28年来始终专注于一件事，把小零件做成大生意，保隆科技董事长张祖秋在中国汽车零部件领域书写了 一段传奇。作为早期从生产传统汽车零部件起步的民营企业，张祖秋和他的创业团队敢于设定超越当下 的目标，不断倒逼企业技术与资源整合能力的提升。 汽车行业正经历巨变，保隆科技也通过智能化实现华丽转身。上海证券报记者日前走进保隆科技，在研 发生产一线发现，从气门嘴、平衡块、排气管等传统业务积累的制造能力，已成为公司切入新兴领域的 基石。除了胎压监测系统等已处于全球领先水平，公司还将汽车智能化业务从基础传感器延伸至智能驾 驶传感器。在张祖秋看来，未来，保隆科技的产业链还有望延伸到机器人和低空飞行器等科技前沿领 域，实现更多的自我超越。 从气门嘴到胎压监测 经过迭代改进，保隆科技最新型的胎压监测传感器不仅能够实时监测轮胎的气压和温度，还能对爆胎做 实时报警，与智能底盘技术融合，实现高速行驶的汽车爆胎后稳定控制，变被动安全为主动安全，大幅 提高了车辆行车安全性。目前，行业内已有多款具备爆胎后稳定控制的高端车型面世。 由胎压监测系统出发，保隆科技在汽车传感器领域持续耕耘陶瓷电容技术、封装技术等技术前沿，已拓 展至六大类四十多种产品应 ...

从2025年上半年的数据看，新业务表现颇为亮眼。智能悬架业务收入达6.37亿元，同比增长50.2%；传 感器业务收入3.68亿元，同比增长18.7%。相比之下，传统金属管件业务收入同比下降0.9%。 日前，保隆科技董事、副总经理王胜全近日宣布，因个人资金需求，计划在15个交易日后的3个月内减 持不超过22.96万股公司股份。这一消息发布的时间点正值保隆科技业绩持续承压之际。 2025年上半年，尽管公司营业收入同比增长24.1%至39.50亿元，但归母净利润却同比下降9.1%至1.35亿 元。单季度来看，2025年第二季度归母净利润仅为0.40亿元，同比大幅下降50.8%。 从财务数据看，保隆科技的盈利能力正在持续下滑。2024年全年，公司净利润同比下降20.14%至3.03亿 元。进入2025年，这一趋势并未得到有效遏制。 令人担忧的是公司毛利率的显著下滑。2025年上半年，公司毛利率已降至21.8%，同比大幅下降5.37个 百分点。第二季度单季毛利率更是低至20.5%，同比下滑4.4个百分点。 在业绩下滑的同时，保隆科技的负债水平也令人担忧。2025年上半年末，公司资产负债率高达 67.95%，再度升至新高 ...

Core Viewpoint - Top Group announced a change in the use of part of the raised funds and postponed adjustments to some fundraising projects to optimize resource allocation and better respond to market changes, aiming to enhance its competitiveness in the automotive parts sector [2] Group 1: Market Response and Industry Opportunities - The rapid development of the new energy vehicle market has led to an increasing penetration rate of air suspension systems in the passenger car market, with rising domestic production rates and decreasing costs. ASU, as a core component of air suspension systems, has significant market potential [3] - The intelligent door drive system is also experiencing growing market demand due to its user-friendly operation and high level of intelligence [4] - By reallocating funds towards ASU and intelligent door drive system projects, the company aims to capitalize on industry growth opportunities and enhance its product competitiveness in these areas [4] Group 2: Meeting Customer Supply Chain Needs - As a pioneer in large-scale production of closed air suspension systems in China, the company has established comprehensive self-research and innovation capabilities. Its air suspension system products are supplied to various automotive brands, including Seres, Xiaomi, and others [5] - With the rapid growth of the air suspension system business and the gradual increase in demand for intelligent door drive systems, there is an urgent need for capacity support for ASU and intelligent door drive systems from customers [5] Group 3: Resource Optimization and Investment Strategy - The company plans to control the construction pace of certain projects due to geopolitical factors and overseas market opportunities, while also increasing component production capacity in Anhui through the acquisition of Wuhu Changpeng Automotive Parts Co., Ltd [6] - The reallocation of funds towards the more urgent and promising intelligent manufacturing industrial park project will optimize resource allocation and improve the efficiency of fund utilization [6] Group 4: Intelligent Manufacturing Industrial Park Project - The intelligent manufacturing industrial park project, located in Ningbo, is expected to achieve an annual production capacity of 700,000 ASUs and 600,000 intelligent door drive systems after reaching full production [7] - The total investment for the project is approximately 1,092.55 million yuan, with 400 million yuan allocated from the raised funds. The project is expected to generate annual revenue of 3,090 million yuan and a net profit of 243 million yuan, with a post-tax internal rate of return of 21.43% and a payback period of 6.47 years [7]

