证券代码：603166 证券简称：福达股份 公告编号：2025-067 桂林福达股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第 三季度的经营成果及财务指标的具体情况与投资者进行互动交流和 会议召开时间：2025 年 11 月 27 日（星期四）10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： 沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 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： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 20 日（星期四）至 11 月 26 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 foto@glfoto.cn 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 桂林福达股份有限公司（以下简称"公司"）已于 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [8]. Core Insights - The report emphasizes that intelligence will be a key theme in the market for 2026, with investment opportunities extending beyond smart driving to areas like Robotaxi. A data closed loop is identified as the core starting point for achieving full-stack self-research, which differs fundamentally from mere data collection [1][3]. - The establishment of a data closed loop is crucial for filtering effective information from massive data, enabling machines to understand data, feedback to correct models, and perform OTA updates for secondary verification. This requires not only data ownership but also the ability to identify data gaps and utilize data to enhance models [1][3]. - The report suggests that the scale of the data closed loop team (e.g., whether it reaches a hundred members) and related investments should be key indicators for assessing a company's commitment and capability for self-research [1][3]. Summary by Sections Data Closed Loop - The report highlights that when algorithm models are truly driven by PB-level data, it will create a competitive barrier that is difficult to replicate. Even if competitors acquire model architectures or poach key personnel, lacking a substantial underlying data accumulation will hinder their ability to replicate similar algorithm capabilities in the short term [2][4]. - Building a solid data closed loop is expected to provide companies with a certainty of competitive advantage for six months to a year. Companies like Xiaopeng, Li Auto, and Huawei are noted to have established a leading advantage in the smart driving sector, with a high degree of technical moat [2][4]. Investment Recommendations - The report recommends focusing on domestic strong alpha manufacturers such as BYD, Geely, and Xiaopeng, as well as companies that represent the trend of intelligence like Huawei's HarmonyOS. Attention is also drawn to companies like JAC Motors and Seres, with specific recommendations for Li Auto, Kobot, Desay SV, and Jingwei Hengrun [2]. - For state-owned enterprise integration, the report suggests monitoring SAIC Motor, Dongfeng Motor Group, and Changan Automobile. Additionally, it highlights component companies with strong performance growth and capabilities for overseas expansion, recommending Fuyao Glass, New Spring, Fuda, Shuanghuan Transmission, and Yinlun [2].

Core Viewpoint - The company, Fuda Co., Ltd. (603166.SH), has reported a healthy order backlog and is committed to delivering orders as scheduled [1] Group 1: Order Status - The current order status of the company is good, indicating a strong demand for its products [1] - The company is actively working to ensure that orders are delivered on time [1] Group 2: Production Capacity - The production capacity construction for the crankshaft production line and precision forging production line is progressing as planned [1]

Core Viewpoint - Fuda Co., Ltd. has experienced a decline in stock price, with a cumulative drop of 6.7% over the past three days, reflecting market volatility and potential investor concerns [1] Company Overview - Fuda Co., Ltd. is located in Guilin, Guangxi Zhuang Autonomous Region, established on December 28, 2000, and listed on November 27, 2014 [1] - The company specializes in the research, production, and sales of automotive components, including engine crankshafts, clutches, spiral bevel gears, and high-strength bolts [1] - The revenue composition of the company is as follows: crankshafts 62.87%, precision forgings 12.10%, clutches 11.10%, gears 5.61%, others 5.39%, and high-strength bolts 2.93% [1] Fund Holdings - Qianhai Kaiyuan Fund has a significant holding in Fuda Co., Ltd., with its Qianhai Kaiyuan Shengxin Mixed A Fund (005541) holding 494,900 shares, accounting for 5.2% of the fund's net value [2] - The fund has incurred a floating loss of approximately 89,100 yuan today, with a total floating loss of 539,400 yuan over the three-day decline [2] - The Qianhai Kaiyuan Shengxin Mixed A Fund was established on April 4, 2018, with a current scale of 70.053 million yuan and has achieved a year-to-date return of 51.75% [2] Fund Manager Information - The fund managers of Qianhai Kaiyuan Shengxin Mixed A Fund are Yang Delong and Shi Yan, with Yang having a cumulative tenure of 15 years and 75 days and Shi having 6 years and 177 days [3] - Yang's fund has a total asset scale of 2.214 billion yuan, with the best return during his tenure being 82.77% and the worst being -23.23% [3] - Shi's fund has a total asset scale of 375 million yuan, with the best return during his tenure being 46.95% and the worst being 6.33% [3]

