中国国际金融股份有限公司 关于芜湖伯特利汽车安全系统股份有限公司 2024 年度差异化权益分派特殊除权除息事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为芜 湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"或"公司"）持续督 导的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券 发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 7 号— —回购股份》等有关规定，对伯特利 2024 年度差异化权益分派特殊除权除息事 项（以下简称"本次差异化权益分派"）进行了专项核查，核查情况与意见如下： 一、本次差异化权益分派方案 2025 年 5 月 13 日，公司 2024 年度股东大会审议通过《关于<公司 2024 年 度利润分配预案>的议案》，本次利润分配方案为差异化权益分派方案，具体内容 为：上市公司拟向全体股东每股派发现金红利 0.35 元（含税）。截至核查意见出 具日，公司总股本为 606,510,820 股，扣除不参与利润分配的回购专用账户中已 回购的股份 1,800,000 股，实际可参与利润分配的股数为 604,710,820 股。以 ...

芜湖伯特利汽车安全系统股份有限公司 2024年年度权益分派实施公告 证券代码：603596 证券简称：伯特利 公告编号：2025-033 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： 每股分配比例 A 股每股现金红利0.35元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/16 | － | 2025/6/17 | 2025/6/17 | 差异化分红送转： 是 (1)本次差异化分红方案 一、 通过分配方案的股东大会届次和日期 2025 年 5 月 13 日，公司 2024 年度股东大会审议通过《关于<公司 2024 年度利润分配预 案>的议案》，本次利润分配方案为差异化权益分派方案，具体内容为：上市公司拟向全体股 本次利润分配方案经公司2025 年 5 月 13 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 ...

Summary of Key Points Core Viewpoint - The company, Wuhu Berteli Automotive Safety Systems Co., Ltd., is planning a differentiated equity distribution for the fiscal year 2024, proposing a cash dividend of 0.35 RMB per share to all shareholders, which represents 17.51% of the net profit attributable to shareholders [1][3]. Group 1: Equity Distribution Plan - The total share capital of the company is 606,510,820 shares, with 1,800,000 shares in the repurchase account not participating in the distribution, resulting in 604,710,820 shares eligible for the dividend [1][2]. - The total cash dividend distribution amounts to 211,648,787 RMB, which is 17.51% of the net profit attributable to shareholders of 1,208,851,302.79 RMB for the year [1][3]. Group 2: Special Ex-Dividend Treatment - The company plans to maintain the per-share distribution ratio unchanged despite potential changes in total share capital due to convertible bonds, share buybacks, or other corporate actions [2]. - The reference price for ex-dividend trading is calculated based on the formula: (previous closing price - cash dividend) + (new share price × change in circulating shares) / (1 + change in circulating shares) [2][3]. Group 3: Impact on Share Price - The closing price on the day before the issuance of the review opinion was 56.40 RMB per share, leading to an ex-dividend reference price of approximately 56.05 RMB per share after accounting for the cash dividend [3][4]. - The impact of the differentiated equity distribution on the ex-dividend reference price is minimal, with an absolute value change of less than 1% [4]. Group 4: Compliance and Verification - The sponsoring institution, China International Capital Corporation, confirms that the differentiated equity distribution complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [4].

Core Points - The company announced a cash dividend of 0.35 RMB per share for its A shares [1] - The profit distribution plan was approved at the 2024 annual general meeting held on May 13, 2025 [1] - The total number of shares eligible for profit distribution is 604,710,820 after excluding 1,800,000 shares in the repurchase account [1] - The company's net profit attributable to shareholders for 2024 is 1,208,851,302.79 RMB, with the cash dividend representing 17.51% of this amount [1] Dividend Distribution Details - The cash dividend will be distributed to all shareholders registered by the close of trading on June 16, 2025, with the ex-dividend date set for June 17, 2025 [1][2] - The reference price for ex-dividend trading will be calculated as the previous closing price minus the cash dividend [2] - The company will only distribute cash dividends without any stock bonuses or capital increases, meaning the number of circulating shares will remain unchanged [2] Taxation on Dividends - For individual shareholders holding unrestricted shares, the tax on dividends will depend on the holding period, with a maximum tax rate of 20% for shares held for one month or less [4] - For shares held between one month and one year, the effective tax rate is 10%, while shares held for over one year are exempt from personal income tax [4] - For foreign institutional investors, a 10% withholding tax will apply, resulting in a net cash dividend of 0.315 RMB per share after tax [5][6] Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders who have completed designated trading [2][3] - Shareholders who have not completed designated trading will have their dividends held until they complete the necessary procedures [2]

