固德电材系统（苏州）股份有限公司 Goode EIS （Suzhou） Corp., Ltd. （苏州市吴江区汾湖镇汾杨路 88 号） 股票简称：固德电材 股票代码：301680 首次公开发行股票并在创业板上市 上市公告书 保荐人（主承销商） （苏州工业园区星阳街 5 号） 二零二六年三月 1 特别提示 固德电材系统（苏州）股份有限公司（以下简称"固德电材""公司""本公 司"或"发行人"）股票将于 2026 年 3 月 6 日在深圳证券交易所创业板上市。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险及本公司披露的风险因素，在新 股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与本公司首次公开发行 股票并在创业板上市招股说明书中的相同。如本上市公告书中部分合计数与各单 项数据之和在尾数上存在差异，系由于四舍五入所致。 本上市公告书"报告期"指：2022 年度、2023 年度、2024 年度和 2 ...

销量"稳中有升"的直接支撑，来自于新能源渗透率提升带来的结构性增量。中国汽车工业协会数据显 示，2025年，我国汽车产销量分别为3453.1万辆和3440万辆，同比分别增长10.4%和9.4%；新能源汽车 产销量超过1600万辆，国内新车销量占比超过50%。在此背景下，中国头部车企在电动化产品供给、价 格带覆盖与智能化体验上的优势更容易转化为销量兑现。以比亚迪为例，其全年销量中纯电动车型销量 达225.67万辆，同比增长27.86%，并首次超越特斯拉成为全球纯电销冠。 海外市场的贡献同样关键。资料显示，2025年，比亚迪海外销量达到105万辆，同比增长145%；上汽海 外市场销量为107.1万辆，同比增长3.1%。车企"出海"正从单一的出口扩张，走向渠道体系、品牌运营 与本地化能力的综合比拼。业内观点认为，销量位次的提升不仅反映产品竞争力，也反映出企业对不同 地区法规、用户偏好与供应链协同的适配能力。 随着2月26日Stellantis集团（斯特兰蒂斯集团）发布财报，2025年全球车企销量排行终于出炉。丰田仍 以逾千万辆的销售规模稳居第一，大众、现代汽车、通用汽车继续占据前四，Stellantis位列第五的格 ...

Core Viewpoint - Hyundai Motor Company is positioning itself as a leader in the humanoid robotics sector, leveraging its expertise in electric vehicle technology to capitalize on a market projected to reach $5 trillion by 2050, with over 1 billion humanoid robots in use globally [1][2]. Group 1: Market Position and Technology - Hyundai's humanoid robot "Atlas" showcased impressive agility and capabilities at CES, leading to an 80% surge in the company's stock price within two weeks [1]. - The underlying technology for humanoid robots and electric vehicles is similar, involving battery power, motor control, and AI navigation, allowing Hyundai to utilize its existing manufacturing capabilities [1][2]. - The potential market for humanoid robots extends beyond assembly lines to warehousing, manufacturing, and even elder care, indicating vast growth opportunities [2]. Group 2: Competitive Landscape - Analysts view "Atlas" as a strong competitor to Tesla's "Optimus" robot, citing superior specifications such as higher load capacity and readiness for mass production [3]. - Despite the competitive edge, Chinese manufacturers currently dominate the humanoid robot market, producing cheaper models compared to Western counterparts [3]. Group 3: Cost and Economic Impact - Initial pricing for "Atlas" is estimated between $130,000 and $140,000, with potential for a 50% price reduction once production exceeds 10,000 units [4]. - If the price drops to $100,000, the operational cost of "Atlas" would be approximately $5.1 per hour, significantly lower than the average hourly wage for factory workers [5]. - The deployment of humanoid robots could potentially replace 3 to 4 million assembly line workers globally by 2028, highlighting the economic implications of this technology [5]. Group 4: Future Outlook - Analysts believe that even if Tesla achieves a production rate of 1 million humanoid robots by 2030, there will still be a significant demand gap, positioning Hyundai as a key player in the market [6]. - The latest demonstrations of "Atlas" indicate its readiness for deployment in industrial settings without the need for extensive on-site training, showcasing its adaptability to real-world scenarios [6]. - Hyundai's market capitalization is significantly lower than Tesla's, making it an attractive investment opportunity in the field of physical artificial intelligence [6].

