2026.01. 27 本文字数：2463，阅读时长大约4分钟 作者 | 第一财经 葛 慧 一边是汽车行业利润率处于历史次低位，一边是检测机构的高毛利。两家上市公司的最新业绩情况，揭露出 当下新能源汽车行业困境的冰山一角。 中国汽研（601965.SH）最新业绩快报显示，公司预计2025年实现归母净利润10.60亿元，同比增长 16.78%。公司营业收入49.68亿元，同比增长4.98%，利润增速远超营收增速。 另一家中汽股份（301215.SZ）的业绩也出现类似表现。三季报显示，公司前三季度实现营业收入4.35亿 元，同比增长20.91%；归属于上市公司股东的净利润达1.60亿元，同比增长31.26%，扣非净利润同比增 长38.71%。 商业利益与行业责任的拉锯 中国汽研是我国汽车行业国家级科技创新和公共技术服务机构，是我国汽车测试评价及质量监督检验技术服 务的主要供应商。 而另一家中汽股份则为中汽中心旗下相关业务上市平台，主营业务为通过构建汽车场地试验环境和试验场 景，为汽车整车生产企业、汽车检测机构、汽车底盘部件系统企业以及轮胎企业等客户提供场地试验技术服 务。 "我们主动退出部分缺乏竞争力的专用车业务 ...

一边是汽车行业利润率处于历史次低位，一边是检测机构的高毛利。两家上市公司的最新业绩情况，揭 露出当下新能源汽车行业困境的冰山一角。 另一家中汽股份（301215.SZ）的业绩也出现类似表现。三季报显示，公司前三季度实现营业收入4.35 亿元，同比增长20.91%；归属于上市公司股东的净利润达1.60亿元，同比增长31.26%，扣非净利润同比 增长38.71%。 中国汽研（601965.SH）最新业绩快报显示，公司预计2025年实现归母净利润10.60亿元，同比增长 16.78%。公司营业收入49.68亿元，同比增长4.98%，利润增速远超营收增速。 Wind数据显示，去年前三季度，中国汽研和中汽股份销售净利率分别为23.1%和36.8%。而根据乘联分 会最新数据，2025年，汽车行业销售利润率4.1%，处于历史低位。 汽检业务高毛利 商业利益与行业责任的拉锯 2025年堪称汽车安全监管大年，而汽车检测在其中发挥的作用越来越重要。政策法规的实施带动强检市 场扩容的同时，也将带来相关研发测试需求的增长。根据北京智研科信咨询有限公司《2024-2030 年中 国汽车试验场行业市场研究分析及发展前景展望报告》、北京迪 ...

Group 1 - The core viewpoint of the news is that Zhongqi Co., Ltd. experienced a stock price increase of 5.1%, reaching 7.21 yuan per share, with a trading volume of 181 million yuan and a turnover rate of 1.95%, resulting in a total market capitalization of 9.545 billion yuan [1] - Zhongqi Co., Ltd. is located in Yancheng, Jiangsu Province, and was established on March 30, 2011, with its listing date on March 8, 2022. The company primarily provides automotive testing services through the construction of automotive testing environments and scenarios [1] - The main business revenue composition of Zhongqi Co., Ltd. includes 95.79% from testing services and 4.21% from leasing and other activities [1] Group 2 - Among the top ten circulating shareholders of Zhongqi Co., Ltd., a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 32,700 shares in the third quarter, now holding 3.6304 million shares, which accounts for 0.27% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 76.63 billion yuan. Year-to-date returns are 2.1%, ranking 2698 out of 5490 in its category; over the past year, returns are 39.74%, ranking 1718 out of 4193; and since inception, returns are 16.77% [2]

Group 1 - The core business of the company involves providing automotive testing technical services through the construction of automotive testing environments and scenarios, with 95.79% of revenue coming from these services and 4.21% from leasing and other activities [2] - As of December 19, the number of shareholders in the company increased to 31,800, a rise of 4.22%, while the average circulating shares per person decreased by 4.05% to 41,537 shares [2] - For the period from January to September 2025, the company achieved operating revenue of 435 million yuan, representing a year-on-year growth of 58.94%, and a net profit attributable to shareholders of 160 million yuan, up 44.53% year-on-year [2] Group 2 - The company has distributed a total of 354 million yuan in dividends since its A-share listing, with 324 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Southern CSI 1000 ETF, holding 3.6304 million shares, a decrease of 32,700 shares from the previous period, and Huaxia CSI 1000 ETF, holding 2.1577 million shares, down 4,800 shares [3] - Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3] Group 3 - On December 23, the company's stock price fell by 1.89%, with a trading volume of 152 million yuan, and the net financing buy was -4.26 million yuan [1] - The financing balance as of December 23 was 255 million yuan, accounting for 2.85% of the circulating market value, which is above the 70th percentile level over the past year [1] - The company had a securities lending balance of 110,700 yuan, with a remaining quantity of 16,400 shares, exceeding the 80th percentile level over the past year [1]

