Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The global market for precision rubber components has been growing steadily. The company's transmission business faces a polarized competition pattern, with international giants leading in the high - end and domestic enterprises competing in the mid - low end and gradually expanding to the high - end [18]. - The company's overseas business is accelerating its layout, relying on the "Michelin" brand authorization and expanding cooperation with international customers [19]. - The company is exploring product applications in the robot field, and its robot transmission and sealing system components have started sales [19]. 3. Summary by Related Catalogs 3.1. Basic Information of the Research - Research object: Fengmao Co., Ltd., belonging to the rubber products industry [8]. - Reception time: July 28, 2025. The listed company's reception staff is Wu Xunmiao, the board secretary [8]. - Participating research institutions include securities companies, asset management companies, investment companies, fund management companies, and other financial institutions [9][10][11]. 3.2. Company Business and Industry Overview - Transmission business competition pattern: International companies like Gates and ContiTech dominate the international market with technological and brand advantages. Domestic enterprises, with cost - effectiveness and market - proximity, hold shares in the mid - low end and are moving towards the high - end [18]. - Overseas business: Relying on the "Michelin" brand, the company has expanded cooperation with international customers and exported products to Europe, Southeast Asia, South America, etc. It will continue to expand overseas business in other regions [19]. - Robot business: The company is exploring the application of its core rubber products in robots. The robot transmission and sealing system components have been sold, and the company will strengthen cooperation with relevant customers in the robot industry [19]. 3.3. Company Project Progress - The production and construction projects of the company's fund - raising projects are progressing normally. The transmission belt intelligent factory construction project and the tensioner expansion project are still under construction, with some production lines already in operation, which is expected to optimize production capacity and boost performance [18].

Group 1: Company Overview and Business Strategy - The company operates in the precision rubber components market, which has shown steady growth globally [3] - The transmission system business faces a dual structure of "international foreign monopoly and domestic fragmentation" [3] - International market is dominated by giants like Gates and ContiTech, while domestic firms are numerous but small, requiring consolidation [3] Group 2: Production Capacity and Investment Projects - All production projects funded by the company are progressing normally, with some production lines already operational [3] - The intelligent factory for transmission belts and the expansion project for tension wheels are still under construction [3] - Future capacity optimization is expected to positively impact the company's main business scale and performance growth [3] Group 3: International Business Development - The company leverages the Michelin brand to expand its international market presence [3] - New partnerships with international clients have been established, with products exported to Europe, Southeast Asia, and South America [3] - The company aims to continue expanding its overseas business in other regions [3] Group 4: Robotics Business Progress - The company is exploring compatibility between its core products and robotics motion control algorithms and hardware platforms [4] - Key components include rubber transmission systems and sealing systems, enhancing the durability and dynamic sealing performance of robots [4] - A dedicated robotics division has been established, with sales of transmission and sealing components already initiated [4]

Group 1 - Fengmao Co., Ltd. plans to invest up to 1.5 billion yuan in a new intelligent chassis thermal control system production base in Yuyao Industrial Park to enhance production capacity and meet market demand [1] - The project aims to leverage the advantages of the Yuyao plastic industry cluster and improve the efficiency of existing assets and supply chain resources, ultimately enhancing the company's overall investment returns [1] - The company is focusing on R&D innovation to provide innovative technologies, processes, and products, laying a foundation for long-term development [1] Group 2 - According to the latest data, the penetration of electronic brake systems (EHB) in China's passenger cars is expected to exceed 11.72 million units in 2024, marking a 61.24% year-on-year increase, indicating the formal entry of intelligent chassis into large-scale implementation [2] - The intelligent chassis market in China is projected to exceed 100 billion yuan by 2030, with the global intelligent chassis market expected to surpass 80 billion USD by 2025, where over 60% will be related to steer-by-wire technology [2] - Fengmao Co., Ltd. is actively expanding its product matrix in the automotive parts sector, focusing on air suspension systems, thermal management systems, and battery pack protection components, with significant growth expected by 2025 [2][3] Group 3 - The company is leveraging the Michelin brand to achieve volume and profit growth in international markets, with exports to Europe, Southeast Asia, South America, and the Middle East expected to enhance sales structure and profitability [3] - Fengmao Co., Ltd. has secured a 170 million yuan order for air spring products from a well-known domestic automaker, with the project spanning from 2025 to 2031 [3] - The company is also advancing the mass production of battery pipeline systems, motor pipeline systems, and battery cushioning components, contributing to the expected growth of its product matrix by 2025 [3] Group 4 - The company sees significant growth potential in its transmission system business, driven by stable replacement demand in the automotive aftermarket and the increasing vehicle ownership [4] - Continuous R&D investment is aimed at enhancing product performance and quality, while also expanding into non-automotive sectors such as construction machinery, home appliances, rail transit, and agriculture [4] - The company's Thailand production base is set to commence operations in the second half of this year, with phased capacity release to meet local orders initially, followed by expansion to cover overseas markets [4]