Core Viewpoint - The actual controller of Top Group, Wu Jianshu, has reduced his holdings for the first time since the company's listing, with a total reduction of 13.43 million shares, accounting for 0.77% of the company's total shares [1] Shareholding Changes - Wu Jianshu and his associates, including Wu Haonian, Ningbo Zhuyue Investment Management Co., and Ningbo Paisha Real Estate Co., collectively reduced their shareholding from 59.25% to 58.48%, a change that triggers a 1% threshold [1][2] - The total cash raised from this share reduction is approximately 880 million yuan [1] Individual Shareholder Changes - Wu Jianshu reduced his shares from 11.99673 million to 8.99847 million, a decrease of 0.17% [2] - Wu Haonian's shares decreased from 1.982585 million to 1.487285 million, also a reduction of 0.02% [2] - Ningbo Zhuyue Investment Management Co. and Ningbo Paisha Real Estate Co. completely divested their holdings, reducing from 7.841064 million and 2.095395 million shares to zero [2] Company Overview - Top Group, founded in 1983, specializes in the research, production, and sales of automotive parts, with key products including NVH damping systems, interior and exterior trim systems, lightweight body components, smart cockpit parts, thermal management systems, chassis systems, air suspension systems, and intelligent driving systems [4] - The company has established an electric drive division to enter the field of intelligent robotics, marking a significant strategic initiative [4] Financial Performance - In the first half of 2025, Top Group reported revenue of 12.935 billion yuan, a year-on-year increase of 5.83%, while net profit attributable to shareholders decreased by 11.08% to 1.295 billion yuan [4] - Revenue from the electric drive business reached 7.6583 million yuan, reflecting a year-on-year growth of 22.12% [4]

Core Viewpoint - The company reported a slight decline in revenue and net profit for the first half of 2025, with a focus on steady growth in the transmission system business and challenges in overseas revenue due to international geopolitical conflicts [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of approximately 432 million yuan, a year-on-year decrease of about 1.47%, and a net profit of approximately 60 million yuan, down about 26.31% year-on-year [1]. - In Q2 2025, the company recorded revenue of approximately 237 million yuan, a year-on-year decline of about 2.73%, but a quarter-on-quarter increase of about 20.78%. The net profit for Q2 was approximately 32 million yuan, down about 30.50% year-on-year, but up about 10.59% quarter-on-quarter [1]. Group 2: Business Segments - Domestic revenue in H1 2025 was approximately 259 million yuan, reflecting a year-on-year increase of about 12.32%. The domestic revenue from the transmission system was approximately 170 million yuan, up about 19.44%, accounting for about 65.45% of domestic revenue [2]. - Overseas revenue in H1 2025 was approximately 173 million yuan, a year-on-year decrease of about 16.76%, primarily impacted by fluctuations in demand in certain overseas markets due to international geopolitical conflicts [2]. - The company's "Michelin" products achieved revenue of approximately 55 million yuan in H1 2025, a significant year-on-year increase of about 218.01% [2]. Group 3: Growth Strategy - The company is focusing on expanding its transmission system business and entering new growth areas, including the automotive sector and non-automotive markets [3]. - A new production base for commercial vehicle components is planned in Jinan, Shandong, to support major clients such as Heavy Truck, FAW, and Beiqi Foton [3]. - A new intelligent chassis thermal control system production base is planned in Yuyao with an estimated total investment of no more than 1.5 billion yuan, aimed at enhancing production capacity for thermal management systems and air suspension systems [4]. Group 4: Future Projections - The company expects revenue growth from 1.135 billion yuan in 2025 to 1.691 billion yuan in 2027, with year-on-year growth rates of approximately 19.7%, 21.1%, and 23.0% respectively. Net profit is projected to grow from approximately 191 million yuan in 2025 to 288 million yuan in 2027, with year-on-year growth rates of about 17.9%, 21.9%, and 23.8% respectively [5].

