Financial Performance - The company achieved an operating revenue of RMB 3.83 billion in 2024, representing a year-on-year increase of 17.28%[28]. - The net profit attributable to shareholders reached RMB 470.56 million, up 20.95% compared to the previous year[28]. - The basic earnings per share increased to RMB 1.05, reflecting a growth of 16.67% year-on-year[27]. - The weighted average return on equity rose to 15.77%, an increase of 0.65 percentage points from the previous year[27]. - The net cash flow from operating activities was RMB 431.94 million, a significant increase of 49.77% year-on-year[28]. - The company's total assets at the end of 2024 amounted to RMB 6.09 billion, up 14.37% from the previous year[28]. - The net assets attributable to shareholders increased to RMB 3.17 billion, reflecting a growth of 14.25% year-on-year[28]. - The company reported a non-recurring profit of RMB 66.41 million for 2024, compared to RMB 46.32 million in 2023[33]. - The total cash dividend for the year amounts to 201,408,296.78 RMB, representing 42.80% of the net profit attributable to shareholders of the parent company, which is 470,558,096.10 RMB[10]. - The company plans to distribute a cash dividend of 1.17 RMB per 10 shares, totaling 55,058,459.16 RMB (including tax) based on a total share capital of 470,585,121 shares[10]. Corporate Governance - The board of directors and supervisory board members have confirmed the authenticity, accuracy, and completeness of the annual report[6]. - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[8]. - The company has not faced any violations in decision-making procedures regarding external guarantees[12]. - The company strictly adheres to information disclosure regulations, ensuring timely and accurate reporting on its designated platforms[117]. - The company has established a system for managing insider information, enhancing confidentiality measures[118]. - The company has not encountered significant differences in governance compared to regulatory requirements[118]. - The company held 6 shareholder meetings during the reporting period, addressing significant matters such as amendments to the articles of association and profit distribution[113]. - The board of directors consists of 9 members, including 3 independent directors, and held 19 board meetings during the reporting period[115]. - The supervisory board, comprising 5 members, conducted 18 meetings, effectively overseeing major matters such as the 2024 restricted stock incentive plan[116]. Strategic Initiatives - The company maintained a strong focus on strategic projects, contributing to its robust financial performance and market expansion[37]. - The company continues to embrace transformation and innovation, positioning itself well for future growth opportunities[37]. - In 2024, the company established a strategic partnership with Huayu Automotive, enhancing its automotive parts business[44]. - The company completed the relocation of its Shunde machining factory and U.S. overseas warehouse, as well as the construction of a machining factory in Thailand, laying a solid foundation for sustainable development[44]. - The company plans to focus on core business and improve industry chain layout, aiming for high-quality development amid industry changes[102]. - The company aims to enhance management efficiency and quality control through digital transformation and AI integration[104]. - The company plans to explore new business directions in the robotics field and establish an industrial fund for strategic investments[106]. Market and Economic Environment - The domestic GDP reached 134.9 trillion yuan, growing by 5%, indicating a stable economic environment for the company[49]. - The prices of upstream raw materials, such as steel, decreased by 6.4% due to insufficient demand in the industrial sector[49]. - The company operates in a diversified industry layout, producing customized metal components for various sectors including white goods, engineering machinery, and automotive parts[51]. Research and Development - The company's R&D expenses rose by 17.88% to CNY 167,522,113.96, compared to CNY 142,109,502.24 in the same period last year, driven by increased project activities[66]. - The company has been recognized as a "High-tech Enterprise" and has established several research centers, indicating a strong commitment to innovation and technology development[63]. - Total R&D expenses amounted to 167,522,113.96 yuan, which is 4.38% of the operating revenue[80]. - The company employed 533 R&D personnel, making up 8.87% of the total workforce[82]. Environmental Responsibility - The company has implemented a self-monitoring plan for pollutant emissions, regularly engaging third-party environmental testing agencies to ensure compliance[171]. - The company has established emergency response plans for environmental incidents, conducting regular drills to enhance preparedness[170]. - The company has achieved stable and compliant emissions for all pollutants, meeting both national and local discharge standards[167]. - The company has committed 1 million yuan to sponsor the "Shanxi Hongtong Dahuashu Half Marathon," promoting public fitness and health[174]. - The company has invested RMB 34.6028 million in environmental protection during the reporting period[163]. Employee and Executive Compensation - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 436.84 million yuan[131]. - The remuneration for directors and supervisors is determined by the shareholders' meeting, while senior management remuneration is decided by the board of directors[130]. - The company has established a compensation and assessment committee to provide recommendations on remuneration matters[130]. - The company aims to motivate directors and senior management through its remuneration policies, which include fixed annual salaries and performance bonuses[131]. - The total number of shares held by the board members remained unchanged, indicating stability in ownership[122]. Related Party Transactions - The company has ongoing commitments to avoid competition with its own subsidiaries, ensuring no direct or indirect involvement in competing businesses[180]. - The company has established measures to ensure independence in financial and operational aspects from its major shareholders and related parties[182]. - The company has a commitment to not provide financial support or loans to its major shareholders or related entities[182]. - The company has reported a special report on the use of raised funds in 2023[132]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue to be between 1.3 billion and 1.5 billion, indicating a potential growth of 10% to 25% compared to Q3 2023[126]. - New product launches are anticipated to contribute an additional 200 million in revenue in the next quarter[125]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 100 million allocated for potential deals in 2024[126].

