Investment Rating - The report gives an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is deeply engaged in the precision components sector, with a diversified product layout, and is expected to turn profitable in 2026 after initial losses due to investments in liquid cooling and other new business areas [8][10]. - The demand in downstream industries is projected to grow, driven by a recovery in global PC shipments, stable growth in the automotive market, and the increasing need for liquid cooling solutions due to AI advancements [8][10]. - The company is actively expanding its production capacity to meet rising demand, particularly in the liquid cooling segment, which is anticipated to contribute significantly to revenue growth in the coming years [8][10]. Summary by Sections 1. Deep Engagement in Precision Components - The company specializes in the R&D, manufacturing, and sales of precision fasteners, connectors, and structural components, serving industries such as 3C, automotive, communications, and power equipment [8][10]. - The company has a clear and stable ownership structure, with the actual controller holding 62.75% of the shares [15]. - The management team has extensive industry experience, contributing to the company's strategic direction and operational efficiency [17]. 2. Broad Product Applications and Growing Demand - The company’s products are widely used in various sectors, with a significant focus on 3C and automotive applications, and are beginning to penetrate the liquid cooling market [32][34]. - Global PC shipments are expected to rebound, with AI PCs becoming a new growth engine, projected to reach 274 million units in 2025, a 4.3% increase year-on-year [34][36]. - The automotive market is also showing robust growth, particularly in the new energy vehicle segment, which is expected to see sales of 21.42 million units in 2025, a 25% increase [42][44]. 3. Continuous Exploration of New Markets and Capacity Expansion - The company is diversifying its business by expanding into liquid cooling and automotive sectors, with a focus on high-growth areas [55][56]. - The automotive business is expected to achieve significant revenue growth, with a projected increase of 100% in 2025 [62]. - The company plans to invest 100 million yuan to expand its production capacity for liquid cooling components, aiming to enhance operational efficiency and meet increasing demand [64][67]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.42 billion yuan in 2025, with a projected overall gross margin improvement from 12.98% to 25.95% by 2027 [68].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is deeply engaged in the precision components sector, with a diversified product layout, and is expected to see growth driven by liquid cooling technology [8][10]. - The company is projected to achieve a net profit of -0.19 billion in 2025, with expectations of turning profitable in 2026 [8][10]. - The report highlights the company's strategic expansion into high-growth areas such as automotive and liquid cooling, alongside stable growth in its 3C business [8][10]. Summary by Relevant Sections 1. Deep Engagement in Precision Components - The company specializes in the research, production, and sales of precision fasteners, connectors, and structural components, serving industries such as 3C, automotive, communications, and power equipment [8][10]. - The company has a clear and stable ownership structure, with the actual controller holding 62.75% of the shares [15]. - The management team has extensive industry experience, contributing to the company's operational stability [17]. 2. Broad Product Applications and Growing Demand - The global PC shipment is expected to rebound, with AI PCs becoming a new growth engine, projected to reach 274 million units in 2025, a 4.3% increase [34][36]. - The automotive market is also expected to grow steadily, with global sales of new energy vehicles projected to reach 21.42 million units in 2025, a 25% increase [42][43]. - The demand for liquid cooling solutions is anticipated to rise significantly due to the increasing computational power requirements driven by AI technologies [46][47]. 3. Continuous Exploration of New Markets and Capacity Expansion - The company is actively diversifying its business, expanding from 3C to automotive and liquid cooling sectors, with a focus on increasing production capacity [55][56]. - The automotive business is expected to see significant growth, with a projected revenue increase of 100% in 2025 [62]. - The company plans to invest 100 million yuan to expand its production capacity for liquid cooling components, aiming for a capacity of 130-140 units by 2026 [64][67]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve revenues of 4.42 billion, 6.08 billion, and 8.62 billion from 2025 to 2027, with an overall gross margin improvement [68].

Financial Performance - The company's operating revenue for 2025 reached ¥440,425,928.65, representing a 52.82% increase compared to ¥288,206,549.38 in the previous year[3] - The total profit for the period was a loss of ¥22,842,464.03, which is a 42.44% reduction in losses from ¥39,681,953.45 year-on-year[3] - The net profit attributable to shareholders decreased to a loss of ¥18,922,425.76, a 38.41% improvement from the previous year's loss of ¥30,723,539.81[3] - The company reported a basic earnings per share of -0.12, improving by 38.41% from -0.20 in the previous year[3] - The net assets attributable to shareholders decreased by 7.31% to ¥243,192,861.75 from ¥262,359,410.68[3] - The financial data presented is preliminary and unaudited, with the final figures to be disclosed in the 2025 annual report, urging investors to be cautious[6] Operational Insights - The automotive segment's production ramp-up has significantly contributed to revenue growth, alongside a recovery in the 3C business and new revenue from server liquid cooling components[4] - The company has not yet achieved profitability, primarily due to underutilization of automotive production capacity and increased financial costs from new borrowings[4] - The gross profit margin improved due to product structure optimization and enhanced production efficiency, contributing to reduced losses[5] Asset Management - The company's total assets increased by 26.15% to ¥628,571,712.37 from ¥498,289,521.38 at the beginning of the period[3]

Group 1 - The stock price of Rongyi Precision (920223.BJ) showed a fluctuating upward trend from February 6 to February 12, 2026, with a closing price of 20.51 yuan on February 12, representing a 2.91% increase from the closing price of 19.93 yuan on February 6 [1] - The stock experienced a price fluctuation range of 6.01% during this period, indicating volatility in trading [1] - On February 12, the single-day increase was 3.59%, with a turnover rate of 6.48% and a transaction amount of 110 million yuan, reflecting increased trading activity [1] Group 2 - As of February 11, 2026, the financing and securities balance for Rongyi Precision was 17.21 million yuan, showing little change from the previous day [2] - The financing purchase amount on that day was 533,200 yuan, indicating moderate market participation [2] - There have been no other significant announcements or events from the company recently [2]

