公司发布2025年半年度报告，2025H1营收19.11亿元，同比-4.48%；归母净利润4.09亿元，同比+1.84%；扣非归母净利润3.90亿元，同比+3.31%；其中 2025Q2营收10.24亿元，同比-10.15%，环比+15.35%；归母净利润2.31亿元，同比-2.84%，环比+29.43%；扣非归母净利润2.24亿元，同比-0.28%，环比 +34.94%。 0 2 分 析 判 断 ► 专用车业务退出导致收入下滑 毛利率同比显著提升 1 ）收入端： 2025Q2 营收 10.24 亿元，同比 -10.15% ，环比 +15.35% 。同比下滑主要系公司优化资源配置，加快产品结构调整与转型升级，退出利润率较低 的部分专用车相关业务所致； 2 ）利润端： 2025Q2 归母净利润 2.31 亿元，同比 -2.84% ，环比 +29.43% ，扣非 2.24 亿元，同比 -0.28% ，环比 +34.94% 。 2025Q2 毛利率达 45.19% ，同比 +3.87pct ，环比 -0.39pct ，归母净利率达 22.52% ，同比 +1.69pct ，环比 +2.45pct 。毛利率同比大幅提 ...

中国汽研（601965.SH）系列点评五 25Q2 毛利率同比高增 华东总部正式启航 2025 年 08 月 26 日 ➢ 事件：公司发布 2025 年半年度报告，2025H1 营收 19.11 亿元，同比- 4.48%；归母净利润 4.09 亿元，同比+1.84%；扣非归母净利润 3.90 亿元，同 比+3.31%；其中 2025Q2 营收 10.24 亿元，同比-10.15%，环比+15.35%；归 母净利润 2.31 亿元，同比-2.84%，环比+29.43%；扣非归母净利润 2.24 亿元， 同比-0.28%，环比+34.94%。 ➢ 专用车业务退出导致收入下滑 毛利率同比显著提升。1）收入端：2025Q2 营收 10.24 亿元，同比-10.15%，环比+15.35%。同比下滑主要系公司优化资源 配置，加快产品结构调整与转型升级，退出利润率较低的部分专用车相关业务所 致；2）利润端：2025Q2 归母净利润 2.31 亿元，同比-2.84%，环比+29.43%， 扣非 2.24 亿元，同比-0.28%，环比+34.94%。2025Q2 毛利率达 45.19%，同 比+3.87pct，环比-0.39p ...

[Table_Title] 证券研究报告 / 公司点评报告 智驾检测快速增长、信用减值大幅下降 [Table_Summary] 事件：2025 上半年公司实现营业收入 19.11 亿元，较上年同期减少 6.36%； 实现归属于上市公司股东的净利润 4.08 亿元，较上年同期增加 1.77%； 实现归属于上市公司股东的扣除非经常性损益的净利润 3.89 亿元，较上 年同期增加 3.31%。 点评： 1、智驾检测快速增长、信用减值大幅下降。2025 年上半年公司实现收入 19.11 亿元，其中汽车技术服务业务实现收入 17.16 亿元，同比增长 2.94%。新能源及智能网联汽车开发和测评业务实现收入 3.1 亿元，同比 增长 22.85%。装备制造业务实现营业收入 1.95 亿元，同比下降 47.84%。 2025 年第二季度信用减值损失 409 万元，环比 2025 一季度减少 3392 万 元，公司信用减值高峰已过，未来信用减值损失将会持续减少。 2、智能驾驶推动汽车检测行业量价起升。工业和信息化部组织制定的 GB 44495—2024《汽车整车信息安全技术要求》、GB44496-2024《汽车 软件升级通用 ...

8月20日，据中国汽研消息，中国汽研党委书记、董事长周玉林一行赴长春汽车检测中心走访交流，并 在会上签署了深化技术合作协议。 ...

Core Viewpoint - The meeting between the leadership of China Automotive Research and the Changchun Automotive Testing Center resulted in the signing of a technical cooperation agreement, indicating a commitment to enhance collaboration in automotive technology development [1] Group 1 - The visit was led by Zhou Yulin, the Secretary of the Party Committee and Chairman of China Automotive Research [1] - The Changchun Automotive Testing Center was represented by Qu Weidong, the Secretary of the Party Committee and Chairman [1] - The agreement aims to deepen technical cooperation between the two organizations [1]

