开辟增长新曲线 锚定双轮驱动战略 在全球汽车产业格局重构之际，国际化布局与国内产能优化成为汽车零部件企业破局的两个重要路径。 对此，凯众股份锚定"国内优化+海外扩张"的双轮驱动战略，推动海内外市场协同发力、全域赋能。 侯振坤表示，在国内，凯众股份3.08亿元可转债资金投入的南通基地扩产项目稳步推进，该项目建成 后，将新增年产聚氨酯减震元件2700万件、轻量化踏板总成350万件的产能，"公司第三代自动化生产线 即将调试完成，产能较前代大幅提高且占地面积更少，单位面积产出与利润将显著提升。同时，公司创 新采用'主生产基地+卫星工厂'模式，在广州、宁德、洛阳等地布局卫星工厂，以便就近装配与快速响 应客户需求，后续还计划根据业务拓展新增2家至3家工厂。" 与此同时，凯众股份的国际化布局蹄疾步稳。据侯振坤介绍，2024年，凯众股份在墨西哥的工厂已正式 量产，直接服务于国际知名新能源车企，以及通用、福特等北美核心客户，并可覆盖墨西哥当地450万 台/年的汽车产能。此外，公司同步推进的摩洛哥工厂将于明年一季度开始建设，预计2026年底投产， 该工厂将凭借"距西班牙直线14公里"的地理优势，通过"海运+陆运"联动，一周内即可 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][5] Core Views - The acquisition of Anhui Tuosheng will enhance profitability and expand the product delivery capabilities in the automotive NVH (Noise, Vibration, and Harshness) sector [2][3] - The company is a leader in the polyurethane buffer block market, holding a 36% market share, and aims to build a comprehensive product matrix by integrating rubber-based elastomers through this acquisition [2][3] - The company is also exploring new applications for polyurethane materials in the robotics field, which could open additional revenue streams [3] Financial Summary - The company reported revenues of 4.87 billion, 6.10 billion, and 5.49 billion for Q1-Q3 of 2023, 2024, and 2025 respectively, with net profits of 0.42 billion, 0.59 billion, and 0.47 billion, reflecting net profit margins of 8.6%, 9.7%, and 8.5% [2] - Projected revenues for 2025-2027 are estimated at 8.30 billion, 9.77 billion, and 11.49 billion, with corresponding net profits of 0.89 billion, 1.10 billion, and 1.40 billion [3] - The company’s PE ratios are projected to be 39.73, 32.07, and 25.26 for 2025, 2026, and 2027 respectively [3] Market Position - The company’s automotive damping components account for 65% of total revenue, primarily from polyurethane buffer blocks and top supports used in automotive suspension systems [2] - The company has established a supply chain presence with major domestic automakers including BYD, SAIC-GM, Geely, and others [2]

Core Viewpoint - The company plans to issue shares to acquire 60% of Anhui Tuosheng, which is expected to constitute a significant asset restructuring [1][2] Group 1: Company Overview - The company focuses on optimizing automotive NVH (Noise, Vibration, Harshness) performance, primarily engaged in the research, production, and sales of polyurethane elastic damping components for chassis suspension systems [2] - The target company specializes in rubber-based elastic damping and sealing components that also influence automotive NVH performance, covering the entire automotive chassis system and involving powertrain systems [2] Group 2: Strategic Implications - The transaction is expected to create deep complementary and synergistic effects in market layout, technical capabilities, and customer channels between the company and the target [2] - The company aims to expand its market layout and product development capabilities related to automotive NVH performance, establishing a comprehensive product matrix of polyurethane and rubber-based elastic components [2] - This acquisition will enhance the company's ability to deliver systematic solutions for automotive NVH damping and sealing components, meeting diverse customer customization needs and significantly increasing the value per vehicle [2]

Core Viewpoint - The company plans to acquire 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its market position in the automotive NVH (Noise, Vibration, and Harshness) sector [1] Group 1: Acquisition Details - The acquisition involves nine counterparties, including Zhu Cheng, and will be accompanied by fundraising efforts [1] - The company's stock and convertible bonds will resume trading on December 1, 2025 [1] Group 2: Target Company Overview - Anhui Tuosheng specializes in the R&D, production, and sales of rubber-based elastomer dampers and sealing components that influence automotive NVH performance [1] - The product range covers automotive chassis systems and involves powertrain systems [1] Group 3: Strategic Benefits - The transaction is expected to create deep synergies in market layout, technical capabilities, and customer channels between the company and the target [1] - The company aims to expand its market presence and product development capabilities related to automotive NVH performance [1] - The goal is to establish a comprehensive product matrix of polyurethane and rubber-based elastomers, enhancing the systematic delivery capability of automotive NVH dampers and sealing components to meet diverse customer customization needs [1] - This will significantly increase the value per vehicle and further strengthen market competitiveness [1]