Core Viewpoint - The company, Zhongqi Co., Ltd. (301215.SZ), confirmed that it is not involved in any military-related business and focuses on providing testing services for the automotive industry [1] Group 1: Business Operations - The main business of the company is to create automotive testing environments and scenarios [1] - The company provides technical testing services to automotive manufacturers, testing institutions, chassis component system companies, and tire companies [1]

Core Viewpoint - The company, Zhongqi Co., Ltd. (301215.SZ), confirmed that it is not involved in any military-related business and focuses on providing testing services for the automotive industry [1] Group 1: Company Overview - The main business of the company is to create automotive testing environments and scenarios [1] - The company serves various clients, including automotive manufacturers, testing institutions, chassis component system companies, and tire companies [1]

Core Viewpoint - The company, Zhongqi Co., focuses on providing automotive testing services by creating testing environments and scenarios for various clients in the automotive industry [1] Group 1 - The main business of the company involves constructing automotive testing environments and scenarios [1] - The company serves a diverse clientele, including automotive manufacturers, testing institutions, chassis component system companies, and tire manufacturers [1] - Collaboration details with clients are disclosed through the company's official announcements [1]

Core Viewpoint - The company plans to issue convertible bonds to raise up to 1.039 billion yuan for the construction of an all-season ice and snow testing base for intelligent connected new energy vehicles, aiming to enhance its competitive edge in the cold-weather testing sector [1] Group 1: Company Announcement - On October 17, the company announced its intention to issue convertible bonds totaling no more than 1.039 billion yuan, which will be fully allocated to the construction of the ice and snow testing base [1] - The bonds will have a term of six years from the date of issuance, with the interest rate to be determined based on national policies, market conditions, and the company's specific situation [1] Group 2: Strategic Expansion - The establishment of the new ice and snow testing base represents a strategic move to deepen the company's cold-weather testing capabilities, combining the acquisition of existing assets with new capacity upgrades [1] - The company completed the acquisition of 100% of the equity of the China Automotive Research and Testing Center (Hulunbuir) Co., Ltd. in September 2025, which will be included in its consolidated financial statements [1] Group 3: Financial Performance - The company has experienced revenue and net profit growth in recent years, but the net profit growth rate is expected to slow down starting in 2024, with a projected net profit of 167 million yuan, reflecting only a 1.03% year-on-year increase [3] - As of mid-2025, the company reported cash and cash equivalents of 171 million yuan and trading financial assets of 372 million yuan, with total current assets amounting to 824 million yuan [3] - The company's asset-liability ratio has remained below 18% since 2022, with no interest-bearing debt, indicating strong cash flow [3]

Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of Zhongqi Co., indicating a decline in stock price and significant trading activity in margin financing and securities lending [1][2]. - As of September 25, Zhongqi Co. experienced a stock price drop of 3.07%, with a trading volume of 289 million yuan. The margin financing data shows a net buying of 8.9 million yuan for the day, with a total margin balance of 332 million yuan, representing 3.78% of the circulating market value [1]. - The company reported a revenue of 213 million yuan for the first half of 2025, reflecting a year-on-year growth of 24%, and a net profit attributable to shareholders of 84.99 million yuan, up 15.1% year-on-year [2]. Group 2 - Zhongqi Co. has distributed a total of 304 million yuan in dividends since its A-share listing, with 274 million yuan distributed over the past three years [3]. - As of June 30, 2025, the number of shareholders for Zhongqi Co. reached 41,600, an increase of 53.95%, while the average circulating shares per person decreased by 35.04% to 31,825 shares [2][3]. - Notable institutional holdings include Hong Kong Central Clearing Limited as the fifth-largest shareholder with 5.4 million shares, an increase of 2.23 million shares, and new entries from Southern CSI 1000 ETF and Huaxia CSI 1000 ETF [3].

Core Viewpoint - The company, Zhongqi Co., Ltd. (中汽股份), is engaged in providing automotive testing services and has seen a slight increase in stock price, indicating potential investor interest despite mixed market conditions [1]. Group 1: Company Performance - As of September 17, 2025, Zhongqi Co., Ltd. closed at 6.51 yuan, up 0.77% with a turnover rate of 0.75% and a trading volume of 98,700 shares, amounting to a transaction value of 63.92 million yuan [1]. - The company has been involved in providing testing services for vehicles equipped with the Hongmeng Zhixing intelligent vehicle system, indicating its role in the automotive technology sector [1]. Group 2: Market Dynamics - On September 17, 2025, the main funds experienced a net outflow of 4.02 million yuan, while retail investors saw a net inflow of 3.95 million yuan, suggesting differing investor sentiments [2]. - The company is classified under the professional technical services industry according to the China Securities Regulatory Commission and falls within the automotive comprehensive services sector according to Shenwan classification [1].