杭州新坐标科技股份有限公司 2025 年第一次临时股东大会 会议资料 2025 年第一次临时股东大会会议资料 目 录 | 2025 | 年第一次临时股东大会议程 2 | | --- | --- | | 2025 | 年第一次临时股东大会须知 4 | | 2025 | 年第一次临时股东大会议案 6 | | 议案一 | 关于公司第六届董事会董事津贴的议案 6 | | 议案二 | 关于回购注销 年员工持股计划部分股份的议案 2024 7 | | 议案三 | 关于不再设置监事会、修订〈公司章程〉的议案 8 | | 议案四 | 关于修订公司部分治理制度的议案 34 | | 议案五 | 关于选举公司第六届董事会非独立董事的议案 35 | | 议案六 | 关于选举公司第六届董事会独立董事的议案 37 | 1 2025 年第一次临时股东大会会议资料 杭州新坐标科技股份有限公司 2025 年第一次临时股东大会议程 现场会议时间：2025 年 11 月 13 日（星期四）14:50。 二〇二五年十一月 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 为股东大会召开当日的交易时间段，即 9:15-9: ...

Core Viewpoint - New Coordinates (sh603040) reached a limit-up price of 82.42 yuan, with a 10% increase, and a total market capitalization of 11.249 billion yuan, driven by strong performance and positive institutional ratings [1][2]. Group 1: Company Performance - The company reported a 19.45% year-on-year increase in revenue for Q3 2025, with net profit growing by 29.41% and non-recurring net profit increasing by 33.88%, indicating a continuous enhancement in its core business profitability [2]. - The company announced a cash dividend distribution plan for Q3 2025, proposing a payout of 2.50 yuan per 10 shares, totaling approximately 33.84 million yuan, which represents 35.58% of the consolidated net profit, attracting investor interest [2]. Group 2: Institutional Ratings - Institutions such as Southwest Securities and Dongxing Securities have given positive ratings to New Coordinates, with Southwest Securities issuing a "Buy" rating and Dongxing Securities providing a "Recommended" rating, reflecting confidence in the company's strengthening profitability and revenue growth [2]. Group 3: Industry Context - The company specializes in precision components for automotive and motorcycle engine timing mechanisms, serving clients including Volkswagen and BYD. The growth of the automotive industry is expected to increase demand for precision components, potentially leading to further performance growth for the company [2].

Group 1 - The core viewpoint of the news is that Xinjing coordinates have seen a stock price increase of 5.14%, reaching 78.78 yuan per share, with a total market capitalization of 10.752 billion yuan [1] - Xinjing coordinates, established on July 31, 2002, and listed on February 9, 2017, specializes in the research, production, and sales of precision cold-forged components [1] - The main revenue composition of Xinjing coordinates includes 76.09% from precision cold-forged valve drive components, 11.19% from precision cold-forged valve components, 8.66% from other sources, and 4.07% from cold-forged fine wire processing [1] Group 2 - Xinjing coordinates' top circulating shareholder is the Xingsheng Global Fund, which has recently entered the top ten circulating shareholders with 1.1034 million shares, accounting for 0.81% of circulating shares [2] - The Xingsheng Global He Rui Mixed A Fund (016464) has a total scale of 1.709 billion yuan and has achieved a year-to-date return of 33.24%, ranking 2406 out of 8149 in its category [2] - The fund manager, Xie Shuying, has been in position for 11 years and 205 days, with the fund's total asset scale at 2.828 billion yuan and a best return of 159.53% during the tenure [3]

Core Viewpoint - The stock of New Coordinates has shown significant volatility, with a year-to-date increase of 242.06%, but a recent decline in the last 20 days by 10.76% [2] Group 1: Stock Performance - As of November 5, New Coordinates' stock price increased by 2.01% to 74.98 CNY per share, with a total market capitalization of 10.234 billion CNY [1] - The stock has experienced a net outflow of 2.8888 million CNY from main funds, with large orders showing a buy of 24.90% and a sell of 22.32% [1] - Year-to-date, the stock has appeared on the "Dragon and Tiger List" twice, with the most recent instance on May 8, showing a net buy of -8.4986 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, New Coordinates reported a revenue of 593 million CNY, reflecting a year-on-year growth of 19.45%, and a net profit of 209 million CNY, up by 29.41% [2] - The company has distributed a total of 496 million CNY in dividends since its A-share listing, with 284 million CNY distributed in the last three years [3] Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 10.58% to 10,000, while the average circulating shares per person increased by 12.42% to 13,513 shares [2] - Among the top ten circulating shareholders, notable changes include an increase in holdings by Yongying Advanced Manufacturing Mixed Fund and new entries from Xingzheng Global and Penghua High-Quality Growth Mixed Fund [4]