Core Viewpoint - Fengmao Co., Ltd. is adjusting its fundraising purposes to establish an intelligent chassis thermal control system production base in Yuyao City, with a total investment not exceeding 1.5 billion RMB [1][3][4]. Group 1: Project Details - The company plans to sign an intention agreement with the Yuyao Industrial Park Management Committee for the new project [3]. - The previous plan to build the project in Jiaxing has been terminated due to strategic adjustments, with funds redirected to the new Yuyao project [4][5]. - The project aims to enhance production capacity for thermal management systems, air suspension systems, and sealing systems to meet market demand and strengthen competitiveness in the automotive supply chain [3][4]. Group 2: Financial Adjustments - The company will adjust part of the previously allocated fundraising for the Jiaxing project to the new Yuyao project, specifically reallocating 60 million RMB [7]. - The Jiaxing project had not commenced implementation or incurred any financial investment [5]. Group 3: Financial Performance - Fengmao Co., Ltd. reported revenues of 608 million RMB, 802 million RMB, and 949 million RMB for 2022 to 2024, with year-on-year growth rates of 9.62%, 31.83%, and 18.34% respectively [8]. - Net profits for the same period were 102 million RMB, 138 million RMB, and 162 million RMB, with growth rates of 46.03%, 35.14%, and 17.03% respectively [8]. - In Q1 2025, the company reported revenues of 196 million RMB, a slight increase of 0.09%, while net profit decreased by 21.04% to 28.72 million RMB [9]. Group 4: R&D Investment - The company has consistently increased its R&D expenses over the past five years, with amounts of 25.74 million RMB, 36.21 million RMB, and 47.19 million RMB from 2022 to 2024, reflecting growth rates of 9.89%, 40.70%, and 30.30% respectively [10][11]. - In Q1 2025, R&D expenses reached 10.34 million RMB, marking an 8.18% increase year-on-year [12].

Group 1: Business Outlook - Despite the decline in fuel vehicle sales, the company's transmission system business has significant growth potential due to the stable increase in automobile ownership and the expanding demand for replacement parts in the aftermarket [2] - The company is increasing R&D investment to enhance product performance and quality, while also expanding into non-automotive sectors such as construction machinery, home appliances, rail transportation, agricultural machinery, motorcycles, and low-altitude vehicles [2] - The rapid development of the new energy vehicle market is prompting the company to explore related transmission system businesses, such as hybrid vehicle components [2] Group 2: Mergers and Acquisitions - The company is actively looking for quality targets in the industry chain that offer technological advantages or market potential, including the robotics sector [3] - A professional team has been established to conduct research and evaluation of potential acquisition targets, with a cautious approach to advancing related plans [3] Group 3: Robotics Development - The company has established a robotics division and is in discussions with leading robotics companies regarding product applications [4] - Continuous development of robotics-related products is planned, with updates to be provided in future reports [4] Group 4: Partnerships - The company's main products are used in the automotive sector, with key clients including Ford, Dongfeng Nissan, BYD, SAIC Group, FAW Group, and Geely [5] - Although there is currently no formal partnership with Xiaomi Auto, the company remains open to collaboration opportunities with quality enterprises across various fields [5]

创业板投资风险提示 本次发行股票拟在创业板上市，创业板公司具有创新投入大、新旧产业融合存在不 确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解创业板的投资风险及本公司所披露的风险因素，审慎 浙江丰茂科技股份有限公司 Zhejiang Fengmao Technology Co., Ltd. （住所：浙江省余姚市锦凤路22号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明 书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股 保荐机构（主承销商） 东方证券承销保荐有限公司 （住所：上海市黄浦区中山南路 318 号东方国际金融广场 24 层） 作出投资决定。 说明书作为投资决定的依据。 重要声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》 ...