可转债转股结果暨股份变动公告 | 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-018 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 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： 累计转股情况：截至 2025 年 3 月 31 日，累计共有人民币 340,000.00 元 华翔转债转换为公司 A 股股份，累计转股数量为 27,315 股，占可转债转股前公 司已发行股份总额的 0.006248%。 未转股可转债情况：截至 2025 年 3 月 31 日，尚未转股的可转债金额为 799,660,000.00 元，占可转债发行总量的 99.96%。 本季度转股情况：2025 年 1 月 1 日至 2025 年 3 月 31 日，共有人民币 80,000 元华翔转债转换为公司 A 股股份，转股数量为 6,865 股，占可转债转股 前公司已发行股份总额的 0.001570%。 一、可转债发行上市概况 经中国证券 ...

| 证券代码：603112 | 证券简称：华翔股份 公告编号：2025-017 | | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | 山西华翔集团股份有限公司 关于使用部分闲置募集资金进行现金管理的 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。 进展及赎回公告 本统计区间内未购买新理财产品。 本统计区间内未购买新理财产品。 委托理财赎回情况 本统计区间内无赎回。 相关审议程序 山西华翔集团股份有限公司（以下简称"公司"）于 2024 年 11 月 1 日召 开第三届董事会第十八次会议及第三届监事会第十七次会议，审议通过了《关 于使用向特定对象发行股票部分闲置募集资金进行现金管理的议案》。在确保 不影响募集资金投资项目正常进行的前提下，同意公司对总额不超过人民币 1.80 亿元（含）的向特定对象发行股票部分闲置募集资金进行现金管理，额度 有效期自董事会审议通过之日起 12 个月之内有效。保荐人对本事项出具了明确 的核查意见。 公司于 2024 年 12 月 6 日召开第三届董事会第二十次会议及 ...

