Financial Data and Key Metrics Changes - The meeting confirmed that XPEL had 27,664,765 shares of common stock issued and outstanding as of April 15, 2025, with over 72% of eligible votes represented at the meeting [6][19]. Business Line Data and Key Metrics Changes - No specific financial data or key metrics for individual business lines were provided in the meeting. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting. Company Strategy and Development Direction and Industry Competition - The company emphasized the importance of leveraging the creativity and quality of content created by independent dealers to enhance marketing efforts [22][23]. - XPEL has focused on manufacturing localization and product innovation, which has improved their ability to innovate and respond to regional market needs [26][27]. - The company remains cautious regarding acquisitions in light of uncertainty in the automotive market, indicating that they will not overpay for acquisitions and will continue to pursue opportunities prudently [28][31][34]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty in the automotive market but stated that it has not significantly impacted their acquisition appetite or strategy [28][34]. - They believe that the current market conditions do not necessitate drastic changes in their approach, maintaining a strong balance sheet allows for continued investment [34]. Other Important Information - The proposals for the election of board members, ratification of the independent accounting firm, approval of executive compensation, and adoption of the employee stock purchase plan were all approved by majority votes [19][20]. Q&A Session Summary Question: How does XPEL leverage the creativity of independent dealers in marketing? - Management highlighted the importance of amplifying content created by independent dealers through social media platforms like Instagram, indicating that they support content creators with products to enhance their marketing efforts [22][23][24]. Question: Has localization of production enhanced product innovation speed? - Management confirmed that localization has indeed enhanced their ability to innovate faster, supported by a deeper technical team and a focus on regional needs [26][27]. Question: How has uncertainty in the auto market affected acquisition strategies? - Management stated that while they remain cautious, their appetite for acquisitions has not changed significantly, and they will not overpay for opportunities [28][31][34].

证券代码：603107 证券简称：上海汽配 公告编号：2025-028 上海汽车空调配件股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩暨现金分红说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 06 月 09 日（星期一）13:00-14:45 ? 会议召开地点：上海证券交易所上证路演中心（网址： （二）会议召开方式：上证路演中心视频直播和网络互动 三、参加人员 总经理：王游沼 https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频直播和网络互动 ? 投资者可于 2025 年 05 月 30 日（星期五）至 06 月 06 日（星期五）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zqb@saaa.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 上海汽车空调配件股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日发布公司 2024 ...

Core Points - The company announced a cash dividend of 0.3 CNY per share for its A shares [1] - The total cash dividend distribution amounts to 101,200,500 CNY based on a total share capital of 337,335,000 shares [1] - The dividend distribution plan was approved at the annual shareholders' meeting on May 16, 2025 [1] Dividend Distribution Dates - The record date for the dividend is June 3, 2025, with the last trading day on June 4, 2025, and the ex-dividend date also on June 4, 2025 [1] - The cash dividend will be distributed to shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1] Taxation on Dividends - For individual shareholders holding shares for more than one year, the dividend income is exempt from personal income tax [2] - For shares held for one year or less, the company will not withhold personal income tax at the time of dividend distribution, but tax will be calculated upon transfer of shares [2] - For Qualified Foreign Institutional Investors (QFII), a 10% corporate income tax will be withheld, resulting in a net dividend of 0.27 CNY per share [2][4] Additional Information - The company provides a contact number for inquiries regarding the dividend distribution [5]

截至2025年5月16日收盘，上海汽配(603107)报收于15.99元，上涨1.33%，换手率0.84%，成交量1.83万 手，成交额2925.44万元。 当日关注点 交易信息汇总 5月16日，上海汽配的资金流向显示，主力资金净流出297.32万元；游资资金净流出7.5万元；而散户资 金则净流入304.82万元。 公司公告汇总 上海汽车空调配件股份有限公司发布关于持股5%以上股东权益变动触及1%刻度的提示性公告。公告指 出，权益变动方向为比例减少，变动前合计比例17.04%，变动后合计比例16.80%，未违反承诺、意 向、计划，未触发强制要约收购义务。信息披露义务人为格洛利國際公司和迪之凯国际贸易（上海）有 限公司，二者为一致行动人，均为其他直接持股股东。本次权益变动不会导致公司控股股东和实际控制 人发生变化，所涉股份为无限售条件流通股，享有表决权，不存在表决权委托或受限情况。变动不涉及 披露权益变动报告书，不违反相关法律法规和承诺。根据证监会《证券期货法律适用意见第19号》，触 及1%整数倍需披露。格洛利國際公司变动前持股5041.5315万股，比例14.95%，变动后4959.2315万股， 比例14. ...