Summary of Top Group's Conference Call Company Overview - **Company**: Top Group - **Industry**: Automotive Parts and Technology Key Points and Arguments 1. **Profit Decline and Recovery**: Top Group reported an 11% decline in profits for the first half of 2025, but showed signs of recovery in Q2. The company expects double-digit growth starting from Q3 2025 through 2030, driven by domestic and international market expansion, particularly in the electric vehicle sector with major automakers like BBA and Volkswagen [1][2][5]. 2. **Robotic Actuator Business**: The company is the exclusive supplier for a well-known client in the robotic actuator business, focusing on technology iteration. Despite potential dual-supplier scenarios in the future, Top Group is optimistic about long-term growth, anticipating mass production by 2026 [1][4]. 3. **Liquid Cooling Business**: This new growth area has secured an initial order of 1.7 billion yuan. The company aims to become a D-class supplier for major clients like NVIDIA, leveraging automotive thermal management experience [1][11]. 4. **Electronic Expansion Valve Production**: After launching its electronic expansion valve business, Top Group can deliver 500,000 units per production line, achieving 100% self-sufficiency in thermal management system products [1][8][9]. 5. **Sales and Revenue Goals**: The company targets 30 billion yuan in sales for 2025, with at least a 20% increase in 2026, driven by various business segments including electric drive joints and liquid cooling systems [1][17]. 6. **Market Expansion**: Top Group is actively expanding its client base in both domestic and international markets, with significant partnerships established with major automotive manufacturers [2][10]. 7. **Financial Management**: The company maintains a management fee rate of 2.5% and a sales fee rate of 1%, indicating efficient operational management compared to industry peers [2][3]. 8. **Future Product Development**: Top Group plans to enter the automotive-grade chip sector to enhance its competitive edge, which may require substantial R&D investment [2][26][27]. 9. **Self-Sufficiency in Components**: The company has achieved 100% self-sufficiency in key components of its thermal management systems, with no expected competition in the next five years [9][21]. 10. **Collaboration with Major Clients**: Top Group has established strong partnerships with companies like Huawei and is exploring opportunities in the automotive-grade chip market to further enhance its product offerings [25][26]. Additional Important Information - **Production Capacity and Challenges**: The company is cautious about its production capacity due to past delays and is currently ramping up production in new facilities in Poland and Thailand [18][24]. - **Market Trends**: The liquid cooling technology is expected to have higher profit margins compared to traditional automotive businesses, reflecting the growing demand for energy-efficient solutions [12][28]. - **Investment in R&D**: Top Group invests approximately 100 million yuan annually in R&D, focusing on robotics and liquid cooling technologies, which are anticipated to drive future growth [22][29]. This summary encapsulates the essential insights from Top Group's conference call, highlighting the company's strategic direction, market positioning, and financial outlook.

