国联民生证券承销保荐有限公司 关于无锡方盛换热器股份有限公司 三、公司及股东承诺履行情况 | 公司及股东承诺事项 | 是否履 行承诺 | 未履行承诺的 原因及解决措 | | --- | --- | --- | | | | 施 | | 1、关于股份限售的承诺 | 是 | 不适用 | | 2、关于股份减持的承诺 | 是 | 不适用 | | 3、关于上市后三年内稳定股价的承诺 | 是 | 不适用 | | 4、关于填补回报措施能够切实履行的承诺 | 是 | 不适用 | | 5、关于因信息披露重大违规涉及回购新股、赔偿损失 | 是 | 不适用 | | 承诺 | | | | 6、关于未能履行承诺时的约束措施承诺 | 是 | 不适用 | | 7、关于同业竞争承诺 | 是 | 不适用 | | 8、关于规范关联交易的承诺 | 是 | 不适用 | | 9、关于遵守制度的承诺 | 是 | 不适用 | 四、其他事项 1、公司面临的重大风险事项 （1）宏观经济波动风险 2025 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《北京证券交易所股票 上市规则》等有关法律法规、规范性文件等的规定，国联民生证券承 销保荐有限公 ...

Core Viewpoint - Fangsheng Co., Ltd. experienced a significant decline of 6.87% in its stock price, with a trading volume of 2.14 billion yuan and a turnover rate of 23.34% on the day of reporting [2] Trading Activity - The stock was listed on the Longhu list due to its high turnover rate, with institutional investors net selling 3.5944 million yuan [2] - The top five trading departments had a total transaction volume of 55.2965 million yuan, with a buying amount of 23.9462 million yuan and a selling amount of 31.3504 million yuan, resulting in a net sell of 7.4042 million yuan [2] - Among the trading departments, one institutional special seat was involved, with a buying amount of 4.2748 million yuan and a selling amount of 7.8693 million yuan, leading to a net sell of 3.5944 million yuan [2] Historical Performance - Over the past six months, Fangsheng Co., Ltd. has appeared on the Longhu list 24 times, with an average price increase of 1.58% the day after being listed and an average increase of 6.66% in the following five days [2]

Core Insights - Fangsheng Co., Ltd. (832662) experienced significant trading activity on August 25, 2025, with a turnover rate of 21.48% and a trading volume of 5.2811 million shares, amounting to a transaction value of 209 million yuan [1][2]. Trading Activity Summary - The top buying seat was from Guosen Securities Co., Ltd. Shenzhen Hongling Middle Road Securities Business Department, with a purchase amount of approximately 7.2453 million yuan [2]. - The top selling seat was from Eastmoney Securities Co., Ltd. Lhasa Financial City South Ring Road Securities Business Department, with a selling amount of approximately 5.112 million yuan [2]. - Other notable buying and selling activities included institutional trading and various securities firms, indicating a diverse interest in Fangsheng Co., Ltd. shares [2].

Core Viewpoint - Fangsheng Co., Ltd. (832662) experienced a decline of 0.58% today, with a turnover rate of 21.48% and a trading volume of 209 million yuan, indicating significant trading activity and interest from institutional investors [2] Trading Activity - The stock was listed on the龙虎榜 due to its turnover rate reaching 21.48%, with institutional investors net buying 2.6897 million yuan [2] - Total trading volume from the top five buying and selling brokerage firms amounted to 57.7165 million yuan, with a net buying of 7.9041 million yuan [2] - Among the brokerage firms, two institutional special seats were involved, with a total buying amount of 8.2081 million yuan and selling amount of 5.5184 million yuan, resulting in a net buying of 2.6897 million yuan [2] Historical Performance - Over the past six months, the stock has appeared on the龙虎榜 24 times, with an average price increase of 1.86% the day after being listed and an average increase of 7.48% in the following five days [2]

Group 1 - The stock of Fangsheng Co., Ltd. (832662) experienced a decline of 0.32% with a turnover rate of 20.31% and a trading volume of 202 million yuan, indicating significant trading activity [1][2] - Institutional investors had a net sell of 0.16 thousand yuan, while the total net buying from brokerage seats amounted to 225.01 thousand yuan [1][2] - Over the past six months, the stock has appeared on the trading leaderboard 24 times, with an average price increase of 2.01% the day after being listed and an average increase of 7.20% over the following five days [2] Group 2 - The top five brokerage seats accounted for a total transaction volume of 44.56 million yuan, with a buying amount of 23.40 million yuan and a selling amount of 21.15 million yuan, resulting in a net buying of 224.86 thousand yuan [2] - Specific brokerage activities included significant purchases from Dongfang Caifu Securities and Haitong Securities, with the largest buy amounting to 536.63 thousand yuan [2]

