Core Viewpoint - Fuda Co., Ltd. announced the establishment of a new subsidiary, Pinghu Fuda Drive Co., Ltd., to enhance investment projects in the Pinghu Economic and Technological Development Zone [1] Group 1 - The sixth board meeting of Fuda Co., Ltd. will be held on October 28, 2025, to review the proposal for establishing the new subsidiary [1] - The company has completed the business registration procedures for the wholly-owned subsidiary and obtained a business license from the Pinghu Market Supervision Administration [1]

（一）全资子公司设立进展情况 一、对外投资基本情况 桂林福达股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日召开第六届 董事会第三十次会议，审议通过了《关于对外投资设立子公司的议案》，为更好地 推进平湖经济技术开发区的投资项目，同意公司设立平湖福达驱动有限公司（暂定 名）作为投资项目的实施主体。为提高工作效率，董事会授权公司管理层负责上述 相关工作。 具体内容详见公司于2025年10月29日在上海证券交易所网站（www.sse.com.cn） 披露的《福达股份关于在平湖经济技术开发区投资项目进展暨投资设立子公司的公 告》（公告编号：2025-065）。 二、进展情况 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个别及连带责任。 桂林福达股份有限公司 证券代码：603166 证券简称：福达股份 公告编号：2025-066 关于在平湖经济技术开发区设立子公司的进展公告 住所：浙江省嘉兴市平湖市钟埭街道新兴二路 988 号综合楼 625-18 室 经营范围：汽车零部件及配件制造；汽车零部件研发；汽车零配件批发；汽车 零配 ...

Core Viewpoint - Recently, Pinghu Fuda Drive Co., Ltd. was established with a registered capital of 100 million yuan, focusing on the manufacturing, research, wholesale, and retail of automotive parts and components [1] Company Summary - Pinghu Fuda Drive Co., Ltd. is wholly owned by Fuda Co., Ltd. (stock code: 603166) [1] - The company's business scope includes automotive parts and components manufacturing, research, wholesale, and retail [1]

Core Insights - The company plans to establish a wholly-owned subsidiary named Pinghu Fuda Drive Co., Ltd. with an investment of 100 million yuan [1] - The new subsidiary will focus on the implementation of two key projects: the "Ultra-Precision Gear Project for New Energy Vehicle Drive Systems" and the "Robot Transmission Joint Components Project" [2] - This strategic move is expected to enhance the company's competitiveness in the new energy vehicle core components and robot transmission sectors, thereby improving overall market competitiveness and profitability [2] Business Strategy - The establishment of the subsidiary will facilitate the execution of investment projects in the Pinghu Economic and Technological Development Zone, transitioning plans from concept to reality [2] - By concentrating on the two specified fields, the company aims to strengthen its position and fill gaps in these niche markets [2]

证券代码：603166 证券简称：福达股份 公告编号：2025-065 桂林福达股份有限公司（以下简称"公司"）于 2025 年 5 月 28 日与平湖经济 其它需要提醒投资者重点关注的风险事项： 本次投资设立全资子公司尚需办理工商注册登记相关手续，能否完成相关审批 手续存在不确定性。新公司设立后，仍可能受到宏观经济、行业市场环境、技术方 案、相关政策、下游市场需求状况等各方面不确定性因素的影响；同时，新行业成 长及发展周期一般较长，在技术研发、工艺完善和设备选型方面需要进行投资，未 来还可能面临产品市场增长不确定、产品研发及投产不达预期、市场竞争加剧及政 策变化导致经营未达预期的风险。本次对外投资虽基于公司整体发展战略需要及对 行业市场前景的判断，但行业发展趋势、市场行情变化等均存在不确定性，这将对 公司未来经营状况和收益产生影响，存在可能无法实现预期投资效果的风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概况 桂林福达股份有限公司 关于在平湖经济技术开发区投资项目进展 暨投资设立子公司的公告 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、 ...