Core Points - The meeting between Chinese President Xi Jinping and South Korean President Yoon Suk-yeol marks a significant diplomatic event, being Xi's first state visit to South Korea in 11 years and the first meeting between the two leaders since Yoon took office [1][3] Group 1: Meeting Venue and Significance - The choice of Gyeongju Museum as the meeting venue is notable, symbolizing the cultural integration between China and South Korea, and highlighting the historical friendship between the two nations [3][5] - The high-level reception for Xi Jinping by South Korea reflects the importance placed on this visit and the strong desire to enhance bilateral relations [3] Group 2: Cooperation and Future Directions - Xi proposed four key suggestions to open a new chapter in China-South Korea relations: strengthen strategic communication, deepen mutually beneficial cooperation, enhance national sentiment, and strengthen multilateral collaboration for peace and development [5][6] - Emphasis was placed on exploring cooperation in emerging fields such as artificial intelligence, biopharmaceuticals, green industries, and the silver economy, aiming to upgrade economic and trade cooperation [5] - Both leaders expressed mutual support for hosting the APEC meetings, indicating a commitment to multilateralism and cooperation in addressing global challenges [6]

Core Insights - The article highlights that Gu Yu has established itself as a leading "R&D powerhouse" among domestic brands, emphasizing its commitment to long-term development through substantial R&D investments [1][5]. R&D Investment - Gu Yu has made significant long-term R&D investments, marking a shift from a focus on short-term market hits to a "long-termism" approach, aligning with strategies of top international skincare groups [1]. Technological Barriers - The brand is building its own "technological barriers" by developing exclusive patented ingredients like "human-like exosome HME," transitioning from merely utilizing popular ingredients to creating new ones, which distinguishes it from ordinary domestic brands [1][2]. Strategic Development of Raw Materials - Gu Yu has evolved from focusing on single core ingredients to constructing a systematic "Chinese core raw material library," leveraging proprietary technologies for groundbreaking whitening and anti-aging ingredients [1][2]. Comprehensive Self-Research - The company has adopted a unique "full-stack self-research" model, establishing its own factories for synthetic biology, chemical synthesis, and plant extraction, enhancing its control over core raw materials and ensuring product uniqueness [4]. Future Vision - Collaborating with Xiamen University to establish a "Biomedicine Joint Research Center," led by an academician from the Chinese Academy of Sciences, indicates Gu Yu's ambition to transition from a cosmetics brand to a biotechnology company, showcasing a broader research vision [5]. Conclusion - Gu Yu has solidified its position as a "core player" in the domestic skincare landscape through continuous R&D investment, unique full-industry chain layout, and forward-looking technological breakthroughs, demonstrating that the value of domestic brands extends beyond cost-effectiveness and design to robust, globally competitive R&D capabilities [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of —— yuan over the next six months [1]. Core Insights - The company has demonstrated continuous improvement in profitability, with a third-quarter dividend declared [1]. - For the first three quarters of 2025, the company achieved a revenue of 5.9 billion yuan, representing a year-on-year increase of 19.4%, and a net profit attributable to the parent company of 2.1 billion yuan, up 29.4% year-on-year [7]. - The gross margin for the first three quarters of 2025 was 54.4%, an increase of 1.9 percentage points year-on-year, while the net profit margin was 36.3%, up 2.5 percentage points year-on-year [7]. - The company is focusing on product development and expanding its presence in the screw rod sector, diversifying raw materials and applications [7]. Financial Summary - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 680.28 million yuan, 856.32 million yuan, 1,122.33 million yuan, and 1,507.60 million yuan, respectively, with growth rates of 16.63%, 25.88%, 31.06%, and 34.33% [2]. - The net profit attributable to the parent company is forecasted to be 211.61 million yuan, 276.42 million yuan, 380.63 million yuan, and 490.83 million yuan for the same years, with growth rates of 14.76%, 30.63%, 37.70%, and 28.95% [2]. - The earnings per share (EPS) are expected to be 1.55 yuan, 2.03 yuan, 2.79 yuan, and 3.60 yuan for 2024A, 2025E, 2026E, and 2027E, respectively [2]. - The return on equity (ROE) is projected to increase from 15.72% in 2024A to 21.21% in 2027E [2]. Dividend Policy - The company has announced a cash dividend of 2.50 yuan per 10 shares for the third quarter of 2025, with a cumulative dividend payout ratio of 35.6% for the year [7].