Group 1 - The core point of the article is that Fangsheng Co., Ltd. (stock code: 832662) experienced significant trading activity on August 22, 2025, with a turnover rate of 20.31% and a trading volume of 4.99 million shares, amounting to a total transaction value of 202 million yuan [1][2][3] - The top buying seat was from Dongfang Caifu Securities Co., Ltd. at Lhasa Financial City South Ring Road Securities Business Department, with a purchase amount of approximately 5.37 million yuan [1][2] - The top selling seat was also from Dongfang Caifu Securities Co., Ltd. at Lhasa East Ring Road Second Securities Business Department, with a selling amount of approximately 3.83 million yuan [1][2] Group 2 - The trading data indicates that the stock had a notable increase in trading activity, as evidenced by the high turnover rate and significant transaction amounts [1][2] - Other notable buying and selling activities included Hai Tong Securities and various other securities firms, indicating a diverse range of market participants involved in the trading of Fangsheng Co., Ltd. [2]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company focuses on new energy (wind power, hydrogen energy, energy storage) and new infrastructure (power grid, data centers) [2] - The company reported a revenue of 180 million yuan in H1 2025, a year-on-year increase of 15.41%, while the net profit attributable to the parent company was 14.48 million yuan, a decrease of 27.47% [4] - The company is expected to benefit from the growth in the clean energy sector, particularly in wind power and energy storage, leading to increased order volumes and revenue [5][6] Financial Summary - The total market capitalization of the company is 3.506 billion yuan, with a circulating market capitalization of 984 million yuan [2] - The company's revenue is projected to grow from 347 million yuan in 2024 to 659 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [8] - The net profit attributable to the parent company is expected to increase from 30 million yuan in 2024 to 70 million yuan in 2027, with corresponding EPS rising from 0.34 yuan to 0.80 yuan [8] - The company has a current P/E ratio of 79.0 for 2025, which is expected to decrease to 49.9 by 2027, indicating improving valuation metrics [8] Market Dynamics - The demand for onshore and offshore wind power installations is expected to grow, driven by national carbon neutrality goals and advancements in technology [5] - The company has established partnerships with several universities for research and development, enhancing its innovation capabilities [6]

方盛股份（832662）今日下跌9.78%，全天换手率28.64%，成交额2.92亿元，振幅12.90%。龙虎榜数据 显示，机构净卖出512.36万元，营业部席位合计净卖出776.21万元。 北交所公开信息显示，当日该股因日换手率达28.64%上榜，机构专用席位净卖出512.36万元。 | 买/ | 会员营业部名称 | 买入金额（万 | 卖出金额（万 | | --- | --- | --- | --- | | 卖 | | 元） | 元） | | 买一 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 457.80 | 337.71 | | 买二 | 机构专用 | 302.29 | 302.50 | | 买三 | 东方财富证券股份有限公司拉萨金融城南环路证券营业 | 294.97 | 330.76 | | | 部 | | | | 买四 | 东方财富证券股份有限公司上海徐汇区云锦路证券营业 | 268.32 | 248.66 | | | 部 | | | | 买五 | 招商证券股份有限公司深圳福民路证券营业部 | 266.38 | 12.30 | | 卖一 | 机构专用 | 139.59 | 651.74 ...

每经讯，2025年8月21日，北交所上市公司方盛股份（832662，收盘价：40.05元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到28.64%，成交数量703.93万股，成交金额2.92亿元。买一席位为东方财富证券股份有限公司拉萨东环路第二证 券营业部，买入457.8万元；卖一席位为机构专用，卖出651.74万元。 | | 2025-08-21方盛股份(832662) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额(元) | 卖出金额(元) | | ポリ | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | 4578023.53 | 3377056.99 | | 买2 | 机构专用 | 3022918.56 | 3024984.88 | | न्नें3 | 东方财富证券股份有限公司拉萨金融城南环路证券营业部 | 2949748 77 | 3307592.86 | | नेटर | 东方财富证券股份有限公司上海徐汇区云锦路证券营业部 | 2683194 29 | 2486598.66 | | ન્નેર | 招商证券股份 ...

Core Viewpoint - The report highlights that Fangsheng Co., Ltd. has experienced revenue growth driven by strong demand in the wind power sector, while new growth areas such as energy storage, data center liquid cooling, and hydrogen energy are expected to contribute significantly in the future [1][3]. Financial Performance - In the first half of 2025, Fangsheng Co., Ltd. achieved revenue of 180 million yuan, a year-on-year increase of 15.41%, while net profit attributable to shareholders was 14.48 million yuan, a decline of 27.47% [1]. - The second quarter of 2025 saw revenue of 106 million yuan, up 11.75% year-on-year and 41.70% quarter-on-quarter, with net profit of 7.46 million yuan, down 35.70% year-on-year but up 6.41% quarter-on-quarter [1]. Product Performance - Revenue from heat exchangers and systems showed steady growth, with domestic sales increasing, leading to a decline in gross margin. Specifically, revenue for heat exchange systems, plate-fin heat exchangers, and other products was 51 million, 123 million, and 5 million yuan respectively, with year-on-year changes of 17.73%, 16.87%, and -21.85% [2]. - The gross margin for the first half of 2025 was 19.74%, down 5.73 percentage points year-on-year, primarily due to the increased proportion of lower-margin domestic sales [2]. Market Outlook - The wind power market is expected to see a 50% revenue growth in 2025, driven by strong demand for orders. Additionally, the company is actively expanding into new areas such as energy storage, hydrogen energy, and data center liquid cooling, with expectations for new business revenue to potentially double [3]. - The company maintains its profit forecast for 2025-2027, projecting net profits of 43 million, 61 million, and 80 million yuan respectively, with corresponding price-to-earnings ratios of 90, 64, and 49 times [3].