一、董事会会议召开情况 阜新德尔汽车部件股份有限公司（以下简称"公司"）于 2025 年 6 月 23 日 在公司会议室以现场及通讯表决的方式召开了第五届董事会第十一次会议，公司 于 2025 年 6 月 20 日以邮件的方式通知了全体董事。本次董事会会议应到董事 7 名，实到董事 7 名，会议由董事长李毅召集和主持。本次会议的召集及召开程序 符合《中华人民共和国公司法》及《公司章程》的规定。 与会董事以书面表决方式审议通过如下议案： 证券代码：300473 证券简称：德尔股份 公告编号：2025-053 阜新德尔汽车部件股份有限公司 第五届董事会第十一次会议决议公告 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。 议案一：审议通过《关于公司向银行申请综合授信额度的议案》 为满足公司生产经营和业务发展需要，拓宽融资渠道，降低融资成本，董事 会同意公司向德国商业银行股份有限公司上海分行(以下简称"德商行")申请总 额不超过人民币 30,000 万元的综合授信额度,在以上额度范围内可循环使用，用 途包括但不限于流动资金贷款、贸易融资等业务。本次申请的综合授信额度无 ...

Group 1 - Chengjian Development received a dividend of 7.1282 million yuan from Beijing Jingcheng Jiaye Property Co., Ltd., in which it holds a 33.47% stake [1] - Shengnuo Bio expects a net profit attributable to shareholders of 77.0275 million to 94.1448 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - JKN2301 dry mixed suspension has been approved for clinical trials, targeting children with influenza [5][6] Group 2 - Jindawei obtained a patent for a method of purifying natto kinase, with a validity of twenty years [2] - CITIC Guoan plans to increase its stake in China Broadcasting Hunan Company to approximately 5.29% through a capital increase of 278 million yuan [2] - Ji Electric announced the resignation of its general manager, Niu Guojun, due to work changes [3] Group 3 - Xintian Green Energy successfully issued 1.5 billion yuan in green medium-term notes with a term of 3+N years and an interest rate of 2.05% [7] - Hengrun Co. plans to invest 1.2 billion yuan in a project to produce 2,000 sets of wind turbine gearbox components [9] - Pulaide received a government subsidy of 10 million yuan, accounting for 15.87% of its audited net profit for the last fiscal year [10] Group 4 - Boteng Co. passed the EU QP audit, receiving a compliance statement for its CDMO services [12] - Zhou Dasheng added 7 self-operated stores in May, with total investments ranging from 900,000 to 6.5 million yuan [13] - Wantai Bio initiated a Phase III clinical trial for its live attenuated varicella vaccine [15] Group 5 - Shanghai Pharmaceuticals received a drug registration certificate for Pregabalin capsules in Thailand [19] - Sanxing Medical's subsidiary is expected to win contracts worth approximately 143 million yuan from State Grid projects [21] - Jiangsu Huachen plans to issue 460 million yuan in convertible bonds [24] Group 6 - Jian Gong Repair won a soil pollution remediation project worth 32.76 million yuan [25] - Dize Pharmaceutical completed patient enrollment for a global Phase III clinical trial of its drug [26] - Del Co. received acceptance for its application to issue shares for asset acquisition and raise matching funds [27] Group 7 - Beijing Kerui won multiple power grid projects with a total value of approximately 154 million yuan [27] - Xie Chuang Data signed financing lease contracts totaling 498 million yuan with Su Yin Financial Leasing [28] - Meige Intelligent submitted an application for H-share listing on the Hong Kong Stock Exchange [29][31] Group 8 - Aikodi plans to repurchase shares worth 100 million to 200 million yuan for employee stock ownership plans [54] - Kong Kong Industrial intends to sell 80% of Tianyuan Construction to its controlling shareholder [55] - Youyou Green Energy proposed a cash dividend of 12 yuan per 10 shares, totaling 50.4 million yuan [55]

证券代码：300473 证券简称：德尔股份 公告编号：2025-052 阜新德尔汽车部件股份有限公司 关于发行股份购买资产并募集配套资金申请文件 公司于 2025 年 6 月 18 日收到深圳证券交易所（以下简称"深交所"）出具 的《关于受理阜新德尔汽车部件股份有限公司发行股份购买资产并募集配套资金 申请文件的通知》（深证上审〔2025〕85 号）。深交所根据相关规定对公司报送 的发行股份购买资产并募集配套资金申请文件进行了核对，认为申请文件齐备， 决定予以受理。 本次交易尚需通过深交所审核并取得中国证监会同意注册的批复，最终能否 通过审核、取得注册，以及最终通过审核、取得注册的时间仍存在不确定性。公 司将根据该事项的进展情况，严格按照有关法律、法规的规定和要求及时履行信 息披露义务，敬请广大投资者注意投资风险。 特此公告。 阜新德尔汽车部件股份有限公司 董 事 会 2025年6月20日 获得深圳证券交易所受理的公告 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。 阜新德尔汽车部件股份有限公司（以下简称"公司"）拟向上海德迩实业集 团有限公司等交易对方以发行股 ...