Core Viewpoint - The company plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of share issuance and cash payment, aiming to enhance its market position and product development capabilities in the automotive NVH (Noise, Vibration, Harshness) sector [1] Group 1: Acquisition Details - The acquisition involves nine counterparties, including Zhu Cheng, and will be funded through both equity issuance and cash [1] - The company's stock and convertible bonds will resume trading on December 1, 2025 [1] Group 2: Target Company Overview - Anhui Tuosheng specializes in the R&D, production, and sales of rubber-based elastomer dampers and sealing components that impact automotive NVH performance [1] - The target company's products cover the automotive chassis system and involve the powertrain system [1] Group 3: Strategic Benefits - The transaction is expected to create deep complementary and synergistic effects in market layout, technical capabilities, and customer channels between the company and the target [1] - The company aims to expand its market layout and product development capabilities related to automotive NVH performance, establishing a comprehensive product matrix of polyurethane and rubber-based elastomers [1] - The goal is to enhance the systematic delivery capability of automotive NVH dampers and sealing components, meeting diverse customer customization needs and significantly increasing the value per vehicle, thereby strengthening market competitiveness [1]

Core Viewpoint - Kaizhong Co., Ltd. plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring [1][3]. Group 1: Acquisition Details - The acquisition involves signing a "Letter of Intent" with nine counterparties, with the transaction price based on an asset evaluation report from a qualified institution [3]. - Kaizhong intends to raise funds from no more than 35 specific investors to finance the acquisition, with all proceeds allocated for the transaction [3]. - The transaction is still in the planning stage, requiring approval from the board, shareholders, and regulatory authorities before implementation [3]. Group 2: Strategic Importance - The acquisition is seen as a strategic move for Kaizhong to address intense industry competition and integrate its supply chain [5]. - Kaizhong's main business focuses on automotive chassis suspension damping components, with a leading technology level and a second-place market share in China [5]. - The company has experienced a slowdown in growth, with a revenue of 564 million yuan and a net profit of approximately 58.29 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 5.12% [5]. Group 3: Market Potential - The NVH (Noise, Vibration, and Harshness) damping and sealing sector presents broader development opportunities compared to Kaizhong's current market [6]. - Anhui Tuosheng has an annual output value exceeding 500 million yuan, specializing in rubber-based NVH damping and sealing components [7]. - The merger is expected to enhance Kaizhong's product line, allowing it to transition from a single component supplier to a comprehensive system service provider, thereby increasing customer value and negotiation power [8][9].

Core Viewpoint - Kaizhong Co., Ltd. plans to acquire 60% equity of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, which may constitute a significant asset restructuring [2][5]. Group 1: Acquisition Details - On November 21, Kaizhong signed a "Letter of Intent" with nine counterparties to acquire 60% of Anhui Tuosheng, with the transaction price based on an asset valuation report from a qualified evaluation agency [3]. - The company intends to issue shares to no more than 35 specific investors to raise funds for the transaction [4]. - The acquisition is still in the planning stage, and formal agreements have not yet been signed, with the transaction subject to board and shareholder approval [5]. Group 2: Strategic Importance - The acquisition is seen as a strategic move for Kaizhong to address intense industry competition and integrate its supply chain [6]. - Kaizhong specializes in automotive chassis suspension damping components and lightweight pedal assemblies, holding a leading position in technology and a second-place market share in China [6]. - The company has experienced a slowdown in growth due to limited market size and increasing competition, necessitating the search for new growth avenues [6]. Group 3: Financial Performance - For the first three quarters of 2025, Kaizhong reported revenue of 564 million yuan, a year-on-year increase of 5.43%, while net profit attributable to shareholders decreased by 5.12% to approximately 58.29 million yuan [7]. Group 4: Market Potential - The automotive NVH (Noise, Vibration, and Harshness) damping and sealing sector presents broader development opportunities compared to Kaizhong's current focus [8]. - Anhui Tuosheng has an annual output value exceeding 500 million yuan, specializing in rubber-based NVH damping and sealing components [9]. - The acquisition is expected to allow Kaizhong to expand its product line into the NVH field, enhancing its service offerings and competitive position in the market [12].

