Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown impressive performance in its Q1 2025 results, with a significant increase in contract liabilities by 385.5% year-on-year [2] - The company is a leading player in the domestic mining vehicle market, holding over 80% market share, and is expected to benefit from trends towards smart, electric, and customized products [2][3] - The company is expanding its international presence, with overseas business accounting for 39.5% of revenue in 2023, indicating substantial growth potential in the global mining vehicle market [3] Financial Performance Summary - For 2024, the company reported revenue of 2.92 billion yuan, a year-on-year increase of 21.4%, and a net profit of 180 million yuan, up 26.3% [1] - In Q1 2025, the company achieved revenue of 880 million yuan, a 6.4% increase year-on-year, with a net profit of 60 million yuan, reflecting a 22.2% growth [1] - The company expects net profits to grow to 220 million yuan, 270 million yuan, and 320 million yuan in 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16, 13, and 11 [4] Market Position and Outlook - The domestic mining vehicle market is projected to be worth 1.5 billion yuan, with the company positioned as the market leader [2] - The global mining vehicle market is valued at approximately 3.5 billion USD, presenting significant opportunities for the company to increase its market share [3] - The company is well-positioned to capitalize on the ongoing trends in the mining vehicle sector, including the shift towards larger, more efficient vehicles and enhanced service offerings [3]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown impressive performance in its 2024 annual report and Q1 2025, with significant growth in contract liabilities and revenue [1][2] - The company is a leading player in the domestic mining vehicle market, with over 80% market share, and is expected to benefit from trends towards smart, electric, and customized products [2][3] - The company is expanding its international presence, with overseas business accounting for 39.5% of revenue in 2023, indicating potential for market share growth in the global mining vehicle market [3] Summary by Sections Financial Performance - In 2024, the company reported revenue of 2.92 billion yuan, a year-on-year increase of 21.4%, and a net profit of 180 million yuan, up 26.3%. The gross margin was 19.1%, down 3.8 percentage points [1] - For Q1 2025, revenue reached 880 million yuan, a 6.4% increase year-on-year, with a net profit of 60 million yuan, up 22.2%. The gross margin was 16.7%, down 2.8 percentage points [1] Orders and Liabilities - As of the end of Q1 2025, contract liabilities reached 1.13 billion yuan, a significant increase of 385.5% year-on-year, with accounts receivable at 860 million yuan, up 54.8% [2] Market Position - The company is recognized as the domestic leader in mining vehicles, with a market size of 1.5 billion yuan and a leading market share [2] - The global mining vehicle market is valued at approximately 3.5 billion USD, presenting substantial growth opportunities for the company in international markets [3] Future Projections - The company is projected to achieve net profits of 220 million yuan, 270 million yuan, and 320 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 22%, 23%, and 21% [4]

截至2025年5月9日收盘，北方股份（600262）报收于21.9元，较上周的21.3元上涨2.82%。本周，北方 股份5月7日盘中最高价报23.63元，股价触及近一年最高点。5月6日盘中最低价报20.91元。本周共计1次 涨停收盘，无跌停收盘情况。北方股份当前最新总市值37.23亿元，在专用设备板块市值排名92/177， 在两市A股市值排名3598/5145。 机构调研要点 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 股本股东变化：股东特沃(上海)企业管理咨询有限公司减持170.0万股，占总股本1.0% 机构调研要点：2025年公司力争实现合并营业收入不低于30亿元 机构调研要点：公司产品已拓展至67个国家和地区，积极应对贸易形势挑战 机构调研要点：公司正考虑在海外设立组装厂以应对关税政策影响 1. 2025年收入预期是怎样的。 公司2024年计划实现合并营业收入不低于26亿元。报告期内，整体市 场情况较好，公司实现合并营业收入29.18亿元，同比增长21.43%。2025年，公司力争实现合并营 业收入不低于30亿元，目前市场 ...

证券代码：600262 证券简称：北方股份 公告编号：2025-017 特沃（上海）企业管理咨询有限公司 权益变动触及 1%刻度的提示性公告 特沃（上海）企业管理咨询有限公司保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 一、信息披露义务人的基本信息 信息披露义务人 特沃（上海）企业管理咨询有限公司 住所 上海市崇明区长兴镇江南大道 1333 弄 11 号楼 1801 室（临港 长兴科技园） 权益变动时间 2025 年 4 月 30 日-2025 年 5 月 7 日 股票简称 北方股份 股票代码 600262 变动类型 （可多 选） 增加□ 减少■ 一致行动人 有□ 无■ 重要内容提示： ●本次权益变动属于减持，不触及强制要约收购义务。 ●本次权益变动前，特沃（上海）企业管理咨询有限公司（简称 "特沃上海"）持有内蒙古北方重型汽车股份有限公司（简称"公司" 或"本公司"） 2935 万股股份，占总股本比例为 17.26%。本次权益变 动后，特沃上海持有本公司 2765 万股股份，占总股本比例为 16.26%。 ...

