Core Viewpoint - The company announced a strategic cooperation agreement with Jiangling Group New Energy Co., Ltd. for solid-state battery development, indicating a steady progress in the project and ongoing technical integration [1] Group 1 - On September 4, the company released an announcement regarding its collaboration with Jiangling Group [1] - The solid-state battery cooperation project is advancing steadily [1] - Technical integration between the company and Jiangling Group is ongoing [1]

Core Viewpoint - Del Shares (300473) announced on September 4 that its subsidiary, Kakuisi, has established a global production layout that allows for localized production and sales, enabling quick responses to the needs of automotive manufacturers in different countries, thereby reducing the impact of international trade fluctuations on the supply chain [1] Group 1 - Kakuisi has formed strategic partnerships with numerous well-known domestic and international clients, including Mercedes-Benz, BMW, Audi, Volkswagen, Ford, General Motors, Stellantis, Porsche, Renault, Nissan, SAIC, Jiangling, Great Wall, and Geely [1] - The company has set up research and development centers in various locations worldwide, allowing for rapid response to customer demands [1] - The R&D center in Shanghai is equipped with internationally advanced equipment, providing customized one-stop new product development services, which enhances its market competitiveness [1]

Core Insights - The company is advancing its solid-state battery pilot line project and plans to initiate mass production based on customer and product development progress as well as market demand [2] - A strategic cooperation agreement was signed with Jiangling Group in August 2024 for solid-state battery collaboration, with ongoing technical integration [2] - The solid-state batteries have passed various safety tests and certifications, demonstrating high safety and excellent high-temperature performance [2] - Financial results for the first half of the year show a revenue of 2.441 billion yuan, a year-on-year increase of 6.72%, and a net profit attributable to shareholders of 50.8706 million yuan, a significant year-on-year increase of 178.09% [2]

Core Viewpoint - Del Corporation has shown stable growth in performance amid fierce competition in the automotive parts industry, driven by innovation and a focus on electric vehicle components [1][2]. Group 1: Company Overview - Del Corporation initially specialized in automotive steering pumps and has gradually gained significant market recognition and share in this field [1]. - The company has expanded its product line to include transmission oil pumps, electronic pumps, electro-hydraulic steering pumps, motors, and hydraulic retarders, enhancing revenue and economic efficiency [1]. - In 2017, Del Corporation acquired German company Kakuisi, adding noise reduction, thermal insulation, and lightweight products to its portfolio, marking the beginning of its global expansion [1]. Group 2: Financial Performance - In the first half of 2025, Del Corporation achieved revenue of 2.441 billion yuan, a year-on-year increase of 6.72%, and a net profit attributable to shareholders of 50.87 million yuan, up 178.09% year-on-year [1][2]. - The growth in revenue was significantly driven by a 74.1% increase in income from supporting new energy vehicle products, which improved the overall revenue structure [2]. Group 3: Global Operations - Del Corporation has established overseas production bases in the United States, Mexico, Germany, Spain, Belgium, Poland, and Slovakia, while domestic bases are located in cities such as Fuxin, Tianjin, Shenyang, Changchun, and Shenzhen [2]. - The company has a global R&D presence in Germany, the United States, Austria, Japan, Shanghai, and Fuxin, allowing for localized production and sales to quickly respond to customer needs [2]. Group 4: Strategic Partnerships and Innovations - Kakuisi, a subsidiary of Del Corporation, has formed strategic partnerships with numerous well-known automotive manufacturers, including Mercedes-Benz, BMW, Audi, Volkswagen, Ford, General Motors, Stellantis, Porsche, Renault, Nissan, SAIC, Jiangling, Great Wall, and Geely [2]. - Del Corporation is focusing on solid-state battery products, which avoid the use of flammable materials, enhancing battery safety [3]. - The company has signed a strategic cooperation agreement with Jiangling Group New Energy Vehicle Co., Ltd. for solid-state battery projects, which are progressing steadily [3].