Core Viewpoint - The collision test between an 8-ton truck and the Li Auto i8 SUV has sparked controversy regarding its validity and the implications for automotive safety testing standards [1][3][5] Group 1: Collision Test Controversy - The test is criticized for being a non-standard vehicle-to-vehicle collision test, which does not evaluate the safety performance of other truck brands [1][3] - Concerns have been raised about the authenticity of the test scenario and the independence of the third-party testing agency [5][7] - The use of an empty truck (8 tons) in the test contrasts with the typical loaded weight of 20 tons or more in real accidents, raising questions about the energy differences in collision scenarios [5] Group 2: Statements from Involved Parties - China Automotive Technology and Research Center (CATARC) clarified that the test was solely to verify the safety of the Li Auto i8 and not to assess other brands [1][7] - Li Auto stated that the truck was merely a "mobile barrier" and that they did not intend to make quality assessments of the truck brand involved [3] - The truck manufacturer, Dongfeng Liuzhou Motor Co., emphasized that the test conditions were significantly different from real traffic situations [5] Group 3: Financial Performance of Testing Agency - CATARC reported a revenue of 4.697 billion yuan in 2023, a 14.65% increase year-on-year, with a profit of 1.14 billion yuan, also up 14% [8] - The automotive technology services segment contributed the most to revenue, generating 4.125 billion yuan, a 21.36% increase, with a gross margin of nearly 50% [9] - The revenue from new energy and intelligent connected vehicle development and testing grew by 42.86%, although its gross margin slightly decreased to 47.61% [9] Group 4: Industry Insights and Testing Practices - The automotive testing industry is under scrutiny for potentially prioritizing visually impactful test scenarios over rigorous safety evaluations [13][14] - Traditional collision tests are still conducted, but there is a growing trend for more sensational testing methods to attract consumer attention [13] - The automotive testing process involves multiple stages, including enterprise-commissioned tests and government approvals, ensuring that vehicles meet safety standards before market entry [11][12]

Group 1 - The core viewpoint of the article highlights that China's automotive industry, particularly in the fields of intelligent connected new energy vehicles, hydrogen fuel cell vehicles, and power batteries, is leading globally according to the China Automotive Engineering Research Institute's report released in Chongqing [1] Group 2 - The China Automotive Engineering Research Institute conducted extreme high-temperature performance tests, revealing that the first batch of tested new energy vehicles performed well, especially in areas of formaldehyde release under sunlight, rapid air conditioning cooling, and high-temperature charging range, showing significant improvement compared to previous years [3] - A comprehensive evaluation standard was established by the institute, which includes three dimensions and nine project tests to address consumer concerns regarding energy consumption and in-car air quality [5] - The institute introduced new equipment, including a full-spectrum ultraviolet detection device, to enhance testing scenarios, reflecting long-term technological accumulation and systematic analysis of user needs [7] - The chairman of the institute stated that nearly a thousand models' real measurement data have been accumulated, aiding companies in product optimization and providing consumers with intuitive and scientific references for purchasing and using vehicles [9]

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses Qiyang Company, one of the six licensed automotive inspection institutions in China, holding approximately 20% market share in the industry. In 2023, it merged with Zhongjian, with Zhongjian holding over 50% of shares post-merger [2][6][11]. Core Insights and Arguments - **Business Growth and Financial Performance**: - Qiyang's revenue from inspection services is projected to reach 87% by 2024, with a net profit margin around 20% and a continuously rising gross margin. Despite increased personnel costs, overall cash flow remains healthy [2][7]. - Historical capital investments have consistently led to revenue growth in the inspection sector, indicating a strong correlation between capital expenditure and business performance [8]. - **Market Potential in Inspection Sector**: - The inspection sector within the automotive parts industry is expected to experience significant growth, particularly with the implementation of L2 level national standards for intelligent driving, which could increase the market value of passenger vehicle inspections by 56% to 180% [3][12]. - The traditional inspection price for new vehicles is around 2-3 million, and with the new standards, this could remain the same, effectively doubling the market space [3][12]. - **Impact of Intelligent Connected Vehicles**: - The intelligent connected vehicle industry is currently in a capital expenditure phase, with major companies investing heavily. For instance, Qiyang invested 2.38 billion yuan in 2022 for its East China headquarters, expected to be operational by 2026 [3][13]. - Revenue growth for intelligent connected vehicle companies is projected at 16% in 2025, with profit growth around 20%, leading to a potential profit range of 1.3 to 1.7 billion yuan in 2026 [3][14]. Additional Important Points - **Valuation Model**: - The valuation model for the inspection industry is based on a multiplication principle, focusing on the annual new vehicle application numbers and the inspection price per vehicle, which is influenced by policy changes [5]. - **Comparative Performance**: - Qiyang's Return on Equity (ROE) is higher than that of Zhongqi and Mishi but lower than Fuyao. Its Return on Assets (ROA) is competitive, indicating efficient asset utilization despite being a capital-intensive company [9]. - **Policy Implications**: - The recent public announcement of the national standard for intelligent connected vehicle safety requirements marks a significant milestone for companies with inspection capabilities, suggesting a favorable regulatory environment for Qiyang [10][11]. - **Investment Considerations**: - Investors are advised to monitor developments in the intelligent connected vehicle sector, including policy changes and capacity expansions, as these factors indicate a dual benefit phase for the industry [15]. This summary encapsulates the key points from the conference call, highlighting the strategic positioning of Qiyang Company within the automotive inspection industry and the anticipated growth driven by regulatory changes and capital investments.

