分红方面，中国汽研A股上市后累计派现27.47亿元。近三年，累计派现9.73亿元。 机构持仓方面，截止2025年9月30日，中国汽研十大流通股东中，中欧养老混合A（001955）位居第三 大流通股东，持股1283.44万股，相比上期增加382.41万股。中欧睿见混合A（010429）位居第五大流通 股东，持股730.99万股，相比上期增加249.33万股。农银新能源混合A（002190）位居第六大流通股 东，持股681.01万股，持股数量较上期不变。香港中央结算有限公司位居第七大流通股东，持股661.68 万股，相比上期增加226.42万股。南方中证500ETF（510500）位居第八大流通股东，持股586.92万股， 相比上期减少11.16万股。工银文体产业股票A（001714）位居第九大流通股东，持股564.15万股，相比 上期减少156.97万股。华商盛世成长混合（630002）退出十大流通股东之列。 责任编辑：小浪快报 融券方面，中国汽研11月20日融券偿还600.00股，融券卖出1.27万股，按当日收盘价计算，卖出金额 21.40万元；融券余量19.26万股，融券余额324.53万元，超过近一年80 ...

Core Viewpoint - China Automotive Research (中国汽研) is a leading enterprise in automotive technology research and testing services, with a strong performance in revenue and net profit, indicating robust growth potential in the automotive service industry [1][2]. Group 1: Business Performance - As of Q3 2025, China Automotive Research reported revenue of 3.024 billion yuan, ranking second in the industry, surpassing the industry average of 1.922 billion yuan and the median of 2.183 billion yuan [2]. - The net profit for the same period was 700 million yuan, leading the industry and significantly higher than the average of 143 million yuan and the median of 42.775 million yuan [2]. - The company's gross profit margin reached 46.15% in Q3 2025, an increase from 42.21% in the previous year, and well above the industry average of 27.30% [3]. Group 2: Financial Ratios - The asset-liability ratio for China Automotive Research was 27.72% in Q3 2025, slightly above the industry average of 27.41% and up from 24.18% in the previous year [3]. - The company has shown a strong ability to maintain profitability, with a gross margin significantly higher than its peers, indicating effective cost management and pricing strategies [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 18.75% to 21,600, while the average number of circulating A-shares held per shareholder decreased by 15.79% to 46,000 [5]. - Notable shareholders include various mutual funds, with significant increases in holdings for some, indicating growing institutional interest [5]. Group 4: Strategic Insights - The company is focusing on high-margin testing services, with revenue from this segment reaching 2.749 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 5.62% [6][7]. - The company is also advancing in the smart connected vehicle sector, having completed key testing capabilities that align with national standards, which positions it favorably for future growth [7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% compared to the benchmark index within the next six months [9][16]. Core Insights - The company reported a slight decline in revenue for the first three quarters of 2025, with total revenue of 3.024 billion yuan, down 1.14% year-on-year. However, net profit attributable to shareholders increased by 1.13% to 666 million yuan [5][6]. - The automotive technology service segment showed a stable revenue growth of 5.62% year-on-year, while the equipment manufacturing segment experienced a significant decline of 39.70% [6]. - The company is positioned well for long-term growth due to the upcoming release of intelligent connected vehicle standards, which are expected to accelerate new model iterations and expand testing opportunities [8]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 1.114 billion yuan, reflecting a year-on-year increase of 9.33%. The overall gross margin improved to 47.5%, up 2.19 percentage points year-on-year [7]. - The projected revenue for 2025-2027 is estimated at 5.006 billion yuan, 5.588 billion yuan, and 6.485 billion yuan respectively, with net profits expected to reach 1.029 billion yuan, 1.205 billion yuan, and 1.434 billion yuan [9][12]. - The company’s PE ratios for the next three years are projected to be 17.1, 14.6, and 12.3 respectively, indicating a favorable valuation trend [9].