Core Viewpoint - Gude Electric Materials (301680) successfully held an online roadshow on February 24, showcasing its critical position in the new energy vehicle supply chain as a core supplier of thermal runaway protection solutions for CATL (300750) [1] Group 1: Client Relationships - Gude Electric Materials has established itself as a first-tier supplier for major global automotive manufacturers, including General Motors, Ford, Stellantis, Toyota, BMW, Geely, Li Auto, and Xpeng [1] - The company maintains long-term stable cooperation with leading enterprises in the power sector, such as Dongfang Electric (600875), Shanghai Electric (601727), Harbin Electric, China West Electric (601179), and TBEA (600089) [1] - The collaboration with clients is characterized by deep binding features, requiring strict evaluations to be included in the qualified supplier system before receiving orders [2] Group 2: Product Development and Recognition - Gude Electric Materials engages deeply in the early development of client products, customizing complete thermal runaway protection solutions based on client needs, which enhances customer stickiness [2] - The company has received multiple honors, including the "2024 Supplier Quality Excellence Award" from General Motors and the "2024 Best Service Supplier" from Geely Group, reflecting its growing brand influence and market competitiveness [2]

Core Viewpoint - Gude Electric Materials (301680.SZ) is set to be available for subscription on the ChiNext board, focusing on the research, production, and sales of components for thermal runaway protection in new energy vehicle (NEV) power batteries and electrical insulation products. The company is recognized as a leading player in the thermal runaway protection sector, crucial for NEV safety, with significant technological advancements and multiple national and provincial recognitions [1][2]. Group 1: Company Overview - Gude Electric Materials specializes in thermal runaway protection components for NEV power batteries and electrical insulation products [1]. - The company has received various accolades, including being recognized as a provincial enterprise technology center in Jiangsu in 2021 and a national "specialized, refined, distinctive, and innovative" small giant enterprise by the Ministry of Industry and Information Technology in 2022 [1]. - As of mid-2025, Gude Electric Materials holds 96 patents, including 36 invention patents and 60 utility model patents [1]. Group 2: Client Relationships - The company has established long-term stable partnerships with several global automotive manufacturers and battery producers, including General Motors, Ford, Stellantis, Tesla, Hyundai-Kia, Toyota, BMW, Geely, Leap Motor, Xpeng, and FAW Group [2]. - Gude Electric Materials has received high recognition from its clients, winning awards such as the "2024 Supplier Quality Excellence Award" from General Motors and "Best Service Supplier of 2024" from Geely Group [2]. Group 3: Financial Performance and Risks - The company's sales revenue from thermal runaway protection products exported to the U.S. from 2022 to mid-2025 were 0.51 billion, 1.13 billion, 2.25 billion, and 0.71 billion yuan, accounting for 10.80%, 17.38%, 24.73%, and 15.44% of total revenue, respectively [2]. - Gude Electric Materials faces trade policy risks, particularly due to fluctuating U.S. tariff policies, which could impact the growth rate of overseas sales and profit margins [2].

根据汽车研究中心的数据，对于底特律三大汽车制造商来说，IEEPA关税相当于每辆车约250美元，即 总计9.02亿美元的成本。与该智库测算的第232条款关税每辆车4240美元的影响相比，这相去甚远，但 也绝非毫无意义。周五汽车股相比零售商的温和上涨，反映了这种轻微的宽慰。 责任编辑：张俊 SF065 最高法院周五驳回了特朗普总统征收的很大一部分关税，但这一裁决并不能让汽车制造商完全松一口 气。周五的裁决涉及的是根据《国际紧急经济权力法》征收的关税，而非第232条款。对汽车和汽车零 部件征收的25%关税是根据第232条款实施的，因此这些关税仍然有效。 最高法院周五驳回了特朗普总统征收的很大一部分关税，但这一裁决并不能让汽车制造商完全松一口 气。周五的裁决涉及的是根据《国际紧急经济权力法》征收的关税，而非第232条款。对汽车和汽车零 部件征收的25%关税是根据第232条款实施的，因此这些关税仍然有效。 尽管如此，值得注意的是，包括福特（股价14.00美元，涨幅1.56%）、通用汽车（股价81.54美元，涨 幅0.09%）和斯特兰蒂斯（股价7.73美元，涨幅2.96%）在内的汽车制造商并非完全置身事外。IEEPA关 ...

