Core Insights - The registered capital of Keli Electric Motor Group Co., Ltd. has increased from approximately 620 million RMB to about 740 million RMB, representing a growth of approximately 19.8% [1] Company Overview - Keli Electric Motor Group Co., Ltd. was established in September 2010 [1] - The legal representative of the company is Nie Pengju [1] - The company's business scope includes research and development, manufacturing, and sales of various types of motors, pumps, household appliances, servo control systems, motion control systems, automation control systems, electrical equipment, and electronic products, as well as import and export trade within the legal scope [1] - The company is co-owned by Nie Pengju, Nie Baosheng, and others [1]

Group 1 - The company, Koli Electric Motor Group Co., Ltd., has changed its registered capital from RMB 620,800,887 to RMB 743,750,960, as approved in the board meeting on August 25, 2025, and the first extraordinary general meeting on September 11, 2025 [2] - The company has completed the registration and filing procedures for the change in registered capital and the amendments to its articles of association, obtaining a new business license from the market supervision administration [2][3] - The updated business license reflects the new registered capital and confirms that other registered details remain unchanged, including the company name, type, legal representative, establishment date, and business scope [3] Group 2 - The business scope of the company includes research, manufacturing, and sales of various motors, pumps, household appliances, servo control systems, motion control systems, automation control systems, electrical equipment, and electronic products, as well as related import and export trade within legal limits [3]

Group 1 - The company, Keli Electric Motor Group Co., Ltd., has completed the registration change of its capital and has received a new business license [2][3] - The registered capital has been increased from RMB 620,800,887 to RMB 743,750,960 [2] - The company has made corresponding amendments to its articles of association regarding registered capital and the supervisory board [2] Group 2 - The new business license includes the company's establishment date as September 8, 2010, and its address in Hunan Province [4] - The business scope includes research, manufacturing, and sales of various motors, pumps, household appliances, servo control systems, motion control systems, automation control systems, electrical equipment, and electronic products, as well as related import and export trade [4] - Other registered items on the business license remain unchanged [5]

Group 1: International Market Expansion - Fawer Automotive Parts Co., Ltd. is advancing its international development through multi-dimensional strategies, including establishing offices in Europe and acquiring a German fastener company to integrate into the local automotive supply chain [2][3] - In the U.S., the company has formed a local entity to enhance customer response efficiency and solidify its market share, while a factory in Mexico aims to reduce production costs and improve product competitiveness in North and Latin America [2][3] - The resource sharing, technical collaboration, and market synergy among overseas business units are gradually becoming evident, with plans to optimize operations and explore emerging market opportunities [3] Group 2: Subsidiary and R&D Focus - Fawer’s subsidiary, Fusay, is a core strategic resource in intelligent cockpits, autonomous driving, and connected technologies, focusing on R&D capability and market order expansion [3] - The company has established R&D teams in Changchun and Dalian, achieving stable R&D output and penetrating mainstream automotive supply chains with products like screens, instruments, and radar [3] Group 3: External Market Development - Since the beginning of the 14th Five-Year Plan, the company has significantly improved its external market revenue, with the external market revenue share increasing from 14% at the start of the 13th Five-Year Plan to 30% [3] - In 2024, the company secured 307 new orders, with 142 from external markets, leading to an external order revenue share of 48%, and over 80% of new energy orders covering various product series [3]

Investment Rating - The report gives an "Accumulate" rating for the company with a target price of 36.29 CNY [2][11]. Core Insights - The company is positioned as a leader in automotive thermal management and a core supplier of components for robotics, continuously expanding its business boundaries and achieving sustained high growth [3][11]. - The report highlights the significant growth potential driven by the electric vehicle market, which is reshaping the supply chain and increasing the value of thermal management components [11][16]. Financial Summary - The company’s revenue is projected to grow from 24.56 billion CNY in 2023 to 34.80 billion CNY in 2026, with a compound annual growth rate (CAGR) of approximately 11.7% [8][18]. - Net profit attributable to the parent company is expected to increase from 2.92 billion CNY in 2023 to 4.31 billion CNY in 2026, reflecting a CAGR of about 14.6% [8][18]. - Earnings per share (EPS) are forecasted to rise from 0.78 CNY in 2023 to 1.16 CNY in 2026 [8][18]. Business Overview - The company has a strong foothold in the refrigeration market, with leading global market shares in key components such as electronic expansion valves and four-way valves [11][25]. - The automotive parts segment is benefiting from the electrification of vehicles, with the value of thermal management components in electric vehicles being approximately three times higher than that in traditional vehicles [11][50]. - The company is also expanding into emerging markets such as energy storage and robotics, which are expected to provide new growth avenues [11][19]. Market Position - The company serves a diverse range of high-profile clients in both the refrigeration and automotive sectors, including major brands like Panasonic, Mitsubishi, and BMW [11][35]. - The report emphasizes the company's commitment to innovation and quality, which has established it as a trusted partner in the global thermal management industry [11][25].

公证天业会计师事务所(特殊普通合伙) 对深圳证券交易所《关于对十堰市泰祥实业股份有 限公司的重组问询函》的回复 公证天业会计师事务所(特殊普通合伙) 对深圳证券交易所《关于对十堰市泰祥实业股份有 限公司的重组问询函》的回复 深圳证券交易所: 由十堰市泰祥实业股份有限公司(以下简称"泰祥股份")转来的贵所《 关于对十堰市泰祥实业股份有限公司的重组间询函》（创业板非许可类重组问 询函(2023)第2号,以下简称问询函)奉悉。我们已对问询函中要求申报会计 师核查并发表明确意见的事项进行了专项核查,现对有关事项专项说明如下: 一、报告期内,宏马科技向前五大客户销售实现的营业收入合计占比分别为 87.74%、82.59%、78.13%,其中,第一大客户为一汽集团,其余四大客户分别 为上海大众动力总成有限公司、蒂森克虏伯、上汽大众和华域皮尔博格泵技术有 限公司等。宏马科技取得的供应商资质认证共计 18 项,其中一级、二级、三级 供应商资质分别为 5 项、11 项、2 项。 (1) 请补充说明宏马科技各级供应商资质的取得过程,需要满足的研发等 具体能力标准和要求。 | 序号 | 客户名称 | 所属集团 | 取得时间 | | ...