Core Viewpoint - Bohai Automotive System Co., Ltd. plans to acquire multiple subsidiaries from its controlling shareholder, Beijing Hainachuan Automotive Parts Co., Ltd., through a combination of share issuance and cash payment, which constitutes a significant asset restructuring for the listed company [1][2]. Group 1: Transaction Details - The acquisition includes 51% of Beijing Beiqi Moulding Technology Co., Ltd., 51% of Hainachuan Andautuo (Langfang) Seating Co., Ltd., 100% of Inafa Intelligent Network Technology (Beijing) Co., Ltd., and 50% of Langfang Leni Wiring System Co., Ltd. [1] - This transaction is classified as a related party transaction and is expected to enhance the company's product line to include automotive exterior parts, seating frameworks, electronic products, and wiring harnesses [2][3]. Group 2: Financial Impact - The four acquired companies are projected to contribute over 5.8 billion yuan in revenue in 2024, with an estimated net profit of approximately 538 million yuan, significantly improving Bohai Automotive's profitability [3]. - Prior to the acquisition, Bohai Automotive faced financial challenges, reporting consecutive losses from 2021 to 2024, with a record loss of 1.264 billion yuan in 2024, attributed to various market pressures [6]. Group 3: Strategic Rationale - The acquisition aims to integrate the technological capabilities of the target companies, thereby expanding Bohai Automotive's core competitiveness in the automotive parts sector [3]. - The company has undergone multiple significant acquisitions since joining the BAIC Group in 2015, transitioning from a piston manufacturer to a comprehensive parts supplier covering powertrains, chassis, thermal exchange systems, and automotive electronics [5]. Group 4: Challenges Ahead - Despite the potential benefits, Bohai Automotive faces challenges in integrating the diverse backgrounds of the acquired companies, particularly with Inafa Intelligent Network Technology, which operates under a different business model [9]. - The company must also navigate the risk of overvaluation in the acquisition, which could lead to substantial goodwill and potential impairments similar to those experienced with its German subsidiary [8].

Core Insights - The overall price index for Linyi Mall decreased slightly to 102.91 points, a decline of 0.03 points or 0.03% compared to the previous week [1] Group 1: Price Index Changes - Among 14 categories, 3 categories saw price increases, 3 remained stable, and 8 experienced price declines [1] - The categories with price increases include agricultural materials, board materials, and construction decoration materials [1] - The categories with the largest price declines are clothing and accessories, steel materials, and automotive parts and accessories [1] Group 2: Agricultural Materials - The agricultural materials price index rose to 87.11 points, an increase of 0.05 points [1] - The rise is attributed to increased production costs for agricultural films and strong demand for seeds during the summer planting season [1] - Prices for plastic breeding tools also saw a slight increase due to raw material price hikes, while the average sales price for rodenticides decreased due to increased demand [1] Group 3: Board Materials - The board materials price index increased to 97.49 points, up by 0.03 points [2] - The increase is driven by a rebound in the prices of raw materials like logs, leading manufacturers to raise some product prices [2] - The market is primarily driven by sales, contributing to a slight increase in average sales prices [2] Group 4: Construction Decoration Materials - The construction decoration materials price index rose to 105.72 points, an increase of 0.03 points [3] - The increase is seen in specialized materials and decorative materials, although overall demand remains weak due to fewer home renovation projects [3] - Prices for paints and waterproof materials have seen slight increases [3] Group 5: Clothing and Accessories - The clothing and accessories price index fell to 104.92 points, a decrease of 0.19 points [4] - The decline is primarily due to a significant drop in prices for men's shoes, despite slight increases in prices for underwear and sportswear [4] - The average sales price for men's clothing has decreased [4] Group 6: Steel Materials - The steel materials price index decreased to 98.57 points, down by 0.04 points [5] - The decline is attributed to reduced demand in the construction sector and a continued off-season for steel [5] - The steel futures market is also experiencing downward fluctuations, contributing to the overall price drop [5] Group 7: Automotive Parts and Accessories - The automotive parts and accessories price index fell to 93.87 points, a decrease of 0.03 points [6] - Prices for automotive parts have slightly decreased, particularly for engine and electrical components [6] - Some automotive parts like crankshafts and fuel tanks continue to see price increases, but sensitive consumables lack upward momentum, leading to price declines [6]

Core Viewpoint - Bohai Automotive is planning a major asset restructuring involving the acquisition of four automotive parts companies under BAIC Group to improve its asset quality and expand its business segments [1][2][4] Group 1: Acquisition Details - Bohai Automotive has announced a suspension of trading for up to 10 trading days due to the planned acquisition of 51% stakes in Beijing Beiqi Moulding Technology Co., Ltd. and Langfang Andautuo Seat Co., Ltd., as well as 100% of the shares in Innoface Intelligent Technology (Beijing) Co., Ltd. and 50% in Langfang Leoni Wiring Systems Co., Ltd. [1][2] - The acquisition is expected to enhance the company's asset quality and business segments, as the selected companies have strong performance capabilities [2][3] Group 2: Financial Performance - Bohai Automotive has faced financial challenges, with revenues of 4.415 billion, 4.102 billion, 4.670 billion, and 4.227 billion from 2021 to 2024, and net profits of -90 million, -62 million, -199 million, and -1.264 billion during the same period [3][6] - The company reported a significant loss in 2024, with a net profit decline of 535.66% compared to the previous year, primarily due to bankruptcy filings and reduced orders from its subsidiaries [6] Group 3: Strategic Direction - The acquisition aligns with the automotive industry's shift towards new energy and intelligent development, allowing Bohai Automotive to diversify its portfolio and support its transition towards lightweight, electric, and intelligent automotive components [5][7] - The four targeted companies are positioned in traditional automotive parts, while one focuses on intelligent technology, indicating a strategic move to integrate traditional and innovative sectors [7]

