9月22日，浙江世宝大宗交易成交76.6万股，成交额900.05万元，占当日总成交额的2.64%，成交价11.75 元，较市场收盘价13.02元折价9.75%。 ...

Core Viewpoint - Zhejiang Shibao (002703) has a strong technological reserve in steer-by-wire and rear-wheel steering, with multiple mainstream automakers already designated for collaboration. The first mass production project for steer-by-wire is expected to begin in the second half of 2026, while the rear-wheel steering project is set to start mass production in the fourth quarter of this year [1] Group 1 - The company has deep technological reserves in steer-by-wire and rear-wheel steering [1] - Multiple mainstream automakers have designated the company for collaboration [1] - The first mass production project for steer-by-wire is expected to start in the second half of 2026 [1] Group 2 - The first mass production project for rear-wheel steering is expected to begin in the fourth quarter of this year [1] - These products are primarily aimed at L3+ intelligent driving vehicles and high-performance luxury models [1] - The technology has high barriers to entry and a broad market outlook [1]

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.524 billion yuan, a year-on-year increase of 35.32% [2] - The overall gross margin for the same period was 18.01%, a decrease of 1.77% year-on-year, primarily due to a decline in product prices amid intensified competition in the automotive industry [2][3] - The C-EPS product, which contributes approximately 50% of revenue, significantly impacted the gross margin due to price declines [3] Group 2: Production and Capacity - The current overall capacity utilization rate is maintained at a healthy level of 80%-90% [3] - The first mass production project for steer-by-wire is expected to start in the second half of 2026, while the rear-wheel steering project is anticipated to begin mass production in Q4 of this year [3] Group 3: Market Position and Strategy - The company has over 40 years of experience in the commercial vehicle market and holds a market share exceeding 50% in the electric steering gear for new energy light trucks [4] - The company is actively pursuing supplier qualification certifications with several international automotive manufacturers, with no immediate plans for overseas factory investments [3][4] - The company is focused on expanding its product offerings in electric and intelligent steering systems to match market demand growth [3] Group 4: Cost Management and Efficiency - The proportion of selling, administrative, and research expenses relative to revenue continues to decline, indicating potential for further optimization [4] - The company aims to enhance net profit margins through digital management and process optimization [4]

Group 1 - The core viewpoint of the news is that Zhejiang Shibao's stock performance has shown significant fluctuations, with a year-to-date increase of 21.04% and a recent decline of 2.00% on September 18 [1][2] - As of June 30, 2025, Zhejiang Shibao achieved a revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%, and a net profit attributable to shareholders of 93.03 million yuan, up 39.09% year-on-year [2] - The company specializes in the research, design, manufacturing, and sales of automotive steering systems and key components, with 95.55% of its revenue coming from steering systems and components [1][2] Group 2 - Zhejiang Shibao is classified under the automotive industry, specifically in the automotive parts sector, focusing on chassis and engine systems [2] - The company has a total market capitalization of 11.262 billion yuan, with a trading volume of 559 million yuan and a turnover rate of 6.88% as of September 18 [1] - The company has distributed a total of 209 million yuan in dividends since its A-share listing, with 69.36 million yuan distributed in the last three years [3]

