Core Viewpoint - The company is actively developing its hydrogen energy business as part of a comprehensive energy system that includes oil, electricity, hydrogen, and alcohol [2]. Group 1: Hydrogen Energy Development - The company has established a hydrogen refueling station with a capacity of 70 MPa, which aligns with the technological advancements in high-pressure and long-range hydrogen-powered passenger and commercial vehicles [2]. - This refueling station is designed to provide fast, stable, and high-volume refueling services for various hydrogen fuel cell vehicles, supporting the needs of automotive companies in research and development, performance validation, and demonstration operations [2].

Core Viewpoint - The successful completion of the first hydrogen refueling for fuel cell vehicles at the China Automotive Research and Testing Center's hydrogen station marks a significant advancement in providing safe, stable, and efficient hydrogen supply services, filling a gap in high-pressure hydrogen refueling capabilities in automotive testing environments [1][6]. Group 1: Hydrogen Station Capabilities - The hydrogen station is designed with a hydrogen supply capacity of 500 kg/12h and is equipped with an integrated hydrogen dispenser that supports both 35 MPa and 70 MPa refueling pressures [3][8]. - The station features advanced equipment, including the first domestic applications of a 90 MPa liquid-driven dual-pressure hydrogen refueling device and a 90 MPa diaphragm hydrogen refueling device, showcasing significant progress in domestic equipment manufacturing [3][8]. - The station has a total hydrogen storage capacity of 1,060 kg, supported by high-pressure hydrogen storage cylinders (280 kg capacity) and two hydrogen long-tube trailers, ensuring it meets diverse and high-intensity hydrogen demands [3][8]. Group 2: Strategic Importance - As a key component of the company's integrated energy supply system, which includes oil, electricity, hydrogen, and alcohol, the hydrogen station is aligned with the technological advancements in high-pressure and long-range hydrogen fuel vehicles [3][8]. - The station aims to provide rapid, stable, and high-flow refueling services for various hydrogen fuel cell vehicles, supporting automotive companies in research, testing, performance validation, and demonstration operations [3][4][8]. - The ongoing provision of reliable and efficient hydrogen refueling services is expected to accelerate product iterations and enhance system reliability, facilitating the transition of hydrogen vehicles from technical validation to large-scale commercial applications [4][9].

Market Overview - The automotive service sector experienced a decline of 1.73% on February 2, with 德众汽车 leading the drop [1] - The Shanghai Composite Index closed at 4015.75, down 2.48%, while the Shenzhen Component Index closed at 13824.35, down 2.69% [1] Stock Performance - Notable stock performances included 阿尔特, which rose by 3.60% to a closing price of 10.06, with a trading volume of 215,400 shares and a transaction value of 217 million [1] - 德众汽车 fell by 3.26% to a closing price of 6.53, with a trading volume of 26,700 shares and a transaction value of 17.72 million [2] - Other significant declines included 中国汽研, down 2.96% to 18.39, and 国机汽车, down 2.42% to 6.45 [2] Capital Flow - The automotive service sector saw a net inflow of 11.33 million from institutional investors, while retail investors experienced a net outflow of 40.06 million [2] - The sector's overall capital flow indicated that retail investors were withdrawing funds, contrasting with the inflow from institutional and speculative investors [3] Individual Stock Capital Flow - 阿尔特 had a net outflow of 35.82 million from institutional investors, while speculative investors contributed a net inflow of 6.11 million [3] - 德众汽车 faced a significant net outflow of 1.63 million from institutional investors, indicating weak institutional interest [3] - 中国汽研 saw a net inflow of 1.87 million from institutional investors, suggesting a relatively stable interest from this segment [3]

Group 1 - The core point of the article is that Zhongqi Co., Ltd. (301215) reported a total of 26,639 shareholders as of January 30, 2026 [1]