德尔股份（300473）公告，公司拟向上海德迩实业集团有限公司等交易对方以发行股份等方式购买其持 有的爱卓智能科技(上海)有限公司100%股权，并拟向不超过35名特定投资者发行股份募集配套资金。公 司于2025年6月18日收到深圳证券交易所出具的《关于受理阜新德尔汽车部件股份有限公司发行股份购 买资产并募集配套资金申请文件的通知》。深交所根据相关规定对公司报送的申请文件进行了核对，认 为申请文件齐备，决定予以受理。本次交易尚需通过深交所审核并取得中国证监会同意注册的批复，最 终能否通过审核、取得注册，以及最终通过审核、取得注册的时间仍存在不确定性。 ...

Core Viewpoint - The company is focusing on the development and commercialization of solid-state batteries, which have garnered significant interest from institutional investors due to their enhanced safety and high-temperature performance compared to traditional liquid batteries [1][2]. Group 1: Company Overview - The company, Del Corporation, is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1]. - In 2018, the company established a subsidiary in Japan to focus on solid-state battery development, which received national invention patent authorization in 2024 [1]. Group 2: Investment and Projects - The company signed an investment cooperation agreement with the local government in Wuxing District, Huzhou, Zhejiang Province, to invest approximately 300 million yuan in new lithium battery pilot and industrialization projects, as well as smart motor industrialization projects [1]. - The company is currently selecting a base for its solid-state battery pilot and industrialization project and plans to accelerate the selection of pilot line equipment and construction [2]. Group 3: Technology and Performance - The company's solid-state batteries exhibit significantly improved safety and high-temperature performance compared to liquid batteries, having passed third-party testing for puncture, heating, and overcharging [2]. - The solid-state battery's high-temperature performance allows it to operate continuously under elevated temperatures without additional cooling systems, reducing customer usage costs and enhancing adaptability across various applications [2]. - The solid-state battery's safety is attributed to the absence of flammable materials during the manufacturing process, ensuring intrinsic safety [2]. Group 4: Application Potential - The solid-state batteries are suitable for humanoid robots due to their superior high-temperature performance, which simplifies thermal management system requirements, allowing for more battery cells to be stored in limited space [3]. - The company is exploring potential applications for its solid-state batteries in various sectors, including new energy vehicles, humanoid robots, two-wheeled electric vehicles, and energy storage [2].

Group 1: Solid-State Battery Development - The company has selected a base for the solid-state battery pilot and industrialization project, aiming to accelerate the selection of pilot line equipment and construction [1] - The solid-state battery's safety and high-temperature performance significantly surpass that of liquid batteries, having passed third-party testing for puncture, heating, and overcharging [1] - The solid-state battery operates continuously under high temperatures without cooling devices, relying solely on natural heat dissipation, which reduces customer usage costs [1] Group 2: Safety and Performance Factors - The solid-state battery's safety and high-temperature performance are attributed to the absence of flammable materials during its preparation, ensuring intrinsic safety [2] - The electrolyte primarily consists of oxides, which are ceramic materials known for excellent chemical and thermal stability, enhancing battery safety and high-temperature performance [2] Group 3: Market Applications and Clients - Potential downstream clients for the solid-state battery include new energy vehicle manufacturers, humanoid robots, two-wheeled electric vehicles, and energy storage applications [3] - The solid-state battery's high-temperature performance simplifies thermal management systems in humanoid robots, allowing for more battery cells to be stored in limited space, thus enhancing endurance [4] Group 4: Technology and Market Strategy - The company has researched various technical routes, including polymer, oxide, and sulfide, but currently favors the oxide-based composite organic material electrolyte for easier mass production and market acceptance [5] - The company’s revenue structure is primarily from overseas clients, who have a good repayment cycle, contributing to strong cash flow [6] Group 5: Regulatory Impact and Product Promotion - New domestic safety regulations for power batteries are expected to boost market sales of safety-related products, including the company's flame-retardant materials, which have been supplied to major European manufacturers [6] - The market penetration of the company's hydraulic retarder products in the domestic commercial vehicle sector remains low, indicating significant growth potential [6] - The company anticipates continued improvement in operational performance in 2024 and Q1 2025, driven by enhanced management efficiency and rapid revenue growth in the new energy vehicle sector [6]

