证券代码：837663 证券简称：明阳科技 公告编号：2025-041 明阳科技（苏州）股份有限公司 投资者关系活动记录表 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、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 8 日 活动地点：公司通过全景网"投资者关系互动平台"（http://ir.p5w.net）采用 网络方式召开 2024 年年度业绩说明会。 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：王明祥先生；公司董事会秘书、 财务总监：郭成文先生；公司保荐代表人：张明先生、周祥先生。 三、 投资者关系活动主要内容 本次业绩说明会通过年报视频解读等形式对公司情况及 2024 年经营业绩情 况进行了介绍。同时，公司就投资者在本次说明会中的提问进行了回复，主要问 题及回复如下： 问题 2：请对 ...

Core Viewpoint - Mingyang Technology successfully held its 2024 annual report performance briefing on May 8, showcasing robust financial results and future growth strategies [1][2] Financial Performance - In 2024, Mingyang Technology achieved operating revenue of 304 million yuan, representing a year-on-year increase of 18.04% - The net profit attributable to shareholders reached 79.126 million yuan, up 18.93% year-on-year - The net profit after deducting non-recurring gains and losses was 73.076 million yuan, reflecting a growth of 10.76% - Basic earnings per share stood at 0.77 yuan, indicating stable performance [1] Customer Structure and Market Focus - The company’s main clients include leading enterprises such as Huayu Automotive, Hubei Zhonghang Precision Machinery, Faurecia Group, and Fuyao Glass - In 2025, the company plans to focus on expanding its customer base in the automotive seating and non-automotive sectors [1] Future Business Strategy - The company aims to drive continuous growth through five key initiatives: 1. Expanding business areas and product application scenarios for multi-dimensional revenue growth 2. Increasing R&D investment to optimize processes and launch cost-effective new products 3. Enhancing customer response capabilities and service stickiness 4. Optimizing supply chain management to reduce procurement costs 5. Promoting intelligent transformation to improve capacity and efficiency [2] Product Portfolio - Mingyang Technology specializes in the R&D and production of core components for automotive seat adjustment systems, with products including self-lubricating bearings, force transmission rods, powder metallurgy, and metal injection molded parts - The products are widely used in automotive, engineering machinery, and electric tools sectors - The company plans to leverage its technological advantages to accelerate its extension into high-value non-automotive business areas, further consolidating its market competitiveness [2]

证券代码：837663 证券简称：明阳科技 公告编号：2025-039 （一）会议召开情况 1.会议召开时间：2025 年 4 月 27 日 2.会议召开地点：公司会议室 3.会议召开方式：现场 4.发出监事会会议通知的时间和方式：2025 年 4 月 15 日 以书面方式发出 5.会议主持人：监事会主席王美华女士 6.召开情况合法、合规、合章程性说明： 明阳科技（苏州）股份有限公司 第四届监事会第三次会议决议公告 本公司及监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 会议应出席监事 3 人，出席和授权出席监事 3 人。 （3）在公司监事会提出本意见前，我们未发现参与公司《2025 年第一季度 报告》编制和审议的人员存在违反保密规定的行为。 2.议案表决结果：同意 3 票；反对 0 票；弃权 0 票。 本次会议的召集、召开符合《中华人民共和国公司法》《明阳科技（苏州） 股份有限公司章程》《明阳科技（苏州）股份有限公司监事会议事规则》等有关 法律、法规及规定，所作决议合法、有效。 （二） ...

2.会议召开地点：公司会议室 3.会议召开方式：现场 证券代码：837663 证券简称：明阳科技 公告编号：2025-038 明阳科技（苏州）股份有限公司 第四届董事会第三次会议决议公告 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 4 月 27 日 4.发出董事会会议通知的时间和方式：2025 年 4 月 15 日以书面方式发出 5.会议主持人：董事长王明祥先生 6.会议列席人员：无 7.召开情况合法、合规、合章程性说明： 本次会议召集、召开及议案审议程序符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 （二）会议出席情况 会议应出席董事 7 人，出席和授权出席董事 7 人。 二、议案审议情况 （一）审议通过《关于<公司 2025 年第一季度报告>的议案》 1.议案内容： 根据《北京证券交易所股票上市规则》《公司章程》等法律、法规、规范性 文件、制度的相关规定和要求，公司编制了《2025 年第 ...

