证券代码：603112 证券简称：华翔股份 公告编号：2025-122 山西华翔集团股份有限公司 关于 2024 年限制性股票激励计划首次授予部分第一期 解锁条件成就的公告 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。 重要内容提示： 山西华翔集团股份有限公司（以下简称"公司"）2024 年限制性股票 激励计划（以下简称"本激励计划"或"《激励计划》"）首次授予部分第一 期解锁条件已经成就，本次符合解锁条件的激励对象共计 255 人，可解除限售 的限制性股票数量为 2,758,078 股，占目前公司总股本的 0.51%。 4、2024 年 11 月 1 日，公司召开第三届董事会第十八次会议和第三届监事 会第十七次会议，分别审议通过《关于调整 2024 年限制性股票激励计划相关事 项的议案》、《关于向激励对象首次授予限制性股票的议案》。公司董事会认 为本激励计划规定的限制性股票的授予条件已经成就，同意确定以 2024 年 11 月 1 日为首次授予日，向 258 名激励对象授予 729.81 万股限制性股票，授予价 格为 7. ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于山西华翔集团股份有限公司 2024 年限制性股票激励计划 首次授予部分第一期解锁条件成就 及回购注销部分限制性股票相关事项的 法 律 意 见 书 康达法意字【2025】第 0645 号 二〇二五年十一月 法律意见书 法律意见书 释 义 在本文中，除非文义另有所指，下列词语具有下述含义： | 本所 | 北京市康达律师事务所 | | --- | --- | | 华翔股份/公司 | 山西华翔集团股份有限公司 | | 《公司法》 | 《中华人民共和国公司 ...

Core Viewpoint - Shanxi Huaxiang Group Co., Ltd. announced the resignation of non-independent director Zhang Min due to corporate governance restructuring and the election of Li Tao as the employee representative director [2][3] Group 1: Director Resignation - Zhang Min submitted a written resignation report, which became effective upon delivery to the board, and his departure will not affect the normal operation of the board [2] - The board expressed gratitude for Zhang Min's contributions to the company's development during his tenure [2] Group 2: Election of Employee Representative Director - The company held a staff representative meeting on November 11, 2025, where Li Tao was elected as the employee representative director, with his term lasting until the end of the current board's term [3] - The composition of the board remains compliant with legal regulations, ensuring that the number of directors who are also senior management or employee representatives does not exceed half of the total board members [3] Group 3: Shareholder Meeting - The fifth extraordinary general meeting of shareholders was held on November 11, 2025, to review and approve several proposals, including the cancellation of the supervisory board and amendments to the company's articles of association [7][9] - All proposed resolutions were passed without any objections, confirming the legality and validity of the meeting's procedures and outcomes [11]

Core Viewpoint - Huaxiang Co., Ltd. announced the resignation of non-independent director Zhang Min due to adjustments in the company's governance structure, with Li Tao elected as the employee representative director during the employee representative assembly held on November 11, 2025 [1] Group 1 - The board of Huaxiang Co., Ltd. received a written resignation report from director Zhang Min [1] - Zhang Min's resignation is attributed to the company's governance structure adjustments [1] - Li Tao was elected as the employee representative director during the employee representative assembly [1]

证券代码：603112 证券简称：华翔股份 公告编号：2025-120 山西华翔集团股份有限公司 关于非独立董事离任暨选举职工代表董事的公告 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。 根据《公司法》及《公司章程》的有关规定，张敏先生的书面辞职报告自送 达公司董事会之日起生效，其离任不会导致公司董事会成员人数低于法定人数， 不会影响公司董事会和经营工作的正常运行。张敏先生不存在针对董事职务未履 行完毕的公开承诺或义务，并已按照公司相关规定做好交接工作。 张敏先生在任职期间恪尽职守、勤勉尽责，公司董事会对其为公司高质量发 展做出的重要贡献表示衷心的感谢！ 二、选举职工代表董事的情况 公司于 2025 年 11 月 11 日召开 2025 年第五次临时股东大会，审议通过了《关 于取消监事会、变更注册资本并修订<公司章程>的议案》，根据《公司法》《上市 公司章程指引》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 等法律法规和规范性文件的相关规定，公司董事会由 9 名董事组成，其中设置 1 名职工代表董事，由公司职 ...

证券代码：603112 证券简称：华翔股份 公告编号：2025-119 山西华翔集团股份有限公司 2025年第五次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 124 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 350,214,372 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 64.8340 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 (五) 公司董事、监事和董事会秘书的出席情况 (一) 股东大会召开的时间：2025 年 11 月 11 日 (二) 股东大会召开的地点：山西省临汾市洪洞县甘亭镇华林村山西华翔集团股 份有限公司 307 会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 1、 公司在任董事9人，出席9人； 2、 公司在 ...

北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于山西华翔集团股份有限公司 2025 年第五次临时股东大会的法律意见书 康达股会字【2025】第 0462 号 致：山西华翔集团股份有限公司 北京市康达律师事务所（以下简称"本所"）接受山西华翔集团股份有限公司（以 下简称"公司"）的委托，就公司 2025 年第五次临时股东大会（以下简称"本次会 议"）的相关事宜出具《北京市康达律师事务所关于山西华翔集团股份有限公司 2025 年第五次临时股东大会的法律意见书》（以下简称"《法律意见书》"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）和《山西华翔集团股份有限公司章程》（以下简称"《公 司章程》"）等规定，就本次会议的召集和召开程序、召集人和出席人员的资格、表 决程序以及表决结果发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 北京市朝阳区 ...