2025年4月29日，北方股份(600262.SH)发布2025年一季报。 公司营业总收入为8.81亿元，在已披露的同业公司中排名第32，较去年同报告期营业总收入增加5303.03 万元，实现2年连续上涨，同比较去年同期上涨6.41%。归母净利润为6346.22万元，在已披露的同业公 司中排名第32，较去年同报告期归母净利润增加1152.33万元，实现2年连续上涨，同比较去年同期上涨 22.19%。经营活动现金净流入为6.48亿元，在已披露的同业公司中排名第3，较去年同报告期经营活动 现金净流入增加5.78亿元，同比较去年同期上涨824.70%。 公司最新资产负债率为64.09%。 公司最新毛利率为16.73%。最新ROE为3.75%，在已披露的同业公司中排名第20，较去年同期ROE增加 0.37个百分点。 公司摊薄每股收益为0.37元，在已披露的同业公司中排名第16，较去年同报告期摊薄每股收益增加0.06 元，实现2年连续上涨，同比较去年同期上涨19.35%。 公司最新总资产周转率为0.19次，在已披露的同业公司中排名第13。最新存货周转率为0.47次，在已披 露的同业公司中排名第77。 公司股东户数为1. ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 880,967,399.98, representing a 6.41% increase compared to CNY 827,937,082.88 in the same period last year[4] - Net profit attributable to shareholders was CNY 63,462,155.57, up 22.19% from CNY 51,938,833.38 year-on-year[4] - Basic and diluted earnings per share increased by 19.35% to CNY 0.37, up from CNY 0.31 in the same period last year[4] - Operating profit for Q1 2025 was CNY 76,900,120.69, slightly up from CNY 74,944,484.93 in the same period last year[18] - Total revenue for Q1 2025 reached CNY 880,967,399.98, an increase of 6.4% compared to CNY 827,937,082.88 in Q1 2024[17] - Net profit attributable to shareholders for Q1 2025 was CNY 63,462,155.57, representing a significant increase of 22.3% from CNY 51,938,833.38 in Q1 2024[19] Cash Flow - The net cash flow from operating activities surged by 824.70% to CNY 647,715,403.78, compared to CNY 70,046,344.67 in the previous year[4] - The total cash inflow from operating activities increased significantly, highlighting improved operational efficiency and revenue generation capabilities[21] - The net cash flow from investing activities was -3,362,639.53, a decrease from -3,709,152.91[22] - Cash inflow from financing activities totaled 7,626,267.40, down from 10,533,895.53[22] - The net cash flow from financing activities was 264,712.49, a significant improvement from -18,815,534.40[22] - The net increase in cash and cash equivalents was 642,996,402.33, up from 47,480,501.63[22] - The ending balance of cash and cash equivalents was 1,496,849,728.01, compared to 585,452,654.30 at the beginning of the period[22] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 5,097,350,008.82, a 20.81% increase from CNY 4,219,483,621.76 at the end of the previous year[5] - The company's current liabilities, including accounts payable, increased to RMB 968,126,695.76 from RMB 698,538,157.94, which is an increase of approximately 38.7%[15] - Total liabilities increased to CNY 3,266,927,123.24 in Q1 2025, up from CNY 2,454,866,089.25 in Q1 2024[16] - The total equity attributable to shareholders rose to CNY 1,694,394,754.25, compared to CNY 1,630,090,229.99 in the previous year[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,636, indicating a stable shareholder base[9] Research and Development - Research and development expenses decreased by 32.24%, attributed to a reduction in materials used as projects entered different phases[6] - Research and development expenses decreased to CNY 15,081,904.61 in Q1 2025 from CNY 22,257,153.38 in Q1 2024, indicating a focus on cost management[18] Inventory and Receivables - Accounts receivable rose to RMB 737,229,702.46 from RMB 369,844,950.32, indicating an increase of approximately 99.4%[14] - Inventory levels increased to RMB 1,686,895,123.34 from RMB 1,415,852,774.34, reflecting a growth of about 19.1%[14] Government Subsidies - The company received government subsidies amounting to CNY 674,497.74, which positively impacted its financial performance[6] Contractual Obligations - The company signed a mining vehicle procurement contract with Walkerworth Mining Co., with an initial contract value of approximately USD 64.5 million, and received a 20% advance payment[11] - The company has delivered all mining vehicle products under the contract with Walkerworth Mining Co. by December 2022, with payments received as agreed[11] - The company is currently facing uncertainties regarding the execution of subsequent orders based on the operational needs of the buyer[12] - The company has not procured any mining vehicles for the North Mountain Company as of December 31, 2020, due to project delays[13]

