Group 1: Company Overview - The company primarily engages in the research, production, and sales of automotive motor technology and fluid technology products, aiming to become a global leader in automotive motor solutions [2] - The business is structured into four main units: motor technology (motor and electric module) and fluid technology (driving vision cleaning systems and thermal management systems) [2][3] - The main production base is located in Ningbo, with additional production facilities established in locations such as Qingyuan, Shenyang, Wuhan, the USA, and Thailand to serve distant customers [3] Group 2: Future Growth and Market Potential - The cleaning system business is mainly focused on the domestic market, with significant growth potential in overseas markets due to a solid customer base [4] - The company has a small market share with some domestic automotive clients, indicating substantial competitive space for future growth [4] - The cleaning system products are categorized into traditional cleaning systems and ADAS active perception cleaning systems, with the latter offering significant market value increase potential [4] Group 3: Technology and Product Advantages - The harmonic magnetic field motor technology represents a fundamental change in motor technology, offering advantages such as lightweight design, reduced material consumption, and higher power density compared to traditional motors [5] - The technology allows for lower axial current and is compatible with existing permanent magnet synchronous motor applications, enhancing its market adaptability [5] - The company is expanding the application of this technology across various sectors, including automotive, industrial roller motors, and humanoid robots [5] Group 4: Sales and Profitability Outlook - The company maintains a balanced development between domestic and international sales, fostering a diversified product application and market synergy [6] - For 2026, the company anticipates improving gross margins through continuous product development, market expansion, and enhanced operational efficiency [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZCZL Industrial Technology Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司 （在 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 碼：00564） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列中創智領（鄭 州）工業技術集團股份有限公司在上海證券交易所網站及 中 國 報 章 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 中創智領（鄭 州）工業技術集團股份有限公司 董事長 焦承堯 中 國，鄭 州，2026年3月30日 於本公告日期，本公司執行董事為焦承堯先生、賈浩先生、孟賀超先生及李開順 先 生；非 執 行 董 事 為 崔 凱 先 生；而 獨 立 非 執 行 董 事 為 季 豐 先 生、方 遠 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 29.581 billion yuan in 2025, representing a year-on-year increase of 11.21%. However, the net profit attributable to shareholders decreased by 7.38% to 2.779 billion yuan [4][5] - The company is expanding its global footprint and emerging business sectors, with significant progress in its overseas projects and new business areas such as robotics [5][8] - The company has established a robust partnership with leading domestic and international automotive manufacturers, maintaining a stable per-vehicle supply amount of around 30,000 yuan [5] Financial Performance - In Q4 2025, the company reported a revenue of 8.653 billion yuan, a year-on-year increase of 19.38% and a quarter-on-quarter increase of 8.25% [4] - The gross profit margin for 2025 was 19.43%, down by 1.37 percentage points year-on-year, while the net profit margin was 9.41%, down by 1.88 percentage points [5] - The company expects to achieve revenues of 35.202 billion yuan, 40.482 billion yuan, and 47.769 billion yuan in 2026, 2027, and 2028, respectively, with growth rates of 19%, 15%, and 18% [7][8] Business Segments - The revenue breakdown for 2025 includes: - Shock Absorber Systems: 4.256 billion yuan (down 3.33%) - Interior Functional Components: 9.672 billion yuan (up 14.69%) - Chassis Systems: 8.722 billion yuan (up 6.34%) - Thermal Management Systems: 2.091 billion yuan (down 2.26%) - Automotive Electronics: 2.769 billion yuan (up 52.11%) - Robotics Actuators: 0.014 billion yuan (up 1.22%) [5] Future Projections - The company is projected to achieve a diluted earnings per share (EPS) of 1.90 yuan in 2026, 2.30 yuan in 2027, and 2.76 yuan in 2028, with corresponding P/E ratios of 30, 25, and 21 times [7][8]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6] Core Views - The company achieved a total revenue of 29.58 billion yuan in 2025, representing a year-on-year increase of 11.2%, although the growth rate has slowed compared to the previous year [5][6] - The net profit attributable to shareholders was 2.78 billion yuan, down 7.4% year-on-year, while the net profit excluding non-recurring items was 2.61 billion yuan, a decrease of 4.3% [5][6] - The fourth quarter of 2025 showed strong performance with total revenue of 8.65 billion yuan, up 19.4%, and a net profit of 810 million yuan, up 6.0% [5][6] - The company is focused on expanding its product offerings in the automotive parts sector, with significant revenue contributions from various segments, including a 52.1% increase in automotive electronics revenue [5][6] - The company is actively pursuing international expansion, with overseas revenue reaching 6.22 billion yuan, a slight increase of 0.11% year-on-year [5][6] Financial Performance Summary - The company reported a gross margin of 19.4% and a net margin of 9.4% for 2025, with the fourth quarter showing a gross margin of 20.0% [5][6] - Research and development expenses reached 1.5 billion yuan in 2025, reflecting the company's commitment to enhancing product competitiveness [5][6] - The company expects net profits to grow to 3.38 billion yuan, 4.07 billion yuan, and 4.78 billion yuan in 2026, 2027, and 2028, respectively [6]

