证券代码：600480 证券简称：凌云股份 公告编号：2025-055 凌云工业股份有限公司 关于部分募集资金账户销户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准凌云工业股份有限公司非公 开发行股票的批复》 （证监许可[2022]60 号）文件，凌云工业股份有限公司（以 下简称"公司"）向包括公司股东北方凌云工业集团有限公司、中兵投资管理有限 责任公司在内的 9 名特定对象非公开发行股票 153,503,893 股，发行价格为 8.99 元 / 股 ， 募 集 资 金 总 额 1,379,999,998.07 元 ， 扣 除 各 项 发 行 费 用 人 民 币 元。立信会计师事务所（特殊普通合伙）于 2022 年 3 月 8 日对本次发行的资金 到位情况进行了审验，并出具了《凌云工业股份有限公司非公开发行股票募集资 金验资报告》（信会师报字[2022]第 ZG10154 号）。 二、募集资金账户开户情况 为规范公司募集资金的使用与管理，保护中小投资者利 ...

证券代码：600480 证券简称：凌云股份 公告编号：2025-055 凌云工业股份有限公司 关于部分募集资金账户销户的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 一、募集资金基本情况 二、募集资金账户开户情况 为规范公司募集资金的使用与管理，保护中小投资者利益，公司制定了《募 集资金使用管理办法》，对募集资金的存放、使用以及监督等作出了具体明确的 规定。报告期内，公司严格按照公司《募集资金使用管理办法》的规定管理和使 用募集资金，募集资金的存放、使用、管理均不存在违反《上市公司募集资金监 管规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等法规 文件以及公司《募集资金使用管理办法》等制度规定的情况。 2022 年 4 月 6 日，公司及本次非公开发行保荐机构中信建投证券股份有限 公司（以下简称"中信建投证券"）分别与中国银行股份有限公司涿州支行、中国 工商银行股份有限公司涿州支行、中国建设银行股份有限公司涿州物探支行、交 通银行股份有限公司保定涿州支行、中国银行股份有限公司盐城分行、中国银行 股份 ...

凌 云 工 业 股 份 有 限 公 司 600480 2025 年第一次临时股东会 会议资料 三、现场会议地点：凌云工业股份有限公司会议室 四、会议主持：董事长罗开全 二零二五年九月 凌云工业股份有限公司 2025年第一次临时股东会 2025 年第一次临时股东会议程 一、现场会议时间：2025年9月10日14:00 二、网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为股东会召开当日的交易时间 段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台 的投票时间为股东会召开当日的 9:15-15:00。 五、参会人员：股东及股东代表、董事、高级管理人员、公 司聘请的律师 六、会议议程： （一）主持人宣布会议开始 （二）介绍参加会议的股东及股东代表、董事、高管人员、 律师 （三）审议会议议题 1. 2025 年半年度利润分配方案； 2. 关于变更注册资本及修订《公司章程》的议案。 （四）会议进行投票表决 1. 介绍表决办法 2. 推荐监票人 3. 投票 4. 计票 1 凌云工业股份有限公司 2025年第一次临时股东会 （五）主持人宣布表决结果并根 ...

Core Viewpoint - The company reported a revenue of 9.26 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 430 million yuan, up 8.5% year-on-year [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 4.92 billion yuan, representing a year-on-year growth of 6.1% and a quarter-on-quarter increase of 13.4% [1][2]. - The net profit attributable to shareholders for Q2 2025 was 220 million yuan, showing a year-on-year increase of 22.7% and a quarter-on-quarter growth of 1.3% [1][2]. Group 2: Market Development - The company secured a total of 526 new project approvals in the first half of 2025, with 161 in the automotive metal sector, where 89.97% of the new projects are in key products such as bumpers and battery shells [2]. - The company has also developed 365 new projects in the automotive piping system and received orders for liquid cooling products needed in energy storage, charging stations, and data centers, supporting long-term growth [2]. Group 3: Robotics and Sensor Business - The company has successfully delivered multiple small batch orders for its robotic sensors, and the six-dimensional force sensor design has been completed, with several foundational research projects underway [3]. - A decision has been made to establish a subsidiary for smart sensors to accelerate the development of the robotics business, which is expected to benefit from the rapid growth of embodied intelligence industries [3]. Group 4: New Business Growth Points - The company is advancing in the steer-by-wire business, having completed the design of an autonomous logistics vehicle steering system and entered the prototype manufacturing phase, exceeding expectations [4]. - The joint venture with AIDC is positioned to meet the increasing demand for liquid cooling solutions in data centers, which is anticipated to become a new growth point for the company [4]. Group 5: Investment Outlook - Revenue projections for 2025-2027 are estimated at 20.9 billion, 22.6 billion, and 24.4 billion yuan, with year-on-year growth rates of 11%, 8%, and 8% respectively [5]. - Net profit forecasts for the same period are 870 million, 990 million, and 1.15 billion yuan, with year-on-year growth rates of 32%, 15%, and 16% respectively [5].

