证券代码：920357 证券简称：雅葆轩 公告编号：2025-110 芜湖雅葆轩电子科技股份有限公司 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 （券商策略会） 二、 投资者关系活动情况 活动时间：2025 年 11 月 5 日 活动地点：上海浦东丽思卡尔顿酒店 参会单位及人员：东吴证券、国泰海通、联储证券、贤盛投资、长承私募基 金、财信证券、毅远基金、华西证券、岱熹投资、荣信泰私募证券基金、华泰证 券、炬诚资产、山西证券、胜道资本、沁闻投资 上市公司接待人员：董事会秘书张娟娟女士 三、 投资者关系活动主要内容 问题 1：贵司前三季度应收账款同比大幅增加，请问原因是？ 回答：公司截至 9 月底，应收账款为 228,261,399.42 元，较去年同比增长 58.49%，主要系公司今年销售规模扩大，未到账期应收账款对应增加所致。 问题 2：请问公司目前有 ...

Core Viewpoint - The consumer electronics sector experienced a rise of 0.64% on October 28, with Furi Electronics leading the gains, while the overall market indices showed a decline [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3988.22, down 0.22% [1] - The Shenzhen Component Index closed at 13430.1, down 0.44% [1] Group 2: Top Gainers in Consumer Electronics - Furi Electronics (600203) closed at 14.74, up 7.12% with a trading volume of 1.35 million shares [1] - Oni Electronics (301189) closed at 37.83, up 6.89% with a trading volume of 51,100 shares [1] - Yabo Xuan (920357) closed at 29.99, up 5.60% with a trading volume of 53,500 shares [1] - Hengmingda (002947) closed at 46.70, up 5.23% with a trading volume of 181,800 shares [1] - Greenlink Technology (301606) closed at 69.95, up 5.09% with a trading volume of 70,200 shares [1] Group 3: Top Losers in Consumer Electronics - Fuliwang (688678) closed at 28.45, down 8.78% with a trading volume of 244,300 shares [2] - Yingshi Innovation (688775) closed at 288.80, down 4.63% with a trading volume of 37,900 shares [2] - Zhishang Technology (301486) closed at 86.31, down 3.99% with a trading volume of 47,100 shares [2] Group 4: Capital Flow Analysis - The consumer electronics sector saw a net outflow of 2.844 billion yuan from institutional investors, while retail investors contributed a net inflow of 2.473 billion yuan [2][3] - The top net inflow from retail investors was observed in Furi Electronics, with a net inflow of 2.86 billion yuan [3]

证券代码：920357 证券简称：雅葆轩 公告编号：2025-109 芜湖雅葆轩电子科技股份有限公司 简式权益变动报告书 信息披露义务人及其主要负责人保证公告内容的真实、准确和完整，不 存在虚假记载、误导性陈述或者重大遗漏。 信息披露义务人保证除本报告书披露的信息外，没有通过任何其他方式 增加或减少其在上市公司中拥有权益的股份。 上市公司名称：芜湖雅葆轩电子科技股份有限公司 股票上市地点：北京证券交易所 股票简称：雅葆轩 股票代码：920357 信息披露义务人：孙昌来 住所和通讯地址：四川省成都市青羊区****** 权益变动性质：股份减少 四、截至本报告书签署日，除本报告书披露的持股信息外，信息披露义务 人没有通过任何其他方式增加或减少其在芜湖雅葆轩电子科技股份有限公司中 拥有权益的股份。 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务 人外，没有委托或授权其他任何人提供未在本报告书列载的信息和对本报告书 做出任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 | 第一节 | 释义 4 | | -- ...

一、本次权益变动的基本情况 （一）信息披露义务人基本情况 1、基本情况 信息披露义务人 孙昌来 权益变动时间 2025 年 10 月 15 日-2025 年 10 月 21 日 股票简称 雅葆轩 证券代码 920357 变动类型 增加□ 减少☑ 是否存在一致行 动人 是□ 否☑ 是否为第一大股东或实际控制人 是□ 否☑ 2、本次权益变动情况 股东名称 变动方式 减持股份（股） 减持比例 孙昌来 集中竞价 354,310 0.4424% （二）本次权益变动前后，信息披露义务人及其一致行动人拥有上市公司权益的 股份情况 证券代码：920357 证券简称：雅葆轩 公告编号：2025-108 芜湖雅葆轩电子科技股份有限公司 持股 5%以上股东权益变动触及 5%整数倍的提示性公告 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。 芜湖雅葆轩电子科技股份有限公司（以下简称"公司"）于 2025 年 10 月 21 日收到股东孙昌来出具的《股份减持进展告知函》，孙昌来于 2025 年 10 月 15 日 至 2025 ...