Group 1 - The core viewpoint of the news is that Del Shares has seen a significant increase in stock price and trading volume, indicating positive market sentiment towards the company [1] - As of September 4, Del Shares' stock price rose by 5.12% to 34.10 yuan per share, with a trading volume of 3.23 billion yuan and a turnover rate of 6.39%, resulting in a total market capitalization of 5.148 billion yuan [1] - Del Shares specializes in the research, production, and sales of automotive components, including steering pumps, gear pumps, automatic transmission oil pumps, electric power steering systems (EPS) motors, hydraulic pumps, and keyless entry and start systems [1] Group 2 - From the perspective of major shareholders, a fund under AVIC Fund ranks among the top ten circulating shareholders of Del Shares, having newly entered the list in the second quarter with 1.0319 million shares, accounting for 0.69% of circulating shares [2] - The AVIC New Start Flexible Allocation Mixed A Fund (005537) has achieved a year-to-date return of 67.5%, ranking 280 out of 8180 in its category, and a one-year return of 86.1%, ranking 565 out of 7978 [2] - The fund manager, Han Hao, has been in position for 7 years and 267 days, with the fund's total asset size at 1.788 billion yuan and a best return of 205.46% during his tenure [3] Group 3 - The AVIC New Start Flexible Allocation Mixed A Fund (005537) increased its holdings in Del Shares by 676,900 shares in the second quarter, bringing its total to 1.0319 million shares, which constitutes 7.32% of the fund's net value, making it the sixth-largest holding [4] - The fund has generated an estimated floating profit of approximately 1.713 million yuan from its investment in Del Shares [4]

Core Viewpoint - Del Corporation hosted a specific investor survey on September 3, 2025, where it discussed its operational performance, growth drivers, and competitive advantages in the automotive parts industry [1] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2,441.10 million yuan, representing a year-on-year growth of 6.72% [1] - The net profit attributable to shareholders reached 50.87 million yuan, showing a significant year-on-year increase of 178.09% [1] Group 2: Growth Drivers - The revenue growth was primarily driven by a 74.1% increase in revenue from new energy vehicle products, which improved the overall revenue structure [1] - Continuous cost reduction and efficiency enhancement measures led to a decrease in expense ratios, thereby improving profitability [1] Group 3: Competitive Advantages - The company has a global production layout that allows for localized production and sales, enabling quick responses to the needs of various automotive manufacturers [1] - Established partnerships with renowned clients such as Mercedes-Benz and BMW enhance its strategic position in the market [1] - The company has multiple R&D centers worldwide, including a state-of-the-art facility in Shanghai, which supports customized product development [1] Group 4: Solid-State Battery Technology - The company focuses on oxide electrolyte technology for solid-state batteries, which has high safety standards and has passed various third-party tests [1] - The solid-state batteries exhibit excellent high-temperature performance and are designed to operate continuously under elevated temperatures [1] - The manufacturing process avoids flammable materials, ensuring safety from the material level, and the oxide electrolyte provides high chemical and mechanical stability [1] Group 5: Future Plans - The company is advancing its solid-state battery pilot line project and plans to initiate mass production based on customer and market demand after successful pilot testing [1]

Group 1 - The company is currently advancing its solid-state battery pilot line project [1] - After the pilot line is operational, the company plans to initiate mass production based on customer and product development progress as well as market demand [1] - The company aims to serve various customers and industry needs through this mass production [1]

Financial Performance - In the first half of 2025, the company achieved a revenue of 2,441.10 million CNY, representing a growth of 6.72% year-on-year [1] - The net profit attributable to shareholders reached 50.87 million CNY, showing a significant increase of 178.09% compared to the previous year [1] Growth Drivers - Revenue from new energy vehicle products increased by 74.1% year-on-year, contributing to overall revenue growth and improved revenue structure [1] - Continuous cost reduction and efficiency enhancement measures led to a decrease in expense ratios, thereby improving profitability [1] Production and R&D Layout - The company has overseas production bases in the USA, Mexico, Germany, Spain, Belgium, Poland, and Slovakia, while domestic production bases are located in Fuxin, Tianjin, Shenyang, Changchun, and Shenzhen [2] - R&D centers are established in Germany, the USA, Austria, Japan, Shanghai, and Fuxin [2] Competitive Advantages - The global production layout allows for localized production and sales, enabling quick responses to customer demands and reducing supply chain disruptions [3] - Established partnerships with major automotive manufacturers such as Mercedes-Benz, BMW, Audi, and Ford enhance the company's market position [3] - Advanced R&D capabilities, including a state-of-the-art center in Shanghai, facilitate customized product development [3] Solid-State Battery Advantages - The solid-state batteries utilize oxide electrolyte technology, offering high safety standards validated by third-party testing [4] - Exceptional high-temperature performance allows the batteries to operate continuously under elevated temperatures [4] - The manufacturing process employs mature coating technology, simplifying production and enabling scalability [4] Safety Features of Solid-State Batteries - The production process avoids the use of flammable materials, enhancing safety from the material level [5] - The inherent chemical and mechanical stability of oxide electrolytes contributes to the overall safety of the batteries [5] Collaboration and Future Plans - A strategic cooperation agreement was signed with Jiangling Group New Energy in August 2024, focusing on solid-state battery projects [6] - The company is advancing the pilot line project for solid-state batteries, with plans for mass production based on customer and market demands [7]