Core Viewpoint - The company reported a revenue of 4.92 billion yuan in Q2 2025, representing a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 220 million yuan, up 22.7% year-on-year [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 4.92 billion yuan, with a year-on-year growth of 6.1% and a quarter-on-quarter growth of 13.4% [2]. - The gross profit margin for Q2 2025 was 15.7%, down 1.6 percentage points year-on-year and 1.9 percentage points quarter-on-quarter, primarily due to intensified competition in the downstream market [3]. - The net profit margin for Q2 2025 was 4.4%, reflecting a year-on-year increase of 0.6 percentage points, despite a quarter-on-quarter decrease of 0.5 percentage points [3]. Group 2: Market and Industry Trends - The global automotive market showed strong performance in Q2 2025, with China's passenger car production reaching 7.01 million units, up 11.7% year-on-year; U.S. light vehicle sales at 4.181 million units, up 3.0% year-on-year; and European passenger car registrations at 3.78 million units, up 8.5% year-on-year [2]. - The company is deepening its layout in the new energy sector, with 526 new projects initiated in the first half of 2025, including 161 in the automotive metal sector and 365 in the automotive pipeline system [4]. Group 3: Strategic Initiatives - The company is actively developing its autonomous logistics vehicle steering system, having completed the design phase and entered prototype manufacturing [4]. - The company is enhancing operational quality and risk management in its German operations and implementing efficiency improvement plans in its Mexican operations [4]. - The company has made progress in its robotics sensor project, with multiple small batch orders delivered for tension, torque sensors, and the design of six-dimensional force sensors completed [4]. Group 4: Investment Outlook - The company plans to achieve a revenue of 19.1 billion yuan in 2025, reflecting a year-on-year growth of 1.4% [5]. - The company is expected to distribute a cash dividend of 0.10 yuan per share, totaling 120 million yuan, with a payout ratio of 28.2% [5]. - Forecasted net profits for 2025-2027 are 840 million, 940 million, and 1.07 billion yuan, with corresponding price-to-earnings ratios of 19.8X, 17.7X, and 15.6X [5].

丨证券研究报告丨 公司研究丨点评报告丨凌云股份（600480.SH） [Table_Title] 凌云股份中报点评：收入稳健增长，降本增效加 之汇兑贡献公司业绩表现优秀 报告要点 [Table_Summary] 公司 2025Q2 实现营业收入 49.2 亿元，同比+6.1%；归母净利润 2.2 亿元，同比+22.7%。长 期看，公司战略转型新能源，轻量化产品储备齐全，加快全球供应能力，全球新能源轻量化市 场地位持续提升，后续新业务打开公司第二成长曲线。 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 凌云股份（600660.SH） cjzqdt11111 [Table_Title 凌云股份中报点评：收入稳健增长，降本增效加 2] 之汇兑贡献公司业绩表现优秀 [Table_Summary2] 事件描述 公司 2025Q2 实现营业收入 49.2 亿元，同比+6.1%；归母净利润 2.2 亿元，同比+22. ...

Core Viewpoint - Lingyun Co., Ltd. has shown significant stock performance with a year-to-date increase of 72.42%, despite a recent decline of 2.59% over the last five trading days [2] Financial Performance - For the first half of 2025, Lingyun achieved a revenue of 9.261 billion yuan, representing a year-on-year growth of 3.61%, and a net profit attributable to shareholders of 433 million yuan, up 8.46% year-on-year [2] - Cumulatively, the company has distributed 1.566 billion yuan in dividends since its A-share listing, with 715 million yuan distributed over the last three years [3] Stock Market Activity - As of August 29, Lingyun's stock price was 13.94 yuan per share, with a market capitalization of 17.04 billion yuan [1] - The stock has been active on the market, appearing on the "Dragon and Tiger List" twice this year, with the latest appearance on April 9, where it recorded a net purchase of 4.5978 million yuan [2] Shareholder Composition - As of June 30, 2025, the number of shareholders increased by 33.15% to 46,400, with an average of 25,976 circulating shares per person, a decrease of 2.33% [2] - Notable institutional shareholders include Yongying Advanced Manufacturing Mixed Fund, which increased its holdings by 27.8355 million shares, and Hong Kong Central Clearing Limited, which raised its stake by 8.0746 million shares [3] Business Overview - Lingyun Co., Ltd. specializes in the production and sales of automotive parts and plastic pipeline systems, with automotive components accounting for 90.84% of its revenue [2] - The company operates within the automotive industry, specifically in the automotive parts sector, and is associated with various concepts such as automotive thermal management and lightweight vehicles [2]