Core Insights - The ChiNext board has evolved from an "innovation testing ground" to a "source of innovation power" supporting China's modernization efforts over its 16 years of operation [1] - The China Securities Regulatory Commission (CSRC) has announced the launch of reforms aimed at deepening the ChiNext board, which is crucial for fostering new productive forces and establishing a self-reliant industrial system amid global competition [1][2] Summary by Sections Development and Significance - The ChiNext board currently has about 90% of its companies in high-tech sectors, with nearly 70% belonging to strategic emerging industries, serving as a vital financing platform and a key hub connecting innovation, industry, and capital [1] - The reforms are seen as a strategic choice to enhance the capital market's ability to serve national strategies and high-quality development needs, especially in the context of the "14th Five-Year Plan" [1][2] Reform Details - The reforms propose to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth pathways for new industries and technologies [2] - Historical milestones in China's capital market, such as the introduction of the registration system on the Sci-Tech Innovation Board, highlight the unique advantages and vitality of the market, responding to the needs of development and modernization [2]

Core Insights - The ChiNext board has evolved from an "innovation testing ground" to a "source of innovation power" supporting China's modernization efforts over its 16 years of operation [1] - The China Securities Regulatory Commission (CSRC) has announced the launch of reforms aimed at deepening the ChiNext board, which is crucial for fostering new productive forces and establishing a self-reliant industrial system amid global competition [1][2] Group 1 - The ChiNext board currently has approximately 90% of its companies in high-tech sectors, with nearly 70% belonging to strategic emerging industries, serving as a vital financing platform and a key hub connecting innovation, industry, and capital chains [1] - The reform aims to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth pathways for new industries, business models, and technologies [2] - The historical context of capital market development in China shows that each institutional breakthrough, from the Sci-Tech Innovation Board to the ChiNext reforms, is closely tied to national development priorities, highlighting the unique advantages and vitality of China's capital markets [2] Group 2 - The reforms are expected to create a more inclusive institutional environment that nurtures innovation and entrepreneurship, while efficient capital allocation will drive the industrial chain towards higher-end development [2] - The ChiNext reform is a profound response to the questions of "who development is for and who it relies on," and a firm answer to "how to serve Chinese-style modernization" [2] - The capital market is positioned to become a "core engine" for promoting technological self-reliance and leading high-quality development, providing sustained momentum for the stability and long-term growth of the Chinese economy [2]

Core Viewpoint - The ChiNext board has evolved from an "innovation testing ground" to a crucial support for China's modernization, with approximately 90% of its companies being high-tech and nearly 70% belonging to strategic emerging industries [1][2] Group 1: Reform and Development - The China Securities Regulatory Commission has announced the launch of deep reforms for the ChiNext board, which is seen as a strategic choice to foster new productive forces and strengthen technological self-reliance [1] - The reform aims to establish listing standards that better align with the characteristics of emerging fields and future industries, potentially broadening the growth channels for new industries, new business formats, and new technologies [2] Group 2: Historical Context and Strategic Significance - The history of capital market development in China shows that each institutional breakthrough, from the Sci-Tech Innovation Board to the ChiNext reforms, closely aligns with national development needs, highlighting the unique advantages and vitality of China's capital market [2] - The ChiNext reform is a profound response to the questions of "who development is for and who it relies on," and it aims to effectively serve China's modernization [2]