格隆汇11月17日丨瑞立科密(001285.SZ)在投资者互动平台表示，公司拥有One-box方案的线控液压EHB 产品。公司的one-box方案的线控液压EHB产品已对接乘用车意向客户，公司会结合市场拓展策略与更 多车企进行合作，已扩大EHB产品的市场份额。发行人的EMB产品开发进度整体与行业领先企业较为 接近，已处于装车测试阶段。 ...

Core Viewpoint - Asia-Pacific Co., Ltd. (002284) announced on October 24 that it has technological reserves for EMB products, which are not yet in mass production. The specific market launch date will depend on customer project plans [1] Company Summary - The company has developed technology for EMB products but has not yet commenced mass production [1] - The timeline for market introduction of these products is contingent upon the plans of its customers [1]

Group 1: Company Performance - The company's gross profit margin has improved due to increased domestic automobile sales and the launch of new international projects, leading to a steady growth in performance [1] - The company is actively optimizing its product structure and enhancing internal cost reduction and efficiency measures, which effectively boosts manufacturing capabilities and gross profit margins [1] Group 2: Product Development - The company has technical reserves for its EMB products, which are not yet mass-produced; market launch dates depend on customer project plans [1] - The company has been focusing on corner module technology, providing comprehensive solutions that integrate hub motors, EMB, steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems [2] Group 3: Market Trends - The proportion of sales related to new energy vehicles is increasing year by year, correlating positively with the production and sales of downstream new energy vehicles [2] - The company aims to secure more clients and projects by offering essential braking systems, automotive electronics, and wheel motor products for new energy vehicles [2] Group 4: Operational Challenges - The company faces annual price reduction demands from vehicle manufacturers and is working to optimize product structure and improve internal management to address pricing pressures [2] - The Moroccan production base project is progressing in an orderly manner [2]

Group 1: Company Overview - The company has technical reserves for EMB products, which are not yet mass-produced, with market launch dates dependent on client project plans [1] - The company focuses on corner module technology, providing comprehensive solutions that integrate hub motors, EMB, steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems and expanding application scenarios [1] Group 2: Product Development and Market Position - The company currently does not have a layout in robotics but is actively researching related components like ball screws and brushless motors for its products [2] - The increase in gross margin this year is attributed to the growth in domestic automobile sales and new international projects, along with continuous optimization of product structure and internal cost reduction efforts [2] Group 3: Production Capacity and Expansion - The company has three main production bases in Xiaoshan, Anhui Guangde, and Huzhou Anji, with additional bases in Liuzhou, Guangzhou, and Changchun to support local vehicle assembly [2] - The current capacity utilization rate is high, and production levels are determined by vehicle sales, with plans to increase production lines based on market demand [2] Group 4: Market Challenges - The company faces annual price reduction requirements from vehicle manufacturers and is working to optimize product structure and enhance internal management to cope with pricing pressures [2]

Core Viewpoint - The company has developed technical reserves for Electronic Mechanical Braking (EMB) products, which are not yet in mass production, and the market launch date will depend on customer project plans [1] Group 1: Company Developments - The company has been focusing on corner module technology in recent years, aiming to provide comprehensive and systematic solutions [1] - The integrated solution includes hub motors, EMB, steering systems, active suspension, and chassis domain controllers, allowing independent control of vehicle systems [1] - This innovation disrupts traditional Ackermann steering, enabling vehicles to perform functions like turning in place and lateral movement, significantly expanding application scenarios [1] Group 2: Industry Implications - The advancements meet user demands for personalized and customized travel, laying a solid foundation for the popularization of intelligent driving [1]

Group 1 - The company held a research meeting with three institutions, including Minsheng Securities and Wanjia Fund, to discuss various aspects of its operations [1] - The company's gross profit margin has improved due to increased domestic automobile sales and the ramp-up of new international projects, alongside internal cost reduction and efficiency enhancement measures [2] - The company maintains a high capacity utilization rate and plans to expand production lines based on market demand for specific projects [2] Group 2 - The company has technical reserves for EMB products but has not yet commenced mass production, with market launch dates dependent on client project schedules [2] - The company is currently not involved in robotics but is conducting research related to components that may be used in future robotics applications [2] - As a leading domestic automotive brake system company, the company aims to compete internationally by offering customized products with high cost-performance ratios and improved service [2] Group 3 - Future growth points include expanding market coverage, developing global procurement platforms for joint venture brands, and accelerating the promotion of new automotive electronic systems [2]