Core Viewpoint - 德尔股份 has shown significant growth in its performance, particularly in the electric vehicle sector, driven by innovative product development and a global expansion strategy [1][2]. Group 1: Company Overview - 德尔股份 initially focused on automotive steering pumps and has gained high market recognition and share in this field [1]. - The company has diversified its product line to include transmission oil pumps, electronic pumps, electro-hydraulic steering pumps, motors, and hydraulic retarders, enhancing revenue and economic efficiency [1]. - In 2017, 德尔股份 acquired German company Kakuisi, adding noise, vibration, and harshness (NVH), thermal insulation, and lightweight products to its portfolio, marking the beginning of its global expansion [1]. Group 2: Financial Performance - In the first half of 2025, 德尔股份 achieved operating revenue of 2.441 billion yuan, a year-on-year increase of 6.72% [1]. - The net profit attributable to shareholders reached 50.87 million yuan, reflecting a substantial year-on-year growth of 178.09% [1]. Group 3: Market Strategy - The company's revenue growth in the first half of the year was primarily driven by a 74.1% increase in revenue from supporting electric vehicle products, which improved the overall revenue structure [2]. - 德尔股份 has established partnerships with numerous well-known automotive manufacturers, including Mercedes-Benz, BMW, Porsche, Audi, Volkswagen, Ford, General Motors, and others, positioning itself as a strategic partner for global automakers [2]. Group 4: Globalization and Supply Chain - The company has developed a localized supply chain system in the European and American markets, enabling "local R&D, local production, and local supply" [3]. - This global production layout helps mitigate tariff impacts and reduces reliance on a single market, thereby diversifying risks [3]. - 德尔股份 is also monitoring the trend of domestic automakers establishing production bases abroad, leveraging its established capacity in the European and American markets to meet related product demands [3]. Group 5: Solid-State Battery Development - The company is focusing on solid-state battery technology, primarily using oxide electrolyte technology, which has demonstrated high safety and performance in various tests [3]. - 德尔股份' solid-state batteries are designed to operate effectively at high temperatures and are produced using mature coating processes, facilitating mass production [3]. - Potential downstream customers for the solid-state batteries include new energy vehicle manufacturers, with applications also being explored in humanoid robots, two-wheeled electric vehicles, energy storage, and consumer products [3].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 244,110.15 million yuan, representing a growth of 6.72% year-on-year [1] - The net profit attributable to shareholders reached 5,087.06 million yuan, showing a significant increase of 178.09% compared to the previous year [1] - The revenue from new energy vehicle products increased by 74.1% year-on-year, contributing to overall revenue growth and improved revenue structure [1] Group 2: Strategic Acquisitions - The acquisition of Cactus in 2017 was aimed at ensuring sustainable business growth by expanding the product line with noise reduction, thermal insulation, and lightweight products [3] - Cactus's clientele primarily consists of leading OEMs in Europe and the United States, which helps the company expand from a domestic market to a global one, enhancing competitiveness and risk resilience [3] Group 3: Global Operations - The company has established international production and R&D bases in countries such as the USA, Mexico, Germany, Spain, Belgium, Poland, and Slovakia [4] - The global production layout allows the company to embed its supply chain deeply into the European and American markets, forming a closed-loop supply chain system [4] - Localized production and sales reduce dependency on a single market and mitigate risks while shortening product supply cycles [4] Group 4: Client Relationships - The company is a first-tier supplier to major automotive manufacturers including Mercedes-Benz, BMW, Porsche, Audi, Volkswagen, Ford, General Motors, and others [5] - It has established strategic partnerships with numerous domestic and international automakers, with most products supplied directly to these manufacturers [5] Group 5: Battery Technology - The company has proactively engaged in solid-state battery projects since 2017, recognizing the significant market value of this technology [7] - Solid-state batteries are positioned as a horizontal expansion of the company's automotive parts product categories, aligning with the trend of electrification in the automotive industry [7] - The solid-state batteries utilize oxide electrolyte technology, offering high safety standards and excellent thermal performance [7]