Core Points - The company reported a revenue of 3.024 billion yuan for the first nine months of 2025, a year-on-year decrease of 1.14% [2] - The automotive technology service business generated 2.749 billion yuan, showing a year-on-year increase of 5.62%, while the equipment manufacturing business saw a revenue drop of 39.70% to 275 million yuan [2] - The net profit attributable to shareholders was 666 million yuan, reflecting a year-on-year increase of 1.13%, with a net profit excluding non-recurring items of 615 million yuan, up 3.41% [2] - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 100.31 million yuan, which is 15.06% of the net profit for the first three quarters [21][24] - The company will reduce its registered capital by 1.1257 million yuan due to the repurchase and cancellation of shares from employees who are no longer eligible for stock incentives [28] Financial Data - Revenue for automotive technology services: 2.749 billion yuan, up 5.62% year-on-year [2] - Revenue for equipment manufacturing: 275 million yuan, down 39.70% year-on-year [2] - Net profit attributable to shareholders: 666 million yuan, up 1.13% year-on-year [2] - Net profit excluding non-recurring items: 615 million yuan, up 3.41% year-on-year [2] Corporate Governance - The board of directors approved the third-quarter report and the profit distribution plan with unanimous votes [7][17] - The company will no longer have a supervisory board, with its functions being taken over by the audit committee of the board [28] - The company plans to hold a temporary shareholders' meeting on November 14, 2025 [13]

Core Viewpoint - China Automotive Research reported a steady growth in revenue and profit for Q3 2025, despite increasing competition and pricing pressures in the automotive industry [1] Financial Performance - For Q3 2025, the company achieved a revenue of 1.114 billion yuan, representing a year-on-year increase of 9.33% [1] - The total profit for the same period was 329 million yuan, showing a year-on-year growth of 9.64% [1] - For the first nine months of 2025, the cumulative revenue reached 3.024 billion yuan, with a net profit attributable to shareholders of 666 million yuan, reflecting a year-on-year increase of 1.13% [1] - The net profit after deducting non-recurring items was 615 million yuan, which is a year-on-year increase of 3.41% [1] - Earnings per share stood at 0.68 yuan [1] Strategic Focus - The company has maintained a focus on its core business and has improved the efficiency of its regional market collaboration system [1] - Despite the ongoing price wars and competitive pressures in the automotive sector, the company has managed to achieve stable business growth [1] - The automotive technology service segment has shown resilience and growth amid industry challenges [1]

Core Viewpoint - China Automotive Engineering Research Institute Co., Ltd. (China Automotive Research) has shown fluctuations in stock performance and financing activities, indicating a mixed outlook for the company in the automotive technology service and equipment manufacturing sector [1][2]. Financing Activities - On October 20, China Automotive Research's stock fell by 1.22%, with a trading volume of 131 million yuan. The financing buy-in amounted to 10.18 million yuan, while financing repayment was 9.17 million yuan, resulting in a net financing buy of 1.01 million yuan [1]. - As of October 20, the total financing and securities lending balance for China Automotive Research was 191 million yuan, with the current financing balance at 188 million yuan, representing 1.11% of the circulating market value, which is above the 90th percentile of the past year [1]. - In terms of securities lending, on October 20, the company repaid 4,600 shares and sold 8,800 shares, with a selling amount of 149,600 yuan. The remaining securities lending volume was 188,300 shares, with a balance of 3.20 million yuan, also above the 80th percentile of the past year [1]. Company Overview - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, is primarily engaged in automotive technology services and equipment manufacturing. The revenue composition includes 89.80% from automotive technology services, with 65.58% from complete vehicle and traditional parts development and testing, and 16.21% from new energy and intelligent connected vehicle development and testing [2]. - As of June 30, 2025, the company reported a revenue of 1.911 billion yuan, a year-on-year decrease of 4.48%, while the net profit attributable to shareholders was 409 million yuan, reflecting a year-on-year increase of 1.84% [2]. Dividend Distribution - Since its A-share listing, China Automotive Research has distributed a total of 2.747 billion yuan in dividends, with 973 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders included new entrants such as China Europe Pension Mixed A, holding 9.0103 million shares, and other notable changes in holdings among existing shareholders [3].

