Overview - Bethel Automotive Safety Systems Co., Ltd. is issuing convertible bonds totaling 280,200 million yuan (28,020,000 bonds) [4][8] - The bonds will be listed on the Shanghai Stock Exchange on July 28, 2025 [4][9] - The bonds have a maturity period from July 1, 2025, to June 30, 2031, with a conversion period from January 7, 2026, to June 30, 2031 [4][8] Company Information - The registered capital of Bethel Automotive Safety Systems Co., Ltd. is 606.51 million yuan [9] - The company was established on June 25, 2004, and went public on April 27, 2018 [9] - The company specializes in the research, manufacturing, and sales of automotive safety system components, electronic control modules, and related consulting services [9] Bond Details - The convertible bond is named "伯 25 转债" with the code 113696 [4][9] - The bonds are rated AA by Zhongzheng Pengyuan Credit Rating Co., Ltd., with a stable outlook [5][6] - The bonds are unsecured and will not provide any guarantees [5] Issuance Process - The issuance will prioritize existing shareholders, with any remaining bonds available to the public through the Shanghai Stock Exchange [8][9] - If the subscription amount is less than 280,200 million yuan, the lead underwriters will underwrite the shortfall [8] Historical Context - The company previously issued convertible bonds totaling 90,200 million yuan in 2021, which were listed on July 21, 2021 [20] - The company has a history of share repurchase and employee stock ownership plans, indicating a commitment to shareholder value [15][21][28]

Group 1 - The introduction of the AEB (Automatic Emergency Braking) strong standard regulation is expected to accelerate the penetration of line control braking and promote domestic substitution of ESC (Electronic Stability Control) [1][2] - The Ministry of Industry and Information Technology has organized the solicitation of opinions for the national standard on AEB, with a proposed implementation date of January 1, 2028 [1] - The current penetration rate of AEB in new passenger cars in China is projected to reach 63% in 2024, an increase of approximately 5.6 percentage points year-on-year [1] Group 2 - AEB hardware consists of two main parts: intelligent driving (including cameras, millimeter-wave radar, and controllers) and chassis execution (which can utilize ESC or line control braking) [2] - Currently, ESC is primarily dominated by foreign companies, presenting significant opportunities for domestic substitution [2] - The new regulation is anticipated to drive the penetration of line control braking due to its higher braking efficiency compared to ESC [2]

Core Viewpoint - The company, Guangzhou Ruili Kemi Automotive Electronics Co., Ltd., is accelerating its IPO process on the Shenzhen Stock Exchange, focusing on automotive safety systems, but faces concerns regarding its high accounts receivable and inventory levels, which each account for about 20% of total assets, raising questions about potential liquidity risks [1][2][3]. Group 1: Financial Performance - The company reported revenues of 1.326 billion yuan, 1.760 billion yuan, and 1.977 billion yuan for the years 2022 to 2024, with net profits of 97 million yuan, 236 million yuan, and 269 million yuan respectively [2]. - Accounts receivable values were 622 million yuan, 576 million yuan, and 599 million yuan for the same period, representing 27.49%, 21.95%, and 21.11% of total assets [3]. - Inventory balances were 612 million yuan, 724 million yuan, and 543 million yuan, accounting for 27.07%, 27.60%, and 19.13% of total assets [4]. Group 2: Market Position and Product Offering - The company is one of the few in China capable of developing active safety systems such as ABS, ESC, EBS, EPB, and ECAS, with its products widely used in commercial vehicles, passenger cars, and motorcycles [2][3]. - The company has established partnerships with major domestic automotive manufacturers, including FAW Jiefang, China National Heavy Duty Truck Group, and Dongfeng Motor Group, and is also exporting to markets in Europe and the United States [6][7]. Group 3: Industry Data and Trends - The company’s prospectus references outdated industry data, including reports from 2020, which raises concerns among industry experts about the accuracy and relevance of the information presented [5][7]. - The commercial vehicle market in China saw sales of 4.031 million units in 2023, a 22.13% increase year-on-year, with the company capturing a market share of 24.00%, 23.72%, and 27.92% for its ABS, ESC, and EBS products from 2021 to 2023 [5][7]. - The global automotive market is experiencing steady growth, with production and sales figures increasing, particularly in emerging markets where demand is expected to rise significantly [10].

