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 Insights - The interview with Zhang Zuqiu, Chairman and President of Baolong Technology, highlights the company's focus on adapting to industry trends and extending capabilities as a dual strategy for growth [7][24] - Baolong Technology aims for "goal-driven growth" by setting targets that exceed current resource capabilities, which drives technological and resource integration improvements [9][24] Group 1: Business Strategy and Development - Baolong Technology has evolved from traditional components like valve stems and exhaust pipes to emerging fields such as air springs and tire pressure monitoring systems (TPMS), achieving a global market share of second and first in domestic markets respectively [11][15] - The company maintains a "cash cow + growth pole" ecosystem, balancing traditional business competitiveness through global layout and cost optimization while focusing on high-value areas like intelligent driving and air suspension [15][21] - Baolong's global strategy follows a "first overseas, then domestic, and finally global collaboration" approach, with a manufacturing center in Hungary set to meet local European demands [15][21] Group 2: Product Innovation and Market Position - At the Shanghai Auto Show, Baolong showcased its core products in intelligent driving sensors and air suspension systems, demonstrating technological advancements and global layout achievements [16][17] - The company is advancing in intelligent driving with differentiated solutions, such as COB online packaging technology for surround-view cameras and 4D radar systems [17][19] - Baolong's air suspension system has achieved comprehensive technical coverage and high self-manufacturing rates, with a focus on rapid response to European clients [21] Group 3: Competitive Landscape and Future Goals - The automotive industry's transformation driven by electrification and intelligence presents both opportunities and challenges, with a focus on differentiation as a key survival strategy [22][24] - Baolong aims to become a multinational enterprise by enhancing brand recognition, establishing a compliant technical framework, and integrating cultural management practices [22][24] - The company is positioned to transition from a follower to a participant in global automotive standards, emphasizing the dual approach of "product export + capability export" [24]