Investment Rating - The report maintains a "Recommended" rating for the company [5][11]. Core Insights - The company has demonstrated its research and development capabilities through the recent publication of several invention patents, including innovative manufacturing methods for screw nuts [1][2]. - The new rolling forming process for screw nuts is expected to enhance efficiency and precision, addressing challenges in the production of precision components for robotics [1][2]. - The company is expanding its product offerings into high-precision components for various applications, including automotive precision solenoids and electric drive systems, which positions it well for future growth [3][11]. Financial Forecast - The company is projected to achieve a net profit of 260.59 million yuan in 2025, with an expected growth rate of 23.15% [12]. - Revenue is forecasted to grow from 583.30 million yuan in 2023 to 1,115.61 million yuan by 2027, reflecting a compound annual growth rate of approximately 17.83% [12]. - The earnings per share (EPS) is expected to increase from 1.35 yuan in 2023 to 2.68 yuan in 2027, indicating a positive trend in profitability [12].

Core Points - The Shanghai Cooperation Organization (SCO) is marking its development with two significant timelines: 10 years (2026-2035) and 80 years (1945-2025) [3][7] - The SCO has evolved from 6 founding member countries to 26 member states, covering Asia, Europe, and Africa, with a combined economic output nearing $30 trillion [3][4] - The SCO's future development strategy emphasizes mutual cooperation and contributions to a multipolar world [3][4] Group 1: 10-Year Development Strategy - The SCO approved a strategic document outlining its development for the next decade, focusing on mutual benefit and cooperation [3] - The organization aims to build a community of shared destiny among its members, promoting peace, development, and justice [4][6] - The SCO's economic collaboration spans over 50 fields, enhancing its international influence [3][4] Group 2: Historical Context and Global Governance - The SCO commemorates the 80th anniversary of the victory in World War II and the establishment of the United Nations, emphasizing the importance of historical lessons [7][8] - The organization calls for adherence to a correct view of history and the maintenance of an international system centered around the UN [7][8] - The SCO aims to play a leading role in global governance, advocating for fairness and justice in international relations [8]

Summary of Conference Call for New Coordinates Company Overview - New Coordinates has achieved its highest quarterly revenue ever in the first half of 2025, with Q2 revenue exceeding 200 million yuan, showing significant year-on-year and quarter-on-quarter growth [3][22] - The company’s net profit reached a record high of 77 million yuan, with a healthy gross margin maintained [3] Industry and Market Dynamics - The overseas revenue of New Coordinates has surpassed domestic revenue for the first time, accounting for over 51% of total revenue, primarily due to the efforts of overseas subsidiaries since 2022 [2][3] - The commercial vehicle and commercial engine business segments have increased in proportion, indicating an optimization of the company’s business structure [2] Customer Structure and Market Share - BYD still accounts for over 10% of New Coordinates' revenue, although this has slightly decreased; Volkswagen accounts for approximately 40%-50% globally, with foreign markets making up two-thirds of this [2][4] - The commercial vehicle segment has seen nearly 20% growth, with revenue exceeding 70 million yuan, mainly driven by overseas markets and clients such as MAN and Caterpillar [4][10] - The Mexican subsidiary has shown significant revenue growth, enhancing profitability through scale effects and automation improvements [16] Product Development and R&D - New Coordinates established a dedicated subsidiary for four-cylinder engine research and development with a registered capital of 500 million yuan, aiming to enter small-scale production in the second half of the year [6][30] - The company has made progress in developing new products, particularly in the valve train and precision components, with the "other" category (mainly high-pressure pumps and parts) showing rapid growth [8][9] Future Outlook and Seasonal Factors - The company anticipates a slight slowdown in performance in Q3 and Q4 due to seasonal factors, with new projects from Chery, Great Wall, and others expected to gradually contribute to growth [7][22] - The heat management system's stainless steel component business is expected to ramp up in the second half of the year [7] Financial Performance and Growth Projections - The revenue growth rate for the first half of 2025 was around 20%, with expectations for the full year to be around 10% [22][24] - Traditional business is projected to maintain approximately 10% growth in the coming years, supported by ongoing projects and customer orders [24] Strategic Initiatives and Competitive Position - New Coordinates is focusing on high-performance alloy steel materials instead of traditional carbon steel to meet the automotive industry's stringent quality requirements [21] - The company has secured a project with Rolls-Royce, enhancing its brand effect and potential for high-end customer orders [26][27] Challenges and Risks - The company faces challenges in maintaining growth due to potential slowdowns in key clients like BYD and seasonal impacts on performance [22][23] - The commercial vehicle market remains a significant growth area, but the company’s market share in this segment is still relatively low compared to passenger vehicles [12][13] Conclusion - New Coordinates is positioned for growth with a strong focus on overseas markets and new product development, although it must navigate seasonal fluctuations and competitive pressures in the automotive industry [2][7][12]