√特定对象调研 □业绩说明会 □媒体采访 证券代码：920357 证券简称：雅葆轩 公告编号：2025-107 芜湖雅葆轩电子科技股份有限公司 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 □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 10 月 14 日至 2025 年 10 月 15 日 活动地点：线上电话会议 参会单位及人员： 由开源证券诸海滨先生主持的电话会议，线上参与单位有：联储证券股份有限公 司、民生证券股份有限公司、东北证券股份有限公司、开源证券股份有限公司、 创金合信基金管理有限公司、东吴基金管理有限公司、大湾区发展基金管理有限 公司、点石成鑫资产管理有限公司、观富（北京）资产管理有限公司、广州市罗 爵资产管理有限公司、湖南八零后资产管理有限公司、上海瀚伦私募基金管理有 限公司、上海汇瑾资产管理有限公司、上海九祥资产管理有限公司、上海临信资 产管理有限公司、上海滦海投资管理有限 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company, 雅葆轩, reported a significant revenue growth of 55.9% year-on-year for the first three quarters of 2025, reaching 419 million yuan, with a net profit attributable to shareholders of 48.72 million yuan, up 36.59% year-on-year [5] - The company is expanding its production capacity with a new factory under construction, which is expected to be operational ahead of schedule, aligning with long-term strategic partnerships with key customers [5][6] - The company has a strong focus on research and development, with R&D expenses increasing by 35.98% year-on-year, indicating a commitment to innovation and product development [7] Financial Summary and Valuation Metrics - Revenue projections for 2025-2027 are estimated at 501 million yuan, 623 million yuan, and 724 million yuan respectively, with corresponding net profits of 64 million yuan, 80 million yuan, and 94 million yuan [8] - The company's gross margin is projected to stabilize around 20% in the coming years, with a net margin of approximately 12.7% in 2025 [12] - The current price-to-earnings (P/E) ratios are forecasted to be 36.1, 28.9, and 24.4 for 2025, 2026, and 2027 respectively, indicating a favorable valuation trend [8][11]

Core Viewpoint - The company Yabo Xuan (Wuhu Yabo Xuan Electronic Technology Co., Ltd.) reported significant revenue growth in the first three quarters of 2025, with total revenue reaching approximately 419 million yuan, a year-on-year increase of 55.90% [1][3]. Company Performance - Yabo Xuan achieved a net profit attributable to shareholders of approximately 48.72 million yuan, reflecting a year-on-year growth of 36.59% [1][3]. - The substantial revenue growth is attributed to an expansion in sales scale [1]. - The company has maintained a continuous growth trend in total revenue since the beginning of 2025, although the net profit shows a distinct V-shaped trend [1]. Business Segments - Yabo Xuan specializes in the research, production, and sales of electronic products, focusing on PCBA electronic manufacturing services in consumer electronics, automotive electronics, and industrial control sectors [3]. - The automotive electronics segment saw a remarkable revenue increase of 194.96% due to the accelerated trend of larger screens and a surge in downstream demand [3]. - Conversely, the consumer electronics segment experienced a revenue decline of 21.66% compared to the previous year, attributed to pressure on gross margins in the market [3]. Cash Flow Situation - The net cash flow from operating activities for the first nine months was approximately -47.02 million yuan, a significant decline of 191.55% compared to 51.36 million yuan in the same period last year [4]. - The sharp drop in cash flow is primarily due to increased procurement associated with the expanded sales scale [4]. Market Performance - As of October 13, the total market capitalization of Yabo Xuan was approximately 2.305 billion yuan, with a cumulative increase of about 56.69% in 2025 [5].

