阜新德尔汽车部件股份有限公司投资者关系活动记录表 证券代码：300473 证券简称：德尔股份 编号：2025-009 | | ■特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） 民生证券：裴婉晓 海通证券：潘一忻 | | | 国盛证券：林卓欣 信达证券：赵启政 | | | 东方财富证券：朱晋潇 长城证券：金瑞 | | 参与单位名称 | 财通证券：王思宁 国元证券：陈烨尧 | | 及人员姓名 | 南京证券：张儒成 东方证券：何雨蒙 | | | 永唐盛世：吴小超 大筝资管：徐海涛 | | | 兖矿资本：王彦芳、张国梁 熙锦汇投资：刘莹 | | | 允朗投资：查桢伟 弘君基金：周广可 | | 时间 | 2025 年 12 月 25 日 | | 地点 | 德尔股份上海分公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书：张磊 | | 投资者关系活 | Q1、公司 2025 年前三季度经营情况？ | | | 2025 年前三季度，公司实现 ...

科技创新铸引擎 平台赋能激活力 科技创新是引领发展的第一动力,而高能级创新平台则是集聚创新要素、突破关键技术的核心载体。滨 州经济技术开发区深谙此道,全力构建高能级创新平台、高层次人才队伍、高融合创产集群、高品质创 新生态"四位一体"科创体系,让创新之花在这片热土上绚烂绽放。 滨州经济技术开发区全力推动"五区建设",依托现有产业基础,梳理"八大优势",聚焦新能源汽车零部件、 航空航天、生物医药等特色产业链精准招商,因诺科技等无人机项目落地投产,光刻胶、铝基复材等先进 材料产业健康发展,渤海公共实训基地入选国家高技能人才培训基地,2024年国家级开发区综合评价首次 进入前100名,实现了历史性突破,以产业高质量发展赋能城市活力提升。 滨州汇聚起全球规模最大的铝产业集群,而滨州经济技术开发区又是全市高端铝和装备制造业的重要承 载地。今年6月,滨州铝产业先进制造山东省实验室揭牌仪式在魏桥国科科技园举行,这是山东省首家由民 营企业承担建设的省实验室。该实验室揭牌不仅是滨州经济技术开发区科技创新领域的重要里程碑,同 时对推动铝产业绿色低碳、高质量发展意义重大,标志着滨州经济技术开发区在铝产业先进制造领域的 科研实力向前 ...

Core Viewpoint - The automotive industry is rapidly transitioning towards electrification and intelligence, presenting both opportunities and challenges for component manufacturers like Shanghai Kaizhong Materials Technology Co., Ltd. (Kaizhong) [1] Group 1: Strategic Initiatives - Kaizhong is implementing a "domestic optimization + overseas expansion" dual-drive strategy to enhance market collaboration and overall capabilities [2] - The company is investing 308 million yuan in an expansion project at its Nantong base, which will increase annual production capacity for polyurethane damping components by 27 million units and lightweight pedal assemblies by 3.5 million units [2] - Kaizhong's international operations are progressing, with a factory in Mexico set to begin production in 2024, serving major North American clients and covering local automotive production capacity of 4.5 million units per year [2] Group 2: Growth and Innovation - Kaizhong is pursuing the acquisition of 60% of Anhui Tuosheng Automotive Parts Co., Ltd., which specializes in rubber-based damping and sealing components, aligning closely with Kaizhong's core business [3] - The acquisition is expected to create synergies in technology and customer bases, enhancing profitability and market reach [3] - Kaizhong is also developing a new line-controlled braking (EMB) business, projected to begin production in 2026, which is anticipated to be a new growth driver [3] Group 3: Technological Advancements - The company focuses on product improvement and new material applications, significantly enhancing the load capacity of damping components from 10-20 kN to 100 kN [4] - Kaizhong has integrated AI technology into its core processes, improving research efficiency and cost control, while also implementing manufacturing execution systems (MES) and warehouse management systems (WMS) to optimize operations [5] Group 4: Long-term Vision - Kaizhong emphasizes a long-term approach to market management and profitability, aiming for steady growth and consistent dividends for investors [5] - The company believes there is significant room for improvement in the safety, comfort, energy efficiency, and environmental aspects of new energy vehicles, focusing on core technological advancements rather than superficial innovations [5]