（央视财经《经济信息联播》）随着中美互降关税，广东佛山的不少外贸企业也迅速重启美国市场供应。这几天，他们的美国 老客户纷纷赶往中国，到企业实地考察工厂，并开展新一轮合作洽谈，美国贸易商迈克就是其中一位。 美国客商迈克是广东佛山一家汽车配件制造企业的"老朋友"，得知中美关税调整的消息后，他第一时间乘飞机来到中国，一落 地就马不停蹄直奔佛山工厂，争分夺秒只为加快推进此前洽谈好的合作，一边"催"工厂出货，一边向企业下单更多新品。 美国客商 迈克：我之前来过这里，他们现在做了很多改进，他们有很好的制造系统，全流程跟踪做得很好。 转载请注明央视财经 编辑：潘煦 在这家汽车配件生产车间，迈克向负责人详细咨询了企业最新开发的防眩目车灯，虽然这款新品还未量产，但可以自动识别行 人，智能调节亮度的新功能，已经引起迈克的浓厚兴趣。 美国客商 迈克：我想要一个样品，然后我就拿去看看能不能找到想要这款产品的客户。 迈克大约十多年前开始在中国采购各类汽车配件出口至美国，当中就包括佛山这家企业。每年，他都会向这家企业采购超千万 元的产品，供给美国各大汽车品牌制造商。这段延续了十多年的密切合作关系，在今年一度遭受严峻的考验，但随着中美互降 ...

Financial Data and Key Metrics Changes - Revenue grew 15.2% to $103.8 million in Q1 2025, with a notable performance across different regions [5][21] - EBITDA increased 23.2% to $14.4 million, reflecting a 14% EBITDA margin [23] - Net income rose 28.8%, resulting in an 8.3% net income margin and EPS of $0.31 per share [23] Business Line Data and Key Metrics Changes - Total window film product line revenue grew 28.1%, with automotive window tint increasing by 16.2% and architectural window film by 9.6% [22] - U.S. region revenue increased 11.6% to $58.1 million, while Canada region revenue declined 14.9% to $9.4 million [6][7] Market Data and Key Metrics Changes - China revenue was $8.1 million, aligning with expectations, and the company is working on a more direct business model in the region [9][30] - Europe achieved its second-highest revenue quarter, and the Middle East saw record revenue [10] Company Strategy and Development Direction - The company is focused on maintaining a strong capital allocation strategy, prioritizing investments in the business and potential M&A opportunities [17][18] - A $50 million share repurchase plan was approved, indicating confidence in the company's valuation [17] Management's Comments on Operating Environment and Future Outlook - Management noted uncertainty in the market due to tariffs and their potential impact on new car sales, but expressed optimism about current momentum in the U.S. [7][14] - The company is closely monitoring the evolving tariff situation and believes it can mitigate potential impacts [14][32] Other Important Information - The effective tax rate for the quarter was higher than normal at 23.9%, primarily due to foreign taxes [24] - Cash flow from operations was $3.2 million, and the company continues to build cash on its balance sheet [24] Q&A Session Summary Question: Insights on U.S. dealer network and demand velocity - Management indicated mixed responses from dealerships regarding pull-forward demand, suggesting some dealers experienced it while others did not [26][27] Question: Expectations for China business - Management highlighted improved supply chain efficiency and a desire to pursue a more direct business model in China [29][30] Question: Tariff impact on China business - Management stated that tariffs are a non-factor for the company due to diversified manufacturing locations [31][32] Question: Changes in take rate for films in the U.S. - Management believes that pull-forward customers are not their core buyers, and metrics indicate stability in take rates [38][39] Question: Headwinds from dealership inventory and logistics - Management acknowledged potential risks from inventory contraction but deemed it too early to identify it as a significant risk [41][42]

Group 1 - Suzhou Pineapple Health Technology Co., Ltd. focuses on the research, production, and sales of brushless motor products, with overseas sales accounting for 70% of total sales [1] - The company has successfully secured orders from multiple countries, including Germany and the UK, during the recent Canton Fair, indicating strong international demand [1] - The TurboFan X series, featuring aerospace-grade brushless motors, has improved wind strength by 40%, showcasing the company's commitment to innovation in response to U.S. tariffs [1] Group 2 - KALAMEI Technology (Suzhou) Co., Ltd. is the leading exporter of commercial fully automatic coffee machines in China, with a customer base across over 100 countries and regions [2] - The company maintains production momentum despite U.S. tariff increases, with two production lines fully booked by U.S. clients, highlighting its strong market position [2] - KALAMEI has expanded into the domestic market, achieving over 100 million yuan in online sales last year, competing effectively with international brands [2] Group 3 - Suzhou Bolang E-commerce Co., Ltd. has established a full industry chain layout, achieving over 5 million USD in sales from pet apparel, capturing over 30% of the online pet apparel market in Europe and the U.S. [3] - The company emphasizes the potential of the pet economy and aims to become a leader in niche markets to withstand external challenges [3] - The total import and export value of goods in Xiangcheng District reached 14.529 billion yuan in the first quarter, reflecting a year-on-year growth of 16.8% [3]

