Investment Rating - The report maintains an "Overweight" rating for the automotive industry [20]. Core Views - The demand for AIDC power generation equipment is expected to grow rapidly, with recommendations for Weichai Power, which is diversifying into diesel and gas generator sets and SOFC [20][19]. - Liquid cooling is identified as a promising area for automotive components, with a recommendation for Silver Wheel Holdings [20]. - The export of passenger vehicles to Europe is anticipated to grow significantly under carbon reduction policies, with recommendations for XPeng Motors and SAIC Group [20]. - The intelligent driving industry chain is expected to benefit from advancements in L3 testing, with recommendations for Nexperia and China Automotive Research [20]. - The humanoid robot sector is highlighted for its long-term potential, recommending Delta Electronics and Ningbo Huaxiang [20]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the week from January 9 to January 16, 2026, with the new energy vehicle index down by 1%, automotive parts index up by 2%, and commercial vehicle index down by 1% [2][8]. - Over the past month, the automotive index increased by 8%, the new energy vehicle index by 1%, and the automotive parts index by 13% [9]. 2. Engine Giants Continue to Layout AIDC Power Generation Equipment - AIDC investment is experiencing high growth, leading to rapid expansion in the power generation and backup power market [17]. - Weichai Power is seeing strong demand for its data center power products and is accelerating SOFC capacity expansion [17][18]. - Yuchai International plans to acquire a stake in a high-pressure common rail supplier, enhancing its supply chain capabilities [18]. 3. Investment Strategy and Recommendations - The report recommends an "Overweight" rating for the industry, with specific stock recommendations including: 1. Weichai Power for its diversified AIDC power generation equipment [20]. 2. Silver Wheel Holdings for its potential in liquid cooling automotive components [20]. 3. XPeng Motors and SAIC Group for their growth potential in the European market [20]. 4. Nexperia and China Automotive Research for advancements in intelligent driving [20]. 5. Delta Electronics and Ningbo Huaxiang for their long-term positioning in the humanoid robot sector [20].

Key Points - China Metallurgical Group Corporation (China MCC) expects a decline of over 50% in net profit attributable to shareholders in 2025 due to losses in the real estate sector and increased asset impairment provisions [1] - JAC Motors anticipates a net loss of approximately 1.68 billion yuan in 2025, although this represents a reduction in losses compared to the previous year [2] - Northern Rare Earth forecasts a net profit increase of 116.67% to 134.60% in 2025, driven by improved sales and production efficiency in rare earth products [3] - Shenghong Technology projects a net profit increase of 260.35% to 295% in 2025, attributed to the growing demand for AI infrastructure and high-end products [4] - Lanke Technology expects a net profit increase of 52.29% to 66.46% in 2025, benefiting from strong demand in the AI industry [7] - Aiwai Electronics anticipates a net profit increase of 17.70% to 29.47% in 2025, focusing on high-value chip solutions [25] - Longxin General expects a net profit increase of 47.15% to 60.53% in 2025, driven by steady growth in its core motorcycle and general machinery businesses [28] - China One Heavy Industry predicts a net loss of 310 million to 460 million yuan in 2025, although this represents a significant reduction from the previous year's loss [35] - Kunda Technology expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, impacted by industry supply-demand imbalances [34] - Daqing Energy anticipates a net loss of 1 billion to 1.3 billion yuan in 2025, although this reflects a narrowing of losses compared to the previous year [42]