Core Insights - The automotive industry is rapidly transitioning towards electrification and intelligence, presenting both opportunities and challenges for component manufacturers [2] Group 1: Company Strategy - The company has adopted a "domestic optimization + overseas expansion" dual-drive strategy to enhance market collaboration and overall capabilities [3] - A 308 million yuan convertible bond is being invested in the Nantong base expansion project, which will add an annual production capacity of 27 million polyurethane damping components and 3.5 million lightweight pedal assemblies [3] - The company is implementing a "main production base + satellite factory" model, with plans to establish 2 to 3 additional factories based on business expansion [3] Group 2: International Expansion - The company's factory in Mexico is set to begin mass production in 2024, directly serving major international clients, including well-known new energy vehicle manufacturers and core customers like General Motors and Ford [3] - A factory in Morocco is scheduled to begin construction in Q1 2024, with production expected to start by the end of 2026, leveraging its geographical advantage to serve the European market [3] Group 3: Growth and Innovation - The company is pursuing the acquisition of a 60% stake in Anhui Tuosheng Automotive Parts Co., which specializes in rubber-based damping and sealing components, aligning closely with the company's core business [4] - The acquisition is expected to create synergies, enhance profitability, and broaden market and technology boundaries [5] - The company plans to launch its EMB (electromechanical brake) business by 2026, which is anticipated to become a new growth driver [5] Group 4: Technological Advancements - The company focuses on product improvement and new material applications, significantly enhancing the load capacity of damping components from 10-20 kN to 100 kN [5] - AI technology is being integrated into core processes, improving R&D efficiency and cost control [5] - The implementation of MES and WMS systems has effectively addressed inventory turnover issues, further reducing operational costs [5] Group 5: Long-term Vision - The company emphasizes a long-term approach to market management and profitability, aiming for steady growth and consistent dividends for investors [6] - The company believes there is significant room for improvement in the safety, comfort, energy efficiency, and environmental aspects of new energy vehicles [6] - The focus remains on technological fundamentals while gradually expanding into new application scenarios [6]

Group 1 - Water Well Square clarified that reports of a certain liquor company intending to acquire it are untrue, urging investors to make rational investment decisions [1] Group 2 - Baida Qiancheng plans to acquire 100% of Xiamen Zhonglian Century Co., Ltd. through a combination of share issuance and cash payment, with the transaction expected to constitute a major asset restructuring [2] - Zhonglian Century is a leading digital marketing service provider, and this acquisition aims to enhance Baida Qiancheng's marketing business and competitive edge [2] Group 3 - *ST Jianyi received a debt waiver of 1.4 billion yuan and a cash donation of 400 million yuan from its controlling shareholder, Zhuhai Zhengfang Group, to support its development [4] Group 4 - Yichang Technology is undergoing a change in its actual controller from Gaojin Group to Chuzhou City State-owned Assets Supervision and Administration Commission, following a share transfer agreement [5] Group 5 - Tian Tie Technology's controlling shareholder, Xu Jiding, has been criminally detained, but the company asserts that this will not significantly impact its daily operations [6][7] Group 6 - Unigroup Guowei plans to establish a new company with several partners, including a subsidiary of CATL, to engage in automotive domain control chip business [8] - Zhongding shares intends to set up a joint venture for humanoid robot manufacturing and OEM business [8] Group 7 - Guangju Energy has acquired an 8% stake in Shenzhen Mawan Power Co., Ltd. for 680 million yuan, increasing its ownership from 6.42% to 14.42% [9] Group 8 - Hainan Airport plans to sell 90% of its stake in Sanya Airport Infrastructure Co., Ltd. for approximately 500 million yuan, expecting an investment gain of about 200 million yuan [10] Group 9 - Hongsheng Huayuan's subsidiaries have pre-qualified for 27 procurement packages from the State Grid Corporation, with a total estimated value of approximately 569 million yuan [12]

