证券代码：300825 证券简称：阿尔特 阿尔特汽车技术股份有限公司 投资者关系活动记录表 编号：2025-005 参会的各位投资者就各自关心的问题与公司进行了交流互动，主要探讨了 以下问题： 1、公司在日本开拓的油改电业务，商业模式是什么？进展如何？ 针对油改电业务，公司参股了日本上市公司YAMATO，并与其签订了相关 业务订单。其中，公司负责提供油改电的技术方案，并将对应的三电套件出口 到日本，再由YAMATO针对下游客户的存量车型进行电动化改装。 日本商用车油改电市场具备较大的市场潜力。当地政府为推进碳中和目 标，已将电动改装卡车纳入到了电动化补贴的发放对象中，补贴额达到改装费 总额的三分之二，对于各物流企业来说，电动改装卡车因此具备了显著的成本 优势。 由于海外客户导入时间长、验证标准严苛，且当地市场电动卡车改装业务 运行流程较为复杂，需要经过技术研发、性能验证、型式认证、道路测试、商 业推广等多个阶段，因此公司轻卡油改电业务经历了较长筹备期，并已于2025 年4月正式启动产品交付。此外，基于轻卡车型的成功经验，公司已于5月新获 重卡油改电订单，订单金额约3.37亿元；10月，YAMATO与日产车体集 ...

Group 1: AI Empowerment and Innovation - The company has integrated AI technologies into various stages of automotive design and development, including intelligent generation of visual effects, aerodynamic coefficient prediction, and automated component generation [2][5]. - The AI-powered automotive design product "TAI" was officially launched in March 2025, aimed at enhancing automotive design efficiency [5][6]. - Future plans include developing a series of AI tools and models to create an AI industrial design platform, enhancing the overall automotive design process [5][6]. Group 2: Financial Performance and Challenges - In 2024, the company reported a net loss of -132.85 million CNY, primarily due to low profit margins on existing orders and significant R&D investments [3][4]. - The company aims to achieve profitability in 2025 by focusing on high-quality supply for existing clients and expanding its overseas market presence [4][16]. - The overseas revenue for 2024 was 111.06 million CNY, accounting for 11.4% of total revenue, reflecting a year-on-year growth of 188.89% [4][16]. Group 3: Overseas Expansion Strategy - The company is actively expanding into international markets, particularly in Japan, the Middle East, and Eastern Europe, with a focus on providing integrated design and engineering services [3][16]. - A significant contract worth 470 million CNY was signed with Japan's AIM for vehicle manufacturing and export, indicating strong international partnerships [16][17]. - The company plans to leverage its "technology + supply chain" strategy to facilitate overseas business operations and meet the growing demand for electric vehicles globally [3][16]. Group 4: Robotics and Future Developments - The company is exploring applications of robotics in various sectors, including underwater cleaning and industrial automation, while developing an integrated design and simulation platform for robotics [15][23]. - Current robotics initiatives are in the early stages, with ongoing efforts to align automotive R&D capabilities with robotics development [15][23]. - The company aims to enhance its technological capabilities in robotics, focusing on AI-driven design and simulation processes [15][23]. Group 5: Market Position and Competitive Landscape - The company is recognized as the only independent automotive design firm listed on the A-share market, with a strong emphasis on technological innovation and R&D [24][36]. - It has established partnerships with over 80 domestic and international clients, developing nearly 500 vehicle models across various categories [24][36]. - The company holds 1,917 patents, with a notable increase in invention patents, positioning it as a leader in the automotive design industry [24][36].

Core Insights - The company reported a revenue of 971 million yuan for 2024, with a net loss of 133 million yuan, while the first quarter of 2025 saw a revenue of 268 million yuan and a net profit of 12.39 million yuan [1] - The primary reason for the net profit pressure is intense competition in the domestic automotive industry, leading to lower profit margins on existing orders and a decline in gross margin [1] - The company's overseas revenue surged to 111 million yuan in 2024, marking a year-on-year increase of 188.89% [1] Overseas Expansion Strategy - In response to domestic competition, the company adopted a "technology + supply chain" strategy for international expansion, establishing subsidiaries and branches in various regions to build a global R&D and service network [1][2] - The company has made significant progress in the Japanese market, achieving a closed-loop industrial chain for automotive design, supply chain support, and vehicle exports [2] - By the end of 2024, the company secured a contract worth approximately 470 million yuan for the production of AIM EVM vehicles and has entered into a project cooperation agreement with Nissan (China) [2][3] Financial Performance and Profitability - The company has signed framework agreements with several vehicle manufacturers in the Middle East and Eastern Europe, with some orders already in place, contributing to stable future revenue [3] - The gross margin for overseas business stands at 33.03%, significantly higher than the domestic margin of 19.06%, indicating that international expansion could enhance overall profitability [3] Technological Innovation - The company significantly increased its R&D investment, reaching 117 million yuan in 2024, a year-on-year growth of 164.96% [4] - AI technologies have been integrated into various stages of automotive design and development, including the launch of an AI tool for automotive styling and CAD applications based on large language models [4] - Future plans include the development of a subscription-based AI industrial design platform to support automotive design and development [4] Future Outlook - The company aims to continue its focus on technological innovation and the execution of its "AI-enabled automotive design" and "technology + supply chain" strategies, promoting internationalization, technological advancement, and digital transformation [5]