证券代码：300863 证券简称：卡倍亿 公告编号：2026-009 宁波卡倍亿电气技术股份有限公司 关于会计估计变更的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或者重大遗漏。 特别提示：本次会计估计变更对公司合并报表金额不产生影响，无需对已披露 的财务报告进行追溯调整。变更后能够更加客观、公允地反映母公司及各子公司的 财务状况和经营成果，符合相关法律法规的规定和公司的实际情况，不会对公司的 财务状况、经营成果和现金流量产生重大影响，不存在损害公司及全体股东利益的 情形。 一、会计估计变更情况概述 1、变更内容 变更前采用的会计估计：将合并报表范围内母公司及各子公司之间形成的应收 款项按账龄组合计提坏账准备。 变更后采用的会计估计：合并报表范围内母公司及各子公司之间形成的应收款 项，单独进行减值测试，除非有确凿证据表明发生减值，否则不计提坏账准备。 为更客观反映公司及各子公司的财务状况和经营成果，简化合并范围内母子公 司之间往来的会计核算，公司拟对合并报表范围内母子公司之间的应收款项不再计 提坏账准备。 4、审议程序 公司于2026年3月30日召开第四届董事会第 ...

证券代码：300863 证券简称：卡倍亿 公告编号：2026-008 宁波卡倍亿电气技术股份有限公司 第四届董事会第七次会议决议公告 1、第四届董事会第七次会议决议； 2、第四届董事会审计委员会第五次会议决议； 一、董事会会议召开情况 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）于 2026 年 3 月 25 日以 电子邮件等方式向全体董事、高级管理人员发出召开公司第四届董事会第七次会议的 通知。本次会议于 2026 年 3 月 30 日上午十点在公司会议室以现场与通讯相结合的方 式召开。会议应出席董事 7 名，实际参加表决的董事 7 名，公司全体高级管理人员列 席会议，会议由董事长林光耀先生主持。本次会议的召开符合国家有关法律、法规和 《公司章程》的规定。 二、董事会会议审议情况 （一）审议通过《关于会计估计变更的议案》 董事会认为，本次对合并报表范围内母公司及各子公司之间往来款项计提坏账准备 的会计估计进行变更，对公司合并报表金额无影响，执行变更后的会计估计能更加客 观公正地反映母公司及各子公司的财务状况和经营成果。本次会计估计变更符合公司 实际经营情况和相关法律法规的有关规定，不会对公司的财务状况 ...

证券代码：300863 证券简称：卡倍亿 公告编号：2026-007 宁波卡倍亿电气技术股份有限公司 关于为全资子公司银行授信提供担保的进展公告 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。 三、被担保人基本情况 1、公司名称：本溪卡倍亿电气技术有限公司 2、公司类型：有限责任公司（港澳台投资、非独资） 3、成立时间：2013 年 12 月 10 日 一、担保情况概述 宁波卡倍亿电气技术股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 18 日召开第三届董事会第三十四次会议，审议通过《关于公司及子 公司 2025 年度银行综合授信暨担保额度预计的议案》，并于 2025 年 5 月 12 日召 开 2024 年度股东会审议通过上述议案，同意 2025 年公司及子公司拟向银行申请 综合授信额度合计不超过人民币 51 亿元,同意公司在 2025 年度拟为全资子公司上 海卡倍亿新能源科技有限公司、本溪卡倍亿电气技术有限公司（以下简称"本溪 卡倍亿"）、成都卡倍亿汽车电子技术有限公司、惠州卡倍亿电气技术有限公司、 湖北卡倍亿电气技术有限公司、上海卡 ...

