| 证券代码：603596 | 证券简称：伯特利 | 公告编号：2025-105 | | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | 芜湖伯特利汽车安全系统股份有限公司 关于公司董事辞职暨选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 芜湖伯特利汽车安全系统股份有限公司（以下简称"公司"）董事会收到公 司非独立董事陈忠喜先生递交的书面辞职报告。因公司治理结构调整，陈忠喜先生向 董事会提出辞去公司第四届董事会董事及董事会薪酬与考核委员会委员职务。除辞任 公司第四届董事会董事及董事会薪酬与考核委员会委员职务外，陈忠喜先生在公司担 任的其他职务不变。 ● 公司于 2025 年 12 月 29 日召开职工代表大会，选举陈忠喜先生为公司第四届 董事会职工代表董事，任期自本次职工代表大会审议通过之日起至公司第四届董事会 任期届满之日止。 一、董事离任情况 （一）提前离任的基本情况 | | | | | | | | 是否继续在 | | 是否存 ...

北京市竞天公诚律师事务所 关于芜湖伯特利汽车安全系统股份有限公司 2025 年第四次临时股东大会的法律意见书 致：芜湖伯特利汽车安全系统股份有限公司 中国北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮政编码 100025 电话: (86-10) 5809-1000 传真: (86-10) 5809-1100 北京市竞天公诚律师事务所（以下称"本所"）接受芜湖伯特利汽车安全系统 股份有限公司（以下称"公司"）的委托，指派本所律师见证了公司于 2025 年 12 月 29 日在芜湖伯特利汽车安全系统股份有限公司二楼会议室召开的公司 2025 年第四次临时股东大会（以下称"本次股东大会"），并依据《中华人民共和国公 司法》《中华人民共和国证券法》等中国现行法律、法规和其他规范性文件（以 下称"中国法律法规"）及《芜湖伯特利汽车安全系统股份有限公司章程》（以下 称"《公司章程》"）的规定，就本次股东大会的召集和召开程序、出席会议人员 资格、召集人资格、会议表决程序和表决结果等事宜（以下称"程序事宜"）出具 本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的有关本次股东大会的文件， 包括但不 ...

2025年第四次临时股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2025-104 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | 芜湖伯特利汽车安全系统股份有限公司 (二)股东大会召开的地点：芜湖伯特利汽车安全系统股份有限公司二楼会议室 | 股东 | | 同意 | | 反对 | | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 类型 | 票数 | 比例（%） | | 票数 | 比例（%） | 票数 | 比例（%） | | | A 股 | 223,856,322 | | 99.8911 | 210,080 | 0.0937 | 33,900 | | 0.0152 | (三)出席会议的普通股股东和恢复表决权的优 ...

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2]. Core Insights - Baidu's collaboration with Uber and Lyft to launch a Robotaxi pilot project in the UK in 2026 is a significant development, indicating a global expansion strategy for domestic Robotaxi operators [3][4]. - The report highlights that leading domestic Robotaxi operators are achieving positive unit economics (UE) per vehicle, driven by fleet expansion and reduced vehicle costs, with expectations for rapid growth in fleet size in 2026 [4]. - The report emphasizes the potential for improved operational performance and market expansion for Robotaxi operators, particularly in regions where traditional ride-hailing costs are significantly higher than in China [4]. Summary by Sections Industry Overview - The report discusses the strategic importance of partnerships with international ride-hailing platforms for domestic Robotaxi operators, facilitating their global market expansion [4]. - It notes that the first L3 level vehicles have received approval for mass production, marking a significant step towards the widespread application of autonomous driving technology [2]. Market Dynamics - The report indicates that leading players in the Robotaxi sector are achieving profitability on a per-vehicle basis, with companies like Luobo Kuaipao and Xiaoma Zhixing reporting positive unit economics in specific cities [4]. - The cost of autonomous driving kits has decreased significantly, with Xiaoma Zhixing reporting a reduction of over 70% compared to previous generations, further supporting profitability [4]. Investment Recommendations - The report suggests focusing on key companies such as XPeng Motors, Desay SV, Huayang Group, Bertel, Junsheng Electronics, Xiaoma Zhixing, Horizon Robotics, Nexperia, and Top Group, as they are expected to perform well in the growing Robotaxi market [4][6].