前十大流通股东累计持有： 2363.27万股，累计占流通股比： 48.5%，较上期变化： -160.92万 股。 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.2000 | 0.1600 | 25 | 0.3200 | | 每股净资产（元） | 3.85 | 3.6 | 6.94 | 6.4 | | 每股公积金(元) | 0.75 | 0.77 | -2.6 | 2.51 | | 每股未分配利润(元) | 1.80 | 1.47 | 22.45 | 2.27 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 0.85 | 0.6 | 41.67 | 0.49 | | 净利润(亿元) | 0.2 | 0.17 | 17.65 | 0.13 | | 净资产收益率(%) | 5.15 | 4.61 | 11.71 | 6.39 | 数据四舍五入，查看更多财务数据>> 二、前10名无限售条 ...

Financial Performance - Net profit attributable to shareholders rose by 18.53% to CNY 19,837,078.81 year-on-year[10] - Operating income for the first quarter reached CNY 85,463,130.31, a 43.27% increase from the same period last year[10] - The company's net profit for Q1 2025 reached ¥19,498,275.46, an increase of 10.5% compared to ¥16,803,251.12 in Q1 2024[33] - The total profit for Q1 2025 was ¥21,846,620.55, compared to ¥19,303,275.40 in Q1 2024, reflecting an increase of 13.2%[33] - Net profit margin for Q1 2025 improved, with net income reflecting a positive trend compared to the previous year, although specific figures were not disclosed[30] Assets and Liabilities - Total assets increased by 4.17% to CNY 493,844,255.79 compared to the end of last year[10] - The asset-liability ratio for the consolidated entity improved to 19.46%, down from 21.31% at the end of the previous year[10] - Total current liabilities as of March 31, 2025, are CNY 94,783,464.19[25] - The total non-current assets amount to CNY 157,856,299.97 as of March 31, 2025[25] - Total liabilities decreased to ¥96,994,071.49 as of March 31, 2025, from ¥100,862,272.79 at the end of 2024, a reduction of about 2.0%[29] Cash Flow - The company's cash flow from operating activities showed a significant decline of 122.72%, resulting in a net outflow of CNY 6,390,069.27[12] - Cash flow from operating activities for Q1 2025 was negative at -¥6,390,069.27, compared to a positive cash flow of ¥28,127,815.62 in Q1 2024[35] - Cash inflow from operating activities totaled $30,235,757.84, while cash outflow was $35,731,579.12, resulting in a net cash flow of -$5,495,821.28 for the current period[38] - The cash flow from operating activities in the previous year was $72,644,800.82, highlighting a decline in operational cash generation[38] Research and Development - Research and development expenses surged by 97.54% to CNY 5,246,184.28, reflecting increased investment in innovation[12] - Research and development expenses for Q1 2025 were ¥5,246,184.28, significantly higher than ¥2,655,720.92 in Q1 2024, indicating an increase of about 97.5%[30] - Research and development expenses increased significantly to ¥5,246,184.28 in Q1 2025, compared to ¥2,655,720.92 in Q1 2024, reflecting a growth of 97.5%[33] Shareholder Information - The largest shareholder, Wang Mingxiang, holds 46.04% of the shares, totaling 47,508,220 shares[16] - The second-largest shareholder, Shen Yang, owns 17.93% of the shares, totaling 18,500,000 shares[16] - The total shareholding of the top ten shareholders accounts for 73.45% of the company's shares[17] Inventory and Receivables - Inventory increased by 34.60% to CNY 38,403,491.12, driven by sustained growth in performance[11] - The company reported a 93.98% decrease in receivables financing, totaling CNY 55,393,892.21, due to reduced bank acceptance bills[11] - Prepayments decreased by 80.62% to CNY 138,492.92, primarily due to a reduction in advance payments for materials[11] - Inventory levels increased to ¥38,313,748.64 as of March 31, 2025, compared to ¥28,632,628.44 at the end of 2024, representing a growth of about 33.9%[27] - The company's accounts receivable stand at CNY 119,532,819.47 as of March 31, 2025[24] Cash and Cash Equivalents - The company's cash and cash equivalents are CNY 71,055,328.28 as of March 31, 2025[24] - Cash and cash equivalents decreased to ¥69,962,863.67 as of March 31, 2025, from ¥95,877,898.25 at the end of 2024, a decline of approximately 27.0%[27] - Total cash and cash equivalents at the end of the period amounted to $71,055,328.28, down from $125,242,277.68 in the previous year[36] Other Information - The company has no pledged or judicially frozen shares among its major shareholders[18] - There are no new commitments disclosed during the reporting period[21] - The company is focusing on market expansion and new product development, although specific details were not provided in the conference call[30] - The impact of exchange rate changes on cash and cash equivalents was a positive $34,238.85 during the period[39]

