Core Viewpoint - The 2025 World New Energy Vehicle Conference focused on "Industry Transformation and Sustainable Development," aiming to guide the global automotive industry in rationally responding to changes and exploring paths for high-quality development [1][2]. Group 1: Five Key Forces for Sustainable Development - Collaborative Innovation: The automotive technology system is evolving towards the integration of mechanics, electronics, computing, and data, necessitating cross-disciplinary collaboration in areas like solid-state batteries and intelligent driving systems [1]. - Supply Chain Collaboration: There is an urgent need to build a data-driven, interconnected supply chain system to enhance the resilience of the industry against risks [1][2]. - Talent Development: The rapid growth of smart connected new energy vehicles demands a higher caliber of composite talent, requiring a dual-track training system that aligns technical research and skills operation [2]. Group 2: Standards and Global Cooperation - Standard Co-creation: Establishing standards is essential to avoid low-level competition and promote sustainable development within the industry, particularly in cutting-edge fields like solid-state batteries and automotive AI [2]. - Open Cooperation: Sustainable development is a global issue that requires open and inclusive principles, fostering international dialogue to overcome trade barriers and build a fair and transparent global automotive ecosystem [2].

四是标准共建，引领高质量发展。标准是避免低水平竞争、推动产业可持续发展的"通行证"。需加快全 固态电池、车用人工智能等前沿领域标准研制，推进智能驾驶功能分级、数据安全等标准支撑，推动全 球标准互认。 五是开放合作，共迎全球挑战。可持续发展是全球性课题，必须坚持开放包容、平等互惠的原则，通过 国际对话协调破解贸易壁垒，共建公平、透明、非歧视的全球汽车产业新生态。 围绕如何推动产业实现长期可持续发展，侯福深提出应汇聚"五大合力"： 一是协同创新，破解"内卷"迷局。随着汽车技术体系从机电一体化向"机械、电子、算力、数据"融合演 进，跨学科、跨领域的协同创新成为关键。需在全固态电池、智能驾驶、智能底盘等前沿方向，以及汽 车芯片、操作系统、人工智能等基础领域加强联合攻关，为产业注入持续创新动力。 二是供应链融通，提升产业韧性。面对产业链主体拓展与价值体系重构，亟须构建数据驱动、互联互通 的新型供应链体系，实现"研产供销服"全链条数字化贯通，提升产业链的抗风险能力。 三是人才培育，夯实转型根基。智能网联新能源汽车的快速发展对复合型人才提出更高要求。应推动学 科体系重构，深化产教融合，完善汽车人才评价机制，构建"技术研发+ ...

2025世界新能源汽车大会将举办多场公众活动 多项新能源车前沿技术亮相海南 大会展览面积达1万平方米，汇聚了50多家全球新能源汽车领域企业，包括深蓝汽车、大众、宝马、奔 驰、丰田汽车、上汽集团、广汽集团、神州租车、海南海马、浩思动力、无锡星驱动力、海康智联等，展品 涵盖动力电池、驱动电机、汽车电控、智能底盘、高级别自动驾驶、汽车芯片、综合零部件等多项前沿技术 及产品。 9月28日09：00-17：00 9月29日09：00-12：00 9月27日，2025世界新能源汽车大会在海南省海口市举行。来自全球多个国家和地区的政产学研界代表围 绕探索未来交通出行和绿色可持续发展进行对话和交流。海南日报全媒体记者 陈元才 摄 海南日报海口9月27日讯(海南日报全媒体记者 邵长春)2025世界新能源汽车大会(WNEVC)9月27日至29日 在海口举办，为落实新能源汽车科学普及、推动新能源汽车加速渗透、促进新能源汽车消费等目标，大会除 了20场会议活动外，还同期策划了新能源汽车科普讲堂、新能源汽车技术及科普展等多个公众可参与的活 动。 本次技术展览全程向社会公众免费开放，可零距离了解新能源汽车发展新趋势，感受科技、低碳新生 ...