Group 1 - The core investment announcement by the company involves a partnership with Xiamen Zongheng Jinding Private Equity Fund Management Co., Ltd., leading to the establishment of a joint venture focused on emerging fields such as humanoid robots and low-altitude economy [2] - The investment in Ruierman Intelligent Technology (Beijing) Co., Ltd. amounts to 50 million yuan, marking a significant step in the company's strategic expansion into humanoid robotics and related technologies [2] - The joint venture aims to invest in high-growth unlisted companies and compliant investment opportunities, including those listed on the New Third Board [2] Group 2 - The investment aligns with the company's strategic development plan and business synergy needs, enhancing the efficiency of its own capital usage while expanding its business boundaries [3] - The company has cumulatively invested 100 million yuan through the joint venture, with the recent investment in Ruierman being the second key focus after a previous investment in Shanghai Wolante Aviation Technology Co., Ltd. [3] - These investments highlight the company's diversified strategy in emerging industries, specifically targeting low-altitude economy and humanoid robotics [3]

Core Viewpoint - The report from Dongwu Securities indicates that the overall Beta of the sector is expected to weaken by 2026, with structural opportunities being more favorable than overall opportunities. The focus should be on three technological main lines: "Intelligent Driving (L2++/L3/L4) + Liquid Cooling (AIDC) + Humanoid Robots," along with the long-term certainty of "going global" [1]. EPS Dimension - The stock market is seeking alpha through cyclical resilience, prioritizing product companies with high competitiveness that can enhance market share and companies that can increase average selling prices (ASP) by entering high-value sectors through internal and external growth [2]. - Globalization is expected to open growth opportunities in the automotive parts sector, with a focus on enhancing growth potential and risk resistance by prioritizing production capacity in Europe, North America, and Southeast Asia. With profit recovery and deeper customer engagement, companies may transition to global Tier 1/platform leaders between 2026 and 2030. Recommended companies include Fuyao Glass, Xingyu Co., Minth Group, Joyson Electronics, and Xingyuan Magnesium, with New Spring Co. as a focus [2]. PE Dimension - Intelligent Driving: The penetration of L2++ is accelerating, with L3 regulations and urban NOA speeding up, and L4-level smart vehicles rapidly coming to market. The focus should be on chips, domain controllers, core sensors, and drive-by-wire chassis, emphasizing systematic capabilities in cost, algorithms, and safety redundancy. Recommended companies include Horizon Robotics, Black Sesame, and Desay SV, with Bertel and Nexperia as points of interest [3]. - Robotics: Transitioning from "0 to 1" to "1 to 10," benefiting from supply chains involving large models, actuators, reducers, lead screws, and force sensors. The focus should be on automotive parts leaders with "technology synergy + manufacturing collaboration." Recommended companies include Top Group, Joyson Electronics, and Shuanghuan Transmission, with interest in Yapp Automotive Parts and Daimay Co. [3]. - Liquid Cooling: Growth in AI capital expenditure and increased power consumption in AIDC; the liquid cooling temperature control market is projected to reach hundreds of billions by 2030. The automotive parts sector should focus on thermal management, pipelines, and quick connectors, emphasizing system integration and cost reduction capabilities. Recommended companies include Minth Group, Yinlun Co., and Feilong Co. [3].