Core Viewpoint - The company has demonstrated significant growth in revenue and profit, driven by its global manufacturing and sales service system, with notable increases in overseas markets, particularly in Europe and Mexico [2][8]. Group 1: Financial Performance - In the first half of 2025, the company's main revenue reached 390 million yuan, an increase of 18.85% year-on-year, while the net profit attributable to shareholders was 142 million yuan, up 27.42% year-on-year [8]. - The second quarter of 2025 saw a main revenue of 211 million yuan, reflecting a year-on-year increase of 13.28%, and a net profit of approximately 75 million yuan, which is a 19.55% increase year-on-year [8]. - The company's gross profit margin stood at 53.91%, with a debt ratio of 13.85% [8]. Group 2: Market and Customer Insights - The company has over 90% of its customers in the automotive sector, including major manufacturers such as SAIC Volkswagen, FAW Volkswagen, and BYD [5]. - The company has established wholly-owned subsidiaries in the Czech Republic and Mexico to better navigate international market challenges and maintain effective communication with clients regarding tariff policy changes [3]. Group 3: Strategic Developments - The company has made advancements in its subsidiary, JiuYueBa Transmission, focusing on high-end CNC machine tools and intelligent manufacturing solutions, although the products are still in the development stage [6]. - New patented technologies have been developed, including environmentally friendly processes for surface treatment of stainless steel wire, which enhance production efficiency and reduce environmental impact [7]. Group 4: Future Outlook - The company has set ambitious revenue and profit targets for 2025, as outlined in its equity incentive plan, indicating a strong commitment from management and employees to achieve these goals [2]. - Recent institutional ratings show a positive outlook, with four institutions providing ratings, including two buy and two hold recommendations, and a target average price of 22.96 yuan [8][9].

Group 1: Financial Performance - In H1 2025, the company achieved revenue of 390 million yuan, a year-on-year increase of 18.9%, and a net profit attributable to shareholders of 140 million yuan, up 27.4% year-on-year [1] - For Q2 2025, the company reported revenue of 210 million yuan, a year-on-year increase of 13.3% and a quarter-on-quarter increase of 17.9%, with a net profit of 80 million yuan, reflecting a year-on-year increase of 19.6% and a quarter-on-quarter increase of 12.3% [1] - The company declared a cash dividend of 40 million yuan (before tax) in H1 2025, with a dividend payout ratio of 28.6%, an increase of 4.6 percentage points year-on-year [1] Group 2: Profitability and Cost Management - The company's gross margin for H1 2025 was 53.9%, an increase of 1.4 percentage points year-on-year, while the net margin was 37.3%, up 2.4 percentage points year-on-year [1] - In Q2 2025, the gross margin was 54.1%, a year-on-year increase of 0.8 percentage points and a quarter-on-quarter increase of 0.5 percentage points, with a net margin of 36.7%, reflecting a year-on-year increase of 1.8 percentage points but a quarter-on-quarter decrease of 1.3 percentage points [1] - The expense ratios for sales, management, and R&D in Q2 2025 were 1.0%, 9.7%, and 4.2%, showing a year-on-year change of -1.5 percentage points, +0.9 percentage points, and -0.4 percentage points respectively, with the quarter-on-quarter changes remaining stable or decreasing [1] Group 3: Business Growth and Market Expansion - The company's valve timing group business saw rapid growth, with revenue from precision components reaching 300 million yuan, a year-on-year increase of 23.6% [2] - In H1 2025, overseas revenue was 200 million yuan, a year-on-year increase of 30.7%, accounting for 51.4% of total revenue, an increase of 4.7 percentage points year-on-year [2] - The company successfully opened new projects with luxury car brand Rolls-Royce, expanding its presence in the high-end overseas market [2] Group 4: Product Development and Innovation - The company is focusing on product development in the screw rod sector, leveraging advantages in cold forming technology, mold design, and equipment automation [3] - The company is diversifying raw materials for cold forming from primarily steel to include aluminum, copper, titanium alloys, and stainless steel, and is expanding applications in various precision components [3] - A new subsidiary, JiuYueBa Transmission Holdings, has been established to focus on the R&D and production of screw rod products, enhancing product performance and manufacturing processes [3] Group 5: Profit Forecast and Investment Outlook - The company forecasts net profits attributable to shareholders of 290 million yuan, 380 million yuan, and 490 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 30, 23, and 18 times [3]