Company Overview - Zhejiang Shibao is located in Hangzhou Economic and Technological Development Zone, established on June 2, 1993, and listed on November 2, 2012. The company specializes in the research, design, manufacturing, and sales of automotive steering gears and other key components of steering systems [1][2] - The main business revenue composition includes steering systems and components at 95.55%, others at 2.28%, and accessories and others at 2.17% [1] Financial Performance - For the first half of 2025, Zhejiang Shibao achieved operating revenue of 1.524 billion yuan, representing a year-on-year growth of 35.32%. The net profit attributable to the parent company was 93.0344 million yuan, with a year-on-year increase of 39.09% [2] - Cumulative cash dividends since the A-share listing amount to 209 million yuan, with 69.3579 million yuan distributed over the past three years [3] Stock Market Activity - As of September 17, the stock price of Zhejiang Shibao increased by 2.06%, reaching 13.86 yuan per share, with a trading volume of 560 million yuan and a turnover rate of 7.06%. The total market capitalization is 11.402 billion yuan [1] - Year-to-date, the stock price has risen by 22.55%, with a 12.77% increase over the last five trading days and a 6.94% increase over the last 20 days, while it has decreased by 1.07% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on June 25, where it recorded a net buy of -53.1552 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Zhejiang Shibao was 78,500, an increase of 16.94% from the previous period. The average circulating shares per person remained at 0 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Selected Stock A (000688) is the fourth largest shareholder, holding 1.974 million shares as a new shareholder. Hong Kong Central Clearing Limited has exited the top ten circulating shareholders list [3]

另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 浙江世宝（002703）(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港元。 ...

智通财经APP获悉，浙江世宝(01057)涨超10%，截至发稿，涨11.25%，报5.34港元，成交额2.31亿港 元。 另外，近日工业和信息化部等八部门印发《汽车行业稳增长工作方案(2025—2026年)》，强调推进智能 网联汽车准入和上路通行试点，有条件批准L3级车型生产准入，推动道路交通安全、保险等法律法规 完善。方正证券发布研报称，政策端对L3车型的松绑，叠加后续权责划分、智能网联汽车参数等细则 的出台，有望重塑汽车行业竞争逻辑，从单纯的价格战转向价值维度的竞争，智能化将成为车企重要的 差异化竞争优势。 消息面上，浙江世宝近日在投资者互动平台表示，公司的线控转向SBW已获得数个主流整车厂客户定 点，项目开发正在进行中，将根据客户时间表投产。公司官网显示，SBW可支持L3及以上自动驾驶， 可支持底盘集成协调控制。此外，公司表示目前仍聚焦于汽车转向系统一级配套业务，同时也密切关注 产业链延伸机会。 ...

Group 1 - The company, Zhejiang Shibao, is currently focused on the primary supporting business of automotive steering systems [2] - The company is closely monitoring opportunities for extending its industrial chain [2] - Any related expansions will be announced through official company announcements [2]

每经AI快讯，有投资者在投资者互动平台提问：目前机器人行业处于起步阶段，前景非常不错，很多 汽车零部件公司开始逐步涉及机器人相关技术以求扩展业务范围及公司竞争力，汽车转向系统和机器人 转向系统也有很多共通之处，之前也有投资者建议贵司布局机器人行业，您有回复会向贵司管理层反馈 投资者的建议，请问贵司管理层是否有探讨过涉及机器人行业的可能？ 浙江世宝（002703.SZ）9月10日在投资者互动平台表示，公司目前仍聚焦于汽车转向系统一级配套业 务。同时，公司也密切关注产业链延伸机会。如有相关拓展，请以公司公告为准。 （文章来源：每日经济新闻） ...

Group 1 - The company anticipates that the domestic steer-by-wire market will begin large-scale development in 2026, marking a significant milestone for the industry [2] - As a leading local steer-by-wire supplier, the company has secured project allocations from several major OEMs, with mass production expected to commence in the second half of 2026 [2] - The steer-by-wire technology enhances vehicle autonomous driving capabilities by reducing mechanical components and relying on signal transmission, providing greater flexibility in chassis and cabin layout, making it the preferred steering system for high-end intelligent driving models at L3 and above [2] Group 2 - The company has completed annual price negotiations with most clients as of the end of the first half of the year, with only a few negotiations still ongoing, leading to expectations of stable product prices in the second half [3] - The C-EPS product has been significantly impacted by price declines, resulting in a noticeable decrease in its gross margin, which has affected the company's overall gross margin due to its contribution of approximately 50% to revenue [3] - With the gradual increase in sales of high-end EPS products and the expanded revenue contribution from electric steering columns and electric steer-by-wire systems, the company's gross margin is expected to improve further [3]