Summary of Conference Call on the Automotive Testing Industry Industry Overview - The mandatory automotive testing market in China is estimated to be around 80-100 billion RMB, with vehicle testing costs approximately 3 million RMB per model, and about 3,000 models requiring testing annually, leading to a market size of around 90 billion RMB [1][5][4]. - The non-mandatory testing market is about 1.5 times larger than the mandatory testing market, with significant growth in the new energy and intelligent connected vehicle sectors, while traditional sectors are declining [1][6]. Key Points on L2 Driving Assistance System Standards - The L2 driving assistance system national standard, titled "Technical Requirements and Specifications for Driving Assistance Vehicles," aims to enhance the safety of L2 functions, covering testing items such as lane changes and human-machine interaction in various complex scenarios [1][7]. - This standard applies to passenger vehicles (M category), including some pickup models, and requires compliance from joint venture brands [1][10]. - The L2 standard is the first comprehensive mandatory standard in China's intelligent connected vehicle history, consisting of over 130 pages of detailed requirements [1][11]. Market Dynamics and Impacts - Following the introduction of the L2 standard, new vehicles must comply within 13 months, while existing models have a 25-month compliance window, leading to increased testing demand for older models [2][14]. - Major testing institutions like the China Automotive Technology and Research Center and China Automotive Engineering Research Institute hold approximately 60-70% of the market share [2][16]. - The implementation of the L2 standard is expected to create a significant incremental market, potentially reaching tens of billions in additional market size due to increased testing requirements [12][11]. Testing Requirements and Challenges - The L2 standard imposes higher requirements on testing facilities, necessitating large areas (potentially over 2,000 acres) to accommodate various testing scenarios [18][19]. - There is a potential for capacity shortages in testing facilities as the demand for testing increases, especially with the anticipated influx of new models requiring compliance [19][20]. - Companies are exploring partnerships with third-party testing institutions to expedite compliance with standards, although they cannot fully outsource R&D testing due to the need for direct oversight and adjustments [21][22]. Future Considerations - The transition from the National V to National VI standards previously increased testing workloads significantly, indicating that future transitions (such as to National VII) may similarly impact testing institutions [23][24]. - The timeline for the National VII standard is uncertain, with potential implementation as early as 2027, depending on progress [24]. This summary encapsulates the critical insights from the conference call regarding the automotive testing industry, focusing on the implications of the new L2 standards and the evolving market landscape.

Core Viewpoint - The 2026 version of the China Automotive Health Index (C-AHI) framework was released, focusing on consumer concerns such as odor, volatile organic compounds, electromagnetic radiation, and pathogens [1][2]. Group 1: C-AHI Overview - The C-AHI is a third-party evaluation system developed by the China Automotive Engineering Research Institute, aimed at promoting a healthier and better automotive industry through continuous iteration [2]. - The 2026 version framework will undergo drafting and public consultation, with the final version expected to be published in April 2026 [2]. Group 2: New Assessment Indicators - The framework maintains three primary dimensions: "Fresh Air," "Health Protection," and "Green Travel" [2]. - The "Fresh Air" dimension introduces new assessment items including high-risk compounds, air freshness, and air conditioning filter performance [2]. - The "Health Protection" dimension adds assessment items for electromagnetic radiation for vulnerable groups, microbial colonies in vehicles, sun protection performance, and blue light glare protection [2][3]. - The "Green Travel" dimension includes new metrics such as charging compatibility, greenhouse gas emissions, non-exhaust emissions, extreme range (optional), and co-driver range (optional) [3]. - The charging compatibility metric aims to address charging protocol barriers and promote standardized collaboration between automakers and charging facilities [3].