Core Viewpoint - In 2025, China Automotive Engineering Research Institute Co., Ltd. reported a revenue increase of 4.98% year-on-year, with significant growth in profit metrics, indicating a strong performance driven by high-quality development and operational efficiency improvements [1][2]. Financial Performance - The total operating revenue for 2025 reached 496,754.44 million yuan, up from 473,206.25 million yuan in the previous year [1]. - Operating profit was 134,448.81 million yuan, reflecting an 18.62% increase [1]. - Total profit amounted to 134,404.17 million yuan, marking an 18.72% year-on-year growth [1]. - Net profit attributable to shareholders was 106,011.38 million yuan, with a growth rate of 17.85% [1]. - The net profit excluding non-recurring gains and losses was 100,574.60 million yuan, up 15.77% [1]. - Basic earnings per share were 1.07 yuan, an increase of 17.58% [1]. - The weighted average return on equity was 14.34%, up by 1.07 percentage points from the previous year [1]. Asset Growth - As of the end of 2025, total assets reached 1,400,436.78 million yuan, a 38.52% increase from the beginning of the year [1]. - Shareholders' equity attributable to the parent company was 783,394.27 million yuan, growing by 10.61% [1]. - The net asset value per share was 7.81 yuan, reflecting a 10.62% year-on-year increase [1]. Growth Drivers - The company emphasized high-quality development, customer-centric approaches, regional reforms, and enhanced service capabilities as key factors driving growth [2]. - The integration of a wholly-owned subsidiary from the controlling shareholder contributed to the financial performance, with adjustments made to the previous year's financial statements [2].

Group 1 - Su Dawei Ge's wholly-owned subsidiary plans to invest in a fund focusing on semiconductor, new energy, AI, and aerospace sectors, contributing 20 million yuan for a 10.2302% stake [2] - Shimao Energy terminates plans for a change in control after failing to reach consensus on key terms, with stock resuming trading on January 19 [3] - Huatian Hotel's controlling shareholder is planning a merger and restructuring, potentially changing the actual controller to the Hunan Provincial State-owned Cultural Assets Supervision and Administration Commission [4] Group 2 - Jinpu Titanium's subsidiary Xuzhou Titanium will cease production due to intensified market competition, which is expected to significantly impact revenue in 2026 [5] - Dingxin Communications' deputy general manager is under investigation by the CSRC for suspected short-term trading of company stock, but it will not affect the company's operations [6] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan to explore new growth points [7] Group 3 - Hualan Co.'s controlling shareholder raises the upper limit of its share buyback plan from 58.08 yuan to 86.66 yuan per share [8] - Wanhua Chemical's MDI Phase II facility has resumed normal production after maintenance [9] - Junsheng Electronics introduces a strategic investor, with a 1 billion yuan investment aimed at reducing overall debt [10] Group 4 - Jiangbolong announces five shareholders plan to transfer 3% of the company's shares through a pricing inquiry [11] - Haitai Technology expects a net profit increase of 226.86% to 323.97% in 2025, driven by high industry demand and increased orders [13] - Northern Rare Earth anticipates