Core Viewpoint - The company reported strong financial performance for Q1-Q3 2025, with revenue and net profit showing significant year-on-year growth, indicating robust operational efficiency and market demand [3][4]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 1.413 billion yuan, a year-on-year increase of 27.32%. The net profit attributable to shareholders was 221 million yuan, up 83.27% year-on-year, while the net profit excluding non-recurring items was 206 million yuan, reflecting a 77.68% increase [3]. - In Q3 2025, revenue reached 476 million yuan, with year-on-year and quarter-on-quarter growth of 21.90% and 2.30%, respectively. The net profit for the same period was 75 million yuan, showing a year-on-year increase of 59.16% but a quarter-on-quarter decrease of 7.18% [3]. Profitability - The net profit margin for Q1-Q3 2025 was 15.67%, an increase of 4.78 percentage points year-on-year. The gross margin stood at 27.40%, up 2.66 percentage points year-on-year. In Q3 2025, the net profit margin was 15.80%, with year-on-year growth of 3.70% but a quarter-on-quarter decline of 1.61% [4]. Cost Management - The expense ratio for Q1-Q3 2025 was 11.74%, a decrease of 3.20 percentage points year-on-year. The breakdown of expenses showed sales, management, financial, and R&D expense ratios at 1.09%, 4.31%, 0.77%, and 5.57%, respectively, with all categories showing year-on-year reductions [5][6]. Strategic Developments - In September 2025, the company led a consortium to revise the national standard for precision cycloidal gear reducers, indicating its strong position in the industry. The company currently has an annual production capacity of 30,000 sets of reverse planetary roller screws [7]. - In August 2025, the company received a capital increase of 33 million yuan from Fuda, acquiring a 17% stake in the company. Fuda also plans to invest 54 million yuan to acquire an additional 18% stake, further enhancing business collaboration [8]. Earnings Forecast and Investment Rating - The company maintains a profit forecast of 301 million yuan, 385 million yuan, and 460 million yuan for 2025-2027, corresponding to EPS of 0.47, 0.60, and 0.71 yuan per share. The current market capitalization corresponds to a PE ratio of 34, 27, and 23 times for 2025-2027 [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong performance in Q3 2025, with revenue reaching 4.76 billion yuan, a year-on-year increase of 21.90% [7] - The net profit attributable to the parent company for Q1-Q3 2025 was 2.21 billion yuan, reflecting an 83.27% year-on-year growth [7] - The company is establishing a joint venture with Changban Technology to enhance business collaboration [7] Financial Performance Summary - For 2023A, total revenue is projected at 1,352 million yuan, with a year-on-year growth of 19.18% [1] - The net profit attributable to the parent company for 2023A is estimated at 103.53 million yuan, showing a significant increase of 57.85% year-on-year [1] - The earnings per share (EPS) for 2023A is expected to be 0.16 yuan [1] Future Projections - Revenue is expected to grow to 2,434 million yuan in 2025E, representing a 47.75% increase year-on-year [1] - The net profit attributable to the parent company is forecasted to reach 301.29 million yuan in 2025E, with a year-on-year growth of 62.61% [1] - EPS is projected to be 0.47 yuan in 2025E [1] Valuation Metrics - The current price-to-earnings (P/E) ratio is 34.34 for 2025E [1] - The company’s market capitalization is approximately 10,345.80 million yuan [5] - The price-to-book (P/B) ratio is 4.05 [5]

Group 1: Gold Market Analysis - The report indicates that after a significant rise in gold prices over the past two months, a recent sharp decline has occurred, leading to high volatility. It suggests that gold may enter a high-level wide fluctuation range, and its attractiveness as a global asset is decreasing [14][8] - The quantitative model predicts that the price of gold will stabilize around $4,814 per ounce by 2026, with a suggested bottom range of $3,800 to $3,900 per ounce for 2025 [14][8] - The report emphasizes that for trading funds, it is advisable to wait for volatility to decrease before re-entering the gold market, as high volatility currently diminishes the trading attractiveness of gold [14][8] Group 2: Shipping Decarbonization - The shipping industry is facing increasing pressure to reduce carbon emissions, with significant policies from the EU and IMO being implemented. The EU plans to include shipping in its carbon market starting in 2024, with penalties for non-compliance [15][8] - The report highlights a severe supply shortage of low-carbon fuels, with demand for biodiesel, LNG, and green methanol projected to exceed supply significantly by 2025 [16][8] - The demand for biodiesel is expected to rise sharply, particularly in traditional fuel-dependent vessels, with Singapore's port showing a significant increase in biodiesel refueling [17][8] Group 3: Baofeng Energy Performance - Baofeng Energy reported a revenue of 35.545 billion yuan for the first three quarters of 2025, a year-on-year increase of 46.43%, with a net profit of 8.950 billion yuan, reflecting a 97.27% increase [18][8] - The company’s Q3 performance slightly exceeded expectations, with a revenue of 12.725 billion yuan, up 72.49% year-on-year, and a net profit of 3.232 billion yuan, up 162.34% year-on-year [19][8] - The report maintains a "buy" rating for Baofeng Energy, projecting net profits of 13.5 billion, 15.1 billion, and 16 billion yuan for 2025-2027, with corresponding PE ratios of 9, 8, and 7 times [22][8]

