证券代码：300825 证券简称：阿尔特 阿尔特汽车技术股份有限公司 投资者关系活动记录表 编号：2025-006 | | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 ☐业绩说明会 | | 投资者关系活动类 别 | ☐新闻发布会 ☐路演活动 | | | 现场参观 | | | 其他（《股东来了》—投资者走进阿尔特活动） | | | 指导单位：北京证监局、北京上市公司协会 | | | 参与机构：国泰海通证券，中邮基金，中信建投基金，上海证券，中国银河证 | | 参与单位名称及 | 券，中信证券，德邦证券，万和证券，财达证券，东莞证券，北京产权交易所， | | 人员姓名 | 湃圃私募，诺昌投资，宁波莲盛，北京资管协会，中财投资，天蝎座资产，见 | | | 日资本，新雷能，偕沣资产，泽元私募，弘峰投资，天襄資本，同花顺，中粮 | | | 粮谷，青青园中葵，北京三和，进门财经，证券日报，科技部国杰研究院等。 | | 时间 | 2025年11月13日 13:30-17:00 | | 地点 | 阿尔特汽车科技园11号楼 | | | 董事、总经理 张立强 | | 上市公司接待人员 | ...

Group 1 - The core point of the news is that Altec has signed a joint venture agreement to establish a new company, Altec New Energy Powertrain (Fanchang) Co., Ltd., in Wuhu, Anhui Province, with a registered capital of 672 million yuan [1] - Altec will contribute 602 million yuan to the joint venture, representing 89.5757% of the total registered capital, through its wholly-owned subsidiary and relevant technology [1] - The joint venture aims to enhance Altec's competitiveness in the core components market by focusing on the development and production of electromagnetic clutches as its core product [1] Group 2 - In June, Altec announced its entry into the robotics industry by establishing a new company, Alrite, in collaboration with Yunshi Technology and Shanghai Yifeng [2] - Alrite's primary business involves creating an integrated design and R&D platform for customized robotic solutions, leveraging automotive engineering technology [2] - Altec is expanding its business boundaries and creating new growth engines in response to the rapid growth of the global robotics market [2] Group 3 - Altec has integrated AI large models and digital R&D tools into various stages of its development chain, successfully creating innovative applications such as intelligent rendering systems and AI research assistants [3] - The company plans to launch a series of AI tools and models centered around "automotive user value - attribute large models" to enhance automotive design efficiency [3] - Altec aims to establish a subscription-based service platform for automotive design and development, promoting a new model and business format in the automotive industry [3]

Core Viewpoint - The company has signed a joint venture agreement to establish a new company focused on electric vehicle powertrains in Wuhu, Anhui Province, aiming to enhance production capacity and meet industry demands [1][2]. Group 1: Joint Venture Details - The joint venture, named Alte New Energy Powertrain (Fanchang) Co., Ltd., will have a registered capital of 672 million yuan [1]. - The company will contribute 602 million yuan, which includes 425 million yuan for 100% equity of its subsidiary and 177 million yuan for related technology [1]. - The partner, Wuhu Hu'an Zhanxin Equity Investment Fund, will contribute 70 million yuan in cash, holding a 10.42% stake in the joint venture [1]. Group 2: Strategic Objectives - The establishment of the joint venture aims to integrate regional industrial resources and expand existing production capacity [2]. - The joint venture will focus on developing and mass-producing electromagnetic clutches as its core product, with plans to diversify its product offerings over time [2]. - The initiative is expected to enhance customer response efficiency and delivery flexibility, strengthening business cooperation within the industry [2].

Core Viewpoint - The company, Altec Automotive Technology Co., Ltd., has signed a joint venture agreement with Wuhu Hu'an Zhanxin Equity Investment Fund to establish a new company focused on electric vehicle powertrain technology in Wuhu, Anhui Province, which aims to enhance its competitive position in the automotive core power system market [1][2] Group 1: Joint Venture Details - The joint venture, tentatively named Altec New Energy Powertrain (Fanchang) Co., Ltd., will have a registered capital of RMB 671.51 million, with Altec contributing RMB 600.51 million, representing 89.58% of the total capital [1] - Altec's contributions include 100% equity of its wholly-owned subsidiary, Sichuan Altec New Energy Vehicle Co., Ltd., valued at RMB 425 million, and technology related to integrated pure electric vehicle powertrain development, valued at RMB 176.51 million [1] Group 2: Strategic Objectives - The establishment of the joint venture aims to leverage local industrial policies and regional advantages to enhance production capacity and meet the demands of leading enterprises in the industry chain [2] - The joint venture will focus on developing and mass-producing electromagnetic clutches as its core product while exploring a diversified product line to improve business layout [2] - This investment is expected to deepen the company's involvement in the automotive core power system sector and strengthen its competitiveness in the core components market [2]