板块变化情况 2月19日美股三大指数均下跌（道指跌0.54%，纳指跌0.31%），汽车制造板块整体下跌0.10%。宏观流 动性恶化及系统性抛压加剧个股波动。 公司高管Reuss Mark L于2月17日以每股80.52美元售出48.07万股普通股，总价值约3870.95万美元。此类 大规模减持可能引发市场对管理层短期信心的担忧。 行业政策与环境 美国电动汽车市场热度消退，政策支持减弱（如7500美元联邦税收抵免到期）导致需求疲软。底特律车 企普遍面临电动化转型挑战，通用汽车在2025年因电动车业务重组计提76亿美元一次性支出，拖累全年 净利润同比下降55%。 公司基本面 公司预计2026年总关税成本影响约30-40亿美元，大宗商品通胀及供应链本土化转移将带来额外成本。 尽管公司通过监管收益、保修成本优化等措施部分对冲，市场仍关注其利润承压风险。 来源：经济观察网 经济观察网 根据公开信息，通用汽车（GM.N）在2026年2月19日的股价异动（收盘报81.47美元，单日 下跌2.63%）主要与以下因素相关： 股价异动原因 业绩战略 通用汽车2026年业绩指引积极：预计调整后EBIT为130-150亿美元，每股收 ...

Group 1: Core Insights - General Motors clarifies recent "de-China" rumors, emphasizing that supplier selection has no national restrictions and that its localization rate in China exceeds 95% [1] - The Chinese market is a core part of General Motors' global strategy, with plans to continue investing in its operations in China [1] - By 2025, General Motors expects nearly one million electric vehicle deliveries in China, contributing 42% to its global sales, and has reported five consecutive quarters of profitability in the Chinese market [1] Group 2: Stock Performance - Over the past week, General Motors' stock price has shown significant volatility, with a cumulative decline of 1.42% and a fluctuation range of 6.75% [2] - On February 12, the stock rose by 2.88%, closing at $82.12 with a trading volume of approximately $98.6 million; the lowest price occurred on February 11 [2] - The stock price movements are primarily influenced by market sentiment regarding automakers' electric vehicle strategies and cost pressures [2] Group 3: Financial Report Analysis - General Motors' 2025 financial report indicates a 55% year-over-year decline in net profit to approximately $2.7 billion, with adjusted EBIT at $12.7 billion; the decline is mainly due to a $7.6 billion one-time charge from electric vehicle restructuring [3] - For 2026, the company provides a positive outlook, expecting adjusted EBIT between $13 billion and $15 billion, and net profit in the range of $10.3 billion to $11.7 billion [3] - The company plans to optimize gasoline vehicle production to narrow electric vehicle losses by $1 billion to $1.5 billion, with continued profitability contributions from the Chinese market, where 2025 sales are projected to reach 1.88 million units, with over half being electric vehicles [3]

经济观察网2026年2月11日，本田汽车宣布因电动汽车业务连续四个季度出现营业亏损，将"从根本 上"重新评估电动汽车战略。截至2025年12月31日的9个月内，EV业务计提减值及相关费用达2671亿日 元(约合119.51亿元人民币)，预计本财年(截至2026年3月31日)EV相关总影响可能达7000亿日元。公司决 定结束与通用汽车在电动汽车领域的合作，并转向混合动力车为重点，计划将混动销量提升至220万 台。同日，本田披露2026年1月在华销量为57,489辆，同比下滑16.5%，连续24个月下降；广汽本田1月 销量仅4,558辆，同比暴跌69.86%。此外，2026年2月6日，本田宣布将于2027年起在全球启用全新品牌 标识，以配合电动化转型。 股票近期走势 近7天(2026年2月5日至11日)，本田汽车(HMC.N)股价呈现波动。2月6日单日大涨4.62%，收盘价32.82美 元；但2月9日下跌3.23%，2月10日进一步跌1.73%。截至2月11日收盘，股价回升至31.97美元，单日涨 幅2.44%，近7天区间涨跌幅为1.11%。成交方面，2月9日和10日成交量较高(均超150万股)，2月11日缩 量 ...

Beijing just picked a fight with Washington — and Detroit is sweating. BYD Co (OTC:BYDDF) (OTC:BYDDY) , the world's largest EV maker, has sued the Trump administration in the U.S. Court of International Trade over the 100% tariff that effectively bans Chinese electric cars from America.On the surface, this is a trade case. Underneath, it's a high-stakes market showdown that could reshape who wins the U.S. EV race.Why This Matters For TeslaFor now, the tariff is a protective moat for Tesla Inc (NASDAQ:TSLA) ...