Core Insights - Three companies reported their Q3 2025 results on October 14, with all showing year-on-year growth in both net profit and operating revenue [1] Company Performance Summary - **雅葆轩 (Yabo Xuan)** - Earnings per share: 0.6100 CNY - Net profit: 48,718,800 CNY - Net profit growth: 36.59% - Operating revenue: 418,910,500 CNY - Operating revenue growth: 55.90% [1] - **中宠股份 (Zhongchong Co., Ltd.)** - Earnings per share: 1.1135 CNY - Net profit: 333,308,100 CNY - Net profit growth: 18.21% - Operating revenue: 3,859,906,200 CNY - Operating revenue growth: 21.05% [1] - **英维克 (Inveke)** - Earnings per share: 0.4100 CNY - Net profit: 39,906,970 CNY - Net profit growth: 13.13% - Operating revenue: 402,603,080 CNY - Operating revenue growth: 40.19% [1]

Investment Rating - The report indicates a positive outlook for the energy storage industry, particularly focusing on lithium-ion battery technologies and their advancements [1][2]. Core Insights - The research highlights significant progress in solid-state lithium batteries, particularly in solid-solid interface contact, which is crucial for their engineering applications [6][7]. - The electrochemical energy storage sector is experiencing rapid growth, with a notable increase in installed capacity and technological diversification [10][11]. - As of June 2025, the total operational energy storage capacity reached 75.79 GW/175.12 GWh, with lithium-ion batteries dominating the market [25][36]. Summary by Sections 1. Rapid Development of Electrochemical Energy Storage Technologies - The report emphasizes the advancements in solid-state lithium batteries, which are seen as the next generation of energy storage devices due to their high safety and energy density [6][7]. - The energy storage technology landscape is diversifying, with lithium-ion batteries maintaining a dominant position, accounting for 97.34% of the total operational energy storage capacity as of June 2025 [36][19]. 2. Market Performance of North Exchange Technology Growth Stocks - The median price change for North Exchange technology growth stocks was +0.11% from October 9 to October 10, 2025, with 80 companies (52%) experiencing an increase [42][44]. - Notable performers included Changfu Co., Ltd. (+29.89%) and Lingge Technology (+29.82%) [45]. 3. Industry Valuation Metrics - The median TTM price-to-earnings ratio for the new energy industry increased by 1.70% to 38.7X, indicating a positive valuation trend [46]. - The electronic equipment sector's median TTM P/E ratio rose from 57.8X to 58.6X, reflecting a stable market environment [46]. 4. Company Announcements - Tianhong Lithium Battery and Shaanxi Hongda Electric Power Engineering Co., Ltd. plan to jointly establish a holding subsidiary with a registered capital of RMB 50 million [4]. 5. Energy Storage Industry Overview - The report identifies 24 companies within the energy storage industry chain on the North Exchange, categorized into upstream (materials & production equipment), midstream (manufacturing & integration), and downstream (systems & operations) sectors [37][39]. - The report notes that large-scale energy storage projects (over 100 MW) are becoming increasingly prevalent, with a significant portion of new installations focusing on independent energy storage systems [33][30].

芜湖雅葆轩电子科技股份有限公司 第四届董事会第八次会议决议公告 证券代码：920357 证券简称：雅葆轩 公告编号：2025-105 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 本次会议的召集与召开、议案的审议程序等，均符合《公司法》《证券法》 等相关法律、法规、规范性文件及《公司章程》的规定。 （二）会议出席情况 2.议案表决结果：同意 5 票；反对 0 票；弃权 0 票。 该议案经公司第四届董事会审计委员会第五次会议审议通过，并同意将该议 案提交董事会审议。 3.回避表决情况： 本议案不涉及关联交易，无需回避表决。 会议应出席董事 5 人，出席和授权出席董事 5 人。 二、议案审议情况 根据《公司法》《证券法》《北京证券交易所股票上市规则》及《公司章程》 等法律、法规、规范性文件、制度的相关规定和要求，公司结合 2025 年第三季 1.会议召开时间：2025 年 10 月 11 日 2.会议召开地点：公司会议室 3.会议召开方式：现场及通讯相结合 4. ...