a net profit increase of 116.67% to 134.6% in 2025 due to successful market expansion [14] Group 5 - Lanke Technology forecasts a net profit increase of 52.29% to 66.46% in 2025, benefiting from the AI industry trend [15] - Keda expects a net profit increase of 52.21% to 67.43% in 2025, driven by growth in data center and new energy sectors [16] - Cambridge Technology predicts a net profit increase of 51% to 67% in 2025, supported by strong demand in core business areas [17] Group 6 - China Electric Research anticipates a net profit of 533 million yuan in 2025, a 14.04% increase year-on-year [18] - China Automotive Research expects a net profit of 1.06 billion yuan in 2025, a 17.85% increase year-on-year [19] - Zhongcheng Co. forecasts a net profit of 276 million to 414 million yuan in 2025, recovering from a previous loss [20] Group 7 - Junda Co. expects a net loss of 1.2 billion to 1.5 billion yuan in 2025, worsening from a previous loss of 591 million yuan [21] - Guangdian Network anticipates a net loss of 1.29 billion to 1.55 billion yuan in 2025, attributed to declining traditional business revenue [22] - Jiugang Hongxing predicts a net loss of approximately 1.879 billion yuan in 2025, an improvement from a previous loss of 2.617 billion yuan [23] Group 8 - Jinbo Co. expects a net loss of around 1.4 billion yuan in 2025, worsening from a previous loss of 815 million yuan [24] - Dongjiang Environmental anticipates a net loss of 1.05 billion to 1.35 billion yuan in 2025, due to ongoing industry adjustments [25] - Daqing Energy forecasts a net loss of 1 billion to 1.3 billion yuan in 2025, despite improvements in production costs [26] Group 9 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan in 2025, impacted by macroeconomic factors [27] - Weiyuan Co. anticipates a net loss of 950 million to 1.05 billion yuan in 2025, turning from profit to loss [28] - Huanghe Xuanfeng predicts a net loss of 850 million yuan in 2025, an improvement from a previous loss of 983 million yuan [29] Group 10 - Fushun Special Steel expects a net loss of 770 million to 870 million yuan in 2025, turning from profit to loss [30] - China First Heavy Industries anticipates a net loss of 310 million to 460 million yuan in 2025, significantly reducing losses compared to the previous year [31] - Jishi Media forecasts a net loss of 364 million to 455 million yuan in 2025, with overall revenue expected to remain stable [33] Group 11 - Guangxi Energy expects a net loss of 170 million to 220 million yuan in 2025, turning from profit to loss [34] - Baike Bio anticipates a net loss of 220 million to 280 million yuan in 2025, turning from profit to loss due to declining vaccine sales [35] - Zhongtai Auto expects to remain in a loss position for 2025, with a projected positive net asset value by year-end [36] Group 12 - Nasda anticipates a loss for 2025 due to significant asset sales and industry policy adjustments [37] - Rongsheng Development expects to report a loss for 2025, with the amount not exceeding the previous year's audited net assets [38] Group 13 - China National Materials signs a contract worth 299 million Canadian dollars for engineering services in Canada [40] - Dayu Water-saving's subsidiary wins a project worth 133 million yuan for water source guarantee engineering [41] - Hailu Heavy Industry reports new orders totaling 1.941 billion yuan for 2025 [42]