Core Viewpoint - The company, Altec Automotive Technology Co., Ltd., has signed a joint venture agreement with Wuhu Hu'an Zhanxin Equity Investment Fund to establish a new company focused on electric vehicle powertrain technology in Wuhu, Anhui Province, which aims to enhance its competitive position in the automotive core power system market [1][2] Group 1: Joint Venture Details - The joint venture, tentatively named Altec New Energy Powertrain (Fanchang) Co., Ltd., will have a registered capital of RMB 671.51 million, with Altec contributing RMB 600.51 million, representing 89.58% of the total capital [1] - Altec's contributions include 100% equity of its wholly-owned subsidiary, Sichuan Altec New Energy Vehicle Co., Ltd., valued at RMB 425 million, and technology related to integrated pure electric vehicle powertrain development, valued at RMB 176.51 million [1] Group 2: Strategic Objectives - The establishment of the joint venture aims to leverage local industrial policies and regional advantages to enhance production capacity and meet the demands of leading enterprises in the industry chain [2] - The joint venture will focus on the development and mass production of electromagnetic clutches as its core product, with plans to explore a diversified product line [2] - This investment is expected to deepen the company's business in the automotive core power system sector and strengthen its competitiveness in the core components market [2]

Group 1 - The company has signed a joint venture agreement with Wuhu Hu'an Zhanxin Equity Investment Fund to establish a new company in Wuhu, Anhui Province, focusing on new energy vehicle powertrain projects [1][2] - The registered capital of the joint venture, named Alter New Energy Powertrain (Fanchang) Co., Ltd., is set at 672 million yuan, with the company contributing 602 million yuan, representing approximately 89.58% of the total capital [1] - The joint venture aims to integrate regional quality industrial resources, expand existing production capacity, and enhance responsiveness to industry chain demands [2] Group 2 - The core product of the joint venture will be the electromagnetic clutch, with plans to advance research and production while exploring a diversified product line [2] - The establishment of the joint venture will allow the company to deepen business cooperation and improve delivery flexibility [2]

Core Viewpoint - The company, Altec, has signed a joint venture agreement with Wuhu Hua'an Zhanxin Equity Investment Fund to establish a new company focused on electric vehicle powertrains in Wuhu, Anhui Province, enhancing its competitiveness in the automotive core power system sector [1] Group 1: Joint Venture Details - The joint venture, named Altec New Energy Powertrain (Fanchang) Co., Ltd., will have a registered capital of 672 million yuan [1] - Altec will contribute 425 million yuan through the 100% equity of its wholly-owned subsidiary, Sichuan Altec New Energy Vehicle Co., Ltd., and 177 million yuan through technology related to integrated pure electric vehicle powertrain R&D, totaling 602 million yuan, which represents 89.5757% of the registered capital [1] Group 2: Strategic Implications - This investment will help the company deepen its business in the core power system of vehicles and enhance its comprehensive competitiveness in the core components market [1] - The joint venture will focus on the development and mass production of electromagnetic clutches as its core product while exploring a more diversified product line to improve its business layout [1]

Core Insights - The company, Altec Automotive Technology Co., Ltd., is the largest independent automotive design firm in Asia and the only one listed in A-shares, highlighting its uniqueness in the market [1] - The company is advancing its "technology + supply chain" strategy globally, having established seven R&D centers in regions such as Japan, Southeast Asia, and the Middle East [1] Group 1: Business Overview - Altec provides comprehensive "turnkey" services across the entire vehicle and component development process, focusing on core component R&D and manufacturing [1] - The company has initiated mass production of its power system components and is collaborating with Yazaki's subsidiary in China for high-voltage electrical systems [1] Group 2: Strategic Developments - Altec has partnered with the Japanese listed company YAMATO to provide technical solutions and electric powertrain kits for the oil-to-electric conversion of commercial vehicles, with significant market potential supported by local government subsidies [2] - The company has secured an order of approximately 337 million yuan for heavy-duty truck oil-to-electric conversion, with production expected to start in April 2025 [2] Group 3: Market Position and Competition - Altec is positioned uniquely in the automotive design industry, with competitors categorized into three types: independent design firms like Altec, overseas firms such as AIDAC, and domestic firms like Longchuang Design [2] - The company currently faces minimal competition in the early stages of its oil-to-electric business, benefiting from supply chain cost advantages compared to overseas firms and first-mover advantages in client development and supply chain access compared to domestic firms [2] Group 4: Financial Performance and Future Outlook - The company has experienced losses due to price competition in the domestic automotive market, lack of profitability in overseas markets, and accounting provisions for impairment [2] - Future business outlook includes deepening design collaborations with existing clients, expanding new client acquisition, and increasing revenue from mass production of core components like electromagnetic clutches [2]