Summary of Huaxiang Co., Ltd. Conference Call Company Overview - **Company**: Huaxiang Co., Ltd. - **Industry**: Manufacturing, specifically focusing on home appliances, automotive parts, and engineering machinery components Key Points and Arguments 1. **Business Segments and Growth Expectations**: - Huaxiang primarily engages in the production of components for home appliances, automotive, and engineering machinery. The company anticipates a compound profit growth rate exceeding 20% over the next three years, with a projected P/E ratio of approximately 12 times by 2025, indicating an attractive valuation relative to its growth rate [3][13]. 2. **Robotics Sector Involvement**: - The company has established a subsidiary focused on robotics and is actively collaborating with downstream clients such as Midea and Seres. This strategic move positions Huaxiang to benefit from the rapid growth of the humanoid robotics market [4][5]. 3. **Market Leadership in Home Appliances**: - Huaxiang holds the leading global market share in home appliance compressor castings, benefiting from government policies promoting appliance upgrades. This segment is experiencing rapid growth, while the company also seeks diversification into automotive parts and humanoid robotics [5][9]. 4. **Automotive Parts Focus**: - The company is concentrating on automatic transmission systems and has formed joint ventures with clients like Seres and BYD, which are expected to significantly enhance production capacity and supply capabilities in the automotive parts sector [5][11]. 5. **Equity Incentive Plan**: - Huaxiang has launched an equity incentive plan with net profit targets set at 480 million yuan for 2024, 600 million yuan for 2025, and 760 million yuan for 2026, reflecting a compound growth rate of approximately 22% [12][18]. 6. **Cost Control and Production Capacity**: - The company benefits from significant cost control advantages and large-scale production capabilities, supported by its location in Linfen, Shanxi, which offers labor cost advantages and government subsidies [5][10]. 7. **Cash Reserves**: - As of Q3 2024, Huaxiang's cash and financial assets totaled 1.67 billion yuan, providing a solid foundation for organic growth and potential acquisitions in emerging fields like humanoid robotics [5][15]. 8. **Valuation and Future Growth**: - The projected P/E ratio for 2025 is around 12 times, decreasing to 10 times by 2026, with strong earnings certainty underpinned by a 20%-30% compound growth rate [5][13][28]. 9. **Industry Position**: - Huaxiang is recognized as one of the top 100 enterprises in China's casting industry, with a strong foothold in the compressor parts market, accounting for about 50% of its revenue, and maintaining stable relationships with major clients like Midea and Gree [22][23]. 10. **Market Trends in Home Appliances**: - The home appliance sector is benefiting from government policies and increasing production rates, with projected growth rates of 8% for refrigerators and 10% for air conditioners in 2024 [24]. 11. **Automotive Industry Dynamics**: - The automotive sector's casting demand is substantial, with a 36% increase in new energy vehicle sales last year, and Huaxiang's automotive parts business is expected to grow significantly due to joint ventures enhancing production capacity [25]. 12. **Engineering Machinery Products**: - Huaxiang's engineering machinery products primarily target export markets, contributing 15%-20% of revenue, with a focus on demand from European countries [26]. 13. **Future Development Direction**: - The company aims to evolve from a component supplier to a comprehensive production management service provider, leveraging its technical expertise and collaborative relationships with major clients to expand into higher value-added machining sectors [27]. 14. **Valuation Assessment**: - Current valuations are considered undervalued at around 12 times earnings based on projected profits, with potential for significant growth in the humanoid robotics sector, leading to recommendations for investment [28]. Additional Important Insights - **Resource Advantages in Robotics**: - Huaxiang's leading position in home appliance components provides a strong foundation for entering the humanoid robotics market, supported by advanced manufacturing capabilities and a robust cash position [16][17]. - **Market Response to Recent Developments**: - The company's stock price increased by approximately 20% recently, driven by Midea's entry into the humanoid robotics market and Huaxiang's establishment of a robotics subsidiary [8]. This comprehensive summary encapsulates the key insights from the conference call, highlighting Huaxiang's strategic positioning, growth prospects, and market dynamics.

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-013 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 第三届监事会第二十二次会议决议公告 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 山西华翔集团股份有限公司（以下简称"公司"）第三届监事会第二十二次 会议于 2025 年 3 月 31 日在公司会议室以现场加通讯表决方式召开。会议通知于 2025 年 3 月 28 日以直接送达方式发出。本次会议应出席监事 5 人，实际出席会 议监事 5 人，会议由监事会主席马毅光先生主持。本次会议的召集、召开程序符 合《中华人民共和国公司法》及《公司章程》等有关规定，会议合法有效。 监事会认为：公司本次部分募投项目调整投资金额、增加实施主体及募集资 金专户并使用部分募集资金向控股子公司实缴出资以实施募投项目的事项，符合 《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》《上海 证券交易所上 ...

