证券代码：600615 证券简称：鑫源智造 公告编号：临 2025-36 重庆鑫源智造科技股份有限公司 投资者可于2025年09月15日（星期一）至09月19日（星期五）16:00前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 xinyuan600615@shineray.com进行提问。公司将在说明会上对投资者普遍关注的 问题进行回答。 重庆鑫源智造科技股份有限公司（以下简称"公司"）已于2025年8月23日 发布公司2025年半年度报告，为便于广大投资者更全面深入地了解公司2025年半 年度经营成果、财务状况，公司计划于2025年09月22日（星期一）11:00-12:00 举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对2025年半年度的经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范围 内就投资者普遍关注的问题进行回答。 关于召开 2025 年半年度业绩说明会的公告 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 ...

Core Viewpoint - The article discusses the strategic transformation of Chongqing Xinyuan Intelligent Manufacturing Technology Co., Ltd. (Xinyuan Intelligent Manufacturing) from a traditional manufacturing company to a leading brand in lightweight intelligent outdoor work equipment, emphasizing the integration of technology and market scenarios to capture niche market value [1][3]. Group 1: Transition from Manufacturing to Intelligent Manufacturing - The strategic upgrade involves a reconstruction of business logic, focusing on "intelligent + lightweight" paths to target the outdoor work intelligent equipment market [3]. - Xinyuan Intelligent Manufacturing aims to provide innovative intelligent solutions in the outdoor work equipment sector by leveraging its expertise in magnesium-aluminum alloy casting and agricultural machinery [3][7]. Group 2: Leveraging Traditional Business for New Markets - The company plans to utilize its existing agricultural machinery sales, which have exceeded 11 million units globally, to support the development of outdoor work equipment [8]. - The extensive experience in magnesium alloy applications positions the company to meet the lightweight component needs of outdoor work equipment [8]. Group 3: Cross-Industry Technology Utilization - The transition includes extending automotive technology into outdoor work equipment, where lightweight materials like magnesium alloys can significantly reduce energy consumption [10]. - A 10% reduction in vehicle weight can lead to a 6%-8% decrease in energy consumption, highlighting the importance of lightweight materials in enhancing efficiency [10]. Group 4: Channel Leverage for Global Expansion - Xinyuan Intelligent Manufacturing can utilize the global sales network of its parent company, which has over 2,000 sales points worldwide, to promote outdoor work equipment [12]. - This network will facilitate localized adaptations of agricultural machinery, accelerating the company's penetration into global markets [12]. Group 5: Reference for Traditional Manufacturing Transformation - The transformation of Xinyuan Intelligent Manufacturing serves as a model for traditional manufacturers, emphasizing the importance of reusing existing capabilities to enter high-value sectors [13]. - The company benefits from the regional industrial cluster in Chongqing, which is developing into a hub for intelligent connected vehicles, further enhancing its competitive edge [13]. Group 6: New Pathways for Chinese Equipment in Global Markets - The success of the parent company in overseas markets demonstrates that Chinese manufacturing can evolve from being synonymous with low prices to becoming market leaders through localization and channel development [15]. - Xinyuan Intelligent Manufacturing's journey in the outdoor work equipment sector represents a significant step in the broader narrative of China's manufacturing transformation towards intelligence [15].