明阳科技（苏州）股份有限公司 投资者关系活动记录表 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。 证券代码：837663 证券简称：明阳科技 公告编号：2025-036 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 √其他 (线上会议) 二、 投资者关系活动情况 活动时间：2025 年 4 月 21 日 活动地点：明阳科技（苏州）股份有限公司董秘办公室 参会单位及人员：华源证券、东吴证券、创金合信基金管理有限公司、苏银 理财、上海汇瑾资产、博远基金、北京青创伯乐投资有限公司、海南贝盈私募基 金管理有限公司、尚正基金管理有限公司、山西证券、开源证券、上海冰河资产 管理有限公司、长江证券、联储证券、民生证券、东北证券、浙商证券、中信证 券、长江证券、华鑫证券、华能贵诚信托有限公司、上海潼骁投资发展中心（有 限合伙） 上市公司接待人员：董事会秘书郭成文先生 三、 投资者关系活动主要内容 1）自润滑轴承（DU）：自润滑轴承是由自润滑复合 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the import substitution of core components for seat adjustment systems, expanding market capacity, and developing assembly components [5] - In 2024, the company achieved revenue of 304 million yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 79.13 million yuan, a year-on-year increase of 18.93% [6] - The company is leveraging growth opportunities from downstream customer demand, with several core products experiencing revenue growth [6] - The penetration rate of new energy vehicles in China continues to rise, with the company focusing on the new energy vehicle sector, where orders for new energy models account for 90% of total orders [6] - The company plans to expand its market and production capacity in 2025, with ongoing R&D efforts and significant investment progress in key projects [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 304 million yuan, with a year-on-year growth of 18.04% and a net profit of 79 million yuan, reflecting an 18.93% increase [6] - The company’s core products, including metal powder metallurgy parts and self-lubricating bearings, saw significant revenue increases [6] Market Opportunities - The Chinese automotive industry showed resilience in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking year-on-year increases of 3.70% and 4.50% [6] - The company is well-positioned to benefit from the growing demand for new energy vehicles, with strong partnerships with leading clients in the industry [6] Future Outlook - The company is expected to maintain high growth rates through horizontal expansion and continuous R&D optimization [6] - The projected net profits for 2025-2027 are estimated at 97 million, 119 million, and 146 million yuan, respectively, with corresponding EPS of 0.94, 1.15, and 1.42 yuan per share [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The demand for automotive seats is growing, coupled with significant cost control measures, leading to a projected 19% year-on-year growth in 2024 [2] - The company achieved a total revenue of 304.32 million yuan in 2024, representing an 18.04% increase year-on-year, and a net profit attributable to shareholders of 79.13 million yuan, up 18.93% year-on-year [2] - The increase in performance is primarily due to rising customer product demand, with approximately 90% of product orders coming from new energy vehicles [2] - Despite challenges such as customer attrition and fluctuating material prices, the company has effectively managed its operating expenses, resulting in a net profit margin increase to 26.00% [2] Summary by Sections Financial Performance - The company reported a total revenue of 304.32 million yuan in 2024, with a year-on-year growth of 18.04% [2] - The net profit attributable to shareholders was 79.13 million yuan, reflecting an 18.93% increase year-on-year [2] - The gross profit margin decreased by 3.23 percentage points to 42.96% due to various cost pressures [2] Product Growth - The company’s four core component products continue to grow, with the metal powder injection molding (MIM) parts showing a remarkable revenue increase of 36.27% [3] - The revenue from the seat adjustment assembly reached 10 million yuan, growing by 14.88% year-on-year, indicating a potential future growth driver [3] Market Position and Expansion - The company is a leading player in the domestic automotive seat adjustment system components market, with significant market shares in self-lubricating bearings and force transmission rods [4] - The company plans to expand its production capacity significantly by 2026, which will enhance its ability to meet growing order demands [4] - The company’s customer base includes major automotive seat manufacturers, positioning it well to benefit from industry growth [4] Earnings Forecast - The company is expected to achieve net profits of 100.56 million yuan in 2025, 127.34 million yuan in 2026, and 157.94 million yuan in 2027, with corresponding P/E ratios of 26.98, 21.31, and 17.18 [10]

