Market Overview - On September 5, the automotive service sector rose by 1.07%, with Dezhong Automobile leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - Dezhong Automobile (code: 838030) closed at 8.20, with a gain of 6.08% and a trading volume of 171,500 shares, amounting to a turnover of 138 million yuan [1] - Haowu Co. (code: 000757) closed at 4.97, up 5.74%, with a trading volume of 241,800 shares and a turnover of 118 million yuan [1] - Other notable performers include: - Alter (code: 300825) at 11.55, up 1.94% [1] - Zhongqi Co. (code: 301215) at 6.29, up 1.78% [1] - Beiba Media (code: 600386) at 4.61, up 1.54% [1] Capital Flow - The automotive service sector experienced a net outflow of 30.02 million yuan from institutional investors, while retail investors saw a net inflow of 3.89 million yuan [2] - Notable capital flows include: - Guoji Automobile (code: 600335) with a net outflow of 21.63 million yuan from institutional investors [3] - China Automotive Research (code: 601965) with a net inflow of 6.71 million yuan from institutional investors [3] - Shanghai Wumao (code: 600822) faced a significant net outflow of 33.29 million yuan from institutional investors [3]

Market Overview - On September 4, the automotive service sector declined by 0.12%, with China Automotive Research leading the drop [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Stock Performance - Notable gainers included: - Dezhong Automobile (Code: 838030) with a closing price of 7.73, up 6.04% [1] - Shenping Holdings (Code: 600653) with a closing price of 2.15, up 2.38% [1] - Haowu Co. (Code: 000757) with a closing price of 4.70, up 1.29% [1] - Notable decliners included: - China Automotive Research (Code: 601965) with a closing price of 17.54, down 1.35% [2] - Alter (Code: 300825) with a closing price of 11.33, down 1.13% [2] - Shanghai Material Trade (Code: 600822) with a closing price of 12.50, down 0.48% [2] Capital Flow - The automotive service sector experienced a net outflow of 28.43 million yuan from institutional investors and 16.64 million yuan from retail investors, while retail investors saw a net inflow of 45.07 million yuan [2] - The detailed capital flow for key stocks showed: - Shenping Holdings had a net outflow of 16.82 million yuan from institutional investors [3] - China Automotive Research had a net inflow of 8.57 million yuan from institutional investors [3] - Alter experienced a significant net outflow of 26.83 million yuan from institutional investors [3]

Group 1 - The core point of the article is that Zhongqi Co., Ltd. announced that its important client, the Zhongqi Center and its affiliates, contribute approximately 18% to the company's annual revenue based on the 2024 operating data [1]

Core Viewpoint - The announcement from Zhongqi Co., Ltd. highlights the existence of large-scale self-built automotive testing facilities by various companies in the industry, indicating a trend towards in-house testing capabilities for vehicle development [1] Group 1 - Zhongqi Co., Ltd. mentioned several major automotive testing facilities, including those of SAIC General, Changan Automobile, FAW, and BYD [1]

Core Viewpoint - The company, Zhongqi Co., announced its business model primarily involves signing framework contracts with clients, who then place testing orders based on their testing needs [1] Summary by Categories Business Model - The company operates under a framework contract system, where clients issue testing orders according to their specific requirements [1] - There are two charging methods: one based on the contract, charging according to testing time or mileage, and the other providing a one-stop service solution for road testing, which is charged on a project basis [1]

Core Viewpoint - The company, Zhongqi Co., Ltd., emphasizes its unique advantages as a third-party automotive testing facility, highlighting its diverse infrastructure, strong technical capabilities, and good service capacity, which allows it to maintain a significant position in the automotive testing service sector despite competition from in-house testing facilities of automotive manufacturers [1]. Summary by Relevant Sections - **Company Advantages** - Zhongqi Co., Ltd. possesses a rich variety of testing facilities and strong technical expertise, which enhances its service capabilities [1]. - **Market Position** - The presence of in-house testing facilities by automotive manufacturers does not pose a substantial threat to Zhongqi Co., Ltd.'s business, as manufacturers may still opt for external testing services when their own facilities are limited or saturated [1]. - **Industry Contribution** - The company is positioned to continue contributing to the development of the automotive industry by providing essential testing services that ensure the completeness and accuracy of testing projects [1].

Group 1 - The core viewpoint of the announcement is that the company emphasizes a dual-track assessment system focusing on both scale and growth in its performance evaluation [1] - The assessment indicators for the company include functional positioning, economic benefits, technological innovation, and market value management [1] - Economic benefits are primarily evaluated based on absolute figures such as total profit and economic value added [1] Group 2 - The company has set clear targets for total profit growth within its equity incentive plan [1] - The dual-track constraint of "scale + growth" is designed to enhance the company's overall performance [1]

Core Viewpoint - The announcement from Zhongqi Co., Ltd. indicates a clear client-supplier relationship between Zhongqi Center and its subsidiaries, with Zhongqi Co. providing testing services based on client needs [2] Group 1: Company Operations - Zhongqi Center and its subsidiaries conduct regulatory certification tests and research tests for clients including vehicle manufacturers, parts suppliers, and tire companies [2] - Zhongqi Co. is involved in providing technical services for field testing environments, utilizing specialized automotive testing facilities in China [2] - The testing services are conducted based on agreed service prices and content, highlighting a structured business model [2]

编号：2025-011 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑ 现场参观 □ 参与单位名称 及人员姓名 中信建投-许雅静，山东国惠基金-曹楠楠、毕瑞泽。 时间 2025 年 9 月 2 日 15:30-17:00 地点 会议室 上市公司接待 人员姓名 总会计师兼董事会秘书：夏秀国 董事会办公室副主任：卢小凡 证券事务代表：奚佩佩 投资者关系活 动主要内容介 绍 本次交流活动采用现场交流方式举行，活动不涉及应披露的重 大信息，与投资者交流情况如下： 1．请问集团对公司的考核指标主要是什么？像利润这些 考核指标是基于增速还是规模？ 答：集团对公司的考核指标主要涵盖功能定位、经济效益、 科技创新及市值管理等；经济效益类中的利润总额、经济增加 值等以"绝对数"考核为主，同时在股权激励计划中对利润总 额增速设有明确目标，形成"规模+增速"的双轨约束。 2．中汽中心与公司是如何展开合作的？中汽中心占公司 收入的比重是多少？ 答：（1）中汽中心及其下属的企业，基于其自身的检测机 构业务资质及技术服务能力，接受整车生产企业、零部件企业、 轮胎企业等客户的委 ...

Group 1 - The company, Zhongqi Co., stated that as of August 29, 2025, the number of shareholders is 26,958 [2]