Core Insights - The company achieved a revenue of 1.006 billion yuan in Q3 2025, representing a year-on-year growth of 17.43%, and a net profit attributable to shareholders of 115 million yuan, up 4.77% year-on-year [1] Group 1: Business Performance - The business structure continues to optimize with multi-sector collaboration, where precision components have become the growth engine, and the automotive parts business is accelerating [2] - The precision components business generated 1.56 billion yuan in revenue in the first half of the year, significantly contributing to the company's growth [2] - The automotive parts business is expanding rapidly, with strategic cooperation with Huayu Automotive and new capacity ramping up [2] - The engineering machinery parts business is stable, focusing on customer development and cost reduction through innovative processes [2] Group 2: Market Expansion - The company benefits from the recovery in domestic home appliance and automotive industries, as well as the trend of "industrial going out" [3] - Overseas revenue reached 224 million yuan in the first half of the year, with a 30.4% year-on-year increase in rotor compressor exports [3] - Domestic demand remains resilient, with significant year-on-year increases in production for white goods and automotive sectors [3] Group 3: R&D and New Business Development - The company is focusing on technology upgrades and new business layouts, particularly in the robotics sector, which aligns with industry trends towards automation [4] - R&D expenses amounted to 64.95 million yuan in the first half of the year, indicating a strong foundation for technological advancement [4] - The robotics business is progressing with a strategy of "main business synergy + major customer follow-up," and plans to establish an industrial fund for further investment [4] Group 4: Financial Forecast - Revenue projections for 2025-2027 are 4.713 billion, 5.505 billion, and 6.363 billion yuan, with corresponding EPS of 1.11, 1.31, and 1.53 yuan [5] - The current stock price corresponds to a PE ratio of 16.3, 13.8, and 11.8 for the years 2025, 2026, and 2027 respectively, maintaining a "buy" investment rating [5]

Investment Rating - The report maintains a positive outlook on the home appliance industry, particularly highlighting the resilience of the white goods sector and the potential for growth driven by policy changes and market dynamics [3][5]. Core Insights - The home appliance sector has shown stronger export performance compared to domestic sales, with various segments experiencing differing trends in sales and production [4][12]. - The report identifies three main investment themes: white goods, export-driven companies, and core components, recommending specific companies within these categories for investment [5][6]. Summary by Sections Industry Performance - In September 2025, the air conditioning sector saw a total production of 10.57 million units, a year-on-year decrease of 13.5%, while total sales were 10.88 million units, down 10.2%. Domestic sales were 5.95 million units, down 2.5%, and exports were 4.94 million units, down 18.1% [4][34]. - The refrigerator sector reported a production of 8.72 million units, a slight decrease of 0.5%, with total sales of 8.34 million units, a marginal increase of 0.12%. Domestic sales fell by 7.35% to 3.87 million units, while exports rose by 7.63% to 4.47 million units [4][41]. - The washing machine sector experienced a production increase of 10.4% to 9.05 million units, with total sales rising by 7.52% to 8.85 million units. Domestic sales decreased by 6.88% to 4.06 million units, while exports surged by 23.76% to 4.79 million units [4][43]. Investment Themes - The white goods sector is expected to benefit from a reversal in real estate policies, with characteristics such as low valuation, high dividends, and stable growth making it attractive for investment. The report suggests that the "trade-in" policy could act as a catalyst for growth [5][6]. - For export-driven companies, the report recommends firms like Ousheng Electric and Dechang Co., which are expected to see revenue growth from large customer orders and expanding automotive parts businesses [5][6]. - In the core components segment, companies like Huaxiang Co. and Shun'an Environment are highlighted for their competitive advantages and growth potential in the context of rising demand for key components in the white goods sector [5][6]. Market Dynamics - The report notes that the overall home appliance index underperformed compared to the CSI 300 index, with a decline of 0.5% in the home appliance sector index while the CSI 300 rose by 0.8% [5][7]. - The report emphasizes the importance of emerging markets in driving export growth, particularly in regions like Africa and South America, despite challenges such as tariffs and high inventory levels [5][12].

Group 1 - The core point of the news is that Huaxiang Co., Ltd. experienced a stock price increase of 5.03%, reaching 18.17 CNY per share, with a total market capitalization of 9.815 billion CNY [1] - Huaxiang Co., Ltd. was established on December 29, 2008, and went public on September 17, 2020. The company specializes in the research, production, and sales of customized metal components [1] - The main revenue composition of Huaxiang Co., Ltd. includes precision parts (78.91%), engineering machinery parts (12.43%), and other categories [1] Group 2 - The Western Benefit Fund has a significant holding in Huaxiang Co., Ltd., with its "Western Benefit Quantitative Preferred One-Year Holding Period Mixed A" fund holding 90,000 shares, representing 0.51% of the fund's net value [2] - The fund has achieved a year-to-date return of 45.69%, ranking 1213 out of 8149 in its category, and a one-year return of 48.83%, ranking 648 out of 8053 [2] Group 3 - The fund manager of the "Western Benefit Quantitative Preferred One-Year Holding Period Mixed A" fund is Zhai Zijian, who has been in the position for 2 years and 18 days, with a total asset scale of 1.483 billion CNY [3] - During Zhai Zijian's tenure, the best fund return was 54.91%, while the worst return was 42.53% [3]