2025/08/26 15:56 历史毛利率基本处于35-40%之间，这家压缩机铸件龙头优势明显。开拓柴发新品，燃气轮机零部 件也有望快速实现批量化供应，受益全球数据中心建设。 压缩机铸件细分龙头！业绩有望迎来困境反转， 柴发、燃气轮机等新品业务打开成长空间—— 0826评级日报 【本文来自持牌证券机构，不代表平台观点，请独立判断和决策】 公司深度绑定江森自控、卡特彼勒等全球压缩机、工程机械龙头客户。传统铸件业务毛利率 领先行业，柴发、燃气轮机等新品打开成长天花板。 1、压缩机铸件细分龙头，打造了以压缩机、工程机械为核心的零部件产品谱系。上半 年营收、净利润5.87、1.09亿元，同比增1.5%、11.7%。公司业绩在短期波动后有望迎 来困境反转、重归上行通道，并且盈利能力有向历史高位修复的趋势。 2、与传统铸造企业不同，公司具备从铸造到精密机加工的零部件全链条制造能力，产 品以机加工成品件为主，从而带来更高的ASP（2017-2019年工程机械零部件均价为 26.53元/千克，显著高于同业）。目前，公司已坐拥13个数控加工车间、159台大型加 工中心，且以德马吉森精机、大隈等全球顶尖的进口品牌为主，机加工能 ...

Core Viewpoint - Lingyun Co., Ltd. reported a year-on-year increase in total revenue and net profit for the first half of 2025, indicating a positive growth trend despite some declines in profit margins and cash flow metrics [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 9.261 billion yuan, up 3.61% from 8.938 billion yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 433 million yuan, reflecting an 8.46% increase from 399 million yuan in the previous year [1]. - The second quarter alone saw total revenue of 4.922 billion yuan, a 6.11% increase year-on-year, and net profit of 218 million yuan, up 22.66% [1]. - Gross margin decreased to 16.59%, down 5.77% year-on-year, while net margin improved to 6.1%, an increase of 3.58% [1]. - Total expenses (sales, management, and financial) amounted to 548 million yuan, representing 5.92% of revenue, a decrease of 21.8% compared to the previous year [1]. Cash Flow and Debt - Operating cash flow per share dropped significantly to 0.06 yuan, a decrease of 90.21% year-on-year, indicating cash flow challenges [1][3]. - The company’s receivables reached 5.371 billion yuan, which is 819.46% of the net profit, highlighting potential liquidity concerns [1][4]. - Interest-bearing debt decreased to 1.768 billion yuan, down 15.42% from the previous year [1]. Investment and Market Position - The company has increased its investment in R&D by 11.67%, focusing on new energy vehicles and lightweight automotive products [2]. - The average expected net profit for 2025 is projected at 823 million yuan, with an average earnings per share of 0.67 yuan [4]. Fund Holdings - The largest fund holding Lingyun shares is the Yongying Advanced Manufacturing Mixed Fund, which has increased its position to 57.7341 million shares [5]. - Other funds have also entered or increased their positions in Lingyun, indicating growing interest from institutional investors [5].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's main business remains stable, with new ventures in robotics and other sectors showing promising growth [5][8] - The company reported a revenue of 9.261 billion yuan in the first half of 2025, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 433 million yuan, up 8.46% year-on-year [2][4] Summary by Sections Revenue and Growth - The company achieved a revenue of 9.261 billion yuan in the first half of 2025, reflecting a steady growth trend with a year-on-year increase of 3.61%. The automotive parts business was the core growth driver, generating 8.449 billion yuan, also up 3.6% year-on-year. The municipal pipeline business contributed 488 million yuan [3] Profitability and R&D Investment - The net profit attributable to shareholders reached 433 million yuan, marking an 8.46% increase, which outpaced revenue growth. This improvement in profitability is attributed to effective cost control, with management expenses decreasing by 6.45% year-on-year, and a significant reduction in financial expenses by 197.11% due to favorable exchange rate movements. R&D expenses increased to 395 million yuan, up 11.67% year-on-year, focusing on new energy vehicle products and lightweight automotive components [4] New Business Developments - The company is actively expanding into new production capabilities, achieving progress in robotics sensors and steer-by-wire systems. The robot sensor products have been delivered in small batches, and the thermal management systems for vehicles are entering mass production phases. The steer-by-wire system design for autonomous logistics vehicles has also reached the prototype manufacturing stage [5] Global Expansion and Operational Improvement - The company is optimizing its global operations, with significant improvements noted in its German and Mexican facilities. The German WAG unit has shown positive operational results and has maintained its status as a Porsche A-level supplier for two consecutive years. The Mexican WAM unit has successfully established a management system to ensure smooth mass production [6][7] Investment Recommendations - The company’s core business remains robust, supported by dual drivers from thermal forming and battery casing businesses, alongside strategic expansions into energy storage and robotics. The revenue projections for 2025-2027 are estimated at 21.495 billion yuan, 23.600 billion yuan, and 25.606 billion yuan, with net profits of 948 million yuan, 1.050 billion yuan, and 1.137 billion yuan respectively. The earnings per share (EPS) are forecasted to be 0.78 yuan, 0.86 yuan, and 0.93 yuan for the same period. The closing price of 14.27 yuan corresponds to a price-to-earnings (PE) ratio of 18.41, 16.61, and 15.35 for the years 2025, 2026, and 2027 [8][10]