Core Viewpoint - Yingboer is a leading domestic supplier of key components for electric vehicles, with advanced motor controller technology and strong market competitiveness [1] Group 1: Business Overview - Yingboer's main business includes the research, production, and sales of key components for electric vehicles, primarily focusing on motor controllers, with additional products such as onboard chargers, DC-DC converters, and electronic throttle pedals [1] - The company is categorized under the automotive industry, specifically in automotive parts and automotive electronic and electrical systems [1] Group 2: Financial Performance - For Q3 2025, Yingboer reported revenue of 2.358 billion yuan, ranking 18th among 36 companies in the industry, with the industry leader, Joyson Electronics, generating 45.844 billion yuan [2] - The company's net profit for the same period was 149 million yuan, placing it 13th in the industry, while the average net profit was 217 million yuan [2] - Revenue for the first three quarters of 2025 increased by 47% year-on-year, with a net profit of 149 million yuan, reflecting a 191% increase [6][7] Group 3: Profitability and Debt - Yingboer's debt-to-asset ratio stood at 62.49% in Q3 2025, higher than the industry average of 44.11% [3] - The gross profit margin for the same period was 15.65%, lower than the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.79% to 24,400, while the average number of circulating A-shares held per shareholder increased by 1.82% [5] Group 5: Management Compensation - The chairman, Jiang Guibin, received a salary of 412,700 yuan in 2024, down from 646,100 yuan in 2023, while the general manager, He Wentao, earned 402,300 yuan, also a decrease from 621,300 yuan [4] Group 6: Future Outlook - Analysts project that Yingboer's revenue will grow to 3.2 billion yuan in 2025, with net profits expected to reach 180 million yuan, reflecting a compound annual growth rate of 64% over the next three years [7]

专注创造奇迹 执着成就梦想 证券代码：300681 证券简称：英搏尔 公告编号：2025-093 债券代码：123249 债券简称：英搏转债 珠海英搏尔电气股份有限公司 关于可转换公司债券转股价格调整的公告 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。 特别提示： 一、英搏转债转股价格调整的相关规定 增发新股或配股：P1=（P0+A×k）/（1+k）； 1 1、债券代码：123249；债券简称：英搏转债 2、调整前转股价格：17.43 元/股 3、调整后转股价格：17.34 元/股 4、转股价格调整生效日期：2025 年 11 月 4 日 专注创造奇迹 执着成就梦想 上述两项同时进行：P1=（P0+A×k）/（1+n+k）； 珠海英搏尔电气股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日 向不特定对象发行可转换公司债券 8,171,597 张（债券简称：英搏转债；债券代 码：123249），每张面值为人民币 100 元，发行总额为 81,715.97 万元。 根据《珠海英搏尔电气股份有限公司创业板向不特定对象发行可转换公司债 券募集说明书 ...

证券代码：300681 证券简称：英搏尔 公告编号：2025-092 债券代码：123249 债券简称：英搏转债 珠海英搏尔电气股份有限公司 专注创造奇迹 执着成就梦想 关于 2023 年限制性股票激励计划第二个归属期第一批次归 属结果暨股份上市的公告 一、本次激励计划实施情况概要 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。 重要内容提示： 1、本次限制性股票上市流通日：2025 年 11 月 4 日 2、本次限制性股票归属数量：3,153,420 股，占目前公司总股本的 1.20% 3、本次限制性股票归属人数：370 人 4、本次限制性股票归属股票来源：公司向激励对象定向发行公司 A 股普通 股股票 珠海英搏尔电气股份有限公司（以下简称"公司"）已于近日办理了公司 2023 年限制性股票激励计划（以下简称"本次激励计划"）第二个归属期第一 批次归属股份的登记工作，现将有关事项说明如下： （一）本次激励计划简介及授予情况 2023 年 8 月 22 日、2023 年 9 月 8 日，公司分别召开的第三届董事会第二十 五次会议、2023 年第二次临时股东大会 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Core Viewpoint - The company reported a simultaneous increase in both revenue and profit, attributed to a focus on major clients and an effective operational strategy [1] Group 1: Revenue and Profit Growth - The company's revenue and profit growth is primarily driven by a strategic focus on major clients, enhancing collaboration and project execution [1] - The revenue share from the top five clients has been consistently increasing, indicating stronger client relationships [1] Group 2: Market Penetration and Cost Efficiency - The market penetration rate of the company's core products has significantly improved due to increased sales of designated models from major automotive clients [1] - The rapid growth in revenue has led to a dilution of fixed costs, resulting in a decrease in unit manufacturing costs and an improvement in gross margin [1] Group 3: International Expansion and Operational Optimization - The company has accelerated its expansion into overseas markets, which has effectively increased its overall business scale and improved gross profit margins [1] - Continuous optimization of internal processes has reduced operational losses, providing strong support for profit margin enhancement [1]