Core Viewpoint - The report outlines the equity change of Chongqing Xinyuan Intelligent Manufacturing Technology Co., Ltd. (formerly Chongqing Fenghua Group Co., Ltd.), where Xinyuan Group acquired 56,387,350 shares, representing 29.99% of the total share capital, making it the controlling shareholder and Gong Daxing the actual controller of the company [1][4][20]. Equity Change Situation and Share Transfer - Prior to the equity change, Xinyuan Group did not hold any shares or voting rights in the listed company. After the completion of the equity change, Xinyuan Group holds 56,387,350 shares, which constitutes 29.99% of the total share capital, thus changing the controlling shareholder to Xinyuan Group and the actual controller to Gong Daxing [4][5]. Announcement of Equity Change - The equity change was announced through various reports, including the detailed equity change report and the financial advisor's verification opinion [5]. Compliance and Governance - During the continuous supervision period, Xinyuan Group adhered to legal and regulatory requirements in exercising shareholder rights, and the listed company established a sound corporate governance structure and internal control system, with no violations found [5][6]. Public Commitments by the Acquirer - The acquirer and its actual controller made public commitments, including a 36-month lock-up period for the shares acquired, prohibiting any form of transfer [6][7]. Future Plans and Business Adjustments - Xinyuan Group plans to enhance the existing main business while optimizing the business structure to improve profitability. There are no immediate plans for significant changes to the main business or major asset transactions within the next 12 months [8][11][12]. Changes in Management and Governance Structure - The company has made adjustments to its management structure, including the cancellation of the supervisory board and the establishment of a representative director from employees, which was disclosed in the relevant announcements [14][19]. Financial Advisor's Continuous Supervision Summary - The financial advisor concluded that throughout the continuous supervision period, the acquirer and the listed company complied with reporting and announcement obligations, maintained regulatory operations, and did not violate any public commitments or obligations [20].

民生证券股份有限公司 关于 重庆鑫源智造科技股份有限公司 详式权益变动报告书 之 2025 年半年度持续督导意见 暨持续督导总结报告 财务顾问 二〇二五年九月 声 明 2024 年 7 月 26 日，东方鑫源集团有限公司（以下简称"鑫源集团"）与隆 鑫系十三家公司及其管理人签署了《重整投资协议》，约定鑫源集团以 7.45 亿 元的对价受让隆鑫控股有限公司持有的重庆丰华（集团）股份有限公司（2025 年 8 月 8 日已更名为重庆鑫源智造科技股份有限公司，以下简称"鑫源智造"或 "上市公司"）56,387,350 股股票，占总股本的 29.99%。本次权益变动完成后， 鑫源集团成为上市公司控股股东，龚大兴成为上市公司实际控制人。 民生证券股份有限公司（以下简称"本财务顾问"）接受鑫源集团的委托， 担任其本次权益变动的财务顾问。根据《上市公司收购管理办法》规定，本财务 顾问自 2024 年 8 月 10 日上市公司公告《重庆丰华（集团）股份有限公司详式权 益变动报告书》起至本次权益变动完成后 12 个月内对鑫源集团及上市公司履行 持续督导职责。 | 上市公司 | 指 | 重庆鑫源智造科技股份有限公司（原重庆丰华（ ...

Core Viewpoint - XinYuan Intelligent Manufacturing (formerly Fenghua Co., Ltd.) has reported impressive financial results for the first half of the year, with operating income of 328.75 million yuan, a year-on-year increase of 388.33%, and a net profit attributable to shareholders of 9.79 million yuan, up 284.45% [2] Group 1: Company Transformation and Strategy - The company has transitioned from an automotive parts manufacturer to a leader in global outdoor intelligent equipment, emphasizing a vision to become a leading brand in lightweight and intelligent outdoor equipment [2][4] - The strategic shift includes a focus on outdoor work equipment, starting with agricultural machinery and expanding into areas such as drones and robotics through the application of intelligent technology [4][5] Group 2: Financial Performance and Contributions - The integration of XinYuan Agricultural Machinery, which was gifted 51% of its shares to XinYuan Intelligent Manufacturing, has significantly boosted the company's performance, contributing 256 million yuan in revenue and 5.22 million yuan in net profit in the first half of the year [3] - The agricultural machinery segment accounted for 77.81% of revenue and 53.34% of net profit, highlighting its importance to the overall business [3] Group 3: Market Potential and Trends - The global outdoor work equipment market has surpassed 100 billion USD and is expected to continue growing steadily, with the Chinese agricultural machinery market projected to exceed 900 billion yuan by 2030 [6] - The demand for magnesium alloy materials is anticipated to grow significantly, with a projected compound annual growth rate of over 21% from 2024 to 2028, driven by its applications in various industries [7] Group 4: Technological Collaboration and Development - The company has established strategic partnerships with institutions like Chongqing University to enhance its capabilities in lightweight materials and artificial intelligence applications [8] - XinYuan Intelligent Manufacturing is accelerating the commercialization of agricultural robotics and expanding its market presence both domestically and internationally [8][9] Group 5: Future Outlook - The company aims to leverage the technological strengths of its parent group to enhance its position in the outdoor work equipment sector, focusing on intelligent and lightweight solutions [9] - The strategic collaboration with XinYuan Group is expected to facilitate the development of a leading ecosystem for outdoor intelligent lightweight equipment manufacturing in China [9]