中德证券有限责任公司 关于浙江荣亿精密机械股份有限公司 2025 年持续督导定期现场检查报告 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》 《北京证券交易所上市公司持续监管指引第 14 号——保荐机构持续督导》等有 关规定，中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为 浙江荣亿精密机械股份有限公司（以下简称"荣亿精密"或"公司"）的持续督 导保荐机构，对上市公司 2025 年度的运作情况进行了现场检查，现就现场检查 的有关情况报告如下： 一、 本次现场检查的基本情况 保荐机构：中德证券有限责任公司 保荐代表人：赵昱、许靖 2、访谈公司高级管理人员； 1 3、查阅公司在 2025 年度召开的历次董事会、监事会（2025 年 9 月取消）、 股东会等会议文件； 现场检查时间：2026 年 1 月 27 日-2026 年 1 月 29 日 现场检查地点：浙江省嘉兴市海盐县望海街道嘉盐公路新兴段 336 号浙江荣 亿精密机械股份有限公司 现场检查人员：赵昱、许靖 现场检查涉及的事项：公司治理和内部控制情况，股东会、董事会运作情况； 控股股东、实际控制人持股变化情况；独立性以及与 ...

Group 1 - The stock price of Rongyi Precision (920223) closed at 20.0 yuan on February 3, 2026, with an increase of 0.5% and a turnover rate of 3.0% [1] - On February 3, 2026, the net outflow of main funds was 429.11 million yuan, accounting for 8.84% of the total transaction amount [3] - The company held its second extraordinary general meeting on February 2, 2026, where three proposals regarding foreign exchange hedging business were unanimously approved [2][3] Group 2 - The legal opinion from Beijing Jincheng Tongda (Shanghai) Law Firm confirmed the legality of the meeting procedures and the validity of the voting results [2] - The meeting had a total of 2 shareholders present, representing 66.53% of the voting shares, ensuring compliance with legal requirements [2]

Group 1 - The core point of the article is that Rongyi Precision (920223) has reported a stock price of 20.0 yuan as of February 3, 2026, reflecting a 0.5% increase from the previous trading day, with a total market capitalization of 3.146 billion yuan [1] - On February 2, 2026, the company held its second extraordinary general meeting of shareholders, where three proposals were approved, including the plan to conduct foreign exchange hedging business [1] - The meeting was attended by 2 shareholders, representing 66.53% of the voting shares, and the legal opinion from Beijing Jincheng Tongda (Shanghai) Law Firm confirmed the legality and validity of the meeting procedures and voting results [1]

证券代码：920223 证券简称：荣亿精密 公告编号：2026-009 浙江荣亿精密机械股份有限公司 2026 年第二次临时股东会决议公告 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：2026 年 2 月 2 日 本次股东会的召集、召开、议案审议程序等符合《公司法》等相关法律、行 政法规、部门规章、规范性文件和《公司章程》《股东会议事规则》的有关规定。 （二）会议出席情况 出席和授权出席本次股东会的股东共 2 人，持有表决权的股份总数 104,641,691 股，占公司有表决权股份总数的 66.5300%。 其中通过网络投票参与本次股东会的股东共 0 人，持有表决权的股份总数 0 股，占公司有表决权股份总数的 0.0000%。 （三）公司董事、高级管理人员出席或列席股东会情况 同意股数 104,641,691 股，占本次股东会有表决权股份总数的 100.00%；反 对股数 0 股，占本次股东会有表决权股份总数的 0.00%；弃权股数 0 ...

北京金诚同达（上海）律师事务所 关于 浙江荣亿精密机械股份有限公司 2026 年第二次临时股东会的 法律意见书 E I TIEE S 上海市浦东新区世纪大道88号金茂大厦36层 电话: 021-3886 2288 传真: 021-3886 2288 转 1018 线体育 来源： 金诚同达律师事务所 法律意见书 北京金诚同汰（上海）律师事务所 关于浙江荣亿精密机械股份有限公司 2026 年第二次临时股东会的 致:浙江荣亿精密机械股份有限公司 北京金诚同达（上海）律师事务所（以下简称"本所"）接受浙江荣亿精密 机械股份有限公司(以下简称"公司")的聘请,指派本所律师出席公司 2026年 第二次临时股东会(以下简称"本次股东会")并对会议的相关事项出具法律意 见书。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》《上市公司股东会规则》(以下简称"《股东会规则》") 《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执业规则 (试行)》等有关法律、法规和规范性文件的要求以及《浙江荣亿精密机械股份 有限公司章程》（以下简称"《公司章程》"）的规定，对本次股东会的召 ...

Financial Performance - The company's net profit for 2025 is projected to be between -16.5 million and -19.5 million CNY, representing a decrease of 46.30% to 36.53% compared to the previous year's loss of 30.72 million CNY[4]. - The overall gross profit margin has improved due to product structure optimization and increased production efficiency, although the company has not yet achieved profitability[6]. - Fixed costs remain high due to incomplete capacity release in the automotive sector, contributing to the ongoing losses[6]. - Credit impairment losses have increased year-on-year due to a rise in accounts receivable as sales grow[6]. - Financial expenses have risen due to increased borrowing, leading to higher interest expenses[6]. - The performance forecast is based on preliminary calculations and has not been audited by an accounting firm, thus investors are advised to exercise caution[7]. Revenue Growth - Sales revenue is expected to increase compared to the previous year, driven by accelerated production in the automotive sector and a recovery in the 3C business, supported by favorable industry policies[5][6]. - The company has achieved mass production of server liquid cooling quick-connect components, which is expected to become a new revenue growth point[6].