二、可转债交易异常波动的具体情况说明 证券代码：300969 证券简称：恒帅股份 公告编号：2025-057 债券代码：123256 债券简称：恒帅转债 宁波恒帅股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 可转债发行上市基本情况 根据中国证券监督管理委员会《关于同意宁波恒帅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〕224 号），公司于 2025 年 5 月 29 日向不特定对象发行面值总额 32,759.00 万元可转换公司债券（以下 简称"可转债"），期限 6 年，每张面值为人民币 100 元，发行数量 3,275,900 张，募集资金总额为人民币 32,759.00 万元。经深圳证券交易所（以下简称"深 交所"）同意，公司向不特定对象发行的 32,759.00 万元可转换公司债券于 2025 年 6 月 17 日起在深交所挂牌交易，债券简称"恒帅转债"，债券代码"123256"。 根据《宁波恒帅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》 等有关规定，公司本次发行的"恒帅转债"存续期自 ...

Company Overview - Terranet is focused on developing technology solutions for advanced driver assistance systems (ADAS) and autonomous vehicles, aiming to enhance safety for vulnerable road users [3] - The company utilizes a patented sensor technology called BlincVision, which detects objects with laser precision, claiming to be up to ten times faster and more accurate than existing ADAS solutions [3] Industry Engagement - Terranet will participate in the Auto.AI and Safety.AD USA 2025 conferences, scheduled for June 30–July 1 in San Francisco, California, which are significant forums for discussing advancements in AI and traffic safety [1] - The presence at these conferences is intended to strengthen connections to the North American market and highlight the company's role in developing future safety solutions for ADAS and autonomous vehicles [1] Strategic Objectives - The Chief Commercial Officer of Terranet, Jonas Renander, emphasized the importance of engaging with key stakeholders at the upcoming conference to clarify the company's value proposition and demonstrate contributions to safer traffic [2]

Core Viewpoint - Terranet AB has successfully completed a rights issue that was oversubscribed, raising approximately SEK 15 million before issue costs, indicating strong shareholder confidence in the company's future development [2][3][5]. Rights Issue Outcome - The subscription period for the rights issue ended on June 11, 2025, with 10,349,896 units subscribed for with unit rights, representing about 74.6% of the rights issue [3]. - An additional 4,704,934 units were subscribed without unit rights, corresponding to approximately 33.9% of the rights issue, leading to a total subscription of 15,054,830 units, or approximately 108.5% of the rights issue [2][3]. Financial Impact - The rights issue will increase the number of shares by 166,568,568 B-shares, raising the total share capital from SEK 14,715,191.82 to SEK 16,380,877.50 [7]. - If all warrants of series TO9 B are exercised, the number of shares will further increase by 83,729,677 B-shares, raising the share capital to SEK 17,218,174.270 [8]. Warrants and Trading - Each warrant of series TO9 B allows the holder to subscribe for one new B-share at a price of SEK 0.18, with the subscription period set from December 1, 2025, to December 15, 2025 [9]. - Trading in paid subscribed units (BTU) will occur on Nasdaq First North Premier Growth Market until June 30, 2025, or until conversion into B shares and warrants [10]. Company Development - The proceeds from the rights issue will enable the company to advance its product and business development, particularly in the commercialization of its anti-collision system, BlincVision [6]. - Terranet aims to enhance urban traffic safety through innovative solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV) [14].

Core Insights - Qualcomm Incorporated (QCOM) has experienced significant growth in its automotive segment, reporting a 59% year-over-year increase in Q2 2025 [1][8] - The company has established a strong client base, including major automakers and tech firms such as General Motors, BMW, and Google [1] - Strategic acquisitions, including Veoneer and Autotalks, have enhanced Qualcomm's capabilities in driver-assistance technology and vehicle-to-everything (V2X) communication [2][3] Automotive Segment Performance - Qualcomm's automotive segment is projected to generate $3.7 billion in revenue, reflecting a 27.3% year-over-year growth [3] - The company secured 30 new designs in Q2, including five ADAS programs from various automakers, indicating strong demand for its Snapdragon Digital Chassis product portfolio [3][8] Competitive Landscape - Qualcomm faces competition from NVIDIA and Intel in the automotive sector, with NVIDIA focusing on AI-driven connectivity and Intel's Mobileye expanding in autonomous car technology [4][5][6] - Despite the competition, Qualcomm's strategic acquisitions and product offerings are expected to maintain its competitive edge in the automotive market [6][8] Financial Performance and Estimates - Qualcomm's shares have declined 25.5% over the past year, contrasting with the industry's growth of 18.1% [7] - Earnings estimates for 2025 have decreased by 0.17% to $11.8 per share, while estimates for 2026 have decreased by 3.18% to $12.19 [11]