Core Viewpoint - The company, Chongqing Xinyuan Intelligent Manufacturing Co., Ltd., has established a dual-driven development strategy focusing on "lightweight and intelligent" technologies to become a leading brand in outdoor operation lightweight intelligent equipment, particularly in agricultural machinery and related fields [1][6]. Group 1: Company Strategy and Goals - The company aims to transform from a traditional equipment manufacturer and parts supplier into a comprehensive intelligent equipment provider with capabilities across materials, complete machines, systems, and services [1]. - The chairman highlighted the existing issues in traditional outdoor operation equipment, such as heavy weight, high energy consumption, and lack of intelligence, prompting the company to leverage magnesium-aluminum alloy lightweight technology and AI applications [1][4]. Group 2: Market Potential and Growth - The global outdoor power equipment market is projected to grow from approximately $48.59 billion in 2022 to $76.61 billion by 2030, with a compound annual growth rate (CAGR) of about 6% [2]. - The agricultural equipment market is expected to increase from $180 billion in 2025 to $268.71 billion by 2032, with a CAGR of approximately 5.8% [2]. - In China, the mechanization rate for crop farming has surpassed 75%, but hilly areas lag at 54%, indicating significant potential for lightweight and intelligent agricultural machinery [2]. Group 3: Material and Technological Advancements - Magnesium alloys are gaining traction in outdoor operation equipment due to their lightweight, high strength, and corrosion resistance, supporting the upgrade of outdoor operation equipment [3]. - The company has over 20 years of experience in magnesium-aluminum alloy die-casting and has participated in national standard formulation, positioning itself to produce key components for various sectors [4]. Group 4: Market Presence and Performance - The company's agricultural machinery products are exported to over 80 countries, with leading domestic sales in micro tillers and small harvesters [5]. - Since becoming a subsidiary of Dongfang Xinyuan Group, the company has accelerated resource integration, market expansion, and technological collaboration, achieving a revenue of 329 million yuan in the first half of 2025, a year-on-year increase of 388% [5]. Group 5: Future Outlook - As global agricultural modernization progresses and the demand for precision operations increases, the intelligent and lightweight upgrade of outdoor operation equipment is expected to be an industry trend [6]. - The company is well-positioned to seize opportunities in this multi-billion market, aiming to lead the transformation and upgrade of the industry [6].

Core Viewpoint - The stock of Xinyuan Intelligent Manufacturing has experienced fluctuations, with a year-to-date increase of 40.49% but a recent decline of 10.88% over the past five trading days [2]. Group 1: Stock Performance - As of August 27, Xinyuan Intelligent Manufacturing's stock price was 13.03 CNY per share, with a market capitalization of 2.94 billion CNY [1]. - The stock has seen a trading volume of 74.12 million CNY and a turnover rate of 2.50% [1]. - Year-to-date, the stock has risen by 40.49%, while it has decreased by 10.88% in the last five trading days [2]. Group 2: Financial Performance - For the first half of 2025, Xinyuan Intelligent Manufacturing reported a revenue of 329 million CNY, representing a year-on-year growth of 388.33% [3]. - The net profit attributable to shareholders for the same period was 9.79 million CNY, showing a year-on-year increase of 284.45% [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders increased to 14,300, with an average of 15,783 circulating shares per person, up by 18.80% [3]. - The company has distributed a total of 50.21 million CNY in dividends since its A-share listing, with 1.88 million CNY distributed in the last three years [4]. Group 4: Business Overview - Xinyuan Intelligent Manufacturing, established in June 1992, is primarily engaged in the manufacturing of metal products, with 76.48% of its revenue coming from agricultural machinery and related products [2]. - The company operates in the non-ferrous metals industry, specifically in industrial metals and aluminum [2].

