编辑丨陶力 当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治 波动、跨国合规挑战、海外配套资源匮乏，成为中国制造走向世界必须跨越的关隘。 作为中国高端制造先行区，位于上海市浦东金桥的产业集群正以"边缘创新"破局——从早期单 一产品试探出海，转向构建生态化、网络化的协同体系，探索一条系统性、高韧性的全球化新 路径。 这 种 实 践 展 现 了 一 种 具 有 国 际 示 范 意 义 的 转 型 智 慧 。 它 不 仅 代 表 了 中 国 制 造 从 " 产 品 输 出"向"系统能力输出"的跃升，更在更深层次上揭示了一条新兴经济体产业升级的可行路径 ——通过制度开放和生态协同，将地缘政治挑战转化为系统性竞争力，为全球产业链的韧性与 创新注入了"中国方案"。 某种程度而言，这种从"边缘创新"到"网络构建"的进阶，恰恰回应了当前全球制造业共同面临 的可持续与安全平衡难题，也为新兴市场如何在高标准国际规则下实现产业突围提供了宝贵参 照。 浦东的探索，正悄然塑造着中国与世界对话的新语系。 记者丨 邓浩 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面， ...

当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治波动、跨国合规挑战、海外配套资源匮乏，成为中国制造走 向世界必须跨越的关隘。 作为中国高端制造先行区，位于上海市浦东金桥（600639）的产业集群正以"边缘创新"破局——从早期单一产品试探出海，转向构建生态化、网络化的协 同体系，探索一条系统性、高韧性的全球化新路径。 21世纪经济报道记者邓浩 上海报道 这种实践展现了一种具有国际示范意义的转型智慧。它不仅代表了中国制造从"产品输出"向"系统能力输出"的跃升，更在更深层次上揭示了一条新兴经济 体产业升级的可行路径——通过制度开放和生态协同，将地缘政治挑战转化为系统性竞争力，为全球产业链的韧性与创新注入了"中国方案"。 某种程度而言，这种从"边缘创新"到"网络构建"的进阶，恰恰回应了当前全球制造业共同面临的可持续与安全平衡难题，也为新兴市场如何在高标准国际 规则下实现产业突围提供了宝贵参照。 浦东的探索，正悄然塑造着中国与世界对话的新语系。 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面，海外市场相对的高毛利，共同推动有技术和产品优势的高端制造 ...

（原标题："不出海，就出局"：浦东高端制造的全球化生存逻辑丨出海观察） 21世纪经济报道记者邓浩 上海报道 当全球产业链深度重构成为新常态，"出海"已从企业的发展选项变为生存的必答题。地缘政治波动、跨 国合规挑战、海外配套资源匮乏，成为中国制造走向世界必须跨越的关隘。 不出海，就出局 全球贸易形势的变化，一方面，供应链安全成为决策的重要考量；另一方面，海外市场相对的高毛利， 共同推动有技术和产品优势的高端制造行业加速出海。 作为全球领先的空调压缩机研发与制造企业，上海海立电器有限公司（以下简称"海立电器"）成立于 1993年，总部位于上海市浦东金桥开发区，是全球领先的空调压缩机研发与制造企业，拥有国家级企业 技术中心、国家认可实验室、博士后工作站等高端创新载体。公司核心产品覆盖家用、轻商用、非家用 空调压缩机，服务全球165个国家和地区的知名客户。 该公司受益于加入WTO带来重大的机遇，空调行业上游八成的压缩机都是中国本土生产，海立电器外 向度在40%以上。 "全球贸易的区域化，包括类似印度本地化生产的要求，导致我们目前生产端有部分适应和调整。"海立 电器战略市场投资部总经理徐志海对21世纪经济报道记者表示。 ...

Core Insights - The US and India are nearing a significant bilateral trade agreement, aiming to reduce tariffs on Indian goods from 50% to 15%-16%, which is a major step towards achieving a $500 billion trade target between the two nations [1][4] - This trade breakthrough is expected to reshape global supply chains and has implications for the trade dynamics involving China, the US, and India [1][6] Trade Agreement Details - The agreement includes substantial tariff reductions, with the US eliminating a 25% punitive tariff on Russian oil imports from India and reducing overall tariffs to the 15%-16% range, impacting sectors like textiles, gems, leather, and machinery [4] - India will gradually decrease its imports of Russian oil and ease restrictions on non-GMO corn and soybean meal imports from the US, opening up a market worth billions [4] Economic Implications - The trade deal is seen as a dual negotiation of political will and market dynamics, with the US benefiting from expanded energy and agricultural export channels while enhancing its economic influence in India [4] - The agreement is also viewed as a strategy for the US to create a supply chain backup to China, leveraging India's cheaper labor [4][5] Challenges for India - While the tariff reductions may boost Indian exports, the increased import of US agricultural products could disrupt local agriculture, and the reduction of Russian oil imports may raise domestic energy costs [5] - India's manufacturing sector remains heavily reliant on Chinese imports, making a quick transition away from China challenging [5] Impact on China - The US-India trade agreement poses three direct pressures on China: potential loss of market share in labor-intensive products, tighter technology restrictions in semiconductor and critical mineral sectors, and intensified competition for global resource pricing [6] - However, these external pressures may drive Chinese companies to enhance technology development and market diversification, reducing reliance on single markets [6] Textile Industry Focus - Indian textile companies may gain a competitive edge against Chinese exports due to lower tariffs and labor costs, prompting the need for Chinese textile firms to innovate and enhance their high-end product offerings [9] - The ongoing global supply chain adjustments highlight the complexity of "decoupling" from established trade relationships, emphasizing the importance of maintaining a robust industrial chain and technological innovation in China [9]