中国国际金融股份有限公司 关于芜湖伯特利汽车安全系统股份有限公司 2024 年度差异化权益分派特殊除权除息事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为芜 湖伯特利汽车安全系统股份有限公司（以下简称"伯特利"或"公司"）持续督 导的保荐机构，根据《中华人民共和国公司法》《中华人民共和国证券法》《证券 发行上市保荐业务管理办法》《上海证券交易所上市公司自律监管指引第 7 号— —回购股份》等有关规定，对伯特利 2024 年度差异化权益分派特殊除权除息事 项（以下简称"本次差异化权益分派"）进行了专项核查，核查情况与意见如下： 一、本次差异化权益分派方案 2025 年 5 月 13 日，公司 2024 年度股东大会审议通过《关于<公司 2024 年 度利润分配预案>的议案》，本次利润分配方案为差异化权益分派方案，具体内容 为：上市公司拟向全体股东每股派发现金红利 0.35 元（含税）。截至核查意见出 具日，公司总股本为 606,510,820 股，扣除不参与利润分配的回购专用账户中已 回购的股份 1,800,000 股，实际可参与利润分配的股数为 604,710,820 股。以 ...

证券代码：603596 证券简称：伯特利 公告编号：2025-033 芜湖伯特利汽车安全系统股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.35元 (1)本次差异化分红方案 2025 年 5 月 13 日，公司 2024 年度股东大会审议通过《关于<公司 2024 年度利润分配预 案>的议案》，本次利润分配方案为差异化权益分派方案，具体内容为：上市公司拟向全体股 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/16 | － | 2025/6/17 | 2025/6/17 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 13 日的2024年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 ...

规模方面，新能车ETF近1周规模增长2633.55万元，实现显著增长，新增规模位居可比基金1/2。 截至2025年6月10日 13:22，中证新能源汽车产业指数(930997)下跌1.15%。成分股方面涨跌互现，璞泰来(603659)领涨4.33%，德方纳米(300769)上涨2.94%， 盟固利(301487)上涨2.71%；亿纬锂能(300014)领跌3.51%，银轮股份(002126)下跌3.43%，富临精工(300432)下跌3.23%。新能车ETF(515700)下跌1.18%，最 新报价1.59元。拉长时间看，截至2025年6月9日，新能车ETF近1周累计上涨1.26%，涨幅排名可比基金1/2。 流动性方面，新能车ETF盘中换手0.98%，成交2156.49万元。拉长时间看，截至6月9日，新能车ETF近1年日均成交6683.16万元。 数据显示，杠杆资金持续布局中。新能车ETF最新融资买入额达271.64万元，最新融资余额达5148.46万元。 截至2025年6月10日 13:20，中证光伏产业指数(931151)下跌0.95%。成分股方面涨跌互现，锦浪科技(300763)领涨2.04%，阳光电源 ...

Core Insights - The report maintains an "Outperform" rating for the automotive sector, emphasizing the acceleration of RoboX commercialization and the focus on the sector's performance in Q2 2025 [1][3] - The automotive industry is transitioning towards electric and intelligent vehicles, with significant growth expected in the domestic market, particularly for new energy vehicles [11][12] Sales Tracking - In May 2025, retail sales of passenger cars in China reached 1.93 million units, a year-on-year increase of 13%, with cumulative retail sales for the year at 8.802 million units, up 9% [1] - Wholesale figures for the same month showed 2.329 million units, marking a 14% increase year-on-year, with cumulative wholesale sales for the year at 10.797 million units, up 12% [2] Market Performance - The automotive sector saw a 1.88% increase in May, outperforming the CSI 300 index by 0.04 percentage points, while the overall automotive sector has risen 29.05% since the beginning of 2025 [2] - The inventory warning index for automotive dealers in May 2025 was 52.7%, indicating improved market conditions as it decreased by 5.5 percentage points year-on-year [2] Investment Recommendations - The report suggests focusing on domestic brands and the opportunities in incremental components driven by electric and intelligent trends, highlighting companies like Leap Motor, Xpeng, and Geely for vehicle recommendations [3][11] - For intelligent components, companies such as Coboda, Huayang Group, and Junsheng Electronics are recommended, while for robotics, Top Group and Sanhua Intelligent Control are highlighted [3][11] Company Earnings Forecasts - Key companies are projected to have varying earnings per share (EPS) and price-to-earnings (PE) ratios, with Leap Motor expected to have an EPS of -0.05 in 2025 and a PE of -1126, while Geely is forecasted to have an EPS of 1.36 and a PE of 13 [4] Industry Outlook - The automotive industry is expected to maintain a 2% annual compound growth rate over the next 20 years, with new energy vehicle sales projected to reach 1.216 million units in 2024, reflecting a 37% increase [12][16] - The report anticipates that by 2025, the sales of new energy vehicles will exceed 1.5 million units, with a year-on-year growth of over 20% [21]