证券代码：301215 证券简称：中汽股份 公告编号：2026-005 中汽研汽车试验场股份有限公司 关于申请向不特定对象发行可转换公司债券的审核问询函回复 更新的提示性公告 | 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。 | 中汽研汽车试验场股份有限公司（以下简称"公司"）于 2025 年 12 月 24 日收到深圳证券交易所（以下简称"深交所"）出具的《关于中汽研汽车试验场 股份有限公司申请向不特定对象发行可转换公司债券的审核问询函》（审核函 〔2025〕020082 号）（以下简称"审核问询函"）。深交所对公司向不特定对 象发行可转换公司债券的申请文件进行了审核，并形成首轮审核问询问题。公司 按照审核问询函的要求，会同相关中介机构对审核问询函所列的问题进行了认真 研究和逐项回复，并对募集说明书等相关申请文件内容进行了更新，具体内容详 见公司于 2026 年 1 月 13 日在巨潮资讯网披露的相关公告。 根据深交所进一步的审核意见，公司会同相关中介机构对部分回复内容进行 了补充和修订，具体内容详见公司同日在巨潮资讯网披露的相关公 ...

如无特别说明，本回复中的简称或名词的释义与《中汽研汽车试验场股份有 限公司向不特定对象发行可转换公司债券募集说明书（申报稿）》相同。本回复 中部分合计数与各加数直接相加之和在尾数上存在的差异系由四舍五入所致。 | 审核问询函所列问题 | 黑体、不加粗 | | --- | --- | | 对审核问询函所列问题的回复 | 宋体 | | 对募集说明书的修改、补充 | 楷体、加粗 | 1-1 关于中汽研汽车试验场股份有限公司 向不特定对象发行可转换公司债券 申请文件的审核问询函的回复 保荐人（主承销商） （北京市丰台区西营街 8 号院 1 号楼青海金融大厦） 二零二六年一月 深圳证券交易所： 贵所于 2025 年 12 月 24 日出具的《关于中汽研汽车试验场股份有限公司申 请向不特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020082 号） （以下简称"审核问询函"）已收悉，中汽研汽车试验场股份有限公司（以下简 称"中汽股份"、"发行人"、"公司"）与中国银河证券股份有限公司（以下简称 "银河证券"或"保荐机构"）、天职国际会计师事务所（特殊普通合伙）（以下 简称"发行人会计师"或"会计师"）、北京 ...

2-1 关于中汽研汽车试验场股份有限公司 申请向不特定对象发行可转换公司债券的 审核问询函的回复 天职业字[2025]46446 号 深圳证券交易所： 本次向不特定对象发行可转换公司债券拟募集资金总额不超过 103,904.00 万元，用于 智能网联新能源汽车全季冰雪试验基地建设基地，募集资金主要用于建筑工程及设备采购。 本次募投项目实施主体为发行人全资子公司中汽研汽车检验中心（呼伦贝尔）有限公司（以 下简称极限试验中心），2025 年 9 月，公司以现金方式收购极限检验中心 100%股权。发行 人现有业务以自然气候下的综合道路测试场景为主，本次募投项目则专注于高寒冰雪极端 环境，主要针对高寒环境适应性研发及反季节测试需求，通过全季室内试验舱打造人工可 控的极限环境，模拟冰雪、低温条件，重点解决新能源汽车在极寒环境下的电池低温性能、 热管理系统、续航衰减以及智能网联系统传感器抗冰雪干扰等特定、严苛的测试需求。本 次募投项目达产年可实现营业收入 17,820 万元，净利润 6,698 万元，毛利率为 59.47%，最 近一期末，发行人毛利率为 62.07%，同比大幅下滑，受极限检验中心需使用其他主体的试 验场地 ...

关于 北京市君合律师事务所 中汽研汽车试验场股份有限公司 向不特定对象发行可转换公司债券 之 补充法律意见书（一） 二〇二六年一月 北京市君合律师事务所 关于中汽研汽车试验场股份有限公司 向不特定对象发行可转换公司债券之 补充法律意见书（一） 致：中汽研汽车试验场股份有限公司 北京市君合律师事务所（以下简称"本所"或"君合"）接受中汽研汽车试 验场股份有限公司（以下简称"发行人"、"公司"）的委托，担任发行人向不特 定对象发行可转换公司债券（以下简称"本次发行"）的特聘法律顾问，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》）、《上市公司证券发行注册管理办法》《律师事务所从事证券法律 业务管理办法》（以下简称《证券法律业务管理办法》）、《律师事务所证券法律业 务执业规则（试行）》（以下简称《证券法律业务执业规则》）和《公开发行证券 公司信息披露的编报规则第 12 号—公开发行证券的法律意见书和律师工作报告》 等法律、行政法规、规章、规范性文件和中国证券监督管理委员会（以下简称"中 国证监会"）及深圳证券交易所（以下简称"深交所"）的有关规定，按照中国律 师 ...

