展会期间同步举办了2025中国（河南）－沙特产业合作对接会和2025中国（山东）－沙特乘用车经 贸对接会，依托展会平台优势，匹配地方产业特色与沙特市场需求，为中沙产业合作提供助力。 据介绍，本次展会共有来自山东、河南、江苏、湖北、江西、湖南、陕西等省份的130余家中国企 业参展，产品涵盖汽车装备、机床设备、新能源、电子通讯、建筑建材等，集中展示了中国制造在核心 技术研发、产业链整合等方面的全产业链优势和实力。 人民网利雅得11月25日电（记者任皓宇）沙特工业展暨沙特汽车装备展日前在沙特阿拉伯首都利雅 得举行。 ...

Core Insights - The Saudi Industrial and Automotive Equipment Exhibition commenced in Riyadh, showcasing over 130 Chinese enterprises from various provinces, enhancing Sino-Saudi industrial cooperation [1][2] - The exhibition highlighted China's manufacturing strengths in core technology research and industrial chain integration across multiple sectors, including automotive equipment, machine tools, new energy, electronics, and construction materials [1][2] Group 1: Exhibition Overview - The exhibition serves as a platform for deepening economic and trade relations between China and Saudi Arabia, injecting new momentum into high-quality development [1] - Chinese enterprises displayed their capabilities through diverse formats such as product exhibitions and specialized matchmaking sessions [1] Group 2: Matchmaking Activities - Two significant matchmaking events were held: the 2025 China (Henan) - Saudi Industry Cooperation Matchmaking Conference and the 2025 China (Shandong) - Saudi Passenger Car Economic and Trade Matchmaking Conference [2] - The Henan event focused on smart manufacturing, food industry, new energy, and electrical equipment, facilitating direct dialogue between Henan enterprises and Saudi business sectors [2] - The Shandong event aligned with the trends in the Saudi automotive market, integrating resources from Shandong's used car export industry and establishing multiple cooperation agreements with Saudi buyers [2] Group 3: Strategic Implications - The successful execution of the exhibition underscores the international competitiveness of Chinese manufacturing and solidifies the grassroots foundation for Sino-Saudi industrial cooperation [2] - As the comprehensive strategic partnership between China and Saudi Arabia deepens, practical cooperation in more fields is expected to continue, contributing to the high-quality development of the Belt and Road Initiative [2]

Group 1 - The company has established a dual-driven model with its intelligent equipment and components business, focusing on core products such as body-in-white, powertrain, and electric drive components for new energy vehicles, leading to a significant profit recovery with a net profit increase of 360% year-on-year in the first three quarters of 2025 [1] - The company's management team, consisting of several executives with advanced degrees in mechanical engineering, has a strong advantage in operational management and technical assessment, with a high R&D expense ratio compared to peers in the automotive equipment industry [1] - The company plans to integrate embodied intelligence into its manufacturing processes and is actively exploring robotics, leveraging its extensive experience in robotics since its inception [1] Group 2 - The electric drive and control business has shown marginal improvement, with a continuous increase in delivery volumes since 2024, achieving a delivery of 162,500 sets of electric drive components for new energy vehicles in the first half of 2025, representing a year-on-year growth of 89.39% [2] - The company is expanding its business to high-end models, starting to supply electric drive products for the Li Auto L6 from 2024, which is expected to enhance revenue and profitability in the electric drive and control segment [2] - Revenue projections for the company are estimated at 4.27 billion, 5.01 billion, and 5.70 billion yuan for 2025-2027, with net profits of 101 million, 141 million, and 182 million yuan respectively, corresponding to PE ratios of 42.6, 30.6, and 23.6 times [2]

