investigation into these drivers [3] Cash Flow and Receivables Concerns - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 58.79% [3] - The ratio of accounts receivable to profit has reached 1253.48%, indicating potential issues with receivables management [3] Goodwill and Future Outlook - The company has goodwill primarily related to Hebei Xinou Automotive Parts Technology Co., Ltd., with potential impairment depending on future performance [3] - The sealing components segment has shown rapid revenue growth, which may mitigate goodwill impairment risks [3]

Core Insights - The company reported a revenue of 1.29 billion yuan for the first half of 2025, representing a year-on-year growth of 18.24%, with a net profit of 27.44 million yuan [1] - The company is a national high-tech enterprise focused on the design, research and development, production, and sales of automotive fluid pipelines and sealing components, with over 30 years of experience in the industry [1] - The company is implementing a second curve strategy to explore the automotive parts industry, establishing a collaborative industrial layout with a focus on integrated water modules and core technologies such as electronic water valves and pumps [1][2] First Curve Business - The company is aligning with the trends of electrification, intelligence, and connectivity in the automotive industry, optimizing product structure through increased R&D investment [2] - Revenue from automotive fluid pipelines and assemblies reached 895 million yuan, a year-on-year increase of 35%, while revenue from sealing components decreased by 5.47% to 382 million yuan [2] Second Curve Business - The company is advancing its new energy thermal management projects through internal incubation and collaboration with its Shanghai R&D center, providing solutions for new energy vehicle thermal management systems [2][3] - Investments in companies within the automotive supply chain, such as MiFu Technology and ShiFeng Intelligent Technology, are part of the strategic layout to expand business scale [2] Product Development - The company is increasing investment in fluid pipeline products, transitioning to new materials like nylon and EPDM, and developing modular temperature control system designs for clients [3] - The sealing strip product line has rapidly expanded, offering a diverse range of products to meet the requirements of major manufacturers [3] Future Outlook - The company aims to deepen its engagement in the new energy vehicle sector, enrich its product line, and develop more high-quality clients for mutual growth [3] - Internal reforms will be pursued to optimize production processes and enhance profit margins, ensuring sustainable returns for shareholders [3]

Core Viewpoint - The financial performance of Pengling Co., Ltd. in the first half of 2025 shows a significant increase in revenue but a substantial decline in net profit, indicating potential challenges in profitability despite revenue growth [1][4]. Financial Performance Summary - The main revenue for the first half of 2025 reached 1.29 billion yuan, an increase of 18.24% year-on-year [1][4]. - The net profit attributable to shareholders was 27.44 million yuan, a decrease of 57.2% year-on-year [1][4]. - The net profit excluding non-recurring items was 26.02 million yuan, down 56.95% year-on-year [1][4]. - In Q2 2025, the single-quarter main revenue was 655.6 million yuan, up 15.08% year-on-year [1][4]. - The single-quarter net profit attributable to shareholders was 4.27 million yuan, a decline of 86.95% year-on-year [1][4]. - The single-quarter net profit excluding non-recurring items was 3.24 million yuan, down 89.57% year-on-year [1][4]. Financial Ratios and Metrics - The debt ratio stood at 37.37% [1]. - Investment income was -1.98 million yuan, and financial expenses were -4.65 million yuan [1]. - The gross profit margin was 19.53%, a decrease of 5.29% year-on-year [7]. - Return on assets was 1.21%, down 57.98% year-on-year [7]. - Earnings per share were 0.04 yuan, a decrease of 57.24% year-on-year [7]. - The net asset per share was 3.03 yuan, an increase of 1.15% year-on-year [7]. - Operating cash flow per share was -0.03 yuan, a decline of 136.77% year-on-year [7]. Shareholder Information - The top shareholder is Wang Zhifang with 53.15 million shares, accounting for 10.52% [11]. - Other significant shareholders include Hebei Xinhua Eurasia Auto Parts Group Co., Ltd. with 21.08 million shares (4.17%) and Zhang Xiu with 2.5 million shares (0.50%) [11].

