在汽车产业向智能化、网联化加速转型的浪潮下，试验场正成为行业发展不可或缺的一环。记者近日实 探中汽股份（301215）旗下长三角（盐城）智能网联汽车试验场（以下简称"试验场"）发现，这个斥资 15亿元打造的项目，不仅填补了国内智能网联汽车系统性验证平台的空白，更以全球首个智能网联隧 道、智能网联复杂环境多维模拟平台等多个首创性设施，构建起覆盖"车-路-云-网-图"的立体化验证体 系。该项目不仅面向汽车，更涵盖了综合能源站、低空飞行器等交通环境的参与者，俨然是未来交通 的"仿真社会"。 《中汽股份"十四五"发展规划》明确，公司将围绕智能网联汽车试验"三支柱"法，努力构建"仿真-场地- 道路"全景技术服务能力。未来，试验场将如何围绕打造世界一流汽车研发测试平台和全球智能交通系 统"中国样本"付诸实践？带着这些关键问题，记者专访了中汽股份总经理张子鹏。 证券时报记者：试验场的建设初衷是什么？随着试验场建成并实现常态化运营，它展现了哪些亮点？ 张子鹏：在试验场建成之前，我国缺少一个大型、综合测试平台，来解决智能网联汽车正式上路前的各 种问题，突出的问题有技术难以验证、迭代更新较慢等。 2020年，中汽股份敏锐地捕捉到 ...

今年一季度，长三角汽车生产马力全开。根据国家统计局公布的最新数据，1—3月，沪苏浙皖汽车产量 分别为37.04万、52.16万、38.72万、76.17万辆，三省一市汽车产量累计达204.09万辆。另据中国汽车工 业协会数据，2025年1—3月，我国汽车产销分别完成756.1万辆和747万辆。这意味着，全国每生产4辆 汽车，就有1辆来自长三角地区。 产业链长、关联度高、带动性强，汽车产业是国民经济的重要支柱产业，市场需求广阔，同时也伴随着 激烈的市场竞争。作为中国经济最活跃也是汽车产业链最齐全的区域之一，冲刺开局后，紧盯全年目 标，长三角区域汽车产业何以竞速争先？ 谋变产业布局，锻造汽车制造"黄金三角" 放眼全国，2024年，汽车产量位次前十的省份分别是广东、安徽、重庆、江苏、山东、上海、陕西、浙 江、吉林和湖北，产量分别达570.74万、262.03万、254.01万、225万、183.81万、180.75万、175.35万、 169.22万、150.7万和138.91万辆。 记者注意到，自2016年始，广东的汽车产量一直保持全国第一。但今年一季度开局，却有变化——1—2 月，安徽和广东的汽车产量分别是44 ...

Core Viewpoint - The 2025 Shanghai Auto Show emphasizes "safety" as a central theme, reflecting regulatory pressures, industry standards, and consumer awareness regarding technology boundaries [1][2][3] Regulatory Environment - The Ministry of Industry and Information Technology held a meeting to enforce regulations against exaggerated and false advertising by automakers, requiring clear definitions of system functionalities and safety measures [1] - The China Automobile Industry Association and the China Automotive Engineering Society issued a joint statement urging companies to adhere strictly to the "Automated Driving Classification" to avoid misleading representations [1] Consumer Behavior - Consumers are shifting their focus from "cool features" to "actual reliability" when purchasing vehicles, demanding transparency and accountability from automakers regarding legal responsibilities [2] - Sales personnel report that customers are increasingly asking for written commitments regarding the functionalities of vehicles [2] Industry Response - Automakers are adjusting their marketing strategies, with the term "autonomous driving" nearly disappearing in favor of more cautious language like "assisted driving" [2] - Companies are showcasing safety through redundancy designs and scenario validations rather than merely competing on hardware specifications [3] Safety Initiatives - Various companies, including Huawei and several automotive groups, have launched initiatives to promote safety in intelligent driving technologies, emphasizing that safety is fundamental to the industry's long-term development [3] - The establishment of safety technology laboratories and public demonstrations of safety features are part of efforts to build consumer trust [3] Future Outlook - The competition in the automotive industry is shifting from storytelling to making reliable commitments, with future winners likely to be those who effectively balance safety redundancy, data integrity, and cost control [3]

中汽股份 20250427 摘要 • 中汽股份 2024 年营收突破 4 亿元，同比增长约 12%，净利润稳步增长约 1%，扣非后净利润增长约 4.67%。毛利率稳定在 70%左右，净利率在 40%左右。经营活动净现金流 2.43 亿元，资产负债率约 16%。 • 2025 年一季度，公司营收 8,801.73 万元，同比增长近 30%；归母净利 润 2,897.63 万元，同比上升 24%。但二期项目投入运营前期固定成本消 化影响毛利率有所下降。 • 长三角盐城智能网联汽车实验场于 2024 年 7 月逐步投入使用，具备飞行 汽车测试能力，并建设越野车路等新场景，预计年底投入使用，将成为公 司新的增长点。 • 公司与国内 60%的新势力及新能源企业、60%的中国品牌乘用车客户以 及 35%的国内外主流商用车轮胎企业保持合作。 • 公司围绕智能网联汽车构建仿真场地与道路全场景测试服务能力，提供从 虚拟仿真测试到实车封闭测试，再到开放道路测试的一体化服务。 • 预计 2025 年管理费用、销售费用和财务费用不会有显著变化。智能网联 项目转固后，预计 2025 年全年折旧大约在 4,000 万到 5,000 万之 ...