2025年9月25日，"2025智能底盘先锋计划启动发布暨测试规程技术研讨会"在重庆召开。本次研讨会汇聚30余家单位、80余名专家，高校学者、主流车企技 术负责人及核心零部件企业代表，通过线上线下结合的方式，围绕智能底盘测试规程展开深入研讨，旨在构建专业智能底盘评价体系，为消费者提供选车用 车依据。 研讨会上，中国汽研底盘部件研究中心主任唐俊对"2025智能底盘先锋计划"的项目背景、目标与实施路径进行了完整介绍。在全体参会专家的共同见证 下，"2025智能底盘先锋计划"正式启动发布。此外，基于前期产品数据调研的基础，本次会议还通过专家集体评议与投票，遴选出首批入围测试车型。 关于后续安排，中国汽研智能底盘开发高级专家余颖弘透露："研讨会后，中国汽研将启动首批测试车辆的征集与准备工作，计划于10月开展参测车型的全 面测试，并于12月正式向社会发布测试结果。" 在技术研讨环节，与会专家围绕智能底盘实测进行了全方位、多维度交流，从标准制定、测试方法到成果转化进行全流程研讨，为测试规程的科学设计与落 地实施提供坚实支撑。 会议围绕"2025智能底盘先锋计划测试评价规程"，从安全、操控、舒适三大性能维度切入，系统构建" ...

Group 1 - The "2025 World-Class Automotive Industry Cluster Innovation Development Conference" and "2025 Wuhan International Automotive Manufacturing Technology and Intelligent Equipment Expo" will be held from October 11 to 13 in Wuhan, covering an exhibition area of 60,000 square meters and attracting over 800 participating companies across the entire industry chain [1][2] - The conference aims to create a collaborative innovation ecosystem for the automotive industry by establishing a platform for showcasing results, promoting agile research and development, and exploring vertical integration [1] - A highlight of the conference will be the establishment of several industry innovation joint laboratories focusing on key areas such as intelligent cockpits, intelligent chassis, automotive chips, thermal management, and high-voltage systems for new energy [1][2] Group 2 - The conference will feature eight professional forums, including the "Advanced Technology Development Summit Forum for Automotive Intelligent Manufacturing" and the "New Energy Charging and Swapping Industry Conference," covering cutting-edge fields such as new energy power, intelligent networking, lightweight materials, AI-driven digital transformation, and industrial investment and financing [2] - The automotive industry in Wuhan is accelerating its transition towards new energy and intelligent networking, with expectations for increased collaboration among enterprises to support the construction of a "World Car Valley" [2] - A strategic cooperation framework agreement was signed between the Central Service Center of Shanghai Technology Exchange and Wuhan Intelligent Driving Automotive Industry Co., Ltd. to promote the transfer and transformation of technological achievements [2]

Core Viewpoint - The company reported a steady revenue growth in H1 2025, with a revenue of 84.68 billion yuan, a year-on-year increase of 9.6%, and a net profit attributable to shareholders of 2.88 billion yuan, a year-on-year increase of 0.7% [1] Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 44.30 billion yuan, with a year-on-year and quarter-on-quarter increase of 10.0% and 9.7% respectively, and a net profit of 1.61 billion yuan, reflecting a year-on-year increase of 0.8% and a quarter-on-quarter increase of 27.0% [1] - The company's H1 2025 gross margin decreased by 0.7% year-on-year to 11.4%, but improved in Q2 with a gross margin of 11.9%, showing a quarter-on-quarter increase of 1.05 percentage points [3] - The revenue from the interior and exterior trim segment in H1 2025 increased by 10.9% to 61.55 billion yuan, driven by the subsidiary's smart cockpit business [2] Group 2: Customer Base and Market Position - The revenue from non-SAE customers increased to 65.5% in H1 2025, up 3.3 percentage points from the full year of 2024, indicating an improvement in customer structure [2] - Major clients include leading domestic manufacturers such as BYD, Seres, Geely, Xiaomi, Chery, and Xpeng, which collectively accounted for 22% of total revenue from the top ten customers [2] Group 3: Strategic Initiatives - The company is pursuing cost reduction and efficiency improvement, with sales, management, and R&D expense ratios showing varied changes in H1 2025 [3] - The acquisition of a 49% stake in SAIC Qingtao for 200 million yuan marks the company's entry into the solid-state battery sector, aiming for synergy with electric drive and thermal management businesses [3] - A subsidiary plans to acquire a 5.3% stake in Lianchuang Automotive Electronics for no more than 155 million yuan, which is expected to enhance the company's full-stack service capabilities [3] Group 4: Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027 at 7.11 billion yuan, 7.81 billion yuan, and 8.71 billion yuan respectively, with a target price of 30.60 yuan based on a 13.6x PE for 2025 [4]