Core Viewpoint - The announcement from China Automotive Research indicates a projected revenue growth and profit increase for the year 2025, reflecting positive financial performance trends in the company [2] Financial Performance - The company expects to achieve an operating revenue of 4,967.54 million yuan in 2025, representing a year-on-year growth of 4.98% [2] - The net profit attributable to shareholders of the listed company is projected to be 1,060.11 million yuan in 2025, showing a year-on-year increase of 17.85% [2]

Group 1 - Xianghe Industrial signed a contract worth 43.1041 million yuan with China Railway 15th Bureau, accounting for approximately 6.5% of the company's projected revenue for 2024 [1] - Dayu Water-saving's subsidiary won a bid for a project valued at 133 million yuan, with a construction period of 545 days [2] - China National Materials International's subsidiary signed a contract worth 299 million Canadian dollars for engineering design and procurement services [3] Group 2 - Baoland expects a net loss of approximately 75 million yuan for 2025, compared to a loss of 58.7224 million yuan in the previous year [4] - Changhong High-tech received an administrative regulatory decision due to inadequate internal controls and improper revenue recognition [5] - Debon Stock will be suspended from trading on January 21, 2026, pending a decision on its delisting [6] Group 3 - Haitai Technology anticipates a net profit increase of 226.86% to 323.97% for 2025, with an expected profit of 51.5 million to 66.8 million yuan [7] - Fushun Special Steel expects a net loss of 770 million to 870 million yuan for 2025, compared to a profit of 112 million yuan in the previous year [8] - Rejing Bio forecasts a net loss of 210 million to 230 million yuan for 2025, compared to a loss of 191 million yuan in the previous year [10] Group 4 - Sanyou Chemical expects a net profit of approximately 91 million yuan for 2025, a decrease of about 82% compared to the previous year [11] - Lianhuan Pharmaceutical received approval for clinical trials of a new drug for benign prostatic hyperplasia [12] - Samsung New Materials anticipates a net loss for 2025, indicating a decline in operational performance [13] Group 5 - Jinggong Technology expects a net profit increase of 36.1% to 70.13% for 2025, with an estimated profit of 200 million to 250 million yuan [14] - Zhongsheng Pharmaceutical's subsidiary signed a licensing agreement for the production and commercialization of RAY1225 injection, with total payments expected to reach 1 billion yuan [15] - Hengshuai shares saw a reduction of 600,000 convertible bonds held by its controlling shareholder [16] Group 6 - Buchang Pharmaceutical plans to repurchase shares worth 60 million to 120 million yuan for employee stock ownership plans [17] - Baike Bio expects a net loss of 220 million to 280 million yuan for 2025, marking a shift from profit to loss [18] - Weishi Electronics anticipates a net profit decrease of 53.27% to 61.61% for 2025, with expected profits of 21.49 million to 26.16 million yuan [19] Group 7 - China Automotive Research expects a net profit increase of 17.85% for 2025, with a projected profit of 1.06 billion yuan [20] - Hualan Biological's controlling shareholder raised the upper limit of its shareholding plan to 86.66 yuan per share [22] - Nasda anticipates a net loss for 2025, indicating a decline in financial performance [23] Group 8 - Haizheng Pharmaceutical received a warning letter from the Zhejiang Securities Regulatory Commission for financial data inaccuracies [24] - Mengguli received an administrative regulatory decision for accounting errors in its financial reports [25] - Zhongguancun's subsidiary received acceptance for a drug application for a heart-related treatment [26] Group 9 - Hosheng Silicon Industry was ordered to correct information disclosure violations by the Zhejiang Securities Regulatory Commission [27] - Meiteng Technology expects a net profit decrease of 22.4551 million to 28.5285 million yuan for 2025, a reduction of 55.21% to 70.14% [28] - Sanwei Co. received a warning letter for financial irregularities related to related party transactions [29] Group 10 - Ganyue Expressway expects a net profit increase of 3.18% for 2025, with a projected profit of 1.32 billion yuan [30] - Xinhang New Materials plans to acquire 51% of Hairete for 12.8826 million yuan [31] - China Software anticipates a net loss of 41 million to 49 million yuan for 2025, an improvement from the previous year's loss [32] Group 11 - Rongsheng Development expects a net loss for 2025, with losses not exceeding the previous year's audited net assets [33] - Northern Rare Earth anticipates a net profit increase of 117% to 135% for 2025, with expected profits of 2.176 billion to 2.356 billion yuan [34] - Energy-saving Wind Power received renewable energy subsidies totaling 1.507 billion yuan, a 122.74% increase from the previous year [35] Group 12 - Dongzhu Ecology expects a net loss of 935 million to 1.135 billion yuan for 2025, compared to a loss of 630 million yuan in the previous year [36] - Jingneng Real Estate anticipates a net loss of 986 million to 1.315 billion yuan for 2025, compared to a loss of 109 million yuan in the previous year [37] - Hailu Heavy Industry signed new orders worth 1.941 billion yuan for 2025, with total orders on hand amounting to 3.597 billion yuan [38] Group 13 - Dalian Thermal Power expects a net loss of 92 million to 112 million yuan for 2025, compared to a loss of 146 million yuan in the previous year [39] - Jiangsu Sop expects a net profit decrease of 52.99% to 62.4% for 2025, with profits projected between 8 million to 10 million yuan [40] - Lian Technology plans to initiate preparations for issuing H-shares and listing on the Hong Kong Stock Exchange [42] Group 14 - Zhenyang Development expects a net profit decrease of 58.13% to 64.94% for 2025, with profits projected between 67 million to 80 million yuan [43] - Sheneng Co. reported a 1.7% decrease in power generation for 2025, with total generation of 57.654 billion kWh [44] - XGIMI Technology's subsidiary received a development notification from a well-known domestic automotive manufacturer [45] Group 15 - Wanhua Chemical's MDI Phase II facility resumed production after maintenance [46] - Daqing Energy expects a net loss of 1 billion to 1.3 billion yuan for 2025, with a reduction in losses compared to the previous year [47]