Core Insights - The core viewpoint of the articles highlights the significant performance improvement of Aotegia (002239.SZ) driven by refined operations and the effectiveness of its new energy thermal management strategy, as evidenced by substantial profit growth and increased R&D investment. Financial Performance - In Q3 2025, Aotegia reported a net profit of 39.02 million yuan, a year-on-year increase of 70.49%, while total revenue reached 1.998 billion yuan, up 0.2% year-on-year [1][2] - For the first three quarters of 2025, the company achieved a cumulative net profit of 113 million yuan, reflecting a year-on-year growth of 22.46% [1][2] - The net cash flow from operating activities saw a significant increase of 143.20%, amounting to 1.048 billion yuan [3] R&D Investment - Aotegia's R&D expenses reached 232 million yuan in the first three quarters of 2025, marking a 37.65% increase from the previous year, setting a historical high for R&D investment [4] - The company focuses its R&D on key technologies such as new energy vehicle thermal management systems, electric compressors, and liquid cooling control, aiming to provide systematic solutions for new energy vehicle manufacturers [4] Strategic Developments - In July 2024, Aotegia underwent a change in control, with Changjiang Yihua Investment becoming the major shareholder, leading to a rebranding to emphasize its new energy focus [4] - The company is actively promoting an equity incentive plan to stabilize its core talent team, having granted 14.8386 million restricted shares to 67 incentive targets at a price of 1.26 yuan per share [5]

Core Viewpoint - Toyota Motor Corp. announced a cash offer of approximately 2.2 trillion yen (about 104 billion RMB) to acquire all shares of Toyota Industries Corp., marking the largest internal consolidation in Toyota's history and a significant privatization attempt in Japan [3][4]. Group 1: Historical Context and Structural Changes - The acquisition represents a historical reversal where Toyota Industries, a core supplier and second-largest shareholder of Toyota, is being fully acquired by its "child" company, Toyota Motor [4][8]. - This move symbolizes a transformation in Japan's corporate governance structure and highlights Akio Toyoda's efforts to dismantle the nearly century-old cross-shareholding system that has characterized the Toyota Group [4][8][12]. Group 2: Strategic Implications of the Acquisition - The acquisition is not merely a stock purchase but a strategic response to the pressures of industry transformation, particularly in the shift from traditional fuel vehicles to electric vehicles [10][12]. - By acquiring Toyota Industries, Toyota aims to gain direct control over critical manufacturing processes, enhancing supply chain transparency, production efficiency, and reducing external dependencies [12][14]. - The integration is expected to save approximately 15% in supply chain costs within five years, reflecting a shift from "alliance collaboration" to "vertical domination" in strategy [13][14]. Group 3: Governance and Market Reactions - The acquisition is seen as the final piece in Akio Toyoda's plan to "unbind" the Toyota Group, reducing cross-shareholding and increasing operational independence among group companies [17][18]. - Concerns have been raised regarding the transparency of the acquisition process, with investors criticizing the offer price as being below average premium levels for similar transactions [20][22]. - The move is anticipated to set a precedent for other large Japanese corporations, potentially reshaping corporate governance practices in Japan [22][23].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][5]. Core Insights - The company has shown significant growth in revenue and net profit, with a year-on-year increase of 14.7% in revenue and 61.3% in net profit for the first half of 2025 [5][6]. - The company is expanding its product offerings in the automotive sector, particularly in the steering gear and air conditioning compressor segments, and is investing over 20 billion RMB in new production lines in Jiangsu and Thailand [5][6]. - The company is well-positioned to benefit from the growing demand in the automotive and robotics industries due to its leading position in the screw rod sector [6]. Summary by Sections Company Overview - The company operates in the automotive industry, focusing on components such as steering gear racks and air conditioning compressors [5]. - As of September 23, 2025, the stock price is 57.93 RMB, with a target price set at 68 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a revenue of 1.11 billion RMB, reflecting a 14.7% increase year-on-year, driven by strong orders in commercial vehicle air conditioning compressors and aluminum lightweighting [6]. - The net profit attributable to the parent company for the same period was 50 million RMB, marking a 61.3% increase year-on-year [6]. Investment Plans - The company plans to invest approximately 18.5 billion RMB in a new factory in Jiangsu for the development of planetary roller screws, with construction expected to be completed by the end of 2025 [6]. - An additional investment of 3.5 billion RMB is planned for a factory in Thailand, which aims to produce 800,000 sets of planetary roller screws annually [6]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 110 million RMB, 150 million RMB, and 222 million RMB for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 55%, 35%, and 48% [6][8].