证券研究报告 华域汽车 (600741 CH) 业绩稳健，股权收购加码电动智能化 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 29 日│中国内地 | 汽车零部件 | 目标价(人民币): | 30.60 | 公司公布 25H1 业绩：收入 846.8 亿元，同比+9.6%；归母净利润 28.8 亿 元，同比+0.7%。其中二季度公司实现收入 443.0 亿元，同比/环比 +10.0%/+9.7%；归母净利润 16.1 亿元，同比/环比+0.8%/+27.0%。我们认 为随高技术附加值产品逐步落地、大客户上汽与华为合作深化，智能化转 型加速，公司业绩有望持续改善。维持"买入"。 H1 营收稳健增长，上汽系外客户营收占比提升至 65.5% 25H1 公司营收稳健增长，分业务看：1）内外饰件 25H1 营收同比+10.9% 至 615.5 亿元，其中子公司延锋汽车饰件智能座舱业务推动业务扩张，营收 同比+11%至 602.2 亿元；2）功能件营收同比+17.2%至 136.4 亿 ...

Summary of Huayu Automotive Conference Call Company Overview - **Company**: Huayu Automotive - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: CNY 123.3 billion, up 8.2% year-on-year [2][12] - **Net Profit**: CNY 3.042 billion, up 0.72% year-on-year [2][12] - **Net Assets**: CNY 6.826 billion, up 34.45% year-on-year [2][3] - **Return on Equity**: 4.53%, down 0.31 percentage points year-on-year [2][3] Business Segment Performance - **Functional Components Revenue**: Up 16%, driven by collaboration with Chery [2][4] - **Interior and Exterior Components Revenue**: Up 9.4%, mainly due to increased domestic market demand [2][4] - **Electronics and Electrical Components**: Down 5.3% [2][4] - **Thermal Processing Segment**: Down 15% [2][4] Customer Contribution - **Tesla**: Revenue contribution decreased to 5.6%, down from previous top three positions [2][5] - **BYD**: 6.7% contribution [2][5] - **Sirius**: 6.4% contribution [2][5] - **Xpeng**: Entered top ten customers, contributing CNY 1 billion (1.2%) [2][5] - **Domestic Brands**: Increased contributions from Xiaomi, Chery, and Geely [2][5] International Sales - **Overseas Sales Proportion**: 19.8%, with overall foreign sales contributing 20% to revenue [2][6] - **Market Recovery**: Limited recovery in Europe and North America, leading to a decline in overseas revenue [2][6] Profit Contribution by Segment - **Main Profit Contributors**: Interior and exterior components, functional components [2][7] - **Profit from Interior and Exterior Components**: Stable compared to last year [2][7] - **Functional Components Profit Growth**: 2.8% increase [2][7] - **Metal Forming and Molding Segment**: Profit decline due to reduced Tesla production [2][7] Investment Income - **Investment Income**: CNY 1.266 billion, with 91% from joint ventures and subsidiaries [2][8] - **Overall Investment Income Increase**: Up CNY 130 million year-on-year [2][8] Operational Assets - **Accounts Receivable**: Increased by 5.8% [10] - **Accounts Payable**: Increased by 5% [10] - **Inventory**: Decreased by 4.3% [10] - **Fixed Assets**: Slight decline due to depreciation [10] Cash Flow Situation - **Operating Cash Flow**: Significant improvement due to customer payment cycles [11] - **Net Borrowing**: Decreased overall [11] Strategic Initiatives - **Acquisition of SAIC Qingtao**: Aimed at enhancing smart cockpit and chassis platforms [4][15] - **Focus on Solid-State Battery Development**: Collaboration with SAIC Qingtao for solid-state battery production [16][15] Challenges and Responses - **International Market Challenges**: Geopolitical and tariff issues affecting North American and European markets [22][24] - **Cost Management**: Implementing claims and price adjustment mechanisms to maintain profitability [22][24] Future Outlook - **Strategic Planning**: Focus on three smart platforms: cockpit, chassis, and related solutions [23][25] - **New Business Opportunities**: Emphasis on battery and smart power sectors for future growth [23][25] Dividend Strategy - **Dividend Policy**: Aiming for a stable dividend payout of at least 30% of net profit [25] Conclusion - **Overall Performance**: Huayu Automotive shows resilience with steady revenue growth and strategic initiatives aimed at enhancing competitiveness and addressing market challenges.