Group 1: Gold Market Analysis - The report indicates that after a significant rise in gold prices over the past two months, there has been a recent sharp decline, leading to high volatility in the market. It suggests that gold may no longer be a high-cost performance global asset [13] - The report highlights that the historical patterns of gold price increases often begin when volatility returns to pre-breakout levels. It identifies the price range of $3,800 to $3,900 per ounce as a potential bottom area for gold prices [13] - The long-term outlook remains positive for gold, with a projected price center of $4,814 per ounce by 2026, driven by factors such as rising global fiscal deficits and continued central bank purchases of gold [13] Group 2: Shipping Decarbonization - The report discusses the increasing frequency of decarbonization policies in the shipping industry, particularly from the IMO and the EU, indicating that the industry is entering a phase of implementation [14] - It notes that the global shipping fuel consumption is approximately 300 million tons, resulting in over 1 billion tons of carbon emissions, with the EU accounting for about 18% of this total [14] - The report emphasizes the significant demand for low-carbon fuels, such as biodiesel and green methanol, driven by compliance costs and regulatory frameworks, with a projected increase in demand for these fuels [15][16] Group 3: Baofeng Energy Performance - Baofeng Energy reported a revenue of 35.545 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 46.43%, with a net profit of 8.950 billion yuan, up 97.27% year-on-year [21] - The company’s Q3 performance slightly exceeded expectations, with a revenue of 12.725 billion yuan, a year-on-year increase of 72.49%, and a net profit of 3.232 billion yuan, reflecting a strong operational performance [21][18] - The report maintains a "buy" rating for Baofeng Energy, projecting net profits of 13.5 billion yuan, 15.1 billion yuan, and 16 billion yuan for 2025-2027, with corresponding PE ratios of 9, 8, and 7 times [21]

Core Viewpoint - The automotive parts company Fuda Co., Ltd. (603166.SH) has shown steady improvement in operational performance, driven by its transition to the new energy vehicle industry and a focus on technological innovation [2][4]. Financial Performance - For the first three quarters of 2025, Fuda achieved operating revenue of 1.413 billion yuan, a year-on-year increase of 27.32% - The net profit attributable to shareholders was 221 million yuan, up 83.27% year-on-year - The net profit excluding non-recurring gains and losses was 206 million yuan, reflecting a growth of 77.68% year-on-year [2][4][9]. Business Transformation - Fuda has fully transitioned towards the new energy vehicle sector, focusing on core businesses such as new energy hybrid crankshafts, new energy electric drive gears, and precision forgings, while also developing emerging strategic businesses like robot components [2][6]. - The company has made significant progress in its robot division, particularly in the development of planetary gear reducer products, with multiple models being developed and some entering the delivery phase [2][6]. Research and Development - Fuda has positioned "technological innovation" as a core driver of its development, with R&D expenses amounting to 78.73 million yuan for the first three quarters of 2025, representing an 18.46% increase year-on-year, and an R&D expense ratio of 5.57% [2][9]. Stock Performance and Incentives - As of October 23, 2025, Fuda's stock price was 15.92 yuan per share, reflecting a cumulative increase of over 109% since the beginning of the year - The company granted 1.707 million restricted stock units to 44 incentive recipients, which have appreciated by 2.334 million yuan [3][5]. Strategic Investments - Fuda has been actively investing in Longban Technology Co., Ltd., increasing its stake from 6% to 17% through phased capital increases, with plans for further acquisitions to enhance its product offerings in the robotics sector [7][8].