Core Viewpoint - The company focuses on the research, production, and sales of hydraulic pipeline systems, with a strong emphasis on providing clean, safe, and leak-free solutions to various industries, including construction machinery and mining [5][7]. Company Overview - The company primarily engages in the development, production, and sales of hydraulic pipeline systems, including hard pipe assemblies, soft pipe assemblies, pipe joints, and oil tanks [5]. - The company has established a competitive advantage by providing close service and comprehensive solutions to clients, accumulating quality customer resources over the years [5]. Business Performance - In 2024, the company achieved total operating revenue of 468.54 million yuan, an increase of 49.06 million yuan, representing a year-on-year growth of 11.69% [7]. - The net profit attributable to shareholders was 72.40 million yuan, a decrease of 5.66 million yuan, reflecting a year-on-year decline of 7.25% [7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 64.79 million yuan, a slight increase of 0.15 million yuan, indicating a year-on-year growth of 0.23% [7]. Market Position and Industry Development - The hydraulic industry in China has been developing rapidly, with a significant market size and a gradual shift towards domestic product substitution for high-end markets previously dominated by foreign companies [9][12]. - The company's products are crucial components in hydraulic systems, accounting for approximately 15% of the system's value, and the company has achieved a leading position in the domestic hydraulic hard pipe assembly segment [9][10]. Key Drivers of Performance - The main application markets for the company's products are the construction machinery market and the mining machinery aftermarket, with construction machinery accounting for 56.7% of the company's revenue [10]. - The domestic excavator sales in 2024 saw a year-on-year increase of 3.13%, indicating a recovery in the construction machinery sector [7][10]. - The mining machinery aftermarket is characterized by stable demand, driven by the maintenance needs of existing equipment, with coal and non-ferrous metal mining showing growth in production [10][12]. Operational Model - The company adopts a close-service business model, primarily supplying products to major manufacturers in the construction machinery sector and providing services to the mining machinery aftermarket [13]. - The procurement strategy includes centralized purchasing for major raw materials to reduce costs, while production is based on customer orders [13][14].

江西福事特液压股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）：德邦证券股份有限公司 特别提示 根据国家统计局《国民经济行业分类》（GB/T4754-2017），江西福事特液 压股份有限公司（以下简称"福事特"、"发行人"或"公司"）所处行业属于 "C34通用设备制造业"。截至2023年7月6日（T-3日），中证指数有限公司发布 的行业最近一个月平均静态市盈率为32.91倍。本次发行价格31.89元/股对应发行 人2022年扣非前后孰低归母净利润摊薄后市盈率为31.36倍，低于中证指数有限 公司发布的行业最近一个月平均静态市盈率；低于招股说明书中所选可比公司 近20日扣非后算术平均静态市盈率；低于招股说明书中所选可比公司近20日扣 非前算术平均静态市盈率，但仍存在未来发行人股价下跌给投资者带来损失的 风险。发行人和保荐人（主承销商）提请投资者关注投资风险，审慎研判发行定 价的合理性，理性做出投资决策。 福事特根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《证 券发行与承销管理办法》（证监会令〔第 208 号〕，以下简称"《管理办法》"）、《首 次公开发行股票注册管理办法》（ ...

江西福事特液压股份有限公司 招股说明书 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，审慎作出投资决定。 江西福事特液压股份有限公司 Jiangxi First Hydraulic Co., Ltd. （江西省上饶经济技术开发区福事特大道 1 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （上海市普陀区曹杨路 510 号南半幢 9 楼） 江西福事特液压股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 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》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发 行后因发 ...

江西福事特液压股份有限公司 招股说明书 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，审慎作出投资决定。 江西福事特液压股份有限公司 Jiangxi First Hydraulic Co., Ltd. （江西省上饶经济技术开发区福事特大道 1 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：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 正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （上海市普陀区曹杨路 510 号南半幢 9 楼） 江西福事特液压股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 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 ...

江西福事特液压股份有限公司 招股说明书 声明：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 正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 招股说明书 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 创业板投资风险提示 江西福事特液压股份有限公司 Jiangxi First Hydraulic Co., Ltd. （江西省上饶经济技术开发区福事特大道 1 号） 首次公开发行股票并在创业板上市 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行人注册 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》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自 行负责；投资者自主判 ...

江西福事特液压股份有限公司 招股说明书 创业板投资风险提示 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司 具有创新投入大、新旧产业融合成功与否存在不确定性、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 充分了解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 江西福事特液压股份有限公司 Jiangxi First Hydraulic Co., Ltd. （江西省上饶经济技术开发区福事特大道 1 号） 首次公开发行股票并在创业板上市 招股说明书 （申报稿） 声明：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 正式公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （上海市普陀区曹杨路 510 号南半幢 9 楼） 江西福事特液压股份有限公司 招股说明书 发行人声明 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 ...