Core Viewpoint - The report highlights the performance of Debang Lighting, indicating a decline in revenue and net profit for 2024 and Q1 2025, while also noting a significant increase in the dividend payout ratio for 2024 [2][4]. Financial Performance - In 2024, the company achieved operating revenue of 4.431 billion yuan, a year-on-year decrease of 5.66%, and a net profit attributable to shareholders of 347 million yuan, down 7.53% [2]. - For Q1 2025, the company reported operating revenue of 998 million yuan, a decline of 8.09%, and a net profit of 62 million yuan, down 17.11% [2]. - The cash dividend payout ratio for 2024 increased significantly to 99.65%, compared to 50%, 47%, and 42% in 2021, 2022, and 2023 respectively [2]. Export and Market Challenges - The lighting business faces tariff risks, with the global lighting market maturing. In 2024, China's lighting industry export total is expected to be approximately 56.1 billion USD, a slight decrease of 0.3% year-on-year [2]. - Traditional lighting business revenue for 2024 is projected at 3.785 billion yuan, down 6.35%, with general lighting and lighting engineering construction revenues declining by 4.95% and 36.48% respectively [2]. Automotive Sector Insights - The automotive industry is experiencing intense competition, impacting the gross margin of the vehicle lighting business. In 2024, the company’s vehicle lighting segment revenue was 596 million yuan, a decrease of 4.43%, with a gross margin of 15.8%, down 3.45 percentage points [3]. - The production and sales of new energy vehicles in China saw significant growth, with production and sales increasing by 34.4% and 35.5% respectively in 2024 [3]. Profitability and Cost Management - The overall gross margin for the company in 2024 was 19.21%, a decrease of 0.14 percentage points, primarily due to declines in the gross margins of lighting engineering and vehicle lighting businesses [4]. - The company maintained stable expense ratios, with sales, management, R&D, and financial expense ratios showing slight increases [4]. Investment Recommendations - Given the uncertainties in exports and competitive pressures in the industry, the company’s net profit forecasts for 2025-2027 have been adjusted to 315 million, 328 million, and 347 million yuan respectively, with a downward adjustment of the EPS forecast [4].

Core Viewpoint - Chinese manufacturing is actively seeking to diversify its markets and reduce reliance on the U.S. amid tariff pressures, leveraging cross-border e-commerce platforms to connect with global buyers and secure orders [1][5][11]. Group 1: Market Diversification - Chinese manufacturers are exploring "second markets" to stabilize orders and expand their global footprint, as evidenced by a recent trade event in Nanjing where nearly 50 international buyers participated [1][3]. - The platform China Manufacturing Network is facilitating direct interactions between overseas buyers and Chinese companies, allowing for more efficient procurement processes [5][6]. - Companies are increasingly focusing on markets outside the U.S., with some reallocating resources to regions like Africa and Southeast Asia to mitigate risks associated with U.S. tariffs [9][11]. Group 2: Technological Integration - The China Manufacturing Network is utilizing digital technologies to streamline traditional trade processes, enhancing the efficiency of supply chain connections [5][12]. - The platform has recorded significant traffic and engagement, with 2.68 billion annual visits and 43.6 million registered buyer behaviors, indicating a robust ecosystem for international trade [5][12]. - The integration of AI tools is being employed to match Chinese manufacturers with global market demands more accurately [5][12]. Group 3: Product Innovation and Value Addition - Companies are encouraged to enhance their product offerings by increasing technological content and reducing price sensitivity to improve competitiveness in global markets [11][12]. - Specific examples include innovative products like rainwater collection modules and resin concrete drainage systems, which offer cost-effective solutions compared to traditional materials [12]. - The focus on high-margin products and differentiated competitive advantages is seen as essential for sustaining growth in international markets [12]. Group 4: Emerging Market Trends - The platform has reported significant growth in business opportunities in emerging markets, with notable increases in traffic and opportunities in the Middle East and Latin America [12]. - In the first quarter of 2025, overall business opportunities on the platform surged by 42.7%, with the Middle East, South America, and East Asia showing the highest growth rates [12]. - The emphasis on leveraging cross-border e-commerce for precise customer acquisition and building private traffic is becoming a strategic focus for Chinese exporters [12].