Company Overview - Altec Automotive Technology Co., Ltd. is the largest independent automotive design company in Asia and the only automotive design company listed on A-shares, showcasing strong scarcity in the market [2]. - The company has over 20 years of industry experience, accumulating rich project experience and core technological barriers, having developed nearly 500 vehicle models for over 80 clients [2][3]. Business Development - Altec has established seven R&D centers globally, focusing on markets in Japan, Southeast Asia, and the Middle East, to support its "technology + supply chain" strategy [3]. - The company has initiated cooperation with international automotive groups, enhancing its capabilities to assist global enterprises in transitioning to the automotive sector [3]. Key Projects and Orders - Altec has entered the oil-to-electric conversion business in Japan, partnering with YAMATO to provide technology solutions and export electric conversion kits [4][5]. - The company has secured a heavy-duty truck oil-to-electric order worth approximately CNY 337 million, with plans to expand its market presence in Japan [5]. Client Base and Market Expansion - Altec has developed strong relationships with major automotive manufacturers, including Honda, Nissan, and Toyota, and is actively exploring new clients and overseas market opportunities [6][7]. - The company aims to maintain existing client relationships while expanding its client base and enhancing its professional capabilities [7]. Industry Position and Competition - Altec is the only independent automotive design company listed on A-shares, distinguishing itself from competitors that are either affiliated with automotive manufacturers or parts suppliers [8]. - The company currently faces no significant competition in its oil-to-electric business in Japan, leveraging its advanced technology and established supply chain advantages [11][12]. Financial Performance and Challenges - Recent losses are attributed to intense price competition in the domestic automotive industry and the lengthy process of establishing overseas partnerships [9]. - Altec plans to transform its business model and improve operational efficiency to enhance profitability [9]. Future Outlook - The company will continue to deepen relationships with existing clients while pursuing new projects and markets, aiming for a comprehensive service model that integrates vehicle development and supply chain management [13]. - Altec's core component business is expected to improve as it begins mass production of various products, contributing to overall performance enhancement [14].

Financial Performance - The company reported a revenue of 522.49 million yuan, representing a year-on-year increase of 33.14% [4] - The net loss attributable to shareholders was 58.20 million yuan, an increase of 268.61% compared to the previous year [4] - The net loss after deducting non-recurring gains and losses was 62.08 million yuan, which is a 376.87% increase year-on-year [4] - The net cash flow from operating activities was -101.46 million yuan, a decrease of 295.76% compared to the previous year [4] - Basic and diluted earnings per share were both -0.1188 yuan, reflecting a decline of 271.25% [4] - The weighted average return on equity was -2.63%, down 1.98% from the previous year [4] Asset and Equity Position - Total assets at the end of the reporting period were 3.07 billion yuan, a decrease of 6.51% from the end of the previous year [4] - Net assets attributable to shareholders were 2.20 billion yuan, down 3.95% from the previous year [4] Market Development and Partnerships - The company has made significant progress in market expansion, establishing a cooperation intention with client Z for developing new energy multi-purpose vehicles and providing supply chain management services [2] - A framework agreement was signed with Nissan (China) for collaboration in vehicle development and automotive parts [2] - The company has successfully entered the supplier system of some European clients, which is expected to support future revenue growth [2] Product Development and Production - The company's electromagnetic clutch products have officially entered mass production, with ongoing deliveries based on customer demand [3] - The company has engaged in preliminary discussions with multiple domestic joint ventures and new energy vehicle companies regarding the application development of electromagnetic clutches [3] - Over 30 different technical solutions have been designed for clients, with some solutions already undergoing trial verification [3]