Core Insights - The Weifang Comprehensive Bonded Zone has achieved significant growth in import and export volumes, surpassing 200 billion to 800 billion yuan, and has ranked in the top 10 nationally for three consecutive years from 2022 to 2024, leading the province [1] - The foreign trade sector has seen a doubling in the number of active enterprises, with over 400 companies now engaged, and high-tech products making up over 70% of exports [1] - The virtual reality industry, led by GoerTek, has reached a cumulative output value of over 100 billion yuan, capturing 80% of the global mid-to-high-end market share for VR products [3] Group 1: Trade Performance - The total import and export volume of the Weifang Comprehensive Bonded Zone is projected to reach 856.9 billion yuan in 2024, contributing to 25% of the city's total trade despite occupying less than 0.1% of the land area [1] - The number of enterprises with import and export volumes exceeding 100 million yuan has exceeded 120 [1] Group 2: Industry Development - The automotive equipment and intelligent manufacturing sector, represented by companies like Dana and Petrel, has seen significant growth, with domestic market shares exceeding 80% for key products [3] - The high-tech industry now accounts for over 90% of the total output value in the region, with a focus on green and low-carbon development [3] Group 3: New Business Models - The establishment of platforms for incubation, rapid customs clearance, and exhibition has facilitated cross-border trade, with eBay and Amazon setting up operations in the region [4] - Cross-border e-commerce import and export volumes are expected to exceed 18 billion yuan in 2024, making it the largest in the province [4] Group 4: Business Environment - The introduction of a "one-stop" integrated service for foreign trade has significantly reduced processing times for enterprise access and export tax refunds [5] - Weifang has been recognized as one of the best cases for innovative practices in streamlining administrative processes in the province [5]

Core Viewpoint - The Shandong Provincial Trade Promotion System is focusing on stabilizing the market, enterprises, expectations, and employment through precise policies and innovative services, contributing to the province's open economy [1] Group 1: Economic Activities and Market Expansion - The Shandong Provincial Trade Promotion System serves as a bridge for domestic and international market connections, emphasizing service to enterprises and organizing significant economic activities [2] - At the third China International Supply Chain Promotion Expo, Shandong showcased a "Chain on Shandong" theme with 78 enterprises and over 6,200 professional visitors, leading to 5 signed agreements and 9 cooperation intentions [2] - During the Japan Osaka Expo, Shandong focused on complementary industries with Japan, resulting in over 100 cooperation intentions and 10 signed projects [4] Group 2: Enterprise Cooperation and Market Development - The Shandong Provincial Trade Promotion System facilitates dual cooperation by inviting international delegations and organizing visits to local industries, enhancing global market access for enterprises [6] - The system has organized trade missions to countries like Brazil and Saudi Arabia, resulting in 19 cooperation intentions and the establishment of overseas warehouses in Spain and Hungary [7] - The promotion of international exhibitions has led to significant transactions, such as 60 million RMB at the Saudi-China Industrial and Building Materials Exhibition [7] Group 3: Legal Services and Risk Management - A comprehensive commercial legal service system has been established to address legal risks faced by enterprises in international markets, issuing over 23,186 certificates of origin and resolving various customs issues [9] - The system has handled 40 foreign-related commercial disputes and created a legal advisory group to support local businesses [9] Group 4: Training and Talent Acquisition - The Shandong Provincial Trade Promotion System has enhanced its training programs, covering over 11,700 enterprises and focusing on compliance and risk management [10] - Recruitment activities have been organized to address labor shortages in foreign trade, with significant participation from local enterprises and job seekers [11] Group 5: Future Directions - The Shandong Provincial Trade Promotion System aims to continue its service-oriented approach, enhancing support for enterprises and promoting high-quality development in the province's open economy [12]

Core Viewpoint - Hebei Keli Automotive Equipment Co., Ltd. demonstrates unique advantages and development potential in the automotive equipment sector through recent institutional research activities [1][2]. Group 1: Company Overview - The company held an investor activity on September 19, 2025, attended by representatives from Shanxi Securities and company executives, including Chairman Zhang Wanwu and Secretary Zhang Jing [1]. - The company introduced its basic situation, industry overview, investment highlights, and development prospects during the event [1]. Group 2: Technological Advancements - The company has achieved a full-process technological breakthrough in its anti-VOC pollution light-absorbing coating technology, which is set to be gradually mass-produced based on market demand [1]. - New technologies in the field of assisted driving are expected to gain further popularity with the increasing penetration of new energy vehicles, with successful project switches to major clients like Volkswagen, Geely, and Chery [1]. Group 3: Strategic Development - The company adopts a dual-driven strategy of "smart driving components leader + new materials technology engine," focusing on enhancing customer stickiness and global business layout to increase market share [2]. - With the gradual increase in new energy vehicle penetration, the company's products are expected to see both volume and price increases, alleviating capacity shortages post-investment project implementation [2]. Group 4: Competitive Advantages - The company's gross margin is significantly higher than the industry average due to its technological advantages, having developed multiple first-time applications for brands like BMW, Volvo, and NIO [3]. - The company has established deep supply chain collaborations with leading glass manufacturers, allowing it to secure high-difficulty orders at relatively higher prices [3]. - The early adoption of information management systems and intelligent operation systems has led to a unique production model, enabling continuous management improvement and cost advantages [3].