Core Viewpoint - The article highlights the contrasting financial performance between the automotive industry, which is experiencing historically low profit margins, and the high profitability of automotive testing institutions, revealing the challenges faced by the new energy vehicle sector [3]. Group 1: Company Performance - China Automotive Research (601965.SH) expects to achieve a net profit of 1.06 billion yuan in 2025, a year-on-year increase of 16.78%, with revenue of 4.968 billion yuan, up 4.98%, indicating that profit growth outpaces revenue growth [3]. - China Automotive Corporation (301215.SZ) reported a revenue of 435 million yuan for the first three quarters, a year-on-year increase of 20.91%, and a net profit of 160 million yuan, up 31.26%, with a non-recurring net profit growth of 38.71% [3]. - In the first three quarters of 2025, China Automotive Research and China Automotive Corporation had net profit margins of 23.1% and 36.8%, respectively, while the overall automotive industry had a profit margin of only 4.1% [3]. Group 2: High Profitability of Testing Services - The automotive testing business has shown high profitability, with China Automotive Research's intelligent connected vehicle testing segment achieving a revenue of 224 million yuan, a year-on-year increase of 95.92%, and a net profit margin of 33% [6]. - China Automotive Corporation's testing service revenue reached 204 million yuan with a gross margin of 70.21%, contrasting sharply with the low gross margins of major automotive manufacturers, which are mostly below 20% [7]. - The sales gross margins for China Automotive Research and China Automotive Corporation were 46.15% and 60.61%, respectively, compared to leading automakers like BYD (4.28%) and SAIC Motor (2.6%) [7]. Group 3: Industry Challenges and Regulatory Environment - The automotive safety regulation landscape is evolving, with the automotive testing sector playing an increasingly critical role, driven by policy implementation and growing demand for research and testing [11]. - The market size for the automotive testing industry in China is projected to be between 2 billion to 3 billion yuan, indicating significant growth potential [11]. - Concerns have been raised regarding the impartiality of testing institutions, especially following incidents that questioned the integrity of testing processes, highlighting the potential conflicts of interest in commercial testing [12][13].

Core Insights - The automotive industry is facing a significant profitability crisis, with profit margins at historical lows, while testing agencies are experiencing high profit margins [1][3] Group 1: Company Performance - China Automotive Research (601965.SH) expects a net profit of 1.06 billion yuan in 2025, a year-on-year increase of 16.78%, with revenue of 4.968 billion yuan, up 4.98%, indicating profit growth outpacing revenue growth [1] - Zhongqi Co., Ltd. (301215.SZ) reported a revenue of 435 million yuan for the first three quarters, a year-on-year increase of 20.91%, and a net profit of 160 million yuan, up 31.26% [1] - The sales net profit margins for China Automotive Research and Zhongqi Co., Ltd. were 23.1% and 36.8%, respectively, compared to the automotive industry's low sales profit margin of 4.1% in 2025 [1][3] Group 2: Business Segments - China Automotive Research is a national-level technology innovation and public service institution in the automotive sector, focusing on testing and quality supervision [2] - Zhongqi Co., Ltd. provides technical services for automotive testing environments and scenarios, with a reported revenue of 204 million yuan from its testing services and a gross margin of 70.21% [2] - The growth in revenue for China Automotive Research is largely driven by the demand for intelligent connected vehicle testing, with this segment achieving a revenue of 224 million yuan, up 95.92%, and a net profit margin of 33% [2] Group 3: Industry Context - The automotive testing industry is projected to grow, with market size estimates between 2 billion to 3 billion yuan, driven by regulatory policies and increased testing demands [6] - The automotive testing sector is facing scrutiny regarding the impartiality of testing agencies, especially following incidents that raised questions about the integrity of testing processes [7][8] - Experts suggest that the current market-driven model of testing agencies may compromise their objectivity, highlighting the need for potential reforms to ensure fairness in testing practices [8]