Group 1 - The automotive parts sector increased by 0.85% on September 2, with Sunny Optical Technology leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Notable gainers in the automotive parts sector included Sunny Optical Technology, which rose by 21.14% to a closing price of 40.00, and other companies like Tsinghua Tongfang and Yisheng Precision, which saw increases of 17.62% and 15.01% respectively [1] Group 2 - The automotive parts sector experienced a net outflow of 1.81 billion yuan from institutional investors, while retail investors saw a net inflow of 1.977 billion yuan [2] - Major decliners included Sulian Co., which fell by 8.30% to a closing price of 42.99, and Hailian Jinhui, which dropped by 8.24% to 9.80 [2] - The trading volume for the automotive parts sector was significant, with Sunny Optical Technology achieving a transaction amount of 604 million yuan [1]

Core Insights - The company reported a revenue of 166 million yuan for the first half of 2025, representing a year-on-year increase of 6.57% [1] - The net profit attributable to shareholders was 33 million yuan, up 3.45% year-on-year, while the net profit excluding non-recurring items was 32 million yuan, reflecting a 5.31% increase [1] - The second quarter of 2025 saw a revenue of 86 million yuan, with quarter-on-quarter and year-on-year growth of 11.98% and 7.10%, respectively [1] Financial Performance - The main business segments experienced growth across the board, with sales revenue for electric vehicle components, traditional fuel vehicles, and general automotive components increasing by 8.06%, 28.27%, and 7.49% year-on-year, respectively [1] - The revenue contribution from electric vehicle components was 41.86%, traditional fuel vehicles 26.10%, and general automotive components 22.91% [1] - The overall gross margin for the company was 32.63%, with the gross margin for electric vehicle components at 32.80%, an increase of 1.68 percentage points [1] Business Development - The company made significant breakthroughs in the air suspension sector, enhancing its market share through key products like the compression ring and support ring [2] - Strategic partnerships were established, including a collaboration with Konghui Automotive to develop metal parts for controllers and shock absorbers, which is expected to increase the per-vehicle value [2] - The company’s second-generation welding ring production line has been applied in multiple vehicle models, contributing to cost reduction and increased output [2] M&A Activity - The company announced plans to acquire 51% of Tongyihe, a firm with strong capabilities in precision stamping molds and products, which is expected to enhance customer resource sharing and market synergy [3] - The acquisition is projected to yield net profits of 28 million yuan, 32 million yuan, and 36 million yuan for the years 2025 to 2027 [3] - Tongyihe's technology is anticipated to significantly lower manufacturing costs and improve the precision and fatigue life of key components in robotic reducers [3] Profit Forecast - The company is expected to achieve revenues of 403 million yuan, 497 million yuan, and 609 million yuan from 2025 to 2027, with year-on-year growth rates of 25.45%, 23.29%, and 22.51%, respectively [3] - The net profit attributable to shareholders is projected to be 65 million yuan, 81 million yuan, and 101 million yuan for the same period, with growth rates of 20.85%, 23.35%, and 25.61% [3] - Earnings per share (EPS) are forecasted to be 0.56 yuan, 0.69 yuan, and 0.87 yuan for 2025 to 2027 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable growth in H1 2025, with revenue and net profit increasing by 7% and 3% year-on-year, respectively, driven by the stable growth of the automotive industry [7] - The acquisition of Wuxi Tongyi and the establishment of a surface treatment subsidiary are expected to enhance the company's competitive advantage and profitability [7] - The company maintains a leading position in the comprehensive capability of automotive metal parts, with a focus on high-end technology [7] Financial Performance Summary - Revenue for 2023 is projected at 2.7572 billion, with a year-on-year growth of 18.82% [1] - Net profit attributable to the parent company for 2023 is estimated at 515.1 million, reflecting a year-on-year increase of 36.15% [1] - The latest diluted EPS for 2023 is projected at 0.44 yuan per share [1] Revenue Breakdown - Revenue from new energy vehicle components in H1 2025 increased by 8.06% to 69 million, accounting for 41.86% of total revenue [7] - Revenue from traditional fuel vehicle components grew by 28.27% to 43 million, with a 26.10% share of total revenue [7] - General automotive components revenue rose by 7.49% to 38 million, representing 22.91% of total revenue [7] Future Projections - The company forecasts total revenue of 4.085 billion for 2025, with a year-on-year growth of 27.11% [1] - Net profit attributable to the parent company is expected to reach 672.1 million in 2025, with a growth rate of 24.22% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 36.52, 27.02, and 22.54, respectively [1]

