公司代码：603112 公司简称：华翔股份 1 / 208 山西华翔集团股份有限公司2025 年半年度报告 山西华翔集团股份有限公司 2025 年半年度报告 山西华翔集团股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人王春翔、主管会计工作负责人廖洲及会计机构负责人（会计主管人员）牛艳玲 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本次公司拟向全体股东每 10 股派发现金红利 2.16 元（含税）。截至 2025 年 6 月 30 日，公 司总股本 539,170,563 股，以此为基数，计算合计派发现金红利 116,460,841.61 元（含税），占公 司 2025 年半年度财务报表（未经审计）中归属于上市公司股东的净利润 290,350,350.87 元的比例 为 40.11%，本次利润分配不 ...

Core Insights - The company reported a revenue of 1.976 billion yuan for the first half of 2025, representing a year-on-year growth of 2.38% [1] - The net profit for the same period was 290 million yuan, showing a significant year-on-year increase of 25.66% [1] - The company plans to distribute a cash dividend of 2.16 yuan per 10 shares (including tax) to all shareholders, totaling 116 million yuan, which accounts for 40.11% of the net profit [1]

Summary of Huaxiang Co., Ltd. Conference Call Company Overview - Huaxiang Co., Ltd. is a leading player in the casting industry in China, with a diversified business model that includes white goods, automotive parts, and construction machinery components [2][3][7]. Financial Performance and Projections - The company expects a net profit of 600 million yuan in 2025, with contributions of 400 million yuan from home appliances, 150 million yuan from automotive parts, and 50 million yuan from construction machinery [2][3]. - Future net profits are projected to reach 800 million yuan in 2026 and 1 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of nearly 30% [2][3]. - The company has a cash reserve of 1.6 billion yuan and plans to establish an industrial merger and acquisition fund to acquire more related assets [3][4]. Strategic Initiatives - Huaxiang has established a subsidiary focused on robotics and plans to set up an industrial merger and acquisition fund to enter the humanoid robot market [2][5]. - Major clients like Midea and Seres are also expanding into humanoid robotics, providing market opportunities for Huaxiang [5]. - The company has formed a stable partnership with Midea and established a joint venture with Huayu Shanghai to expand its automotive parts business [4][8]. Valuation and Market Potential - Huaxiang is considered one of the lowest-valued humanoid robot stocks, with an estimated price-to-earnings (PE) ratio of around 12 times in 2026 [6]. - Projected net profits for 2025 to 2027 are 610 million, 790 million, and 980 million yuan, respectively, with a CAGR of 28% [6]. - The company's market capitalization could potentially reach between 20 billion to 30 billion yuan, or even higher, considering the potential value of humanoid robotics [6]. Operational Strengths - Huaxiang possesses cross-industry, multi-product, and large-scale production capabilities, positioning it among the top tier in the domestic casting industry [7][8]. - The company has diversified its operations across various sectors and is enhancing its high-value machining capabilities [8]. Incentives and Financial Health - The company has launched its first equity incentive plan with performance targets for 2024 to 2026, aiming for net profits of 480 million, 600 million, and 700 million yuan, respectively [4][9]. - A recent capital increase of 210 million yuan from the controlling shareholder reflects confidence in the company's growth [9]. - The early redemption of 800 million yuan in convertible bonds is expected to increase financial expenses by approximately 50 million yuan next year [4][9]. This comprehensive overview highlights Huaxiang Co., Ltd.'s strategic positioning, financial outlook, and operational strengths, indicating a robust growth trajectory in the coming years.

Core Viewpoint - The home appliance components sector experienced a slight decline of 0.35% on August 20, with Hai Li Co. leading the drop, while the overall market indices showed positive performance with the Shanghai Composite Index rising by 1.04% and the Shenzhen Component Index increasing by 0.89% [1] Group 1: Market Performance - The home appliance components sector's decline was noted at 0.35% [1] - The Shanghai Composite Index closed at 3766.21, up 1.04% [1] - The Shenzhen Component Index closed at 11926.74, up 0.89% [1] Group 2: Individual Stock Performance - Hongchang Technology (301008) saw a significant increase of 20.02%, closing at 30.64 with a trading volume of 198,200 shares and a transaction value of 556 million [1] - Chunguang Technology (603657) increased by 9.07%, closing at 42.21 with a trading volume of 90,800 shares and a transaction value of 374 million [1] - Huaxiang Service (603112) rose by 6.83%, closing at 18.93 with a trading volume of 347,700 shares and a transaction value of 655 million [1] - Other notable performers included Langdi Group (603726) up 3.65%, Zhucheng Technology (301280) up 1.99%, and Xiangqiang Co. (300160) up 1.76% [1] Group 3: Capital Flow - The home appliance components sector experienced a net outflow of 1.046 billion from main funds, while retail investors contributed a net inflow of 716 million [3] - Speculative funds saw a net inflow of 330 million into the sector [3]