Group 1 - The stock price of Haili Co. closed at 21.18 yuan on August 21, down 1.31 yuan, a decline of 5.82% from the previous trading day [1] - The opening price on that day was 21.70 yuan, with a highest point of 22.43 yuan and a lowest point of 21.02 yuan, with a total trading volume of 1.11 million hands and a transaction amount of 2.385 billion yuan [1] - Haili Co. specializes in the research and manufacturing of air conditioning compressors, motors, and drive control systems, which are widely used in both residential and commercial air conditioning sectors [1] Group 2 - On August 21, the net outflow of main funds was 179 million yuan, accounting for 1.07% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 375 million yuan, representing 2.24% of the circulating market value [1] - During the trading session, there was a rapid rebound, with the stock price increasing by over 2% at 9:37 AM, reaching a peak of 22.26 yuan [1]

Company Overview - Dongmu New Materials Group Co., Ltd. was established on August 21, 2001, and is headquartered in Ningbo, Zhejiang Province, China. The company operates in the powder metallurgy industry, focusing on the research, production, and sales of powder metallurgy products, magnetic materials, and related technical consulting services [2][3]. - The company has a registered capital of 616,383,477 shares and is listed on the Shanghai Stock Exchange since May 11, 2004 [2]. Major Asset Restructuring Plan - The company plans to acquire a 34.75% stake in Shanghai Fuchi High-Tech Co., Ltd. through a combination of issuing shares and cash payments. The transaction involves five parties, including Shenzhen Yuanzhi Xinghuo Private Equity Investment Fund and others [3][4]. - The total transaction price for the stake is approximately 734.63 million RMB, with the cash portion accounting for 18.68 million RMB (34.10%) and the remaining 36.10 million RMB (65.90%) allocated for technology upgrades and production line enhancements [4]. Financial Reporting Basis - The pro forma consolidated financial statements are prepared in accordance with the relevant regulations of the China Securities Regulatory Commission regarding major asset restructuring [5]. - The financial statements reflect the company's financial position and operating results as of January 1, 2024, following the completion of the restructuring transaction [5][6]. Important Accounting Policies - The company adheres to the Chinese Accounting Standards, ensuring that the financial statements accurately represent its financial condition, operating results, and cash flows [6][7]. - The accounting period for the financial statements is from January 1, 2024, to June 30, 2025, with a focus on a 12-month operating cycle for asset and liability liquidity classification [6][8]. Financial Instruments and Risk Management - The company classifies financial assets into three categories: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss [9][10]. - The company assesses expected credit losses based on historical data and current economic conditions, applying a simplified approach for certain receivables [15][16].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7][10]. Core Views - The company achieved a revenue of 1.11 billion RMB in H1 2025, representing a year-over-year increase of 14.7%, with a net profit of 60 million RMB, up 45.1% year-over-year [8][10]. - The growth in revenue is primarily driven by the air conditioning compressor business, which saw a significant increase in orders [10]. - The company is actively investing in the screw rod production line, with ongoing construction of a factory in Kunshan and plans for an international base in Thailand [10]. Summary by Sections Company Overview - The company operates in the automotive industry, with a current A-share price of 41.35 RMB and a market capitalization of approximately 13.99 billion RMB [2]. - Major shareholder is Jing Kun, holding 31.57% of shares [2]. Financial Performance - In Q2 2025, the company reported a revenue of 570 million RMB, a year-over-year increase of 18.8%, and a net profit of 30 million RMB, up 48.8% year-over-year [8][10]. - The gross profit margin improved to 19.1% in H1 2025, with a net profit margin of 4.94%, reflecting a year-over-year increase of 1.03 percentage points [10]. Business Segments - The revenue breakdown shows that the chassis components business contributed 710 million RMB (up 4.1% YoY), the air conditioning compressor business contributed 310 million RMB (up 42.1% YoY), and the aluminum lightweight business contributed 90 million RMB (up 35.0% YoY) [10]. Future Projections - The company forecasts net profits of 110 million RMB, 140 million RMB, and 180 million RMB for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 48%, 33%, and 30% [10][12]. - The expected earnings per share (EPS) for the same years are projected to be 0.31 RMB, 0.42 RMB, and 0.54 RMB [10][12].