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 内蒙古北方重工业集团有限公司 | 4634.15 | 27.26 | 不变 | | 特沃(上海)企业管理咨询有限公司 | 2935.00 | 17.26 | -340.00 | | 中兵投资管理有限责任公司 | 510.00 | 3.00 | 不变 | | 华能贵诚信托有限公司-华能信托·沃诚1号集合资金信 | | | | | 托计划 | 340.00 | 2.00 | 新进 | | 周利敏 | 132.49 | 0.78 | 0.16 | | 徐铭 | 91.90 | 0.54 | 12.20 | | 毕克涛 | 81.50 | 0.48 | 不变 | | 吴文选 | 74.52 | 0.44 | 不变 | | 曲峻葳 | 65.20 | 0.38 | 不变 | | 郑宝海 | 55.35 | 0.33 | 0.30 | | 较上个报告期退出前十大股东有 | | | | | 朱永官 | 59.71 | 0.35 | 退出 | 三、分红送配方案情况 ...

内蒙古北方重型汽车股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 16 日 1 会议须知 为维护投资者合法权益，确保股东大会正常秩序和议事效率，保证股东大会 的顺利进行，根据《公司法》、《股东大会议事规则》、《公司章程》等有关规定， 特制定本须知，望出席现场股东大会的全体人员遵照执行。 一、本次股东大会设立秘书处，具体负责股东大会的程序安排和会务工作。 二、为保证股东大会的严肃性和正常秩序，切实维护与会股东（或股东授权 代表）的合法权益，除出席会议的股东（或股东授权代表）、公司董事、监事、 高级管理人员、公司聘请的律师、董事会邀请的人员及相关工作人员外，公司有 权依法拒绝其他人员进入会场。 三、股东参加股东大会依法享有发言权、质询权、表决权等权利，并应认真 履行法定义务，自觉维护会场秩序，遵照其他股东的合法权益。 四、股东要求在股东大会上发言，应在大会召开前一天，向证券部登记并填 写"股东发言登记表"。会议根据登记情况安排股东发言（或提问），时间不超过 5 分钟，发言主题应与本次大会表决事项相关。在股东大会召开过程中，股东临 时要求发言的应先举手示意，经主持人同意后方可发言。 五、股东发 ...

内部控制审计报告 您可使用手机 "扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn)。 进行主验 c.mof.gov.cn） - 进行直验 报告编码: 沪250Y20FB3X 内蒙古北方重型汽车股份有限公司 内蒙古北方重型汽车股份有限公司 内部控制审计报告 二〇二四年度 信会师报字[2025]第 ZG11517 号 (2024 年 1 月 1 日至 2024 年 12 月 31 日止） 页 目 内部控制审计报告 1-2 í 立信会计师事务所(特殊普通合伙) ) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 内部控制审计报告 信会师报字[2025]第 ZG11517 号 内蒙古北方重型汽车股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了内蒙古北方重型汽车股份有限公司(以下简称"北 方股份"）2024 年 12 月 31 日的财务报告内部控制的有效性。 我们认为,北方股份于 2024年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的 ...

二〇二四年度 信会师报字[2025]第 ZG11515 号 内蒙古北方重型汽车股份有限公司 审计报告及财务报表 信会师报字[2025]第 ZG11515 号 内蒙古北方重型汽车股份有限公司全体股东: 一、 审计意见 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://www.mof.gov.cn） 班打 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（bttp://www.bgcop.cn】 亚搏 打出具 内蒙古北方重型汽车股份有限公司 审计报告及财务报表 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | | 目录 | 页次 | | --- | --- | --- | | | 审计报告 | l -રે | | ı, İ | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | ર-୧ | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-111 | 立信会计师事务所(特殊普通合伙) ...