Core Viewpoint - The company, Kaizhong Co., is planning a significant asset restructuring by acquiring 60% of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payments, while also raising funds from specific investors to finance the transaction [2][3][6]. Group 1: Transaction Details - The acquisition involves purchasing 60% equity of Anhui Tuosheng, which focuses on the research, production, and sales of rubber-based elastic damping and sealing components that affect automotive NVH (Noise, Vibration, and Harshness) performance [3][4]. - The registered capital of Anhui Tuosheng is 30 million yuan, and it was established in April 2013 [4]. - The transaction will not lead to a change in the actual controller of Kaizhong Co. and does not constitute a restructuring listing [2][7]. Group 2: Financial Aspects - The funds raised from issuing shares to no more than 35 specific investors will be entirely used to pay for the transaction price, with no portion allocated for supplementing working capital [6]. - The transaction price will be determined based on an asset valuation report from a qualified assessment agency [6]. Group 3: Strategic Implications - This acquisition is viewed as a strategic move to expand business boundaries and strengthen core competitiveness in the automotive parts sector [8]. - Anhui Tuosheng's technological expertise and market resources in NVH components are expected to create synergies with Kaizhong Co.'s existing operations, enhancing its product portfolio in automotive damping and sealing systems [8]. - The company has not experienced any stock price issues in the last 20 trading days, indicating stability in its financial standing [8].

Core Viewpoint - Kaizhong Co., Ltd. plans to acquire control of Anhui Tuosheng Automotive Parts Co., Ltd., which is expected to constitute a major asset restructuring, leading to a suspension of its stock trading starting November 24, 2025 [1][4]. Group 1: Acquisition Details - The company announced on November 21 that it is planning to acquire a 60% stake in Anhui Tuosheng through a combination of issuing shares and cash payments [3]. - The transaction price will be based on an asset valuation report from a qualified assessment agency, with the final price to be negotiated among the parties involved [3]. - The agreement signed is a non-binding intention agreement, serving as a guideline for further negotiations and the signing of formal legal documents [3]. Group 2: Financial Performance - For the first three quarters of 2025, Kaizhong Co., Ltd. reported revenue of 564 million yuan and a net profit of 58.29 million yuan [4]. - As of November 21, the company's stock price was 13.08 yuan per share, with a total market capitalization of 3.506 billion yuan [4]. Group 3: Business Strategy - The company aims to steadily advance its core businesses in shock-absorbing components and pedal assemblies, enhancing its competitive advantages while adapting to industry trends and market demands [6]. - Kaizhong Co., Ltd. is focused on expanding its international business footprint, establishing overseas subsidiaries in Mexico, the United States, Germany, and Morocco, and setting up an office in Japan [7]. - The Mexican factory has received recognition from various domestic and international OEMs and Tier 1 customers, with projects for buffer blocks and pedals already in mass production [7].

Core Viewpoint - The company, Kaizhong Co., Ltd. (603037.SH), is planning to acquire control of Anhui Tuosheng Automotive Parts Co., Ltd. through a combination of issuing shares and cash payment, with the funds raised exclusively for this transaction [1] Group 1: Transaction Details - The acquisition is expected to be classified as a major asset restructuring under the regulations of the "Major Asset Restructuring Management Measures for Listed Companies" [1] - The transaction will not result in a change of the actual controller of the company and does not constitute a restructuring listing according to the relevant regulations of the Shanghai Stock Exchange [1] - The company plans to issue shares to no more than 35 specific investors to raise matching funds for the transaction [1] Group 2: Stock and Bond Suspension - The company's stock (abbreviated as Kaizhong Co., Ltd., stock code: 603037) and convertible bonds (abbreviated as Kaizhong Convertible Bonds, bond code: 113698) will be suspended from trading starting November 24, 2025, with an expected suspension period of no more than 5 trading days [1] Group 3: Target Company Overview - Anhui Tuosheng primarily engages in the research, development, production, and sales of rubber-based elastic damping and sealing components that affect automotive NVH (Noise, Vibration, and Harshness) performance [1]