Summary of Fuda Co., Ltd. Conference Call Company Overview - Fuda Co., Ltd. reported a remarkable performance in Q1 2025, with a year-on-year growth rate of 339%, significantly surpassing the typical seasonal performance of the automotive industry, driven by capacity expansion and improvement in commercial vehicle business [2][3] Key Financial Metrics - Revenue for Q1 2025 reached approximately 470 million yuan, with a non-recurring net profit of 65.51 million yuan, reflecting a 112% year-on-year increase [3] - The net cash flow from operating activities was about 198 million yuan, showing a 339% increase year-on-year [3] - Gross margin for Q1 2025 was 27.1%, and net profit margin was around 14%, attributed to enhanced production efficiency and improved commercial vehicle business [2][8] Strategic Business Moves - The company decided to sell its 51% stake in Fuda's second subsidiary to optimize its business structure, focusing on strategic areas such as intelligent connected vehicles, new energy vehicles, and core components for robotics [2][4][7] - The sale is expected to positively impact Fuda's profits in 2025, with a total transaction amount of 96 million yuan, generating over 10 million yuan in balance sheet premium and more than 90 million yuan in profit statement gains [2][7] Capacity and Production - As of April 2025, Fuda's annualized capacity reached over 3.3 million sets, with expectations to increase to around 4.2 million sets by the end of the year [4][9] - The company has been operating at full capacity, with a production model that allows for quick adjustments to meet different customer demands, particularly in hybrid vehicle models [10] Robotics Business Development - Fuda's robotics business is advancing on two fronts: the self-developed planetary reducer, which is expected to start receiving orders in 2025, and a partnership with Changqing Technology to produce planetary roller screws [6][12] - The company has signed a confidentiality agreement with a sales company and has delivered the first batch of samples for the planetary reducer [6] Market Position and Future Outlook - Fuda is focusing on expanding its market share in the European market, with significant increases in export volumes expected in 2025 [14] - The company is strategically positioning itself to maintain flexibility for rapid expansion while ensuring resource optimization through the sale of non-core assets [15][16] Competitive Landscape - The robotics market is viewed as being in its early stages, with ongoing technological iterations expected. Fuda believes that its strong equipment capabilities will provide a competitive edge in cost and quality [13] - The company is committed to focusing on core areas such as passenger vehicles, new energy electric drive gears, and core components for robotics, aiming to leverage its strengths in these sectors for future growth [12][13]

| | 本次交流活动采用线上方式举行，活动不涉及应披露的重 | | --- | --- | | | 大信息，与投资者交流情况如下： | | | 1.长三角（盐城）智能网联汽车试验场业务如果全面达产， | | | 预计产值能达到多少？目前智能网联业务对整体收入的贡献有 | | | 多大？ | | | 答：（1）长三角（盐城）智能网联汽车试验场是公司募投 | | | 项目，效益测算详见公司《招股说明书》，实际效益情况受宏 | | | 观经济环境、市场行情、客户研发需求等因素影响，产能释放 | | | 需要一些时间周期，请投资者谨慎决策，注意投资风险。（2） | | | 公司已与多家客户签订了智能网联试验场业务合同，为后期长 | | | 三角（盐城）智能网联汽车试验场产能释放奠定基础。目前， | | | 相关业务正处于爬坡阶段，产能将逐步释放。 | | 投资者关系活 | | | | 2.公司 2024 年前五大客户具体是哪几家？看最近披露的 | | 动主要内容介 | 年报第一大客户为中汽中心，整体业务量为 7 千多万，对于中 | | 绍 | 汽中心整体的业务收入未来预期如何，增速如何？ | | | 答：（1）公司《 ...

Core Viewpoint - Wuhan is implementing measures to promote the high-quality development of private enterprises, focusing on cultivating "root enterprises" that possess innovation capabilities, ecological leadership, and long-term growth potential [1][2]. Group 1: Measures for Talent and Innovation - Wuhan will leverage its educational resources to attract talent, offering various incentives such as rent reductions and improved living conditions to ensure talent can settle and thrive in the city [2][3]. - The city plans to establish a digital platform for talent services and prioritize support for private enterprises that meet specific salary standards for R&D personnel [2][3]. Group 2: Industry Policy and Support - The government aims to enhance the participation of private enterprises in emerging sectors like artificial intelligence, smart vehicles, and biomedicine, with a focus on technology and product innovation [3][4]. - Wuhan has established a project database with 102 projects in future industries and aims to increase funding support for private enterprises in technology and industrial development to 70% [3][4]. Group 3: Financial Support and Development - The city will promote pilot programs for technology enterprise mergers and loans, and explore equity incentive funds to transform core employees into innovation partners [4]. - A "seedling project" will be introduced to support the growth of small and medium-sized enterprises, aligning with the model of the Science and Technology Innovation Board [4]. Group 4: Growth of Private Enterprises - In 2024, the number of private enterprises in Wuhan is expected to exceed 1 million, marking an 18.5% year-on-year increase, positioning the city fourth among sub-provincial cities [5]. - Private enterprises account for 84.3% of the nearly 20,000 "four above" enterprises and over 90% of the 16,000 high-tech enterprises in the city [5].