Core Insights - The automotive industry is undergoing a significant transformation driven by new energy and intelligent connectivity, reshaping market dynamics and profit structures [2][17] - China’s automotive sector is transitioning from "catching up" to "keeping pace" and now "leading," with technological innovation and its application being crucial [2][17] Company Overview - China Automotive Innovation Technology Co., Ltd. (referred to as "CAIT") celebrated its five-year anniversary, marking significant achievements in core technology breakthroughs in intelligent chassis, new energy power, and intelligent connectivity since its establishment in June 2020 [2][8] - CAIT operates as a national-level innovation platform, focusing on collaborative innovation among state-owned enterprises to tackle common technological challenges and ensure supply chain security [3][17] Achievements and Challenges - Over the past five years, CAIT has made substantial progress, including 2,717 intellectual property applications and leading multiple industry-first technologies in areas such as hydrogen fuel cell membranes and solid-state battery electrolytes [8][18] - The company has established a robust innovation ecosystem through strategic partnerships and has been recognized as a national high-tech enterprise [8][18] Strategic Focus - CAIT has identified three core areas for strategic focus: new energy materials, common intelligent platforms, and novel technologies, aligning with national strategies and leveraging shareholder strengths [5][18] - The company aims to enhance its execution by refining its focus on specific segments and improving the commercialization of research outcomes [4][18] Future Direction - CAIT plans to continue its commitment to deepening technological research while ensuring effective industrial application and transformation of research results [4][19] - The company is also exploring cross-disciplinary innovations in emerging fields such as flying cars and humanoid robots, aiming to establish itself as a benchmark for collaborative innovation among state-owned enterprises [18][19]

Group 1 - Chongqing's Economic and Information Technology Commission is soliciting opinions on the "Chongqing Intelligent Connected New Energy Vehicle Industry Chain 'Yuchain Zhiqing' Action Plan (2025-2027)" [1] - The plan emphasizes enhancing industrial innovation support, focusing on areas such as intelligent cockpits, intelligent driving, intelligent chassis, intelligent vehicle control, automotive software, and automotive chips [1][2] - The initiative aims to organize and implement major projects in artificial intelligence, core software, high-end components and chips, and new energy, increasing investment in basic research and tackling key core technologies [1] Group 2 - The plan encourages collaboration between vehicle manufacturers, parts suppliers, universities, and research institutions to form innovative comprehensive bodies for intelligent connected new energy vehicles [1][2] - By 2027, the goal is to establish five municipal-level innovation complexes and achieve breakthroughs in over 50 key core technologies [1] - The initiative also focuses on cultivating the artificial intelligence and automotive software industries, particularly in operating systems and AI, and supports the application of AI large models in flying car research and autonomous driving training [2]