Core Viewpoint - The company, formerly known as Fenghua Co., has rebranded to Xinyuan Intelligent Manufacturing and is focusing on two core business areas: "intelligent" agricultural machinery and "lightweight" magnesium alloy materials, reflecting a clearer strategic direction after a year of restructuring [1][4]. Company Developments - On August 22, Xinyuan Intelligent Manufacturing held a strategic release conference, announcing its commitment to intelligent transformation in agricultural machinery and strengthening its lightweight technology advantages in magnesium aluminum business [4]. - The company has initiated research on new materials for humanoid robots, aiming to develop high-strength, low-weight components such as sensor supports and joint parts [5]. Strategic Partnerships - During the strategic release, Xinyuan signed agreements with several organizations, including CATL and Chongqing University, to collaborate on new material strategies, focusing on "lightweight + intelligent" technology development [4]. - The company plans to explore cross-industry collaborations in sectors such as automotive, low-altitude economy, robotics, and 3C products, developing lightweight and intelligent equipment for specific scenarios [4]. Market Insights - Magnesium alloys are gaining traction as a key lightweight material, with their usage in automotive applications expected to increase significantly, from 12.8-16.5 kg per vehicle in 2020 to potentially over 100 kg by 2030 [5]. - Recent reports indicate that magnesium's cost advantages and improved performance are making it a competitive alternative to aluminum and PEEK materials in lightweight applications [4]. Financial Performance - In the first half of 2025, Xinyuan reported a revenue of 329 million yuan, a year-on-year increase of 388.33%, and a net profit of 9.79 million yuan, up 284.45% [5]. - The subsidiary Xinyuan Agricultural Machinery generated a revenue of 256 million yuan and a net profit of 5.22 million yuan, while the magnesium technology subsidiary reported revenues of 67.61 million yuan and a net profit of 5.69 million yuan [5].

Core Viewpoint - The company has rebranded to "Xinyuan Intelligent Manufacturing" and unveiled a new strategy focused on becoming a leading brand in lightweight intelligent equipment for outdoor operations, emphasizing a dual focus on "lightweight + intelligence" [1][2] Group 1: Business Strategy - The company aims to transform its agricultural machinery business towards deep "intelligent" upgrades and enhance its magnesium-aluminum business by reinforcing "lightweight" technological advantages [1][2] - The strategic direction includes a comprehensive upgrade of business structure and development momentum, with a reported revenue growth of 388% and a net profit increase of 284% in the first half of the year [2] Group 2: Corporate Development - Xinyuan Group became the controlling shareholder of Xinyuan Intelligent Manufacturing in August 2024, transferring 51% of Chongqing Xinyuan Agricultural Machinery Co., Ltd. to the listed company [2] - The company is expanding its main business from magnesium-aluminum alloy automotive parts to include research, production, and sales of agricultural machinery, general machinery, and garden machinery products [2] Group 3: Collaborative Efforts - The company is forming a vertical supply chain system that integrates "complete vehicles + components," enhancing synergy with Xinyuan Group's operations [2] - The collaboration with institutions like the Chinese Academy of Sciences and companies such as CATL and Tencent aims to establish a cross-disciplinary R&D team covering materials science, artificial intelligence, and robotics [3] Group 4: Future Outlook - The company plans to focus on outdoor operational scenarios, developing intelligent equipment products and building a three-in-one industrial ecosystem [3] - Future innovations will target smart agricultural machinery, lightweight intelligent equipment, and data intelligence processing, with the goal of becoming a leading brand in lightweight intelligent equipment for outdoor operations [3]

Group 1 - The core viewpoint of the report indicates that the company has not distributed profits or implemented capital reserve transfers during the reporting period [1] - The company has added agricultural machinery, general machinery, and landscaping machinery businesses to its consolidated scope, which now includes the original magnesium-aluminum alloy lightweight components business [2]