Group 1: Foreign Exchange and Gold Reserves - As of May 2025, China's foreign exchange reserves reached $32,853 billion, an increase of $36 billion from April, representing a growth rate of 0.11% [1] - By the end of May, China's gold reserves stood at 7,383 million ounces (approximately 2,296.37 tons), with a month-on-month increase of 60,000 ounces (about 1.86 tons), marking the seventh consecutive month of gold accumulation [1] Group 2: A-Share Market Analysis - After the "fill the pit" market phase, A-shares are expected to experience a strong upward trend driven by policies, external events, industry rotation, and market sentiment [2][3] - Historical data shows that after seven instances of rapid declines followed by rebounds since 2015, the average duration of subsequent market fluctuations lasted 86 trading days, with five out of seven instances leading to price increases [2] - Current positive policies and external events, including a recent call between the leaders of China and the U.S., have reduced concerns regarding U.S.-China tensions, contributing to a favorable market outlook [3] Group 3: Economic Indicators - Industrial profits for large-scale enterprises grew by 3% year-on-year in April, with a cumulative growth of 1.4% from January to April, indicating a continued positive trend [5] - The manufacturing PMI for May rose to 49.5%, reflecting an improvement in manufacturing activity, with production indices exceeding the critical threshold [5][6] - The market remains cautious about the impact of U.S. tariffs, but the overall economic indicators suggest a supportive environment for market stability [6] Group 4: Industry Configuration and Investment Recommendations - Short-term investment strategies should focus on technology, new consumption, and undervalued blue-chip stocks, with an emphasis on sectors like computing, communication, and innovative pharmaceuticals [4] - The technology and advanced manufacturing sectors are highlighted as key areas for investment, supported by ongoing policy initiatives and market trends [6] - Companies in the U.S. and Hong Kong, such as Circle and Coinbase, as well as A-share companies like Sifang Jingchuang and Zhongke Jincai, are identified as potential investment targets in the context of stablecoins and RWA [7][9] Group 5: NVIDIA's Robotics Ecosystem - NVIDIA is focused on developing platforms and tools for robotics, emphasizing the creation of a foundational development ecosystem [10] - The company has introduced a comprehensive solution for robotics that integrates training, optimization, and execution through its various computing platforms [11][12] - Investment recommendations include companies involved in automotive robotics, such as Top Group and Bertly, which are expected to benefit from NVIDIA's advancements in the robotics sector [13]

Core Viewpoint - The demand for brake-by-wire systems is expanding due to increasing consumer requirements for vehicle safety and comfort, as well as the rapid growth of the electric vehicle market. The development of autonomous driving technology positions brake-by-wire systems as a key component for achieving high-level autonomous driving functions [1][11]. Group 1: Market Overview - The market for brake-by-wire systems in China is projected to grow significantly, with local brand production expected to reach 5.29 million units in 2024 and 6.55 million units in 2025. The total demand is anticipated to be 13.96 million units in 2024 and 16.19 million units in 2025, leading to a market size of 23.73 billion yuan in 2024 and 24.78 billion yuan in 2025 [1][11]. - The penetration rate of brake-by-wire systems in the Chinese market is expected to increase from 3.29% in 2018 to 50.8% in 2024, with electric vehicles reaching a penetration rate of 90% by 2024 [9][11]. Group 2: Industry Environment - The rapid development of electric vehicles has significantly boosted the demand for brake-by-wire systems. The Chinese government is likely to respond with regulations to support and standardize the development of the brake-by-wire industry [4][11]. - The brake-by-wire industry is part of a broader automotive industry chain, with upstream components including EHB/EMB parts, sensors, and actuators, while downstream includes vehicle manufacturing and aftermarket services [6][11]. Group 3: Competitive Landscape - The brake-by-wire market in China is characterized by competition between domestic and international brands. Bosch is the largest player, followed by Continental, ZF, and Wanli. Domestic suppliers include Tongyu Automotive, Yingchuang Huizhi, and Bertli [13][18]. - Key domestic companies are focusing on advanced technologies and partnerships with major automotive manufacturers to enhance their market presence and product offerings [18][21]. Group 4: Technological Development Trends - Brake-by-wire technology is rapidly replacing traditional hydraulic systems, driven by the trends of electrification and intelligence in the automotive sector. The industry is expected to see continued growth in demand as technology evolves [23].