本次财报公布的各项数据指标表现尚佳。其中，毛利率53.91%，同比增2.66%，净利率37.34%，同比增 6.91%，销售费用、管理费用、财务费用总计2902.58万元，三费占营收比7.44%，同比减23.19%，每股 净资产10.33元，同比增9.15%，每股经营性现金流1.02元，同比增0.31%，每股收益1.03元，同比增 24.1% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 3.28亿 | 3.9亿 | 18.85% | | 归母净利润(元) | 1.11亿 | 1.42亿 | 27.42% | | 扣非净利润(元) | 1.01亿 | 1.33亿 | 31.68% | | 货币资金(元) | 2.27亿 | S 2.01亿 | -11.43% | | 应收账款(元) | 1.03亿 | 1.36亿 | 31.69% | | 有息负债 (元) | 5144.01万 | 5154.44万 | 0.20% | | 手利率 | 52.51% | 53.91% | 2.66% | | 净利率 | 34.9 ...

Group 1 - The company, Hangzhou New Coordinate Technology Co., Ltd., will hold a semi-annual performance briefing on September 5, 2025, from 16:00 to 17:00 [1][2] - The briefing will be conducted in an online text interaction format, allowing investors to engage and ask questions [1][2] - Key company personnel attending the briefing include Chairman and General Manager Xu Na, Independent Director Chen Jun, Deputy General Manager and Board Secretary Zheng Xiaoling, and Chief Financial Officer Qu Wei [2] Group 2 - Investors can participate in the briefing by visiting the specified website or scanning a QR code before the event [2] - The company encourages investors to submit questions prior to the briefing, which will be addressed within the limits of information disclosure [1][2] - After the briefing, investors can access the main content and details of the event through the Value Online platform or the Yidong app [2]

证券代码：603040 证券简称：新坐标 公告编号：2025-041 杭州新坐标科技股份有限公司 第五届监事会第十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 杭州新坐标科技股份有限公司（以下简称"公司"或"新坐标"）于 2025 年 8 月 28 日在公司会议室以现场结合通讯表决方式召开第五届监事会第十二次 会议。会议通知及相关议案资料已于 2025 年 8 月 18 日以专人送达及电子邮件方 式发出。本次会议应到监事 3 名，实到监事 3 名。会议由监事会主席季红英女士 主持，会议的召集与召开符合《公司法》及《公司章程》的有关规定。 二、监事会会议审议情况 与会监事审议通过了如下议案： 年半年度报告》全文及其摘要所载的资料不存在任何虚假记载、误导性陈述或者 重大遗漏，对其内容的真实性、准确性和完整性无异议。 表决情况：同意 3 票、反对 0 票、弃权 0 票。 监事会审议并发表如下审核意见：公司 2025 年半年度利润分配方案是在充 分考虑公司的生产经营、现金流状态及资金需求等因 ...

Group 1 - The board of directors of Hangzhou New Coordinate Technology Co., Ltd. held its 14th meeting of the 5th session on August 28, 2025, with all 7 directors present, complying with relevant regulations [1][2] - The board approved a proposal for a cash dividend distribution of 3.00 yuan (including tax) for every 10 shares, based on the total number of shares eligible for profit distribution, without issuing new shares or capital reserve conversion [2] - The proposal for the dividend distribution was authorized by the 2024 annual general meeting and does not require further approval from the shareholders' meeting [2]

Core Viewpoint - Hangzhou New Coordinate Technology Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, indicating strong financial performance and a positive outlook for the company [1][2]. Financial Performance - Total assets reached RMB 1,691,984,750.64, an increase of 4.43% compared to the previous year [3]. - Net assets attributable to shareholders increased by 4.28% to RMB 1,410,577,458.08 [3]. - Operating revenue for the period was RMB 390,025,378.73, reflecting an 18.85% increase year-on-year [3]. - Total profit amounted to RMB 165,722,941.11, up 28.43% from the previous year [3]. - Net profit attributable to shareholders was RMB 141,844,727.94, a 27.42% increase compared to the same period last year [3]. - Basic earnings per share rose by 24.10% to RMB 1.03 [3]. Dividend Distribution - The company proposed a cash dividend of RMB 3.00 per 10 shares (including tax), totaling RMB 40,610,350.80 to be distributed to shareholders [1][2].