2 | | | 3 编号：2025-008 投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 □其他 （线上会议调研） 参与单位名称及 人员姓名 山西证券刘斌、贾国琛，宁波宝隽董一平 时间 2025 年 06 月 06 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书邱蓉 证券办 李琼婷 投资者关系活动 主要内容介绍 一、公司情况介绍 二、公司情况交流 1、公司有 AEB 产品销售吗？ 答：AEB 属于 ADAS 系统的一个主动安全功能，公司没有单独 销售 AEB 产品，主要通过线控制动产品帮客户实现 AEB 功能。 公司线控制动产品于 2024 年开始量产，目前销售占比不大。 2、公司除了萧山本部这边，其他地方有生产基地吗？ 答：公司目前主要有萧山本部、安徽广德和湖州安吉三大生产 基地，公司在柳州、广州、长春等各地也有生产基地便于为整 车就近配套，同时公司的摩洛哥生产基地项目目前也正在有序 推进中。 3、公司毛利率提升的原因主要有哪些？ 1 | | 答：受益于国内汽车销量的增长及公司国际市场新项目的上 | | --- | - ...

9 Jun 2025 CMB International Global Markets | Equity Research | Company Update BYD (1211 HK/002594 CH) Key takeaways from AGM Maintain BUY. We attended BYD's annual general meeting (AGM) and management sharing session on 6 Jun 2025. We summarize some key takeaways as below. | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 602,315 | 777,102 | 970,122 | 1,045,753 | 1,149,559 | | YoY growth (%) | 42.0 | 29.0 | 24.8 | 7.8 | 9.9 | | Net profit (RM ...

证券研究报告 | 2025年06月05日 禾赛科技（HSAI.O） 优于大市 一季度收入同比增长 46%，激光雷达新产品、新客户持续突破 2025Q1 公司实现营业收入 5.25 亿元，同比增长 46%。2025Q1，公司实 现收入为 5.25 亿元，同比增长 46.3%，环比减少 27.0%，净利润为-0.18 亿元（2024Q1 为-1.07 亿元，2024Q4 为 1.47 亿元），调整后净利润（即 加回股权激励费用后的净利润）为 860 万元（2024Q1 为-6910 万元， 2024Q4 为 1.7 亿元）。分业务来看，1）2025 Q1，公司产品收入为 5.1 亿元，同比增长 44.7%，环比减少 27.2%，同比增长主要由于中国需求 旺盛导致 ADAS 激光雷达产品销售收入增加；2）2025Q1，公司服务收 入为 1460 万元，同比增长 139.3%，环比减少 19.8%，同比增长主要系 非经常性工程服务收入的增加所致。 2025Q1，公司毛利率同环比双升，费用率下降。2025Q1，禾赛科技的毛 利率/净利率分别为 41.7%/-3.3%，分别同比变动+3.0/+26.4pct，分别 环比变 ...

Company Overview - Terranet AB focuses on developing innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV) aimed at enhancing urban traffic safety [7] - The company is headquartered in Lund, Sweden, with additional offices in Gothenburg and Stuttgart, and has been listed on Nasdaq First North Premier Growth Market since 2017 [8] Rights Issue Details - The Rights Issue involves a maximum of 13,880,714 units, with each unit consisting of twelve B-shares and three warrants of series TO9 B, issued free of charge [9] - The subscription price is set at SEK 1.08 per unit, equating to SEK 0.09 per B-share, and is expected to raise approximately SEK 15 million before costs [9] - Shareholders will have preferential rights to subscribe, with one existing share granting one unit right, and eighty-six unit rights needed to subscribe for one unit [9] - The subscription period runs from May 27, 2025, to June 11, 2025, with trading in unit rights occurring from May 27, 2025, to June 5, 2025 [4][9] Financial Commitments - The Rights Issue is fully covered by subscription commitments of approximately SEK 35.2 thousand (0.2% of the Rights Issue) and underwriting commitments of about SEK 15 million (99.8% of the Rights Issue), totaling 100% coverage [9]