中汽股份（301215）4月25日晚间发布2024年年报及2025年一季报。2024年公司实现营业收入4亿元，同 比增长12.16%；归母净利润1.67亿元，同比增长1.03%。2025年一季度，中汽股份实现营业收入8801.73 万元，同比增长29.92%；归母净利润2897.63万元，同比增长23.92%。 中汽股份营收净利双增长，离不开公司营销模式创新和对新市场的持续开拓。据了解，中汽股份积极开 拓商用车试验、智能网联试验场业务，与多家客户签订合同；同时，创新与客户合作模式，打造整车和 零部件企业研发集聚生态圈，与头部企业共建试验中心。随着长三角(盐城)智能网联汽车试验场在2024 年投入运营，公司开启第二成长曲线。2025年，公司将加大智能网联和商用车业务拓展力度，强化与头 部客户合作，提升一站式技术服务能力。 积极开拓商用车试验、智能网联试验场业务 中汽股份主营业务为通过构建汽车场地试验环境和试验场景，为汽车整车生产企业、汽车检测机构、汽 车底盘部件系统企业以及轮胎企业等客户提供场地试验技术服务。 过去一年，中汽股份实现了盈利水平的稳步增长。中汽股份2024年年报显示，公司实现扣除非经常性损 益的归 ...

Group 1 - BMW has introduced a new generation of intelligent electronic architecture and three groundbreaking technologies: BMW Panorama iDrive, the industry-first BMW Driving Control Super Brain, and revolutionary cylindrical batteries [1][3] - At the 2025 Shanghai Auto Show, BMW showcased three new generation concept cars along with the intelligent super sensory cockpit and the new generation operating system X, highlighting its advancements in intelligence and electrification [1][3] - The new generation models emphasize a human-centered approach to technology, aiming to enhance customer satisfaction and create value [3][5] Group 2 - The BMW new generation super sensory cockpit allows consumers to experience the BMW Panorama iDrive and the locally optimized operating system X, showcasing a driver-centric design and innovative interaction experience [5][6] - The operating system X is highly customized for the Chinese market, with 70% of its source code developed and optimized in China, including nearly 100 localized features [5][6] - BMW's AI strategy is built on principles of safety, fairness, and responsibility, integrating AI technology throughout the entire value chain [6] Group 3 - The first China-exclusive new generation model, the BMW iX3L, has begun testing in Shenyang, with plans to meet Chinese consumers next year [7][9] - The strategic importance of the Chinese market in BMW's global innovation landscape is increasingly recognized, with a commitment to innovate at Chinese speed [9][10] - BMW is entering a new phase of collaboration with Chinese partners to drive high-quality development in the automotive industry, with AI being a key area of focus [12][13] Group 4 - BMW has established the largest and most complete R&D network outside Germany in China, with three software companies dedicated to vehicle software development, seamless customer experience, and enterprise IT solutions [13] - The company believes that success in global markets requires not only attractive products but also deep engagement in local markets [13] - BMW's innovative technologies showcased at the Shanghai Auto Show signify the beginning of a new era for the brand [13]

【文/观察者网 潘昱辰 编辑/高莘】4月23日—5月2日举行的2025上海国际车展上，全球排名前两位的汽车集团——丰田汽车公司和大众汽车集团都提到了"地 域"一词。 大众汽车集团管理董事会主席奥博穆表示，近年来汽车行业变化非常迅速，大众需要考虑地域特征；丰田汽车（中国）总经理李晖在发布会上表示，为向移 动出行公司转型，丰田发布了两个方针，其中之一就是以"商品"和"地域"为中心的经营。 此前，跨国公司经常以"本土化"一词来说明对全球不同市场差异化的洞察、适配与经营。此次上海国际车展上"地域"一词的出现是措辞的偶然，还是跨国公 司的全球化战略发生深刻变化？ 清华大学全球产业研究院副院长李东红对观察者网表示，车展上"地域"一词的提法可以说明三方面变化：一是，供应链变化，即供应链体系越来越呈现地域 化特称，而非全球高度一体化，特别是，一个区域范围内的供应链体系有可能明显优于其他区域的供应链体系；二是，人才发展，即一个区域内的专业化人 才不但了解该区域需求特征，也懂得跨国公司的经营标准与企业文化；三是，市场影响力使然，即跨国公司必须把地域作为未来发展的关键影响力量，从而 增强其全球竞争力。 2025上海国际车展 视觉中 ...