Group 1 - The core point of the news is that Fuda Co., Ltd. has experienced a significant stock price increase of 117.15% year-to-date, but has recently faced a decline in stock price over various time frames, including a 4.13% drop in the last five trading days and a 24.05% drop in the last 20 days [1] - As of November 4, Fuda's stock price was reported at 15.57 yuan per share, with a market capitalization of 10.061 billion yuan [1] - The company has seen a net outflow of main funds amounting to 6.0853 million yuan, with large orders showing a buy of 3.614 million yuan and a sell of 8.688 million yuan [1] Group 2 - Fuda Co., Ltd. specializes in the research, production, and sales of automotive components, including engine crankshafts, clutches, and precision forgings, with the main business revenue composition being 62.87% from crankshafts, 12.10% from precision forgings, and 11.10% from clutches [2] - The company was established on December 28, 2000, and went public on November 27, 2014, with its operations located in Guilin, Guangxi [2] - As of September 30, 2025, Fuda reported a revenue of 1.413 billion yuan, reflecting a year-on-year growth of 27.32%, and a net profit attributable to shareholders of 221 million yuan, marking an 83.27% increase year-on-year [2] Group 3 - Fuda Co., Ltd. has distributed a total of 1.2 billion yuan in dividends since its A-share listing, with 242 million yuan distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 12.90% to 37,300, while the average circulating shares per person increased by 14.81% to 17,141 shares [2][3] - Notable institutional shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 5.4328 million shares, and several new institutional investors have entered the top ten circulating shareholders list [3]

Group 1: Overall Market Performance - The overall performance of the passenger car sector in Q3 2025 was below expectations, primarily due to a slowdown in industry growth and intensified competition across all price segments[3] - The passenger car industry saw a year-on-year growth rate of only 3% in retail sales, 23% in exports, and 13% in wholesale during Q3 2025, indicating a significant deceleration compared to previous quarters[27] - The inventory levels in the industry remain healthy, with a controlled increase in stock despite the overall market pressures[27] Group 2: Segment-Specific Insights - Heavy-duty trucks experienced a strong performance in Q3 2025, with wholesale, domestic, and export sales increasing by 58.1%, 64.5%, and 22.9% year-on-year, respectively[5] - The bus sector also performed well, with leading companies like Yutong achieving significant revenue growth, driven by robust demand from both domestic and international markets[6] - The motorcycle segment saw a 57.4% increase in large-displacement motorcycle exports, while domestic sales faced pressure, declining by 9.3% year-on-year[7] Group 3: Financial Metrics and Adjustments - The average selling price (ASP) for vehicles remained stable in Q3 2025, with some companies like BYD implementing price increases starting in July[3] - The gross profit margins for many companies showed slight recovery, attributed to stable sales and limited discounting in the market[3] - Several companies, including Great Wall Motors and Changan, reported a decline in net profit due to foreign exchange losses and inventory adjustments[4]

Core Points - The company has established a wholly-owned subsidiary named Pinghu Fuda Drive Co., Ltd. to implement investment projects in the Pinghu Economic and Technological Development Zone [1][2] - The subsidiary was officially registered on October 29, 2025, with a registered capital of 100 million yuan [2] - The business scope of the subsidiary includes manufacturing and sales of automotive parts, technical services, and import-export activities [2] Investment Details - The board of directors approved the establishment of the subsidiary to enhance the efficiency of investment project execution [1] - The subsidiary is a limited liability company with a unified social credit code of 91330482MAG1Q36T2W [2] - The legal representative of the subsidiary is Li Bin, and its registered address is in Pinghu City, Zhejiang Province [2]

Core Viewpoint - Fuda Co., Ltd. is a significant player in the automotive parts industry, focusing on the manufacturing of engine crankshafts, clutches, and precision forgings, with a strong technical foundation and full industry chain advantages [1] Group 1: Business Performance - In Q3 2025, Fuda achieved a revenue of 1.413 billion yuan, ranking 48th among 103 companies in the industry, significantly lower than the top competitors Weichai Power and Top Group, which reported revenues of 170.571 billion yuan and 20.928 billion yuan respectively [2] - The main revenue sources include crankshafts at 1.036 billion yuan (62.87%), precision forgings at 199 million yuan (12.10%), and clutches at 183 million yuan (11.10%) [2] - The net profit for the same period was 221 million yuan, placing the company 23rd in the industry, with the top two competitors reporting net profits of 10.852 billion yuan and 1.969 billion yuan respectively [2] Group 2: Financial Ratios - As of Q3 2025, Fuda's debt-to-asset ratio was 45.07%, higher than the previous year's 38.63% and above the industry average of 39.06% [3] - The gross profit margin for Q3 2025 was 27.40%, an increase from 24.74% year-on-year, and also above the industry average of 21.53% [3] Group 3: Leadership and Shareholder Structure - The chairman, Li Fuchao, has a rich background and has led the company through various developments, with a history of holding significant positions in the automotive parts sector [4] - As of September 30, 2025, the number of A-share shareholders decreased by 12.90% to 37,300, while the average number of shares held per shareholder increased by 14.81% to 17,100 shares [5] - Notable changes in the top ten shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders such as Yongying Advanced Manufacturing Mixed Fund [5] Group 4: Future Outlook - The company is expected to see revenue growth in Q4 2025, supported by new customer demand and effective cost management, with a maintained profit forecast of 320 million yuan for 2025 and 400 million yuan for 2026 [6] - Longban Technology, a subsidiary, is advancing in the robotics sector, with significant production capacity and involvement in national standard revisions for precision gear reducers [6]

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 ...