Company Overview - China Automotive Engineering Research Institute Co., Ltd. is located in Chongqing and was established on January 11, 2001, with its listing date on June 11, 2012 [1] - The company's main business involves automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1] Financial Performance - For the first half of 2025, China Automotive Engineering achieved operating revenue of 1.911 billion yuan, a year-on-year decrease of 4.48%, while net profit attributable to shareholders increased by 1.84% to 409 million yuan [2] - The company has distributed a total of 2.747 billion yuan in dividends since its A-share listing, with 973 million yuan distributed in the last three years [3] Stock Performance - As of September 22, the stock price of China Automotive Engineering was 18.50 yuan per share, with a market capitalization of 18.557 billion yuan [1] - The stock has seen a year-to-date increase of 7.06%, but has decreased by 0.38% over the last five trading days and 4.69% over the last 20 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders was 18,200, an increase of 0.35% from the previous period, with an average of 54,684 circulating shares per person, a decrease of 0.32% [2] - Notable shareholders include Central European Pension Mixed A and Industrial Bank Cultural Industry Stock A, with significant changes in their holdings [3]

Core Viewpoint - China Automotive Engineering Research Institute (China Automotive Research) experienced a stock price decline of 2.05% on September 16, 2023, with a current price of 18.19 CNY per share and a market capitalization of 18.246 billion CNY [1] Financial Performance - For the first half of 2025, China Automotive Research reported revenue of 1.911 billion CNY, a year-on-year decrease of 4.48%, while net profit attributable to shareholders increased by 1.84% to 409 million CNY [2] - The company has distributed a total of 2.747 billion CNY in dividends since its A-share listing, with 973 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 18,200, with an average of 54,684 shares held per shareholder, a decrease of 0.32% [2] - The top ten circulating shareholders include new entrants such as China Europe Pension Mixed A and China Europe Insight Mixed A, while some existing shareholders have reduced their holdings [3] Stock Performance - Year-to-date, the stock price has increased by 5.27%, with a 1.00% increase over the last five trading days, a 4.86% decrease over the last 20 days, and a 1.51% increase over the last 60 days [1] Business Overview - China Automotive Research, established on January 11, 2001, and listed on June 11, 2012, primarily engages in automotive technology services and equipment manufacturing, with 89.80% of its revenue coming from automotive technology services [1] - The revenue breakdown includes 65.58% from complete vehicle and traditional parts development and testing, 16.21% from new energy and intelligent connected vehicle development and testing, and 8.01% from testing equipment [1] Industry Classification - The company is classified under the automotive services sector, specifically in comprehensive automotive services, and is associated with concepts such as state-owned enterprise reform and vehicle networking [2]

Core Viewpoint - Heilongjiang Xiwang Automotive Technology Co., Ltd. has been established with a registered capital of 500,000 RMB, focusing on various automotive-related services and products [1] Company Summary - The legal representative of the company is Gu Chengjun [1] - The registered capital is 500,000 RMB [1] - The business scope includes technology services, development, consulting, and transfer related to automotive parts and sales [1] Industry Summary - The company is involved in the research and development of automotive components and the wholesale and retail of automotive spare parts [1] - It also engages in the sales of new energy vehicles and provides services for small and micro passenger car rentals [1] - Additional services include second-hand car brokerage and various information consulting services [1]

Company Overview - China Automotive Engineering Research Institute Co., Ltd. is located in Chongqing and was established on January 11, 2001, with its listing date on June 11, 2012 [1] - The company's main business involves automotive technology services and equipment manufacturing, with 89.80% of revenue coming from automotive technology services [1] Financial Performance - For the first half of 2025, China Automotive Engineering achieved operating revenue of 1.911 billion yuan, a year-on-year decrease of 4.48%, while net profit attributable to shareholders increased by 1.84% to 409 million yuan [2] - The company has distributed a total of 2.747 billion yuan in dividends since its A-share listing, with 973 million yuan distributed in the last three years [3] Stock Performance - As of September 3, the stock price of China Automotive Engineering was 17.79 yuan per share, with a market capitalization of 17.844 billion yuan [1] - The stock has seen a year-to-date increase of 2.95%, but has declined by 5.72% over the last five trading days and 9.56% over the last 20 days [1] Shareholder Structure - As of June 30, 2025, the number of shareholders increased to 18,200, with an average of 54,684 shares held per shareholder, a decrease of 0.32% [2] - Notable shareholders include Central European Pension Mixed A and Industrial Bank Cultural Industry Stock A, with significant changes in their holdings [3]