Group 1: Company Overview - The company has seen an increase in gross profit margin due to rising domestic automobile sales and the launch of new international projects, leading to improved manufacturing capabilities and steady performance growth [1] - Current production capacity utilization is high, and production levels are determined by vehicle sales, with plans to expand capacity based on market demand [1] Group 2: Product Development - The company has technical reserves for EMB products, which are not yet mass-produced, with market launch dates dependent on client project schedules [2] - The company has focused on corner module technology, providing comprehensive solutions that integrate various vehicle systems, enhancing functionality and meeting personalized travel needs [2] Group 3: Competitive Advantages - As a leading domestic automotive brake system enterprise, the company customizes products based on specific vehicle models, offering advantages in cost-effectiveness, service quality, and responsiveness compared to foreign brands [4] - The technology gap with international competitors is gradually narrowing, and there are opportunities for domestic suppliers as automakers increase local sourcing [4] Group 4: Future Growth Prospects - The company plans to expand market coverage and accelerate the promotion of new automotive electronic systems and products, aiming to secure more projects in the next two years [5]

Core Viewpoint - The financial performance of Kaizhong Co., Ltd. (603037) for the first half of 2025 shows a slight increase in total revenue but a significant decline in net profit, indicating potential challenges in profitability and cash flow management [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 349 million yuan, a year-on-year increase of 0.89% [1]. - Net profit attributable to shareholders was 37.79 million yuan, down 15.2% year-on-year [1]. - In Q2 2025, total revenue was 190 million yuan, a decrease of 10.73% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 25.27 million yuan, down 22.33% year-on-year [1]. - The company's accounts receivable reached 335 million yuan, representing 370.63% of the latest annual net profit [1]. Key Financial Ratios - Gross margin was 32.6%, a decrease of 5.67% year-on-year [1]. - Net margin was 10.66%, down 17.36% year-on-year [1]. - Total selling, administrative, and financial expenses amounted to 42.15 million yuan, accounting for 12.07% of revenue, a decrease of 7.84% year-on-year [1]. - Earnings per share were 0.14 yuan, down 17.65% year-on-year [1]. - Operating cash flow per share was 0.3 yuan, an increase of 93.1% year-on-year [1]. Business Development and Strategic Initiatives - The company is actively pursuing the issuance of convertible bonds and is in the process of registering them [2]. - Kaizhong Co., Ltd. is expanding its electronic throttle business to well-known international electric vehicle brands and has a partnership with Xiaomi for line control braking systems [3]. - The company is focusing on enhancing product development and market expansion, particularly in the automotive sector, to align with the trends of electrification and intelligentization [4]. - The company has established overseas subsidiaries in Mexico, the U.S., Germany, and Morocco to enhance its global presence and service capabilities [4].

Group 1 - The company has technological reserves for EMB products, which are not yet in mass production [1] - The specific market launch date for EMB products will depend on customer project plans [1]

Group 1: Company Overview - The company has technical reserves for EMB products, but they are not yet in mass production, with market launch dates dependent on client project plans [1] - The company has focused on corner module technology, providing comprehensive solutions that integrate hub motors, EMB, steering systems, active suspension, and chassis domain controllers, enabling independent control of vehicle systems and enhancing application scenarios [1] Group 2: Production Capacity and Financial Performance - The current production capacity utilization rate is high, with production levels determined by vehicle sales; the company plans to increase production lines based on market demand [2] - The improvement in gross margin is attributed to the growth in domestic vehicle sales and new international projects, along with ongoing optimization of product structure and cost reduction efforts, leading to steady performance growth [2] Group 3: Future Growth and Market Strategy - Future growth points include expanding market coverage, developing global procurement platforms for joint venture brands, and accelerating the promotion of automotive electronic systems and new products [2] - The company currently does not have a robotics business but is advancing research related to linear control braking and EMB products, which may involve ball screws and brushless motors [2]