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-012 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 第三届董事会第二十四次会议决议公告 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。 一、董事会会议召开情况 山西华翔集团股份有限公司（以下简称"公司"）第三届董事会第二十四次 会议于 2025 年 3 月 31 日在公司会议室以现场加通讯表决方式召开。会议通知于 2025 年 3 月 28 日以直接送达方式发出。会议应出席董事 9 人，实际出席会议董 事 9 人，会议由董事长王春翔先生主持。本次会议的召集、召开程序符合《中华 人民共和国公司法》及《公司章程》等有关规定，会议合法有效。 二、董事会会议审议情况 经与会董事审议表决，通过如下议案： （一）审议通过了《关于部分募投项目调整投资金额、增加实施主体及使 用部分募集资金向控股子公司实缴出资以实施募投项目的议案》 公司拟将"机加工扩产升级及部件产业链延伸项目"投资总 ...

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-016 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 关于召开"华翔转债"2025 年第一次债券持有人会议 的通知 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： 根据山西华翔集团股份有限公司（以下简称"公司"）《公开发行可转 换公司债券募集说明书》（以下简称"《募集说明书》"）及《公开发行可转 换公司债券之债券持有人会议规则》（以下简称"《会议规则》"）相关规定， 债券持有人会议作出的决议，须经出席会议的二分之一以上有表决权的债券持 有人（或债券持有人代理人）同意方为有效。 根据《会议规则》相关规定，经表决通过的债券持有人会议决议对本次 可转债全体债券持有人（包括未参加会议或明示不同意见的债券持有人）具有 法律约束力。 根据《募集说明书》相关规定，若可转换公司债券募集资金投资项目的 实施情况与公司在《募集说明书》中的承诺相比出现重大变化，根据中国证券 ...

国泰君安证券股份有限公司 关于山西华翔集团股份有限公司 变更部分募集资金投资项目的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"、"保荐机构"）作 为山西华翔集团股份有限公司（以下简称"华翔股份"、"公司"）的保荐机 构，根据《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号—— 上市公司募集资金管理和使用的监管要求》《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定， 对公司变更部分募集资金投资项目的事项进行了核查，具体情况如下： 一、可转债募集资金基本情况 经中国证券监督管理委员会《关于核准山西华翔集团股份有限公司公开发 行可转换公司债券的批复》（证监许可[2021]3088 号）核准，公司获准向社会 公众公开发行 8.00 亿元可转换公司债券，扣除承销及保荐费、审计及验资费、 律师费、用于本次发行的信息披露费和发行手续费等与本次发行可转债直接相 关的外部费用等费用合计 13,489,284.90 元（不含税），实际募集资金净额为人 民币 786,510,715.10 元。上述募集资金已于 2021 年 12 月 28 日划至指定账户 ...

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-014 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 关于部分募投项目调整投资金额、增加实施主体及募集资 金专户并使用部分募集资金向控股子公司实缴出资 山西华翔集团股份有限公司（以下简称"公司"或"华翔股份"）拟将 "机加工扩产升级及部件产业链延伸项目"投资总额由 56,437.53 万元增加至 78,511.92 万元。其中，以自有资金增加投资 20,574.39 万元，将"铸造产线智 能化升级与研发能力提升项目"中的募集资金 1,500.00 万元调整至"机加工扩 产升级及部件产业链延伸项目"，另使用自有资金补足 1,500.00 万元资金缺口。 本次调整后，"机加工扩产升级及部件产业链延伸项目"和"铸造产线智能化 升级与研发能力提升项目"拟使用募集资金投入总额不变，仍为 57,651.07 万元。 拟将可转债募投项目"机加工扩产升级及部件产业链延伸项目"和"铸 造产线智能化升级与研发能力提升项目"的实施主体新增：华翔圣德曼（上海） 汽车系统有限公 ...

| 证券代码：603112 | 证券简称：华翔股份 | 公告编号：2025-015 | | --- | --- | --- | | 转债代码：113637 | 转债简称：华翔转债 | | 山西华翔集团股份有限公司 关于召开 2025 年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 召开的日期时间：2025 年 4 月 29 日 14 点 30 分 召开地点：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 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2025 年第二次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间： ...