Core Viewpoint - The company is actively advancing its overseas expansion strategy, focusing on multiple pathways to enhance its international presence [1] Group 1: Overseas Expansion Strategy - The company is focusing on direct customer expansion in Southeast Asia, having successfully partnered with clients in Vietnam and is continuously developing other regional customer resources [1] - The company is leveraging joint ventures to penetrate overseas markets, specifically through a partnership with Bosch Group to establish a joint venture aimed at targeting foreign clients in the special vehicle and construction machinery sectors [1] - The company has formed a strategic cooperation with Jindi Co., Ltd. to further enhance its overseas collaboration resources and expansion capabilities [1]

Core Viewpoint - The announcement by Yingboer (300681) highlights significant progress in collaborations with EHang Intelligent and other partners, focusing on the development of electric propulsion systems for new aircraft models, indicating a strong commitment to advancing technology in the aviation sector [1] Group 1: Collaboration with EHang Intelligent - As of September 2025, the joint venture company, Yunfu Yinghang, has completed the basic construction of its facility and has entered the trial production phase [1] - The EH216-S model has completed small batch deliveries of its motor and electronic control systems [1] - In October 2025, EHang Intelligent launched the new VT35 model, designed for medium to long-distance travel across cities, seas, and mountainous areas, addressing more complex travel needs [1] Group 2: Technological Development of VT35 - The electric propulsion system for the VT35 was developed by the company's research team over more than a year, utilizing the unique "integrated chip" technology from its passenger vehicle division [1] - The team has integrated multiple advanced technologies, including dual winding, dual electronic control, oil cooling, flat wire, and outer rotor, achieving high redundancy and reliability with IP67 waterproof capabilities for all-weather operation [1] - The prototype of the VT35 electric propulsion system has already been delivered [1] Group 3: Collaboration with Other Partners - The electric propulsion system for the ET9 model has been completed, and the overall development of the aircraft is progressing [1] - The company is actively cooperating with EHang Intelligent to align with the certification timeline for the ET9 model [1] - Collaboration with Gaoyu is also progressing smoothly [1]

Group 1 - On October 22, a total of 8 companies were investigated by funds, with a focus on Meihao Medical (301363) and Yingboer (300681) [1] - Meihao Medical attracted the most attention, with 21 funds participating in the investigation, while Yingboer and Jusa Long (301131) had 9 and 3 funds respectively [1] - Among the companies investigated, 1 is from the main board and 7 are from the ChiNext board [2] Group 2 - Of the companies investigated, 5 have a total market capitalization of less than 10 billion yuan, including Jusa Long, Hualan Group (301027), and Jizhi Co. (300553) [2] - In terms of market performance, 3 stocks among the investigated companies rose in the last 5 days, with Meihao Medical, Yingboer, and Jusa Long showing increases of 2.98%, 0.67%, and 0.63% respectively [2] - Yingboer reported the highest net profit growth among the companies that have released their Q3 reports, with an increase of 191.18% year-on-year [2]

Core Insights - As of October 23, 372 companies have released their Q3 2025 reports, with 234 reporting year-on-year profit growth and 138 reporting declines [1] - 257 companies reported year-on-year revenue growth, while 115 experienced declines [1] - 198 companies saw both profit and revenue growth, while 79 companies reported declines in both metrics [1] - Notably, 53 companies achieved a profit growth rate exceeding 100%, with Xin Qiang Lian leading at a staggering 1939.50% [1] Profit Growth Rankings - Xin Qiang Lian (300850) reported a net profit of 66,384.29 million with a year-on-year increase of 1939.50% and revenue of 361,792.49 million, up 84.10% [1] - Guanghua Technology (002741) achieved a net profit of 9,039.34 million, a year-on-year increase of 1233.70%, with revenue of 204,433.57 million, up 11.50% [1] - Qianfang Technology (002373) reported a net profit of 18,893.87 million, a year-on-year increase of 1098.97%, with revenue of 525,589.04 million, down 2.82% [1] - Hengdian Film and Television (603103) had a net profit of 20,600.10 million, up 1084.80%, with revenue of 189,493.92 million, up 17.28% [1] - Wanchen Group (300972) reported a net profit of 85,497.84 million, a year-on-year increase of 917.04%, with revenue of 3,656,231.05 million, up 77.37% [1] Additional Notable Performers - Zhongfu Shenying (688295) reported a net profit of 6,293.46 million, up 854.72%, with revenue of 153,692.60 million, up 37.39% [1] - Shijia Guangzi (688313) achieved a net profit of 29,971.78 million, a year-on-year increase of 727.74%, with revenue of 156,043.74 million, up 113.96% [1] - Shentong Technology (605228) reported a net profit of 11,326.61 million, up 584.07%, with revenue of 130,196.13 million, up 34.65% [1] - Yongding Co. (600105) had a net profit of 32,909.62 million, a year-on-year increase of 474.30%, with revenue of 363,039.87 million, up 22.13% [1]

Core Viewpoint - Yingboer (SZ 300681, closing price: 31.43 yuan) announced that on October 22, 2025, it will accept investor research from CITIC Construction Investment Securities and others, with the company's general manager, He Wentao, addressing investor questions [1] Group 1: Revenue Composition - For the year 2024, Yingboer's revenue composition is as follows: New energy accounts for 85.11%, site vehicles account for 7.67%, mid-low speed accounts for 4.84%, and other businesses account for 2.38% [1]