Group 1 - The company has approved a cash dividend distribution plan at the 2025 second extraordinary general meeting held on September 2, 2025, distributing 5 RMB per 10 shares, totaling 47.6 million RMB [1][2] - The cash dividend will be distributed to all shareholders based on the total share capital of 95.2 million shares, with no stock bonus or capital increase from reserves [1][2] - The dividend distribution will be adjusted if there are changes in the total share capital due to stock options, convertible bonds, or share buybacks before implementation [1] Group 2 - The record date for the dividend distribution is September 11, 2025, and the ex-dividend date is September 12, 2025 [2] - The distribution will be made directly to the shareholders' accounts through their securities companies or other custodians [2] - The company will bear all legal responsibilities if there are insufficient cash dividends due to a decrease in shares held by shareholders during the application period [2] Group 3 - Shareholders are reminded that the reduction price for shares sold within two years after the lock-up period must not be lower than the initial public offering price, and this price will be adjusted accordingly after the dividend distribution [2]

Group 1 - The report is a continuous supervision tracking report for Hebei Keli Automobile Equipment Co., Ltd. by Changjiang Securities [1] - The report indicates that the company has not failed to timely review information disclosure documents, with zero instances of late reviews [1] - The company has established and effectively executed regulations regarding resource occupation by related parties, fundraising management, internal control, and related transactions [1] Group 2 - The report states that there were no instances of issues requiring attention, and no major problems were found during the supervision process [1] - The company has not conducted any training sessions yet, but plans to hold them in the second half of the year [1] - There are no unfulfilled commitments by the company or its shareholders, and the reasons for any potential non-fulfillment are not applicable [2]

Fundraising Overview - The company raised a total of RMB 51 million by issuing 17 million shares at RMB 30 per share, with a net amount of RMB 45,857.19 million after deducting issuance costs [1][2] - As of June 30, 2025, the total amount invested in fundraising projects is RMB 22,994.52 million, with an additional RMB 3,500 million allocated to supplement working capital from over-raised funds [1][3] Fund Management and Usage - The company has established a fundraising management system to ensure the proper use and efficiency of the funds, adhering to relevant laws and regulations [1][2] - A tripartite supervision agreement was signed with various banks and the sponsor to ensure strict approval for the use of funds, confirming compliance with the Shenzhen Stock Exchange's requirements [2][3] Fund Storage and Balance - As of June 30, 2025, the total balance of the fundraising account is RMB 221.80 million, with RMB 19,408 million in cash management that has not yet matured [2][4] - The company has not changed the investment projects funded by the raised capital, and there are no issues with the disclosure of fundraising usage [3][4] Cash Management - The company has approved the use of temporarily idle fundraising funds for cash management, with a limit of RMB 30 million for the first approval and RMB 20 million for the second approval, both valid for 12 months [3][4]

General Principles - The management system for the departure of directors and senior management aims to ensure stability and continuity in the company's governance structure while protecting the legal rights of the company and its shareholders [1][2] - The system applies to all directors and senior management personnel, including non-independent directors, independent directors, and employee representative directors [1][2] Departure Circumstances and Procedures - The system outlines various circumstances under which directors and senior management may leave, including expiration of term, voluntary resignation, dismissal, and other causes [2][3] - Directors can resign before their term ends by submitting a written resignation report, which becomes effective upon receipt by the company [2][3] - The company must disclose the resignation within two trading days, and if the resignation affects the board's composition, the departing director must continue to fulfill their duties until a replacement is appointed [2][3] Responsibilities and Obligations of Departing Personnel - Departing directors and senior management must complete handover procedures within five days of their departure, including transferring all relevant documents and assets [6][7] - They are required to continue fulfilling any public commitments made during their tenure, and failure to do so may result in the company seeking compensation for losses incurred [7][8] - Departing personnel must not use their former positions to interfere with the company's operations or harm the interests of the company and its shareholders [7][8] Shareholding Management - Departing directors and senior management are prohibited from transferring their shares within six months of departure and must adhere to specific limits on share sales during their term and for six months post-departure [9][10] - Any changes in shareholding must be reported to the board secretary, who is responsible for monitoring compliance with these regulations [9][10] Accountability Mechanism - The company will hold departing directors and senior management accountable for any breaches of obligations, including failure to fulfill commitments or improper handover [25][26] - Those who disagree with the accountability decisions can request a review by the audit committee within 15 days of notification [26]