Financial Performance - The company's operating revenue for 2024 reached ¥304,321,303.12, an increase of 18.04% compared to ¥257,809,048.97 in 2023[26] - The net profit attributable to shareholders for 2024 was ¥79,125,973.24, reflecting an 18.93% increase from ¥66,531,060.46 in 2023[26] - The gross profit margin for 2024 was 42.96%, down from 46.13% in 2023[26] - The basic earnings per share for 2024 increased to 0.77, a rise of 4.05% from 0.74 in 2023[26] - Total assets increased by 2.16% to approximately 474.08 million from 464.06 million year-over-year[28] - Total liabilities decreased by 7.63% to approximately 101.04 million from 109.39 million year-over-year[28] - The company achieved a net cash flow from operating activities of approximately 102.14 million, a significant increase of 102.42% year-over-year[28] - The weighted average return on equity based on net profit attributable to shareholders was 21.68% in 2024, slightly down from 22.06% in 2023[26] Shareholder Returns - The company distributed a cash dividend of ¥3.883 per 10 shares based on a total share capital of 103,200,000 shares in May 2024[5] - The company plans to repurchase between 1,400,000 and 2,800,000 shares, representing 1.36% to 2.71% of the total share capital, with an estimated total repurchase fund range of RMB 27.636 million to RMB 55.272 million[130] - The actual repurchase amounted to 2,365,000 shares, which is 84.46% of the upper limit of the planned repurchase, with a total payment of RMB 23.32 million[133] - The company is confident in its future development and plans to use repurchased shares for employee stock ownership plans or equity incentives[128] Research and Development - R&D investment was CNY 15,640,031.36, which is an 18.10% increase from the same period last year[49] - The total number of patents owned by the company increased to 66 from 52, with the number of invention patents rising to 16 from 7[88] - The company has ongoing projects aimed at enhancing its powder metallurgy technology and developing new composite materials, which are expected to positively impact future growth[89] - The company plans to expand its product offerings in automotive seat adjustment systems, focusing on high-performance and high-precision components[40] Market Outlook - The automotive industry is projected to produce and sell 31.28 million and 31.44 million vehicles in 2024, with year-on-year growth of 3.70% and 4.50% respectively[51] - New energy vehicles (NEVs) are expected to exceed 10 million in production and sales for the first time, accounting for over 40% of total sales[51] - The automotive seating market is increasingly emphasizing electric, intelligent, comfortable, and environmentally friendly features[52] - The company aims to leverage its strengths in new energy, lightweight, and intelligent technologies to drive innovation and market expansion[113] Corporate Governance - The company has established a comprehensive supplier management system to ensure timely and stable supply of raw materials[44] - The company’s governance practices comply with relevant laws and regulations, ensuring proper decision-making processes[189] - The independent directors actively participated in board meetings, providing professional advice and safeguarding the interests of minority shareholders[180] - The company has established effective internal governance systems in compliance with legal regulations and stock exchange requirements[200] Employee Management - The company experienced a total employee increase of 55, bringing the total number of employees to 289 by the end of the reporting period[172] - The company has established a comprehensive internal training system to enhance employee skills and align with corporate culture, including onboarding and skills training[174] - The company has implemented a performance-based compensation structure to motivate employees, linking performance indicators to salary adjustments[174] - The total number of R&D personnel increased from 23 to 32, with the proportion of R&D personnel to total employees rising from 9.83% to 11.07%[87] Risks and Challenges - The company faces uncertainties from macroeconomic fluctuations, which significantly impact automotive production and sales[109] - Changes in national industrial policies could affect the automotive industry, potentially impacting the company's business operations[110] - The company faces a risk of declining product prices due to increased supply in the automotive parts industry, which could impact average product pricing if new model orders are not secured[112] - The automotive industry is subject to macroeconomic fluctuations, which could affect vehicle consumption and, consequently, the company's growth rate[113]