我国传统产业技术改造提速，新兴产业、未来产业不断壮大，高端化、智能化、绿色化深度融合加快推 进，为产业工人的职业发展带来了新的机遇。 数据不会骗人。数智系统运行第二年，集团效益实现两位数增长，此后几年也基本维持增长态势。郭凌 冰的认识也随之改变。 年初，山西华翔集团实现生产系统与人工智能的对接植入，基于数智化7年的海量数据，实现人工智能 分析预警、提供决策建议。 山西华翔集团股份有限公司是装备制造领域的一家民营企业，总部位于山西省临汾市。2018年以来，山 西华翔集团改变粗放管理模式，引进精益管理系统，对生产车间3000多台设备数据进行毫秒级传输直 采，实现全流程数字化管理，据测算，人均产量提升30%，减员最多的机加工产线人员减少90%。 生产线减下来的工人去哪里了？企业转型的同时，劳动者如何转型？记者走进山西华翔集团的华翔（洪 洞）智能科技产业园，探访传统制造业转型升级背后产业工人的转型之路。 60后工程师 从质疑到认可，学会应用新技术 近两个月，山西华翔集团重工事业部技术部副部长、工程师郭凌冰正在带领团队设计一款V法铸造模 具。 60后郭凌冰2001年入职山西华翔集团后，专注于V法铸造工艺研究和产品开发。 ...

Core Insights - The transformation of traditional industries in China is accelerating, with a focus on high-end, intelligent, and green integration, creating new opportunities for industrial workers [1] - Shanxi Huaxiang Group Co., Ltd. has implemented lean management and digitalized its production processes, resulting in a 30% increase in per capita output and a 90% reduction in workforce on certain production lines [1] Group 1: Company Transformation - Shanxi Huaxiang Group has shifted from a rough management model to a lean management system, achieving full-process digital management of over 3,000 devices [1] - The company has seen a two-digit growth in efficiency after implementing a digital system, which integrates artificial intelligence for decision-making [2][3] - The total production capacity has increased from 300,000 tons to over 500,000 tons, with the workforce growing from over 5,000 to 6,500 employees [6] Group 2: Employee Development - Employees are required to enhance their digital skills to adapt to the new systems, with a focus on cross-departmental collaboration and the use of big data and AI [3] - The company has established a "master-apprentice" system for new hires, providing comprehensive training to ensure they meet the demands of the digital transformation [8] - Shanxi Huaxiang Group collaborates with local universities to train nearly 300 students annually, promoting a "Huaxiang Craftsman" brand to support local manufacturing upgrades [8] Group 3: Management Evolution - The management approach has evolved from relying on experience to utilizing data for decision-making, significantly improving production efficiency and reducing equipment failure rates by 50% [4][5] - The introduction of a smart manufacturing platform has allowed for real-time monitoring and analysis of production data, enhancing transparency and accountability among workers [5] Group 4: Future Directions - The company plans to deploy artificial intelligence detection devices across production lines, further enhancing operational efficiency and worker skill requirements [9] - The local government is supporting digital-related vocational training, indicating a broader commitment to workforce development in line with industry needs [9]

Core Viewpoint - The transformation of traditional industries in China is accelerating, with a focus on high-end, intelligent, and green integration, creating new opportunities for industrial workers [1] Group 1: Company Transformation - Shanxi Huaxiang Group has shifted from a rough management model to a lean management system since 2018, achieving full-process digital management and a 30% increase in per capita output, while reducing personnel in machining lines by up to 90% [1] - The company has implemented a smart upgrade strategy, integrating artificial intelligence into production systems, which has led to double-digit growth in efficiency [2][3] - The total production capacity has increased from 300,000 tons to over 500,000 tons, and the workforce has expanded from over 5,000 to 6,500 employees [6] Group 2: Employee Development - Employees are required to enhance their digital skills to adapt to the new systems, with a focus on cross-departmental collaboration and the use of big data and AI to optimize production processes [3] - The company recruits over 50 university graduates annually and has established partnerships with local universities to train nearly 300 students each year, promoting a "Huaxiang Craftsman" brand [8] - The introduction of smart systems has shifted the work of employees from relying on experience to data-driven decision-making, improving transparency and efficiency in operations [5][6] Group 3: Industry Impact - The digital transformation has attracted collaboration from Fortune 500 companies, leading to an increase in orders and an extension of the supply chain [6] - The local government is supporting digital skills training, with over 14,520 training sessions conducted in the first seven months of the year [9]