隔夜美股喜气洋洋，12月25日，A股也量价温和齐升，沪指七连阳，日成交额增至1.94万亿元，3773只个股收涨，航天板块表现亮眼。 盘面上，商业航天、北斗导航、航空航天设备、通用设备、机器人、天基互联、机器人执行器大涨。黄金概念、锂矿概念、PCB、免税概念、银行、电子 元件、海南自贸、零售均收跌。 | 东财概念指数 | | | | | 东财行业指数 | | | | A股市场核心指数 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 锂矿概念 | 商业航天 | 黄金概念 | | | | | | 东方财富全A 0.54% | | 沪深300 0.18% | | | -0.91% | 3.36% | -0.98% | | | 银行 | | | | | | | | | | | | | -0.30% | | | | | | | | 动力电池回收 | 路咀嚼泉 爆助才汗 | | Chiple | | | | | 上证180 0.23% | 深证综指 0.63% | 深证A指 0.63% | | | -0.73 ...

Core Viewpoint - The official launch of the Hainan Free Trade Port's full island closure operation on December 18, 2025, presents both opportunities and challenges for Japanese companies, amid strained Sino-Japanese relations [1][9]. Group 1: Benefits for Japanese Companies - The zero-tariff policy will expand the range of imported goods to 6,600 tax items, covering 74% of product categories, significantly increasing from the previous 1,900 items [3]. - Japanese cosmetics company Shiseido can expect a cost reduction of 15% to 25% by directly importing raw materials to Hainan without tariffs [3]. - Logistics costs for Japanese companies are projected to decrease significantly, aiding supply chain integration in Southeast Asia, particularly for time-sensitive industries like pharmaceuticals and cold chain logistics [3]. - The annual duty-free shopping limit for individuals in Hainan is set at 100,000 yuan, with an expanded variety of products, allowing brands like SK-II and Lawson to benefit from the growing global duty-free market, which Hainan currently holds over 8% market share [3]. - The opening of the seventh freedom rights allows foreign airlines to operate directly in Hainan, reducing costs for Japanese airlines like Japan Airlines when transporting goods to Southeast Asia [3]. Group 2: Investment Trends - Japanese companies are increasingly attracted to Hainan's low tax rates, with corporate income tax capped at 15% and personal income tax also at 15%, enhancing the region's appeal for high-end talent [5]. - Mitsubishi Corporation has established a regional R&D center in Hainan, shifting investments from trade to high-value-added industries [5]. - The comprehensive cost reduction for Japanese firms is estimated at 8% to 10%, providing additional profit margins for the manufacturing sector [5]. - A memorandum of cooperation was signed between Hainan's trade promotion agency and the Kansai Chinese Chamber of Commerce, focusing on healthcare and trade investment [5]. - The establishment of a financial service platform by Mizuho Bank aims to support Japanese companies with one-stop services, indicating proactive measures despite some companies expressing caution [5][13]. Group 3: Challenges and Risks - Japanese companies face strict regulations requiring that imported goods processed in Hainan must achieve a value-added rate of at least 30% to qualify for zero tariffs, complicating logistics and potentially increasing costs [7]. - The ongoing tensions in Sino-Japanese relations, particularly statements from Japanese politician Sanae Takaichi regarding Taiwan, have raised concerns about potential retaliatory measures from China, affecting trade and tourism [9][11]. - The potential for increased diplomatic friction could lead to further restrictions on Japanese seafood imports and cultural exchanges, creating uncertainty for Japanese businesses considering investment in Hainan [9][11]. - Japanese companies are caught in a dilemma between the need to invest in Hainan to capture market share and the fear of domestic industry hollowing out, as they risk losing market presence to competitors like South Korea [15].