证券代码：300863 证券简称：卡倍亿 公告编号：2026-006 宁波卡倍亿电气技术股份有限公司 关于境外设立孙公司的公告 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。 一、对外投资概述 1、对外投资的基本情况。 为满足公司海外业务发展的需要，进一步拓展东南亚市场，快速响应当地客 户的需求并实现产品快速交付，宁波卡倍亿电气技术股份有限公司（以下简称"公 司"）拟通过下属全资子公司香港卡倍亿实业有限公司出资设立全资孙公司越南 卡倍亿电气技术有限公司（暂定名，以工商登记为准），最终投资建设越南生产 基地。本项目预计累计总投资额不超过 3,600 万美金（约 2.5 亿人民币）。 2、董事会审议情况 公司于 2026 年 3 月 16 日召开第四届董事会第六次会议，审议通过了《关于 境外设立孙公司的议案》。上述议案不需要提交公司股东会审议。 3、其他情况说明 本次对外投资不涉及关联交易，不构成《上市公司重大资产重组管理办法》 规定的重大资产重组。 二、投资标的基本情况 1、公司名称：越南卡倍亿电气技术有限公司 2、英文名称：KBY Vietnam Electr ...

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。 证券代码：300863 证券简称：卡倍亿 公告编号：2026-005 宁波卡倍亿电气技术股份有限公司 第四届董事会第六次会议决议公告 一、董事会会议召开情况 宁波卡倍亿电气技术股份有限公司（以下简称"公司"）于 2026 年 3 月 10 日以电 子邮件等方式向全体董事、高级管理人员发出召开公司第四届董事会第六次会议的通知。 本次会议于 2026 年 3 月 16 日上午在公司会议室以现场与通讯相结合的方式召开。会议 应出席董事 7 名，实际参加表决的董事 7 名，公司全体高级管理人员列席会议，会议由 董事长林光耀先生主持。本次会议的召开符合国家有关法律、法规和《公司章程》的规 定。 二、董事会会议审议情况 （一）审议通过《关于境外设立孙公司的议案》 同意公司以自有或自筹资金累计总投资额不超过 3,600 万美元，通过全资子公司香 港卡倍亿实业有限公司出资设立全资孙公司越南卡倍亿电气技术有限公司（暂定名，以 工商登记为准），最终通过该孙公司在越南投资建设生产基地。 董事会同时授权公司管理层具体办理上述公司组建的各 ...

Summary of Key Points from the Conference Call on Humanoid Robotics Sector Industry Overview - The humanoid robotics sector has experienced a significant pullback of 20%-25% after a prior increase of 2-4 times, indicating a potential left-side entry point for investments as current valuations have absorbed pessimistic expectations [1][2] - The upcoming Tesla V3 launch in April 2026 is anticipated to be a core catalyst, showcasing advancements in dexterous hands and AI, which could revise market expectations from 1 million units to a potential 2-5 million units in the long term [1][2] Core Insights and Arguments - The investment paradigm for 2026 is expected to shift towards differentiation, prioritizing companies with confirmed supply chains for V3 and those with customer barriers and deep applications in downstream scenarios, such as Hangzhou Forklift Group and Yongchuang Intelligent [1] - Ampelron is identified as a leader in force sensors, with the V3 version's unit value projected to rise to 12,000 yuan, corresponding to a market size of 12 billion yuan for 1 million robots; the company's target market cap is estimated between 16 billion to 30 billion yuan [1][7] - Zhaowei Electromechanical is highlighted for its core role in the Tesla and Figure supply chains, with expected profits of 400-500 million yuan in 2026, driven by over 30% growth in automotive and AI home business [1][9] Market Dynamics and Sentiment - The humanoid robotics sector has faced a significant correction due to three main factors: crowded trading, pessimistic market sentiment regarding the industry's bottlenecks, and a shift in investment focus towards faster-return themes like North American power shortages and commercial aerospace [2][3] - Historical data suggests that the sector typically experiences pullbacks of 20%-25%, which has been reached, indicating limited further downside potential [2] - The market sentiment is expected to shift from extreme pessimism to neutrality or even optimism if short-term catalysts emerge, particularly around Tesla's V3 release [3][4] Potential Catalysts - Key short-term catalysts include the release of Tesla's V3 video and the actual production figures for 2026, with three potential market reactions based on the V3 release outcomes: 1. Exceeding expectations could lead to a rapid shift in sentiment and an upward revision of long-term unit expectations [3] 2. Meeting expectations would likely stabilize the market and reinforce confidence in Tesla's production capabilities [3] 3. Falling short of expectations could maintain downward pressure on the sector, although the long-term outlook remains positive [4] Investment Focus for 2026 - The investment focus for 2026 is expected to diverge from the previous two years, with a greater emphasis on companies that are confirmed suppliers for V3 and those with high barriers to entry in sensor technology [4][5] - Companies with strong customer orders and performance capabilities, particularly those already engaged with Tesla, are prioritized [5][6] - The importance of data and application scenarios is emphasized, with companies like Hangzhou Forklift Group and Yongchuang Intelligent being highlighted for their understanding of downstream applications [5][6] Company-Specific Insights - Ampelron's sensor business is projected to grow significantly, with a conservative estimate of 11 billion yuan in option value for its humanoid robotics segment, alongside a solid valuation for its core sensor business [7][8] - Zhaowei Electromechanical is noted for its strong positioning in the Tesla supply chain, with a projected profit of 400-500 million yuan in 2026, driven by its innovative automotive components [9][10] Conclusion - The humanoid robotics sector is viewed as a promising investment opportunity, particularly for companies like Zhaowei Electromechanical and Ampelron, which possess strong fundamentals and growth potential in the context of the upcoming technological advancements and market recovery [10]