金融界消息 截至2025年8月14日收盘，华翔股份（603112）报收于16.56元，下跌1.49%，换手率 1.66%，成交量8.37万手，成交金额1.39亿元。 资金流向方面，今日主力资金净流出1942.06万元，占比成交额13.93%。其中，超大单净流出1766.51万 元、占成交额12.67%，大单净流出175.55万元、占成交额1.26%，中单净流出流入523.02万元、占成交 额3.75%，小单净流入1419.03万元、占成交额10.18%。 华翔股份最新一期业绩显示，截至2025一季报，公司营业总收入9.75亿元、同比增长3.55%，归属净利 润1.33亿元，同比增长25.81%，扣非净利润1.15亿元，同比增长28.09%，流动比率3.802、速动比率 3.118、资产负债率46.17%。 天眼查商业履历信息显示，山西华翔集团股份有限公司，成立于2008年，位于临汾市，是一家以从事汽 车制造业为主的企业。企业注册资本47057.7504万人民币，实缴资本36300.01万人民币。公司法定代表 人为王春翔。 通过天眼查大数据分析，山西华翔集团股份有限公司共对外投资了28家企业，参与招投标项目36 ...

Core Viewpoint - The legal opinion letter addresses the conditions for unlocking and repurchasing restricted stock under the 2021 incentive plan of Shanxi Huaxiang Group Co., Ltd, confirming compliance with relevant laws and regulations [4][21][22] Group 1: Incentive Plan Details - The company approved the third phase of unlocking restricted stock under the 2021 incentive plan, granting 11,090,500 shares at a price of 5.51 RMB per share to 251 eligible participants [12][13] - The plan includes provisions for repurchasing and canceling restricted stock for participants who no longer meet eligibility criteria, with a total of 62,100 shares to be repurchased [14][21] Group 2: Unlocking Conditions - The unlocking of restricted stock is contingent upon the company meeting specific financial performance criteria, including a minimum revenue of 400 million RMB or a net profit of 27 million RMB for the year 2023 [19][21] - The company has successfully met the conditions for unlocking, allowing 16 participants to have their restricted stock released [21][22] Group 3: Repurchase and Cancellation - The company will repurchase 24,000 shares from a participant who left due to personal reasons, in accordance with the incentive plan's stipulations [21][22] - The repurchase price will be the same as the grant price, ensuring compliance with the management regulations and the incentive plan [22]

Core Points - The announcement details the third phase of unlocking and listing of restricted stock under the 2021 stock incentive plan of Shanxi Huaxiang Group Co., Ltd, with 312,693 shares set to be listed on August 14, 2025 [1][10] - The board of directors and the supervisory board have approved the unlocking conditions for the third phase of the reserved grant under the incentive plan, confirming that the conditions have been met [1][10] - The incentive plan was initially approved and implemented following the necessary decision-making procedures and disclosures, with independent directors expressing their agreement [1][3] Summary by Sections Incentive Plan Approval and Implementation - The incentive plan was approved through various board meetings and disclosed to shareholders, with independent directors providing clear opinions in support of the plan [1][3] - The first grant of restricted stock occurred on March 4, 2021, with a total of 11,090,490 shares granted at a price of 5.51 yuan per share to 251 recipients [4][8] Unlocking Conditions and Results - The unlocking conditions for the third phase have been achieved, allowing for the release of 312,693 shares, with the listing date set for August 14, 2025 [1][10] - A total of 16 individuals met the unlocking conditions, with the unlocked shares representing 30% of the total granted shares to these individuals [10] Stock Structure Changes - Following the unlocking, the number of restricted shares will decrease from 34,284,539 to 33,971,846, while the number of unrestricted shares will increase from 504,886,024 to 505,198,717 [11] - The total share count remains unchanged at 539,170,563 [11]