Core Viewpoint - Zhongding Co., Ltd. is expanding its investment in humanoid robots by establishing a joint venture with two other companies to focus on manufacturing and supplying core components for humanoid robots [2][4]. Group 1: Joint Venture Details - The joint venture will have a registered capital of 50 million yuan, with Zhongding's subsidiary, Anhui Ruisi Bo Robot Technology Co., Ltd. (Ruisi Bo), contributing 30 million yuan for a 60% stake [4]. - The other partners include Shenzhen Zhujidong Technology Co., Ltd., which will contribute 10 million yuan in technology valuation for a 20% stake, and Hefei Flexible KOTIAN Robot Materials Co., Ltd., which will also contribute 10 million yuan for a 20% stake [4]. Group 2: Business Focus and Collaboration - The joint venture aims to engage in humanoid robot manufacturing and enhance the supply capability of core components [4][5]. - Zhujidong will exclusively commission the new company to process its robot body products and will grant the new company priority in outsourcing production if needed [5]. - The new company will receive technical support from Zhujidong, including the training of specialized personnel [6]. Group 3: Technological Synergies and Market Position - Zhongding has a strong background in automotive sealing, thermal management, lightweight materials, and precision rubber parts, which will be leveraged in humanoid robot component development [6]. - The company has already established collaborations with several firms in the humanoid robot sector, including Efort and Shenzhen Zhongqing Robot Technology Co., Ltd. [6]. - Zhongding's subsidiary has successfully mass-produced various sensors for robotic applications, indicating a solid foundation for future developments in humanoid robotics [6].

Core Viewpoint - Aerospace Intelligent Manufacturing (航天智造) is experiencing growth in its automotive parts business, driven by the overall increase in the automotive industry, particularly in the electric vehicle sector, while also exploring opportunities in the commercial aerospace sector [1][2][3] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 6.707 billion yuan, a year-on-year increase of 22.01%, and a net profit attributable to shareholders of 651 million yuan, up 21.43% year-on-year [1] - The automotive parts business saw a sales revenue increase of 25% year-on-year, supported by a 13.7% increase in passenger car sales and a 34.9% increase in new energy vehicle sales [1] Group 2: Business Segments - In the automotive parts sector, the company has established strong partnerships with major domestic automakers such as Geely, Changan, and BYD, as well as emerging players like Huawei's HarmonyOS [1][2] - The oil and gas equipment segment maintained stable sales revenue compared to the previous year, focusing on advanced technologies in shale gas and high-temperature, high-pressure perforation systems [1] - The high-performance functional materials segment experienced a decline in performance due to the full electronicization of train tickets, but the company is accelerating market transformation to promote pressure testing membranes as a leading product [1] Group 3: Strategic Focus - The company is closely monitoring developments in the domestic commercial aerospace sector and has not yet participated in related projects, but aims to leverage its core advantages to seek market opportunities in this emerging industry [2] - The company is also paying attention to the development plans of major clients in flying cars and robotics, indicating potential future involvement in these sectors based on industry developments [3]

【导读】毅昌科技实控人拟变为滁州市国资委，计划自12月26日开市起复牌 中国基金报记者 闻言 12月25日 晚间 ，毅昌科技 发布 公告称，公司控股股东 将变为 滁州蔚然科技发展合伙企业 （有限合伙） （ 以下简称蔚然合伙 ）， 实控人将变为滁州市人民政府国有资产监督管理委员 会（以下简称滁州市国资委）。 滁州市国资委拟8.5亿元入主 12月25日，毅昌科技接到其控股股东高金技术产业集团有限公司（以下简称高金集团）的通 知，获悉高金集团与蔚然合伙已经签署《股份转让协议》。 毅昌科技自12月23日开市起停牌，计划自12月26日开市起复牌。截至12月22日收盘，毅昌科 技股价报8.43元/股，涨幅达5.64%，总市值为34.67亿元。 《股份转让协议》显示，蔚然合伙拟以8.16元/股的价格，受让高金集团所持毅昌科技 25.3347%的股份，股份转让对价为8.5亿元。 上述交易完成后，高金集团不再持有毅昌科技的股份，蔚然合伙持有毅昌科技25.3347%的股 份。 | 股东 | 本次权益变动前 | | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | | | 持股 ...