天津鹏翎集团股份有限公司 目 录 章 程 二〇二五年八月 1 天津鹏翎集团股份有限公司章程 第一章 总则 第一条 为维护公司、股东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》） 和其他有关规定，制定本章程。 第二条 天津鹏翎集团股份有限公司（以下简称"公司"）系依照《公司法》和其他有关 规定成立的股份有限公司。 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东的一般规定 第二节 控股股东和实际控制人 第三节 股东会的一般规定 第四节 股东会的召集 第五节 股东会的提案与通知 第六节 股东会的召开 第七节 股东会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第三节 独立董事 第四节 董事会专门委员会 第六章 总裁（总经理）及其他高级管理人员 第七章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第八章 通知与公告 第一节 通知 第二节 公告 第九章 合 ...

天津鹏翎集团股份有限公司 突发事件处理制度 天津鹏翎集团股份有限公司 突发事件处理制度 第一章 总则 第一条 为提高天津鹏翎集团股份有限公司（以下简称"公司"） 处置突发事件和保障经营安全的能力，最大限度地预防和减少突发事 件及其造成的损害，维护公司正常的经营秩序和稳定，保障广大投资 者合法利益，促进公司全面、协调、可持续发展，根据《中华人民共 和国公司法》、《中华人民共和国证券法》及《天津鹏翎集团股份有 限公司章程》、《天津鹏翎集团股份有限公司信息披露管理制度》等 有关规定，结合公司实际情况，特制订本制度。 第二条 本制度所称突发事件是指突然发生的、有别于日常经营 的，已经或可能对公司的经营、财务状况以及对公司的声誉、股价产 生严重影响的、需要采取应急处置措施予以应对的偶发性事件。 第三条 公司应对突发事件工作实行预防为主、预防与应急相结 合的原则。 第四条 本制度适用于公司、公司各职能部门以及公司全资、控 股子公司遭遇突发事件时的处理。 第二章 突发事件范围 第五条 按照社会危害程度、影响范围等因素，突发事件主要包 第 1页/共 11 页 天津鹏翎集团股份有限公司 突发事件处理制度 括但不限于： （一）治 ...

天津鹏翎集团股份有限公司 投资者关系管理制度 天津鹏翎集团股份有限公司 投资者关系管理制度 第一章 总则 第一条 为了加强和规范公司与投资者、潜在投资者之间的信息沟通， 促进投资者对公司的了解，进一步完善公司法人治理结构，实现公司价 值最大化和股东利益最大化，根据《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司投资者关系管理工作指引》（以下简称"《工 作指引》"）及其他有关法律法规的规定，结合公司的实际情况，特制定 本制度。 第二条 投资者关系管理是指公司通过便利股东权利行使、信息披露、 互动交流和诉求处理等工作，加强与投资者及潜在投资者之间的沟通， 增进投资者对上市公司的了解和认同，以提升上市公司治理水平和企业 整体价值，实现尊重投资者、回报投资者、保护投资者目的的相关活动。 天津鹏翎集团股份有限公司 投资者关系管理制度 第六条 除非得到明确授权并经过培训，公司董事、高级管理人员和 员工不能在投资者关系活动中代表公司发言。 第三条 公司应按照《工作指引》的精神和要求，积极主动地开展投 资者关系工作。公司特别是管理层应当高度重视投资者关系工作。公司 控股股东、实际控制人以及董事和高级管理人员应当高 ...

天津鹏翎集团股份有限公司 内部问责管理制度 天津鹏翎集团股份有限公司 内部问责管理制度 第一章 总 则 第一条 为进一步完善天津鹏翎集团股份有限公司 （以下简称 "公司"）治理结构，健全内部约束和责任追究机制，督促公司董事、 高级管理人员、各级管理人员及其他有关人员恪尽职责，提高公司经 营管理与决策水平，根据《中华人民共和国公司法》、《中华人民共和 国证券法》、《天津鹏翎集团股份有限公司公司章程》（以下简称《公 司章程》）的规定以及公司内部控制制度的相关规定，制定本制度。 第二条 公司董事会、高级管理人员须按《中华人民共和国公司 法》、《中华人民共和国证券法》等相关法律、法规、部门规章及《公 司章程》等有关规定完善公司内控体系的建设，规范公司运作。 第三条 内部问责制是指对公司董事会成员、审计委员会成员、 高级管理人员、中层管理人员以及分支机构负责人等在其所管辖的部 门及工作职责范围内，以及从事公司信息披露违规行为和股票内幕交 易的人员，因其故意或重大过失给公司造成严重不良影响或严重不利 后果的行为进行责任追究的制度。 第四条 内部问责的对象为公司的董事、独立董事、审计委员会 成员、高级管理人员、中层管理人员 ...