Investment Rating - The report assigns a "Buy" rating to the company, with a target price not specified [4][7]. Core Insights - The company has over 30 years of experience in the automotive cable industry, evolving from a regional workshop to a global high-end supplier, establishing a comprehensive product matrix that includes traditional cables, high-voltage cables for new energy vehicles, and data transmission cables [1][11]. - The electrification and intelligence trends in the automotive industry are driving demand for high-voltage and high-speed data cables, with the Chinese new energy vehicle cable market expected to reach 5 billion yuan by 2025 [2][50]. - The company is diversifying its business by leveraging its core technology in automotive cables to enter emerging fields such as high-speed copper cables, humanoid robot cables, and commercial aerospace cables, aiming to transform from a single automotive cable supplier to a comprehensive high-end manufacturing service provider [3][16]. Summary by Sections Company Overview - Founded in 1986, the company has transitioned through several phases, from mold manufacturing to becoming the first A-share listed automotive cable company in China, and has expanded its operations globally [11][12]. - The company has established a stable customer base, including major global automotive manufacturers such as BMW, Mercedes-Benz, and Tesla, and has built a high-barrier global customer system [1][20]. Automotive Cable Industry - The automotive cable industry is experiencing growth driven by the electrification and intelligence of vehicles, with a shift towards high-conductivity, lightweight, and integrated solutions to meet the demands of new energy vehicles and smart driving technologies [50][51]. - The global automotive cable market is expected to grow at a CAGR of 3.3% from 2025 to 2031, with the Chinese market projected to account for 40% of the global share by 2025 [2][61]. Financial Forecast and Investment Recommendations - Revenue projections for the company are 4.31 billion yuan in 2025, 5.01 billion yuan in 2026, and 5.77 billion yuan in 2027, with corresponding net profits of 254 million yuan, 298 million yuan, and 319 million yuan [4][8]. - The company is expected to benefit from the growth of the new energy vehicle industry and the trend of import substitution, with its core business fundamentals remaining solid [4][5].

Core Viewpoint - The company, Ningbo Kabeiyi Electric Technology Co., Ltd. (stock code: 300863), is actively expanding its business, securing project financing, and exploring new fields. Group 1: Recent Developments - The company secured its first overseas designated project in March 2025, supplying automotive cable products to international clients, with an expected total sales of approximately 1 billion yuan from 2025 to 2027 [2] - In April 2025, the board approved the issuance of convertible bonds not exceeding 600 million yuan for the construction of projects including the Shanghai high-speed copper cable project and the automotive cable and high-speed copper cable production base in Mexico [3] Group 2: Business Progress - The company has completed the development of high-speed copper cable samples with rates of 56G, 112G, and 224G, with the 224G product already achieving small-scale production and being sent for verification by leading enterprises [4] Group 3: Company Status - The company established a wholly-owned subsidiary, Shanghai Kabeiyi Robotics Co., Ltd., to focus on the research and production of robotic components; additionally, it founded Shanghai Kabeiyi Aerospace Technology Co., Ltd. in January 2026 to explore commercial aerospace-related businesses [5]