本期投资提示： （一）禾赛科技：一季度交付量近20 万台，同比高增231%。禾赛科技公布2025 年第一季度财务数据， 数据显示第一季度实现营收5.3 亿元，同比增长46.3%。2025 年第一季度，禾赛激光雷达总交付量为 19.58 万台，同比增长231.3%。其中，ADAS 产品交付量为14.61 万台同比增长178.5%。机器人领域交 付量增长迅猛，在Robotaxi 领域和消费级机器人领域均加速市场渗透进程。在Robotaxi 市场，禾赛作为 百度ApolloGo、滴滴自动驾驶、小马智行和文远知行等头部Robotaxi 企业下一代车队的主激光雷达供应 商。在消费级机器人市场，公司将交付30 万颗JT 系列激光雷达加速渗透。 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。就控制器 板块代表公司和而泰和拓邦股份来看，2025Q1 业绩已呈现修复态势，可乐观展望后续季度业绩表现。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现，我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。在18年、 21-23 年期 间，控制器部分原材料（包 ...

Financial Data and Key Metrics Changes - Allegro Microsystems has seen a significant decline in industrial sales, which dropped about 35% during the last six quarters due to an inventory correction [19] - The company reported that distributor inventories decreased by 25% compared to the beginning of the fiscal year [54] - Gross margins are currently below 50%, with a focus on returning to the 50% range in the near term [69] Business Line Data and Key Metrics Changes - Automotive sales account for approximately 75% of overall sales, with e-mobility (ADAS applications and XEV powertrain) representing about half of that segment, growing at a mid-teens growth rate [7][8] - The industrial segment represents about 25% of sales, primarily sold through distributors, with historical applications in clean energy and industrial automation [18][20] - The isolated gate driver technology is expected to provide a content uplift opportunity of about $30 to $40 in automotive and up to $425 in AI server racks [27][28] Market Data and Key Metrics Changes - China is the largest market for Allegro, accounting for 27% of shipments, with a significant portion being re-exported [12][13] - Japan contributes about 20% of sales, North America 15%, and Europe 13% [14] - The company has a well-distributed market presence, serving almost all tier one automotive makers in the Western world [14] Company Strategy and Development Direction - The company aims to leverage its distribution channels more efficiently and has hired a new SVP of sales focused on industrial and power sectors [26] - Allegro is committed to innovation within a spending envelope, focusing on operational efficiency and cost management [48] - The company plans to continue exploring organic growth opportunities while remaining open to strategic acquisitions that align with its core competencies [80] Management's Comments on Operating Environment and Future Outlook - Management has not observed significant changes in customer order patterns despite ongoing geopolitical issues [50] - The focus remains on executing new product sales and improving gross margins above 50% [46][70] - The company is optimistic about the growth potential in the robotics sector, particularly humanoid robotics, which could match automotive content opportunities [22] Other Important Information - Allegro recently underwent a CEO change, appointing Mike Dug, who has been with the company for nearly 28 years, as the new CEO [41] - The company plans to hold an Analyst Day following its fifth anniversary as a public company to reintroduce its leadership team and clarify its strategy [83] Q&A Session Summary Question: How does Allegro's exposure to China compare to other markets? - China accounts for 27% of Allegro's shipments, with a significant portion being re-exported, while Japan is about 20%, North America 15%, and Europe 13% [12][14] Question: What are the key growth drivers in the industrial segment? - The industrial segment has been historically focused on clean energy and automation, with new opportunities in medical and AI data centers [20][21] Question: What is the company's strategy regarding acquisitions? - Allegro is focused on organic growth but remains open to strategic acquisitions that align with its technology and market needs [80]