智通财经APP获悉，华龙证券发布研报称，2026年乘用车行业转入存量逻辑，寻找新增长极成为核心。 整车方面，爆款新车&出海增量仍值得期待，AI转型下商业模式变更以及拓展人形机器人等新业务有望 重构车企估值框架；汽车零部件方面，积极拥抱具身智能时代机遇，自动驾驶汽车以及人形机器人作为 具身智能两个重要载体，均有望在2026年取得1-10或0-1的阶段性进展，产业链核心环节标的弹性可 期，维持行业推荐评级。 随着两新政策效果边际效应减弱，2026年乘用车行业转入存量逻辑，核心是寻找新的增长极，从两方面 来看：基本面看爆款新车与出海增量。新车方面，爆款新车对销量的拉动成为多家自主车企2025年国内 销量增长的主要动力，多家车企在2026年进入产品大年且高端化进程持续，关注具备爆款潜力的新车对 车企销量&基本面改善的拉动作用；出海方面，2025-2026年是自主车企海外产能密集落地期，展望至 2026年底，预计8座海外工厂投产，对应达产产能80.5万辆，解决车企海外市场供给能力的关键制约， 海外销量增量以及其高利润水平有望带动车企业绩修复。 AI时代消费者心智&偏好的变化倒逼乘用车企提升产品智能化水平，建设AI大模型 ...

Group 1 - The company, Wuhu Berteli Automotive Safety Systems Co., Ltd., is collaborating with Xiamen Zongheng Jinding Private Equity Fund Management Co., Ltd. to establish a joint investment partnership named "Bojin Venture Capital" to invest in high-growth unlisted companies in emerging fields such as humanoid robots and automotive intelligence [2][3] - The recent investment by Bojin Venture Capital was made in Ruierman Intelligent Technology (Beijing) Co., Ltd., which specializes in technology services and the development of intelligent robots [3][4] - The investment aims to enhance the company's capital efficiency, expand new business areas, and strengthen its core competitiveness while ensuring that the main business operations remain unaffected [5][6] Group 2 - The company has issued convertible bonds named "B25 Convertible Bonds" with a total issuance amount of RMB 280,200,000, and the bonds will be convertible into shares starting from January 7, 2026, at a conversion price of RMB 52.42 per share [8][9] - The bonds have a maturity period of six years, from July 1, 2025, to June 30, 2031, with a tiered interest rate structure starting from 0.1% in the first year to 2.0% in the sixth year [10][19] - The company will adjust the conversion price based on specific corporate actions such as stock dividends or new share issuances, ensuring that the interests of bondholders are protected [20][22]

转债代码：113696 转债简称：伯 25 转债 芜湖伯特利汽车安全系统股份有限公司 证券代码：603596 证券简称：伯特利 公告编号：2025-102 根据有关规定和《芜湖伯特利汽车安全系统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》（以下简称"募集说明书"）的约定，公司本次发行的"伯 25 转债"自 2026 年 1 月 7 日起可转换为公司股份。 二、"伯 25 转债"转股的相关条款 （一）发行规模：280,200.00 万元人民币 （二）票面金额：100 元/张。 （三）票面利率：第一年 0.1%、第二年 0.3%、第三年 0.6%、第四年 1.0%、第五 年 1.5%、第六年 2.0%。 关于"伯 25 转债"开始转股的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 可转债上市发行概况 根据中国证券监督管理委员会《关于同意芜湖伯特利汽车安全系统股份有限公司 向不特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕631 号），芜湖伯 特利汽车安全系统股份有限公司（以下 ...

| 证券代码：603596 | 证券简称：伯特利 | | 公告编号：2025-103 | | --- | --- | --- | --- | | 转债代码：113696 | 转债简称：伯 25 | 转债 | | 芜湖伯特利汽车安全系统股份有限公司 与私募基金合作投资事项进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 投资标的名称 | 睿尔曼智能科技（北京）有限公司 | | | | --- | --- | --- | --- | | 投资金额（万元） | 5,000 | | | | 投资进展阶段 | 完成 进展 | 终止 | 交易要素变更 | | 特别风险提示 | 募集失败 | | | | | 未能完成备案登记 | | | | | 提前终止 | | | | | 发生重大变更 | | | | （如有请勾选） | 其他：本次投资目前处于协议签署完成阶段，本 | | | | | 次投资具有交割先决条件，当交割先决条件完全得 | | | | | 到满足时，投资方才需履行支付投资款的义务，投 ...