Core Viewpoint - The completion of the headquarters building for Suzhou Konghui Automotive Technology Co., Ltd. marks a significant step in the company's strategic layout in the Yangtze River Delta integration and the establishment of China's first dual-chamber electronic control suspension production line [1] Group 1: Project Overview - The Suzhou Konghui headquarters project, a key initiative in Suzhou, began construction in November 2024 and was topped off in 10 months [1] - The project covers an area of 38 acres with a total investment exceeding 1 billion yuan, aiming to create a comprehensive headquarters that includes R&D, administration, manufacturing, and equipment [1] - Upon reaching full production, the project is expected to generate an annual output value exceeding 2 billion yuan [1] Group 2: Company Background - Zhejiang Konghui Automotive Technology Co., Ltd. was founded by Guo Konghui, the first academician in the automotive industry from the Chinese Academy of Engineering, along with his team [1] - The company is the first in China to achieve OEM mass production supply of passenger car air suspension systems, providing services for over 40 vehicle models from 16 automakers, including Lantu, Ideal, and Zeekr [1] - Konghui holds over a hundred invention patents, showcasing its innovation capabilities [1] Group 3: Strategic Advantages - The decision to establish operations in Suzhou is driven by the city's talent advantages, complete industrial chain, and vibrant innovation ecosystem [1] - Suzhou Konghui is also developing Suzhou Hemeida Technology Co., Ltd., focusing on automation equipment manufacturing, which has completed 18 air spring production lines and 10 controller production lines, with an expected output value of 10 million yuan in 2024 [1] - The headquarters' operation will further integrate resources and accelerate technological breakthroughs for Konghui Technology [1]

Group 1 - The company plans to allocate 20 million yuan of its raised funds to the "Intelligent Chassis Thermal Control System Production Base (Phase I) Project" [1] - The project will be located in the Yuyao Industrial Park, specifically in the Lanjing Urban Industrial Park, focusing on the production of thermal management systems, air suspension systems, and sealing systems [1] - The total investment for the project is estimated at 601 million yuan, with a construction timeline of 2 years [1]

Group 1 - The company plans to allocate part of the raised funds, amounting to 20 million yuan, for the "Intelligent Chassis Thermal Control System Production Base (Phase I) Project" [1] - The project will be located in the Yuyao Industrial Park, specifically in the Lanjing Urban Industrial Park, and will focus on the production of thermal management systems, air suspension systems, and sealing systems [1] - The total investment for the project is estimated to be 601 million yuan, with a construction timeline of 2 years [1]

Core Insights - Shijia Technology, a smart suspension supplier, has completed a multi-hundred million yuan Series A strategic financing round, led by Geely Xingyuan and several industrial capital partners, with support from Tongji University Innovation Fund and state-owned capital from Pinghu Economic Development Zone [1] Group 1: Financing and Development Plans - The financing will primarily be used for the R&D of the third-generation fully active suspension technology and the construction of an advanced smart manufacturing center with an annual production capacity of 500,000 sets [1] - The company aims to enhance the comfort and stability of vehicles under various conditions through its air suspension system, which adjusts vehicle height and suspension stiffness dynamically by regulating air pressure [1] Group 2: Product Innovations - Shijia Technology has developed two major products: the "Eight-in-One Integrated Closed Air Supply Module" and the "Fully Active Air Suspension System" [2] - The Eight-in-One module integrates multiple functional units, resulting in a smaller, quieter, and more efficient system that can reduce costs by thousands of yuan compared to current mainstream products, facilitating the penetration of air suspension into mainstream models priced around 200,000 yuan [2] - The Fully Active Air Suspension System improves performance by approximately 30% compared to traditional semi-active systems, allowing real-time adjustments to vehicle dynamics [3][4] Group 3: Technical Challenges and Solutions - The company has overcome significant technical challenges, including achieving high standards for airtightness, pressure retention, and durability, allowing the system to operate at pressures up to 15 bar for over 500 hours [4][5] - The development of a self-developed electromagnetic valve system has enhanced the module's response speed and precision, with ongoing optimizations planned [4][5] Group 4: Vision and Market Position - The founder of Shijia Technology envisions transforming the automotive experience in China by replacing traditional suspension systems with advanced air suspension technology, likening it to upgrading from "rubber shoes" to "cushioned shoes" [6]