Core Viewpoint - The company, Zhongqi Co., Ltd. (301215), is positioned as a leading third-party automotive testing facility in China, focusing on providing comprehensive testing services for the automotive industry, with a strong emphasis on both traditional and advanced technologies [2][3]. Group 1: Company Overview - Zhongqi Co., Ltd. was established in 2011 and has undergone a series of reforms leading to its listing on the Shenzhen Stock Exchange in March 2022, marking a significant milestone for the company [2]. - The company primarily serves automotive manufacturers, testing institutions, and component suppliers, providing a range of testing services [9]. Group 2: Market Position and Competition - The domestic automotive testing market is characterized by both proprietary testing facilities owned by automotive manufacturers and independent third-party testing facilities. Third-party facilities, like Zhongqi, are noted for their operational efficiency and diverse testing capabilities [3]. - Major competitors include Beijing Transportation Ministry Highway Traffic Testing Ground, Anhui Dingyuan Automotive Testing Ground, and Xiangyang Automotive Testing Ground [3]. Group 3: Testing Facilities and Capabilities - The company operates two main testing facilities: the first focuses on traditional automotive performance validation, while the second, located in the Yangtze River Delta, specializes in intelligent connected vehicles and autonomous driving tests [4]. - The first testing facility is expected to see an increase in capacity utilization in 2024, with projected revenue of 400 million yuan, reflecting a 12.16% increase from the previous year [4]. Group 4: Revenue Structure and Financial Performance - The revenue structure indicates that approximately 85% of the company's income comes from research and testing services, while 15% is derived from inspection services [7]. - In the first quarter of 2025, the company reported a main revenue of 88.02 million yuan, a year-on-year increase of 29.92%, and a net profit of 28.98 million yuan, up 23.92% [9]. Group 5: Client Relationships and Collaboration - The company maintains strong relationships with various testing institutions, with its largest client being the China Automotive Technology and Research Center [5][6]. - The collaboration with the China Automotive Technology and Research Center involves providing testing environments for regulatory certification and research testing [5][6]. Group 6: Future Outlook and Dividend Policy - The company has consistently prioritized shareholder returns, having implemented cash dividends for four consecutive years, with a projected payout ratio of 61.10% of net profit for 2024 [8]. - Future dividend policies will be determined based on operational performance and long-term funding strategies [8].

中汽股份（301215）4月25日晚间发布2024年年报及2025年一季报。2024年公司实现营业收入4亿元，同 比增长12.16%；归母净利润1.67亿元，同比增长1.03%。2025年一季度，中汽股份实现营业收入8801.73 万元，同比增长29.92%；归母净利润2897.63万元，同比增长23.92%。 中汽股份营收净利双增长，离不开公司营销模式创新和对新市场的持续开拓。据了解，中汽股份积极开 拓商用车试验、智能网联试验场业务，与多家客户签订合同；同时，创新与客户合作模式，打造整车和 零部件企业研发集聚生态圈，与头部企业共建试验中心。随着长三角(盐城)智能网联汽车试验场在2024 年投入运营，公司开启第二成长曲线。2025年，公司将加大智能网联和商用车业务拓展力度，强化与头 部客户合作，提升一站式技术服务能力。 积极开拓商用车试验、智能网联试验场业务 中汽股份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。 过去一年，中汽股份实现了盈利水平的稳步增长。中汽股份2024年年报显示，公司实现扣除非经常性损 益的归 ...