Investment Rating - The investment rating for the company is "Buy" [5][10]. Core Views - The company reported a revenue of 29.6 billion yuan for 2025, an increase of 11% year-on-year, while the net profit attributable to shareholders was 2.78 billion yuan, a decrease of 7.4% year-on-year [1][5]. - The company is focusing on breakthroughs in vehicle technology, with new growth in humanoid robots and liquid cooling systems [2][3]. - The company expects revenue growth of 18%, 15%, and 13% for the years 2026, 2027, and 2028, respectively, with net profit growth of 33%, 19%, and 17% for the same years [3]. Financial Performance - For 2025, the company achieved a gross profit margin of 19.4% and a net profit margin of 9.4%, both showing a decline of 1.4 and 1.9 percentage points year-on-year [2]. - In Q4 alone, the company reported a revenue of 8.65 billion yuan, with a quarter-on-quarter increase of 19% and a year-on-year increase of 8.3% [1][5]. - The company’s R&D expenses reached 1.5 billion yuan in 2025, reflecting a 22% increase year-on-year [2]. Product Segmentation - The revenue breakdown for 2025 includes: - Interior functional components: 9.7 billion yuan, +15% year-on-year, accounting for 33% of total revenue - Chassis systems: 8.7 billion yuan, +6.3% year-on-year, accounting for 29% - Shock absorbers: 4.3 billion yuan, -3.3% year-on-year, accounting for 14% - Automotive electronics: 2.8 billion yuan, +52% year-on-year, accounting for 9% - Thermal management systems: 2.1 billion yuan, -2.3% year-on-year - Robotic actuators: 14 million yuan [1][2].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 65.67 CNY [5][11]. Core Insights - The company achieved a revenue of 29.58 billion CNY in 2025, representing a year-on-year growth of 11.21%, while the net profit attributable to the parent company decreased by 7.38% to 2.78 billion CNY [11][13]. - The company is experiencing growth in its automotive electronic products, such as air suspension and line control braking systems, and has made significant progress in its robotics business, laying a foundation for long-term development [2][11]. - The company is expanding its production capacity to approximately 1.5 million sets by 2026 to meet the increasing market demand [11]. Financial Summary - Total revenue for 2025 is projected at 29.58 billion CNY, with a gross margin of 19.43% and a net margin of 9.41% [4][11]. - The net profit for 2025 is expected to be 2.78 billion CNY, with earnings per share (EPS) of 1.60 CNY [4][11]. - The company anticipates revenue growth of 18.4% in 2026, reaching 35.03 billion CNY, with net profit projected to increase by 24.3% to 3.45 billion CNY [4][11]. Business Segments - The revenue from automotive electronics is expected to grow significantly, with a projected increase of 52.1% in 2025 [13]. - The robotics and liquid cooling sectors are anticipated to open new growth avenues, with initial orders amounting to 1.5 billion CNY [11][13]. - The company is focusing on enhancing its competitive edge in interior components, lightweight chassis, and thermal management systems, contributing to steady revenue growth [11].

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 65.67 CNY [5][11]. Core Insights - The company achieved a revenue of 29.58 billion CNY in 2025, reflecting a year-on-year growth of 11.21%, while the net profit attributable to shareholders decreased by 7.38% to 2.78 billion CNY [11][13]. - The report highlights the rapid growth of automotive electronic products such as air suspension and line control braking, alongside significant advancements in the robotics sector, laying a foundation for long-term development [2][11]. - The company is expected to see a steady increase in revenue, with projections of 35.03 billion CNY in 2026, 41.12 billion CNY in 2027, and 48.44 billion CNY in 2028, indicating a compound annual growth rate (CAGR) of 17.8% from 2025 to 2028 [4][13]. Financial Summary - Total revenue for 2025 was 29,581 million CNY, with a gross margin of 19.43% and a net margin of 9.41% [4][11]. - The net profit for 2025 was 2,779 million CNY, with earnings per share (EPS) of 1.60 CNY [4][11]. - The company’s return on equity (ROE) for 2025 was 11.5%, with a projected increase to 15.8% by 2028 [4][12]. Business Segments - The revenue from automotive electronics is projected to grow significantly, with expected revenues of 3,792.5 million CNY in 2026, up from 2,768.6 million CNY in 2025, representing a year-on-year growth of 37% [13]. - The robotics and liquid cooling sectors are anticipated to open new growth avenues, with initial orders in the liquid cooling segment amounting to 1.5 billion CNY [11][13]. - The company is expanding its production capacity to approximately 1.5 million units by 2026 to meet increasing market demand [11].