Core Insights - The report highlights strong performance in the communication industry, driven by overseas demand and advancements in AI computing power, with companies like Broadcom, Ciena, and Credo showing significant revenue growth [6][7] - The report also discusses the stable procurement results for ordinary optical cables by China Mobile, indicating a rational competitive landscape in the domestic optical fiber and cable industry [6][7] Industry Commentary - The communication sector is experiencing robust growth, with Broadcom reporting a 20% year-on-year revenue increase to $15 billion, and a net profit surge of 134% to $5 billion, largely driven by AI semiconductor sales [6] - Ciena's latest quarterly revenue reached $1.1 billion, up 24% year-on-year, with its network platform business growing by 38%, reflecting strong demand for advanced optical modules [6] - Credo's revenue for the recent quarter was $170 million, a 26% quarter-on-quarter increase and a 180% year-on-year increase, indicating a diversified customer base and strong growth potential [6] Company Commentary: Del Shares (300473.SZ) - Del Shares announced plans to invest in a new lithium battery production line in Huzhou, aiming to enhance its capabilities in the solid-state battery sector, with production expected to commence by the end of 2025 [9][11] - The company reported a revenue of 4.51 billion yuan in 2024, a 5% increase year-on-year, and a first-quarter revenue of 1.22 billion yuan in 2025, reflecting a 15.1% year-on-year growth [11][13] - Del Shares has established long-term partnerships with major global automotive manufacturers, positioning itself as a comprehensive automotive parts supplier [11][13]

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The establishment of a solid-state battery production line marks a significant step for the company, which is expected to enhance its growth in the automotive parts sector. The company plans to invest approximately 300 million yuan in new lithium battery and smart motor projects [3][4]. - The company has a diversified product portfolio and a stable customer base, including major global automotive manufacturers. It achieved a revenue of 4.51 billion yuan in 2024, reflecting a year-on-year growth of 5.0% [4]. - The company aims to accelerate the industrialization of solid-state batteries for applications in electric vehicles, drones, robots, and power tools, positioning itself to capture market opportunities [3][4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a global customer base, including Daimler, BMW, Audi, and others. Its main products include noise reduction, thermal insulation, lightweight products, and various pump products [4]. Financial Performance - In Q1 2025, the company reported a revenue of 1.22 billion yuan, a year-on-year increase of 15.1%, and a net profit of 20 million yuan, up 276% year-on-year. The gross margin improved to 19.7%, an increase of 3.9 percentage points [4]. - The projected net profits for 2025-2027 are 130 million yuan, 190 million yuan, and 300 million yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on the solid-state battery business, which presents significant expansion potential. The report anticipates steady recovery in the automotive parts sector profitability [5].

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company is making significant strides in the solid-state battery sector, with plans to establish production capabilities by the end of 2025. This move is part of a broader strategy to enhance its presence in the new energy and intelligent manufacturing fields, which is expected to drive future growth [3][5]. - The company has established long-term partnerships with major global automotive manufacturers, including Daimler, BMW, and Ford, positioning itself as a comprehensive automotive parts supplier [4]. - The company's revenue for 2024 is projected to be 45.1 billion yuan, reflecting a year-on-year growth of 5.0%. In the first quarter of 2025, revenue reached 12.2 billion yuan, marking a 15.1% increase compared to the previous year [4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a diverse product range, including noise reduction, thermal insulation, lightweight products, and various pump products. It has a global production, sales, and R&D network covering Europe, North America, and Asia [4]. Financial Performance - The company achieved a revenue of 4,299 million yuan in 2023, with a projected increase to 5,053 million yuan in 2025, representing a year-on-year growth of 12.0% [10]. - The net profit is expected to rise significantly from 32 million yuan in 2024 to 127 million yuan in 2025, reflecting a growth rate of 291.7% [10]. - The gross margin is projected to improve from 19.3% in 2024 to 20.4% in 2025 [10]. Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 1.3 billion yuan, 1.9 billion yuan, and 3.0 billion yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. - The company aims to accelerate the industrialization of its solid-state battery technology, targeting applications in electric vehicles, drones, robots, and power tools [3].

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤固态电池 源电新能源作为技术主导方，此次合作有望实现从研发到规模化生产的跨越。产业园建成后，将填补国内 全固态电池量产空白，助推新能源汽车、储能等领域的技术升级。 3亿固态电池项目落地吴兴 德尔股份发布公告，与浙江省湖州市吴兴区织里镇人民政府签订《投资合作协议》， 计划投资约3亿元， 投资建设新型锂电池中试及产业化项目、智能电机产业化项目。 按照计划，项目一期开展新型锂电池的中试研发，择机启动二期年产1GWh新型锂电池产线建设。建设智 能电机或其他汽车零部件产线。 除主营的汽车零部件业务外， 德尔股份同样还是固态电池领域的一匹黑马。 从已公布的信息来看，德尔股份早于2018年5月便在日本设立全资子公司研发固态电池项目，研发的固态 电池技术采用氧化物复合电解质和涂覆工艺，具有较好的离子传导率和高温特性，且无需高温烧结或高压 压制。 这段时间，多家电池企业纷纷推出其全固态电池新品， 上周，有两个固态电池项目相继签约落地浙江。 5GWh全固态电池产业项目落地钱塘 项目 计划总投资约25亿元，由浙江路贸通控股集团 ...