Core Viewpoint - China Automotive Research (601965.SH) reported a total operating revenue of 4.968 billion yuan for the fiscal year 2025, reflecting a year-on-year growth of 4.98% and a net profit attributable to shareholders of 1.06 billion yuan, which represents a year-on-year increase of 17.85% [1] Group 1 - The company emphasizes high-quality development as its main theme during the reporting period [1] - The company maintains a customer-centric approach and continues to promote regional reforms [1] - The company enhances local service capabilities and achieves resource optimization and operational efficiency improvements [1] Group 2 - The company deepens its technological layout to drive the transformation of innovative achievements [1]

Core Viewpoint - In 2025, the company achieved a total operating revenue of 4.968 billion yuan, representing a year-on-year increase of 4.98%, and a net profit attributable to shareholders of 1.06 billion yuan, with a growth rate of 17.85% [1][3]. Financial Performance - Total operating revenue reached 4.968 billion yuan, up from 4.696 billion yuan in the previous year, marking a 4.98% increase [3]. - Operating profit was 1.344 billion yuan, compared to 1.142 billion yuan last year, reflecting an 18.62% increase [3]. - Total profit amounted to 1.344 billion yuan, an increase from 1.140 billion yuan, showing an 18.72% growth [3]. - Net profit attributable to shareholders was 1.061 billion yuan, up from 907.78 million yuan, with a year-on-year growth of 17.85% [3]. - The basic earnings per share were 1.07 yuan, compared to 0.92 yuan in the previous year, indicating a 17.58% increase [3]. Asset and Equity Growth - As of the end of the reporting period, total assets reached 14.004 billion yuan, a 38.52% increase year-on-year [4]. - Shareholders' equity attributable to the company was 7.833 billion yuan, up 10.61% from the previous year [4]. - The company's net asset per share was 7.81 yuan, compared to 7.04 yuan last year, reflecting a 10.62% increase [3]. Strategic Focus - The company emphasized high-quality development, focusing on technological innovation and the transformation of results, with a net profit of 1.006 billion yuan after deducting non-recurring gains, representing a 15.77% increase [3]. - The weighted average return on net assets after deductions was 13.57%, indicating a continuous enhancement in profitability [3]. - The performance report included the impact of mergers under common control, specifically the acquisition of 100% equity in Zhongren Internet of Vehicles, which further improved the business layout [4].

证券代码：601965 证券简称：中国汽研 编号：临 2026-003 注：1、本报告期、上年同期（追溯调整后）数据为未经审计的合并报表数据。 2、报告期内，公司控股股东中国检验认证（集团）有限公司（以下简称"中国中检"） 为履行解决同业竞争承诺，中国中检全资子公司中国质量认证中心有限公司将其持有的中认 车联网技术服务（深圳）有限公司（以下简称"中认车联网公司"）100%股权转让给公司。 由于公司与中认车联网公司在合并前后均受中国中检控制且该控制为非暂时性的，根据《企 业会计准则第 20 号—企业合并》规定，公司按照同一控制下的企业合并进行处理，并追溯 调整公司 2024 年 12 月 31 日合并资产负债表、2024 年 1-12 月合并利润表及合并现金流量 表。 二、经营业绩和财务状况情况说明 报告期内，公司以高质量发展为总基调，坚持以客户为中心，持续推进区域 化改革，强化属地服务能力，实现资源集约配置与运营效率提升；持续深化技术 布局，驱动创新成果转化；全年实现营业收入49.68亿元，同比增幅4.98%。同时， 公司多措并举不断推动内部管理优化，提质增效成果显著，实现归属于上市公司 股东的扣除非经常性损 ...

Core Viewpoint - China Automotive Research (601965) reported a revenue of 4.968 billion yuan for 2025, reflecting a year-on-year growth of 4.98% and a net profit attributable to shareholders of 1.06 billion yuan, which is a year-on-year increase of 17.85% with basic earnings per share at 1.07 yuan [1] Financial Performance - The company achieved an operating income of 4.968 billion yuan in 2025, marking a 4.98% increase compared to the previous year [1] - The net profit attributable to shareholders reached 1.06 billion yuan, representing a 17.85% year-on-year growth [1] - Basic earnings per share were reported at 1.07 yuan [1]