New Consumption - The company achieved total operating revenue of 1.769 billion yuan in H1 2025, a year-on-year increase of 30.83% [2][8] - The total profit reached 241 million yuan, up 7.17% year-on-year, while the net profit attributable to shareholders was 186 million yuan, reflecting a growth of 5.21% [2][10] - The main brand, Marubi, maintained its position as the "No. 1 domestic brand in eye care" and the PL brand won the "Most Influential Makeup and Fragrance Brand" award [2][9] Machinery/Building Materials - The company reported operating revenue of 161 million yuan in H1 2025, a significant increase of 51.66% year-on-year, with a net profit of 23 million yuan, up 199.23% [12][15] - The balance machine business showed steady growth, while automation equipment and software information systems contributed significantly to performance [13][15] - The company is recognized as a leader in domestic balance machines, with new orders expected to increase as the company expands into high-end equipment manufacturing markets [15] Transportation - The company achieved approximately 766 million yuan in revenue in H1 2025, a decrease of 8.57% year-on-year, while the net profit was approximately 532 million yuan, an increase of 20.51% [16][17] - The main business of highways remains stable, with a significant increase in net profit in Q2 2025 due to the recovery of previously provisioned losses [16][17] - The company plans to distribute a cash dividend of 0.15 yuan per share, indicating a commitment to shareholder returns [16][18] North Exchange - The company reported revenue of 237 million yuan in H1 2025, a year-on-year increase of 7%, with a net profit of 52.68 million yuan, up 14% [20][21] - The domestic revenue grew by 31%, while overseas revenue faced challenges [21] - The company is actively developing new products in nuclear power and data center sectors, which are expected to drive future growth [21][22] Hydraulic Industry - The company achieved revenue of 344 million yuan in H1 2025, a year-on-year increase of 13%, with a net profit of 67.32 million yuan, up 40% [31][32] - The growth was driven by strong demand for dump truck cylinders and oil-gas springs, with significant improvements in gross margins [32][33] - The company is expanding into new fields such as autonomous driving and industrial robotics, indicating a strategic shift towards innovative applications [34][35]

证券代码：836221 证券简称：易实精密 公告编号：2025-098 江苏易实精密科技股份有限公司 对外投资设立控股子公司并取得营业执照的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、对外投资概述 （一）基本情况 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 根据《上市公司重大资产重组管理办法》的相关规定，公司本次对外投 资不构成重大资产重组。 （三）是否构成关联交易 本次交易不构成关联交易。 （四）决策与审议程序 根据《北京证券交易所股票上市规则》《公司章程》《对外投资管理制 度》等相关规定，本次对外投资事项在公司管理层审批权限范围内，且未达 到董事会和股东会审批标准，无需提交董事会及股东会审议。 本次交易标的不涉及开展或拟开展私募投资活动，不是已在中国证券投资基 金业协会登记为私募基金管理人，不会将公司主营业务变更为私募基金管理业务。 二、投资协议其他主体的基本情况 1. 自然人 江苏易实精密科技股份有限公司（以下简称"公司"）基于经营发展需要， 投资人民币 255.00 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - In the first half of 2025, the company achieved revenue of 166 million yuan (yoy +7%) and a net profit attributable to shareholders of 32.94 million yuan (yoy +3%) [6] - The company has established a strategic partnership with Konghui Automotive to co-develop new products, enhancing its market position [6][7] - The company is focusing on the research and development of new energy vehicle components, with significant growth in traditional fuel vehicle components as well [6] Financial Performance - In 2025H1, the company's revenue from new energy vehicle components, general automotive components, and traditional fuel vehicle components were 69.3 million yuan (yoy +8%), 37.92 million yuan (yoy +7%), and 43.2 million yuan (yoy +28%) respectively [6] - The gross profit margins for these segments were 33% (yoy +2pcts), 38%, and 32% respectively [6] - The company’s total market capitalization is 2,522.71 million yuan, with a circulating market value of 1,342.77 million yuan [3] Business Development - The company has successfully completed the acceptance of its third-generation welding ring production line, which is expected to achieve mass production within the year [6] - The company is actively expanding its overseas presence, including establishing joint ventures in Slovenia to enhance supply chain security [7] - The company’s investment in new technologies and partnerships is expected to improve its competitive edge and market share [6][7] Earnings Forecast - The forecasted net profits for the company from 2025 to 2027 are 65 million yuan, 80 million yuan, and 100 million yuan respectively, corresponding to PE ratios of 38.9, 31.6, and 25.2 times [6][8]