Group 1: Industry Research Highlights - The most popular industries for institutional research from March 16 to March 20, 2026, ranked by total number of institutional surveys, are machinery equipment, basic chemicals, and electronics. The focus has shifted towards cyclical sectors, with basic chemicals becoming a new focal point following electronics, while power equipment remains widely monitored [8][11]. - Over the past 30 days, the top industries by institutional survey frequency are machinery equipment, electronics, basic chemicals, and power equipment, with electronics and machinery equipment receiving the most attention [11]. Group 2: Company Research Highlights - The companies with the highest number of institutional surveys in the past 5 days, with more than 10 ratings, include Zhaoli Pharmaceutical, Suzhou Bank, and Yinlun Co., Ltd. [15][17]. - In the past 30 days, the companies with the most institutional surveys and more than 10 ratings are Shunluo Electronics, Zhaoli Pharmaceutical, and Huarui Precision [19][21]. Group 3: Key Company Insights 1. **Zhaoli Pharmaceutical**: The company focuses on a dual-channel marketing strategy, with current sales split approximately 90% in-hospital and 10% out-of-hospital. It aims to deepen its penetration in county-level medical communities and expand its out-of-hospital sales through brand upgrades and internet sales [22][23]. 2. **Yinlun Co., Ltd.**: The company is positioned as a leading provider of thermal management systems, with a focus on power energy and digital energy sectors. The power energy segment is expected to be a significant growth driver, while the digital energy segment, particularly AI liquid cooling, is also anticipated to grow rapidly [26][27]. 3. **Suzhou Bank**: The bank reported a stable asset quality with a non-performing loan ratio of 0.83% and a capital adequacy ratio of 13.57%. It aims to optimize its credit policies and enhance capital efficiency to support sustainable growth [29][31].

Group 1: Investment and Strategic Initiatives - The company invested CNY 100 million in the Qizhi Fund to support the flying car project of FAW Qiyu Technology, marking a significant strategic move in the low-altitude economy sector [2][3] - The investment aims to create a second growth curve and enhance the industrial chain integration [3] Group 2: Mergers and Acquisitions - Chongqing Yuantai Shock Absorber Co., Ltd. successfully completed its factory relocation and commenced production in February 2026, with an initial capacity of 4 million shock absorbers per year [4] - The company plans to expand production capacity to 6 million units annually by 2027, significantly increasing output and supporting market expansion [4] Group 3: Product Development and Market Adaptation - The company’s core components are not exclusive to fuel vehicles, as they also cater to new energy vehicles, ensuring adaptability to market changes [4] - The company has successfully expanded its customer base to include prominent new energy vehicle manufacturers such as Seres, Chery, and Xpeng, demonstrating strong business resilience [5] Group 4: Thermal Management Business - The thermal management segment is a core business area, with the company achieving full autonomy in the development of key components and systems [6] - The acquisition of Valeo's stake has transformed a subsidiary into a wholly-owned entity, enhancing competitive capabilities and securing major projects with clients like Xpeng and Geely [6] Group 5: Battery Recycling and Utilization - The company’s subsidiary, Faw Smart Energy, focuses on the battery recycling market, emphasizing green and low-carbon development [7] - The business includes two main directions: battery repurposing for energy storage and resource recovery of critical metals from unusable batteries [7] Group 6: Global Expansion and Market Positioning - The company has established a global presence in key regions such as North America and Europe, with operational support for international clients [8] - Future plans include expanding overseas through various strategies like joint ventures and acquisitions to enhance global competitiveness [8] Group 7: Market Valuation and Investor Relations - The company acknowledges its long-term undervaluation in the market and is focused on aligning market performance with intrinsic value [9] - Efforts include enhancing investor communication and participating in industry activities to improve the perception of the company's value [9]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [6] Core Insights - The company has a solid foundation in traditional businesses and is entering a growth phase, transitioning from a focus on internal combustion engine components to a diversified business model with four main pillars: energy conservation and emission reduction, green hydrogen, smart electric, and industrial and other businesses [6][28] - The company is expected to achieve net profits of 1.69 billion, 1.87 billion, and 2.14 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.75, 1.93, and 2.21 yuan per share [6] - The current stock price corresponds to PE ratios of 14.4, 13.1, and 11.4 for the years 2025, 2026, and 2027, indicating potential for growth [6] Summary by Sections 1. Traditional Business Foundation - The company is a leading supplier in China's automotive fuel injection, after-treatment, and intake systems, with a robust multi-technology framework supporting its core business [6][28] - The company has established a comprehensive core component platform that balances traditional and emerging power systems [19] 2. Energy Conservation and Emission Reduction - The energy conservation and emission reduction business is stabilizing and expected to grow steadily, driven by continuous technological iterations and regulatory upgrades [7] - The fuel injection system business benefits from deep technical collaboration with Bosch and is positioned to capitalize on market concentration and regulatory changes [7] 3. Smart Electric Business - The smart electric segment has transitioned from R&D to mass production, with orders and capacity expected to materialize [8] - The company is expanding into electric drive systems, thermal management systems, and autonomous driving capabilities, enhancing its long-term growth potential [8] 4. Financial Performance and Forecast - The company’s revenue for 2023 and 2024 is projected at 11.09 billion and 11.17 billion yuan, respectively, with a net profit of 1.84 billion and 1.66 billion yuan [9] - The gross margin is expected to remain stable between 16% and 18%, with a focus on increasing R&D investment to maintain competitive advantages [50] 5. Shareholder Returns - The company has a history of high dividend payouts, with a cumulative cash dividend of 12.27 billion yuan since its listing, maintaining an average payout ratio of 41.64% [44]