Summary of Asia-Pacific Co., Ltd. Conference Call Company Overview - Asia-Pacific Co., Ltd. specializes in brake systems, including line control braking systems and electronic parking brakes (EPB) with domestic production rates of 35% and 80%-90% respectively [2][3] Key Points and Arguments - **Sales Growth Projections**: EPB sales are expected to exceed 1 million units in 2024, while line control braking system sales, although currently below 20,000 units, are projected to see significant growth by 2025, indicating a strong market position in the braking system sector [2][3] - **International Market Expansion**: The company is actively expanding into overseas markets, having secured EPB orders from major global clients and is in discussions for additional projects such as line control braking systems. A significant increase in overseas market volume is anticipated in the latter half of this year and into next year, contributing to high certainty in revenue growth [2][4] - **Domestic Market Trends**: The domestic passenger vehicle market is experiencing a clear trend towards increased intelligence in vehicles, particularly among self-owned brands in the 100,000 yuan price range. This shift is improving the profitability of Chinese parts manufacturers, reversing the trend of cost-cutting seen in the first half of 2023-2024 [2][6] - **Industry Competition**: The brake industry has high entry barriers and a stable competitive landscape, dominated by a few foreign companies. Asia-Pacific Co., Ltd. and a few other domestic firms hold a certain market share, with EPB growth expected to exceed 30% this year [2][7] - **Financial Performance Expectations**: The company anticipates revenue growth of approximately 35% over the next two years, with projected revenues of 380 million yuan and 510 million yuan respectively. By 2027, the company may enter full-scale production, primarily benefiting from European clients [2][8] Additional Important Insights - **Valuation and Investment Appeal**: The current valuation of Asia-Pacific Co., Ltd. is slightly above 20 times earnings, which, considering its high growth potential, remains attractive for investors [5][9] - **Risk Factors**: Potential risks include a decline in global automotive sales, slower-than-expected progress with overseas clients, and significant increases in raw material prices, all of which could negatively impact the company's performance [5][10]

Core Viewpoint - Guangzhou Ruili Kemi Automotive Electronics Co., Ltd. has submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise approximately 1.52162 billion yuan, with CITIC Securities as its sponsor [1] Company Overview - Ruili Kemi specializes in the research, production, and sales of core components related to active safety systems for motor vehicles, and is recognized as a national high-tech enterprise [1] - The company has developed capabilities in the forward development of various active safety systems, including ABS, ESC, EBS, EPB, and ECAS, making it one of the few domestic companies with such expertise [1] Market Position - Ruili Kemi's products cover mainstream technology routes such as pneumatic braking, hydraulic braking, electronic control braking, and wire control braking, widely used in commercial vehicles, passenger cars, and motorcycles [1] - The company has maintained the leading position in the market for its pneumatic electronic control braking products, with production and sales of ABS ranking first in the industry for ten consecutive years from 2014 to 2023 [2] Financial Performance - The company reported sales of commercial vehicles of 3.3005 million, 4.031 million, and 3.873 million units over the last three years, with market shares for ABS, ESC, and EBS products in the commercial vehicle sector at 24.00%, 23.72%, and 27.92% respectively [2] - Projected revenues for 2022, 2023, and 2024 are approximately 1.326 billion yuan, 1.76 billion yuan, and 1.977 billion yuan, with net profits of about 105 million yuan, 239 million yuan, and 275 million yuan respectively [3] Investment Projects - The total investment for the projects funded by the IPO proceeds includes the establishment of an intelligent electronic control system headquarters in the Greater Bay Area, a research and development center, and information technology construction, totaling approximately 152.16 million yuan [3] Financial Metrics - As of December 31, 2024, the total assets are projected to be approximately 2.8379349 billion yuan, with total equity attributable to the parent company at around 1.6995196 billion yuan [4] - The company’s operating revenue for 2024 is expected to reach approximately 1.9773723 billion yuan, with a net profit of about 2747974 million yuan [4] - The basic and diluted earnings per share are projected to be 1.99 yuan for 2024, with a return on equity of 17.20% [4]

1月9日，深交所公布对武汉元丰汽车电控系统股份有限公司创业板IPO终止审核的决定，直接原因是公司及保荐机构银河证券撤回申报。公司上市申请在2023年4 月19日获得审核通过，但一直未提交注册。公司本次IPO拟募资4.0615亿元。 一、上市委会议现场问询的主要问题 1.债务问题。 根据发行人申报材料，发行人、控股股东及实际控制人历史上存在大额债务，并通过将发行人分立、转让天地底盘和元丰零部件股权、引入外部投 资者、债务冲抵等措施处理债务问题。报告期内，控股股东、实际控制人存在股权转让纠纷与诉讼、占用发行人资金等问题。 请发行人：（1）说明目前控股股东、实际控制人的债务及对外担保情况，控股股东、实际控制人与相关方是否存在诉讼、仲裁或其他纠纷及潜在纠纷；（2）结 合控股股东、实际控制人财务状况和偿债能力，说明是否存在对发行人独立性、控制权和生产经营稳定性产生重大不利影响的事项；（3）说明发行人是否存在体 外资金循环，相关内部控制制度是否健全有效。同时，请保荐人发表明确意见。 2.主营业务收入及成长性问题。 根据发行人申报材料，发行人报告期内主营业务收入分别为 45,812.78 万元、45,788.42 万元、5 ...