证券代码：836221 证券简称：易实精密 公告编号：2025-097 江苏易实精密科技股份有限公司 购买控股子公司少数股东股权暨关联交易的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、交易概况 （一）基本情况 基于战略及业务发展需要，江苏易实精密科技股份有限公司（以下简称"易 实精密"、"公司"）拟使用自有资金收购控股子公司南通易实汽车零部件有限 公司（以下简称"易实汽配"、"标的公司"、"交易标的"）少数股东 Camitec GmbH（德国卡米特科有限公司）（以下简称"交易对方"）持有的易实汽配 49% 的股权（以下简称"标的股权"、"标的资产"），并拟与 Camitec GmbH 签署《股 权转让协议》。 （三）是否构成关联交易 本次交易前，公司持有易实汽配 51%股权，已纳入公司合并报表范围。本 次交易完成后，公司持有易实汽配 100%股权，本次股权收购不会导致公司合 并报表范围发生变化。 （二）是否构成重大资产重组 本次交易不构成重大资产重组。 《上市公司重大资产重组管理办法》（以 ...

证券代码：836221 证券简称：易实精密 公告编号：2025-094 江苏易实精密科技股份有限公司 2025 年半年度募集资金存放、管理与实际使用情况的专 项报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 获中国证券监督管理委员会《关于同意江苏易实精密科技股份有限公司 向不特定合格投资者公开发行股票注册的批复》（证监许可[2023]1027 号）核 准，并经北京证券交易所同意，由主承销商金元证券股份有限公司采用战略 投资者定向配售和网上向开通北交所交易权限的合格投资者定价发行相结合 的方式发行人民币普通股股票 2,070.00 万股（含超额配售），发行价每股人民 币 5.98 元，共计募集资金总额为 12,378.60 万元（含超额配售），扣除发行费 用人民币 11,596,292.44 元（不含增值税），实际募集资金净额为人民币 112,189,707.56 元，并分别于 2023 年 5 月 30 日、2023 年 7 月 7 日到 ...

江苏易实精密科技股份有限公司高级管理人员变动公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律 责任。 一、高级管理人员任命的基本情况 根据《公司法》及《公司章程》等有关规定，江苏易实精密科技股份有限公司（以 下简称"公司"）于 2025 年 8 月 22 日召开第四届董事会第六次会议，审议通过了《关 于聘任公司副经理的议案》，上述议案表决结果：同意 8 票，反对 0 票，弃权 0 票。 聘任司永国先生为公司副总经理，任职期限至第四届董事会任期届满之日止，自 2025 年 8 月 22 日起生效。该人员持有公司股份 0 股，占公司股本的 0%，不是失信联 合惩戒对象。 （上述人员简历详见附件） 证券代码：836221 证券简称：易实精密 公告编号：2025-095 三、合规性说明及影响 （一）人员变动的合规性说明 二、高级管理人员离任的基本情况 本公司何建成先生，因个人原因辞任，自 2025 年 8 月 29 日起不再担任副总经理。 该人员持有公司股份 0 股，占公司股本的 0%，不是失信联合惩戒对象，离任后 ...

证券代码：836221 证券简称：易实精密 公告编号：2025-096 江苏易实精密科技股份有限公司 第四届董事会第六次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个 别及连带法律责任。 一、会议召开和出席情况 （一）会议召开情况 1.会议召开时间：2025 年 8 月 22 日 7.召开情况合法、合规、合章程性说明： 本次会议的召集、召开、议案审议程序等方面符合有关法律、行政法规、部 门规章、规范性文件和《公司章程》及公司《董事会议事规则》的规定。 （二）会议出席情况 2.会议召开地点：公司会议室 3.会议召开方式：现场召开 4.发出董事会会议通知的时间和方式：2025 年 8 月 11 日以书面及通讯方式 发出 5.会议主持人：董事长徐爱明 6.会议列席人员：公司高级管理人员 会议应出席董事 8 人，出席和授权出席董事 8 人。 二、议案审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 1.议案内容： 根据《公司法》《证券法》《北京证券交易所股票上市规则》等法律法规及 《公司章程 ...