Summary of Conference Call Records Industry Overview: Humanoid Robotics Key Companies and Developments - **Hengshuai Co., Ltd.** - The North American robotics team has completed factory audits, confirming that the hand motors are on the direct supply list, with body motors expected to follow, potentially becoming the only tier-one supplier in the motor segment [1] - Estimated value of body and hand motors per unit exceeds 10,000 yuan [1] - Set to become the fifth core supplier to sign a framework cooperation agreement with major North American clients, following companies like Sanhua, Topband, Rongtai, and Changying Precision [1] - **Minshi Group and Lide Harmony** - Minshi Group announced a joint venture with Lide Harmony to design, manufacture, and commercialize humanoid robot joint modules in the U.S., with Minshi holding a 60% stake and Lide Harmony 40% [1] - **Changyuan Donggu** - Core supplier for quadruped robots, capable of large-scale supply; the biped robot subsidiary is expected to launch prototypes in Q1, with leg joint testing ongoing [2] - **Kedali** - Secured North American clients for harmonic reducers, rotary modules, and customized screw drawings, with positive feedback on sample tests leading to potential bulk procurement agreements [2] - **Wankai New Materials** - Participated in a technology innovation showcase in Beijing, receiving significant attention for its dexterous hand product capable of complex tasks [2] - **Shuanghuan Transmission** - The cycloidal pinwheel reducer is confirmed for use in the V4 C-end robot at two hip positions [2] - **Fule New Materials** - Signed a comprehensive strategic cooperation agreement with Lingxin Qiaoshou for the procurement of 100,000 tactile sensors [2] - **Hua Yi Technology** - IMU has been sent for testing, with no domestic competitors and a high probability of passing tests; the value per humanoid unit is several thousand yuan, with usage ranging from 3 to 10 units [3] - **Anpeilong** - Achieved breakthrough progress with North American clients, with positive feedback on single-dimensional sensors valued at 10,000 yuan per unit; discussions on expanding production in Thailand are ongoing [4] - **Siling Zhichui** - Confirmed harmonic agreements with a production capacity of 1 million harmonic drives, with significant progress in bearing products and a 70%+ increase in average selling price (ASP) [4] Industry Insights - The conference highlighted the rapid advancements and collaborations within the humanoid robotics sector, indicating a strong market potential and increasing demand for components and systems [4] - The emphasis on joint ventures and strategic partnerships suggests a trend towards consolidation and resource sharing among key players in the industry [1][2][4] Additional Notes - All information presented is based on market rumors and should be considered with caution, as it does not represent personal opinions or investment advice [5]

证券代码：300863 证券简称：卡倍亿 公告编号：2026-004 宁波卡倍亿电气技术股份有限公司 关于为全资子公司银行授信提供担保的进展公告 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。 一、担保情况概述 宁波卡倍亿电气技术股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 18 日召开第三届董事会第三十四次会议，审议通过《关于公司及子 公司 2025 年度银行综合授信暨担保额度预计的议案》，并于 2025 年 5 月 12 日召 开 2024 年度股东会审议通过上述议案，同意 2025 年公司及子公司拟向银行申请 综合授信额度合计不超过人民币 51 亿元,同意公司在 2025 年度拟为全资子公司上 海卡倍亿新能源科技有限公司、本溪卡倍亿电气技术有限公司（以下简称"本溪 卡倍亿"）、成都卡倍亿汽车电子技术有限公司、惠州卡倍亿电气技术有限公司、 湖北卡倍亿电气技术有限公司、上海卡倍亿智联线缆科技有限公司的授信额度提 供不超过人民币 15 亿元的担保额度。具体内容详见 2025 年 4 月 21 日、2025 年 5 月 12 日在巨潮资讯 ...